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[null,null,"Primary Developer:  Liam Bastick"]
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[null,null,"General Cover Notes:"]
[null,null,"Illustrative debt sculpting examples using DSCR, PLCR and LLCR techniques."]
[null,null,"No macros equired!"]
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[null,null,"Any queries, please e-mail:",null,null,null,"liam.bastick@sumproduct.com"]
[null,null,"Website:",null,null,null,"www.sumproduct.com"]

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[null,null,null,"Referred Values"]
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[null,null,null,null,"Opening Balance",null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I45)","v":45},null,{"$f":"I45","v":0},{"$f":"J45","v":25.722666666666669},8.2055022222222185,4.5640033114074132,3.4289295490275631]
[]
[null,null,null,null,{"$f":"F19","v":"Cash Receipts"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I19)","v":19},null,{"$f":"J19","v":80},{"$f":"K19","v":90},100,110,120]
[null,null,null,null,{"$f":"F20","v":"Cash Payments"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I20)","v":20},null,{"$f":"J20","v":-43},{"$f":"K20","v":-49},-57,-64,-69]
[null,null,null,null,{"$f":"F30","v":"Net Capital Expenditure"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I22)","v":22},null,{"$f":"J30","v":-30},{"$f":"K30","v":-10},{"$f":"L30","v":-15},{"$f":"M30","v":-25},{"$f":"N30","v":-30}]
[null,null,null,null,"Subtotal",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J90:J92)","v":7},{"$f":"SUM(K90:K92)","v":31},28,21,21]
[]
[null,null,null,null,"Average Relevant Period Cashflows",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J93/2","v":3.5},{"$f":"K93/2","v":15.5},14,10.5,10.5]
[]
[]
[null,null,null,"Calculations"]
[]
[null,null,null,null,{"$f":"E88","v":"Opening Balance"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J88","v":0},{"$f":"K88","v":25.722666666666669},{"$f":"L88","v":8.2055022222222185},{"$f":"M88","v":4.5640033114074132},{"$f":"N88","v":3.4289295490275631}]
[null,null,null,null,{"$f":"E95","v":"Average Relevant Period Cashflows"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J95","v":3.5},{"$f":"K95","v":15.5},14,10.5,10.5]
[]
[null,null,null,null,"Average Cash Deposit",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(SUM(J100:J101),)","v":3.5},{"$f":"MAX(SUM(K100:K101),)","v":41.222666666666669},22.205502222222218,15.064003311407413,13.928929549027563]
[]
[null,null,null,null,{"$f":"E83","v":"Periodic Rate"},null,"%",null,null,{"$f":"$H$83","v":0.04},{"$f":"$H$83","v":0.04},0.04,0.04,0.04]
[]
[null,null,null,null,{"$f":"C75","v":"Interest Received"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J103*J105","v":0.14000000000000001},{"$f":"K103*K105","v":1.6489066666666667},0.8882200888888887,0.60256013245629658,0.55715718196110253]
[]
[]
[null,{"$f":"MAX($B$10:$B109)+1","v":4},{"$f":"F22","v":"Tax Paid"}]
[]
[null,null,{"$f":"C110","v":"Tax Paid"}]
[]
[null,null,null,"Assumptions"]
[]
[null,null,null,null,"Tax is assumed to be paid on a \"cash tax\" basis with no delays in payment."]
[]
[null,null,null,null,"Tax Rate",null,"%",0.3]
[]
[]
[null,null,null,"Referred Values / Calculations"]
[]
[null,null,null,null,{"$f":"F19","v":"Cash Receipts"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I19)","v":19},null,{"$f":"J19","v":80},{"$f":"K19","v":90},100,110,120]
[null,null,null,null,{"$f":"F20","v":"Cash Payments"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I20)","v":20},null,{"$f":"J20","v":-43},{"$f":"K20","v":-49},-57,-64,-69]
[]
[null,null,null,null,"Earnings Before Interest, Tax, Depreciation and Amortisation",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J123:J124)","v":37},{"$f":"SUM(K123:K124)","v":41},43,46,51]
[]
[null,null,null,null,{"$f":"E72","v":"Depreciation"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I72)","v":72},null,{"$f":"-J72","v":-7.5},{"$f":"-K72","v":-10},-13.75,-20,-20]
[]
[null,null,null,null,"Earnings Before Interest and Tax",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J126+J128","v":29.5},{"$f":"K126+K128","v":31},29.25,26,31]
[]
[null,null,null,null,{"$f":"E107","v":"Interest Received"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I107)","v":107},null,{"$f":"J107","v":0.14000000000000001},{"$f":"K107","v":1.6489066666666667},0.8882200888888887,0.60256013245629658,0.55715718196110253]
[null,null,null,null,{"$f":"F21","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I21)","v":21},null,{"$f":"J21","v":-4.8},{"$f":"K21","v":-1.9580799999999996},-1.1613954133333326,-0.43720897564444389,0]
[]
[null,null,null,null,"Net Profit Before Tax",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J130,J132:J133)","v":24.84},{"$f":"SUM(K130,K132:K133)","v":30.69082666666667},28.976824675555555,26.165351156811852,31.557157181961102]
[]
[null,null,null,null,"Tax (Expense) / Credit",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-J135*$H$118","v":-7.452},{"$f":"-K135*$H$118","v":-9.2072479999999999},-8.6930474026666662,-7.8496053470435552,-9.4671471545883303]
[]
[null,null,null,null,"Net Profit After Tax",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J135+J137","v":17.387999999999998},{"$f":"K135+K137","v":21.48357866666667},20.283777272888891,18.315745809768295,22.09001002737277]
[]
[]
[null,null,null,{"$f":"C110","v":"Tax Paid"}]
[]
[null,null,null,null,"Opening Balance",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"I147","v":0},{"$f":"J147","v":0},0,0,0]
[null,null,null,null,"Tax Expense / (Credit)",null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I137)","v":137},null,{"$f":"-J137","v":7.452},{"$f":"-K137","v":9.2072479999999999},8.6930474026666662,7.8496053470435552,9.4671471545883303]
[null,null,null,null,{"$f":"C110","v":"Tax Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-MAX(SUM(J144:J145),)","v":-7.452},{"$f":"-MAX(SUM(K144:K145),)","v":-9.2072479999999999},-8.6930474026666662,-7.8496053470435552,-9.4671471545883303]
[null,null,null,null,"Closing Balance",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J144:J146)","v":0},{"$f":"SUM(K144:K146)","v":0},0,0,0]
[]
[null,null,null,null,{"$f":"C110","v":"Tax Paid"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I146)","v":146},null,{"$f":"-J146","v":7.452},{"$f":"-K146","v":9.2072479999999999},8.6930474026666662,7.8496053470435552,9.4671471545883303]
[]
[]
[null,{"$f":"MAX($B$10:$B151)+1","v":5},"Tax Paid for CFADS (DSCR)"]
[]
[null,null,{"$f":"C152","v":"Tax Paid for CFADS (DSCR)"}]
[]
[null,null,null,"Referred Values"]
[]
[null,null,null,null,{"$f":"E118","v":"Tax Rate"},null,"%",{"$f":"ROW(I118)","v":118},{"$f":"H118","v":0.3}]
[]
[null,null,null,null,{"$f":"E130","v":"Earnings Before Interest and Tax"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I130)","v":130},null,{"$f":"J130","v":29.5},{"$f":"K130","v":31},29.25,26,31]
[null,null,null,null,{"$f":"E132","v":"Interest Received"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I132)","v":132},null,{"$f":"J132","v":0.14000000000000001},{"$f":"K132","v":1.6489066666666667},0.8882200888888887,0.60256013245629658,0.55715718196110253]
[]
[null,null,null,null,"Net Profit Before Interest Paid and Tax",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J160:J161)","v":29.64},{"$f":"SUM(K160:K161)","v":32.648906666666669},30.13822008888889,26.602560132456297,31.557157181961102]
[]
[null,null,null,null,{"$f":"E137&\" for CFADS\"","v":"Tax (Expense) / Credit for CFADS"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-J163*$I$158","v":-8.8919999999999995},{"$f":"-K163*$I$158","v":-9.7946720000000003},-9.0414660266666669,-7.9807680397368888,-9.4671471545883303]
[]
[]
[null,null,null,{"$f":"E165","v":"Tax (Expense) / Credit for CFADS"}]
[]
[null,null,null,null,{"$f":"E144","v":"Opening Balance"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"I175","v":0},{"$f":"J175","v":0},0,0,0]
[null,null,null,null,{"$f":"E145&\" for CFADS\"","v":"Tax Expense / (Credit) for CFADS"},null,"$'000",{"$f":"ROW(I165)","v":165},null,{"$f":"-J165","v":8.8919999999999995},{"$f":"-K165","v":9.7946720000000003},9.0414660266666669,7.9807680397368888,9.4671471545883303]
[null,null,null,null,{"$f":"E146&\" for CFADS\"","v":"Tax Paid for CFADS"},null,"$'000",null,null,{"$f":"-MAX(SUM(J170:J171),)","v":-8.8919999999999995},{"$f":"-MAX(SUM(K170:K171),)","v":-9.7946720000000003},-9.0414660266666669,-7.9807680397368888,-9.4671471545883303]
[null,null,null,null,{"$f":"E145&\" (balance)\"","v":"Tax Expense / (Credit) (balance)"},null,"$'000",{"$f":"ROW(I145)","v":145},null,{"$f":"J145-J171","v":-1.4399999999999995},{"$f":"K145-K171","v":-0.58742400000000039},-0.34841862400000068,-0.13116269269333358,0]
[null,null,null,null,{"$f":"E146&\" (balance)\"","v":"Tax Paid (balance)"},null,"$'000",{"$f":"ROW(I147)","v":147},null,{"$f":"J147-SUM(J170:J173)","v":1.4399999999999995},{"$f":"K147-SUM(K170:K173)","v":0.58742400000000039},0.34841862400000068,0.13116269269333358,0]
[null,null,null,null,"Closing Balance",null,"$'000",null,null,{"$f":"SUM(J170:J174)","v":0},{"$f":"SUM(K170:K174)","v":0},0,0,0]
[]
[null,null,null,null,{"$f":"C152","v":"Tax Paid for CFADS (DSCR)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I172)","v":172},null,{"$f":"-J172","v":8.8919999999999995},{"$f":"-K172","v":9.7946720000000003},9.0414660266666669,7.9807680397368888,9.4671471545883303]
[]
[]
[null,{"$f":"MAX($B$10:$B179)+1","v":6},"Tax Paid for CFADS (PLCR and LLCR)"]
[]
[null,null,{"$f":"C180","v":"Tax Paid for CFADS (PLCR and LLCR)"}]
[]
[null,null,null,"Referred Values"]
[]
[null,null,null,null,{"$f":"E146","v":"Tax Paid"},null,"%",{"$f":"ROW(I118)","v":118},{"$f":"H118","v":0.3}]
[]
[null,null,null,null,{"$f":"E158","v":"Tax Rate"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I130)","v":130},null,{"$f":"J130","v":29.5},{"$f":"K130","v":31},29.25,26,31]
[null,null,null,null,{"$f":"E132","v":"Interest Received"},null,{"$f":"Currency","v":"$'000"}]
[]
[null,null,null,null,"Net Profit Before Interest Paid and Tax",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J188:J189)","v":29.5},{"$f":"SUM(K188:K189)","v":31},29.25,26,31]
[]
[null,null,null,null,{"$f":"E165&\" for CFADS\"","v":"Tax (Expense) / Credit for CFADS for CFADS"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-J191*$I$158","v":-8.85},{"$f":"-K191*$I$158","v":-9.2999999999999989},-8.7750000000000004,-7.8,-9.2999999999999989]
[]
[]
[null,null,null,{"$f":"E193","v":"Tax (Expense) / Credit for CFADS for CFADS"}]
[]
[null,null,null,null,{"$f":"E172","v":"Tax Paid for CFADS"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"I203","v":0},{"$f":"J203","v":0},{"$f":"K203","v":0},{"$f":"L203","v":0},{"$f":"M203","v":0}]
[null,null,null,null,{"$f":"E173&\" for CFADS\"","v":"Tax Expense / (Credit) (balance) for CFADS"},null,"$'000",{"$f":"ROW(I193)","v":193},null,{"$f":"-J193","v":8.85},{"$f":"-K193","v":9.2999999999999989},8.7750000000000004,7.8,9.2999999999999989]
[null,null,null,null,{"$f":"E174&\" for CFADS\"","v":"Tax Paid (balance) for CFADS"},null,"$'000",null,null,{"$f":"-MAX(SUM(J198:J199),)","v":-8.85},{"$f":"-MAX(SUM(K198:K199),)","v":-9.2999999999999989},-8.7750000000000004,-7.8,-9.2999999999999989]
[null,null,null,null,{"$f":"E173&\" (balance)\"","v":"Tax Expense / (Credit) (balance) (balance)"},null,"$'000"]
[null,null,null,null,{"$f":"E174&\" (balance)\"","v":"Tax Paid (balance) (balance)"},null,"$'000"]
[null,null,null,null,"Closing Balance",null,"$'000",null,null,{"$f":"SUM(J198:J202)","v":0},{"$f":"SUM(K198:K202)","v":0},0,0,0]
[]
[null,null,null,null,{"$f":"C180","v":"Tax Paid for CFADS (PLCR and LLCR)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I200)","v":200},null,{"$f":"-J200","v":8.85},{"$f":"-K200","v":9.2999999999999989},8.7750000000000004,7.8,9.2999999999999989]
[]
[]
[null,{"$f":"MAX($B$10:$B207)+1","v":7},"Cash Flow Available for Debt Servicing (CFADS)"]
[]
[null,null,{"$f":"C208","v":"Cash Flow Available for Debt Servicing (CFADS)"}]
[]
[null,null,null,"Assumptions"]
[]
[null,null,null,null,"Not all cashflows are included.  Opening balances are traditionally ignored.  Repayments / later items in cash cascade are excluded."]
[]
[]
[null,null,null,"Referred Values"]
[]
[null,null,null,null,{"$f":"E17","v":"Operating Activities"}]
[]
[null,null,null,null,null,{"$f":"F19","v":"Cash Receipts"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I19)","v":19},null,{"$f":"J19","v":80},90,100,110,120]
[null,null,null,null,null,{"$f":"F20","v":"Cash Payments"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I20)","v":20},null,-43,-49,-57,-64,-69]
[null,null,null,null,null,{"$f":"F22","v":"Tax Paid"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I177)","v":177},null,{"$f":"-IF(OR($H$490=$E$497,$H$490=\"\"),J177,J205)","v":-8.8919999999999995},{"$f":"-IF(OR($H$490=$E$497,$H$490=\"\"),K177,K205)","v":-9.7946720000000003},{"$f":"-IF(OR($H$490=$E$497,$H$490=\"\"),L177,L205)","v":-9.0414660266666669},{"$f":"-IF(OR($H$490=$E$497,$H$490=\"\"),M177,M205)","v":-7.9807680397368888},{"$f":"-IF(OR($H$490=$E$497,$H$490=\"\"),N177,N205)","v":-9.4671471545883303}]
[]
[null,null,null,null,null,{"$f":"F24","v":"Net Cashflows from Operating Activities"},{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J221:J223)","v":28.108000000000001},{"$f":"SUM(K221:K223)","v":31.205328000000002},33.958533973333331,38.019231960263113,41.532852845411668]
[]
[]
[null,null,null,null,{"$f":"E27","v":"Investing Activities"}]
[]
[null,null,null,null,null,{"$f":"F29","v":"Interest Received"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I29)","v":29},null,{"$f":"IF(OR($H$490=$E$497,$H$490=\"\"),J29,)","v":0.14000000000000001},{"$f":"IF(OR($H$490=$E$497,$H$490=\"\"),K29,)","v":1.6489066666666667},{"$f":"IF(OR($H$490=$E$497,$H$490=\"\"),L29,)","v":0.8882200888888887},{"$f":"IF(OR($H$490=$E$497,$H$490=\"\"),M29,)","v":0.60256013245629658},{"$f":"IF(OR($H$490=$E$497,$H$490=\"\"),N29,)","v":0.55715718196110253}]
[null,null,null,null,null,{"$f":"F30","v":"Net Capital Expenditure"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I30)","v":30},null,{"$f":"J30","v":-30},{"$f":"K30","v":-10},{"$f":"L30","v":-15},{"$f":"M30","v":-25},{"$f":"N30","v":-30}]
[]
[null,null,null,null,null,{"$f":"F32","v":"Net Cashflows from Investing Activities"},{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J230:J231)","v":-29.86},{"$f":"SUM(K230:K231)","v":-8.351093333333333},-14.11177991111111,-24.397439867543703,-29.442842818038898]
[]
[]
[null,null,null,null,{"$f":"E35","v":"Financing Activities"}]
[]
[null,null,null,null,null,{"$f":"F37","v":"Debt Drawdowns"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I37)","v":37},null,{"$f":"J37","v":80},{"$f":"K37","v":0},{"$f":"L37","v":0},{"$f":"M37","v":0},{"$f":"N37","v":0}]
[null,null,null,null,null,{"$f":"F39","v":"Equity Issuances"},{"$f":"Currency","v":"$'000"},{"$f":"ROW(I39)","v":39},"Include",{"$f":"J39*($I239=Include)","v":0},{"$f":"K39*($I239=Include)","v":0},{"$f":"L39*($I239=Include)","v":0},{"$f":"M39*($I239=Include)","v":0},{"$f":"N39*($I239=Include)","v":0}]
[]
[null,null,null,null,null,{"$f":"F43","v":"Net Cashflows from Financing Activities"},{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J238:J239)","v":80},{"$f":"SUM(K238:K239)","v":0},0,0,0]
[]
[]
[null,null,null,null,{"$f":"C208","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J225+J233+J241","v":78.248000000000005},{"$f":"K225+K233+K241","v":22.85423466666667},19.846754062222221,13.62179209271941,12.09001002737277]
[]
[]
[null,{"$f":"MAX($B$10:$B246)+1","v":8},"Debt Sculpting: DSCR Basis"]
[]
[null,null,"Assumptions"]
[]
[null,null,null,"Key Assumption"]
[]
[null,null,null,null,"We assume debt is repaid at the end of each period, i.e. interest is calculated on the opening balance only."]
[]
[]
[null,null,null,"Interest Rate"]
[]
[null,null,null,null,{"$f":"D256","v":"Interest Rate"},null,"%",0.06,null,{"$f":"$H258","v":0.06},{"$f":"$H258","v":0.06},0.06,0.06,0.06]
[]
[]
[null,null,null,"Debt Service Coverage Ratio (DSCR)"]
[]
[null,null,null,null,"Target DSCR",null,"x",null,null,1.5,1.5,1.5,1.5,1.5]
[]
[]
[null,null,"Referred Values"]
[]
[null,null,null,"Opening Debt Balance"]
[]
[null,null,null,null,{"$f":"D268","v":"Opening Debt Balance"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I37)","v":37},null,{"$f":"J37","v":80}]
[]
[]
[null,null,null,"Target Debt Service"]
[]
[null,null,null,null,{"$f":"E244","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I244)","v":244},null,{"$f":"J244","v":78.248000000000005},{"$f":"K244","v":22.85423466666667},19.846754062222221,13.62179209271941,12.09001002737277]
[]
[null,null,null,null,{"$f":"E263","v":"Target DSCR"},null,"x",{"$f":"ROW(I263)","v":263},null,{"$f":"J263","v":1.5},{"$f":"K263","v":1.5},1.5,1.5,1.5]
[]
[null,null,null,null,{"$f":"D273&\" (Principal and Interest)\"","v":"Target Debt Service (Principal and Interest)"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(IF(J277,J275/J277,),)","v":52.165333333333336},{"$f":"MAX(IF(K277,K275/K277,),)","v":15.236156444444447},13.231169374814813,9.0811947284796073,8.0600066849151801]
[]
[]
[null,null,"Calculations"]
[]
[null,null,null,"Debt Control Account"]
[]
[null,null,null,null,"Opening Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J$9=1,$J$270,I289)","v":80},{"$f":"IF(K$9=1,$J$270,J289)","v":32.634666666666661},{"$f":"IF(L$9=1,$J$270,K289)","v":19.356590222222213},{"$f":"IF(M$9=1,$J$270,L289)","v":7.2868162607407321},{"$f":"IF(N$9=1,$J$270,M289)","v":0}]
[null,null,null,null,{"$f":"F37","v":"Debt Drawdowns"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J37-J270","v":0},{"$f":"K37-K270","v":0},{"$f":"L37-L270","v":0},{"$f":"M37-M270","v":0},{"$f":"N37-N270","v":0}]
[null,null,null,null,{"$f":"F38","v":"Debt Repayments"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-J312","v":-47.365333333333339},{"$f":"-K312","v":-13.278076444444448},-12.069773961481481,-7.2868162607407321,0]
[null,null,null,null,"Closing Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J286:J288)","v":32.634666666666661},{"$f":"SUM(K286:K288)","v":19.356590222222213},7.2868162607407321,0,0]
[]
[]
[null,null,null,{"$f":"F21","v":"Interest Paid"}]
[]
[null,null,null,null,{"$f":"E286","v":"Opening Debt"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I286)","v":286},null,{"$f":"J286","v":80},{"$f":"K286","v":32.634666666666661},19.356590222222213,7.2868162607407321,0]
[null,null,null,null,{"$f":"E258","v":"Interest Rate"},null,"%",{"$f":"ROW(I258)","v":258},null,{"$f":"J258","v":0.06},{"$f":"K258","v":0.06},0.06,0.06,0.06]
[]
[null,null,null,null,{"$f":"D292","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(J294*J295,)","v":4.8},{"$f":"MAX(K294*K295,)","v":1.9580799999999996},1.1613954133333326,0.43720897564444389,0]
[]
[]
[null,null,null,"Principal Paid"]
[]
[null,null,null,null,{"$f":"E279","v":"Target Debt Service (Principal and Interest)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I279)","v":279},null,{"$f":"J279","v":52.165333333333336},{"$f":"K279","v":15.236156444444447},13.231169374814813,9.0811947284796073,8.0600066849151801]
[null,null,null,null,{"$f":"E297","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I297)","v":297},null,{"$f":"-J297","v":-4.8},{"$f":"-K297","v":-1.9580799999999996},-1.1613954133333326,-0.43720897564444389,0]
[null,null,null,null,{"$f":"\"Unrestricted \"&D300","v":"Unrestricted Principal Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(SUM(J302:J303),)","v":47.365333333333339},{"$f":"MAX(SUM(K302:K303),)","v":13.278076444444448},12.069773961481481,8.6439857528351638,8.0600066849151801]
[]
[null,null,null,null,{"$f":"E275","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I244)","v":244},null,{"$f":"J244","v":78.248000000000005},{"$f":"K244","v":22.85423466666667},19.846754062222221,13.62179209271941,12.09001002737277]
[null,null,null,null,{"$f":"E303","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I297)","v":297},null,{"$f":"-J297","v":-4.8},{"$f":"-K297","v":-1.9580799999999996},-1.1613954133333326,-0.43720897564444389,0]
[null,null,null,null,"Cash Flow Available for Principal",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(SUM(J306:J307),)","v":73.448000000000008},{"$f":"MAX(SUM(K306:K307),)","v":20.896154666666671},{"$f":"MAX(SUM(L306:L307),)","v":18.685358648888887},{"$f":"MAX(SUM(M306:M307),)","v":13.184583117074967},{"$f":"MAX(SUM(N306:N307),)","v":12.09001002737277}]
[]
[null,null,null,null,{"$f":"E294","v":"Opening Debt"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I286)","v":286},null,{"$f":"J286","v":80},{"$f":"K286","v":32.634666666666661},19.356590222222213,7.2868162607407321,0]
[]
[null,null,null,null,{"$f":"D300","v":"Principal Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MIN(J304,J308,J310)","v":47.365333333333339},{"$f":"MIN(K304,K308,K310)","v":13.278076444444448},12.069773961481481,7.2868162607407321,0]
[]
[]
[null,{"$f":"MAX($B$10:$B314)+1","v":9},"Debt Sculpting: PLCR Basis"]
[]
[null,null,"Assumptions"]
[]
[null,null,null,"Key Assumption"]
[]
[null,null,null,null,"We assume project life ends at the end of the modelling periods."]
[]
[]
[null,null,null,"Discount Rate"]
[]
[null,null,null,null,{"$f":"E258","v":"Interest Rate"},null,"%",{"$f":"ROW(I258)","v":258},{"$f":"H258","v":0.06}]
[]
[null,null,null,null,{"$f":"E118","v":"Tax Rate"},null,"%",{"$f":"ROW(I118)","v":118},{"$f":"H118","v":0.3}]
[]
[null,null,null,null,{"$f":"D324","v":"Discount Rate"},null,"%",null,{"$f":"I326*(1-I328)","v":4.1999999999999996E-2}]
[]
[]
[null,null,null,"Project Life Coverage Ratio (PLCR)"]
[]
[null,null,null,null,"Target PLCR",null,"x",null,null,1.75,1.75,1.75,1.75,1.75]
[]
[]
[null,null,"Referred Values"]
[]
[null,null,null,{"$f":"D256","v":"Interest Rate"}]
[]
[null,null,null,null,{"$f":"D340","v":"Interest Rate"},null,"%",{"$f":"ROW(I258)","v":258},null,{"$f":"J258","v":0.06},{"$f":"K258","v":0.06},{"$f":"L258","v":0.06},{"$f":"M258","v":0.06},{"$f":"N258","v":0.06}]
[]
[]
[null,null,null,"Opening Debt Balance"]
[]
[null,null,null,null,{"$f":"D345","v":"Opening Debt Balance"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I37)","v":37},null,{"$f":"J37","v":80}]
[]
[]
[null,null,null,"Target Debt Service"]
[]
[null,null,null,null,"Opening Debt",null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I367)","v":367},null,{"$f":"J367","v":80},{"$f":"K367","v":35.718695724237321},24.159318277988621,13.833007324394302,6.630112436179199]
[]
[null,null,null,null,{"$f":"E244","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I244)","v":244},null,{"$f":"J244","v":78.248000000000005},{"$f":"K244","v":22.85423466666667},{"$f":"L244","v":19.846754062222221},{"$f":"M244","v":13.62179209271941},{"$f":"N244","v":12.09001002737277}]
[]
[null,null,null,null,"NPV of CFADS (forward looking)",null,{"$f":"Currency","v":"$'000"},{"$f":"I330","v":4.1999999999999996E-2},null,{"$f":"(K354+K356)/(1+$I$330)","v":62.507717517415315},{"$f":"(L354+L356)/(1+$I$330)","v":42.278806986480085},24.207762817690028,11.602696763313599,0]
[]
[null,null,null,null,{"$f":"E335","v":"Target PLCR"},null,"x",{"$f":"ROW(I335)","v":335},null,{"$f":"J335","v":1.75},{"$f":"K335","v":1.75},{"$f":"L335","v":1.75},{"$f":"M335","v":1.75},{"$f":"N335","v":1.75}]
[]
[null,null,null,null,"Target Debt Balance",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J$9=MAX($9:$9),,IF(J356<=0,J352,IF(J358,J356/J358,)))","v":35.718695724237321},{"$f":"IF(K$9=MAX($9:$9),,IF(K356<=0,K352,IF(K358,K356/K358,)))","v":24.159318277988621},13.833007324394302,6.630112436179199,0]
[]
[]
[null,null,"Calculations"]
[]
[null,null,null,"Debt Control Account"]
[]
[null,null,null,null,"Opening Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J$9=1,$J$347,I370)","v":80},{"$f":"IF(K$9=1,$J$347,J370)","v":35.718695724237321},{"$f":"IF(L$9=1,$J$347,K370)","v":24.159318277988621},{"$f":"IF(M$9=1,$J$347,L370)","v":13.833007324394302},{"$f":"IF(N$9=1,$J$347,M370)","v":6.630112436179199}]
[null,null,null,null,{"$f":"F37","v":"Debt Drawdowns"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J37-J347","v":0},{"$f":"K37-K347","v":0},{"$f":"L37-L347","v":0},{"$f":"M37-M347","v":0},{"$f":"N37-N347","v":0}]
[null,null,null,null,{"$f":"F38","v":"Debt Repayments"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I395)","v":395},null,{"$f":"-J395","v":-44.281304275762679},{"$f":"-K395","v":-11.5593774462487},-10.326310953594319,-7.2028948882151029,-6.630112436179199]
[null,null,null,null,"Closing Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J367:J369)","v":35.718695724237321},{"$f":"SUM(K367:K369)","v":24.159318277988621},13.833007324394302,6.630112436179199,0]
[]
[null,null,null,null,"Check:",null,"[1,0]",null,{"$f":"MIN(SUM(J372:N372),1)","v":0},{"$f":"($H$490=$E$498)*(J$9=MAX($9:$9))*(J370<>0)","v":0},{"$f":"($H$490=$E$498)*(K$9=MAX($9:$9))*(K370<>0)","v":0},{"$f":"($H$490=$E$498)*(L$9=MAX($9:$9))*(L370<>0)","v":0},{"$f":"($H$490=$E$498)*(M$9=MAX($9:$9))*(M370<>0)","v":0},{"$f":"($H$490=$E$498)*(N$9=MAX($9:$9))*(N370<>0)","v":0}]
[]
[]
[null,null,null,{"$f":"F21","v":"Interest Paid"}]
[]
[null,null,null,null,{"$f":"E367","v":"Opening Debt"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I367)","v":367},null,{"$f":"J367","v":80},{"$f":"K367","v":35.718695724237321},{"$f":"L367","v":24.159318277988621},{"$f":"M367","v":13.833007324394302},{"$f":"N367","v":6.630112436179199}]
[null,null,null,null,{"$f":"E342","v":"Interest Rate"},null,"%",{"$f":"ROW(I342)","v":342},null,{"$f":"J342","v":0.06},{"$f":"K342","v":0.06},{"$f":"L342","v":0.06},{"$f":"M342","v":0.06},{"$f":"N342","v":0.06}]
[]
[null,null,null,null,{"$f":"D375","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(J377*J378,)","v":4.8},{"$f":"MAX(K377*K378,)","v":2.1431217434542393},1.4495590966793173,0.82998043946365807,0.3978067461707519]
[]
[]
[null,null,null,"Principal Paid"]
[]
[null,null,null,null,{"$f":"E360","v":"Target Debt Balance"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I360)","v":360},null,{"$f":"-J360","v":-35.718695724237321},{"$f":"-K360","v":-24.159318277988621},-13.833007324394302,-6.630112436179199,0]
[null,null,null,null,{"$f":"E367&\" Plus \"&E368","v":"Opening Debt Plus Debt Drawdowns"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I380)","v":380},null,{"$f":"SUM(J367:J368)","v":80},{"$f":"SUM(K367:K368)","v":35.718695724237321},24.159318277988621,13.833007324394302,6.630112436179199]
[null,null,null,null,{"$f":"\"Unrestricted \"&D383","v":"Unrestricted Principal Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J385=\"n/a\",,MAX(SUM(J385:J386),))","v":44.281304275762679},{"$f":"IF(K385=\"n/a\",,MAX(SUM(K385:K386),))","v":11.5593774462487},10.326310953594319,7.2028948882151029,6.630112436179199]
[]
[null,null,null,null,{"$f":"E354","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I354)","v":354},null,{"$f":"J354","v":78.248000000000005},{"$f":"K354","v":22.85423466666667},19.846754062222221,13.62179209271941,12.09001002737277]
[null,null,null,null,{"$f":"E380","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I380)","v":380},null,{"$f":"-J380","v":-4.8},{"$f":"-K380","v":-2.1431217434542393},{"$f":"-L380","v":-1.4495590966793173},{"$f":"-M380","v":-0.82998043946365807},{"$f":"-N380","v":-0.3978067461707519}]
[null,null,null,null,"Cash Flow Available for Principal",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(SUM(J389:J390),)","v":73.448000000000008},{"$f":"MAX(SUM(K389:K390),)","v":20.711112923212433},18.397194965542905,12.791811653255753,11.692203281202019]
[]
[null,null,null,null,{"$f":"E377","v":"Opening Debt"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I367)","v":367},null,{"$f":"J367","v":80},{"$f":"K367","v":35.718695724237321},24.159318277988621,13.833007324394302,6.630112436179199]
[]
[null,null,null,null,{"$f":"D383","v":"Principal Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MIN(J387,J391,J393)","v":44.281304275762679},{"$f":"MIN(K387,K391,K393)","v":11.5593774462487},10.326310953594319,7.2028948882151029,6.630112436179199]
[]
[]
[null,{"$f":"MAX($B$10:$B397)+1","v":10},"Debt Sculpting: LLCR Basis"]
[]
[null,null,"Assumptions"]
[]
[null,null,null,"Key Assumption"]
[]
[null,null,null,null,{"$f":"\"A similar calculation to PLCR, the loan life is stipulated in cell \"&SUBSTITUTE(CELL(\"address\",H418),\"$\",\"\")&\".\"","v":"A similar calculation to PLCR, the loan life is stipulated in cell H418."}]
[]
[]
[null,null,null,"Discount Rate"]
[]
[null,null,null,null,{"$f":"E258","v":"Interest Rate"},null,"%",{"$f":"ROW(I258)","v":258},{"$f":"H258","v":0.06}]
[]
[null,null,null,null,{"$f":"E118","v":"Tax Rate"},null,"%",{"$f":"ROW(I118)","v":118},{"$f":"H118","v":0.3}]
[]
[null,null,null,null,{"$f":"D407","v":"Discount Rate"},null,"%",null,{"$f":"I409*(1-I411)","v":4.1999999999999996E-2}]
[]
[]
[null,null,null,"Loan Life Coverage Ratio (LLCR)"]
[]
[null,null,null,null,"Loan Life",null,"# Periods",4]
[null,null,null,null,"Loan Life Flag",null,"[1,0]",null,null,{"$f":"(J$9<=MAX(N($H418),1))*1","v":1},{"$f":"(K$9<=MAX(N($H418),1))*1","v":1},1,1,0]
[]
[null,null,null,null,"Target LLCR",null,"x",null,null,2,2,2,2,2]
[]
[]
[null,null,"Referred Values"]
[]
[null,null,null,{"$f":"D256","v":"Interest Rate"}]
[]
[null,null,null,null,{"$f":"D426","v":"Interest Rate"},null,"%",{"$f":"ROW(I258)","v":258},null,{"$f":"J258","v":0.06},{"$f":"K258","v":0.06},{"$f":"L258","v":0.06},{"$f":"M258","v":0.06},{"$f":"N258","v":0.06}]
[]
[]
[null,null,null,"Opening Debt Balance"]
[]
[null,null,null,null,{"$f":"D431","v":"Opening Debt Balance"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I37)","v":37},null,{"$f":"J37","v":80}]
[]
[]
[null,null,null,"Target Debt Service"]
[]
[null,null,null,null,"Opening Debt",null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I453)","v":453},null,{"$f":"J453","v":80},{"$f":"K453","v":34.206395424490537},22.779278091157202,12.85590106004609,5.4630309294445567E-3]
[]
[null,null,null,null,{"$f":"E244","v":"Cash Flow Available for Debt Servicing (CFADS)"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I244)","v":244},null,{"$f":"J244","v":78.248000000000005},{"$f":"K244","v":22.85423466666667},{"$f":"L244","v":19.846754062222221},{"$f":"M244","v":13.62179209271941},{"$f":"N244","v":12.09001002737277}]
[]
[null,null,null,null,{"$f":"E356","v":"NPV of CFADS (forward looking)"},null,{"$f":"Currency","v":"$'000"},{"$f":"I413","v":4.1999999999999996E-2},null,{"$f":"(K440+K442)/(1+$J$413)","v":68.412790848981075},{"$f":"(L440+L442)/(1+$J$413)","v":45.558556182314405},25.71180212009218,12.09001002737277,0]
[]
[null,null,null,null,{"$f":"E421","v":"Target LLCR"},null,"x",{"$f":"ROW(I421)","v":421},null,{"$f":"J419*J421","v":2},{"$f":"K419*K421","v":2},2,2,0]
[]
[null,null,null,null,{"$f":"E360","v":"Target Debt Balance"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J$9>=$H$418,,IF(J442<=0,J438,IF(J444,J442/J444,)))","v":34.206395424490537},{"$f":"IF(K$9>=$H$418,,IF(K442<=0,K438,IF(K444,K442/K444,)))","v":22.779278091157202},{"$f":"IF(L$9>=$H$418,,IF(L442<=0,L438,IF(L444,L442/L444,)))","v":12.85590106004609},{"$f":"IF(M$9>=$H$418,,IF(M442<=0,M438,IF(M444,M442/M444,)))","v":0},{"$f":"IF(N$9>=$H$418,,IF(N442<=0,N438,IF(N444,N442/N444,)))","v":0}]
[]
[]
[null,null,"Calculations"]
[]
[null,null,null,"Debt Control Account"]
[]
[null,null,null,null,"Opening Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"IF(J$9=1,$J$433,I456)","v":80},{"$f":"IF(K$9=1,$J$433,J456)","v":34.206395424490537},{"$f":"IF(L$9=1,$J$433,K456)","v":22.779278091157202},{"$f":"IF(M$9=1,$J$433,L456)","v":12.85590106004609},{"$f":"IF(N$9=1,$J$433,M456)","v":5.4630309294445567E-3}]
[null,null,null,null,{"$f":"F37","v":"Debt Drawdowns"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"J37-J433","v":0},{"$f":"K37-K433","v":0},{"$f":"L37-L433","v":0},{"$f":"M37-M433","v":0},{"$f":"N37-N433","v":0}]
[null,null,null,null,{"$f":"F38","v":"Debt Repayments"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"-J481","v":-45.793604575509463},{"$f":"-K481","v":-11.427117333333335},-9.9233770311111122,-12.850438029116646,-5.4630309294445567E-3]
[null,null,null,null,"Closing Debt",null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"SUM(J453:J455)","v":34.206395424490537},{"$f":"SUM(K453:K455)","v":22.779278091157202},12.85590106004609,5.4630309294445567E-3,0]
[]
[null,null,null,null,"Check:",null,"[1,0]",null,{"$f":"MIN(SUM(J458:N458),1)","v":0},{"$f":"($H$490=$E$499)*(J$9>=$H$418)*(J456<>0)","v":0},{"$f":"($H$490=$E$499)*(K$9>=$H$418)*(K456<>0)","v":0},{"$f":"($H$490=$E$499)*(L$9>=$H$418)*(L456<>0)","v":0},{"$f":"($H$490=$E$499)*(M$9>=$H$418)*(M456<>0)","v":0},{"$f":"($H$490=$E$499)*(N$9>=$H$418)*(N456<>0)","v":0}]
[]
[]
[null,null,null,{"$f":"F21","v":"Interest Paid"}]
[]
[null,null,null,null,{"$f":"E453","v":"Opening Debt"},null,{"$f":"Currency","v":"$'000"},{"$f":"ROW(I453)","v":453},null,{"$f":"J453","v":80},{"$f":"K453","v":34.206395424490537},22.779278091157202,12.85590106004609,5.4630309294445567E-3]
[null,null,null,null,{"$f":"E428","v":"Interest Rate"},null,"%",{"$f":"ROW(I428)","v":428},null,{"$f":"J428","v":0.06},{"$f":"K428","v":0.06},0.06,0.06,0.06]
[]
[null,null,null,null,{"$f":"D461","v":"Interest Paid"},null,{"$f":"Currency","v":"$'000"},null,null,{"$f":"MAX(J463*J464,)","v":4.8},{"$f":"MAX(K463*K464,)","v":2.0523837254694324},1.3667566854694322,0.77135406360276537,3.2778185576667337E-4]
[]
[]
[null,null,null,"Principal Paid"]
[]
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