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["Operating and Construction Assumptions",null,null,null,null,null,null,"Financial Statistics"]
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[null,null,null,"Consturction Timing",null,null,null,"Equity IRR",null,{"$f":"Model!I194","v":0.14378785044486819}]
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[null,null,null,"Revenue Senstivity",null,{"$f":"Model!G88","v":1},null,null,null,9.9836994142832509]
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["Sources and Uses"]
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[]
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[null,"Assumptions"]
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[null,null,null,"Construction Start",null,null,1987]
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[]
[null,null,"Concession Period",null,null,null,3]
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[null,null,null,null,"99 Years",null,99]
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[]
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[]
[null,null,"Financing"]
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[]
[null,null,null,"1990 Additional Debt "]
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[]
[null,null,null,"1994 Senior Debt"]
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[]
[null,null,null,"LIBOR",null,null,null,null,null,null,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,null,null,"Equity Financing"]
[null,null,null,null,null,"TML and Bank Financing in 1986",null,null,null,null,46]
[null,null,null,null,null,"Institutional Investors - 1986",null,null,null,null,206]
[null,null,null,null,null,"IPO 1997",null,null,null,null,null,770]
[null,null,null,null,null,"1990 Nov IPO (Not Anticipated)",null,null,null,null,null,null,null,null,566]
[null,null,null,null,null,"1994 May IPO (Not Anticipated)",null,null,null,null,null,null,null,null,null,null,null,null,816]
[]
[]
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[]
[]
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[]
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[]
[null,null,"Original Junior Debt",null,null,null,null,null,null,{"$f":"SUM(L100:DF100)","v":7262.7573833288743},{"$f":"J100/$J$104","v":0.7714226811823488},{"$f":"MAX(L98-L103,0)","v":0},{"$f":"MAX(M98-M103,0)","v":541.32779498732748},601.54618065333716,1568.2858484493804,1369.4999489756185,1677.4851188190148,542.27344608658996,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(BY98-BY103,0)","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]
[null,null,"Second Junior Debt Tranche",null,null,null,null,null,null,{"$f":"SUM(L101:DF101)","v":0}]
[null,null,"Senior Debt",null,null,null,null,null,null,{"$f":"SUM(L102:DF102)","v":0}]
[null,null,"Equity",null,null,null,null,null,null,{"$f":"SUM(L103:DF103)","v":2152},{"$f":"J103/$J$104","v":0.22857731881765125},{"$f":"L76","v":770},{"$f":"IF(AND($G$18=2,$H$23=2),N77+N78,0)","v":0},{"$f":"IF(AND($G$18=2,$H$23=2),O77+O78,0)","v":566},0,0,0,816,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND($G$18=2,$H$23=2),CA77+CA78,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J100:J103)","v":9414.7573833288734},null,{"$f":"SUM(L100:L103)","v":770},{"$f":"SUM(M100:M103)","v":541.32779498732748},1167.5461806533372,1568.2858484493804,1369.4999489756185,1677.4851188190148,1358.27344608659,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BY100:BY103)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Difference",null,null,null,null,null,null,null,null,{"$f":"L104-L98","v":0},{"$f":"M104-M98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY104-BY98","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]
[]
[null,null,"Total Required Debt",null,null,null,null,null,null,null,null,{"$f":"L98-L103","v":0},{"$f":"M98-M103","v":541.32779498732748},601.54618065333716,1568.2858484493804,1369.4999489756185,1677.4851188190148,542.27344608658996,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY98-BY103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Debt Schedule"]
[null,null,"Total Accumulated Debt"]
[]
[null,null,"Commitment",null,null,null,null,null,null,null,null,{"$f":"$G$51","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,{"$f":"$G$51","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000]
[null,null,"Draws",null,null,null,null,null,null,null,null,{"$f":"L100","v":0},{"$f":"M100","v":541.32779498732748},601.54618065333716,1568.2858484493804,1369.4999489756185,1677.4851188190148,542.27344608658996,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY100","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]
[null,null,"Accumulated Draws",null,null,null,null,null,null,null,null,{"$f":"K115+L114","v":0},{"$f":"L115+M114","v":541.32779498732748},1142.8739756406646,2711.1598240900448,4080.6597730656631,5758.1448918846781,6300.4183379712686,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,{"$f":"BX115+BY114","v":7262.7573833288743},7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743,7262.7573833288743]
[]
[null,null,"Opening Balance",null,null,null,null,null,null,null,null,{"$f":"K120","v":0},{"$f":"L120","v":0},541.32779498732748,1142.8739756406646,2711.1598240900448,4080.6597730656631,5758.1448918846781,6300.4183379712686,7262.7573833288743,7147.9294326502368,7025.0635254240942,6893.597004692122,6752.9278275089118,6602.4118079228765,6441.3596669658191,6269.0338761417679,6084.6452799600329,5887.3494820455762,5676.2429782771078,5450.3590192448464,5208.6631830803271,4950.0486383842917,4673.331075559533,4377.2432833370412,4060.4293456589753,3721.4384323434451,3358.7181550958276,2970.6074584408771,2555.3290130200799,2110.9810764198269,1635.528784257556,1126.7948316439263,582.44950234734245,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX120","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]
[null,null,"Add: Draws",null,null,null,null,null,null,null,null,{"$f":"L108","v":0},{"$f":"M108","v":541.32779498732748},601.54618065333716,1568.2858484493804,1369.4999489756185,1677.4851188190148,542.27344608658996,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Closing Balance",null,null,null,null,null,null,null,null,{"$f":"L117+L118-L119","v":0},541.32779498732748,1142.8739756406646,2711.1598240900448,4080.6597730656631,5758.1448918846781,6300.4183379712686,7262.7573833288743,7147.9294326502368,7025.0635254240942,6893.597004692122,6752.9278275089118,6602.4118079228765,6441.3596669658191,6269.0338761417679,6084.6452799600329,5887.3494820455762,5676.2429782771078,5450.3590192448464,5208.6631830803271,4950.0486383842917,4673.331075559533,4377.2432833370412,4060.4293456589753,3721.4384323434451,3358.7181550958276,2970.6074584408771,2555.3290130200799,2110.9810764198269,1635.528784257556,1126.7948316439263,582.44950234734245,{"$f":"AR117+AR118-AR119","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX117+BX118-BX119","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,{"$f":"DD117+DD118-DD119","v":0},{"$f":"DE117+DE118-DE119","v":0},{"$f":"DF117+DF118-DF119","v":0}]
[]
[null,null,"Opening Balance",null,null,null,null,null,null,null,null,{"$f":"K123","v":0},{"$f":"L123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX123","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]
[null,null,"Add: Defaults",null,null,null,null,null,null,null,null,{"$f":"L182","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AR182","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,{"$f":"BX182","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Default",null,null,null,null,null,null,null,null,null,{"$f":"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,{"$f":"AR123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX123","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]
[null,null,"Closing Balance",null,null,null,null,null,null,null,null,{"$f":"L122+L123-L124","v":0},{"$f":"M122+M123-M124","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,{"$f":"BY122+BY123-BY124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Debt",null,null,null,null,null,null,null,null,{"$f":"L125+L120","v":0},{"$f":"M125+M120","v":541.32779498732748},1142.8739756406646,2711.1598240900448,4080.6597730656631,5758.1448918846781,6300.4183379712686,7262.7573833288743,7147.9294326502368,7025.0635254240942,6893.597004692122,6752.9278275089118,6602.4118079228765,6441.3596669658191,6269.0338761417679,6084.6452799600329,5887.3494820455762,5676.2429782771078,5450.3590192448464,5208.6631830803271,4950.0486383842917,4673.331075559533,4377.2432833370412,4060.4293456589753,3721.4384323434451,3358.7181550958276,2970.6074584408771,2555.3290130200799,2110.9810764198269,1635.528784257556,1126.7948316439263,582.44950234734245,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY125+BY120","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]
[]
[null,null,"LIBOR Rate",null,null,null,null,null,null,null,null,{"$f":"L71","v":0.06},{"$f":"M71","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,{"$f":"BY71","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
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[null,null,"Depreciation Rate",null,null,null,null,null,null,null,null,{"$f":"1/$G$45","v":1.0101010101010102E-2},{"$f":"1/$G$45","v":1.0101010101010102E-2},1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,{"$f":"1/$G$45","v":1.0101010101010102E-2},1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2,1.0101010101010102E-2]
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[]
[null,null,"Accumulated Depreciation"]
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[null,null,"Add: Depreciation Expense",null,null,null,null,null,null,null,null,{"$f":"L150","v":0},{"$f":"M150","v":0},0,0,0,0,0,0,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,{"$f":"BY150","v":95.09855942756441},95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441,95.09855942756441]
[null,null,"Closing Balance",null,null,null,null,null,null,null,null,{"$f":"L153+L154","v":0},{"$f":"M153+M154","v":0},0,0,0,0,0,0,95.09855942756441,190.19711885512882,285.29567828269325,380.39423771025764,475.49279713782204,570.59135656538649,665.68991599295089,760.78847542051528,855.88703484807968,950.98559427564408,1046.0841537032086,1141.182713130773,1236.2812725583374,1331.3798319859018,1426.4783914134662,1521.5769508410306,1616.675510268595,1711.7740696961594,1806.8726291237238,1901.9711885512882,1997.0697479788525,2092.1683074064172,2187.2668668339816,2282.365426261546,2377.4639856891104,2472.5625451166748,2567.6611045442392,2662.7596639718035,2757.8582233993679,2852.9567828269323,2948.0553422544967,3043.1539016820611,3138.2524611096255,3233.3510205371899,3328.4495799647543,3423.5481393923187,3518.6466988198831,3613.7452582474475,3708.8438176750119,3803.9423771025763,3899.0409365301407,3994.1394959577051,4089.2380553852695,4184.3366148128343,4279.4351742403987,4374.5337336679631,4469.6322930955275,4564.7308525230919,4659.8294119506563,4754.9279713782207,4850.0265308057851,4945.1250902333495,5040.2236496609139,5135.3222090884783,5230.4207685160427,5325.5193279436071,5420.6178873711715,{"$f":"BY153+BY154","v":5515.7164467987359},5610.8150062263003,5705.9135656538647,5801.0121250814291,5896.1106845089935,5991.2092439365579,6086.3078033641223,6181.4063627916867,6276.5049222192511,6371.6034816468155,6466.7020410743798,6561.8006005019442,6656.8991599295086,6751.997719357073,6847.0962787846374,6942.1948382122018,7037.2933976397662,7132.3919570673306,7227.490516494895,7322.5890759224594,7417.6876353500238,7512.7861947775882,7607.8847542051526,7702.983313632717,7798.0818730602814,7893.1804324878458,7988.2789919154102,8083.3775513429746,8178.476110770539,8273.5746701981043,8368.6732296256687,8463.7717890532331,8558.8703484807975,8653.9689079083619]
[]
[null,"Profit and Loss"]
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[null,null,"Less: Taxes",null,null,null,null,null,null,null,null,{"$f":"L165","v":0},{"$f":"M165","v":0},0,0,0,0,0,0,28.117105934853626,49.606395071729764,76.225944448187278,97.985392480996794,124.89506268010292,144.4660118132266,176.71008144615041,206.63995309507021,214.26920724393938,239.61238649744502,266.53506315919589,303.56191154497924,329.89768536263142,357.65424551328061,386.9089409435519,417.74341031740016,450.24382567279514,484.50115029543497,520.61141166258108,558.67599036270883,598.80192595261201,641.10224077306611,685.6962828074146,732.71008873470021,782.27676840050697,834.53691200477488,878.732654455339,925.16378732558098,973.94259220242759,1025.1869749934713,1079.0207473478285,1135.5739221521405,1194.9830238055495,1257.3914140126883,1322.949633870664,1391.8157630648286,1464.1557970288573,1540.144042967446,1619.9635356848503,1703.8064742096487,1791.8746802556411,1884.3800796107864,1981.5452076006793,2083.6037398303974,2190.8010494687378,2303.3947924020749,2421.6555216514198,2545.8673325159598,2676.3285399795095,2813.3523899931351,2957.2678063278781,3108.4201747762031,3267.172166569726,3433.9046029741617,3609.0173631204821,3792.9303372342133,3986.0844275329291,{"$f":"BY165","v":4188.9425991754633},4401.990983765585,4625.7400380379831,4860.725760485826,5107.5109688271232,5366.6866413519692,5638.8733253448709,5924.7226159360662,6224.9187089034431,6540.1800311227444,6871.260952548635,7218.9535838033598,7584.089663653509,7967.5425408695091,8370.2292551871196,8793.1127223262356,9237.2040282700455,9703.5648382677373,10193.309926297143,10707.609831010479,11247.693644487597,11814.851940437247,12410.439848819025,13035.880284207236,13692.667335583945,14382.369825632959,15106.635048009965,15867.19269148787,16665.858960321359,17504.540900641849,18385.240943184595,19310.061673164837,20281.210838660652,21301.006609428154]
[null,null,"Less: WC Change",null,null,null,null,null,null,null,null,{"$f":"L97","v":155.07096592509151},{"$f":"M97","v":-155.07096592509151},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operating Cash Flow",null,null,null,null,null,null,null,null,{"$f":"L169-L170-L171","v":-155.07096592509151},{"$f":"M169-M170-M171","v":155.07096592509151},0,0,0,0,0,0,687.84289406514642,744.27280492827026,815.53083955181273,871.60652719900327,942.48869539349698,990.66542142184551,1076.1239804536231,1153.8507900426987,1163.8313507565849,1226.0501826630898,1292.0407573845496,1387.3094254096413,1449.3980383310816,1514.5647006543068,1582.9585575473873,1654.7358202133578,1730.0600906420782,1809.1027005779106,1892.0430652720154,1979.0690526065523,2070.3773681968059,2166.1739570961508,2266.6744227478371,2372.1044638467401,2482.7003297933993,2598.709295441889,2731.2965227935815,2870.5899214043075,3016.9263360348473,3170.6594844079782,3332.16080147105,3501.8203258839858,3680.047630844213,3867.2728014656295,4063.9474610395564,4270.5458486220505,4487.5659505141357,4715.5306883299027,4954.9891664821153,5206.5179820565108,5470.7226001944873,5748.2387982599239,6039.7341822296021,6345.9097789187563,6667.5017078337778,7005.2829366337892,7360.0651243818238,7732.7005569754438,8124.0841793660929,8535.1557294069698,8966.9019784111988,9420.3590837561733,9896.6150591367423,10396.812368350049,10922.150648789011,11473.889571130205,12053.351842026352,{"$f":"BY169-BY170-BY171","v":12661.926356953956},13301.071510724321,13972.318673541515,14677.275840885044,15417.631465908937,16195.158483483474,17011.71853546218,17869.266407235766,18769.854686137896,19715.638652795798,20708.881417073469,21751.959310837647,22847.367550388095,23997.726182036095,25205.78632498892,26474.436726406268,27806.710644237697,29205.793074230773,30675.028338318989,32217.928052458999,33838.179492890355,35539.654380739303,37326.418105884637,39202.739412049268,41173.100566179397,43242.208036326439,45415.003703457456,47696.676633891169,50092.675440391642,52608.721261353116,55250.821388981356,58025.283578922084,60938.731075409523,63998.118387712035]
[null,null,"Less: Capital Expenditures",null,null,null,null,null,null,null,null,{"$f":"L145","v":614.92903407490849},{"$f":"M145","v":696.39876091241899},1128.2999155167558,1485.4274852154322,1172.9408617290903,1381.6372852717543,940.80794142495074,505.55871585468878,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest During Construction",null,null,null,null,null,null,null,null,{"$f":"L146","v":0},{"$f":"M146","v":0},39.246265136581236,82.858363233948182,196.55908724652824,295.84783354726056,417.46550466163916,456.78032950291691,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY146","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]
[null,null,"Add: Equity Issues",null,null,null,null,null,null,null,null,{"$f":"L103","v":770},{"$f":"M103","v":0},566,0,0,0,816,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Debt Issues",null,null,null,null,null,null,null,null,{"$f":"L100","v":0},{"$f":"M100","v":541.32779498732748},601.54618065333716,1568.2858484493804,1369.4999489756185,1677.4851188190148,542.27344608658996,962.33904535760576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY100","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]
[null,null,"Cash Before Interest",null,null,null,null,null,null,null,null,{"$f":"L172-L173-L174+L175+L176","v":0},{"$f":"M172-M173-M174+M175+M176","v":0},0,0,0,0,0,0,687.84289406514642,744.27280492827026,815.53083955181273,871.60652719900327,942.48869539349698,990.66542142184551,1076.1239804536231,1153.8507900426987,1163.8313507565849,1226.0501826630898,1292.0407573845496,1387.3094254096413,1449.3980383310816,1514.5647006543068,1582.9585575473873,1654.7358202133578,1730.0600906420782,1809.1027005779106,1892.0430652720154,1979.0690526065523,2070.3773681968059,2166.1739570961508,2266.6744227478371,2372.1044638467401,2482.7003297933993,2598.709295441889,2731.2965227935815,2870.5899214043075,3016.9263360348473,3170.6594844079782,3332.16080147105,3501.8203258839858,3680.047630844213,3867.2728014656295,4063.9474610395564,4270.5458486220505,4487.5659505141357,4715.5306883299027,4954.9891664821153,5206.5179820565108,5470.7226001944873,5748.2387982599239,6039.7341822296021,6345.9097789187563,6667.5017078337778,7005.2829366337892,7360.0651243818238,7732.7005569754438,8124.0841793660929,8535.1557294069698,8966.9019784111988,9420.3590837561733,9896.6150591367423,10396.812368350049,10922.150648789011,11473.889571130205,12053.351842026352,{"$f":"BY172-BY173-BY174+BY175+BY176","v":12661.926356953956},13301.071510724321,13972.318673541515,14677.275840885044,15417.631465908937,16195.158483483474,17011.71853546218,17869.266407235766,18769.854686137896,19715.638652795798,20708.881417073469,21751.959310837647,22847.367550388095,23997.726182036095,25205.78632498892,26474.436726406268,27806.710644237697,29205.793074230773,30675.028338318989,32217.928052458999,33838.179492890355,35539.654380739303,37326.418105884637,39202.739412049268,41173.100566179397,43242.208036326439,45415.003703457456,47696.676633891169,50092.675440391642,52608.721261353116,55250.821388981356,58025.283578922084,60938.731075409523,63998.118387712035]
[null,null,"Less: Repayment of Default",null,null,null,null,null,null,null,null,{"$f":"L124","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,{"$f":"AR124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX124","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]
[null,null,"Less: Interest Expense",null,null,null,null,null,null,null,null,{"$f":"L163","v":0},{"$f":"M163","v":0},0,0,0,0,0,0,508.39301683302114,500.35506028551652,491.75444677968653,482.55179032844848,472.7049479256238,462.16882655460131,450.89517668760732,438.83237132992372,425.92516959720228,412.1144637431903,397.33700847939753,381.52513134713922,364.60642281562286,346.50340468690041,327.1331752891673,306.40702983359284,284.23005419612826,260.50069026404111,235.1102708567079,207.94252209086136,178.87303091140558,147.76867534938788,114.4870148980289,78.875638215074829,40.771465164313966,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Debt",null,null,null,null,null,null,null,null,{"$f":"L119","v":0},0,0,0,0,0,0,0,114.82795067863759,122.86590722614224,131.46652073197217,140.66917718321022,150.51601958603496,161.05214095705736,172.32579082405138,184.38859618173498,197.29579791445641,211.10650376846837,225.88395903226117,241.69583616451945,258.61454469603581,276.71756282475832,296.08779222249137,316.81393767806577,338.99091331553035,362.7202772476175,388.11069665495069,415.27844542079725,444.34793660025304,475.45229216227079,508.7339526136297,544.34532929658383,{"$f":"AR119","v":582.44950234734245},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX119","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]
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[null,null,"CFADS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R177","v":0},0,687.84289406514642,744.27280492827026,815.53083955181273,871.60652719900327,942.48869539349698,990.66542142184551,1076.1239804536231,1153.8507900426987,1163.8313507565849,1226.0501826630898,1292.0407573845496,1387.3094254096413,1449.3980383310816,1514.5647006543068,1582.9585575473873,1654.7358202133578,1730.0600906420782,1809.1027005779106,1892.0430652720154,1979.0690526065523,2070.3773681968059,2166.1739570961508,2266.6744227478371,2372.1044638467401,2482.7003297933993,2598.709295441889,2731.2965227935815,2870.5899214043075,3016.9263360348473,3170.6594844079782,3332.16080147105,3501.8203258839858,3680.047630844213,3867.2728014656295,4063.9474610395564,4270.5458486220505,4487.5659505141357,4715.5306883299027,4954.9891664821153,5206.5179820565108,5470.7226001944873,5748.2387982599239,6039.7341822296021,6345.9097789187563,6667.5017078337778,7005.2829366337892,7360.0651243818238,7732.7005569754438,8124.0841793660929,8535.1557294069698,8966.9019784111988,9420.3590837561733,9896.6150591367423,10396.812368350049,10922.150648789011,11473.889571130205,12053.351842026352,{"$f":"BY177","v":12661.926356953956},13301.071510724321,13972.318673541515,14677.275840885044,15417.631465908937,16195.158483483474,17011.71853546218,17869.266407235766,18769.854686137896,19715.638652795798,20708.881417073469,21751.959310837647,22847.367550388095,23997.726182036095,25205.78632498892,26474.436726406268,27806.710644237697,29205.793074230773,30675.028338318989,32217.928052458999,33838.179492890355,35539.654380739303,37326.418105884637,39202.739412049268,41173.100566179397,43242.208036326439,45415.003703457456,47696.676633891169,50092.675440391642,52608.721261353116,55250.821388981356,58025.283578922084,60938.731075409523,63998.118387712035]
[null,null,"Debt Service",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R179+R180-R182+R178","v":0},{"$f":"S179+S180-S182+S178","v":0},623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165873,623.22096751165861,623.22096751165861,623.22096751165861,623.22096751165861,623.22096751165861,623.22096751165861,623.22096751165873,623.22096751165861,623.22096751165861,623.22096751165645,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CE179+CE180-CE182+CE178","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR",null,null,null,null,null,{"$f":"MIN(R199:DF199)","v":1.1036902317511947},null,null,null,null,null,null,null,null,{"$f":"IF(R198,R197/R198)","v":false},{"$f":"IF(S198,S197/S198)","v":false},1.1036902317511947,1.1942358228092622,1.3085741367271255,1.3985513527875615,1.5122865637152454,1.589589364069836,1.7267133754345192,1.8514312742873391,1.8674457558824236,1.9672800604869793,2.0731663803663332,2.2260313720649791,2.3256567315411565,2.4302210285085981,2.5399635764304969,2.6551350266988614,2.7759978897207338,2.9028270788146542,3.0359104778300336,3.1755495334317838,3.3220598730226056,3.4757719493056496,3.6370317125208635,3.8062013114190756,3.9836598240686825,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(CE198,CE197/CE198)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"PLCR",null,null,null,null,null,{"$f":"L131","v":7.2499999999999995E-2}]
[]
[null,null,"NPV",null,null,null,null,null,{"$f":"NPV(I201,R197:DF197)","v":25720.235237915876}]
[null,null,"Loan",null,null,null,null,null,{"$f":"J100+J101+J102","v":7262.7573833288743}]
[null,null,null,null,null,null,null,null,{"$f":"I203/I204","v":3.5413870903845397}]
[null,null,"Debt/EBTDA",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R187,R127/R187)","v":false},{"$f":"IF(S187,S127/S187)","v":false},9.9836994142832509,8.849033361025322,7.7303555502776211,6.9647113290069695,6.1856026550739562,5.6745496410122671,5.00388205173439,4.4723900626671709,4.272075392370124,3.8728170437812319,3.4970124310945372,3.0804609843712294,2.7820269404729885,2.4961455951109741,2.2221003629382818,1.9592135283397303,1.7068438966221651,1.4643845988560378,1.2312610391750705,1.0069289742480374,0.79087271546234916,0.58260344511129958,0.38165763856270557,0.18759558501266224,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(CE187,CE127/CE187)","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]

{"sheet":"Cases","index":2,"n_rows":45,"n_cols":14,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[]
["Data from Cases"]
[null,null,null,null,null,1995]
[null,null,null,"Junior Bank Debt",null,8000]
[null,null,null,"Senior Bank Debt",null,{"$f":"F6-F4","v":333.33333333333394}]
[null,null,null,"Total Debt",null,{"$f":"F4/0.96","v":8333.3333333333339}]
[]
[null,null,null,"1987 IPO",770]
[]
[null,null,null,"May 1994 Financing",null,10100]
[null,null,null,null,null,null,null,null,null,null,null,"Original","Final","Percent Difference"]
[null,null,null,null,null,null,null,null,null,null,"Tunnels",1329,2110,{"$f":"M12/L12-1","v":0.58765989465763724}]
[null,null,null,"Junior Debt",0.96,null,null,null,null,null,"Terminals",448,553,0.234375]
[null,null,null,null,null,null,null,null,null,null,"Fixed Equipment",688,1200,0.7441860465116279]
[null,null,null,"Suspension of Interest","Sept 14 1995",null,null,null,null,null,"Rolling Stock",245,705,1.8775510204081631]
[null,null,null,null,null,null,null,null,null,null,"Subtotal",{"$f":"SUM(L11:L15)","v":2710},{"$f":"SUM(M11:M15)","v":4568},0.68560885608856093]
[null,null,null,"Junior Debt Trading",0.43,"of Face Value",null,null,null,null,"Corporate and Inflation",{"$f":"642+469","v":1111},{"$f":"1128+1146+222+72+790","v":3358},2.0225022502250227]
[null,null,null,null,null,null,null,null,null,null,"Subtotal",{"$f":"L16+L17","v":3821},{"$f":"M16+M17","v":7926},1.0743260926459044]
[null,null,null,"Initial Concession",55,"Years",null,null,null,null,"Financing Costs",500,1500,2]
[null,null,null,1993,65,null,null,null,null,null,"Total",{"$f":"L18+L19","v":4321},{"$f":"M18+M19","v":9426},1.181439481601481]
[null,null,null,1997,99]
[]
[]
[null,null,null,"1987 Construction Cost Estimate",null,2.7]
[null,null,null,"Estimated Completion",null,1990]
[]
[null,null,null,"1990 Construction Cost Estimate",null,4]
[]
[]
[null,null,null,"Toll Rate per Car Estimated in 1990",null,64.5]
[]
[null,null,null,"Average Realized in 1996",null,34.4]
[]
[null,null,null,"Minimum Paynmet of Railways",null,25]
[]
[null,null,null,"Paymemt per Passenger",1996,12.4]
[null,null,null,"Per ton of Freight",{"$f":"E36","v":1996},9]
[]
[null,null,null,"Interest During Construction",null,615]
[]
[null,null,null,"Number of Shares"]
[null,null,null,null,1986,26520]
[null,null,null,null,1987,332391]
[null,null,null,null,1993,538045]
[null,null,null,null,1996,919533]

{"sheet":"EBITDA to Debt","index":3,"n_rows":23,"n_cols":19,"rows_kept":23,"cut":false,"hidden":false,"merged":[[8,9,8,18],[10,7,19,7]]}
[]
[null,null,null,"Rate",null,7.0000000000000007E-2]
[]
[null,null,null,"Term",null,15]
[]
[null,null,null,"Total Debt",null,{"$f":"F23*F13","v":1000}]
[null,null,null,null,null,null,null,{"$f":"\"Ability to Pay Back Debt -- Debt Service Coverage -- with Different Terms at \"&TEXT(F2,\"0.00%\")&\" Interest Rate\"","v":"Ability to Pay Back Debt -- Debt Service Coverage -- with Different Terms at 7.00% Interest Rate"}]
[null,null,null,"Interest",null,{"$f":"F6*F2","v":70}]
[null,null,null,null,null,null,null,null,null,"Debt/EBITDA"]
[null,null,null,"Pmt",null,{"$f":"F6/F4","v":66.666666666666671},null,null,{"$f":"F17","v":1.4634146341463412},2,{"$f":"J10+2","v":4},{"$f":"K10+2","v":6},8,10,12,14,16,18,20]
[null,null,null,null,null,null,null,"Term of Debt (Yrs)",50,5.5555555555555554,2.7777777777777777,1.8518518518518516,1.3888888888888888,1.1111111111111112,0.92592592592592582,0.79365079365079361,0.69444444444444442,0.61728395061728392,0.55555555555555558]
[null,null,null,null,null,null,null,null,{"$f":"I11-5","v":45},5.4216867469879508,2.7108433734939754,1.8072289156626502,1.3554216867469877,1.0843373493975903,0.9036144578313251,0.77452667814113596,0.67771084337349385,0.60240963855421692,0.54216867469879515]
[null,null,null,"EBITDA",null,200,null,null,40,5.2631578947368425,2.6315789473684212,1.7543859649122804,1.3157894736842106,1.0526315789473684,0.87719298245614019,0.75187969924812026,0.65789473684210531,0.58479532163742687,0.52631578947368418]
[null,null,null,"Interest",null,{"$f":"F8","v":70},null,null,35,5.0724637681159415,2.5362318840579707,1.6908212560386471,1.2681159420289854,1.0144927536231885,0.84541062801932354,0.72463768115942029,0.63405797101449268,0.56360708534621573,0.50724637681159424]
[null,null,null,"Pmt",null,{"$f":"F10","v":66.666666666666671},null,null,30,4.838709677419355,2.4193548387096775,1.6129032258064515,1.2096774193548387,0.96774193548387089,0.80645161290322576,0.6912442396313363,0.60483870967741937,0.5376344086021505,0.48387096774193544]
[null,null,null,"Remainder",null,{"$f":"F13-F14-F15","v":63.333333333333329},null,null,25,4.5454545454545459,2.2727272727272729,1.5151515151515151,1.1363636363636365,0.90909090909090906,0.75757575757575757,0.64935064935064934,0.56818181818181823,0.50505050505050508,0.45454545454545453]
[null,null,null,"Coverage",null,{"$f":"F13/(F14+F15)","v":1.4634146341463412},null,null,20,4.166666666666667,2.0833333333333335,1.3888888888888888,1.0416666666666667,0.83333333333333337,0.69444444444444442,0.59523809523809523,0.52083333333333337,0.46296296296296297,0.41666666666666669]
[null,null,null,null,null,null,null,null,15,3.6585365853658534,1.8292682926829267,1.2195121951219512,0.91463414634146334,0.7317073170731706,0.6097560975609756,0.5226480836236933,0.45731707317073167,0.4065040650406504,0.3658536585365853]
[null,null,null,"Remainder",null,{"$f":"F13-F14","v":130},null,null,10,2.9411764705882355,1.4705882352941178,0.98039215686274506,0.73529411764705888,0.58823529411764708,0.49019607843137253,0.42016806722689076,0.36764705882352944,0.32679738562091504,0.29411764705882354]
[null,null,null,null,null,null,null,null,5,1.8518518518518519,0.92592592592592593,0.61728395061728392,0.46296296296296297,0.37037037037037035,0.30864197530864196,0.26455026455026454,0.23148148148148148,0.20576131687242799,0.18518518518518517]
[]
[]
[null,null,null,"Debt/EBITDA",null,5]

{"sheet":"Bozzana","index":4,"n_rows":36,"n_cols":10,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Misc Data"]
[]
[null,null,"IRR projected",null,0.18]
[]
[null,null,"Original Assumptions",null,30,"Million voyagers"]
[null,null,null,null,15,"Millions tons of freight"]
[]
[null,null,null,null,20,"Trains in each direction each hour"]
[]
[null,null,"Actual",null,8,"Million",null,3,"Eurostar"]
[null,null,null,null,null,null,null,5,"Shuttle"]
[]
[]
[]
[null,null,null,null,null,7.3,"Billion Francs for fist year"]
[]
[]
[null,null,null,"Costs"]
[null,null,null,"Expected",1.2,"Billion"]
[null,null,null,"Actual",2.2999999999999998,"Billion",null,2300000,374000,{"$f":"H22/I22","v":6.1497326203208553}]
[]
[null,null,"Last Prospectus in 1994"]
[null,null,null,null,null,null,"Forecast","Actual"]
[null,null,null,1995,"Shuttle Passengers",null,7700000,{"$f":"G26*0.7","v":5390000}]
[null,null,null,{"$f":"D26","v":1995},"Eurostar",null,9200000,{"$f":"G27*(1-0.7)","v":2760000.0000000005}]
[null,null,null,null,null,"Total",{"$f":"G26+G27","v":16900000},{"$f":"H26+H27","v":8150000}]
[]
[null,null,null,1995,"Revenues",null,5200000,{"$f":"G30*0.45","v":2340000}]
[]
[null,null,null,null,"GBP",null,525000,300000]
[]
[null,null,null,null,null,null,{"$f":"G30/G32","v":9.9047619047619051},{"$f":"H30/H32","v":7.8}]
[null,null,null,null,null,null,{"$f":"H34","v":7.8}]
[null,null,null,null,null,null,{"$f":"G30/G35","v":666666.66666666663}]

{"sheet":"Sources and Uses of Funds","index":5,"n_rows":51,"n_cols":22,"rows_kept":51,"cut":false,"hidden":false,"merged":[[29,1,29,13]]}
[]
[]
[null,null,null,null,null,1988,{"$f":"F3+1","v":1989},1990,1991,1992,1993,1994,null,null,{"$f":"L3+1","v":1995},{"$f":"O3+1","v":1996},{"$f":"P3+1","v":1997},{"$f":"Q3+1","v":1998},{"$f":"R3+1","v":1999}]
[null,null,"Turnover",null,null,1,6,5,11,8,3,31,null,null,299,448,456,618,627]
[null,null,"Capitalised Costs",null,null,54,220,506,547,781,846,716]
[null,null,"Deferred Expenses",null,null,0,0,0,0,11,46,51,null,null,5,35,75,48,27]
[]
[null,null,"Operating Cost",null,null,82,106,246,169,177,251,402,null,null,374,379,341,345,321]
[]
[null,null,"Depreciation",null,null,14,54,94,92,50,47,146,null,null,130,147,126,137,123]
[]
[null,null,"Interest",null,null,41,65,171,297,575,599,637,null,null,724,642,675,399,304]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,279,296]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R12+R14","v":678},{"$f":"S12+S14","v":600}]
[]
[null,null,"Issue of Capital",null,null,0,0,573,3,3,10,909,null,null,56,0,0,0,150]
[]
[null,null,"Bank Loans",null,null,175,887,1278,1140,1604,1672,795,null,null,345,-1,0,-8,178]
[]
[null,null,"Capital Expenditures",null,null,624,1011,1331,1051,1238,843,453,null,null,66,39,28,57,58]
[]
[null,null,"Operating Cash Flow",null,null,31,44,165,-139,-108,-165,-333,null,null,101,115,201,356,315]
[]
[null,null,"Interest",null,null,31,38,181,328,555,670,657,null,null,657,35,135,210,252]
[]
[null,null,"Cash",null,null,-387,-118,504,-375,-294,4,261,null,null,-221,40,33,81,-23]
[]
[null,"Eurotunnel Uses and Sources of Funds ₤ Millions"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total"]
[null,null,null,null,1987,{"$f":"F3","v":1988},1989,1990,1991,1992,1993,1994,"Total","Percent"]
[null,"Uses",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O3","v":1995},{"$f":"P3","v":1996},{"$f":"Q3","v":1997},{"$f":"R3","v":1998},{"$f":"S3","v":1999}]
[null,null,{"$f":"C22","v":"Capital Expenditures"},null,{"$f":"1175-F34","v":551},{"$f":"F22","v":624},{"$f":"G22","v":1011},1331,1051,1238,843,453,{"$f":"SUM(E34:L34)","v":7102},{"$f":"M34/$M$37","v":0.65275735294117643},66,39,28,57,58,null,{"$f":"SUM(E34:S34)","v":14452.652757352942},{"$f":"SUM(E34:L34)","v":7102}]
[null,null,"Capitalised Costs",null,null,{"$f":"F5","v":54},{"$f":"G5","v":220},506,547,781,846,716,{"$f":"SUM(E35:L35)","v":3670},{"$f":"M35/$M$37","v":0.33731617647058826},0,0,0,0,0,null,{"$f":"SUM(E35:S35)","v":7340.3373161764703},{"$f":"SUM(E35:L35)","v":3670}]
[null,null,"Deferred Expenses",null,null,{"$f":"F6","v":0},{"$f":"G6","v":0},0,0,11,46,51,{"$f":"SUM(E36:L36)","v":108},{"$f":"M36/$M$37","v":9.9264705882352935E-3},5,35,75,48,27,null,{"$f":"SUM(E36:S36)","v":406.0099264705882},{"$f":"SUM(E36:L36)","v":108}]
[null,null,null,"Total",{"$f":"SUM(E34:E36)","v":551},{"$f":"SUM(F34:F36)","v":678},{"$f":"SUM(G34:G36)","v":1231},1837,1598,2030,1735,1220,{"$f":"SUM(E37:L37)","v":10880},{"$f":"M37/$M$37","v":1},71,74,103,105,85,null,22199.000000000004,{"$f":"SUM(E37:L37)","v":10880}]
[]
[null,"Sources"]
[null,null,"Bank Loans",null,2,{"$f":"F20","v":175},{"$f":"G20","v":887},1278,1140,1604,1672,795,{"$f":"SUM(E40:L40)","v":7553},{"$f":"M40/($M$40+$M$41)","v":0.77641858552631582},345,-1,0,-8,178,null,{"$f":"SUM(E40:S40)","v":15620.776418585527},{"$f":"SUM(E40:L40)","v":7553}]
[null,null,"Equity Issue",null,770,{"$f":"F18","v":0},{"$f":"G18","v":0},573,3,3,10,816,{"$f":"SUM(E41:L41)","v":2175},{"$f":"M41/($M$40+$M$41)","v":0.22358141447368421},56,0,0,0,150,null,{"$f":"SUM(E41:S41)","v":4556.2235814144733},{"$f":"SUM(E41:L41)","v":2175}]
[null,null,"Turnover",null,{"$f":"E4","v":0},{"$f":"F4","v":1},6,5,11,8,3,31,{"$f":"SUM(E42:L42)","v":65},null,299,448,456,618,627,null,{"$f":"SUM(E42:S42)","v":2578},{"$f":"SUM(E42:L42)","v":65}]
[null,null,"Other",null,{"$f":"E37-E40-E41-E42","v":-221},{"$f":"F37-F40-F41-F42","v":502},338,-19,444,415,50,-422,{"$f":"SUM(E43:L43)","v":1087},null,-629,null,null,null,null,null,{"$f":"SUM(U40:U42)","v":22755},{"$f":"SUM(E43:L43)","v":1087}]
[null,null,null,"Total",{"$f":"SUM(E40:E43)","v":551},678,1231,1837,1598,2030,1735,1220,{"$f":"SUM(E44:L44)","v":10880},{"$f":"SUM(N40:N43)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U43-U37","v":555.99999999999636},{"$f":"SUM(V40:V43)","v":10880}]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"M40+M43","v":8640}]
[]
[null,null,null,"S-Curve",{"$f":"E34/$M$34","v":7.7583779217121937E-2},8.7862573922838638E-2,0.14235426640382989,0.18741199662067023,0.14798648268093495,0.17431709377640101,0.11869895803998874,6.3784849338214586E-2,1]
[null,null,null,null,{"$f":"E48","v":7.7583779217121937E-2},{"$f":"E49+F48","v":0.16544635313996059},0.30780061954379045,0.49521261616446066,0.64319909884539561,0.81751619262179664,0.9362151506617854,1]
[]
[null,null,null,null,0.1,{"$f":"0.85/4","v":0.21249999999999999},{"$f":"0.85/4","v":0.21249999999999999},{"$f":"0.85/4","v":0.21249999999999999},{"$f":"0.85/4","v":0.21249999999999999},0.05,null,null,{"$f":"SUM(E51:J51)","v":1}]

{"sheet":"Revenue Forecast and Actual","index":6,"n_rows":39,"n_cols":9,"rows_kept":39,"cut":false,"hidden":false,"merged":[[5,2,5,5],[4,1,4,8],[23,1,23,5],[24,0,25,0],[24,1,25,1],[24,2,25,2],[24,3,25,3],[24,4,25,4],[24,6,25,6]]}
[]
[]
[]
[]
[null,"Eurotunnel Prospectus Revenue Forecats (GBP Millions)"]
[null,null,"Prospectus Date"]
[null,null,"November","November","May","May",null,"Nov 87 vs","Dif as % of"]
[null,null,1987,1990,1994,1997,"Actual","Actual","87 Proj"]
[null,1993,488,393,0,0,0]
[null,1994,762,764,137,0,82]
[null,1995,835,833,525,0,304,{"$f":"C11-G11","v":531},{"$f":"H11/C11","v":0.63592814371257489}]
[null,1996,908,904,737,0,483,{"$f":"C12-G12","v":425},{"$f":"H12/C12","v":0.46806167400881055}]
[null,1997,986,980,829,567,531,{"$f":"C13-G13","v":455},{"$f":"H13/C13","v":0.46146044624746452}]
[null,1998,1072,1070,901,649,666,{"$f":"C14-G14","v":406},{"$f":"H14/C14","v":0.3787313432835821}]
[null,1999,1158,1165,993,654,654,{"$f":"C15-G15","v":504},{"$f":"H15/C15","v":0.43523316062176165}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Eurotunnel Shuttle Services",null,null,null,null,"Eurostar","Rail Freight (SNCF/EWS)"]
[null,"Trucks","Estimated tonnes of road freight carried (in million)2","Cars","Coaches","Estimated passenger number","Passengers","Tonnes of rail freight"]
[null,null,null,null,null,"(in million)3",null,"(in million)"]
[2001,1197771,15.6,2529757,75402,9.3000000000000007,6947135,2.4]
[2002,1231100,16,2335625,71911,8.6999999999999993,"6,602 ,817",1.5]
[2003,"1,284 ,875",16.7,2278999,71942,8.5,"6,314 ,795",1.7]
[2004,1281207,16.600000000000001,2101323,63467,7.8,"7, 276 ,675",1.9]
[2005,1308786,17,2047166,77267,8.1999999999999993,"7, 454 ,497",1.6]
[2006,1296269,"16,9",2021543,67201,"7,8",7858337,"1,6"]
[]
[]
[]
[]
[null,"Cars",null,2529757,2335625,2278999,2101323,2047166,2021543]
[null,"Trucks",null,1197771,1231100,"1,284 ,875",1281207,1308786,1296269]
[null,null,null,6947135,"6,602 ,817","6,314 ,795","7, 276 ,675",7454497,7858337]

{"sheet":"Source of Historic Data","index":7,"n_rows":117,"n_cols":17,"rows_kept":117,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,1158,654,{"$f":"O22-P22","v":504}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,508,{"$f":"202","v":202},{"$f":"O33-P33","v":306}]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,-333]
[null,null,null,null,null,null,null,null,null,null,null,null,null,101]
[null,null,null,null,null,null,null,null,null,null,null,null,null,115]
[null,null,null,null,null,null,null,null,null,null,null,null,null,201]
[null,null,null,null,null,null,null,null,null,null,null,null,null,356]
[null,null,null,null,null,null,null,null,null,null,null,null,null,315,935,315,{"$f":"O44-P44","v":620}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Bank Debt","EIB",null,"Equity Financing"]
[null,5000,null,null,46]
[null,1800,300,null,206]
[null,693,null,null,770]
[1999,null,200,null,566,null,null,"Total Debt",null,{"$f":"B64","v":7493}]
[null,{"$f":"SUM(B60:B63)","v":7493},null,null,816,null,null,"Total Equity",null,{"$f":"E65","v":2404}]
[null,null,null,null,{"$f":"SUM(E59:E64)","v":2404},null,null,"Total",null,{"$f":"J63+J64","v":9897}]
[]
[null,null,null,null,null,null,null,"Debt to Capital",null,{"$f":"J63/J65","v":0.75709811053854703}]
[]
[null,"1987-11-01"]
[null,"£ 5 billion raised through the world’s largest private-sector loan syndication (over 220 banks) and letter of credit facility."]
[]
[null,"1990-10-01"]
[null,"£ 1.8 billion additional bank credit facilities agreed."]
[]
[null,"1994-05-01"]
[null,"£ 693 million of Senior Debt committed."]
[]
[null,"2002-07-01"]
[null,"£ 740 million in new Junior Debt financing raised to refinance Tier 1A debt and to finance a tender offer for subordinated debt (Resettable Advances and Stabilisation Advances)."]
[]
[null,"2005-09-01"]
[]
[null,"Eurotunnel Board decides to convert the Resettable and Stabilisation Advances into bonds."]
[]
[null,"2006-03-01"]
[]
[null,"Eurotunnel Board decides to convert the Resettable and Stabilisation Advances into bonds."]
[]
[]
[]
[]
[null,"1986-09-01"]
[null,"‘Equity One’ - Founding shareholders in the Channel Tunnel Group/France Manche (CTG/FM) subscribe initial equity of £46 million."]
[]
[null,"1986-10-01"]
[null,"‘Equity Two’ – a private institutional placing raises £206 million from large international investors."]
[]
[null,"1987-11-01"]
[null,"‘Equity Three’ – public floatation of the Group raises £770 million from private investors in Britain, France and several other countries."]
[]
[null,"1990-11-01"]
[null,"New issue of capital (£566 million)"]
[]
[null,"1994-05-01"]
[null,"New issue of capital (£816 million)"]
[]
[]
[]
[]
[]
[]
[null,"¹ Nominal value combined @ £1= €1.459 "]
[null,"² Excluding hedging charges and effective rate adjustments, combined @ £1 = €1.465"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"20/366","v":5.4644808743169397E-2}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"51/740","v":6.8918918918918923E-2}]
[null,"¹ Nominal value combined @ £1 = €1.459 .",null,null,null,null,null,null,null,null,{"$f":"147/3212","v":4.5765877957658782E-2}]
[null,"² Based on current interest rate forecasts.",null,null,null,null,null,null,null,null,{"$f":"16/464","v":3.4482758620689655E-2}]

{"sheet":"Historic IS and BS","index":8,"n_rows":117,"n_cols":25,"rows_kept":117,"cut":false,"hidden":false,"merged":[]}
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[]
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[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O26-O28","v":504}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,1158]
[]
[null,null,null,null,null,null,null,null,{"$f":"I32+I34","v":49},82,304,483,531,666,654]
[]
[]
[null,null,null,1988,{"$f":"D31+1","v":1989},{"$f":"E31+1","v":1990},1991,1992,1993,1994,1995,1996,1997,1998,1999]
[null,"Revenue",null,1,6,5,11,8,3,31,299,448,456,618,627]
[null,"Capitalized",null,54,220,506,547,781,846,716,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(D33:J33)","v":3670}]
[null,"Deferred Expenses",null,null,null,null,null,11,46,51,5,35,75,48,27]
[null,"Operating Costs",null,82,106,246,169,177,251,402,374,379,341,345,321,null,null,null,null,null,null,null,{"$f":"SUM(D35:J35)","v":1433},{"$f":"W35+W33","v":5103}]
[null,"Depreciation",null,14,54,94,92,50,47,146,130,147,126,137,123]
[null,"Interest",null,-41,65,171,297,575,599,637,724,642,675,399,304,null,null,null,null,null,null,null,{"$f":"SUM(E37:J37)","v":2344}]
[]
[null,"EBITDA",null,{"$f":"D32-D35","v":-81},-100,-241,-158,-169,-248,-371,-75,69,115,273,306]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,1988,{"$f":"D64+1","v":1989},{"$f":"E64+1","v":1990},1991,1992,1993,1994,1995,1996,1997,1998,1999]
[null,"Equity Issue",null,0,0,573,3,3,10,909,56,0,0,0,0,null,null,null,null,null,null,null,{"$f":"SUM(D65:O65)","v":1554}]
[null,"Loans",null,175,887,1278,1140,1604,1672,795,345,0,0,0,0,null,null,null,null,null,null,null,{"$f":"SUM(D66:O66)","v":7896},{"$f":"W66+W65","v":9450}]
[]
[null,"Cap Exp",null,624,1011,1331,1051,1238,843,453,66,39,28,57,58,null,null,null,null,null,null,null,{"$f":"SUM(D68:O68)","v":6799}]
[null,"Operating CF",null,31,44,165,-139,-108,-165,-333,101,115,201,356,315,null,null,null,null,null,null,null,{"$f":"SUM(D69:J69)","v":-505},{"$f":"X66-W69","v":9955},135]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Y69/X69","v":1.3561024610748368E-2}]
[null,"Interest",null,-31,38,181,328,555,670,657,35,135,210,252,null,null,null,null,null,null,null,null,null,null,{"$f":"1/Y70","v":73.740740740740733}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,1988,{"$f":"D96+1","v":1989},{"$f":"E96+1","v":1990},1991,1992,1993,1994,1995,1996,1997,1998,1999,{"$f":"O96+1","v":2000},2001,2002,2003,2004,2005,2006,2007]
[null,"Fixed Assets",null,955,1953,3399,4878,6757,8453,9461,9400,9284,9191,9108,9049,9001,8964,8832,8829.9,7424.8]
[null,"Current Assets",null,null,null,null,null,null,null,null,null,null,null,null,null,267,326,946,946,842]
[]
[null,"Loans",null,177,1086,2396,3559,5512,7072,8022,8899,8799,8884,8130,6960,7228,7297,7308,7307,7098]
[null,"Equity",null,998,997,1587,1556,1241,1367,1740,466,494,336,1062,2134,1998,1954,2419,2419,1099]
[]
[]
[null,"Cap Exp",null,{"$f":"D97","v":955},{"$f":"E97-D97","v":998},1446,1479,1879,1696,1008,null,{"$f":"SUM(D104:J104)","v":9461}]
[]
[null,"Cap + IDC",null,{"$f":"D68+D71","v":593},1049,1512,1379,1793,1513,1110]
[]
[null,"Interest",null,{"$f":"D37","v":-41},65,171,297,575,599,637]
[]
[null,"Rate",null,{"$f":"D108/D100","v":-0.23163841807909605},5.9852670349907919E-2,7.136894824707847E-2,8.3450407417813996E-2,0.1043178519593614,8.4700226244343896E-2,7.940663176265271E-2]
[]
[]
[null,null,null,{"$f":"D104/$L$104","v":0.10094070394250079},0.1054856780467181,0.15283796638833105,0.15632596977063734,0.19860479864707747,0.17926223443610612,0.10654264876862911]
[]
[null,null,null,null,null,{"$f":"SUM(D113:F113)","v":0.35926434837754995}]
[]
[null,null,null,{"$f":"D97-C97","v":955},998,1446,1479,1879,1696,1008]

{"sheet":"2000 to 2005","index":9,"n_rows":59,"n_cols":9,"rows_kept":59,"cut":false,"hidden":false,"merged":[[40,1,41,1]]}
[]
[null,null,null,null,2335,2278,2101]
[null,null,null,null,1231,1284,1281]
[null,null,null,null,6602,6314,7277]
[]
[null,"EUROTUNNEL: SALES VOLUMES"]
[null,null,"Year 2000","Year 2001","Year 2002","Year 2003","Year 2004","Year 2005 (Forecast)"]
[null,"Cars","2 784 493","2 529 757","2 335 625","2 278 999","2 101 323","2 143 350"]
[null,"Coaches","79 460","75 402","71 911","71 942","63 467","69 814"]
[null,"Trucks","1 133 146","1 197 771","1 231 100","1 284 875","1 281 207","1 319 643"]
[null,"Eurostar (passengers)","7 130 417","6 947 135","6 602 817","6 314 795","7 276 675","7 640 509"]
[null,"Railfreight (tonnes)","2 947 388","2 447 432","1 463 580","1 743 686","1 889 175","1 700 258"]
[]
[]
[]
[null,"BOOKYEAR","TURNOVER","EBIDTA","EBIT","INTEREST"]
[null,2000,"   977 130 000","  526 873 000","  367 689 000","  553 230 000"]
[null,2001,"   919 817 000","  487 047 000","  326 682 000","  555 169 000"]
[null,2002,"   914 143 000","  492 859 000","  325 824 000","  498 627 000"]
[null,2003,"   837 960 000","  421 828 000","  248 424 000","  515 868 000"]
[null,2004,"   813 883 000                ","  430 346 000","  255 588 000","  483 907 000"]
[null,"2005 (FORECAST)","   830 160 660","  488 952 920","  320 699 760","  470 900 000"]
[]
[]
[null,null,null,null,null,null,null,null,-333000]
[null,null,null,null,null,null,null,null,101000]
[null,null,null,null,null,null,null,null,115000]
[null,null,null,null,null,null,null,null,201000]
[null,null,null,null,null,null,null,null,356000]
[null,null,null,null,null,null,null,null,315000]
[null,{"$f":"B17","v":2000},null,{"$f":"D17","v":"  526 873 000"},{"$f":"F17","v":"  553 230 000"},8899000,526873,{"$f":"F31/G31","v":16.890218325858413},553230]
[null,{"$f":"B18","v":2001},null,{"$f":"D18","v":"  487 047 000"},{"$f":"F18","v":"  555 169 000"},8899000,487047,{"$f":"F32/G32","v":18.271337263138875},555169]
[null,{"$f":"B19","v":2002},null,{"$f":"D19","v":"  492 859 000"},{"$f":"F19","v":"  498 627 000"},8899000,492859,{"$f":"F33/G33","v":18.055873992358869},489627]
[null,{"$f":"B20","v":2003},null,{"$f":"D20","v":"  421 828 000"},{"$f":"F20","v":"  515 868 000"},8899000,421828,{"$f":"F34/G34","v":21.096276207364138},515868]
[null,{"$f":"B21","v":2004},null,{"$f":"D21","v":"  430 346 000"},{"$f":"F21","v":"  483 907 000"},8899000,430346,{"$f":"F35/G35","v":20.678709689412706},483907]
[]
[]
[]
[null,null,2006,2007,2008,2009]
[null,"Revenue Business line Operations Shuttle Services"," 434 983 000"," 443 683 000"," 452 556 000","461 607 120"]
[null,"Revenue Business line Sale of Use of Track High Speed Rail Services Passenger Transport"," "]
[null,null," 228 221 966"," 306 919 260  (2)"," 316 126 657","325 610 450"]
[null,"Revenue Business line Sale Use of Track Rail Service Goods Transport","   75 000 000","   25 000 000  (3)","   25 000 000","  50 000 000 (4)"]
[null,"Revenue Non Core Business Activities","   30 000 000","   30 000 000","   30 000 000","  30 000 000"]
[null,"Financial Income","   50 000 000","   50 000 000","   50 000 000","  50 000 000"]
[null,"Available Cash from Sales and Financial Income","  818 204 966","  855 602 260","  873 000 000","917 217 570"]
[null,"Costs of Operations inclusive Interest Payments on Loan Capital (5)","1 033 163 010","1033 163 010","1033 163 010",1033163010]
[null,"Necessary Refinancing of Debt","       5 800 000","    52 400 000","    99 200 000","231 100 100"]
[null,"Total Financing needs","   220 758 044","  229 960 750"," 259 363 010","347 055 540"]
[null," "]
[]
[]
[]
[null,null,434983000,443683000,452556000,461607120]
[null,null,228221966,306919260,316126657,325610450]
[null,null,75000000,25000000,25000000,50000000]
[null,null,30000000,30000000,30000000,30000000]
[]
[null,null,{"$f":"SUM(C54:C57)","v":768204966},{"$f":"SUM(D54:D57)","v":805602260},{"$f":"SUM(E54:E57)","v":823682657},{"$f":"SUM(F54:F57)","v":867217570}]

{"sheet":"Revenue Forecasts","index":10,"n_rows":83,"n_cols":31,"rows_kept":83,"cut":false,"hidden":false,"merged":[[72,21,72,28],[73,22,73,25]]}
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[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10,7.0000000000000007E-2,9000,{"$f":"PMT(V7,U7,,-W7)","v":651.3975245462824}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V7*W7","v":630.00000000000011}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1995,{"$f":"Q17+1","v":1996},{"$f":"R17+1","v":1997},{"$f":"S17+1","v":1998},{"$f":"T17+1","v":1999}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,299,448,456,618,627]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,1993,{"$f":"O20+1","v":1994},1995,1996,1997,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"1987 Forecast",488,790,820,900,1000,1080,1180,1250,1370,1480,1500,{"$f":"Y21*1.06","v":1590},{"$f":"Z21*1.06","v":1685.4},{"$f":"AA21*1.08","v":1820.2320000000002}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q21/P21-1","v":3.7974683544303778E-2},9.7560975609756184E-2,0.11111111111111116,8.0000000000000071E-2,9.259259259259256E-2,5.9322033898305149E-2,9.6000000000000085E-2,8.0291970802919721E-2,1.3513513513513598E-2]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Actual",0,5,205,400,550,630,620,610,600,598,590]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Actual",0,82,304,483,531,666,654]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"1987 Forecast",488,762,835,908,986,1072,1158]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O20","v":1993},{"$f":"P20","v":1994},{"$f":"Q20","v":1995},{"$f":"R20","v":1996},1997,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Revenues - Annual Reports",null,null,{"$f":"Q26","v":304},{"$f":"R26","v":483},509,641,539,599,564,581,584,538,541,568,526,537,555]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Projected",{"$f":"O21","v":488},{"$f":"P21","v":790},{"$f":"Q21","v":820},{"$f":"R21","v":900},1000,1080,1180,1250,1370,1480,1500,1590,1685.4,1820.2320000000002]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":1996},1997,1998,1999,2000,2001,2002,2003,2004,2005,2006]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Operating Costs",null,null,null,null,{"$f":"S39+S38-S37","v":233},{"$f":"T39+T38-T37","v":201},212,186.6,138.6,129,125,146,126,{"$f":"AB36-AB37","v":118}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Total",null,null,null,null,{"$f":"S37+S35","v":353},{"$f":"T37+T35","v":321},{"$f":"U37+U35","v":332},392,381,386,414,null,null,{"$f":"150+83","v":233}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Depreciation",null,null,null,null,120,120,120,115.4,115.4,119,124,120,114,115]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Staff",null,null,null,null,88,86,92,95,95,102,105,104,83,98]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Other Operating Expenses",null,null,null,null,265,235,240,207,159,146,144,162,157,{"$f":"150+115","v":265}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Operating Expense",null,null,null,null,{"$f":"S38+S39-S37","v":233},201,212,186.6,138.6,129,125,146,126,248]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Operating Profit (EBIT)",null,null,null,null,51,174,203,208,188,{"$f":"X31-X35-X37","v":333},{"$f":"Y31-Y35-Y37","v":335},{"$f":"Z31-Z35-Z37","v":272},{"$f":"AA31-AA35-AA37","v":301},{"$f":"AB31-AB35-AB37","v":335}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S31-S37-S35","v":156},320,207,297,310,{"$f":"X31-X37-X35","v":333},335,272,301,335]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S30","v":1997},1998,1999,2000,2001,2002,2003,2004,2005,2006]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"EBITDA",{"$f":"S37+S43","v":276},{"$f":"T37+T43","v":440},327,412.4,425.4,452,459,392,415,450]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt",8333,8333,8333,8333,8333,8333,8333,8333,8333,8333]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt/EBITDA",{"$f":"S47/S46","v":30.192028985507246},18.938636363636363,25.483180428134556,20.206110572259941,19.58862247296662,18.435840707964601,18.154684095860567,21.257653061224488,20.079518072289158,18.517777777777777]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1997,{"$f":"S52+1","v":1998},1999,2000,2001,2002,2003,2004,2005,2006]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Truck Traffic",255,705,839,1133,1197,1231,1284,1281,1308.7860000000001,1308.7860000000001]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Car Traffic",2139,3351,3260,2784,2530,2335,2278,2101,2047,2021]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Eurostar",6004,6308,6593,7130,6947,6602,6314,7277,7454.4970000000003,7858.3370000000004]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Per Passenger",12.4]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S55*S56","v":74449.600000000006}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.52,{"$f":"S60","v":2.52},{"$f":"T60","v":2.52},2.52,2.52,2.52,2.52,2.52,2.52,2.52]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Car Traffic",{"$f":"S60*S54","v":5390.28},{"$f":"T60*T54","v":8444.52},8215.2000000000007,7015.68,6375.6,5884.2,5740.56,5294.52,5158.4399999999996,5092.92]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Eurostar",{"$f":"S55","v":6004},{"$f":"T55","v":6308},6593,7130,6947,6602,6314,7277,7454.4970000000003,7858.3370000000004]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P20","v":1994},{"$f":"Q20","v":1995},1996,1997,1998,1999,2000,2001,2002,2003,2004,2005,2006]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Actual",null,null,null,{"$f":"S61+S62","v":11394.279999999999},14752.52,14808.2,14145.68,13322.6,12486.2,12054.560000000001,12571.52,12612.937,12951.257000000001]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Projected",30000,{"$f":"P66*1.03","v":30900},{"$f":"Q66*1.03","v":31827},32781.81,33765.264299999995,34778.222228999999,35821.568895869998,36896.215962746101,38003.102441628485,39143.195514877341,40317.491380323663,41527.016121733373,42772.826605385373]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Eurotunnel Prospectus Revenue Forecats (GBP Millions)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Prospectus Date"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"November","November","May","May",null,"Nov 87 vs","Dif as % of"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1987,1990,1994,1997,"Actual","Actual","87 Proj"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1993,488,393,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1994,762,764,137,0,82]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1995,835,833,525,0,304,{"$f":"W79-AA79","v":531},{"$f":"AB79/W79","v":0.63592814371257489}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1996,908,904,737,0,483,{"$f":"W80-AA80","v":425},{"$f":"AB80/W80","v":0.46806167400881055}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1997,986,980,829,567,531,{"$f":"W81-AA81","v":455},{"$f":"AB81/W81","v":0.46146044624746452}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1998,1072,1070,901,649,666,{"$f":"W82-AA82","v":406},{"$f":"AB82/W82","v":0.3787313432835821}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1999,1158,1165,993,654,654,{"$f":"W83-AA83","v":504},{"$f":"AB83/W83","v":0.43523316062176165}]

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[]
[]
[null,"Eurotunnel Prospectus Revenue Forecats (GBP Millions)"]
[null,null,"Prospectus Date"]
[null,null,"November","November","May","May",null,"Nov 87 vs","Dif as % of"]
[null,null,1987,1990,1994,1997,"Actual","Actual","87 Proj"]
[null,1993,488,393,0,0,0]
[null,1994,762,764,137,0,82]
[null,1995,835,833,525,0,304,{"$f":"C11-G11","v":531},{"$f":"H11/C11","v":0.63592814371257489}]
[null,1996,908,904,737,0,483,{"$f":"C12-G12","v":425},{"$f":"H12/C12","v":0.46806167400881055}]
[null,1997,986,980,829,567,531,{"$f":"C13-G13","v":455},{"$f":"H13/C13","v":0.46146044624746452}]
[null,1998,1072,1070,901,649,666,{"$f":"C14-G14","v":406},{"$f":"H14/C14","v":0.3787313432835821}]
[null,1999,1158,1165,993,654,654,{"$f":"C15-G15","v":504},{"$f":"H15/C15","v":0.43523316062176165}]
[]
[]
[]
[]
[null,null,2,null,null,null,1]
[null,null,{"$f":"(C15/OFFSET(C15,-C20,0))^(1/C20)-1","v":8.3716840631985034E-2},null,null,null,{"$f":"(G15/OFFSET(G15,-G20,0))^(1/G20)-1","v":-1.8018018018018056E-2}]
[]
[]
[null,null,1994,{"$f":"C24+1","v":1995},{"$f":"D24+1","v":1996},{"$f":"E24+1","v":1997},{"$f":"F24+1","v":1998},{"$f":"G24+1","v":1999}]
[]
[null,null,{"$f":"TRANSPOSE(C10:C15)","v":762},835,908,986,1072,1158]
[]
[null,null,{"$f":"TRANSPOSE(G10:G15)","v":82},304,483,531,666,654]
[]
[null,null,{"$f":"C26-C28","v":680},531,425,455,406,504]
[]
[]
[null,null,{"$f":"'Historic IS and BS'!J35","v":402},{"$f":"'Historic IS and BS'!K35","v":374},{"$f":"'Historic IS and BS'!L35","v":379},{"$f":"'Historic IS and BS'!M35","v":341},{"$f":"'Historic IS and BS'!N35","v":345},{"$f":"'Historic IS and BS'!O35","v":321}]

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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"DSCR Targets"]
[]
[null,"Infrastructure",null,1.5]
[null,"Power",null,1.4]
[null,"LNG",null,"1.7 - 2+"]
[null,"Oil and Gas ",null,1.7]
[null,"Mining",null,1.6]
[null,"Telecoms",null,2]