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[]
[null,null,"Risk Scenario",{"$f":"InputC!E2","v":1},{"$f":"InputC!F5","v":"Base Case"}]
[null,null,"Debt Size Scenario"]
[]
[null,null,"Headline Price without Sale",null,{"$f":"Headline_Price_No_Sale","v":171025037.5087468}]
[null,null,"Headline Price with Sale",null,{"$f":"Headline_Price_Sale","v":199858603.05245793}]
[]
[null,null,"EIRR with Sale",null,{"$f":"'Model - Value and Risk'!$F$197","v":7.9999998211860726E-2}]
[null,null,"EIRR without Sale",null,{"$f":"'Model - Value and Risk'!F183","v":7.3511990904808061E-2}]
[]
[null,null,"PIRR Pre-tax",null,{"$f":"'Model - Value and Risk'!$F$79","v":4.8942318558692938E-2}]
[null,null,"PIRR After-tax",null,{"$f":"'Model - Value and Risk'!$F$103","v":4.8942315857857466E-2}]
[]
[null,null,"Minimum DSCR",null,{"$f":"'Model - Value and Risk'!G209","v":1.3499999999999999}]
[null,null,"LLCR",null,{"$f":"'Model - Value and Risk'!G217","v":1.3500000000000005}]
[null,null,"PLCR",null,{"$f":"'Model - Value and Risk'!G213","v":2.4512932371194487}]
[]
[null,null,"Uses of Funds"]
[null,null,"Purchase Price",null,{"$f":"'Model - Value and Risk'!F148","v":199858603.05245793}]
[null,null,"Fees on Debt",null,{"$f":"'Model - Value and Risk'!F149","v":1144647.2923805488}]
[null,null,"Total",null,{"$f":"'Model - Value and Risk'!F150","v":201003250.34483847}]
[]
[null,null,"Sources of Funds"]
[null,null,"Debt",null,{"$f":"'Model - Value and Risk'!F153","v":114464729.23805489},{"$f":"E25/$E$27","v":0.56946705608830073}]
[null,null,"Equity",null,{"$f":"'Model - Value and Risk'!F154","v":86538521.106783584},{"$f":"E26/E27","v":0.43053294391169927}]
[null,null,"Total",null,{"$f":"SUM(E25:E26)","v":201003250.34483847}]

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[null,"Scenario Number",null,null,1]
[]
[null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Timing",null,null,null,{"$f":"INDEX(H5:Q5,$E$2)","v":"Base Case"},null,"Base Case","+ Inflation","- Inflation","+ Var OM","- Var OM","+ Int Rate","- Int Rate","- Life","+ Life","Rev Share Pay"]
[null,null,"Acquistion Date",null,"Date",{"$f":"INDEX(H6:Q6,$E$2)","v":"2024-12-31"},null,"2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31"]
[null,null,"Life of Road",null,"Years",{"$f":"INDEX(H7:Q7,$E$2)","v":25},null,25,25,25,25,25,25,25,23,27,25]
[null,null,"End of Life",null,"Date",{"$f":"INDEX(H8:Q8,$E$2)","v":"2049-12-31"},null,{"$f":"EDATE(H6,(H7)*12)","v":"2049-12-31"},"2049-12-31","2049-12-31","2049-12-31","2049-12-31","2049-12-31","2049-12-31","2047-12-31","2051-12-31","2049-12-31"]
[]
[null,null,"Sale Date",null,"Date",{"$f":"INDEX(H10:Q10,$E$2)","v":"2030-12-31"},null,"2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31"]
[]
[null,"Capacity and Volumes"]
[null,null,"Capacity of Road",null,"km",{"$f":"INDEX(H13:Q13,$E$2)","v":50},null,50,50,50,50,50,50,50,50,50,50]
[]
[null,null,"Intial Car Traffic",null,"Cars/day",{"$f":"INDEX(H15:Q15,$E$2)","v":3500},null,3500,3500,3500,3500,3500,3500,3500,3500,3500,3500]
[null,null,"Initial Trucks Traffic",null,"Cars/day",{"$f":"INDEX(H16:Q16,$E$2)","v":1500},null,1500,1500,1500,1500,1500,1500,1500,1500,1500,1500]
[]
[null,null,"Car volume Increase",null,"% p.a.",{"$f":"INDEX(H18:Q18,$E$2)","v":0.03},null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Truck Volume Increase",null,"% p.a.",{"$f":"INDEX(H19:Q19,$E$2)","v":0.02},null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,null,"Revernue Share Payable to Government",null,"Flag",{"$f":"INDEX(H21:Q21,$E$2)","v":false},null,false,false,false,false,false,false,false,false,false,true]
[null,null,"Car Traffic Limit",null,"Cars/day",{"$f":"INDEX(H22:Q22,$E$2)","v":5000},null,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000]
[]
[null,"Cap Exp, Revenues and Op Exp"]
[null,null,"Initial Cap Exp",null,"USD",{"$f":"INDEX(H25:Q25,$E$2)","v":100000000},null,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000]
[]
[null,null,"Marco - Inflation"]
[null,null,null,"Inflation rate","% p.a.",{"$f":"INDEX(H28:Q28,$E$2)","v":0.02},null,0.02,2.5000000000000001E-2,1.4999999999999999E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"Start of Inflation","Date",{"$f":"INDEX(H29:Q29,$E$2)","v":"2026-01-01"},null,"2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01"]
[]
[null,null,"Initial Toll Rates - Car",null,"USD/Car",{"$f":"INDEX(H31:Q31,$E$2)","v":5},null,5,5,5,5,5,5,5,5,5,5]
[null,null,"Initial Toll Rates - Car",null,"USD/Car",{"$f":"INDEX(H32:Q32,$E$2)","v":3},null,3,3,3,3,3,3,3,3,3,3]
[null,null,"Initial Toll Rates - Truck",null,"USD/Truck",{"$f":"INDEX(H33:Q33,$E$2)","v":10},null,10,10,10,10,10,10,10,10,10,10]
[]
[null,null,"Variable O&M",null,"USD/Vehicle",{"$f":"INDEX(H35:Q35,$E$2)","v":2},null,2,2,2,{"$f":"H35*1.1","v":2.2000000000000002},{"$f":"H35*0.9","v":1.8},2,2,2,2,2]
[null,null,"Fixed - Real 2025",null,"USD/km - year",{"$f":"INDEX(H36:Q36,$E$2)","v":10000},null,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[]
[null,"Working Capital"]
[null,null,"A/R Days",null,"Days",{"$f":"INDEX(H39:Q39,$E$2)","v":30},null,30,30,30,30,30,30,30,30,30,30]
[null,null,"A/R Pct of Revenues",null,"%",{"$f":"INDEX(H40:Q40,$E$2)","v":8.2191780821917804E-2},null,{"$f":"H39/365","v":8.2191780821917804E-2},8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2,8.2191780821917804E-2]
[]
[null,null,"A/P Days",null,"Days",{"$f":"INDEX(H42:Q42,$E$2)","v":60},null,60,60,60,60,60,60,60,60,60,60]
[null,null,"A/P as Perent of Cost",null,"%",null,null,{"$f":"H42/365","v":0.16438356164383561},0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561,0.16438356164383561]
[]
[null,"Tax and Depreciation"]
[null,null,"Corporate Tax Rate",null,"%",{"$f":"INDEX(H46:Q46,$E$2)*0","v":0},null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Depreciation Life",null,"Years",{"$f":"INDEX(H47:Q47,$E$2)","v":20},null,20,20,20,20,20,20,20,20,20,20]
[]
[null,"Financing and Valuation"]
[null,null,"DSCR Minimum",null,"x",{"$f":"INDEX(H50:Q50,$E$2)","v":1.35},null,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35]
[null,null,"Max Debt to Capital",null,"%",{"$f":"INDEX(H51:Q51,$E$2)","v":0.8},null,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
[]
[null,null,"Tenure",null,"Years",{"$f":"INDEX(H53:Q53,$E$2)","v":15},null,15,15,15,15,15,15,15,15,15,15]
[null,null,"Interest Rate",null,"% p.a.",{"$f":"INDEX(H54:Q54,$E$2)","v":0.03},null,0.03,0.03,0.03,0.03,0.03,3.2500000000000001E-2,2.75E-2,0.03,0.03,0.03]
[null,null,"Fees",null,"%",{"$f":"INDEX(H55:Q55,$E$2)","v":0.01},null,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,null,"Target IRR",null,"%",{"$f":"INDEX(H57:Q57,$E$2)","v":0.08},null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Buyer IRR",null,"%",{"$f":"INDEX(H58:Q58,$E$2)","v":7.0000000000000007E-2},null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]

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[null,{"$f":"InputC!F5","v":"Base Case"}]
[null,"Timing",null,null,"Units for Input","Constant","Constant","Units for Output","Sum","Initial",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70]
[null,null,"Start of Period",null,null,null,null,null,null,null,{"$f":"J4+1","v":"2024-07-01"},{"$f":"K4+1","v":"2025-01-01"},"2025-07-01","2026-01-01","2026-07-01","2027-01-01","2027-07-01","2028-01-01","2028-07-01","2029-01-01","2029-07-01","2030-01-01","2030-07-01","2031-01-01","2031-07-01","2032-01-01","2032-07-01","2033-01-01","2033-07-01","2034-01-01","2034-07-01","2035-01-01","2035-07-01","2036-01-01","2036-07-01","2037-01-01","2037-07-01","2038-01-01","2038-07-01","2039-01-01","2039-07-01","2040-01-01","2040-07-01","2041-01-01","2041-07-01","2042-01-01","2042-07-01","2043-01-01","2043-07-01","2044-01-01","2044-07-01","2045-01-01","2045-07-01","2046-01-01","2046-07-01","2047-01-01","2047-07-01","2048-01-01","2048-07-01","2049-01-01","2049-07-01","2050-01-01","2050-07-01","2051-01-01","2051-07-01","2052-01-01","2052-07-01","2053-01-01","2053-07-01","2054-01-01","2054-07-01","2055-01-01","2055-07-01","2056-01-01","2056-07-01",{"$f":"BW4+1","v":"2057-01-01"},"2057-07-01","2058-01-01","2058-07-01","2059-01-01"]
[null,null,"End of Period",null,null,null,null,null,null,{"$f":"EDATE(InputC!F6,-6)","v":"2024-06-30"},{"$f":"EDATE(K3,6)-1","v":"2024-12-31"},{"$f":"EDATE(L3,6)-1","v":"2025-06-30"},"2025-12-31","2026-06-30","2026-12-31","2027-06-30","2027-12-31","2028-06-30","2028-12-31","2029-06-30","2029-12-31","2030-06-30","2030-12-31","2031-06-30","2031-12-31","2032-06-30","2032-12-31","2033-06-30","2033-12-31","2034-06-30","2034-12-31","2035-06-30","2035-12-31","2036-06-30","2036-12-31","2037-06-30","2037-12-31","2038-06-30","2038-12-31","2039-06-30","2039-12-31","2040-06-30","2040-12-31","2041-06-30","2041-12-31","2042-06-30","2042-12-31","2043-06-30","2043-12-31","2044-06-30","2044-12-31","2045-06-30","2045-12-31","2046-06-30","2046-12-31","2047-06-30","2047-12-31","2048-06-30","2048-12-31","2049-06-30","2049-12-31","2050-06-30","2050-12-31","2051-06-30","2051-12-31","2052-06-30","2052-12-31","2053-06-30","2053-12-31","2054-06-30","2054-12-31","2055-06-30","2055-12-31","2056-06-30","2056-12-31",{"$f":"EDATE(BX3,6)-1","v":"2057-06-30"},"2057-12-31","2058-06-30","2058-12-31","2059-06-30"]
[null,null,"Acquisition Period",null,"Flag",{"$f":"InputC!F6","v":"2024-12-31"},null,"Flag",null,null,{"$f":"(K4=$F$5)*1","v":1},{"$f":"(L4=$F$5)*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BX4=$F$5)*1","v":0},0,0,0,0]
[null,null,"Operation Perid",null,"Flag",{"$f":"InputC!F8","v":"2049-12-31"},null,"Flag",{"$f":"SUM(K6:XFD6)","v":50},null,{"$f":"(AND(NOT(K5),K4<=$F$6))*1","v":0},{"$f":"(AND(NOT(L5),L4<=$F$6))*1","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AND(NOT(BX5),BX4<=$F$6))*1","v":0},0,0,0,0]
[null,null,"Sale Date",null,"Flag",{"$f":"InputC!F10","v":"2030-12-31"},null,"Flag",{"$f":"SUM(K7:XFD7)","v":1},null,{"$f":"(K4=$F$7)*1","v":0},{"$f":"(L4=$F$7)*1","v":0},0,0,0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BX4=$F$7)*1","v":0},0,0,0,0]
[null,null,"Days in Period",null,"Days",null,null,null,null,null,{"$f":"K4-K3+1","v":184},{"$f":"L4-L3+1","v":181},184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,181,184,181,184,181,184,182,184,{"$f":"BX4-BX3+1","v":181},184,181,184,181]
[]
[null,"Capacity and Volumes"]
[null,null,"Road Capacity",null,"km",{"$f":"InputC!F13","v":50},null,"km",null,null,{"$f":"$F11*K$6","v":0},{"$f":"$F11*L$6","v":50},50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F11*BX$6","v":0},0,0,0,0]
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[null,null,"Car Volumes - Base",null,"Cars/Day",{"$f":"InputC!F15","v":3500},null,"Cars/Period",null,null,{"$f":"$F$13*K6*K8","v":0},{"$f":"$F$13*L6*L8","v":633500},644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$13*BX6*BX8","v":0},0,0,0,0]
[null,null,"Escalation Period",null,"Date",{"$f":"EDATE(F5,12)+1","v":"2026-01-01"},null,"Flag",null,null,{"$f":"(K3>=$F$14)*1","v":0},{"$f":"(L3>=$F$14)*1","v":0},0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"(BX3>=$F$14)*1","v":1},1,1,1,1]
[null,null,"Growth Index",null,"% p.a.",{"$f":"InputC!F18","v":0.03},{"$f":"(1+F15)^(1/2)-1","v":1.4889156509221957E-2},"index",null,1,{"$f":"J15*(1+$G$15*K14)","v":1},{"$f":"K15*(1+$G$15*L14)","v":1},1,1.014889156509222,1.03,1.0453358312044987,1.0609000000000002,1.0766959061406338,1.0927270000000002,1.1089967833248529,1.1255088100000004,1.1422666868245985,1.1592740743000005,1.1765346874293365,1.1940522965290004,1.2118307280522165,1.2298738654248704,1.2481856498937831,1.2667700813876166,1.2856312193905965,1.3047731838292451,1.3242001559723147,1.3439163793441227,1.3639261606514843,1.3842338707244464,1.4048439454710289,1.42576088684618,1.4469892638351598,1.4685337134515652,1.4903989417502146,1.5125897248551123,1.5351109100027212,1.5579674166007658,1.5811642373028028,1.6047064390987889,1.6285991644218869,1.6528476322717525,1.6774571393545434,1.702433061239905,1.7277808535351797,1.7535060530771021,1.779614279141235,1.806111234669415,1.833002707515472,1.8602945717094974,1.8879927887409362,1.9161034088607825,1.9446325724031643,1.973586511126606,2.0029715495752591,2.032794106460404,2.0630606960625171,2.0937779296542165,2.124952516944393,2.1565912675438432,2.188701092452725,2.2212890055701586,2.2543621252263066,2.2879276757372633,2.3219929889830957,2.3565655060093813,2.3916527786525887,2.4272624711896627,2.4634023620121663,2.5000803453253524,{"$f":"BW15*(1+$G$15*BX14)","v":2.5373044328725314},2.5750827556851132,2.6134235658587075,2.6523352383556666,2.6918262728344686]
[null,null,"Car Volumes with Growth",null,"Cars/Day",null,null,"Cars/Period",null,null,{"$f":"K15*K13","v":0},{"$f":"L15*L13","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX15*BX13","v":0},0,0,0,0]
[]
[null,null,"Truck Volumes - Base",null,"Trucks/Day",{"$f":"InputC!F16","v":1500},null,"Trucks/Period",null,null,{"$f":"$F$18*K6*K8","v":0},{"$f":"$F$18*L6*L8","v":271500},276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$18*BX6*BX8","v":0},0,0,0,0]
[null,null,"Growth Index",null,"% p.a.",{"$f":"InputC!F19","v":0.02},{"$f":"(1+F19)^(1/2)-1","v":9.9504938362078299E-3},"index",null,1,{"$f":"J19*(1+$G$19*K14)","v":1},{"$f":"K19*(1+$G$19*L14)","v":1},1,1.0099504938362078,1.02,1.030149503712932,1.0404,1.0507524937871906,1.0612080000000002,1.0717675436629346,1.0824321600000002,1.0932028945361933,1.1040808032000002,1.1150669524269172,1.1261624192640003,1.1373682914754557,1.1486856676492805,1.1601156573049649,1.1716593810022662,1.1833179704510643,1.1950925686223117,1.2069843298600857,1.218994419994758,1.2311240164572876,1.2433743083946533,1.2557464967864336,1.2682417945625466,1.2808614267221623,1.2936066304537976,1.3064786552566057,1.3194787630628737,1.332608228361738,1.3458683383241312,1.3592603929289728,1.372785705090614,1.3864456007875525,1.4002414191924266,1.4141745128033039,1.4282462475762754,1.4424580030593701,1.456811172527801,1.4713071631205576,1.4859473959783571,1.5007333063829689,1.5156663438979243,1.5307479725106283,1.5459796707758831,1.5613629319608411,1.5768992641914008,1.5925901906000579,1.6084372494752288,1.6244419944120592,1.6406059944647335,1.6569308343003004,1.6734181143540283,1.6900694509863066,1.7068864766411089,1.7238708400060327,1.7410242061739312,1.7583482568061535,1.7758446902974099,1.7935152219422767,1.8113615841033583,1.8293855263811225,1.8475888157854257,{"$f":"BW19*(1+$G$19*BX14)","v":1.8659732369087452},1.8845405921011344,1.9032927016469203,1.9222314039431574,1.9413585556798589]
[null,null,"Truck Volumes with Growth",null,"Trucks/Day",null,null,"Trucks/Period",null,null,{"$f":"K19*K18","v":0},{"$f":"L19*L18","v":271500},276000,274201.55907653045,281520,279685.59025806101,287150.40000000002,286855.43080390303,292893.40800000005,290984.88810448674,298751.27616000007,296804.58586657647,304726.30168320006,302740.67758390802,310820.82771686406,310501.54357279942,317037.24427120143,314971.40095829795,323377.98915662547,321270.828977464,329845.54893975804,327696.24555701326,336442.45991855318,336096.85649283952,343171.3091169243,340935.1738775167,350034.73529926286,347753.87735506706,357035.43000524817,354708.95490216842,364176.13860535313,363802.04634275445,371459.66137746023,369039.19668021612,378888.85460500949,376419.98061382049,386466.63169710973,383948.38022609701,394195.96433105203,393791.03483520803,402079.88361767307,399459.8947872314,410121.48129002657,407449.09268297604,418323.91091582709,415598.0745366356,426690.38913414371,426252.0804253096,435224.19691682665,432388.23674791574,443928.68085516314,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX19*BX18","v":0},0,0,0,0]
[]
[null,null,"Total Vehicles per Period",null,"Vehicles",null,null,null,null,null,{"$f":"K20+K16","v":0},{"$f":"L20+L16","v":905000},920000,917133.83972512255,944840,941905.8393261109,970370.00000000012,972710.72301548673,996609.59600000025,993534.35034078103,1023578.9498000003,1020430.5319699596,1051298.8055324005,1048075.4020703926,1079790.5066815403,1082437.7173420615,1109076.0136048179,1105697.0101660097,1139177.9215702505,1135718.2064614068,1170119.4793257918,1166577.0443654745,1201924.6082161681,1204917.820827835,1234617.9218634679,1230903.8133334136,1268224.7464282028,1264421.5759946408,1302771.1414680562,1298876.6845009294,1338283.9214120454,1341667.6960144879,1374790.6776683535,1370706.7410115418,1412319.8013846294,1408137.5512750859,1450900.5068801183,1446617.4780072004,1490562.8557695509,1494387.4385371176,1531337.7817993269,1526845.5406232039,1573257.1164171298,1568656.3078940276,1616353.6150967435,1611641.5062040186,1660660.9844404876,1664983.0290461252,1706213.9100823607,1701270.7134038424,1753048.0854156634,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX20+BX16","v":0},0,0,0,0]
[]
[null,null,"Total Car Volumes",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K16","v":0},{"$f":"L16","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX16","v":0},0,0,0,0]
[null,null,"Maximum Volumes",null,"Cars",{"$f":"InputC!F22","v":5000},null,"Cars/Day",null,null,{"$f":"$F$25","v":5000},{"$f":"$F$25","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,{"$f":"$F$25","v":5000},5000,5000,5000,5000]
[null,null,"Volumes Capped",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K25*K8*K6","v":0},{"$f":"L25*L8*L6","v":905000},920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX25*BX8*BX6","v":0},0,0,0,0]
[null,null,"Volumes at Rev Share",null,"Cars",{"$f":"InputC!F21","v":false},null,"Cars/Period",null,null,{"$f":"IF($F$27,MAX(K24-K26,0),0)","v":0},{"$f":"IF($F$27,MAX(L24-L26,0),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($F$27,MAX(BX24-BX26,0),0)","v":0},0,0,0,0]
[null,null,"Volumes without Cap",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K24-K27","v":0},{"$f":"L24-L27","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX24-BX27","v":0},0,0,0,0]
[]
[null,"Revenues, Expensea and Cap Exp"]
[]
[null,null,"Cap Exp/headline Investment",null,"USD",199858603.05245793,"headline",null,{"$f":"SUM(J32:XFD32)","v":199858603.05245793},{"$f":"$F$32*J5","v":0},{"$f":"$F$32*K5","v":199858603.05245793},{"$f":"$F$32*L5","v":0},{"$f":"$F$32*M5","v":0},{"$f":"$F$32*N5","v":0},{"$f":"$F$32*O5","v":0},{"$f":"$F$32*P5","v":0},{"$f":"$F$32*Q5","v":0},{"$f":"$F$32*R5","v":0},{"$f":"$F$32*S5","v":0},{"$f":"$F$32*T5","v":0},{"$f":"$F$32*U5","v":0},{"$f":"$F$32*V5","v":0},{"$f":"$F$32*W5","v":0},{"$f":"$F$32*X5","v":0},{"$f":"$F$32*Y5","v":0},{"$f":"$F$32*Z5","v":0},{"$f":"$F$32*AA5","v":0},{"$f":"$F$32*AB5","v":0},{"$f":"$F$32*AC5","v":0},{"$f":"$F$32*AD5","v":0},{"$f":"$F$32*AE5","v":0},{"$f":"$F$32*AF5","v":0},{"$f":"$F$32*AG5","v":0},{"$f":"$F$32*AH5","v":0},{"$f":"$F$32*AI5","v":0},{"$f":"$F$32*AJ5","v":0},{"$f":"$F$32*AK5","v":0},{"$f":"$F$32*AL5","v":0},{"$f":"$F$32*AM5","v":0},{"$f":"$F$32*AN5","v":0},{"$f":"$F$32*AO5","v":0},{"$f":"$F$32*AP5","v":0},{"$f":"$F$32*AQ5","v":0},{"$f":"$F$32*AR5","v":0},{"$f":"$F$32*AS5","v":0},{"$f":"$F$32*AT5","v":0},{"$f":"$F$32*AU5","v":0},{"$f":"$F$32*AV5","v":0},{"$f":"$F$32*AW5","v":0},{"$f":"$F$32*AX5","v":0},{"$f":"$F$32*AY5","v":0},{"$f":"$F$32*AZ5","v":0},{"$f":"$F$32*BA5","v":0},{"$f":"$F$32*BB5","v":0},{"$f":"$F$32*BC5","v":0},{"$f":"$F$32*BD5","v":0},{"$f":"$F$32*BE5","v":0},{"$f":"$F$32*BF5","v":0},{"$f":"$F$32*BG5","v":0},{"$f":"$F$32*BH5","v":0},{"$f":"$F$32*BI5","v":0},{"$f":"$F$32*BJ5","v":0},{"$f":"$F$32*BK5","v":0},{"$f":"$F$32*BL5","v":0},{"$f":"$F$32*BM5","v":0},{"$f":"$F$32*BN5","v":0},{"$f":"$F$32*BO5","v":0},{"$f":"$F$32*BP5","v":0},{"$f":"$F$32*BQ5","v":0},{"$f":"$F$32*BR5","v":0},{"$f":"$F$32*BS5","v":0},{"$f":"$F$32*BT5","v":0},{"$f":"$F$32*BU5","v":0},{"$f":"$F$32*BV5","v":0},{"$f":"$F$32*BW5","v":0},{"$f":"$F$32*BX5","v":0},{"$f":"$F$32*BY5","v":0},{"$f":"$F$32*BZ5","v":0},{"$f":"$F$32*CA5","v":0},{"$f":"$F$32*CB5","v":0}]
[]
[null,null,"Car Tolls"]
[null,null,null,"Real Toll Rate","USD/Car",5,null,null,null,null,{"$f":"$F$35","v":5},{"$f":"$F$35","v":5},5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,{"$f":"$F$35","v":5},5,5,5,5]
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[null,null,null,"Inflation Index","% p.a.",{"$f":"InputC!F28","v":0.02},{"$f":"(1+F37)^(1/2)-1","v":9.9504938362078299E-3},"Index",null,1,{"$f":"J37*(1+$G$37*K36)","v":1},{"$f":"K37*(1+$G$37*L36)","v":1},1,1.0099504938362078,1.02,1.030149503712932,1.0404,1.0507524937871906,1.0612080000000002,1.0717675436629346,1.0824321600000002,1.0932028945361933,1.1040808032000002,1.1150669524269172,1.1261624192640003,1.1373682914754557,1.1486856676492805,1.1601156573049649,1.1716593810022662,1.1833179704510643,1.1950925686223117,1.2069843298600857,1.218994419994758,1.2311240164572876,1.2433743083946533,1.2557464967864336,1.2682417945625466,1.2808614267221623,1.2936066304537976,1.3064786552566057,1.3194787630628737,1.332608228361738,1.3458683383241312,1.3592603929289728,1.372785705090614,1.3864456007875525,1.4002414191924266,1.4141745128033039,1.4282462475762754,1.4424580030593701,1.456811172527801,1.4713071631205576,1.4859473959783571,1.5007333063829689,1.5156663438979243,1.5307479725106283,1.5459796707758831,1.5613629319608411,1.5768992641914008,1.5925901906000579,1.6084372494752288,1.6244419944120592,1.6406059944647335,1.6569308343003004,1.6734181143540283,1.6900694509863066,1.7068864766411089,1.7238708400060327,1.7410242061739312,1.7583482568061535,1.7758446902974099,1.7935152219422767,1.8113615841033583,1.8293855263811225,1.8475888157854257,{"$f":"BW37*(1+$G$37*BX36)","v":1.8659732369087452},1.8845405921011344,1.9032927016469203,1.9222314039431574,1.9413585556798589]
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[null,null,"Truck Tolls"]
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[null,"Working Capital"]
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[null,null,"Pre-tax Cash Flow"]
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[null,null,null,"Free Cash Flow Before Tax","USD",null,null,"USD",null,null,{"$f":"K74-K75-K76","v":-199858603.05245793},{"$f":"L74-L75-L76","v":4244006.8493150687},4318493.1506849313,4342739.9228176968,4521635.9671232877,4547108.1699161474,4734280.6834191792,4788794.1088474048,4956873.5785885639,4984980.7878069663,5189882.0564500904,5219404.9063380025,5433795.6544322409,5464803.86248683,5689127.1009728005,5754876.3207620727,5956413.4238697886,5990615.3382544545,6236217.1120583573,6272134.7211481733,6529127.3334091827,6566845.0647366727,6835761.2112707794,6915053.5363755217,7156765.1626114752,7198353.1841963548,7492816.3007564601,7536483.3905650787,7844623.9058620548,7890472.3124018032,8212930.9664231371,8308549.8325998746,8598515.7952712141,8649053.8909827117,9002193.7236898988,9055250.9757434409,9424818.8774524834,9480519.1271143742,9867286.0387726091,9982589.9992611371,10330532.598354943,10391914.978115981,10815540.601937968,10879975.182259014,11323338.895936606,11390975.684508316,11855005.377018398,11994047.838608671,12411669.350684375,12486190.405678988,12994514.004174616,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX74-BX75-BX76","v":0},0,0,0,0]
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[null,null,null,"Pre-tax Project IRR","%",{"$f":"XIRR(K77:CB77,K4:CB4)","v":4.8942318558692938E-2}]
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[null,"Tax and Deprecation"]
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[null,null,"Tax Depreciation Period",null,"Date",{"$f":"F5+1","v":"2025-01-01"},{"$f":"EDATE(F83,InputC!F47*12)","v":"2045-01-01"},"Flag",{"$f":"SUM(K83:XFD83)","v":40},null,{"$f":"(AND(K3>=$F$83,K3<$G$83))*1","v":0},{"$f":"(AND(L3>=$F$83,L3<$G$83))*1","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AND(BX3>=$F$83,BX3<$G$83))*1","v":0},0,0,0,0]
[null,null,"Tax Depreciation ",null,"%",{"$f":"1/I83","v":2.5000000000000001E-2},null,"USD",{"$f":"SUM(K84:XFD84)","v":100000000},null,{"$f":"K82*K83*$F$84","v":0},{"$f":"L82*L83*$F$84","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX82*BX83*$F$84","v":0},0,0,0,0]
[]
[null,null,"EBITDA",null,"USD",null,null,"USD",null,null,{"$f":"K74","v":0},{"$f":"L74","v":4727500},4810000,4837201.4739180878,5035699.2,5064267.8157761907,5271948.1728000008,5332695.0446894588,5519242.4431921942,5550750.3887561178,5778101.0000333115,5811187.8831614098,6049067.4172544191,6083810.8635400068,6332711.0288914498,6405952.3265082994,6629628.1607602565,6667933.009864267,6940443.4215282714,6980661.2862378908,7265811.0560695315,7308035.9327359544,7606416.3641310204,7694716.6236204505,7962977.187486589,8009516.7328412021,8336245.4689101167,8385102.5760324579,8727008.886462871,8778297.3846698832,9136092.5667610969,9242545.5909096971,9564360.8810696546,9620876.2527074311,10012719.328255849,10072042.183732346,10482116.508835595,10544384.708232772,10973546.194551365,11101885.129447576,11488049.498139368,11556649.355709448,12026717.14817173,12098717.863725794,12590691.874099379,12666260.428896831,13181170.906872848,13335901.392832138,13799408.600782365,13882646.973116402,14446719.182435561,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX74","v":0},0,0,0,0]
[null,null,"Less: Depreciation ",null,"USD",null,null,"USD",null,null,{"$f":"K84","v":0},{"$f":"L84","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX84","v":0},0,0,0,0]
[null,null,"EBIT ",null,"USD",null,null,"USD",null,null,{"$f":"K86-K87","v":0},{"$f":"L86-L87","v":2227500},2310000,2337201.4739180878,2535699.2000000002,2564267.8157761907,2771948.1728000008,2832695.0446894588,3019242.4431921942,3050750.3887561178,3278101.0000333115,3311187.8831614098,3549067.4172544191,3583810.8635400068,3832711.0288914498,3905952.3265082994,4129628.1607602565,4167933.009864267,4440443.4215282714,4480661.2862378908,4765811.0560695315,4808035.9327359544,5106416.3641310204,5194716.6236204505,5462977.187486589,5509516.7328412021,5836245.4689101167,5885102.5760324579,6227008.886462871,6278297.3846698832,6636092.5667610969,6742545.5909096971,7064360.8810696546,7120876.2527074311,7512719.328255849,7572042.1837323457,7982116.5088355951,8044384.7082327716,8473546.1945513655,8601885.1294475757,8988049.4981393684,11556649.355709448,12026717.14817173,12098717.863725794,12590691.874099379,12666260.428896831,13181170.906872848,13335901.392832138,13799408.600782365,13882646.973116402,14446719.182435561,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX86-BX87","v":0},0,0,0,0]
[]
[null,null,"NOL Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"J94","v":0},{"$f":"K94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW94","v":0},0,0,0,0]
[null,null,"Add: Negative Income Carried Forward",null,null,null,null,null,null,null,{"$f":"MAX(-K88,0)","v":0},{"$f":"MAX(-L88,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BX88,0)","v":0},0,0,0,0]
[null,null,"Less: NOL Used",null,null,null,null,null,null,null,{"$f":"MIN(K91,MAX(K88,0))","v":0},{"$f":"MIN(L91,MAX(L88,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BX91,MAX(BX88,0))","v":0},0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"K91+K92-K93","v":0},{"$f":"L91+L92-L93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX91+BX92-BX93","v":0},0,0,0,0]
[]
[null,null,"EBIT after NOL",null,"USD",null,null,"USD",null,null,{"$f":"K88+K92-K93","v":0},2227500,2310000,2337201.4739180878,2535699.2000000002,2564267.8157761907,2771948.1728000008,2832695.0446894588,3019242.4431921942,3050750.3887561178,3278101.0000333115,3311187.8831614098,3549067.4172544191,3583810.8635400068,3832711.0288914498,3905952.3265082994,4129628.1607602565,4167933.009864267,4440443.4215282714,4480661.2862378908,4765811.0560695315,4808035.9327359544,5106416.3641310204,5194716.6236204505,5462977.187486589,5509516.7328412021,5836245.4689101167,5885102.5760324579,6227008.886462871,6278297.3846698832,6636092.5667610969,6742545.5909096971,{"$f":"AQ88+AQ92-AQ93","v":7064360.8810696546},7120876.2527074311,7512719.328255849,7572042.1837323457,7982116.5088355951,8044384.7082327716,8473546.1945513655,8601885.1294475757,8988049.4981393684,11556649.355709448,12026717.14817173,12098717.863725794,12590691.874099379,12666260.428896831,13181170.906872848,13335901.392832138,13799408.600782365,13882646.973116402,14446719.182435561,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW88+BW92-BW93","v":0},0,0,0,0,0]
[null,null,"Taxes on EBIT",null,"Rate",{"$f":"InputC!F46","v":0},null,"USD",null,null,{"$f":"K96*$F$97","v":0},{"$f":"L96*$F$97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX96*$F$97","v":0},0,0,0,0]
[]
[null,null,"Pre-tax Cash Flow",null,"USD",null,null,"USD",null,null,{"$f":"K77","v":-199858603.05245793},4244006.8493150687,4318493.1506849313,4342739.9228176968,4521635.9671232877,4547108.1699161474,4734280.6834191792,4788794.1088474048,4956873.5785885639,4984980.7878069663,5189882.0564500904,5219404.9063380025,5433795.6544322409,5464803.86248683,5689127.1009728005,5754876.3207620727,5956413.4238697886,5990615.3382544545,6236217.1120583573,6272134.7211481733,6529127.3334091827,6566845.0647366727,6835761.2112707794,6915053.5363755217,7156765.1626114752,7198353.1841963548,7492816.3007564601,7536483.3905650787,7844623.9058620548,7890472.3124018032,8212930.9664231371,8308549.8325998746,{"$f":"AQ77","v":8598515.7952712141},8649053.8909827117,9002193.7236898988,9055250.9757434409,9424818.8774524834,9480519.1271143742,9867286.0387726091,9982589.9992611371,10330532.598354943,10391914.978115981,10815540.601937968,10879975.182259014,11323338.895936606,11390975.684508316,11855005.377018398,11994047.838608671,12411669.350684375,12486190.405678988,12994514.004174616,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW77","v":0},0,0,0,0,0]
[null,null,"Less: Taxes",null,"USD",null,null,"USD",null,null,{"$f":"K97","v":0},{"$f":"L97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX97","v":0},0,0,0,0]
[null,null,"After Tax Free Cash Flow",null,"USD",null,null,"USD",null,null,{"$f":"K99-K100","v":-199858603.05245793},{"$f":"L99-L100","v":4244006.8493150687},4318493.1506849313,4342739.9228176968,4521635.9671232877,4547108.1699161474,4734280.6834191792,4788794.1088474048,4956873.5785885639,4984980.7878069663,5189882.0564500904,5219404.9063380025,5433795.6544322409,5464803.86248683,5689127.1009728005,5754876.3207620727,5956413.4238697886,5990615.3382544545,6236217.1120583573,6272134.7211481733,6529127.3334091827,6566845.0647366727,6835761.2112707794,6915053.5363755217,7156765.1626114752,7198353.1841963548,7492816.3007564601,7536483.3905650787,7844623.9058620548,7890472.3124018032,8212930.9664231371,8308549.8325998746,8598515.7952712141,8649053.8909827117,9002193.7236898988,9055250.9757434409,9424818.8774524834,9480519.1271143742,9867286.0387726091,9982589.9992611371,10330532.598354943,10391914.978115981,10815540.601937968,10879975.182259014,11323338.895936606,11390975.684508316,11855005.377018398,11994047.838608671,12411669.350684375,12486190.405678988,12994514.004174616,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX99-BX100","v":0},0,0,0,0]
[]
[null,null,"Project IRR after Tax",null,"%",{"$f":"XIRR(K101:CB101,K4:CB4,7)","v":4.8942315857857466E-2}]
[]
[null,"Debt Sizing"]
[null,null,"Debt Size"]
[null,null,null,"Tenure Input","Year",{"$f":"InputC!F53","v":15}]
[null,null,null,"Repayment Period","Year",{"$f":"F83","v":"2025-01-01"},{"$f":"EDATE(F83,F107*12)","v":"2040-01-01"},null,{"$f":"SUM(K108:XFD108)","v":30},null,{"$f":"(AND(K3>=$F$108,K3<$G$108))*1","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,{"$f":"(AND(AQ3>=$F$108,AQ3<$G$108))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AND(BW3>=$F$108,BW3<$G$108))*1","v":0},0,0,0,0,0]
[]
[null,null,"Taxes with Interest"]
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[null,null,null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"K84","v":0},{"$f":"L84","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX84","v":0},0,0,0,0]
[null,null,null,"Less: Amortisation of Fees",null,{"$f":"F149","v":1144647.2923805488},{"$f":"F84","v":2.5000000000000001E-2},null,null,null,{"$f":"$F$113*$G$113*K83","v":0},{"$f":"$F$113*$G$113*L83","v":28616.182309513722},28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,28616.182309513722,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$113*$G$113*BX83","v":0},0,0,0,0]
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[]
[null,null,null,"NOL Balance"]
[null,null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"J121","v":0},{"$f":"K121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,7.3756160573235993E-9,1.4861866355507053E-8,2.2460410408163256E-8,3.0172932621609303E-8,3.8001142668257038E-8,4.5946775865604488E-8,5.4011593560912153E-8,6.2197383521649433E-8,7.0505960331797771E-8,7.8939165794098331E-8,8.7498869338333397E-8,9.6186968435731988E-8,1.0500538901959157E-7,{"$f":"BW121","v":1.1395608591220904E-7},1.2304104325821576E-7,1.3226227496441259E-7,1.4162182514620238E-7,1.5112176858071901E-7]
[null,null,null,"Add: Negative Income Carried Forward",null,null,null,null,null,null,{"$f":"MAX(-K115,0)","v":0},{"$f":"MAX(-L115,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,7.3756160573235993E-9,7.4862502981834538E-9,7.5985440526562045E-9,7.7125222134460484E-9,7.8282100466477371E-9,7.9456331973474528E-9,8.0648176953076653E-9,8.1857899607372805E-9,8.308576810148339E-9,8.4332054623005648E-9,8.5597035442350731E-9,8.688099097398598E-9,8.8184205838595771E-9,8.9506968926174705E-9,{"$f":"MAX(-BX115,0)","v":9.0849573460067314E-9},9.2212317061968316E-9,9.3595501817897856E-9,9.4999434345166315E-9,9.6424425860343822E-9]
[null,null,null,"Less: NOL Used",null,null,null,null,null,null,{"$f":"MIN(K118,MAX(K115,0))","v":0},{"$f":"MIN(L118,MAX(L115,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BX118,MAX(BX115,0))","v":0},0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"K118+K119-K120","v":0},{"$f":"L118+L119-L120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,7.3756160573235993E-9,1.4861866355507053E-8,2.2460410408163256E-8,3.0172932621609303E-8,3.8001142668257038E-8,4.5946775865604488E-8,5.4011593560912153E-8,6.2197383521649433E-8,7.0505960331797771E-8,7.8939165794098331E-8,8.7498869338333397E-8,9.6186968435731988E-8,1.0500538901959157E-7,1.1395608591220904E-7,{"$f":"BX118+BX119-BX120","v":1.2304104325821576E-7},1.3226227496441259E-7,1.4162182514620238E-7,1.5112176858071901E-7,1.6076421116675339E-7]
[]
[null,null,null,"Adjusted EBT",null,null,null,null,null,null,{"$f":"K115+K119-K120","v":0},{"$f":"L115+L119-L120","v":481912.8791196628},585813.94670015667,640937.27590194368,868134.1347719538,927852.93417351833,1167651.5485167403,1263112.5507685835,1485728.361244129,1555782.5551404811,1822775.1100082009,1898413.0326027789,2180059.3405600651,2261647.7821104983,2558701.1398119079,2683351.9107386069,2960211.9842517804,3054821.3826607624,3385106.9190418562,3486741.0321006905,3834926.363417339,3944035.5890786098,4311035.5779134249,4472022.7247805679,4815268.8861124814,4940704.5857906416,5348269.9958225675,5482503.156354364,5911909.8577655675,6055492.703180423,6507851.249928412,6713929.4086001776,7035744.6987601351,7092260.0703979116,7484103.1459463295,7543426.0014228262,7953500.3265260756,8015768.5259232521,8444930.012241846,8573268.9471380562,8959433.3158298489,11556649.355709443,12026717.148171725,12098717.863725787,12590691.874099372,12666260.428896824,13181170.906872841,13335901.39283213,13799408.600782357,13882646.973116394,14446719.182435554,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX115+BX119-BX120","v":0},0,0,0,0]
[null,null,null,"Taxes Paid",null,{"$f":"InputC!F46","v":0},null,null,null,null,{"$f":"$F$124*K123","v":0},{"$f":"$F$124*L123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$124*BX123","v":0},0,0,0,0]
[]
[null,null,"CFADS"]
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[null,null,null,"CFADS over Debt Repayment",null,null,null,"USD",null,null,{"$f":"K130*K108","v":0},{"$f":"L130*L108","v":4244006.8493150687},4801986.3013698626,4834246.7721327655,5016097.5182236787,5061171.4027928598,5251440.3292792225,5326461.5982282273,5500774.5144306179,5547349.6524105966,5755651.6573992418,5807623.8499212237,6025578.631255649,6080075.6253090082,6308134.1020259773,6398460.248680722,6607489.4296160154,6663830.0751449233,6913534.7836681698,6976361.0306180874,7237653.8984989002,7303528.7873970205,7576952.0792700611,7685708.6892357636,7936428.249856404,8004565.2090714686,8303979.8494013073,8379912.5587187354,8693243.0913294349,8772857.2930026203,9100756.0386912171,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX130*BX108","v":0},0,0,0,0]
[]
[null,null,null,"Periodic Discount Factor","% p.a/p.p",{"$f":"InputC!F54","v":0.03},{"$f":"F136/2","v":1.4999999999999999E-2},"USD",null,1,{"$f":"J136*(1+$G$136*K108)","v":1},{"$f":"K136*(1+$G$136*L108)","v":1.0149999999999999},1.0302249999999997,1.0456783749999996,1.0613635506249994,1.0772840038843743,1.0934432639426397,1.1098449129017791,1.1264925865953057,1.1433899753942351,1.1605408250251485,1.1779489374005256,1.1956181714615335,1.2135524440334564,1.2317557306939582,1.2502320666543674,1.2689855476541827,1.2880203308689953,1.3073406358320301,1.3269507453695104,1.3468550065500529,1.3670578316483035,1.387563699123028,1.4083771546098733,1.4295028119290214,1.4509453541079567,1.472709534419576,1.4948001774358695,1.5172221800974073,1.5399805127988682,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509,{"$f":"BW136*(1+$G$136*BX108)","v":1.5630802204908509},1.5630802204908509,1.5630802204908509,1.5630802204908509,1.5630802204908509]
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[null,null,null,"Debt Service over Repayment","x",{"$f":"InputC!F50","v":1.35},null,"USD",null,null,{"$f":"K134/$F$138","v":0},{"$f":"L134/$F$138","v":3143708.7772704209},3557026.8899036017,3580923.5349131594,3715627.7912767986,3749015.8539206367,3889955.7994660903,3945527.1097986866,4074647.7884671241,4109147.8906745156,4263445.672147586,4301943.5925342394,4463391.5787078878,4503759.7224511169,4672691.9274266493,4739600.1842079423,4894436.6145303817,4936170.4260332761,5121136.8767912369,5167674.837494879,5361225.1099991854,5410021.3239977928,5612557.0957556004,5693117.5475820471,5878835.7406343734,5929307.562275162,6151096.1847417085,6207342.6360879513,6439439.3269106923,6498412.8096315702,6741300.7694009012,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX134/$F$138","v":0},0,0,0,0]
[null,null,null,"PV of Debt Service with Sumproduct","USD",{"$f":"SUMPRODUCT(K138:CB138/K136:CB136)","v":114464729.23805489}]
[]
[null,null,null,"Max Debt to Capital","%",{"$f":"InputC!F51","v":0.8}]
[null,null,null,"Max Debt with Debt to capital","USD",{"$f":"F141*F150","v":160802600.27587077}]
[]
[null,null,null,"Debt Applied","USD",{"$f":"MIN(F142,F139)","v":114464729.23805489}]
[]
[null,"Uses and Sources of Funds"]
[null,null,"Uses of Funds"]
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[null,null,null,"Debt Fees",null,{"$f":"G149","v":1144647.2923805488},1144647.2923805488,{"$f":"K149","v":1144647.2923805488},{"$f":"fees_fixed-fees_computed","v":0},null,{"$f":"K167","v":1144647.2923805488},{"$f":"L167","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX167","v":0},0,0,0,0]
[null,null,null,"Total",null,{"$f":"SUM(F148:F149)","v":201003250.34483847},null,null,null,null,{"$f":"SUM(K148:K149)","v":201003250.34483847},{"$f":"SUM(L148:L149)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX148:BX149)","v":0},0,0,0,0]
[]
[null,null,"Sources of Funds"]
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[null,null,null,"Equity ",null,{"$f":"F150-F153","v":86538521.106783584},{"$f":"F154/$F$150","v":0.43053294391169927}]
[null,null,null,"Total",null,{"$f":"SUM(F153:F154)","v":201003250.34483847},{"$f":"F155/$F$150","v":1}]
[]
[null,null,null,"Total Difference for CP",null,null,null,"Difference",{"$f":"I149+I132","v":0}]
[]
[null,"Debt Account"]
[]
[null,null,"Debt Balance"]
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[null,null,null,"Debt Fees",null,{"$f":"InputC!F55","v":0.01},null,null,null,null,{"$f":"K163*$F$167*K5","v":1144647.2923805488},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ163*$F$167*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW163*$F$167*BW5","v":0},0,0,0,0,0]
[]
[null,null,null,"Check of Closing Balance",null,{"$f":"F107*2+1","v":31},{"$f":"LOOKUP(F169,2:2,165:165)","v":3.6507844924926758E-7},{"$f":"ROUND(G169,0)=0","v":true}]
[]
[null,"Cash Flow Waterfall"]
[null,null,"Equity Cash Flow"]
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[null,null,null,"Less: Debt Service",null,null,null,null,null,null,{"$f":"K166+K164","v":0},{"$f":"L166+L164","v":3143708.7772704209},3557026.8899036017,3580923.5349131594,3715627.7912767986,3749015.8539206367,3889955.7994660903,3945527.1097986866,4074647.7884671241,4109147.8906745156,4263445.672147586,4301943.5925342394,4463391.5787078878,4503759.7224511169,4672691.9274266493,4739600.1842079423,4894436.6145303817,4936170.4260332761,5121136.8767912369,5167674.837494879,5361225.1099991854,5410021.3239977928,5612557.0957556004,5693117.5475820471,5878835.7406343734,5929307.562275162,6151096.1847417085,6207342.6360879513,6439439.3269106923,6498412.8096315712,6741300.7694009012,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX166+BX164","v":0},0,0,0,0]
[null,null,null,"Cash to Equity",null,null,null,null,null,null,{"$f":"K173-K174","v":0},{"$f":"L173-L174","v":1100298.0720446478},1244959.4114662609,1253323.2372196061,1300469.7269468801,1312155.5488722231,1361484.5298131322,1380934.4884295408,1426126.7259634938,1438201.761736081,1492205.9852516558,1505680.2573869843,1562187.0525477612,1576315.9028578913,1635442.1745993281,1658860.0644727796,1713052.8150856337,1727659.6491116472,1792397.9068769328,1808686.1931232084,1876428.7884997148,1893507.4633992277,1964394.9835144607,1992591.1416537166,2057592.5092220306,2075257.6467963066,2152883.6646595988,2172569.9226307841,2253803.7644187426,2274444.4833710492,2359455.2692903159,9231711.4329378344,9532511.5535810366,9614898.9767811541,9974016.0854146164,10065776.580309393,10441610.085441388,10537816.758497486,10931151.619891006,11088850.155039893,11449827.728541382,11549431.877900407,11980274.979531435,12091151.728492776,12542081.577403389,12658328.662671089,13130290.121406913,13320213.368463121,13753522.904907841,13873929.655776978,14390970.57161203,1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX173-BX174","v":0},0,0,0,0]
[]
[null,null,null,"Total Expenditure",null,null,null,null,null,null,{"$f":"K32","v":199858603.05245793}]
[null,null,null,"Less: Debt",null,{"$f":"F163","v":114464729.23805489},null,null,null,null,{"$f":"$F$178*K5","v":114464729.23805489},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$178*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$178*BW5","v":0},0,0,0,0,0]
[null,null,null,"Less: Fees on Debt",null,{"$f":"InputC!F55","v":0.01},{"$f":"F179*F163","v":1144647.2923805488},null,null,null,{"$f":"$G$179*K5","v":1144647.2923805488},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$179*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$179*BW5","v":0},0,0,0,0,0]
[null,null,null,"Net Equity Invested",null,null,null,null,null,null,{"$f":"K177-K178-K179","v":84249226.522022501},{"$f":"L177-L178-L179","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX177-BX178-BX179","v":0},0,0,0,0]
[]
[null,null,null,"Equity Cash Flow",null,null,null,null,null,null,{"$f":"K175-K180","v":-84249226.522022501},{"$f":"L175-L180","v":1100298.0720446478},1244959.4114662609,1253323.2372196061,1300469.7269468801,1312155.5488722231,1361484.5298131322,1380934.4884295408,1426126.7259634938,1438201.761736081,1492205.9852516558,1505680.2573869843,1562187.0525477612,1576315.9028578913,1635442.1745993281,1658860.0644727796,1713052.8150856337,1727659.6491116472,1792397.9068769328,1808686.1931232084,1876428.7884997148,1893507.4633992277,1964394.9835144607,1992591.1416537166,2057592.5092220306,2075257.6467963066,2152883.6646595988,2172569.9226307841,2253803.7644187426,2274444.4833710492,2359455.2692903159,9231711.4329378344,9532511.5535810366,9614898.9767811541,9974016.0854146164,10065776.580309393,10441610.085441388,10537816.758497486,10931151.619891006,11088850.155039893,11449827.728541382,11549431.877900407,11980274.979531435,12091151.728492776,12542081.577403389,12658328.662671089,13130290.121406913,13320213.368463121,13753522.904907841,13873929.655776978,14390970.57161203,1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX175-BX180","v":0},0,0,0,0]
[null,null,null,"Equity IRR",null,{"$f":"XIRR(K182:CB182,K4:CB4)","v":7.3511990904808061E-2}]
[]
[null,null,null,"Target IRR",null,{"$f":"InputC!F57","v":0.08}]
[null,null,null,"NPV at Target IRR",null,{"$f":"XNPV(F185,K182:CB182,K4:CB4)","v":-7513471.7188932728},"NPV"]
[null,null,null,"Headline Price from IRR",null,171025037.5087468,"Headline Price No Sale"]
[]
[null,"IRR with Project Sale"]
[null,null,null,"Equity Cash Flow",null,null,null,null,null,null,{"$f":"K182","v":-84249226.522022501},{"$f":"L182","v":1100298.0720446478},1244959.4114662609,1253323.2372196061,1300469.7269468801,1312155.5488722231,1361484.5298131322,1380934.4884295408,1426126.7259634938,1438201.761736081,1492205.9852516558,1505680.2573869843,1562187.0525477612,1576315.9028578913,1635442.1745993281,1658860.0644727796,1713052.8150856337,1727659.6491116472,1792397.9068769328,1808686.1931232084,1876428.7884997148,1893507.4633992277,1964394.9835144607,1992591.1416537166,2057592.5092220306,2075257.6467963066,2152883.6646595988,2172569.9226307841,2253803.7644187426,2274444.4833710492,2359455.2692903159,9231711.4329378344,9532511.5535810366,9614898.9767811541,9974016.0854146164,10065776.580309393,10441610.085441388,10537816.758497486,10931151.619891006,11088850.155039893,11449827.728541382,11549431.877900407,11980274.979531435,12091151.728492776,12542081.577403389,12658328.662671089,13130290.121406913,13320213.368463121,13753522.904907841,13873929.655776978,14390970.57161203,1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX182","v":0},0,0,0,0]
[null,null,null,"NPV of Cash Flow t+1 at Buyer IRR",null,{"$f":"InputC!F58","v":7.0000000000000007E-2},{"$f":"(1+F191)^0.5-1","v":3.4408043278860045E-2},null,null,null,{"$f":"NPV($G$191,L190:CB190)","v":88753866.401758239},{"$f":"NPV($G$191,M190:CC190)","v":90707415.206031412},92583520.46268782,94515815.004457593,96467449.530720815,98474550.160302907,100501382.21427172,102578503.63465609,104681902.50123458,106845600.17127436,109029742.22087169,111275562.05250339,113542149.35493769,115872596.64105925,118224103.78651938,120633103.80173761,123070800.04312538,125577765.80826151,128106253.10217781,130705452.41008694,133326342.48489645,136020333.58392966,138736132.12517604,141517179.82202703,144328916.56082353,147219734.52144307,150132393.85369948,153125585.83634567,156140533.85648471,159238579.61963192,162358212.28955808,158712929.25175771,154641419.03678578,150347428.69892675,145546573.44705009,140488769.66499662,134881103.24638218,128984281.32588662,122491226.44014938,115617059.70574278,108145388.77133115,100317028.11068384,91788465.77599144,82855575.550419137,73164392.202449411,63023507.113151707,52061732.55207967,40532861.530440949,28173995.079288561,15269477.465538133,1403899.735405917,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($G$191,BY190:EO190)","v":0},0,0,0,0]
[]
[null,null,null,"Sale Date",null,null,null,null,null,null,{"$f":"K7","v":0},{"$f":"L7","v":0},{"$f":"M7","v":0},{"$f":"N7","v":0},{"$f":"O7","v":0},{"$f":"P7","v":0},{"$f":"Q7","v":0},{"$f":"R7","v":0},{"$f":"S7","v":0},{"$f":"T7","v":0},{"$f":"U7","v":0},{"$f":"V7","v":0},{"$f":"W7","v":1},{"$f":"X7","v":0},{"$f":"Y7","v":0},{"$f":"Z7","v":0},{"$f":"AA7","v":0},{"$f":"AB7","v":0},{"$f":"AC7","v":0},{"$f":"AD7","v":0},{"$f":"AE7","v":0},{"$f":"AF7","v":0},{"$f":"AG7","v":0},{"$f":"AH7","v":0},{"$f":"AI7","v":0},{"$f":"AJ7","v":0},{"$f":"AK7","v":0},{"$f":"AL7","v":0},{"$f":"AM7","v":0},{"$f":"AN7","v":0},{"$f":"AO7","v":0},{"$f":"AP7","v":0},{"$f":"AQ7","v":0},{"$f":"AR7","v":0},{"$f":"AS7","v":0},{"$f":"AT7","v":0},{"$f":"AU7","v":0},{"$f":"AV7","v":0},{"$f":"AW7","v":0},{"$f":"AX7","v":0},{"$f":"AY7","v":0},{"$f":"AZ7","v":0},{"$f":"BA7","v":0},{"$f":"BB7","v":0},{"$f":"BC7","v":0},{"$f":"BD7","v":0},{"$f":"BE7","v":0},{"$f":"BF7","v":0},{"$f":"BG7","v":0},{"$f":"BH7","v":0},{"$f":"BI7","v":0},{"$f":"BJ7","v":0},{"$f":"BK7","v":0},{"$f":"BL7","v":0},{"$f":"BM7","v":0},{"$f":"BN7","v":0},{"$f":"BO7","v":0},{"$f":"BP7","v":0},{"$f":"BQ7","v":0},{"$f":"BR7","v":0},{"$f":"BS7","v":0},{"$f":"BT7","v":0},{"$f":"BU7","v":0},{"$f":"BV7","v":0},{"$f":"BW7","v":0},{"$f":"BX7","v":0},{"$f":"BY7","v":0},{"$f":"BZ7","v":0},{"$f":"CA7","v":0},{"$f":"CB7","v":0}]
[null,null,null,"Holdng Period",null,{"$f":"F7","v":"2030-12-31"},null,null,null,null,{"$f":"(K4<=$F$194)*1","v":1},{"$f":"(L4<=$F$194)*1","v":1},{"$f":"(M4<=$F$194)*1","v":1},{"$f":"(N4<=$F$194)*1","v":1},{"$f":"(O4<=$F$194)*1","v":1},{"$f":"(P4<=$F$194)*1","v":1},{"$f":"(Q4<=$F$194)*1","v":1},{"$f":"(R4<=$F$194)*1","v":1},{"$f":"(S4<=$F$194)*1","v":1},{"$f":"(T4<=$F$194)*1","v":1},{"$f":"(U4<=$F$194)*1","v":1},{"$f":"(V4<=$F$194)*1","v":1},{"$f":"(W4<=$F$194)*1","v":1},{"$f":"(X4<=$F$194)*1","v":0},{"$f":"(Y4<=$F$194)*1","v":0},{"$f":"(Z4<=$F$194)*1","v":0},{"$f":"(AA4<=$F$194)*1","v":0},{"$f":"(AB4<=$F$194)*1","v":0},{"$f":"(AC4<=$F$194)*1","v":0},{"$f":"(AD4<=$F$194)*1","v":0},{"$f":"(AE4<=$F$194)*1","v":0},{"$f":"(AF4<=$F$194)*1","v":0},{"$f":"(AG4<=$F$194)*1","v":0},{"$f":"(AH4<=$F$194)*1","v":0},{"$f":"(AI4<=$F$194)*1","v":0},{"$f":"(AJ4<=$F$194)*1","v":0},{"$f":"(AK4<=$F$194)*1","v":0},{"$f":"(AL4<=$F$194)*1","v":0},{"$f":"(AM4<=$F$194)*1","v":0},{"$f":"(AN4<=$F$194)*1","v":0},{"$f":"(AO4<=$F$194)*1","v":0},{"$f":"(AP4<=$F$194)*1","v":0},{"$f":"(AQ4<=$F$194)*1","v":0},{"$f":"(AR4<=$F$194)*1","v":0},{"$f":"(AS4<=$F$194)*1","v":0},{"$f":"(AT4<=$F$194)*1","v":0},{"$f":"(AU4<=$F$194)*1","v":0},{"$f":"(AV4<=$F$194)*1","v":0},{"$f":"(AW4<=$F$194)*1","v":0},{"$f":"(AX4<=$F$194)*1","v":0},{"$f":"(AY4<=$F$194)*1","v":0},{"$f":"(AZ4<=$F$194)*1","v":0},{"$f":"(BA4<=$F$194)*1","v":0},{"$f":"(BB4<=$F$194)*1","v":0},{"$f":"(BC4<=$F$194)*1","v":0},{"$f":"(BD4<=$F$194)*1","v":0},{"$f":"(BE4<=$F$194)*1","v":0},{"$f":"(BF4<=$F$194)*1","v":0},{"$f":"(BG4<=$F$194)*1","v":0},{"$f":"(BH4<=$F$194)*1","v":0},{"$f":"(BI4<=$F$194)*1","v":0},{"$f":"(BJ4<=$F$194)*1","v":0},{"$f":"(BK4<=$F$194)*1","v":0},{"$f":"(BL4<=$F$194)*1","v":0},{"$f":"(BM4<=$F$194)*1","v":0},{"$f":"(BN4<=$F$194)*1","v":0},{"$f":"(BO4<=$F$194)*1","v":0},{"$f":"(BP4<=$F$194)*1","v":0},{"$f":"(BQ4<=$F$194)*1","v":0},{"$f":"(BR4<=$F$194)*1","v":0},{"$f":"(BS4<=$F$194)*1","v":0},{"$f":"(BT4<=$F$194)*1","v":0},{"$f":"(BU4<=$F$194)*1","v":0},{"$f":"(BV4<=$F$194)*1","v":0},{"$f":"(BW4<=$F$194)*1","v":0},{"$f":"(BX4<=$F$194)*1","v":0},{"$f":"(BY4<=$F$194)*1","v":0},{"$f":"(BZ4<=$F$194)*1","v":0},{"$f":"(CA4<=$F$194)*1","v":0},{"$f":"(CB4<=$F$194)*1","v":0}]
[]
[null,null,null,"Cash Flow over Holding Period",null,null,null,null,null,null,{"$f":"K193*K191+K194*K190","v":-84249226.522022501},{"$f":"L193*L191+L194*L190","v":1100298.0720446478},{"$f":"M193*M191+M194*M190","v":1244959.4114662609},{"$f":"N193*N191+N194*N190","v":1253323.2372196061},{"$f":"O193*O191+O194*O190","v":1300469.7269468801},{"$f":"P193*P191+P194*P190","v":1312155.5488722231},{"$f":"Q193*Q191+Q194*Q190","v":1361484.5298131322},{"$f":"R193*R191+R194*R190","v":1380934.4884295408},{"$f":"S193*S191+S194*S190","v":1426126.7259634938},{"$f":"T193*T191+T194*T190","v":1438201.761736081},{"$f":"U193*U191+U194*U190","v":1492205.9852516558},{"$f":"V193*V191+V194*V190","v":1505680.2573869843},{"$f":"W193*W191+W194*W190","v":115104336.40748546},{"$f":"X193*X191+X194*X190","v":0},{"$f":"Y193*Y191+Y194*Y190","v":0},{"$f":"Z193*Z191+Z194*Z190","v":0},{"$f":"AA193*AA191+AA194*AA190","v":0},{"$f":"AB193*AB191+AB194*AB190","v":0},{"$f":"AC193*AC191+AC194*AC190","v":0},{"$f":"AD193*AD191+AD194*AD190","v":0},{"$f":"AE193*AE191+AE194*AE190","v":0},{"$f":"AF193*AF191+AF194*AF190","v":0},{"$f":"AG193*AG191+AG194*AG190","v":0},{"$f":"AH193*AH191+AH194*AH190","v":0},{"$f":"AI193*AI191+AI194*AI190","v":0},{"$f":"AJ193*AJ191+AJ194*AJ190","v":0},{"$f":"AK193*AK191+AK194*AK190","v":0},{"$f":"AL193*AL191+AL194*AL190","v":0},{"$f":"AM193*AM191+AM194*AM190","v":0},{"$f":"AN193*AN191+AN194*AN190","v":0},{"$f":"AO193*AO191+AO194*AO190","v":0},{"$f":"AP193*AP191+AP194*AP190","v":0},{"$f":"AQ193*AQ191+AQ194*AQ190","v":0},{"$f":"AR193*AR191+AR194*AR190","v":0},{"$f":"AS193*AS191+AS194*AS190","v":0},{"$f":"AT193*AT191+AT194*AT190","v":0},{"$f":"AU193*AU191+AU194*AU190","v":0},{"$f":"AV193*AV191+AV194*AV190","v":0},{"$f":"AW193*AW191+AW194*AW190","v":0},{"$f":"AX193*AX191+AX194*AX190","v":0},{"$f":"AY193*AY191+AY194*AY190","v":0},{"$f":"AZ193*AZ191+AZ194*AZ190","v":0},{"$f":"BA193*BA191+BA194*BA190","v":0},{"$f":"BB193*BB191+BB194*BB190","v":0},{"$f":"BC193*BC191+BC194*BC190","v":0},{"$f":"BD193*BD191+BD194*BD190","v":0},{"$f":"BE193*BE191+BE194*BE190","v":0},{"$f":"BF193*BF191+BF194*BF190","v":0},{"$f":"BG193*BG191+BG194*BG190","v":0},{"$f":"BH193*BH191+BH194*BH190","v":0},{"$f":"BI193*BI191+BI194*BI190","v":0},{"$f":"BJ193*BJ191+BJ194*BJ190","v":0},{"$f":"BK193*BK191+BK194*BK190","v":0},{"$f":"BL193*BL191+BL194*BL190","v":0},{"$f":"BM193*BM191+BM194*BM190","v":0},{"$f":"BN193*BN191+BN194*BN190","v":0},{"$f":"BO193*BO191+BO194*BO190","v":0},{"$f":"BP193*BP191+BP194*BP190","v":0},{"$f":"BQ193*BQ191+BQ194*BQ190","v":0},{"$f":"BR193*BR191+BR194*BR190","v":0},{"$f":"BS193*BS191+BS194*BS190","v":0},{"$f":"BT193*BT191+BT194*BT190","v":0},{"$f":"BU193*BU191+BU194*BU190","v":0},{"$f":"BV193*BV191+BV194*BV190","v":0},{"$f":"BW193*BW191+BW194*BW190","v":0},{"$f":"BX193*BX191+BX194*BX190","v":0},{"$f":"BY193*BY191+BY194*BY190","v":0},{"$f":"BZ193*BZ191+BZ194*BZ190","v":0},{"$f":"CA193*CA191+CA194*CA190","v":0},{"$f":"CB193*CB191+CB194*CB190","v":0}]
[null,null,null,"IRR over Holding Period",null,{"$f":"XIRR(K196:CB196,K4:CB4)","v":7.9999998211860726E-2}]
[]
[null,null,null,"Target IRR",null,{"$f":"InputC!F57","v":0.08}]
[null,null,null,"NPV",null,{"$f":"XNPV(F199,K196:CB196,K4:CB4)","v":0},"NPV Sale"]
[null,null,null,"Headline Price with Sale at Lower IRR",null,199858603.05245793,"Headline Price Sale"]
[]
[]
[null,"Graph and Output"]
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[]
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[]
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[null,null,"Debt",null,"USD",null,{"$f":"F153","v":114464729.23805489}]
[null,null,"PLCR",null,"x",null,{"$f":"G211/G212","v":2.4512932371194487}]
[]
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[null,null,"LLCR",null,"x",null,{"$f":"G215/G216","v":1.3500000000000005}]