{"text_format":"1","workbook":"xlsx","n_sheets":14,"sheets":["GenInfo, Assmp, Projctns","HR Expenses and Consumables","Depreciation and Ammortization","Income Statement","Capital Structure","Cash Flow Monthly","Cash Flow Yearly","Balance Sheet","Ratios","DCF, NPV & IRR","Break Even","Sensitivities & Monte Carlo","PVSOB","Scenario Cases"],"not_rendered":{"charts":36,"images":0,"macros":1,"external_links":0,"defined_names":7,"comments":14,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"GenInfo, Assmp, Projctns","index":0,"n_rows":72,"n_cols":19,"rows_kept":72,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Assumptions","Projections","R. Function","Nav. Bar",null,null,null,null,null,null,"Gen Info"]
["General Information",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,"Expenses"]
["Product ","Strawberry",null,null,null,null,null,null,null,null,null,"Depreciations"]
["Unit of Sale","kg",null,null,null,null,null,null,null,null,null,"Income St"]
["Harvest season","Nov-Mar",null,null,null,null,null,null,null,null,null,"Balance Sht"]
["Initial number of plants",6000,null,null,null,null,null,null,null,null,null,"Capital Structure"]
["Fruit per plant(kg)",0.15,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
["Total fruit per year(kg)",{"$f":"B6*B7","v":900},null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
["Price Per kg (Tk)",600,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Mortality Rate",{"$f":"'Sensitivities & Monte Carlo'!B8","v":0.3},{"$f":"B10*(1+$B$11)","v":0.30599999999999999},{"$f":"C10*(1+$B$11)","v":0.31212000000000001},0.31836239999999999,0.32472964799999998,0.33122424095999997,0.3378487257792,0.34460570029478399,0.35149781430067967,0.35852777058669327,"Break Even"]
["Increase in Mortality Rate",{"$f":"'Sensitivities & Monte Carlo'!B9","v":0.02},null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
[null,null,null,null,null,null,null,null,null,null,null,"Ratios"]
["Assumptions",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,"PVSOB"]
["Market Growth Rate (Net)",{"$f":"'Sensitivities & Monte Carlo'!B15","v":0.1},{"$f":"'Sensitivities & Monte Carlo'!C15","v":9.0000000000000011E-2},{"$f":"'Sensitivities & Monte Carlo'!D15","v":8.1000000000000016E-2},{"$f":"'Sensitivities & Monte Carlo'!E15","v":7.2900000000000006E-2},{"$f":"'Sensitivities & Monte Carlo'!F15","v":6.5610000000000016E-2},{"$f":"'Sensitivities & Monte Carlo'!G15","v":5.9049000000000018E-2},{"$f":"'Sensitivities & Monte Carlo'!H15","v":5.314410000000002E-2},{"$f":"'Sensitivities & Monte Carlo'!I15","v":4.7829690000000015E-2},{"$f":"'Sensitivities & Monte Carlo'!J15","v":4.3046721000000017E-2},{"$f":"'Sensitivities & Monte Carlo'!K15","v":3.874204890000002E-2},"Scenario Cases"]
["Decrease in Growth Rate Due to Competition",{"$f":"'Sensitivities & Monte Carlo'!B4","v":0.1}]
["Price Increase Due to Inflation",{"$f":"'Sensitivities & Monte Carlo'!B5","v":0.02}]
["Price Decrease Due to Competition",{"$f":"'Sensitivities & Monte Carlo'!B6","v":0.1}]
["Field Capacity (kg)",1200]
[]
["Projected Revenue Generation",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Price Per kg (Tk)",600,{"$f":"B21+B21*$B$16-B21*$B$17","v":552},507.84,467.21280000000002,429.83577600000001,395.44891392,363.8130008064,334.70796074188797,307.93132388253696,283.29681797193399]
["Total fruit per year(kg)",900,{"$f":"B22*(1+C14)","v":981.00000000000011},{"$f":"C22*(1+D14)","v":1060.461},1137.7686068999999,1212.4176051987088,1284.0096523680872,1352.2471897345019,1416.9247536228743,1477.918718170072,1535.1763174196424]
["Total fruit per year (net of mortality)",{"$f":"B22*(1-B10)","v":630},{"$f":"C22*(1-C10)","v":680.81400000000008},729.46991268000011,775.54586256265929,818.70966303352918,858.71452987715418,895.39219974419632,928.64440663564937,958.43351901922938,984.77297487768817]
["Total Revenue (Tk)",{"$f":"B23*B21","v":378000},{"$f":"C23*C21","v":375809.32800000004},370454.00045541121,362344.95397631521,351910.70332871552,339577.72820724401,325755.32308757957,310824.67559937877,295131.70236498996,278983.05020760436]
["Expansion on year 2015"]
["New Field Capacity",{"$f":"(B18*2)+B18","v":3600}]
[]
["Projected Revenue From 2015",null,null,null,null,2015,2016,2017,2018,2019,2020]
["Price Per kg (Tk)",null,null,null,null,{"$f":"F21","v":429.83577600000001},395.44891392,363.8130008064,334.70796074188797,307.93132388253696,283.29681797193399]
["Total fruit per year(kg)",null,null,null,null,2400,{"$f":"F30*(1+G14)","v":2541.7175999999999},{"$f":"G30*(1+H14)","v":2676.7948943061597},{"$f":"H30*(1+I14)","v":2804.825164294406},{"$f":"I30*(1+J14)","v":2925.5636905955666},{"$f":"J30*(1+K14)","v":3038.9060221566847}]
["Total fruit per year (net of mortality)",null,null,null,null,{"$f":"F30*(1-F10)","v":1620.6488448000002},1699.8391172053273,1772.4431500925552,1838.2664243482998,1897.2344477537949,1949.3738210103722]
["Total Revenue (Tk)",null,null,null,null,{"$f":"F31*F29","v":696612.85382811166},672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
[]
["Revenue Growth Rates",null,2012,2013,2014,2016,2017,2018,2019,2020]
["Yearly",null,{"$f":"(C24-B24)/B24","v":-5.7954285714284714E-3},{"$f":"(D24-C24)/C24","v":-1.4250118731988547E-2},{"$f":"(E24-D24)/D24","v":-2.1889482821422578E-2},{"$f":"(G32-F32)/F32","v":-3.5045751677383427E-2},{"$f":"(H32-G32)/G32","v":-4.0704686943510725E-2},{"$f":"(I32-H32)/H32","v":-4.5833932494747293E-2},{"$f":"(J32-I32)/I32","v":-5.0488183424071145E-2},{"$f":"(K32-J32)/J32","v":-5.4716765525292733E-2}]
["Average Growth Rate",{"$f":"AVERAGE(C35:J35)","v":-3.3590543773730615E-2}]
[]
["Revenue Functions"]
["Before Expansion Stage",null,null,null,null,null,null,null,null,null,"After Expansion Stage"]
[]
["Units (X)","Sales (Y)",null,null,null,null,null,null,null,null,"Units (X)","Sales (Y)"]
[{"$f":"B23","v":630},{"$f":"B24","v":378000},null,null,null,null,null,null,null,null,{"$f":"F31","v":1620.6488448000002},{"$f":"F32","v":696612.85382811166}]
[{"$f":"C23","v":680.81400000000008},{"$f":"C24","v":375809.32800000004},null,null,null,null,null,null,null,null,{"$f":"G31","v":1699.8391172053273},{"$f":"G32","v":672199.53273757827}]
[{"$f":"D23","v":729.46991268000011},{"$f":"D24","v":370454.00045541121},null,null,null,null,null,null,null,null,{"$f":"H31","v":1772.4431500925552},{"$f":"H32","v":644837.86119392095}]
[{"$f":"E23","v":775.54586256265929},{"$f":"E24","v":362344.95397631521},null,null,null,null,null,null,null,null,{"$f":"I31","v":1838.2664243482998},{"$f":"I32","v":615282.40619390155}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"J31","v":1897.2344477537949},{"$f":"J32","v":584217.91521238}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K31","v":1949.3738210103722},{"$f":"K32","v":552251.40053002886}]
["SUMMARY OUTPUT"]
[null,null,null,null,null,null,null,null,null,null,"SUMMARY OUTPUT"]
["Regression Statistics"]
["Multiple R",0.99570391019008009,null,null,null,null,null,null,null,null,"Regression Statistics"]
["R Square",0.99142627676781503,null,null,null,null,null,null,null,null,"Multiple R",0.99015589161174]
["Adjusted R Square",0.65809294343448166,null,null,null,null,null,null,null,null,"R Square",0.98040868969343975]
["Standard Error",38947.220254862346,null,null,null,null,null,null,null,null,"Adjusted R Square",0.78040868969343968]
["Observations",4,null,null,null,null,null,null,null,null,"Standard Error",86535.536222954106]
[null,null,null,null,null,null,null,null,null,null,"Observations",6]
["ANOVA"]
[null,"df","SS","MS","F","Significance F",null,null,null,null,"ANOVA"]
["Regression",1,526217337932.60425,526217337932.60425,346.90632642984144,2.8702178652858859E-3,null,null,null,null,null,"df","SS","MS","F","Significance F"]
["Residual",3,4550657896.7422791,1516885965.5807598,null,null,null,null,null,null,"Regression",1,1873711192724.9614,1873711192724.9614,250.21519090663909,9.3334111857254617E-5]
["Total",4,530767995829.34656,null,null,null,null,null,null,null,"Residual",5,37441995146.971016,7488399029.3942032]
[null,null,null,null,null,null,null,null,null,null,"Total",6,1911153187871.9324]
[null,"Coefficients","Standard Error","t Stat","P-value","Lower 95%","Upper 95%","Lower 95.0%","Upper 95.0%"]
["Intercept",0,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,"Coefficients","Standard Error","t Stat","P-value","Lower 95%","Upper 95%","Lower 95.0%","Upper 95.0%"]
["X Variable 1",525.75971792307053,28.228070845926915,18.625421510125388,3.3780324881011776E-4,435.92539815416364,615.59403769197741,435.92539815416364,615.59403769197741,null,"Intercept",0,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,null,null,null,null,null,null,"X Variable 1",350.3272466820361,22.147110855145097,15.818191771079249,1.8369639929966683E-5,293.39628580597628,407.25820755809593,293.39628580597628,407.25820755809593]
[]
[]
["Revenue Per Kg"]
["Before Expansion",{"$f":"B65","v":525.75971792307053}]
["After Expansion",{"$f":"L66","v":350.3272466820361}]
["Overall Average",{"$f":"((B70*4)+(B71*6))/10","v":420.50023517844983}]

{"sheet":"HR Expenses and Consumables","index":1,"n_rows":52,"n_cols":13,"rows_kept":52,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Assumptions","Packaging","HR","Consumables","CAPEX","Nav. Bar",null,null,null,null,null,"Gen Info"]
["Projected expenses",null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["ASSUMPTIONS:",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Depreciations"]
["Land size (bighas)",1,null,null,null,null,null,null,null,null,null,null,"Income St"]
["Number of saplings",6000,null,null,null,{"$f":"(F19/'GenInfo, Assmp, Projctns'!B7)-B5","v":10000},null,null,null,null,null,null,"Balance Sht"]
["Price per sapling (Tk.)",20,null,null,null,null,null,null,null,null,null,null,"Capital Structure"]
["Weight of fruit per packet (kg)",0.25,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
["Packaging cost (Tk.)",5,null,null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
["Day laborer charge per day (Tk.)",200,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Number of day laborers",3,null,null,null,null,null,null,null,null,null,null,"Break Even"]
["Number of days laborers needed per year",5,null,null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
["Increase in labor rate ",{"$f":"'Sensitivities & Monte Carlo'!B7","v":0.02},null,null,null,null,null,null,null,null,null,null,"Ratios"]
["Packaging Cost Per kg",20,{"$f":"B13*(1+$B$14)","v":20.399999999999999},{"$f":"C13*(1+$B$14)","v":20.808},21.224160000000001,21.648643200000002,22.081616064000002,22.523248385280002,22.973713352985602,23.433187620045313,23.90185137244622,null,"PVSOB"]
[{"$f":"'GenInfo, Assmp, Projctns'!A16","v":"Price Increase Due to Inflation"},{"$f":"'GenInfo, Assmp, Projctns'!B16","v":0.02},null,null,null,null,null,null,null,null,null,null,"Scenario Cases"]
["Expansion Year ",2015]
[]
["Packaging Costs"]
["Year",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[{"$f":"'GenInfo, Assmp, Projctns'!A22","v":"Total fruit per year(kg)"},{"$f":"'GenInfo, Assmp, Projctns'!B22","v":900},{"$f":"'GenInfo, Assmp, Projctns'!C22","v":981.00000000000011},{"$f":"'GenInfo, Assmp, Projctns'!D22","v":1060.461},{"$f":"'GenInfo, Assmp, Projctns'!E22","v":1137.7686068999999},{"$f":"'GenInfo, Assmp, Projctns'!F30","v":2400},{"$f":"'GenInfo, Assmp, Projctns'!G30","v":2541.7175999999999},{"$f":"'GenInfo, Assmp, Projctns'!H30","v":2676.7948943061597},{"$f":"'GenInfo, Assmp, Projctns'!I30","v":2804.825164294406},{"$f":"'GenInfo, Assmp, Projctns'!J30","v":2925.5636905955666},{"$f":"'GenInfo, Assmp, Projctns'!K30","v":3038.9060221566847}]
["Total Packaging Cost Per Year",{"$f":"B19*B13","v":18000},20012.400000000001,22066.072488000002,24148.182955822704,51956.743680000007,56125.232186311528,60290.116280906965,64437.249329740429,68555.282856118109,72635.480076420834]
[]
["Year",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Human resource costs (At the end of the period)"]
["Full time laborer x 2",4500,{"$f":"B24*(1+$B$12)","v":4590},{"$f":"C24*(1+$B$12)","v":4681.8},4775.4360000000006,4870.9447200000004,4968.3636144000002,5067.7308866880003,5169.0855044217606,5272.4672145101958,5377.9165588003998]
["Bookkeeper",5000,{"$f":"B25*(1+$B$12)","v":5100},{"$f":"C25*(1+$B$12)","v":5202},5306.04,5412.1607999999997,5520.4040159999995,5630.8120963199999,5743.4283382464,5858.2969050113279,5975.4628431115543]
["Day laborers for land preparation",3000,{"$f":"B26*(1+$B$12)","v":3060},{"$f":"C26*(1+$B$12)","v":3121.2000000000003},{"$f":"D26*(1+$B$12)","v":3183.6240000000003},{"$f":"E26*(1+$B$12)*3/2","v":4870.9447200000004},{"$f":"F26*(1+$B$12)","v":4968.3636144000002},5067.7308866880003,5169.0855044217606,5272.4672145101958,5377.9165588003998]
["Day laborers for netting",1000,{"$f":"B27*(1+$B$12)","v":1020},{"$f":"C27*(1+$B$12)","v":1040.4000000000001},{"$f":"D27*(1+$B$12)","v":1061.2080000000001},{"$f":"E27*(1+$B$12)*3","v":3247.29648},3312.2424096,3378.487257792,3446.0570029478399,3514.9781430067969,3585.277705866933]
["Total HR costs",{"$f":"SUM(B24:B27)","v":13500},{"$f":"SUM(C24:C27)","v":13770},14045.4,14326.308000000001,18401.346720000001,18769.373654399998,19144.761127488,19527.65635003776,19918.209477038516,20316.57366657929]
[]
["Consumables (At the end of the period)"]
["Manure",1500,{"$f":"B31*(1+$B$14)","v":1530},1560.6000000000001,1591.8120000000001,{"$f":"E31*(1+$B$14)*2","v":3247.2964800000004},{"$f":"F31*(1+$B$14)","v":3312.2424096000004},{"$f":"G31*(1+$B$14)","v":3378.4872577920005},{"$f":"H31*(1+$B$14)","v":3446.0570029478404},{"$f":"I31*(1+$B$14)","v":3514.9781430067974},{"$f":"J31*(1+$B$14)","v":3585.2777058669335}]
["Truck cost for manure",2000,2040,2080.8000000000002,2122.4160000000002,{"$f":"E32*(1+$B$14)*2","v":4329.7286400000003},{"$f":"F32*(1+B14)","v":4416.3232128},{"$f":"G32*(1+C14)","v":4416.3232128},{"$f":"H32*(1+D14)","v":4416.3232128},{"$f":"I32*(1+E14)","v":4416.3232128},{"$f":"J32*(1+F14)","v":4416.3232128}]
["Packaging cost",{"$f":"B20","v":18000},20012.400000000001,22066.072488000002,24148.182955822704,51956.743680000007,56125.232186311528,60290.116280906965,64437.249329740429,68555.282856118109,72635.480076420834]
["Vitamin supplement",25,25,25,25,{"$f":"E34*2","v":50},{"$f":"F34","v":50},{"$f":"G34","v":50},{"$f":"H34","v":50},{"$f":"I34","v":50},{"$f":"J34","v":50}]
["Electricity bill",12000,12000,12000,12000,12000,12000,12000,12000,12000,12000]
["Lease on land cost",20000,20000,20000,20000,{"$f":"E36*2.5","v":50000},{"$f":"F36","v":50000},{"$f":"G36","v":50000},{"$f":"H36","v":50000},{"$f":"I36","v":50000},{"$f":"J36","v":50000}]
["Total Consumables",{"$f":"SUM(B31:B36)","v":53525},{"$f":"SUM(C31:C36)","v":55607.4},57732.472487999999,59887.410955822706,121583.76880000001,125903.79780871153,130134.92675149896,134349.62954548828,138536.5842119249,142687.08099508777]
["Total Expenses",{"$f":"B28+B37","v":67025},69377.399999999994,71777.872487999994,74213.718955822711,139985.11551999999,144673.17146311153,149279.68787898697,153877.28589552603,158454.7936889634,163003.65466166707]
[]
["CAPEX"]
["Initial saplings",{"$f":"B5*B6","v":120000},0,0,0,{"$f":"F5*B6","v":200000},0,0,0,0,0]
["Netting",3500,0,0,0,{"$f":"B42*(1+$B$14)^4","v":3788.5125600000001},0,0,0,0,0]
["RCC Pillars for netting",4500,0,0,0,{"$f":"B43*3*(1+B14)^4","v":14612.83416},0,0,0,0,0]
["Bamboo",3000,0,0,0,{"$f":"B44*3*(1+B14)^4","v":9741.889439999999},0,0,0,0,0]
["pH test of soil*",75,0,0,0,{"$f":"B45","v":75},0,0,0,0,0]
["Trade license cost",650,0,0,0,0,0,0,0,0,0]
["Labor shed & toilet",50000,0,0,0,0,0,0,0,0,0]
["Total Capex",{"$f":"SUM(B41:B47)","v":181725},0,0,0,228218.23616,0,0,0,0,0]
["TOTTAL COST FOR THE YEAR",{"$f":"B38+B48","v":248750},69377.399999999994,71777.872487999994,74213.718955822711,368203.35167999996,144673.17146311153,149279.68787898697,153877.28589552603,158454.7936889634,163003.65466166707]
[]
[]
["* Done at khamarbari"]

{"sheet":"Depreciation and Ammortization","index":2,"n_rows":36,"n_cols":13,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Depreciation of Assets","Page Navigation","Depreciations","Ammortizations","Nav. Bar",null,null,null,null,null,null,null,"Gen Info"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Life (years)",10,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
["Year",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Income St"]
["Saplings",null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
[{"$f":"'HR Expenses and Consumables'!A41","v":"Initial saplings"},{"$f":"'HR Expenses and Consumables'!B41","v":120000},{"$f":"'HR Expenses and Consumables'!C41","v":0},{"$f":"'HR Expenses and Consumables'!D41","v":0},{"$f":"'HR Expenses and Consumables'!E41","v":0},{"$f":"'HR Expenses and Consumables'!F41","v":200000},{"$f":"'HR Expenses and Consumables'!G41","v":0},{"$f":"'HR Expenses and Consumables'!H41","v":0},{"$f":"'HR Expenses and Consumables'!I41","v":0},{"$f":"'HR Expenses and Consumables'!J41","v":0},{"$f":"'HR Expenses and Consumables'!K41","v":0},null,"Capital Structure"]
["Dpereciation of Initial Saplings (year end)",{"$f":"$B$6/$B$3","v":12000},12000,12000,12000,12000,12000,12000,12000,12000,12000,null,"Cash Flows M"]
["Depreciation of Expanded Saplings (Year End)",null,null,null,null,{"$f":"$F$6/$B$3","v":20000},20000,20000,20000,20000,20000,null,"Cash Flows Y"]
["Total Depreciation of Saplings",{"$f":"SUM(B7:B8)","v":12000},{"$f":"SUM(C7:C8)","v":12000},12000,12000,32000,32000,32000,32000,32000,32000,null,"DCF, NPV & IRR"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Break Even"]
["Netting",{"$f":"'HR Expenses and Consumables'!B42","v":3500},{"$f":"'HR Expenses and Consumables'!C42","v":0},{"$f":"'HR Expenses and Consumables'!D42","v":0},{"$f":"'HR Expenses and Consumables'!E42","v":0},{"$f":"'HR Expenses and Consumables'!F42","v":3788.5125600000001},{"$f":"'HR Expenses and Consumables'!G42","v":0},{"$f":"'HR Expenses and Consumables'!H42","v":0},{"$f":"'HR Expenses and Consumables'!I42","v":0},{"$f":"'HR Expenses and Consumables'!J42","v":0},{"$f":"'HR Expenses and Consumables'!K42","v":0},null,"Sensitivity & MC"]
["Depreciation on Initial Netting (year end)",{"$f":"$B$11/$B$3","v":350},350,350,350,350,350,350,350,350,350,null,"Ratios"]
["Dpereciation on Expanded Netting (year end)",null,null,null,null,{"$f":"$F$11/$B$3","v":378.85125600000003},378.85125600000003,378.85125600000003,378.85125600000003,378.85125600000003,378.85125600000003,null,"PVSOB"]
["Total Depreciation of Netting",{"$f":"SUM(B12:B13)","v":350},{"$f":"SUM(C12:C13)","v":350},350,350,728.85125600000003,728.85125600000003,728.85125600000003,728.85125600000003,728.85125600000003,728.85125600000003,null,"Scenario Cases"]
[]
["RCC Pillars for netting",{"$f":"'HR Expenses and Consumables'!B43","v":4500},{"$f":"'HR Expenses and Consumables'!C43","v":0},{"$f":"'HR Expenses and Consumables'!D43","v":0},{"$f":"'HR Expenses and Consumables'!E43","v":0},{"$f":"'HR Expenses and Consumables'!F43","v":14612.83416},{"$f":"'HR Expenses and Consumables'!G43","v":0},{"$f":"'HR Expenses and Consumables'!H43","v":0},{"$f":"'HR Expenses and Consumables'!I43","v":0},{"$f":"'HR Expenses and Consumables'!J43","v":0},{"$f":"'HR Expenses and Consumables'!K43","v":0}]
["Depreciation on Initial Pillars",{"$f":"$B$16/$B$3","v":450},450,450,450,450,450,450,450,450,450]
["Depreciation in Expanded Pillars",null,null,null,null,{"$f":"$F$16/$B$3","v":1461.283416},1461.283416,1461.283416,1461.283416,1461.283416,1461.283416]
["Total Depreciation on Pillars",{"$f":"SUM(B17:B18)","v":450},{"$f":"SUM(C17:C18)","v":450},450,450,1911.283416,1911.283416,1911.283416,1911.283416,1911.283416,1911.283416]
[]
["Bamboo",{"$f":"'HR Expenses and Consumables'!B44","v":3000},{"$f":"'HR Expenses and Consumables'!C44","v":0},{"$f":"'HR Expenses and Consumables'!D44","v":0},{"$f":"'HR Expenses and Consumables'!E44","v":0},{"$f":"'HR Expenses and Consumables'!F44","v":9741.889439999999},{"$f":"'HR Expenses and Consumables'!G44","v":0},{"$f":"'HR Expenses and Consumables'!H44","v":0},{"$f":"'HR Expenses and Consumables'!I44","v":0},{"$f":"'HR Expenses and Consumables'!J44","v":0},{"$f":"'HR Expenses and Consumables'!K44","v":0}]
["Depreciation on Initial Bamboo",{"$f":"$B$21/$B$3","v":300},300,300,300,300,300,300,300,300,300]
["Depreciation on Expanded Bamboo",null,null,null,null,{"$f":"$F$21/$B$3","v":974.18894399999988},974.18894399999988,974.18894399999988,974.18894399999988,974.18894399999988,974.18894399999988]
["Total Depreciation on Bamboo",{"$f":"SUM(B22:B23)","v":300},{"$f":"SUM(C22:C23)","v":300},300,300,1274.188944,1274.188944,1274.188944,1274.188944,1274.188944,1274.188944]
[]
["Labor shed & toilet",{"$f":"'HR Expenses and Consumables'!B47","v":50000},{"$f":"'HR Expenses and Consumables'!C47","v":0},{"$f":"'HR Expenses and Consumables'!D47","v":0},{"$f":"'HR Expenses and Consumables'!E47","v":0},{"$f":"'HR Expenses and Consumables'!F47","v":0},{"$f":"'HR Expenses and Consumables'!G47","v":0},{"$f":"'HR Expenses and Consumables'!H47","v":0},{"$f":"'HR Expenses and Consumables'!I47","v":0},{"$f":"'HR Expenses and Consumables'!J47","v":0},{"$f":"'HR Expenses and Consumables'!K47","v":0}]
["Depreciation on shed & toilet",{"$f":"$B$26/$B$3","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000]
[]
["Total Depreciation Expense",{"$f":"B9+B14+B19+B24+B27","v":18100},{"$f":"C9+C14+C19+C24+C27","v":18100},18100,18100,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001]
[]
["Ammortization"]
["Life (years)",10]
[]
["Trade license cost",{"$f":"'HR Expenses and Consumables'!B46","v":650},{"$f":"'HR Expenses and Consumables'!C46","v":0},{"$f":"'HR Expenses and Consumables'!D46","v":0},{"$f":"'HR Expenses and Consumables'!E46","v":0},{"$f":"'HR Expenses and Consumables'!F46","v":0},{"$f":"'HR Expenses and Consumables'!G46","v":0},{"$f":"'HR Expenses and Consumables'!H46","v":0},{"$f":"'HR Expenses and Consumables'!I46","v":0},{"$f":"'HR Expenses and Consumables'!J46","v":0},{"$f":"'HR Expenses and Consumables'!K46","v":0}]
["Ammortization on Trade License",{"$f":"$B$34/$B$32","v":65},{"$f":"$B$34/$B$32","v":65},65,65,65,65,65,65,65,65]
["Total Ammortization",{"$f":"B35","v":65},{"$f":"C35","v":65},65,65,65,65,65,65,65,65]

{"sheet":"Income Statement","index":3,"n_rows":75,"n_cols":13,"rows_kept":75,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Revenues","Op. Expenses","Income","Note 1","Nav. Bar",null,null,null,null,null,null,"Gen Info"]
["Pro Forma Income Statement",null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Units Sold",{"$f":"'HR Expenses and Consumables'!B19","v":900},{"$f":"'HR Expenses and Consumables'!C19","v":981.00000000000011},{"$f":"'HR Expenses and Consumables'!D19","v":1060.461},{"$f":"'HR Expenses and Consumables'!E19","v":1137.7686068999999},{"$f":"'HR Expenses and Consumables'!F19","v":2400},{"$f":"'HR Expenses and Consumables'!G19","v":2541.7175999999999},{"$f":"'HR Expenses and Consumables'!H19","v":2676.7948943061597},{"$f":"'HR Expenses and Consumables'!I19","v":2804.825164294406},{"$f":"'HR Expenses and Consumables'!J19","v":2925.5636905955666},{"$f":"'HR Expenses and Consumables'!K19","v":3038.9060221566847},null,"Depreciations"]
["Tax",{"$f":"'Sensitivities & Monte Carlo'!E9","v":0.375},null,null,null,null,null,null,null,null,null,null,"Income St"]
["Year",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Balance Sht"]
["Revenue from fruits",{"$f":"'GenInfo, Assmp, Projctns'!B24","v":378000},{"$f":"'GenInfo, Assmp, Projctns'!C24","v":375809.32800000004},{"$f":"'GenInfo, Assmp, Projctns'!D24","v":370454.00045541121},{"$f":"'GenInfo, Assmp, Projctns'!E24","v":362344.95397631521},{"$f":"'GenInfo, Assmp, Projctns'!F32","v":696612.85382811166},{"$f":"'GenInfo, Assmp, Projctns'!G32","v":672199.53273757827},{"$f":"'GenInfo, Assmp, Projctns'!H32","v":644837.86119392095},{"$f":"'GenInfo, Assmp, Projctns'!I32","v":615282.40619390155},{"$f":"'GenInfo, Assmp, Projctns'!J32","v":584217.91521238},{"$f":"'GenInfo, Assmp, Projctns'!K32","v":552251.40053002886},null,"Capital Structure"]
["Cost of Goods Sold (Note 1)",{"$f":"B38","v":36525},38667.4,40853.672488000004,43071.034955822703,76454.713520000005,80872.161423111524,85202.657638186967,89518.715049910024,93809.051426435108,98064.99755388817,null,"Cash Flows M"]
["Proceeds from Sales",{"$f":"B6-B7","v":341475},{"$f":"C6-C7","v":337141.92800000001},329600.3279674112,319273.91902049253,620158.14030811167,591327.3713144667,559635.20355573401,525763.69114399154,490408.86378594488,454186.40297614067,null,"Cash Flows Y"]
["Ratio",{"$f":"B8/B6","v":0.90337301587301588},{"$f":"C8/C6","v":0.8971089935266322},0.88971998564524268,0.88113251065547327,0.89024791446230611,0.87969024451154532,0.86786964171050107,0.854507923274343,0.8394279788692669,0.82242689206443065,null,"DCF, NPV & IRR"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Break Even"]
["Other Operating Expenses",null,null,null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
["Full time laborer",{"$f":"'HR Expenses and Consumables'!B24","v":4500},{"$f":"'HR Expenses and Consumables'!C24","v":4590},{"$f":"'HR Expenses and Consumables'!D24","v":4681.8},{"$f":"'HR Expenses and Consumables'!E24","v":4775.4360000000006},{"$f":"'HR Expenses and Consumables'!F24","v":4870.9447200000004},{"$f":"'HR Expenses and Consumables'!G24","v":4968.3636144000002},{"$f":"'HR Expenses and Consumables'!H24","v":5067.7308866880003},{"$f":"'HR Expenses and Consumables'!I24","v":5169.0855044217606},{"$f":"'HR Expenses and Consumables'!J24","v":5272.4672145101958},{"$f":"'HR Expenses and Consumables'!K24","v":5377.9165588003998},null,"Ratios"]
["Bookkeeper",{"$f":"'HR Expenses and Consumables'!B25","v":5000},{"$f":"'HR Expenses and Consumables'!C25","v":5100},{"$f":"'HR Expenses and Consumables'!D25","v":5202},{"$f":"'HR Expenses and Consumables'!E25","v":5306.04},{"$f":"'HR Expenses and Consumables'!F25","v":5412.1607999999997},{"$f":"'HR Expenses and Consumables'!G25","v":5520.4040159999995},{"$f":"'HR Expenses and Consumables'!H25","v":5630.8120963199999},{"$f":"'HR Expenses and Consumables'!I25","v":5743.4283382464},{"$f":"'HR Expenses and Consumables'!J25","v":5858.2969050113279},{"$f":"'HR Expenses and Consumables'!K25","v":5975.4628431115543},null,"PVSOB"]
["Day laborers for netting",{"$f":"'HR Expenses and Consumables'!B27","v":1000},{"$f":"'HR Expenses and Consumables'!C27","v":1020},{"$f":"'HR Expenses and Consumables'!D27","v":1040.4000000000001},{"$f":"'HR Expenses and Consumables'!E27","v":1061.2080000000001},{"$f":"'HR Expenses and Consumables'!F27","v":3247.29648},{"$f":"'HR Expenses and Consumables'!G27","v":3312.2424096},{"$f":"'HR Expenses and Consumables'!H27","v":3378.487257792},{"$f":"'HR Expenses and Consumables'!I27","v":3446.0570029478399},{"$f":"'HR Expenses and Consumables'!J27","v":3514.9781430067969},{"$f":"'HR Expenses and Consumables'!K27","v":3585.277705866933},null,"Scenario Cases"]
["Lease on land cost",{"$f":"'HR Expenses and Consumables'!B36","v":20000},{"$f":"'HR Expenses and Consumables'!C36","v":20000},{"$f":"'HR Expenses and Consumables'!D36","v":20000},{"$f":"'HR Expenses and Consumables'!E36","v":20000},{"$f":"'HR Expenses and Consumables'!F36","v":50000},{"$f":"'HR Expenses and Consumables'!G36","v":50000},{"$f":"'HR Expenses and Consumables'!H36","v":50000},{"$f":"'HR Expenses and Consumables'!I36","v":50000},{"$f":"'HR Expenses and Consumables'!J36","v":50000},{"$f":"'HR Expenses and Consumables'!K36","v":50000}]
["Total Depreciation",{"$f":"'Depreciation and Ammortization'!B29","v":18100},{"$f":"'Depreciation and Ammortization'!C29","v":18100},{"$f":"'Depreciation and Ammortization'!D29","v":18100},{"$f":"'Depreciation and Ammortization'!E29","v":18100},{"$f":"'Depreciation and Ammortization'!F29","v":40914.323616000001},{"$f":"'Depreciation and Ammortization'!G29","v":40914.323616000001},{"$f":"'Depreciation and Ammortization'!H29","v":40914.323616000001},{"$f":"'Depreciation and Ammortization'!I29","v":40914.323616000001},{"$f":"'Depreciation and Ammortization'!J29","v":40914.323616000001},{"$f":"'Depreciation and Ammortization'!K29","v":40914.323616000001}]
["Total Ammortization",{"$f":"'Depreciation and Ammortization'!B36","v":65},{"$f":"'Depreciation and Ammortization'!C36","v":65},{"$f":"'Depreciation and Ammortization'!D36","v":65},{"$f":"'Depreciation and Ammortization'!E36","v":65},{"$f":"'Depreciation and Ammortization'!F36","v":65},{"$f":"'Depreciation and Ammortization'!G36","v":65},{"$f":"'Depreciation and Ammortization'!H36","v":65},{"$f":"'Depreciation and Ammortization'!I36","v":65},{"$f":"'Depreciation and Ammortization'!J36","v":65},{"$f":"'Depreciation and Ammortization'!K36","v":65}]
["Total Operating Expenses",{"$f":"SUM(B12:B17)","v":48665},48875,49089.2,49307.684000000001,104509.72561600001,104780.333656,105056.35385680001,105337.894461616,105625.06587852832,105917.98072377889]
["Operating Cost Ratio",{"$f":"B18/B6","v":0.12874338624338624},0.13005265265794572,0.13251091887158201,0.13607940019284223,0.15002554868415857,0.15587683203121991,0.16291902225202406,0.17120251351445204,0.18079737565071172,0.1917930504515209]
[]
["Income from operations",{"$f":"B8-B18","v":292810},288266.92800000001,280511.12796741119,269966.23502049252,515648.41469211166,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
["Interest Expense",{"$f":"-'Capital Structure'!B15-'Capital Structure'!B22","v":-21334.550000000003},{"$f":"-'Capital Structure'!B15","v":-14174.550000000001},{"$f":"C22","v":-14174.550000000001},{"$f":"D22","v":-14174.550000000001},{"$f":"E22","v":-14174.550000000001},0,0,0,0,0]
["Payback of Loans",{"$f":"-'Capital Structure'!B18","v":-17900},0,0,0,{"$f":"-'Capital Structure'!B9","v":-109035},0,0,0,0,0]
["Income After Interest",{"$f":"SUM(B21:B23)","v":253575.45},274092.37800000003,266336.5779674112,255791.68502049253,392438.86469211167,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
["Tax",{"$f":"-B24*$B$4","v":-95090.793750000012},{"$f":"-C24*$B$4","v":-102784.64175000001},-99876.216737779207,-95921.881882684698,-147164.57425954187,-182455.13912192502,-170467.06863710025,-157659.67375589084,-144293.92421528121,-130600.65834463567]
["Net Income",{"$f":"B24+B25","v":158484.65625},{"$f":"C24+C25","v":171307.73625000002},166460.36122963199,159869.80313780782,245274.2904325698,304091.89853654173,284111.78106183372,262766.12292648468,240489.87369213538,217667.7639077261]
["Profit Per Unit",{"$f":"B26/B3","v":176.09406250000001},174.62562308868502,156.96980957303663,140.51170173643138,102.19762101357075,119.6403166648182,106.13879369920014,93.683601484867339,82.202918523089153,71.627013905895396]
[]
[]
["Note 1",2010,2011,2012,2013,2014,2015,2016,2017,2018,2019]
["COGS"]
["Day laborers for land preparation",{"$f":"'HR Expenses and Consumables'!B26","v":3000},{"$f":"'HR Expenses and Consumables'!C26","v":3060},{"$f":"'HR Expenses and Consumables'!D26","v":3121.2000000000003},{"$f":"'HR Expenses and Consumables'!E26","v":3183.6240000000003},{"$f":"'HR Expenses and Consumables'!F26","v":4870.9447200000004},{"$f":"'HR Expenses and Consumables'!G26","v":4968.3636144000002},{"$f":"'HR Expenses and Consumables'!H26","v":5067.7308866880003},{"$f":"'HR Expenses and Consumables'!I26","v":5169.0855044217606},{"$f":"'HR Expenses and Consumables'!J26","v":5272.4672145101958},{"$f":"'HR Expenses and Consumables'!K26","v":5377.9165588003998}]
["Manure",{"$f":"'HR Expenses and Consumables'!B31","v":1500},{"$f":"'HR Expenses and Consumables'!C31","v":1530},{"$f":"'HR Expenses and Consumables'!D31","v":1560.6000000000001},{"$f":"'HR Expenses and Consumables'!E31","v":1591.8120000000001},{"$f":"'HR Expenses and Consumables'!F31","v":3247.2964800000004},{"$f":"'HR Expenses and Consumables'!G31","v":3312.2424096000004},{"$f":"'HR Expenses and Consumables'!H31","v":3378.4872577920005},{"$f":"'HR Expenses and Consumables'!I31","v":3446.0570029478404},{"$f":"'HR Expenses and Consumables'!J31","v":3514.9781430067974},{"$f":"'HR Expenses and Consumables'!K31","v":3585.2777058669335}]
["Truck cost for manure",{"$f":"'HR Expenses and Consumables'!B32","v":2000},{"$f":"'HR Expenses and Consumables'!C32","v":2040},{"$f":"'HR Expenses and Consumables'!D32","v":2080.8000000000002},{"$f":"'HR Expenses and Consumables'!E32","v":2122.4160000000002},{"$f":"'HR Expenses and Consumables'!F32","v":4329.7286400000003},{"$f":"'HR Expenses and Consumables'!G32","v":4416.3232128},{"$f":"'HR Expenses and Consumables'!H32","v":4416.3232128},{"$f":"'HR Expenses and Consumables'!I32","v":4416.3232128},{"$f":"'HR Expenses and Consumables'!J32","v":4416.3232128},{"$f":"'HR Expenses and Consumables'!K32","v":4416.3232128}]
["Packaging cost",{"$f":"'HR Expenses and Consumables'!B33","v":18000},{"$f":"'HR Expenses and Consumables'!C33","v":20012.400000000001},{"$f":"'HR Expenses and Consumables'!D33","v":22066.072488000002},{"$f":"'HR Expenses and Consumables'!E33","v":24148.182955822704},{"$f":"'HR Expenses and Consumables'!F33","v":51956.743680000007},{"$f":"'HR Expenses and Consumables'!G33","v":56125.232186311528},{"$f":"'HR Expenses and Consumables'!H33","v":60290.116280906965},{"$f":"'HR Expenses and Consumables'!I33","v":64437.249329740429},{"$f":"'HR Expenses and Consumables'!J33","v":68555.282856118109},{"$f":"'HR Expenses and Consumables'!K33","v":72635.480076420834}]
["Vitamin supplement",{"$f":"'HR Expenses and Consumables'!B34","v":25},{"$f":"'HR Expenses and Consumables'!C34","v":25},{"$f":"'HR Expenses and Consumables'!D34","v":25},{"$f":"'HR Expenses and Consumables'!E34","v":25},{"$f":"'HR Expenses and Consumables'!F34","v":50},{"$f":"'HR Expenses and Consumables'!G34","v":50},{"$f":"'HR Expenses and Consumables'!H34","v":50},{"$f":"'HR Expenses and Consumables'!I34","v":50},{"$f":"'HR Expenses and Consumables'!J34","v":50},{"$f":"'HR Expenses and Consumables'!K34","v":50}]
["Electricity bill",{"$f":"'HR Expenses and Consumables'!B35","v":12000},{"$f":"'HR Expenses and Consumables'!C35","v":12000},{"$f":"'HR Expenses and Consumables'!D35","v":12000},{"$f":"'HR Expenses and Consumables'!E35","v":12000},{"$f":"'HR Expenses and Consumables'!F35","v":12000},{"$f":"'HR Expenses and Consumables'!G35","v":12000},{"$f":"'HR Expenses and Consumables'!H35","v":12000},{"$f":"'HR Expenses and Consumables'!I35","v":12000},{"$f":"'HR Expenses and Consumables'!J35","v":12000},{"$f":"'HR Expenses and Consumables'!K35","v":12000}]
["Total Cost",{"$f":"SUM(B32:B37)","v":36525},{"$f":"SUM(C32:C37)","v":38667.4},40853.672488000004,43071.034955822703,76454.713520000005,80872.161423111524,85202.657638186967,89518.715049910024,93809.051426435108,98064.99755388817]
["Costs per kg",{"$f":"B38/B3","v":40.583333333333336},39.416309887869517,38.524445960766123,37.855706946578003,31.856130633333336,31.817917703804515,31.830103165327493,31.915969732976116,32.065291119106725,32.26983553913665]
[]
["Profit Function"]
[]
["Year","Units Sold (X)","Profit (Y)"]
[2011,{"$f":"B3","v":900},{"$f":"B26","v":158484.65625}]
[2012,{"$f":"C3","v":981.00000000000011},{"$f":"C26","v":171307.73625000002}]
[2013,{"$f":"D3","v":1060.461},{"$f":"D26","v":166460.36122963199}]
[2014,{"$f":"E3","v":1137.7686068999999},{"$f":"E26","v":159869.80313780782}]
[2015,{"$f":"F3","v":2400},{"$f":"F26","v":245274.2904325698}]
[2016,{"$f":"G3","v":2541.7175999999999},{"$f":"G26","v":304091.89853654173}]
[2017,{"$f":"H3","v":2676.7948943061597},{"$f":"H26","v":284111.78106183372}]
[2018,{"$f":"I3","v":2804.825164294406},{"$f":"I26","v":262766.12292648468}]
[2019,{"$f":"J3","v":2925.5636905955666},{"$f":"J26","v":240489.87369213538}]
[2020,{"$f":"K3","v":3038.9060221566847},{"$f":"K26","v":217667.7639077261}]
[]
[]
["SUMMARY OUTPUT"]
[]
["Regression Statistics"]
["Multiple R",0.85730555298486522]
["R Square",0.73497281117868551]
["Adjusted R Square",0.70184441257602126]
["Standard Error",66497.367414041728]
["Observations",10]
[]
["ANOVA"]
[null,"df","SS","MS","F","Significance F"]
["Regression",1,98102423222.675232,98102423222.675232,22.185582224900433,1.521365955467971E-3]
["Residual",8,35375198983.984474,4421899872.9980593]
["Total",9,133477622206.6597]
[]
[null,"Coefficients","Standard Error","t Stat","P-value","Lower 95%","Upper 95%","Lower 95.0%","Upper 95.0%"]
["Intercept",120934.75901359427,54434.04560348337,2.2216750137317618,5.703289118183108E-2,-4590.3752439305972,246459.89327111916,-4590.3752439305972,246459.89327111916]
["X Variable 1",115.54632189468543,24.531308277985318,4.7101573460873283,1.5213659554679736E-3,58.977023563683076,172.11562022568779,58.977023563683076,172.11562022568779]
[]
["Profit per extra unit",116]

{"sheet":"Capital Structure","index":4,"n_rows":22,"n_cols":14,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Gen Info"]
["Capital Structure",null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Debt",{"$f":"'Sensitivities & Monte Carlo'!E3","v":0.6},null,"Rate on Debt",{"$f":"'Sensitivities & Monte Carlo'!E6","v":0.13},null,"Tax Rate",{"$f":"'Sensitivities & Monte Carlo'!E9","v":0.375},null,null,null,null,null,"Depreciations"]
["Equity",{"$f":"'Sensitivities & Monte Carlo'!E4","v":0.4},null,"Rate on Equity",{"$f":"'Sensitivities & Monte Carlo'!E7","v":0.16},null,null,null,null,null,null,null,null,"Income St"]
["Total",{"$f":"B3+B4","v":1},null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
["WACC",{"$f":"'Sensitivities & Monte Carlo'!E8","v":0.11275},null,null,null,null,null,null,null,null,null,null,null,"Capital Structure"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
["Total Setup Capital",{"$f":"'HR Expenses and Consumables'!$B$48","v":181725},null,null,null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
["Loan taken from Bank",{"$f":"B8*B3","v":109035},null,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Capital Provided by owner",{"$f":"B8*B4","v":72690},null,null,null,null,null,null,null,null,null,null,null,"Break Even"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
["Long Term Debt",null,null,null,null,null,null,null,null,null,null,null,null,"Ratios"]
["Interest Rate",{"$f":"E3","v":0.13},null,null,null,null,null,null,null,null,null,null,null,"PVSOB"]
["Interest Period (years)",5,null,null,null,null,null,null,null,null,null,null,null,"Scenario Cases"]
["Interest Expense",{"$f":"B9*B13","v":14174.550000000001}]
[]
["Short Term Loans"]
["Loan for meeting exp for first 3 months",{"$f":"-('Cash Flow Monthly'!B19+'Cash Flow Monthly'!C19+'Cash Flow Monthly'!D19)","v":17900}]
["Interest on Short Loan Per Period",0.1]
["Number of periods for a year",4]
["Interest per period",{"$f":"B18*B19","v":1790}]
["Total Interest per year",{"$f":"B21*B20","v":7160}]

{"sheet":"Cash Flow Monthly","index":5,"n_rows":23,"n_cols":16,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Net CFO","Nav. Bar",null,null,null,null,null,null,null,null,null,null,null,null,"Gen Info"]
["Direct Method","Jul","Aug","Sep","Oct","Nov","Dec","Jan","Feb","Mar","Apr","May","Jun","Yearly",null,"Expenses"]
["Cash Collections from",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
["Stores",0,0,0,{"$f":"$N$4/6","v":63000},63000,63000,63000,63000,63000,0,0,0,{"$f":"'Income Statement'!B6","v":378000},null,"Income St"]
["Less:Net Accounts Receivable",0,0,0,-9000,0,0,0,0,0,9000,0,0,null,null,"Balance Sht"]
["Net Inflow",{"$f":"SUM(B4:B5)","v":0},{"$f":"SUM(C4:C5)","v":0},0,54000,63000,63000,63000,63000,63000,9000,0,0,378000,null,"Capital Structure"]
["Cash Disbursements to",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
["Permanent employees",{"$f":"$N$8/12","v":375},{"$f":"$N$8/12","v":375},375,375,375,375,375,375,375,375,375,375,{"$f":"'Income Statement'!B12","v":4500},null,"Cash Flows Y"]
["Bookkepeer",{"$f":"$N$9/12","v":416.66666666666669},416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,416.66666666666669,{"$f":"$N$9/12","v":416.66666666666669},{"$f":"'Income Statement'!B13","v":5000},null,"DCF, NPV & IRR"]
["Laborers for netting",0,{"$f":"N10","v":1000},0,0,0,0,0,0,0,0,0,0,{"$f":"'Income Statement'!B14","v":1000},null,"Break Even"]
["Land preparation",0,{"$f":"N11","v":3000},0,0,0,0,0,0,0,0,0,0,{"$f":"'Income Statement'!B32","v":3000},null,"Sensitivity & MC"]
["Manure",0,{"$f":"N12","v":1500},0,0,0,0,0,0,0,0,0,0,{"$f":"'Income Statement'!B33","v":1500},null,"Ratios"]
["Packaging",0,0,0,{"$f":"$N$13/6","v":3000},3000,3000,3000,3000,3000,0,0,0,{"$f":"'Income Statement'!B35","v":18000},null,"PVSOB"]
["Vitamin Supplement",0,{"$f":"N14","v":25},0,0,0,0,0,0,0,0,0,0,{"$f":"'Income Statement'!B36","v":25},null,"Scenario Cases"]
["Electricity bill paid",{"$f":"$N$15/12","v":1000},1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,{"$f":"$N$15/12","v":1000},{"$f":"'Income Statement'!B37","v":12000}]
["Transportation expense",0,{"$f":"N16","v":2000},0,0,0,0,0,0,0,0,0,0,{"$f":"'Income Statement'!B34","v":2000}]
["Lease expense",{"$f":"$N$17/12","v":1666.6666666666667},1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,1666.6666666666667,{"$f":"$N$17/12","v":1666.6666666666667},{"$f":"'Income Statement'!B15","v":20000}]
["Net Outflow",{"$f":"SUM(B8:B17)","v":3458.3333333333335},10983.333333333334,3458.3333333333335,6458.3333333333339,6458.3333333333339,6458.3333333333339,6458.3333333333339,6458.3333333333339,6458.3333333333339,3458.3333333333335,3458.3333333333335,3458.3333333333335,67025]
["Net Cash Flow without tax and interest",{"$f":"B6-B18","v":-3458.3333333333335},-10983.333333333334,-3458.3333333333335,47541.666666666664,56541.666666666664,56541.666666666664,56541.666666666664,56541.666666666664,56541.666666666664,5541.6666666666661,-3458.3333333333335,-3458.3333333333335,310975]
["Tax Payment",0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-'Income Statement'!B25","v":95090.793750000012}]
["Interest Payment(Short Term)",0,0,{"$f":"-'Capital Structure'!B21","v":-1790},0,0,{"$f":"D21","v":-1790},0,0,{"$f":"G21","v":-1790},0,0,{"$f":"J21","v":-1790},{"$f":"D21+G21+J21+M21","v":-7160}]
["Interest Payment (Long Term)",0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-'Capital Structure'!B15","v":-14174.550000000001}]
["Cash Flow from Operations",{"$f":"SUM(B19:B22)","v":-3458.3333333333335},{"$f":"SUM(C19:C22)","v":-10983.333333333334},-5248.3333333333339,47541.666666666664,56541.666666666664,54751.666666666664,56541.666666666664,56541.666666666664,54751.666666666664,5541.6666666666661,-3458.3333333333335,-5248.3333333333339,384731.24375000002]

{"sheet":"Cash Flow Yearly","index":6,"n_rows":61,"n_cols":13,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","CFO","CFI","CFF","NCF (Accounting)","Financial CF","Note 1","Note 2","FCFE","Nav. Bar",null,null,"Gen Info"]
["Indirect Method",null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Year Ended (Jul)",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Depreciations"]
["Earning before interest and taxes",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166},{"$f":"'Income Statement'!G21","v":486547.03765846672},{"$f":"'Income Statement'!H21","v":454578.84969893401},{"$f":"'Income Statement'!I21","v":420425.79668237554},{"$f":"'Income Statement'!J21","v":384783.79790741659},{"$f":"'Income Statement'!K21","v":348268.42225236178},null,"Income St"]
["Add: Noncash expenses",{"$f":"'Income Statement'!B17","v":65},{"$f":"'Income Statement'!C17","v":65},{"$f":"'Income Statement'!D17","v":65},{"$f":"'Income Statement'!E17","v":65},{"$f":"'Income Statement'!F17","v":65},{"$f":"'Income Statement'!G17","v":65},{"$f":"'Income Statement'!H17","v":65},{"$f":"'Income Statement'!I17","v":65},{"$f":"'Income Statement'!J17","v":65},{"$f":"'Income Statement'!K17","v":65},null,"Balance Sht"]
["          Depreciation expenses",{"$f":"'Income Statement'!B16","v":18100},{"$f":"'Income Statement'!C16","v":18100},{"$f":"'Income Statement'!D16","v":18100},{"$f":"'Income Statement'!E16","v":18100},{"$f":"'Income Statement'!F16","v":40914.323616000001},{"$f":"'Income Statement'!G16","v":40914.323616000001},{"$f":"'Income Statement'!H16","v":40914.323616000001},{"$f":"'Income Statement'!I16","v":40914.323616000001},{"$f":"'Income Statement'!J16","v":40914.323616000001},{"$f":"'Income Statement'!K16","v":40914.323616000001},null,"Capital Structure"]
["Changes in operating accounts",0,0,0,0,0,0,0,0,0,0,null,"Cash Flows M"]
["(increase in receivables)",0,0,0,0,0,0,0,0,0,0,null,"Cash Flows Y"]
["(decrease in inventories)",0,0,0,0,0,0,0,0,0,0,null,"DCF, NPV & IRR"]
["(decrease in accounts payable)",0,0,0,0,0,0,0,0,0,0,null,"Break Even"]
["Interest Expense - Long Term",{"$f":"-'Capital Structure'!B15","v":-14174.550000000001},{"$f":"-'Income Statement'!C22","v":14174.550000000001},{"$f":"-'Income Statement'!D22","v":14174.550000000001},{"$f":"-'Income Statement'!E22","v":14174.550000000001},{"$f":"-'Income Statement'!F22","v":14174.550000000001},{"$f":"-'Income Statement'!G22","v":0},{"$f":"-'Income Statement'!H22","v":0},{"$f":"-'Income Statement'!I22","v":0},{"$f":"-'Income Statement'!J22","v":0},{"$f":"-'Income Statement'!K22","v":0},null,"Sensitivity & MC"]
["Interest Expense - Short Term",{"$f":"-'Capital Structure'!B22","v":-7160},0,0,0,0,0,0,0,0,0,null,"Ratios"]
["Cash for Tax Payments",{"$f":"'Income Statement'!B25","v":-95090.793750000012},{"$f":"'Income Statement'!C25","v":-102784.64175000001},{"$f":"'Income Statement'!D25","v":-99876.216737779207},{"$f":"'Income Statement'!E25","v":-95921.881882684698},{"$f":"'Income Statement'!F25","v":-147164.57425954187},{"$f":"'Income Statement'!G25","v":-182455.13912192502},{"$f":"'Income Statement'!H25","v":-170467.06863710025},{"$f":"'Income Statement'!I25","v":-157659.67375589084},{"$f":"'Income Statement'!J25","v":-144293.92421528121},{"$f":"'Income Statement'!K25","v":-130600.65834463567},null,"PVSOB"]
["Cash flows from operations",{"$f":"SUM(B4:B13)","v":194549.65625},{"$f":"SUM(C4:C12)","v":320606.478},312850.67796741117,302305.78502049251,570802.28830811172,527526.36127446673,495558.17331493401,461405.12029837555,425763.1215234166,389247.74586836179,null,"Scenario Cases"]
[]
["Cash Flow from financing"]
["Debt Repayment - Long Term",{"$f":"0","v":0},{"$f":"-'Income Statement'!C23","v":0},{"$f":"-'Income Statement'!D23","v":0},{"$f":"-'Income Statement'!E23","v":0},{"$f":"-'Income Statement'!F23","v":109035},{"$f":"-'Income Statement'!G23","v":0},{"$f":"-'Income Statement'!H23","v":0},{"$f":"-'Income Statement'!I23","v":0},{"$f":"-'Income Statement'!J23","v":0},{"$f":"-'Income Statement'!K23","v":0}]
["Debt Repayment - Short Term",{"$f":"-'Capital Structure'!B18","v":-17900}]
["Add: Cash From Loans",{"$f":"'Capital Structure'!B9","v":109035}]
["Add: Cash From Owners",{"$f":"'Capital Structure'!B10","v":72690}]
["Total CFF",{"$f":"SUM(B17:B20)","v":163825},{"$f":"SUM(C17:C18)","v":0},0,0,109035,0,0,0,0,0]
[]
["Cash Flow from investment"]
["Capex",{"$f":"-'HR Expenses and Consumables'!B48","v":-181725},{"$f":"-'HR Expenses and Consumables'!C48","v":0},{"$f":"-'HR Expenses and Consumables'!D48","v":0},{"$f":"-'HR Expenses and Consumables'!E48","v":0},{"$f":"-'HR Expenses and Consumables'!F48","v":-228218.23616},{"$f":"-'HR Expenses and Consumables'!G48","v":0},{"$f":"-'HR Expenses and Consumables'!H48","v":0},{"$f":"-'HR Expenses and Consumables'!I48","v":0},{"$f":"-'HR Expenses and Consumables'!J48","v":0},{"$f":"-'HR Expenses and Consumables'!K48","v":0}]
["Total CFI",{"$f":"SUM(B24:B24)","v":-181725},{"$f":"SUM(C24)","v":0},0,0,-228218.23616,0,0,0,0,0]
[]
["Net Cash Flow (Accounting)",{"$f":"B14+B21+B25","v":176649.65625},320606.478,312850.67796741117,302305.78502049251,451619.05214811175,527526.36127446673,495558.17331493401,461405.12029837555,425763.1215234166,389247.74586836179]
["Cash Payout For Owners",{"$f":"-B27*$B$56","v":-132487.2421875},-240454.8585,-234638.00847555837,-226729.33876536938,-338714.28911108384,-395644.77095585002,-371668.62998620048,-346053.84022378165,-319322.34114256245,-291935.80940127134]
["Cash Balance",{"$f":"B27+B28","v":44162.4140625},{"$f":"C27+C28","v":80151.619500000001},78212.669491852808,75576.446255123126,112904.76303702791,131881.59031861671,123889.54332873353,115351.2800745939,106440.78038085415,97311.936467090447]
[]
["FINANCIAL CASH FLOW"]
["Cash Flow from Operations",{"$f":"B14","v":194549.65625},320606.478,312850.67796741117,302305.78502049251,570802.28830811172,527526.36127446673,495558.17331493401,461405.12029837555,425763.1215234166,389247.74586836179]
["Cash Flow for Short Term Debt Repayment",{"$f":"B18","v":-17900},{"$f":"C18+C12","v":0},0,0,0,0,0,0,0,0]
["Cash Flow for long term interest",{"$f":"-B11","v":14174.550000000001},-14174.550000000001,-14174.550000000001,-14174.550000000001,-14174.550000000001,0,0,0,0,0]
["Cash Flow from Capex",{"$f":"B24","v":-181725},0,0,0,-228218.23616,0,0,0,0,0]
["Net Financial Cash Flow",{"$f":"SUM(B32:B35)","v":9099.2062499999884},306431.92800000001,298676.12796741119,288131.23502049252,328409.5021481117,527526.36127446673,495558.17331493401,461405.12029837555,425763.1215234166,389247.74586836179]
["Growth Rate",null,{"$f":"(C36-B36)/B36","v":32.676775707771256},{"$f":"(D36-C36)/C36","v":-2.5310025894523719E-2},-3.5305442784062183E-2,0.13979139444827807,0.6063066318847069,-6.0600171491524739E-2,-6.8918352790145049E-2,-7.7246647700637647E-2,-8.5764533866624471E-2]
["Average Growth Rate",{"$f":"AVERAGE(C37:K37)","v":3.6744142843974137}]
[]
["Financial Cash Flow to Equity (FCFE)",2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Net Income",0,{"$f":"'Income Statement'!B26","v":158484.65625},{"$f":"'Income Statement'!C26","v":171307.73625000002},{"$f":"'Income Statement'!D26","v":166460.36122963199},{"$f":"'Income Statement'!E26","v":159869.80313780782},{"$f":"'Income Statement'!F26","v":245274.2904325698},{"$f":"'Income Statement'!G26","v":304091.89853654173},{"$f":"'Income Statement'!H26","v":284111.78106183372},{"$f":"'Income Statement'!I26","v":262766.12292648468},{"$f":"'Income Statement'!J26","v":240489.87369213538},{"$f":"'Income Statement'!K26","v":217667.7639077261}]
["Add: Depreciation",{"$f":"0","v":0},{"$f":"B6","v":18100},{"$f":"C6","v":18100},18100,18100,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001,40914.323616000001]
["Less: Change In NWC",0,{"$f":"'Balance Sheet'!B6","v":44162.4140625},{"$f":"'Balance Sheet'!C6-'Cash Flow Yearly'!C43","v":80151.619500000001},{"$f":"'Balance Sheet'!D6-'Cash Flow Yearly'!D43","v":122375.08355435281},{"$f":"'Balance Sheet'!E6-'Cash Flow Yearly'!E43","v":155728.0657551231},{"$f":"'Balance Sheet'!F6-'Cash Flow Yearly'!F43","v":235279.84659138072},{"$f":"'Balance Sheet'!G6-'Cash Flow Yearly'!G43","v":287609.65607373981},{"$f":"'Balance Sheet'!H6-'Cash Flow Yearly'!H43","v":359169.38992011425},{"$f":"'Balance Sheet'!I6-'Cash Flow Yearly'!I43","v":402960.93614833365},{"$f":"'Balance Sheet'!J6-'Cash Flow Yearly'!J43","v":465610.1703009684},{"$f":"'Balance Sheet'!K6-'Cash Flow Yearly'!K43","v":500272.87261542404}]
["Less: CAPEX",{"$f":"B24","v":-181725},{"$f":"C24","v":0},0,0,-228218.23616,0,0,0,0,0,0]
["Less: Debt Repayment",{"$f":"0","v":0},{"$f":"B17","v":0},{"$f":"C17","v":0},0,0,109035,0,0,0,0,0]
["Add: New Debt",{"$f":"B19","v":109035},{"$f":"C19","v":0},0,0,0,0,0,0,0,0,0]
["FCFE",{"$f":"SUM(B41:B46)","v":-72690},{"$f":"SUM(C41:C46)","v":220747.0703125},269559.35574999999,306935.4447839848,105479.63273293091,630503.46063995059,632615.87822628161,684195.49459794792,706641.38269081828,747014.36760910379,758854.96013915015]
[]
[]
[]
[]
[]
["Note 1"]
["Total Owners",3]
["Individual Profit Withdrawal",0.25]
["Profit Withdrawn by owners",{"$f":"B54*B55","v":0.75}]
[]
["Note 2: Profit Withdrawal Schedule"]
["Years",{"$f":"B3","v":2011},2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Total Cash Withdrawn Per Year",{"$f":"B27*$B$56","v":132487.2421875},240454.8585,234638.00847555837,226729.33876536938,338714.28911108384,395644.77095585002,371668.62998620048,346053.84022378165,319322.34114256245,291935.80940127134]
["Cash Withdrawal Per Owner",{"$f":"B60/$B$54","v":44162.4140625},80151.619500000001,78212.669491852794,75576.446255123126,112904.76303702795,131881.59031861668,123889.54332873349,115351.28007459389,106440.78038085415,97311.936467090447]

{"sheet":"Balance Sheet","index":7,"n_rows":50,"n_cols":13,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Assets","Liabs & Equity","Note 1","Note 2","Nav. Bar",null,null,null,null,null,null,"Gen Info"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Balance Sheets",null,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Income St"]
["Assets",null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
["Cash",{"$f":"'Cash Flow Yearly'!B29","v":44162.4140625},{"$f":"B6+'Cash Flow Yearly'!C29","v":124314.0335625},{"$f":"C6+'Cash Flow Yearly'!D29","v":202526.70305435281},{"$f":"D6+'Cash Flow Yearly'!E29","v":278103.14930947591},{"$f":"E6+'Cash Flow Yearly'!F29","v":391007.91234650381},{"$f":"F6+'Cash Flow Yearly'!G29","v":522889.50266512053},{"$f":"G6+'Cash Flow Yearly'!H29","v":646779.04599385406},{"$f":"H6+'Cash Flow Yearly'!I29","v":762130.3260684479},{"$f":"I6+'Cash Flow Yearly'!J29","v":868571.10644930205},{"$f":"J6+'Cash Flow Yearly'!K29","v":965883.04291639244},null,"Capital Structure"]
["Account Receivables",{"$f":"'Cash Flow Monthly'!N5","v":0},{"$f":"B7","v":0},{"$f":"C7","v":0},0,0,0,0,0,0,0,null,"Cash Flows M"]
[{"$f":"'Depreciation and Ammortization'!A5","v":"Saplings"},{"$f":"'Depreciation and Ammortization'!B6","v":120000},{"$f":"B8","v":120000},{"$f":"C8","v":120000},{"$f":"D8","v":120000},{"$f":"E8+'Depreciation and Ammortization'!F6","v":320000},{"$f":"F8","v":320000},{"$f":"G8","v":320000},{"$f":"H8","v":320000},{"$f":"I8","v":320000},{"$f":"J8","v":320000},null,"Cash Flows Y"]
["Accumulated Depreciation: Saplings",{"$f":"-'Depreciation and Ammortization'!B9","v":-12000},{"$f":"B9-'Depreciation and Ammortization'!C9","v":-24000},{"$f":"C9-'Depreciation and Ammortization'!D9","v":-36000},{"$f":"D9-'Depreciation and Ammortization'!E9","v":-48000},{"$f":"E9-'Depreciation and Ammortization'!F9","v":-80000},{"$f":"F9-'Depreciation and Ammortization'!G9","v":-112000},{"$f":"G9-'Depreciation and Ammortization'!H9","v":-144000},{"$f":"H9-'Depreciation and Ammortization'!I9","v":-176000},{"$f":"I9-'Depreciation and Ammortization'!J9","v":-208000},{"$f":"J9-'Depreciation and Ammortization'!K9","v":-240000},null,"DCF, NPV & IRR"]
[{"$f":"'Depreciation and Ammortization'!A11","v":"Netting"},{"$f":"'Depreciation and Ammortization'!B11","v":3500},{"$f":"B10","v":3500},{"$f":"C10","v":3500},{"$f":"D10","v":3500},{"$f":"E10+'Depreciation and Ammortization'!F11","v":7288.5125600000001},{"$f":"F10","v":7288.5125600000001},{"$f":"G10","v":7288.5125600000001},{"$f":"H10","v":7288.5125600000001},{"$f":"I10","v":7288.5125600000001},{"$f":"J10","v":7288.5125600000001},null,"Break Even"]
["Accumulated Depreciation: Netting",{"$f":"-'Depreciation and Ammortization'!B14","v":-350},{"$f":"B11-'Depreciation and Ammortization'!C14","v":-700},{"$f":"C11-'Depreciation and Ammortization'!D14","v":-1050},{"$f":"D11-'Depreciation and Ammortization'!E14","v":-1400},{"$f":"E11-'Depreciation and Ammortization'!F14","v":-2128.8512559999999},{"$f":"F11-'Depreciation and Ammortization'!G14","v":-2857.7025119999998},{"$f":"G11-'Depreciation and Ammortization'!H14","v":-3586.5537679999998},{"$f":"H11-'Depreciation and Ammortization'!I14","v":-4315.4050239999997},{"$f":"I11-'Depreciation and Ammortization'!J14","v":-5044.2562799999996},{"$f":"J11-'Depreciation and Ammortization'!K14","v":-5773.1075359999995},null,"Sensitivity & MC"]
[{"$f":"'Depreciation and Ammortization'!A16","v":"RCC Pillars for netting"},{"$f":"'Depreciation and Ammortization'!B16","v":4500},{"$f":"B12","v":4500},{"$f":"C12","v":4500},{"$f":"D12","v":4500},{"$f":"E12+'Depreciation and Ammortization'!F16","v":19112.834159999999},{"$f":"F12","v":19112.834159999999},{"$f":"G12","v":19112.834159999999},{"$f":"H12","v":19112.834159999999},{"$f":"I12","v":19112.834159999999},{"$f":"J12","v":19112.834159999999},null,"Ratios"]
["Accumulated Depreciation: Pillars",{"$f":"-'Depreciation and Ammortization'!B19","v":-450},{"$f":"B13-'Depreciation and Ammortization'!C19","v":-900},{"$f":"C13-'Depreciation and Ammortization'!D19","v":-1350},{"$f":"D13-'Depreciation and Ammortization'!E19","v":-1800},{"$f":"E13-'Depreciation and Ammortization'!F19","v":-3711.2834160000002},{"$f":"F13-'Depreciation and Ammortization'!G19","v":-5622.5668320000004},{"$f":"G13-'Depreciation and Ammortization'!H19","v":-7533.8502480000006},{"$f":"H13-'Depreciation and Ammortization'!I19","v":-9445.1336640000009},{"$f":"I13-'Depreciation and Ammortization'!J19","v":-11356.417080000001},{"$f":"J13-'Depreciation and Ammortization'!K19","v":-13267.700496000001},null,"PVSOB"]
[{"$f":"'Depreciation and Ammortization'!A21","v":"Bamboo"},{"$f":"'Depreciation and Ammortization'!B21","v":3000},{"$f":"B14","v":3000},{"$f":"C14","v":3000},{"$f":"D14","v":3000},{"$f":"E14+'Depreciation and Ammortization'!F21","v":12741.889439999999},{"$f":"F14+'Depreciation and Ammortization'!G21","v":12741.889439999999},{"$f":"G14+'Depreciation and Ammortization'!H21","v":12741.889439999999},{"$f":"H14+'Depreciation and Ammortization'!I21","v":12741.889439999999},{"$f":"I14+'Depreciation and Ammortization'!J21","v":12741.889439999999},{"$f":"J14+'Depreciation and Ammortization'!K21","v":12741.889439999999},null,"Scenario Cases"]
["Accumulated Depreciation: Bamboo",{"$f":"-'Depreciation and Ammortization'!B24","v":-300},{"$f":"B15-'Depreciation and Ammortization'!C24","v":-600},{"$f":"C15-'Depreciation and Ammortization'!D24","v":-900},{"$f":"D15-'Depreciation and Ammortization'!E24","v":-1200},{"$f":"E15-'Depreciation and Ammortization'!F24","v":-2474.188944},{"$f":"F15-'Depreciation and Ammortization'!G24","v":-3748.377888},{"$f":"G15-'Depreciation and Ammortization'!H24","v":-5022.5668320000004},{"$f":"H15-'Depreciation and Ammortization'!I24","v":-6296.755776},{"$f":"I15-'Depreciation and Ammortization'!J24","v":-7570.9447199999995},{"$f":"J15-'Depreciation and Ammortization'!K24","v":-8845.133663999999}]
[{"$f":"'Depreciation and Ammortization'!A26","v":"Labor shed & toilet"},{"$f":"'Depreciation and Ammortization'!B26","v":50000},{"$f":"B16","v":50000},{"$f":"C16","v":50000},50000,50000,50000,50000,50000,50000,50000]
["Accumulated Depreciation: Labor Shed",{"$f":"-'Depreciation and Ammortization'!B27","v":-5000},{"$f":"B17-'Depreciation and Ammortization'!C27","v":-10000},{"$f":"C17-'Depreciation and Ammortization'!D27","v":-15000},{"$f":"D17-'Depreciation and Ammortization'!E27","v":-20000},{"$f":"E17-'Depreciation and Ammortization'!F27","v":-25000},{"$f":"F17-'Depreciation and Ammortization'!G27","v":-30000},{"$f":"G17-'Depreciation and Ammortization'!H27","v":-35000},{"$f":"H17-'Depreciation and Ammortization'!I27","v":-40000},{"$f":"I17-'Depreciation and Ammortization'!J27","v":-45000},{"$f":"J17-'Depreciation and Ammortization'!K27","v":-50000}]
[{"$f":"'Depreciation and Ammortization'!A34","v":"Trade license cost"},{"$f":"'Depreciation and Ammortization'!B34","v":650},{"$f":"B18","v":650},{"$f":"C18","v":650},650,650,650,650,650,650,650]
["Accumulated Ammortization: Trade License",{"$f":"-'Depreciation and Ammortization'!B36","v":-65},{"$f":"B19-'Depreciation and Ammortization'!C36","v":-130},{"$f":"C19-'Depreciation and Ammortization'!D36","v":-195},{"$f":"D19-'Depreciation and Ammortization'!E36","v":-260},{"$f":"E19-'Depreciation and Ammortization'!F36","v":-325},{"$f":"F19-'Depreciation and Ammortization'!G36","v":-390},{"$f":"G19-'Depreciation and Ammortization'!H36","v":-455},{"$f":"H19-'Depreciation and Ammortization'!I36","v":-520},{"$f":"I19-'Depreciation and Ammortization'!J36","v":-585},{"$f":"J19-'Depreciation and Ammortization'!K36","v":-650}]
["Total Assets",{"$f":"SUM(B6:B19)","v":207647.4140625},269634.03356250003,329681.70305435278,387093.14930947591,687161.82489050366,778064.09159312036,860974.31130585389,935346.26776444796,1000807.724529302,1057140.3373803925]
[]
["Liabilities and owners equity"]
["Liability:",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Long Term Loans",{"$f":"'Capital Structure'!B9","v":109035},{"$f":"B24","v":109035},{"$f":"C24","v":109035},{"$f":"D24","v":109035},{"$f":"E24","v":109035},0,0,0,0,0]
["Short Term Loans","-",{"$f":"B25","v":"-"},{"$f":"C25","v":"-"},"-","-","-","-","-","-","-"]
["Accounts Payable",0,{"$f":"B26","v":0},{"$f":"C26","v":0},0,0,0,0,0,0,0]
["Total Liabilities",{"$f":"SUM(B24:B26)","v":109035},{"$f":"SUM(C24:C26)","v":109035},109035,109035,109035,0,0,0,0,0]
["Owners Equity"]
["Capital from Owners",{"$f":"'Capital Structure'!B10","v":72690},{"$f":"B29","v":72690},{"$f":"C29","v":72690},72690,72690,72690,72690,72690,72690,72690]
["Dividends",0,{"$f":"B30","v":0},{"$f":"C30","v":0},0,0,0,0,0,0,0]
["Retained Earnings",{"$f":"B20-B27-B29","v":25922.4140625},87909.03356250003,147956.70305435278,205368.14930947591,505436.82489050366,705374.09159312036,788284.31130585389,862656.26776444796,928117.72452930198,984450.33738039248]
["Total Equity",{"$f":"SUM(B29:B31)","v":98612.4140625},{"$f":"SUM(C29:C31)","v":160599.03356250003},220646.70305435278,278058.14930947591,578126.82489050366,778064.09159312036,860974.31130585389,935346.26776444796,1000807.724529302,1057140.3373803925]
["Total Liabilities and Equity",{"$f":"B27+B32","v":207647.4140625},269634.03356250003,329681.70305435278,387093.14930947591,687161.82489050366,778064.09159312036,860974.31130585389,935346.26776444796,1000807.724529302,1057140.3373803925]
[]
[]
[]
["Note 1: Income Available for Spending"]
["Pretax Income",{"$f":"'Income Statement'!B24","v":253575.45},{"$f":"'Income Statement'!C24","v":274092.37800000003},{"$f":"'Income Statement'!D24","v":266336.5779674112},{"$f":"'Income Statement'!E24","v":255791.68502049253},{"$f":"'Income Statement'!F24","v":392438.86469211167},{"$f":"'Income Statement'!G24","v":486547.03765846672},{"$f":"'Income Statement'!H24","v":454578.84969893401},{"$f":"'Income Statement'!I24","v":420425.79668237554},{"$f":"'Income Statement'!J24","v":384783.79790741659},{"$f":"'Income Statement'!K24","v":348268.42225236178}]
["Retained Earnings Per Year",{"$f":"B31","v":25922.4140625},{"$f":"C31-B31","v":61986.61950000003},60047.66949185275,57411.446255123126,300068.67558102775,199937.2667026167,82910.219712733524,74371.956458594068,65461.456764854025,56332.612851090496]
["Pretax Income for spending",{"$f":"B38-B39","v":227653.03593750001},{"$f":"C38-C39","v":212105.7585},206288.90847555845,198380.2387653694,92370.189111083921,286609.77095585002,371668.62998620048,346053.84022378147,319322.34114256257,291935.80940127128]
["Tax",{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!B40","v":85369.888476562512},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!C40","v":79539.659437499999},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!D40","v":77358.340678334411},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!E40","v":74392.589537013526},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!F40","v":34638.82091665647},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!G40","v":107478.66410844376},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!H40","v":139375.73624482518},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!I40","v":129770.19008391805},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!J40","v":119745.87792846096},{"$f":"'Capital Structure'!$H$3*'Balance Sheet'!K40","v":109475.92852547673}]
["Income Available for Spending (net of tax)",{"$f":"B40-B41","v":142283.1474609375},{"$f":"C40-C41","v":132566.0990625},128930.56779722404,123987.64922835588,57731.36819442745,179131.10684740625,232292.8937413753,216283.65013986343,199576.46321410162,182459.88087579457]
[]
[]
["Note 2: Plowback ratio and Internal Growth Rate"]
["Pretax Income",{"$f":"B38","v":253575.45},{"$f":"C38","v":274092.37800000003},266336.5779674112,255791.68502049253,392438.86469211167,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
[{"$f":"A39","v":"Retained Earnings Per Year"},{"$f":"B39","v":25922.4140625},{"$f":"C39","v":61986.61950000003},60047.66949185275,57411.446255123126,300068.67558102775,199937.2667026167,82910.219712733524,74371.956458594068,65461.456764854025,56332.612851090496]
["Plowback Ratio",{"$f":"B47/B46","v":0.10222761731271698},{"$f":"C47/C46","v":0.22615229198383627},0.22545783966331562,0.22444610054671502,0.7646252768987265,0.41093101227134243,0.18238908336286361,0.17689674859504589,0.1701252940504652,0.16175056149727762]
["ROE",null,{"$f":"Ratios!C178","v":2.1148169227196183},{"$f":"Ratios!D178","v":1.3971911152678731},{"$f":"Ratios!E178","v":1.0258239269502052},{"$f":"Ratios!F178","v":0.91671514104485918},{"$f":"Ratios!G178","v":0.71751997708405502},{"$f":"Ratios!H178","v":0.55468968743492331},{"$f":"Ratios!I178","v":0.4680966210385118},{"$f":"Ratios!J178","v":0.39747230792481081},{"$f":"Ratios!K178","v":0.33846181903073147}]
["Internal Growth Rate",null,{"$f":"C48*C49","v":0.47827069419924523},0.31500769044507326,0.23024218025149179,0.70094356855868056,0.29485121050806118,0.10116934364208899,8.2804770290040089E-2,6.7620093262625483E-2,5.4746389273610779E-2]

{"sheet":"Ratios","index":8,"n_rows":215,"n_cols":17,"rows_kept":215,"cut":false,"hidden":false,"merged":[[99,0,100,0],[6,0,7,0],[18,0,19,0],[27,0,28,0],[39,0,40,0],[47,0,48,0],[57,0,58,0],[65,0,66,0],[75,0,76,0],[83,0,84,0],[91,0,92,0],[161,0,162,0],[170,0,171,0],[181,0,182,0],[189,0,190,0],[110,0,111,0],[118,0,119,0],[126,0,127,0],[134,0,135,0],[142,0,143,0],[152,0,153,0]]}
["Page Navigation","Short Term Ratios","L.T Ratios","Liquiduty","Solvency","Coverage","Profitability","ROI","Leverage","Nav. Bar",null,null,null,null,null,null,"Gen Info"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Ratios",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income St"]
["Short-term Activity Ratios",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital Structure"]
["Working Capital Turnover =","Sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
[null,"Average Working Capital",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,null,null,null,null,"Break Even"]
["Sales",{"$f":"'Income Statement'!B6","v":378000},{"$f":"'Income Statement'!C6","v":375809.32800000004},{"$f":"'Income Statement'!D6","v":370454.00045541121},{"$f":"'Income Statement'!E6","v":362344.95397631521},{"$f":"'Income Statement'!F6","v":696612.85382811166},{"$f":"'Income Statement'!G6","v":672199.53273757827},{"$f":"'Income Statement'!H6","v":644837.86119392095},{"$f":"'Income Statement'!I6","v":615282.40619390155},{"$f":"'Income Statement'!J6","v":584217.91521238},{"$f":"'Income Statement'!K6","v":552251.40053002886},null,null,null,null,null,"Sensitivity & MC"]
["Working Capital",{"$f":"'Balance Sheet'!B6","v":44162.4140625},{"$f":"'Balance Sheet'!C6","v":124314.0335625},{"$f":"'Balance Sheet'!D6","v":202526.70305435281},{"$f":"'Balance Sheet'!E6","v":278103.14930947591},{"$f":"'Balance Sheet'!F6","v":391007.91234650381},{"$f":"'Balance Sheet'!G6","v":522889.50266512053},{"$f":"'Balance Sheet'!H6","v":646779.04599385406},{"$f":"'Balance Sheet'!I6","v":762130.3260684479},{"$f":"'Balance Sheet'!J6","v":868571.10644930205},{"$f":"'Balance Sheet'!K6","v":965883.04291639244},null,null,null,null,null,"Ratios"]
["Average Working Capital",null,{"$f":"AVERAGE(B12:C12)","v":84238.2238125},{"$f":"AVERAGE(C12:D12)","v":163420.3683084264},240314.92618191434,334555.53082798986,456948.70750581217,584834.27432948723,704454.68603115098,815350.71625887498,917227.07468284725,null,null,null,null,null,"PVSOB"]
["Working Capital Turnover",null,{"$f":"C11/C13","v":4.4612684241359108},{"$f":"D11/D13","v":2.2668777722752789},1.5077921281594726,2.0822039680649365,1.4710612410016024,1.1025992994908307,0.87341658504730812,0.71652345863260392,0.60208798428784138,null,null,null,null,null,"Scenario Cases"]
[]
[]
["Long-term Activity Ratios"]
[]
["Fixed Assets Turnover =","Sales"]
[null,"Average Fixed Assets"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[{"$f":"A11","v":"Sales"},378000,375809.32800000004,370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Fixed Assets (net of depreciation)",{"$f":"SUM('Balance Sheet'!B8:B17)","v":162900},{"$f":"SUM('Balance Sheet'!C8:C17)","v":144800},{"$f":"SUM('Balance Sheet'!D8:D17)","v":126700},{"$f":"SUM('Balance Sheet'!E8:E17)","v":108600},{"$f":"SUM('Balance Sheet'!F8:F17)","v":295828.91254400002},{"$f":"SUM('Balance Sheet'!G8:G17)","v":254914.58892800001},{"$f":"SUM('Balance Sheet'!H8:H17)","v":214000.26531199997},{"$f":"SUM('Balance Sheet'!I8:I17)","v":173085.94169599999},{"$f":"SUM('Balance Sheet'!J8:J17)","v":132171.61808000001},{"$f":"SUM('Balance Sheet'!K8:K17)","v":91257.294464000006}]
["Average Fixed Asset",null,{"$f":"AVERAGE(B24:C24)","v":153850},{"$f":"AVERAGE(C24:D24)","v":135750},117650,202214.45627200001,275371.75073600002,234457.42712000001,193543.103504,152628.77988799999,111714.45627200001]
["Fixed Assets Turnover",null,{"$f":"C23/C25","v":2.4426995645108875},{"$f":"D23/D25","v":2.7289429131153682},3.0798551124208688,3.4449211330919538,2.4410620586205978,2.7503409429801513,3.1790458820517227,3.8277048119043013,4.9434193116906799]
[]
["Total Assets Turnover =","Sales"]
[null,"Average Total Assets"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[{"$f":"A23","v":"Sales"},{"$f":"B23","v":378000},{"$f":"C23","v":375809.32800000004},370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Total Assets (net of depreciation)",{"$f":"SUM('Balance Sheet'!B8:B19)","v":163485},{"$f":"SUM('Balance Sheet'!C8:C19)","v":145320},{"$f":"SUM('Balance Sheet'!D8:D19)","v":127155},{"$f":"SUM('Balance Sheet'!E8:E19)","v":108990},{"$f":"SUM('Balance Sheet'!F8:F19)","v":296153.91254400002},{"$f":"SUM('Balance Sheet'!G8:G19)","v":255174.58892800001},{"$f":"SUM('Balance Sheet'!H8:H19)","v":214195.26531199997},{"$f":"SUM('Balance Sheet'!I8:I19)","v":173215.94169599999},{"$f":"SUM('Balance Sheet'!J8:J19)","v":132236.61808000001},{"$f":"SUM('Balance Sheet'!K8:K19)","v":91257.294464000006}]
["Average Total Asset",null,{"$f":"AVERAGE(B33:C33)","v":154402.5},{"$f":"AVERAGE(C33:D33)","v":136237.5},{"$f":"AVERAGE(D33:E33)","v":118072.5},{"$f":"AVERAGE(E33:F33)","v":202571.95627200001},{"$f":"AVERAGE(F33:G33)","v":275664.25073600002},{"$f":"AVERAGE(G33:H33)","v":234684.92712000001},{"$f":"AVERAGE(H33:I33)","v":193705.603504},{"$f":"AVERAGE(I33:J33)","v":152726.27988799999},{"$f":"AVERAGE(J33:K33)","v":111746.95627200001}]
["Total Assets Turnover",null,{"$f":"C32/C34","v":2.4339588283868463},{"$f":"D32/D34","v":2.7191779095727036},{"$f":"E32/E34","v":3.0688344362685234},{"$f":"F32/F34","v":3.4388415190735815},{"$f":"G32/G34","v":2.43847191263598},{"$f":"H32/H34","v":2.7476748042885597},{"$f":"I32/I34","v":3.176378974401719},{"$f":"J32/J34","v":3.8252612166079687},{"$f":"K32/K34","v":4.9419815890627916}]
[]
[]
["Liquidity Analysis"]
[]
["Current Ratio =","Current Assets"]
[null,"Current Liabilities"]
[]
["Years",2011,2012,2013,2014,2015]
["Current Assets",{"$f":"'Balance Sheet'!B6","v":44162.4140625},{"$f":"'Balance Sheet'!C6","v":124314.0335625},{"$f":"'Balance Sheet'!D6","v":202526.70305435281},{"$f":"'Balance Sheet'!E6","v":278103.14930947591},{"$f":"'Balance Sheet'!F6","v":391007.91234650381}]
["Current Liabilities",{"$f":"'Balance Sheet'!B24","v":109035},{"$f":"'Balance Sheet'!C24","v":109035},{"$f":"'Balance Sheet'!D24","v":109035},{"$f":"'Balance Sheet'!E24","v":109035},{"$f":"'Balance Sheet'!F24","v":109035}]
["Current Ratio",{"$f":"B44/B45","v":0.40502970663089832},{"$f":"C44/C45","v":1.1401296240885954},1.8574467194419482,2.5505860440177548,3.5860770610033823]
[]
["Cash Flow from Operations Ratio =","CFO"]
[null,"Current Liabilities"]
[]
["Years",2011,2012,2013,2014,2015]
["CFO",{"$f":"'Cash Flow Yearly'!B14","v":194549.65625},{"$f":"'Cash Flow Yearly'!C14","v":320606.478},{"$f":"'Cash Flow Yearly'!D14","v":312850.67796741117},{"$f":"'Cash Flow Yearly'!E14","v":302305.78502049251},{"$f":"'Cash Flow Yearly'!F14","v":570802.28830811172}]
["Current Liabilities",{"$f":"B45","v":109035},{"$f":"C45","v":109035},109035,109035,109035]
["CFO Ratio",{"$f":"B52/B53","v":1.7842862956848717},{"$f":"C52/C53","v":2.9403996698307884},{"$f":"D52/D53","v":2.8692683814134101},{"$f":"E52/E53","v":2.7725572983032283},{"$f":"F52/F53","v":5.2350372660898952}]
[]
["Debt and Solvency Analysis"]
[]
["Debt to Capital =","Total Debt"]
[null,"Total Capital"]
[]
["Years",2011,2012,2013,2014,2015]
["Total Debt",{"$f":"B53","v":109035},{"$f":"C53","v":109035},109035,109035,109035]
["Total Capital",{"$f":"'Balance Sheet'!B33","v":207647.4140625},{"$f":"'Balance Sheet'!C33","v":269634.03356250003},{"$f":"'Balance Sheet'!D33","v":329681.70305435278},{"$f":"'Balance Sheet'!E33","v":387093.14930947591},{"$f":"'Balance Sheet'!F33","v":687161.82489050366}]
["Debt To Capital",{"$f":"B62/B63","v":0.52509683538453045},{"$f":"C62/C63","v":0.4043814445802375},{"$f":"D62/D63","v":0.33072809012401883},{"$f":"E62/E63","v":0.28167638769764936},{"$f":"F62/F63","v":0.15867441416346764}]
[]
["Debt to Equity =","Total Debt"]
[null,"Total Equity"]
[]
["Years",2011,2012,2013,2014,2015]
["Total Debt",{"$f":"B62","v":109035},{"$f":"C62","v":109035},109035,109035,109035]
["Total Equity",{"$f":"'Balance Sheet'!B32","v":98612.4140625},{"$f":"'Balance Sheet'!C32","v":160599.03356250003},{"$f":"'Balance Sheet'!D32","v":220646.70305435278},{"$f":"'Balance Sheet'!E32","v":278058.14930947591},{"$f":"'Balance Sheet'!F32","v":578126.82489050366}]
["Debt to Equity",{"$f":"B70/B71","v":1.1056924327082616},{"$f":"C70/C71","v":0.67892687509583949},{"$f":"D70/D71","v":0.49416102072071738},{"$f":"E70/E71","v":0.39213020827037565},{"$f":"F70/F71","v":0.18860048575094412}]
[]
["Interest Coverage Ratios"]
[]
["Times Interest Earned =","EBIT"]
[null,"Interest Expense"]
[]
["Years",2011,2012,2013,2014,2015]
["EBIT",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166}]
["Interest Expense",{"$f":"-'Income Statement'!B22","v":21334.550000000003},{"$f":"-'Income Statement'!C22","v":14174.550000000001},{"$f":"-'Income Statement'!D22","v":14174.550000000001},{"$f":"-'Income Statement'!E22","v":14174.550000000001},{"$f":"-'Income Statement'!F22","v":14174.550000000001}]
["Times Interest Earned",{"$f":"B80/B81","v":13.724686014000762},{"$f":"C80/C81","v":20.336936833973564},{"$f":"D80/D81","v":19.789773076916809},{"$f":"E80/E81","v":19.045841668376951},{"$f":"F80/F81","v":36.378468077795176}]
[]
["Times Interest Earned (cash basis) =","CFO"]
[null,"Interest Expense"]
[]
["Years",2011,2012,2013,2014,2015]
["CFO",{"$f":"'Cash Flow Yearly'!B14","v":194549.65625},{"$f":"'Cash Flow Yearly'!C14","v":320606.478},{"$f":"'Cash Flow Yearly'!D14","v":312850.67796741117},{"$f":"'Cash Flow Yearly'!E14","v":302305.78502049251},{"$f":"'Cash Flow Yearly'!F14","v":570802.28830811172}]
["Interest Expense",{"$f":"B81","v":21334.550000000003},{"$f":"C81","v":14174.550000000001},14174.550000000001,14174.550000000001,14174.550000000001]
["Times Interest Earned",{"$f":"B88/B89","v":9.118995069031218},{"$f":"C88/C89","v":22.618458998698369},{"$f":"D88/D89","v":22.071295241641614},{"$f":"E88/E89","v":21.327363833101757},{"$f":"F88/F89","v":40.269517431460727}]
[]
["Capital Expenditure Ratio =","CFO"]
[null,"Capex"]
[]
["Years",2011,2012,2013,2014,2015]
["CFO",{"$f":"B88","v":194549.65625},{"$f":"C88","v":320606.478},312850.67796741117,302305.78502049251,570802.28830811172]
["Capex",{"$f":"'HR Expenses and Consumables'!B48","v":181725},{"$f":"'HR Expenses and Consumables'!C48","v":0},{"$f":"'HR Expenses and Consumables'!D48","v":0},{"$f":"'HR Expenses and Consumables'!E48","v":0},{"$f":"'HR Expenses and Consumables'!F48","v":228218.23616}]
["Capital Expenditure Ratio",{"$f":"B96/B97","v":1.0705717774109231},0,null,null,{"$f":"F96/F97","v":2.501124791394548}]
[]
["CFO to Debt =","CFO"]
[null,"Total Debt"]
[]
["Years",2011,2012,2013,2014,2015]
["CFO",{"$f":"B96","v":194549.65625},{"$f":"C96","v":320606.478},312850.67796741117,302305.78502049251,570802.28830811172]
["Total debt",{"$f":"'Balance Sheet'!B24","v":109035},{"$f":"'Balance Sheet'!C24","v":109035},{"$f":"'Balance Sheet'!D24","v":109035},{"$f":"'Balance Sheet'!E24","v":109035},{"$f":"'Balance Sheet'!F24","v":109035}]
["CFO to Debt",{"$f":"B104/B105","v":1.7842862956848717},{"$f":"C104/C105","v":2.9403996698307884},{"$f":"D104/D105","v":2.8692683814134101},{"$f":"E104/E105","v":2.7725572983032283},{"$f":"F104/F105","v":5.2350372660898952}]
[]
[]
["Profitability Ratios"]
[]
["Gross Margin =","Gross Profit"]
[null,"Sales"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Gross Profit",{"$f":"'Income Statement'!B26","v":158484.65625},{"$f":"'Income Statement'!C26","v":171307.73625000002},{"$f":"'Income Statement'!D26","v":166460.36122963199},{"$f":"'Income Statement'!E26","v":159869.80313780782},{"$f":"'Income Statement'!F26","v":245274.2904325698},{"$f":"'Income Statement'!G26","v":304091.89853654173},{"$f":"'Income Statement'!H26","v":284111.78106183372},{"$f":"'Income Statement'!I26","v":262766.12292648468},{"$f":"'Income Statement'!J26","v":240489.87369213538},{"$f":"'Income Statement'!K26","v":217667.7639077261}]
["Sales",{"$f":"'Income Statement'!B6","v":378000},{"$f":"'Income Statement'!C6","v":375809.32800000004},{"$f":"'Income Statement'!D6","v":370454.00045541121},{"$f":"'Income Statement'!E6","v":362344.95397631521},{"$f":"'Income Statement'!F6","v":696612.85382811166},{"$f":"'Income Statement'!G6","v":672199.53273757827},{"$f":"'Income Statement'!H6","v":644837.86119392095},{"$f":"'Income Statement'!I6","v":615282.40619390155},{"$f":"'Income Statement'!J6","v":584217.91521238},{"$f":"'Income Statement'!K6","v":552251.40053002886}]
["Gross Margin",{"$f":"B115/B116","v":0.41927157738095239},{"$f":"C115/C116","v":0.45583683928675661},0.44934151345375356,0.44120885742556182,0.35209555649843194,0.4523833828002034,0.44059413716154811,0.42706588109993177,0.41164412701159703,{"$f":"K115/K116","v":0.39414615100806855}]
[]
["Operating Margin =","Gross Profit"]
[null,"Sales"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Operating Profit",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166},{"$f":"'Income Statement'!G21","v":486547.03765846672},{"$f":"'Income Statement'!H21","v":454578.84969893401},{"$f":"'Income Statement'!I21","v":420425.79668237554},{"$f":"'Income Statement'!J21","v":384783.79790741659},{"$f":"'Income Statement'!K21","v":348268.42225236178}]
["Sales",{"$f":"B116","v":378000},{"$f":"C116","v":375809.32800000004},370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Operating Margin",{"$f":"B123/B124","v":0.77462962962962967},{"$f":"C123/C124","v":0.76705634086868646},{"$f":"D123/D124","v":0.75720906677366062},{"$f":"E123/E124","v":0.74505311046263101},{"$f":"F123/F124","v":0.74022236577814748},{"$f":"G123/G124","v":0.72381341248032538},{"$f":"H123/H124","v":0.70495061945847703},{"$f":"I123/I124","v":0.68330540975989096},{"$f":"J123/J124","v":0.65863060321855527},{"$f":"K123/K124","v":0.6306338416129097}]
[]
["Margin before Interest and Tax =","EBIT"]
[null,"Sales"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["EBIT",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166},{"$f":"'Income Statement'!G21","v":486547.03765846672},{"$f":"'Income Statement'!H21","v":454578.84969893401},{"$f":"'Income Statement'!I21","v":420425.79668237554},{"$f":"'Income Statement'!J21","v":384783.79790741659},{"$f":"'Income Statement'!K21","v":348268.42225236178}]
["Sales",{"$f":"B124","v":378000},{"$f":"C124","v":375809.32800000004},370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Margin Before Interest and Tax",{"$f":"B131/B132","v":0.77462962962962967},{"$f":"C131/C132","v":0.76705634086868646},{"$f":"D131/D132","v":0.75720906677366062},{"$f":"E131/E132","v":0.74505311046263101},{"$f":"F131/F132","v":0.74022236577814748},{"$f":"G131/G132","v":0.72381341248032538},{"$f":"H131/H132","v":0.70495061945847703},{"$f":"I131/I132","v":0.68330540975989096},{"$f":"J131/J132","v":0.65863060321855527},{"$f":"K131/K132","v":0.6306338416129097}]
[]
["Pretax Margin =","EBT"]
[null,"Sales"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["EBT",{"$f":"'Income Statement'!B24","v":253575.45},{"$f":"'Income Statement'!C24","v":274092.37800000003},{"$f":"'Income Statement'!D24","v":266336.5779674112},{"$f":"'Income Statement'!E24","v":255791.68502049253},{"$f":"'Income Statement'!F24","v":392438.86469211167},{"$f":"'Income Statement'!G24","v":486547.03765846672},{"$f":"'Income Statement'!H24","v":454578.84969893401},{"$f":"'Income Statement'!I24","v":420425.79668237554},{"$f":"'Income Statement'!J24","v":384783.79790741659},{"$f":"'Income Statement'!K24","v":348268.42225236178}]
["Sales",{"$f":"B132","v":378000},{"$f":"C132","v":375809.32800000004},370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Pretax Margin",{"$f":"B139/B140","v":0.6708345238095238},{"$f":"C139/C140","v":0.72933894285881062},{"$f":"D139/D140","v":0.71894642152600574},{"$f":"E139/E140","v":0.70593417188089902},{"$f":"F139/F140","v":0.56335289039749115},{"$f":"G139/G140","v":0.72381341248032538},{"$f":"H139/H140","v":0.70495061945847703},{"$f":"I139/I140","v":0.68330540975989096},{"$f":"J139/J140","v":0.65863060321855527},{"$f":"K139/K140","v":0.6306338416129097}]
[]
["Profit Margin =","Net Income"]
[null,"Sales"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Net Income",{"$f":"'Income Statement'!B26","v":158484.65625},{"$f":"'Income Statement'!C26","v":171307.73625000002},{"$f":"'Income Statement'!D26","v":166460.36122963199},{"$f":"'Income Statement'!E26","v":159869.80313780782},{"$f":"'Income Statement'!F26","v":245274.2904325698},{"$f":"'Income Statement'!G26","v":304091.89853654173},{"$f":"'Income Statement'!H26","v":284111.78106183372},{"$f":"'Income Statement'!I26","v":262766.12292648468},{"$f":"'Income Statement'!J26","v":240489.87369213538},{"$f":"'Income Statement'!K26","v":217667.7639077261}]
["Sales",{"$f":"B140","v":378000},{"$f":"C140","v":375809.32800000004},370454.00045541121,362344.95397631521,696612.85382811166,672199.53273757827,644837.86119392095,615282.40619390155,584217.91521238,552251.40053002886]
["Profit Margin",{"$f":"B147/B148","v":0.41927157738095239},{"$f":"C147/C148","v":0.45583683928675661},{"$f":"D147/D148","v":0.44934151345375356},{"$f":"E147/E148","v":0.44120885742556182},{"$f":"F147/F148","v":0.35209555649843194},{"$f":"G147/G148","v":0.4523833828002034},{"$f":"H147/H148","v":0.44059413716154811},{"$f":"I147/I148","v":0.42706588109993177},{"$f":"J147/J148","v":0.41164412701159703},{"$f":"K147/K148","v":0.39414615100806855}]
[]
["Return On Investment"]
[]
["ROA (Return on Assets) =","EBIT"]
[null,"Average Total Assets"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["EBIT",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166},{"$f":"'Income Statement'!G21","v":486547.03765846672},{"$f":"'Income Statement'!H21","v":454578.84969893401},{"$f":"'Income Statement'!I21","v":420425.79668237554},{"$f":"'Income Statement'!J21","v":384783.79790741659},{"$f":"'Income Statement'!K21","v":348268.42225236178}]
["Total Assets (net of depreciation)",{"$f":"SUM('Balance Sheet'!B8:B19)","v":163485},{"$f":"SUM('Balance Sheet'!C8:C19)","v":145320},{"$f":"SUM('Balance Sheet'!D8:D19)","v":127155},{"$f":"SUM('Balance Sheet'!E8:E19)","v":108990},{"$f":"SUM('Balance Sheet'!F8:F19)","v":296153.91254400002},{"$f":"SUM('Balance Sheet'!G8:G19)","v":255174.58892800001},{"$f":"SUM('Balance Sheet'!H8:H19)","v":214195.26531199997},{"$f":"SUM('Balance Sheet'!I8:I19)","v":173215.94169599999},{"$f":"SUM('Balance Sheet'!J8:J19)","v":132236.61808000001},{"$f":"SUM('Balance Sheet'!K8:K19)","v":91257.294464000006}]
["Average Total Asset",null,{"$f":"AVERAGE(B158:C158)","v":154402.5},{"$f":"AVERAGE(C158:D158)","v":136237.5},{"$f":"AVERAGE(D158:E158)","v":118072.5},{"$f":"AVERAGE(E158:F158)","v":202571.95627200001},{"$f":"AVERAGE(F158:G158)","v":275664.25073600002},{"$f":"AVERAGE(G158:H158)","v":234684.92712000001},{"$f":"AVERAGE(H158:I158)","v":193705.603504},{"$f":"AVERAGE(I158:J158)","v":152726.27988799999},{"$f":"AVERAGE(J158:K158)","v":111746.95627200001}]
["ROA",null,{"$f":"C157/C159","v":1.8669835527274494},{"$f":"D157/D159","v":2.0589861672991003},{"$f":"E157/E159","v":2.286444642236698},{"$f":"F157/F159","v":2.545507404784765},{"$f":"G157/G159","v":1.7649986763224743},{"$f":"H157/H159","v":1.93697505535367},{"$f":"I157/I159","v":2.1704369366562686},{"$f":"J157/J159","v":2.5194341025630509},{"$f":"K157/K159","v":3.1165808346909403}]
[]
["ROTC (Return on Total Capital) =","EBIT"]
[null,"Average Total Capital"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["EBIT",{"$f":"B157","v":292810},{"$f":"C157","v":288266.92800000001},280511.12796741119,269966.23502049252,515648.41469211166,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
["Total Capital",{"$f":"SUM('Balance Sheet'!B27,'Balance Sheet'!B32)","v":207647.4140625},{"$f":"SUM('Balance Sheet'!C27,'Balance Sheet'!C32)","v":269634.03356250003},{"$f":"SUM('Balance Sheet'!D27,'Balance Sheet'!D32)","v":329681.70305435278},{"$f":"SUM('Balance Sheet'!E27,'Balance Sheet'!E32)","v":387093.14930947591},{"$f":"SUM('Balance Sheet'!F27,'Balance Sheet'!F32)","v":687161.82489050366},{"$f":"SUM('Balance Sheet'!G27,'Balance Sheet'!G32)","v":778064.09159312036},{"$f":"SUM('Balance Sheet'!H27,'Balance Sheet'!H32)","v":860974.31130585389},{"$f":"SUM('Balance Sheet'!I27,'Balance Sheet'!I32)","v":935346.26776444796},{"$f":"SUM('Balance Sheet'!J27,'Balance Sheet'!J32)","v":1000807.724529302},{"$f":"SUM('Balance Sheet'!K27,'Balance Sheet'!K32)","v":1057140.3373803925}]
["Average Total Capital",null,{"$f":"AVERAGE(B167:C167)","v":238640.72381250001},{"$f":"AVERAGE(C167:D167)","v":299657.8683084264},{"$f":"AVERAGE(D167:E167)","v":358387.42618191434},{"$f":"AVERAGE(E167:F167)","v":537127.48709998978},{"$f":"AVERAGE(F167:G167)","v":732612.95824181195},{"$f":"AVERAGE(G167:H167)","v":819519.20144948713},{"$f":"AVERAGE(H167:I167)","v":898160.28953515086},{"$f":"AVERAGE(I167:J167)","v":968076.99614687497},{"$f":"AVERAGE(J167:K167)","v":1028974.0309548472}]
["ROTC",null,{"$f":"C166/C168","v":1.2079536275061389},{"$f":"D166/D168","v":0.93610466346470766},{"$f":"E166/E168","v":0.75328043144979084},{"$f":"F166/F168","v":0.96001122094151992},{"$f":"G166/G168","v":0.66412562347535387},{"$f":"H166/H168","v":0.55468968743492331},{"$f":"I166/I168","v":0.4680966210385118},{"$f":"J166/J168","v":0.39747230792481081},{"$f":"K166/K168","v":0.33846181903073147}]
[]
["ROE (Return on Equity) = ","Pretax Income"]
[null,"Average Equity"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Pretax Income",{"$f":"'Income Statement'!B24","v":253575.45},{"$f":"'Income Statement'!C24","v":274092.37800000003},{"$f":"'Income Statement'!D24","v":266336.5779674112},{"$f":"'Income Statement'!E24","v":255791.68502049253},{"$f":"'Income Statement'!F24","v":392438.86469211167},{"$f":"'Income Statement'!G24","v":486547.03765846672},{"$f":"'Income Statement'!H24","v":454578.84969893401},{"$f":"'Income Statement'!I24","v":420425.79668237554},{"$f":"'Income Statement'!J24","v":384783.79790741659},{"$f":"'Income Statement'!K24","v":348268.42225236178}]
["Total Equity",{"$f":"'Balance Sheet'!B32","v":98612.4140625},{"$f":"'Balance Sheet'!C32","v":160599.03356250003},{"$f":"'Balance Sheet'!D32","v":220646.70305435278},{"$f":"'Balance Sheet'!E32","v":278058.14930947591},{"$f":"'Balance Sheet'!F32","v":578126.82489050366},{"$f":"'Balance Sheet'!G32","v":778064.09159312036},{"$f":"'Balance Sheet'!H32","v":860974.31130585389},{"$f":"'Balance Sheet'!I32","v":935346.26776444796},{"$f":"'Balance Sheet'!J32","v":1000807.724529302},{"$f":"'Balance Sheet'!K32","v":1057140.3373803925}]
["Average Total Equity",null,{"$f":"AVERAGE(B176:C176)","v":129605.72381250001},{"$f":"AVERAGE(C176:D176)","v":190622.8683084264},{"$f":"AVERAGE(D176:E176)","v":249352.42618191434},{"$f":"AVERAGE(E176:F176)","v":428092.48709998978},{"$f":"AVERAGE(F176:G176)","v":678095.45824181195},{"$f":"AVERAGE(G176:H176)","v":819519.20144948713},{"$f":"AVERAGE(H176:I176)","v":898160.28953515086},{"$f":"AVERAGE(I176:J176)","v":968076.99614687497},{"$f":"AVERAGE(J176:K176)","v":1028974.0309548472}]
["ROE",null,{"$f":"C175/C177","v":2.1148169227196183},{"$f":"D175/D177","v":1.3971911152678731},{"$f":"E175/E177","v":1.0258239269502052},{"$f":"F175/F177","v":0.91671514104485918},{"$f":"G175/G177","v":0.71751997708405502},{"$f":"H175/H177","v":0.55468968743492331},{"$f":"I175/I177","v":0.4680966210385118},{"$f":"J175/J177","v":0.39747230792481081},{"$f":"K175/K177","v":0.33846181903073147}]
[]
["Operating and Financial Leverage"]
[]
["OLE (Operating Leverage Effect) =","Contribution"]
[null,"Operating Income"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Contribution",{"$f":"'Income Statement'!B8","v":341475},{"$f":"'Income Statement'!C8","v":337141.92800000001},{"$f":"'Income Statement'!D8","v":329600.3279674112},{"$f":"'Income Statement'!E8","v":319273.91902049253},{"$f":"'Income Statement'!F8","v":620158.14030811167},{"$f":"'Income Statement'!G8","v":591327.3713144667},{"$f":"'Income Statement'!H8","v":559635.20355573401},{"$f":"'Income Statement'!I8","v":525763.69114399154},{"$f":"'Income Statement'!J8","v":490408.86378594488},{"$f":"'Income Statement'!K8","v":454186.40297614067}]
["Operating Income",{"$f":"'Income Statement'!B21","v":292810},{"$f":"'Income Statement'!C21","v":288266.92800000001},{"$f":"'Income Statement'!D21","v":280511.12796741119},{"$f":"'Income Statement'!E21","v":269966.23502049252},{"$f":"'Income Statement'!F21","v":515648.41469211166},{"$f":"'Income Statement'!G21","v":486547.03765846672},{"$f":"'Income Statement'!H21","v":454578.84969893401},{"$f":"'Income Statement'!I21","v":420425.79668237554},{"$f":"'Income Statement'!J21","v":384783.79790741659},{"$f":"'Income Statement'!K21","v":348268.42225236178}]
["OLE",{"$f":"B186/B187","v":1.166199924865954},{"$f":"C186/C187","v":1.1695477186338905},{"$f":"D186/D187","v":1.174999118058885},{"$f":"E186/E187","v":1.1826438924714313},{"$f":"F186/F187","v":1.2026763248722518},{"$f":"G186/G187","v":1.2153549925208893},{"$f":"H186/H187","v":1.2311069992068009},{"$f":"I186/I187","v":1.2505505021167789},{"$f":"J186/J187","v":1.2745049725403015},{"$f":"K186/K187","v":1.3041274314759113}]
[]
["FLE (Financial Leverage Effect) =","Operating Income"]
[null,"Net Income"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["Operating Income",{"$f":"B187","v":292810},{"$f":"C187","v":288266.92800000001},280511.12796741119,269966.23502049252,515648.41469211166,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
["Net Income",{"$f":"'Income Statement'!B26","v":158484.65625},{"$f":"'Income Statement'!C26","v":171307.73625000002},{"$f":"'Income Statement'!D26","v":166460.36122963199},{"$f":"'Income Statement'!E26","v":159869.80313780782},{"$f":"'Income Statement'!F26","v":245274.2904325698},{"$f":"'Income Statement'!G26","v":304091.89853654173},{"$f":"'Income Statement'!H26","v":284111.78106183372},{"$f":"'Income Statement'!I26","v":262766.12292648468},{"$f":"'Income Statement'!J26","v":240489.87369213538},{"$f":"'Income Statement'!K26","v":217667.7639077261}]
["FLE",{"$f":"B194/B195","v":1.8475605584057921},{"$f":"C194/C195","v":1.6827431983533667},{"$f":"D194/D195","v":1.6851527047958657},{"$f":"E194/E195","v":1.6886630853469029},{"$f":"F194/F195","v":2.1023337333183414},{"$f":"G194/G195","v":1.5999999999999999},{"$f":"H194/H195","v":1.6},{"$f":"I194/I195","v":1.6000000000000003},{"$f":"J194/J195","v":1.5999999999999999},{"$f":"K194/K195","v":1.6}]
[]
["TLE = OLE * FLE"]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["OLE",{"$f":"B188","v":1.166199924865954},{"$f":"C188","v":1.1695477186338905},1.174999118058885,1.1826438924714313,1.2026763248722518,1.2153549925208893,1.2311069992068009,1.2505505021167789,1.2745049725403015,1.3041274314759113]
["FLE",{"$f":"B196","v":1.8475605584057921},{"$f":"C196","v":1.6827431983533667},1.6851527047958657,1.6886630853469029,2.1023337333183414,1.5999999999999999,1.6,1.6000000000000003,1.5999999999999999,1.6]
["TLE (Total Leverage Effect)",{"$f":"B201*B202","v":2.1546249843981347},{"$f":"C201*C202","v":1.9680484686808764},1.9800529419296868,1.9970870843274782,2.5284270080422635,1.9445679880334228,1.9697711987308815,2.0008808033868464,2.039207956064482,2.0866038903614581]
[]
[]
["Economic Value Added"]
["EVA = EBIT(1-t) – {WACC * (D+E)}"]
[]
["Tax Rate",{"$f":"'Capital Structure'!H3","v":0.375},"WACC",{"$f":"'Capital Structure'!B6","v":0.11275}]
[]
["Years",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
["EBIT",{"$f":"B166","v":292810},288266.92800000001,280511.12796741119,269966.23502049252,515648.41469211166,486547.03765846672,454578.84969893401,420425.79668237554,384783.79790741659,348268.42225236178]
["Debt",{"$f":"'Balance Sheet'!B27","v":109035},{"$f":"'Balance Sheet'!C27","v":109035},{"$f":"'Balance Sheet'!D27","v":109035},{"$f":"'Balance Sheet'!E27","v":109035},{"$f":"'Balance Sheet'!F27","v":109035},{"$f":"'Balance Sheet'!G27","v":0},{"$f":"'Balance Sheet'!H27","v":0},{"$f":"'Balance Sheet'!I27","v":0},{"$f":"'Balance Sheet'!J27","v":0},{"$f":"'Balance Sheet'!K27","v":0}]
["Equity",{"$f":"'Balance Sheet'!B32","v":98612.4140625},{"$f":"'Balance Sheet'!C32","v":160599.03356250003},{"$f":"'Balance Sheet'!D32","v":220646.70305435278},{"$f":"'Balance Sheet'!E32","v":278058.14930947591},{"$f":"'Balance Sheet'!F32","v":578126.82489050366},{"$f":"'Balance Sheet'!G32","v":778064.09159312036},{"$f":"'Balance Sheet'!H32","v":860974.31130585389},{"$f":"'Balance Sheet'!I32","v":935346.26776444796},{"$f":"'Balance Sheet'!J32","v":1000807.724529302},{"$f":"'Balance Sheet'!K32","v":1057140.3373803925}]
["EVA",{"$f":"B212*(1-$B$209)-($D$209*(B213+B214))","v":159594.00406445313},{"$f":"C212*(1-$B$209)-($D$209*(C213+C214))","v":149765.59271582813},138147.84296025371,125084.14430316442,244802.7634261655,216365.17220941739,187036.92746209871,157305.83123604325,127648.80275145658,98475.190868086836]

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[{"$f":"'Capital Structure'!A3","v":"Debt"},{"$f":"'Capital Structure'!B3","v":0.6},null,{"$f":"'Capital Structure'!D3","v":"Rate on Debt"},{"$f":"'Capital Structure'!E3","v":0.13},null,null,null,null,null,null,null,"Depreciations"]
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[{"$f":"'Capital Structure'!A5","v":"Total"},{"$f":"'Capital Structure'!B5","v":1},null,"Industry Growth Rate",0.1,null,null,null,null,null,null,null,"Balance Sht"]
[{"$f":"'Capital Structure'!A6","v":"WACC"},{"$f":"'Capital Structure'!B6","v":0.11275},null,{"$f":"'Capital Structure'!G3","v":"Tax Rate"},{"$f":"'Capital Structure'!H3","v":0.375},null,null,null,null,null,null,null,"Capital Structure"]
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[null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
["Cash Flows",null,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Year",2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,null,"Break Even"]
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[null,null,null,null,null,null,null,null,null,null,null,null,"PVSOB"]
["Discounted Cash Flows",null,null,null,null,null,null,null,null,null,null,null,"Scenario Cases"]
["Year",1,2,3,4,5,6,7,8,9,10]
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["NPV"]
["Based on Financial CF",{"$f":"B7+SUM(B16:K16)","v":1676411.6878940312}]
[]
["Terminal Value"]
["Fin DCF for Year 11 (PV for infinite growth)",{"$f":"(K11/(B6-E5))/(1+B6)^K15","v":10489140.239014296}]
["Terminal Value (Financial)",{"$f":"B7+SUM(B16:K16)+B21","v":12165551.926908327}]
[]
["Internal Rate of Return (IRR)",0,1,2,3,4,5,6,7,8,9,10]
["Finacial Cash Flows",{"$f":"B7","v":-181725},{"$f":"B11","v":9099.2062499999884},306431.92800000001,298676.12796741119,288131.23502049252,328409.5021481117,527526.36127446673,495558.17331493401,461405.12029837555,425763.1215234166,389247.74586836179]
["Financial IRR",{"$f":"IRR(B25:L25)","v":0.92693457819172131}]
[]
["Discounted Payback"]
["Payback For Year 1",{"$f":"B7+B16","v":-173547.77578072343}]
["Financial Discounted Payback Period",{"$f":"1+(-B29/C16)","v":1.701261900377512}]
[]
[]
["NPV Based on FCFE"]
[]
["Discount Rate",{"$f":"E4","v":0.16}]
[]
["Years",0,1,2,3,4,5,6,7,8,9,10]
["Cash Flows",{"$f":"'Cash Flow Yearly'!B47","v":-72690},{"$f":"'Cash Flow Yearly'!C47","v":220747.0703125},{"$f":"'Cash Flow Yearly'!D47","v":269559.35574999999},{"$f":"'Cash Flow Yearly'!E47","v":306935.4447839848},{"$f":"'Cash Flow Yearly'!F47","v":105479.63273293091},{"$f":"'Cash Flow Yearly'!G47","v":630503.46063995059},{"$f":"'Cash Flow Yearly'!H47","v":632615.87822628161},{"$f":"'Cash Flow Yearly'!I47","v":684195.49459794792},{"$f":"'Cash Flow Yearly'!J47","v":706641.38269081828},{"$f":"'Cash Flow Yearly'!K47","v":747014.36760910379},{"$f":"'Cash Flow Yearly'!L47","v":758854.96013915015}]
["DCF",{"$f":"B38/(1+$B$35)^B37","v":-72690},{"$f":"C38/(1+$B$35)^C37","v":190299.19854525864},200326.51289387635,196640.54798268739,58255.462166099678,300190.90387437673,259652.28739760243,242088.57020350819,215543.61054765142,196429.65406435434,172019.97685782376]
["NPV",{"$f":"SUM(B39:L39)","v":1958756.7245332387}]

{"sheet":"Break Even","index":10,"n_rows":42,"n_cols":16,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","B.E Present Price","B.E Average Price","B.E Least Price","Nav. Bar",null,null,null,null,null,null,null,null,null,null,"Gen Info"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Inflation Rate",{"$f":"'Sensitivities & Monte Carlo'!B5","v":0.02},null,null,null,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
["Cost Function",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income St"]
["Year","Units Sold (X)","Costs","Inflation Adjusted Costs (Y)",null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
[2011,{"$f":"'HR Expenses and Consumables'!B19","v":900},{"$f":"'HR Expenses and Consumables'!B49","v":248750},{"$f":"C6/(1+$B$3)","v":243872.54901960783},null,null,null,null,null,null,null,null,null,null,null,"Capital Structure"]
[2012,{"$f":"'HR Expenses and Consumables'!C19","v":981.00000000000011},{"$f":"'HR Expenses and Consumables'!C49","v":69377.399999999994},{"$f":"C7/(1+$B$3)","v":68017.058823529398},null,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
[2013,{"$f":"'HR Expenses and Consumables'!D19","v":1060.461},{"$f":"'HR Expenses and Consumables'!D49","v":71777.872487999994},70370.463223529398,null,"SUMMARY OUTPUT",null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
[2014,{"$f":"'HR Expenses and Consumables'!E19","v":1137.7686068999999},{"$f":"'HR Expenses and Consumables'!E49","v":74213.718955822711},72758.547995904621,null,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
[2015,{"$f":"'HR Expenses and Consumables'!F19","v":2400},{"$f":"'HR Expenses and Consumables'!F49","v":368203.35167999996},360983.67811764701,null,"Regression Statistics",null,null,null,null,null,null,null,null,null,"Break Even"]
[2016,{"$f":"'HR Expenses and Consumables'!G19","v":2541.7175999999999},{"$f":"'HR Expenses and Consumables'!G49","v":144673.17146311153},141836.44261089366,null,"Multiple R",0.29098632869944724,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
[2017,{"$f":"'HR Expenses and Consumables'!H19","v":2676.7948943061597},{"$f":"'HR Expenses and Consumables'!H49","v":149279.68787898697},146352.63517547742,null,"R Square",8.4673043489982766E-2,null,null,null,null,null,null,null,null,"Ratios"]
[2018,{"$f":"'HR Expenses and Consumables'!I19","v":2804.825164294406},{"$f":"'HR Expenses and Consumables'!I49","v":153877.28589552603},150860.08421130004,null,"Adjusted R Square",-2.9742826073769393E-2,null,null,null,null,null,null,null,null,"PVSOB"]
[2019,{"$f":"'HR Expenses and Consumables'!J19","v":2925.5636905955666},{"$f":"'HR Expenses and Consumables'!J49","v":158454.7936889634},155347.83694996411,null,"Standard Error",90805.363881186713,null,null,null,null,null,null,null,null,"Scenario Cases"]
[2020,{"$f":"'HR Expenses and Consumables'!K19","v":3038.9060221566847},{"$f":"'HR Expenses and Consumables'!K49","v":163003.65466166707},159807.50457026184,null,"Observations",10]
[]
["Based On Present Price",null,null,null,null,"ANOVA"]
[null,null,null,null,null,null,"df","SS","MS","F","Significance F"]
["Fixed Cost",{"$f":"G24","v":98039.672457142442},null,null,null,"Regression",1,6102136397.3841553,6102136397.3841553,0.74004632235743506,0.41468157886912638]
["Variable Cost per Unit",{"$f":"G25","v":28.817560487792719},null,null,null,"Residual",8,65964912876.757828,8245614109.5947285]
["In first Year",null,null,null,null,"Total",9,72067049274.141983]
["Selling price per unit",{"$f":"'GenInfo, Assmp, Projctns'!B21","v":600}]
["Contribution Margin per unit",{"$f":"B22-B20","v":571.18243951220734},null,null,null,null,"Coefficients","Standard Error","t Stat","P-value","Lower 95%","Upper 95%","Lower 95.0%","Upper 95.0%"]
["Break Even Quantity",{"$f":"B19/B23","v":171.64335889049534},null,null,null,"Intercept",98039.672457142442,74332.315861058654,1.3189374139828682,0.22369138485319676,-73370.955297761102,269450.30021204602,-73370.955297761102,269450.30021204602]
["Break Even Sales",{"$f":"B24*B22","v":102986.0153342972},null,null,null,"X Variable 1",28.817560487792719,33.498685155371206,0.86025945060629005,0.41468157886912604,-48.430546004395737,106.06566697998117,-48.430546004395737,106.06566697998117]
[]
["Based on Average Price for 10 Years"]
[]
["Fixed Cost",{"$f":"B19","v":98039.672457142442}]
["Variable Cost per Unit",{"$f":"B20","v":28.817560487792719}]
["Selling price per unit (Average)",{"$f":"AVERAGE('GenInfo, Assmp, Projctns'!B21:K21)","v":424.20865933227589}]
["Contribution Margin per unit",{"$f":"B31-B30","v":395.39109884448317}]
["Break Even Quantity",{"$f":"B29/B32","v":247.95619512846901}]
["Break Even Sales",{"$f":"B33*B22","v":148773.71707708141}]
[]
["Based On Least Price for 10 Years"]
["Fixed Cost",{"$f":"B29","v":98039.672457142442}]
["Variable Cost per Unit",{"$f":"B30","v":28.817560487792719}]
["Selling price per unit (Average)",{"$f":"MIN('GenInfo, Assmp, Projctns'!B21:K21)","v":283.29681797193399}]
["Contribution Margin per unit",{"$f":"B39-B38","v":254.47925748414127}]
["Break Even Quantity",{"$f":"B37/B40","v":385.25604572408861}]
["Break Even Sales",{"$f":"B41*B22","v":231153.62743445317}]

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["Page Navigation","General Info's","Sensitivity Part 1","Sensitivity Part 2","Sensitivity Part 3","Sensitivity Part 4","Monte Carlo","Nav. Bar",null,null,null,null,null,null,"Gen Info"]
["Growth, Competition and Inflation rates",null,null,"Capital Structures",null,null,null,null,null,null,null,null,null,null,"Expenses"]
[{"$f":"'GenInfo, Assmp, Projctns'!A14","v":"Market Growth Rate (Net)"},{"$f":"10%","v":0.1},null,{"$f":"'Capital Structure'!A3","v":"Debt"},{"$f":"60%","v":0.6},null,null,null,null,null,null,null,null,null,"Depreciations"]
[{"$f":"'GenInfo, Assmp, Projctns'!A15","v":"Decrease in Growth Rate Due to Competition"},0.1,null,{"$f":"'Capital Structure'!A4","v":"Equity"},{"$f":"E5-E3","v":0.4},null,null,null,null,null,null,null,null,null,"Income St"]
[{"$f":"'GenInfo, Assmp, Projctns'!A16","v":"Price Increase Due to Inflation"},0.02,null,"Total",1,null,null,null,null,null,null,null,null,null,"Balance Sht"]
[{"$f":"'GenInfo, Assmp, Projctns'!A17","v":"Price Decrease Due to Competition"},0.1,null,{"$f":"'Capital Structure'!D3","v":"Rate on Debt"},{"$f":"13%","v":0.13},null,null,null,null,null,null,null,null,null,"Capital Structure"]
[{"$f":"'HR Expenses and Consumables'!A12","v":"Increase in labor rate "},0.02,null,{"$f":"'Capital Structure'!D4","v":"Rate on Equity"},{"$f":"16%","v":0.16},"`",null,null,null,null,null,null,null,null,"Cash Flows M"]
["Mortality Rate",0.3,null,{"$f":"'Capital Structure'!A6","v":"WACC"},{"$f":"(E6*E3*(1-E9))+E7*E4","v":0.11275},null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
["Increase in Mortality Rate",0.02,null,{"$f":"'Capital Structure'!G3","v":"Tax Rate"},{"$f":"37.5%","v":0.375},null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
["Growth Rates Over past ten 8 years",0.03,0.06,0.09,0.12,0.05,0.02,0.06,0.1,null,null,null,null,null,"Break Even"]
["Standard Deviation",{"$f":"STDEVP(B10:I10)","v":3.2379584617471542E-2},null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
["Periods",0,1,2,3,4,5,6,7,8,9,10,"Avg",null,"Ratios"]
["Standard Deviation for Growth Rates",{"$f":"0","v":0},null,null,null,null,null,null,null,null,null,null,null,null,"PVSOB"]
["Randomized Growth Rates",{"$f":"$B$3+NORMSINV(RAND())*$B$13","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"0","v":0},null,"Scenario Cases"]
["Growth Rates (net of competition)",{"$f":"B14*(1-B14)^B12","v":0.1},9.0000000000000011E-2,8.1000000000000016E-2,7.2900000000000006E-2,6.5610000000000016E-2,5.9049000000000018E-2,5.314410000000002E-2,4.7829690000000015E-2,4.3046721000000017E-2,3.874204890000002E-2,3.4867844010000017E-2]
[]
["Discounted Cash Flows",0,1,2,3,4,5,6,7,8,9,10]
["Financial",{"$f":"-'HR Expenses and Consumables'!B48","v":-181725},{"$f":"'DCF, NPV & IRR'!B16","v":8177.2242192765571},{"$f":"'DCF, NPV & IRR'!C16","v":247479.25944258063},{"$f":"'DCF, NPV & IRR'!D16","v":216774.25565287026},{"$f":"'DCF, NPV & IRR'!E16","v":187931.65093045178},{"$f":"'DCF, NPV & IRR'!F16","v":192498.65511119898},{"$f":"'DCF, NPV & IRR'!G16","v":277880.80551247444},{"$f":"'DCF, NPV & IRR'!H16","v":234591.04115409162},{"$f":"'DCF, NPV & IRR'!I16","v":196291.54169258731},{"$f":"'DCF, NPV & IRR'!J16","v":162775.71613106719},{"$f":"'DCF, NPV & IRR'!K16","v":133736.53804743223}]
["Net Present Value Financial",{"$f":"SUM(B18:L18)","v":1676411.6878940312}]
[]
[]
["Sensitivity Analysis"]
["For this section we will use the accounting cash flows","Average NPV",{"$f":"AVERAGE(C24,C85,C120,C152)","v":1579375.9994459515}]
["Part 1 : Market Factors","Average Part 1",{"$f":"AVERAGE(G32,H43,G53,H63,H73,H83)","v":1656016.0737699114}]
[]
["a) Growth rate and competition sensitivity",null,"Market Growth Rate (z)"]
[null,{"$f":"B19","v":1676411.6878940312},-0.05,0,0.05,0.1,0.15]
["Decrease in growth rate (x)",0,1185488.6945803817,1417735.6635699305,1578119.3864497039,1676411.6878940312,1729274.1867305231]
[null,0.05,1185488.6945803817,1417735.6635699305,1578119.3864497039,1676411.6878940312,1729274.1867305231]
[null,0.1,1185488.6945803817,1417735.6635699305,1578119.3864497039,1676411.6878940312,1729274.1867305231]
[null,0.15,1185488.6945803817,1417735.6635699305,1578119.3864497039,1676411.6878940312,1729274.1867305231]
[null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C28:G31)","v":1517405.923844914}]
[]
[]
[]
["b) Price and Competition Sensitivity",null,"Price Increase Due to Inflation (z)"]
[null,{"$f":"B27","v":1676411.6878940312},0,0.01,0.02,0.03,0.04,0.05]
["Price Decrease Due to Competition (x)",0,3018511.0587375928,3214125.1523435456,3420473.9103723955,3638120.0305397674,3867652.869997968,4109689.5363210253]
[null,0.05,2130517.4012894449,2277224.9992232644,2432073.4717559894,2595500.5349515826,2767965.3426764812,2949949.3984558778]
[null,0.1,1452179.831857129,1561245.9496563158,1676411.6878940312,1798013.3604546774,1926404.3256212324,2061955.7410077299]
[null,0.15,934691.28752093774,1014944.4709925342,1099702.332947962,1189219.5427018607,1283764.143658712,1383618.171575414]
[null,0.2,539960.34986409463,598270.00989591517,659847.09449840465,724881.06121243525,793571.6988016601,866129.62723922229]
[null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C38:H42)","v":1932887.1464688401}]
[]
[]
["c) Competition Sensitivity","Decrease in Growth Rate due to Competition (z)"]
[null,{"$f":"B37","v":1676411.6878940312},0,0.05,0.1,0.15,0.2]
["Decrease in Price due to Competition (x)",0,3420473.9103723955,3420473.9103723955,3420473.9103723955,3420473.9103723955,3420473.9103723955]
[null,0.05,2432073.4717559894,2432073.4717559894,2432073.4717559894,2432073.4717559894,2432073.4717559894]
[null,0.1,1676411.6878940312,1676411.6878940312,1676411.6878940312,1676411.6878940312,1676411.6878940312]
[null,0.15,1099702.332947962,1099702.332947962,1099702.332947962,1099702.332947962,1099702.332947962]
[null,0.2,659847.09449840465,659847.09449840465,659847.09449840465,659847.09449840465,659847.09449840465]
[null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C48:G52)","v":1857701.6994937563}]
[]
["d) Growth Rate and Inflation Sensitivity",null,"Price Increase due to Inflation (z)"]
[null,{"$f":"B47","v":1676411.6878940312},0,0.01,0.02,0.03,0.04,0.05]
["Market Growth Rate (x)",-0.1,760635.27749882056,825160.15705234627,892794.53917203122,963684.701836742,1037983.31598374,1115849.697156881]
[null,-0.05,1017049.2899876839,1099113.0522555988,1185488.6945803817,1276398.8121754513,1372076.6370699767,1472766.4886082709]
[null,0,1221066.2579380807,1316776.4564780691,1417735.6635699305,1524226.7807287879,1636546.7554848955,1755007.1941110487]
[null,0.05,1363334.6098829368,1467812.7957705152,1578119.3864497039,1694574.1892300795,1817513.141666865,1947289.023530527]
[null,0.1,1452179.831857129,1561245.9496563158,1676411.6878940312,1798013.3604546774,1926404.3256212324,2061955.7410077299]
[null,0.15,1501664.9183435736,1612389.6608572085,1729274.1867305231,1852657.4770147707,1982895.6813262103,2120362.8778860443]
[null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C57:H62)","v":1473179.4060241336}]
[]
["e) Growth Rate and Wage Rate Sensitivity","Increase in Wage Rate (z)"]
[null,{"$f":"B56","v":1676411.6878940312},0,0.01,0.02,0.03,0.04,0.05]
["Market Growth Rate (x)",-0.1,900046.63160651375,896509.96053735819,892794.53917203122,888891.32316855004,884790.84693056811,880483.20653678058]
[null,-0.05,1192740.7870148642,1189204.1159457087,1185488.6945803817,1181585.4785769007,1177485.0023389186,1173177.3619451311]
[null,0,1424987.7560044131,1421451.0849352574,1417735.6635699305,1413832.4475664494,1409731.9713284671,1405424.3309346798]
[null,0.05,1585371.4788841866,1581834.8078150309,1578119.3864497039,1574216.1704462229,1570115.6942082411,1565808.0538144533]
[null,0.1,1683663.7803285138,1680127.1092593579,1676411.6878940312,1672508.4718905501,1668407.9956525678,1664100.3552587805]
[null,0.15,1736526.279165006,1732989.6080958506,1729274.1867305231,1725370.9707270423,1721270.4944890602,1716962.8540952725]
[null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C67:H72)","v":1411095.5718860361}]
[]
["f) Inflation and Wage Rate Sensitivity","Price Increase Due to Inflation (z)"]
[null,{"$f":"B66","v":1676411.6878940312},0,0.01,0.02,0.03,0.04,0.05]
["Increase in Wage Rate (x)",0,1459431.9242916119,1568498.0420907983,1683663.7803285138,1805265.4528891598,1933656.418055715,2069207.8334422123]
[null,0.01,1455895.253222456,1564961.371021643,1680127.1092593579,1801728.7818200043,1930119.7469865596,2065671.1623730573]
[null,0.02,1452179.831857129,1561245.9496563158,1676411.6878940312,1798013.3604546774,1926404.3256212324,2061955.7410077299]
[null,0.03,1448276.6158536479,1557342.7336528348,1672508.4718905501,1794110.1444511961,1922501.1096177516,2058052.5250042491]
[null,0.04,1444176.1396156659,1553242.2574148527,1668407.9956525678,1790009.6682132143,1918400.6333797695,2053952.048766267]
[null,0.05,1439868.4992218788,1548934.617021065,1664100.3552587805,1785702.0278194263,1914092.9929859817,2049644.4083724795]
[null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C77:H82)","v":1743826.6949017884}]
[]
["Part 2: Capital Structure of the firm","Average Part 2",{"$f":"AVERAGE(M99,G107,I118)","v":1791480.6995074239}]
["a) Debt to Equity Ratio Sensitivity",null,"Debt (z)"]
[null,{"$f":"B76","v":1676411.6878940312},{"$f":"100%-B88","v":1},{"$f":"100%-B89","v":0.9},{"$f":"100%-B90","v":0.8},{"$f":"100%-B91","v":0.7},{"$f":"100%-B92","v":0.6},{"$f":"100%-B93","v":0.5},{"$f":"100%-B94","v":0.4},{"$f":"100%-B95","v":0.30000000000000004},{"$f":"100%-B96","v":0.19999999999999996},{"$f":"100%-B97","v":9.9999999999999978E-2},{"$f":"100%-B98","v":0}]
["Equity (x)",0,2014327.7577697677,2112947.2081760946,2217723.1465760935,2329121.7534994576,2447650.084355515,2573860.1116020689,2708353.2102832985,2851785.1402530144,3004871.5853682468,3168394.3178903763,3343208.0654155696]
[null,0.1,1834904.7709003626,1922610.799502861,2015660.8498085742,2114450.9305416783,2219411.08388389,2331008.6874651331,2449752.1119010746,2576194.7758657332,2710939.6460781107,2854644.2357202042,3008026.161800778]
[null,0.2,1674862.6854773187,1753073.7597868808,1835937.0774269418,1923790.0769246898,2016998.6270599272,2115959.7336516571,2221104.532526331,2332901.6018654928,2451860.6313182036,2578536.4900221243,2713533.741089501]
[null,0.3,1531720.7501412474,1601647.394536633,1675635.4806048956,1753973.4027551434,1836973.3808335853,1924973.6865405489,2018341.1010298124,2117473.6300386894,2222803.5061636302,2334800.5116001302,2453975.6588698952]
[null,0.4,1403357.127358167,1466035.4748118501,1532269.2136947294,1602305.5424161451,1676411.6878940312,1754876.742908068,1838013.690862413,1926161.6389482268,2019688.2832542739,2118992.6322684572,2224508.0184922824]
[null,0.5,1287951.6787141382,1344271.1565678932,1403711.3272146597,1466484.6798924338,1532820.591422474,1602966.8473640385,1677191.3156134053,1755783.7892296675,1839058.0172806014,1927353.9447729986,2021040.1852995083]
[null,0.6,1183938.6398905194,1234664.8888860289,1288137.3818891642,1344539.2776565638,1404068.0160747631,1466936.5814742809,1533374.8903586797,1603631.3170142763,1677974.3720526656,1756694.5507269036,1840106.3698804607]
[null,0.7,1089967.3521726108,1135761.2589576833,1183977.9843541835,1234775.8302783009,1288325.2102088435,1344809.7015622053,1404427.1999354041,1467391.1860586321,1533932.1175551221,1604298.9590200437,1678760.8655224608]
[null,0.8,1004869.5787401156,1046303.1291755846,1089879.4050298079,1135735.5834586597,1184019.1418730663,1234888.7371970895,1288515.1687961186,1345082.433832986,1404788.8848082917,1467848.5001628592,1534492.2800811871]
[null,0.9,927632.22008880228,965201.74367908528,1004670.8013906206,1046158.568188581,1089793.0026841406,1135711.5838769611,1184062.1168317287,1235003.6143864449,1288707.2627863949,1345357.4800306477,1405153.0767199411]
[null,1,857374.47023245657,891511.737058928,927336.85700317693,964953.62290443352,1004473.3377883355,1046015.4339324044,1089708.1488947337,1135689.2642764063,1184106.9136252664,1235120.466601873,1288901.497327562]
[null,null,null,null,null,null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C88,M98,L97,K96,J95,I94,H93,G92,F91,E90,D89)","v":1622367.4101178723}]
["b) Rate of debt and rate of equity sensitivity","Rate of Debt"]
[null,{"$f":"B87","v":1676411.6878940312},0,0.05,0.1,0.15,0.2]
["Rate on Equity",0,3343208.0654155696,2956694.1695660921,2624573.4189761542,2337979.4424779215,2089658.6339983358]
[null,0.05,2930830.487607019,2602039.4818911543,2318244.102588478,2072286.0841180708,1858280.7867717668]
[null,0.1,2579709.9963595001,2298681.3374136267,2055059.8772707121,1843036.4893444558,1657813.2613922637]
[null,0.15,2279289.2303579957,2037978.4316412408,1827915.5403749982,1644362.7702264579,1483389.3706034087]
[null,0.2,2021040.1852995083,1812916.6446232044,1631016.7666981048,1471457.9198543779,1331004.7825640249]
[null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C102:G106)","v":2124338.6910973783}]
[]
["c) Rate of Debt and Tax Rate sensitivity",null,"Rate of Debt"]
[null,{"$f":"B101","v":1676411.6878940312},0,0.05,0.1,0.15,0.2,0.25,0.3]
["Tax Rate",0,2318874.794808072,1953374.965642191,1658410.946128757,1418074.9644333543,1220461.5197672057,1056570.9640255398,919535.26749327977]
[null,0.1,2293710.3211238617,1962404.2532922267,1689616.6402553888,1463256.7420618213,1274026.1263098209,1114715.0752597852,979689.52740737784]
[null,0.2,2268545.8474396509,1972020.2997211923,1722858.8421411659,1512204.3196922254,1333054.6438792862,1179837.9978077463,1048092.7939021669]
[null,0.3,2243381.3737554406,1982241.0770047095,1758252.1420301925,1565223.0288607078,1398120.236174382,1252830.9781737183,1125978.346103386]
[null,0.4,2218216.9000712298,1993085.1289649385,1795918.204552518,1622645.9336364265,1469864.3108894085,1334715.7789914133,1214792.7645350769]
[null,0.5,2193052.4263870195,2004571.5910787408,1835986.2544904542,1684836.6563417683,1549005.6970184366,1426666.3976972336,1316238.0926829209]
[null,0.6,2167887.9527028091,2016720.2111449291,1878593.5993535451,1752192.5227343363,1636351.1982562738,1530034.8340291129,1432323.3777908168]
[null,null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C111:I117)","v":1627735.9973070216}]
[]
["Part 3: Cross Factor Sensitivities","Average Part 3",{"$f":"AVERAGE(I129,I139,I150)","v":1477208.480743835}]
["a) Market Growth Rate and WACC",null,"WACC (z)"]
[null,{"$f":"B110","v":1676411.6878940312},0,0.05,0.1,0.15,0.2,0.25,0.3]
["Market Growth Rate (x)",-0.1,1685569.7613476992,1259930.944054126,956004.28662608541,733846.7944875476,567987.64422974817,441762.82389899058,344012.73530257767]
[null,-0.05,2325018.8852977674,1704042.3987912009,1273473.4039484228,966919.30636397505,743363.47090795392,576748.14907460532,450090.73863359034]
[null,0,2827982.8442088389,2054450.1948800499,1525052.7791239966,1152630.9714575228,883999.78497485165,685768.73377822025,536420.52756454016]
[null,0.05,3161325.3578564846,2290793.4280981761,1697938.5330605321,1282750.7222738494,984490.77265109518,765198.30480696994,600517.14186770585]
[null,0.1,3348523.5216655703,2428799.5264118989,1802870.7556888817,1364737.4205285255,1050093.4100175141,818789.75881414884,645089.50338096952]
[null,0.15,3431675.2904646611,2495999.0580141768,1858253.4220582917,1411138.8493282048,1089515.5063855285,852682.9395271719,674529.07403733861]
[null,null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C123:I128)","v":1375018.7970449999}]
[]
["b) Inflation and WACC",null,"WACC (z)"]
[null,{"$f":"B122","v":1676411.6878940312},0,0.05,0.1,0.15,0.2,0.25,0.3]
["Price rise due to Inflation (x)",0,2868343.3623848902,2091781.1197688126,1560040.9335796852,1185554.0655404788,914980.64266837202,714882.09502662765,563734.7129854518]
[null,0.01,3101267.6940864529,2255459.3786311485,1678117.1159985929,1272785.542151222,980833.75131922157,765583.27597637672,603474.75021887152]
[null,0.02,3348523.5216655703,2428799.5264118989,1802870.7556888817,1364737.4205285255,1050093.4100175141,818789.75881414884,645089.50338096952]
[null,0.03,3610953.4661947098,2612353.9673025808,1934672.7858215102,1461664.2886892082,1122937.8908077923,874628.69549600093,688671.21405211417]
[null,0.04,3889444.8908084808,2806703.8484645337,2073913.0407617912,1563833.4316069297,1199554.1630452031,933233.303393365,734316.42432467069]
[null,0.05,4184931.9504937101,3012460.3575919303,2221001.0965300407,1671525.3871089478,1280138.2681860295,994743.12246542692,782126.15615397797]
[null,null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C133:I138)","v":1706417.8591938731}]
[]
["c) Competition and WACC",null,"WACC (z)"]
[null,{"$f":"B132","v":1676411.6878940312},0,0.05,0.1,0.15,0.2,0.25,0.3]
["Decrease in Price due to Competition (x)",0,7215092.6404764531,5101105.0492417263,3698967.6856342289,2742717.8594524353,2073694.3657070291,1594516.2421033401,1243830.1913407166]
[null,0.05,5002290.5079033887,3578341.4561511581,2623207.4048519027,1964324.2594332078,1497997.6839218866,1160109.9847308099,909959.02796593623]
[null,0.1,3348523.5216655703,2428799.5264118989,1802870.7556888817,1364737.4205285255,1050093.4100175141,818789.75881414884,645089.50338096952]
[null,0.15,2117859.5871435227,1563705.6912627027,1178576.4769640088,903358.39045250649,701662.06595657929,550434.18067976984,434680.18087472016]
[null,0.2,1205092.3763409401,914012.3218798883,703906.60932141508,548290.79642936832,430341.58536627807,339073.89564098726,267131.67813342676]
[null,0.25,529498.08086988749,426442.48419345677,342842.54369448748,274643.62853367109,218582.10306598613,172105.11734334711,133237.74045849868]
[null,0.3,29682.996921884565,60218.627538545137,67639.758882603113,63121.30412309424,52692.477905961983,39633.380338131581,25726.177901601943]
[null,null,null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C143:I149)","v":1350188.7859926324}]
[]
["Part 4: Mortality Sensitivities","Average Part 4",{"$f":"G160","v":1392798.7437626359}]
["a) Mortality to mortality growth rate","Mortality Rate (z)"]
["Mortality Growth Rate (x)",{"$f":"B142","v":1676411.6878940312},0.1,0.2,0.3,0.4,0.5]
[null,0.02,2576021.1763763893,2126216.4321352099,1676411.6878940312,1226606.943652851,776802.19941167196]
[null,0.04,2533455.1301445938,2041084.3396716188,1548713.5491986435,1056342.7587256681,563971.96825269307]
[null,0.06,2486416.9764691307,1947008.032320692,1407599.0881722532,868190.14402381517,328781.19987537648]
[null,0.08,2434453.6866641943,1843081.4527108199,1251709.2187574459,660336.98480407067,68964.750850696641]
[null,0.1,2377070.6720086485,1728315.4233997273,1079560.1747908064,430804.92618188582,-217950.32242703543]
[null,null,null,null,null,"Average NPV",{"$f":"AVERAGE(C155:G159)","v":1392798.7437626359}]
[]
[]
[]
["Monte Carlo Simulation"]
[]
["Variables"]
[{"$f":"A2","v":"Growth, Competition and Inflation rates"},null,null,{"$f":"D2","v":"Capital Structures"}]
["Market Growth Rate (Net)",{"$f":"B3","v":0.1},null,"Debt",{"$f":"E3","v":0.6}]
["Decrease in Growth Rate Due to Competition",0.1,null,"Equity",0.4]
["Price Increase Due to Inflation",0.02,null,"Total",1]
["Price Decrease Due to Competition",0.1,null,"Rate on Debt",0.13]
["Increase in labor rate ",0.02,null,"Rate on Equity",0.16]
["Mortality Rate",0.3,null,"WACC",0.11275]
["Increase in Mortality Rate",0.02,null,"Tax Rate",0.375]
["Growth Rates Over past ten 8 years",0.03,{"$f":"C10","v":0.06},0.09,0.12,{"$f":"F10","v":0.05},{"$f":"G10","v":0.02},{"$f":"H10","v":0.06},{"$f":"I10","v":0.1}]
["Standard Deviation",3.2379584617471542E-2]
["Randomization Phase"]
[{"$f":"A12","v":"Periods"},0,1,2,3,4,5,6,7,8,9,10,"Avg"]
[{"$f":"A13","v":"Standard Deviation for Growth Rates"},0,null,null,null,null,null,null,null,null,null,null,{"$f":"M14","v":0}]
["Randomized Growth Rates",0.1,{"$f":"C14","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
["Growth Rates (net of competition)",0.1,{"$f":"C15","v":9.0000000000000011E-2},8.1000000000000016E-2,7.2900000000000006E-2,6.5610000000000016E-2,5.9049000000000018E-2,5.314410000000002E-2,4.7829690000000015E-2,4.3046721000000017E-2,3.874204890000002E-2,3.4867844010000017E-2]
[]
[{"$f":"A17","v":"Discounted Cash Flows"},0,1,2,3,4,5,6,7,8,9,10]
[{"$f":"A18","v":"Financial"},-181725,8177.2242192765571,247479.25944258063,216774.25565287026,187931.65093045178,192498.65511119898,277880.80551247444,234591.04115409162,196291.54169258731,162775.71613106719,133736.53804743223]
[{"$f":"A19","v":"Net Present Value Financial"},{"$f":"B19","v":1676411.6878940312}]
[]
[]
["Iteration of NPV"]
[null,{"$f":"B185","v":1676411.6878940312},null,null,{"$f":"B199","v":1676411.6878940312},"Standard Deviation",{"$f":"STDEVP(E189:E288)","v":2.7939677238464355E-9},null,"Frequency Plot"]
[1,1676411.6878940312,null,1,1676411.6878940312,null,null,null,"Sigma","NPV","Frequency","Percentage"]
[2,1676411.6878940312,null,2,1676411.6878940312,null,null,null,-2,{"$f":"J192+I191*$G$189","v":1676411.6878939976},{"$f":"FREQUENCY(E189:E288,J191:J211)","v":0},{"$f":"K191/$K$212","v":0}]
[3,1676411.6878940312,null,3,1676411.6878940312,null,null,null,-1.8,1676411.6878940032,0,{"$f":"K192/$K$212","v":0}]
[4,1676411.6878940312,null,4,1676411.6878940312,null,null,null,-1.6,1676411.6878940084,0,0]
[5,1676411.6878940312,null,5,1676411.6878940312,null,null,null,-1.4,1676411.6878940128,0,0]
[6,1676411.6878940312,null,6,1676411.6878940312,null,null,null,-1.2,1676411.6878940167,0,0]
[7,1676411.6878940312,null,7,1676411.6878940312,null,null,null,-1,1676411.68789402,0,0]
[8,1676411.6878940312,null,8,1676411.6878940312,null,null,null,-0.8,1676411.6878940228,0,0]
[9,1676411.6878940312,null,9,1676411.6878940312,null,null,null,-0.6,1676411.6878940251,0,0]
["Average NPV",{"$f":"AVERAGE(B189:B198)","v":1676411.6878940312},null,10,1676411.6878940312,null,null,null,-0.4,1676411.6878940267,0,0]
[null,null,null,11,1676411.6878940312,null,null,null,-0.2,{"$f":"J201+I200*$G$189","v":1676411.6878940279},0,0]
[null,null,null,12,1676411.6878940312,null,null,null,0,{"$f":"E289","v":1676411.6878940284},0,0]
[null,null,null,13,1676411.6878940312,null,null,null,0.2,{"$f":"J201+I202*$G$189","v":1676411.6878940288},0,0]
[null,null,null,14,1676411.6878940312,null,null,null,0.4,{"$f":"J202+I203*$G$189","v":1676411.68789403},0,0]
[null,null,null,15,1676411.6878940312,null,null,null,0.6,1676411.6878940316,100,1]
[null,null,null,16,1676411.6878940312,null,null,null,0.8,1676411.687894034,0,0]
[null,null,null,17,1676411.6878940312,null,null,null,1,1676411.6878940368,0,0]
[null,null,null,18,1676411.6878940312,null,null,null,1.2,1676411.68789404,0,0]
[null,null,null,19,1676411.6878940312,null,null,null,1.4,1676411.687894044,0,0]
[null,null,null,20,1676411.6878940312,null,null,null,1.6,1676411.6878940484,0,0]
[null,null,null,21,1676411.6878940312,null,null,null,1.8,1676411.6878940535,0,0]
[null,null,null,22,1676411.6878940312,null,null,null,2,1676411.6878940591,0,0]
[null,null,null,23,1676411.6878940312,null,null,null,null,"Total",{"$f":"SUM(K191:K211)","v":100}]
[null,null,null,24,1676411.6878940312]
[null,null,null,25,1676411.6878940312]
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[null,null,null,53,1676411.6878940312]
[null,null,null,54,1676411.6878940312]
[null,null,null,55,1676411.6878940312]
[null,null,null,56,1676411.6878940312]
[null,null,null,57,1676411.6878940312]
[null,null,null,58,1676411.6878940312]
[null,null,null,59,1676411.6878940312]
[null,null,null,60,1676411.6878940312]
[null,null,null,61,1676411.6878940312]
[null,null,null,62,1676411.6878940312]
[null,null,null,63,1676411.6878940312]
[null,null,null,64,1676411.6878940312]
[null,null,null,65,1676411.6878940312]
[null,null,null,66,1676411.6878940312]
[null,null,null,67,1676411.6878940312]
[null,null,null,68,1676411.6878940312]
[null,null,null,69,1676411.6878940312]
[null,null,null,70,1676411.6878940312]
[null,null,null,71,1676411.6878940312]
[null,null,null,72,1676411.6878940312]
[null,null,null,73,1676411.6878940312]
[null,null,null,74,1676411.6878940312]
[null,null,null,75,1676411.6878940312]
[null,null,null,76,1676411.6878940312]
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[null,null,null,78,1676411.6878940312]
[null,null,null,79,1676411.6878940312]
[null,null,null,80,1676411.6878940312]
[null,null,null,81,1676411.6878940312]
[null,null,null,82,1676411.6878940312]
[null,null,null,83,1676411.6878940312]
[null,null,null,84,1676411.6878940312]
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[null,null,null,98,1676411.6878940312]
[null,null,null,99,1676411.6878940312]
[null,null,null,"Average NPV",{"$f":"AVERAGE(E189:E288)","v":1676411.6878940284}]

{"sheet":"PVSOB","index":12,"n_rows":72,"n_cols":15,"rows_kept":72,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Scenario 1","Scenario 2","PVSOB","Nav. Bar",null,null,null,null,null,null,null,null,null,"Gen Info"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
["Opportunity Cost Analysis",null,null,null,null,null,null,null,null,null,null,null,null,null,"Depreciations"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income St"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance Sht"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital Structure"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows M"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash Flows Y"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DCF, NPV & IRR"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Break Even"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity & MC"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ratios"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"PVSOB"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Scenario Cases"]
[]
[]
[]
["Scenario 1"]
["Doing Strawberry Farming"]
[]
["NPV of Ten Years of Business",{"$f":"'Sensitivities & Monte Carlo'!B19","v":1676411.6878940312}]
["Initial Salary (Monthly)",30000]
["Yearly Salary",{"$f":"12*B22","v":360000}]
["Salary Growth Rate",0.02]
["Personal Discount Rate",{"$f":"10%","v":0.1}]
[]
["Years",1,2,3,4,5,6,7,8,9,10]
["Salary Flow to Owner",{"$f":"B23","v":360000},{"$f":"B28*(1+B24)","v":367200},{"$f":"C28*(1+C24)","v":367200},367200,367200,367200,367200,367200,367200,367200]
["Discounted Salary Flows",{"$f":"B28/(1+$B$25)^B27","v":327272.72727272724},{"$f":"C28/(1+$B$25)^C27","v":303471.07438016526},275882.79489105928,250802.54081005388,228002.3098273217,207274.82711574697,188431.66101431541,171301.51001301402,155728.64546637636,141571.49587852394]
["NPV of Salary Flow",{"$f":"SUM(B29:K29)","v":2249739.5866693044}]
[]
["Years",1,2,3,4,5,6,7,8,9,10]
["Cash Flow to Owner",{"$f":"-'Cash Flow Yearly'!B28","v":132487.2421875},{"$f":"-'Cash Flow Yearly'!C28","v":240454.8585},{"$f":"-'Cash Flow Yearly'!D28","v":234638.00847555837},{"$f":"-'Cash Flow Yearly'!E28","v":226729.33876536938},{"$f":"-'Cash Flow Yearly'!F28","v":338714.28911108384},{"$f":"-'Cash Flow Yearly'!G28","v":395644.77095585002},{"$f":"-'Cash Flow Yearly'!H28","v":371668.62998620048},{"$f":"-'Cash Flow Yearly'!I28","v":346053.84022378165},{"$f":"-'Cash Flow Yearly'!J28","v":319322.34114256245},{"$f":"-'Cash Flow Yearly'!K28","v":291935.80940127134}]
["Discounted Cash Flows",{"$f":"B33/(1+$B$25)^B32","v":120442.94744318181},{"$f":"C33/(1+$B$25)^C32","v":198723.02355371899},176287.0086217568,154859.18910277257,210314.9245338953,223331.15876667516,190724.77476910336,161436.67041431397,135423.84437168681,112553.8922588389]
["NPV of Cash Flows",{"$f":"SUM(B34:K34)","v":1684097.4338359439}]
[]
["NPV of Doing Business and Job",{"$f":"B21+B30","v":3926151.2745633358}]
["Total NPV of Cash from Business and Job",{"$f":"B21+B35","v":3360509.1217299751}]
[]
[]
["Scenario 2"]
["Only having a job"]
[]
["Equity Saved",{"$f":"'Balance Sheet'!B29","v":72690}]
["Interest Rate of Banks",0.15]
["Personal Discount Rate",0.1]
["Initial Salary (monthly)",50000]
["Yearly Salary",{"$f":"12*B47","v":600000}]
["Salary Growth Rate",0.05]
[]
["Years",1,2,3,4,5,6,7,8,9,10]
["Salary Flow to Owners",{"$f":"B48","v":600000},{"$f":"B52*(1+$B$49)","v":630000},{"$f":"C52*(1+$B$49)","v":661500},694575,729303.75,765768.9375,804057.38437500002,844260.25359375007,886473.26627343765,930796.9295871096]
["Discounted Salary Flows",{"$f":"B52/(1+$B$46)^B51","v":545454.54545454541},{"$f":"C52/(1+$B$46)^C51","v":520661.15702479333},496994.74079639354,474404.07076019386,452840.24936200317,432256.60166373028,412608.57431537885,393853.63911922532,375951.20097744232,358862.51002392219]
["NPV of Salary Flows",{"$f":"SUM(B53:K53)","v":4463887.2894976279}]
[]
["Years",1,2,3,4,5,6,7,8,9,10]
["Interest Inflows",{"$f":"B44*B45","v":10903.5},{"$f":"B57","v":10903.5},{"$f":"C57","v":10903.5},10903.5,10903.5,10903.5,10903.5,10903.5,10903.5,10903.5]
["Doscounted Interest Inflows",{"$f":"B57/(1+$B$46)^B56","v":9912.2727272727261},{"$f":"C57/(1+$B$46)^C56","v":9011.1570247933869},8191.9609316303504,7447.2372105730465,6770.215645975496,6154.7414963413594,5595.2195421285078,5086.5632201168255,4624.1483819243867,4203.7712562948964]
["NPV of Interest Inflows",{"$f":"SUM(B58:K58)","v":66997.287437050982}]
[]
["Total NPV for Scenario 2",{"$f":"B54+B59","v":4530884.5769346785}]
[]
["NPV Difference ",{"$f":"B38-B61","v":-1170375.4552047034}]
[]
[]
[]
[]
[]
[]
[]
[]
["PV of Satisfaction of Owning Business",{"$f":"-B63","v":1170375.4552047034}]

{"sheet":"Scenario Cases","index":13,"n_rows":226,"n_cols":7,"rows_kept":226,"cut":false,"hidden":false,"merged":[]}
["Page Navigation","Sensitivity NPVs","Sensitivity Plot",null,null,null,"Gen Info"]
["Scenarios",null,null,null,null,null,"Expenses"]
[null,null,null,null,null,null,"Depreciations"]
["From Sensitivities",null,null,null,null,null,"Income St"]
[null,null,null,null,null,null,"Balance Sht"]
["Sensitivity","Best Case (NPV)","Average Case (NPV)","Worst Case (NPV)","Deviations of Case Outcomes",null,"Capital Structure"]
["Part 1",null,null,null,null,null,"Cash Flows M"]
["a) Growth rate and competition sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C28:G31)","v":1729274.1867305231},{"$f":"'Sensitivities & Monte Carlo'!G32","v":1517405.923844914},{"$f":"MIN('Sensitivities & Monte Carlo'!C28:G31)","v":1185488.6945803817},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C28:G31)","v":196957.0136991326},null,"Cash Flows Y"]
["b) Price and Competition Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C38:H42)","v":4109689.5363210253},{"$f":"'Sensitivities & Monte Carlo'!H43","v":1932887.1464688401},{"$f":"MIN('Sensitivities & Monte Carlo'!C38:H42)","v":539960.34986409463},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C38:H42)","v":1041102.907424471},null,"DCF, NPV & IRR"]
["c) Competition Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C48:G52)","v":3420473.9103723955},{"$f":"'Sensitivities & Monte Carlo'!G53","v":1857701.6994937563},{"$f":"MIN('Sensitivities & Monte Carlo'!C48:G52)","v":659847.09449840465},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C48:G52)","v":981269.04349056073},null,"Break Even"]
["d) Growth Rate and Inflation Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C57:H62)","v":2120362.8778860443},{"$f":"'Sensitivities & Monte Carlo'!H63","v":1473179.4060241336},{"$f":"MIN('Sensitivities & Monte Carlo'!C57:H62)","v":760635.27749882056},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C57:H62)","v":355577.04197593429},null,"Sensitivity & MC"]
["e) Growth Rate and Wage Rate Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C67:H72)","v":1736526.279165006},{"$f":"'Sensitivities & Monte Carlo'!H73","v":1411095.5718860361},{"$f":"MIN('Sensitivities & Monte Carlo'!C67:H72)","v":880483.20653678058},{"$f":"STDEV('Sensitivities & Monte Carlo'!C67:H72)","v":298379.76026171027},null,"Ratios"]
["f) Inflation and Wage Rate Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C77:H82)","v":2069207.8334422123},{"$f":"'Sensitivities & Monte Carlo'!H83","v":1743826.6949017884},{"$f":"MIN('Sensitivities & Monte Carlo'!C77:H82)","v":1439868.4992218788},{"$f":"STDEV('Sensitivities & Monte Carlo'!C77:H82)","v":211384.8271650472},null,"PVSOB"]
["Part 2",null,null,null,null,null,"Scenario Cases"]
["a) Debt to Equity Ratio Sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C88,'Sensitivities & Monte Carlo'!D89,'Sensitivities & Monte Carlo'!E90,'Sensitivities & Monte Carlo'!F91,'Sensitivities & Monte Carlo'!G92,'Sensitivities & Monte Carlo'!H93,'Sensitivities & Monte Carlo'!I94,'Sensitivities & Monte Carlo'!J95,'Sensitivities & Monte Carlo'!K96,'Sensitivities & Monte Carlo'!L97,'Sensitivities & Monte Carlo'!M98)","v":2014327.7577697677},{"$f":"'Sensitivities & Monte Carlo'!M99","v":1622367.4101178723},{"$f":"MIN('Sensitivities & Monte Carlo'!C88,'Sensitivities & Monte Carlo'!D89,'Sensitivities & Monte Carlo'!E90,'Sensitivities & Monte Carlo'!F91,'Sensitivities & Monte Carlo'!G92,'Sensitivities & Monte Carlo'!H93,'Sensitivities & Monte Carlo'!I94,'Sensitivities & Monte Carlo'!J95,'Sensitivities & Monte Carlo'!K96,'Sensitivities & Monte Carlo'!L97,'Sensitivities & Monte Carlo'!M98)","v":1288901.497327562},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C88,'Sensitivities & Monte Carlo'!D89,'Sensitivities & Monte Carlo'!E90,'Sensitivities & Monte Carlo'!F91,'Sensitivities & Monte Carlo'!G92,'Sensitivities & Monte Carlo'!H93,'Sensitivities & Monte Carlo'!I94,'Sensitivities & Monte Carlo'!J95,'Sensitivities & Monte Carlo'!K96,'Sensitivities & Monte Carlo'!L97,'Sensitivities & Monte Carlo'!M98)","v":229073.24007865871}]
["b) Rate of debt and rate of equity sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C102:G106)","v":3343208.0654155696},{"$f":"'Sensitivities & Monte Carlo'!G107","v":2124338.6910973783},{"$f":"MIN('Sensitivities & Monte Carlo'!C102:G106)","v":1331004.7825640249},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C102:G106)","v":496861.17584175884}]
["c) Rate of Debt and Tax Rate sensitivity",{"$f":"MAX('Sensitivities & Monte Carlo'!C111:I117)","v":2318874.794808072},{"$f":"'Sensitivities & Monte Carlo'!I118","v":1627735.9973070216},{"$f":"MIN('Sensitivities & Monte Carlo'!C111:I117)","v":919535.26749327977},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C111:I117)","v":382674.45137988596}]
["Part 3"]
["a) Market Growth Rate and WACC",{"$f":"MAX('Sensitivities & Monte Carlo'!C123:I128)","v":3431675.2904646611},{"$f":"'Sensitivities & Monte Carlo'!I129","v":1375018.7970449999},{"$f":"MIN('Sensitivities & Monte Carlo'!C123:I128)","v":344012.73530257767},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C123:I128)","v":822221.14802353841}]
["b) Inflation and WACC",{"$f":"MAX('Sensitivities & Monte Carlo'!C133:I138)","v":4184931.9504937101},{"$f":"'Sensitivities & Monte Carlo'!I139","v":1706417.8591938731},{"$f":"MIN('Sensitivities & Monte Carlo'!C133:I138)","v":563734.7129854518},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C133:I138)","v":971948.89848821249}]
["c) Competition and WACC",{"$f":"MAX('Sensitivities & Monte Carlo'!C143:I149)","v":7215092.6404764531},{"$f":"'Sensitivities & Monte Carlo'!I150","v":1350188.7859926324},{"$f":"MIN('Sensitivities & Monte Carlo'!C143:I149)","v":25726.177901601943},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C143:I149)","v":1498900.829710159}]
["Part 4"]
["a) Mortality to mortality growth rate",{"$f":"MAX('Sensitivities & Monte Carlo'!C155:G159)","v":2576021.1763763893},{"$f":"'Sensitivities & Monte Carlo'!G160","v":1392798.7437626359},{"$f":"MIN('Sensitivities & Monte Carlo'!C155:G159)","v":-217950.32242703543},{"$f":"STDEVP('Sensitivities & Monte Carlo'!C155:G159)","v":804441.30201314378}]
[]
["Sensitivity NPVs","Best","Average","Worst","Deviation"]
["Average",{"$f":"AVERAGE(B8:B23)","v":3097666.6384401401},{"$f":"AVERAGE(C8:C23)","v":1625766.363625837},{"$f":"AVERAGE(D8:D23)","v":747788.30564214021},{"$f":"AVERAGE(E8:E23)","v":637753.20304247795}]
["Optimistic",{"$f":"MAX(B8:B23)","v":7215092.6404764531},{"$f":"MAX(C8:C23)","v":2124338.6910973783},{"$f":"MAX(D8:D23)","v":1439868.4992218788},{"$f":"MAX(E8:E23)","v":1498900.829710159}]
["Pessimistic",{"$f":"MIN(B8:B23)","v":1729274.1867305231},{"$f":"MIN(C8:C23)","v":1350188.7859926324},{"$f":"MIN(D8:D23)","v":-217950.32242703543},{"$f":"MIN(E8:E23)","v":196957.0136991326}]
[]
[]
["Frequency Plot for Sensitivity NPVs Based on the Average Result"]
[]
["Average NPV",{"$f":"C26","v":1625766.363625837}]
["Standard Deviation",{"$f":"E26","v":637753.20304247795}]
[]
["Sigma","Values","Frequency","Percentage"]
[-3,{"$f":"$B$33+A37*$B$34","v":-287493.24550159695},{"$f":"FREQUENCY(A158:F226,B37:B73)","v":0},{"$f":"C37/$C$74","v":0}]
[-2.8,{"$f":"$B$33+A38*$B$34","v":-159942.60489310115},1,{"$f":"C38/$C$74","v":2.4154589371980675E-3}]
[-2.6,{"$f":"$B$33+A39*$B$34","v":-32391.964284605812},0,0]
[-2.4,{"$f":"$B$33+A40*$B$34","v":95158.676323889988},8,1.932367149758454E-2]
[-2.2000000000000002,{"$f":"$B$33+A41*$B$34","v":222709.31693238532},3,7.246376811594203E-3]
[-2,{"$f":"$B$33+A42*$B$34","v":350259.95754088112},6,1.4492753623188406E-2]
[-1.8,477810.59814937669,6,1.4492753623188406E-2]
[-1.6,605361.23875787226,12,2.8985507246376812E-2]
[-1.4,732911.87936636794,17,4.1062801932367152E-2]
[-1.2,860462.51997486351,14,3.3816425120772944E-2]
[-1,988013.16058335907,23,5.5555555555555552E-2]
[-0.8,1115563.8011918548,20,4.8309178743961352E-2]
[-0.6,1243114.4418003503,26,6.280193236714976E-2]
[-0.4,1370665.0824088459,20,4.8309178743961352E-2]
[-0.2,{"$f":"$B$33+A51*$B$34","v":1498215.7230173415},35,8.4541062801932368E-2]
[0,{"$f":"B33","v":1625766.363625837},33,7.9710144927536225E-2]
[0.2,{"$f":"$B$52+A53*$B$34","v":1753317.0042343326},52,0.12560386473429952]
[0.4,1880867.6448428282,24,5.7971014492753624E-2]
[0.6,2008418.2854513237,19,4.5893719806763288E-2]
[0.8,2135968.9260598193,23,5.5555555555555552E-2]
[1,2263519.5666683149,6,1.4492753623188406E-2]
[1.2,2391070.2072768104,11,2.6570048309178744E-2]
[1.4,2518620.847885306,12,2.8985507246376812E-2]
[1.6,2646171.488493802,8,1.932367149758454E-2]
[1.8,2773722.1291022971,2,4.830917874396135E-3]
[2,2901272.7697107932,3,7.246376811594203E-3]
[2.2000000000000002,{"$f":"$B$52+A63*$B$34","v":3028823.4103192887},5,1.2077294685990338E-2]
[2.4,3156374.0509277843,1,2.4154589371980675E-3]
[2.6,3283924.6915362799,2,4.830917874396135E-3]
[2.8,3411475.3321447754,4,9.6618357487922701E-3]
[3,3539025.972753271,7,1.6908212560386472E-2]
[3.2,3666576.6133617666,3,7.246376811594203E-3]
[3.4,3794127.2539702621,1,2.4154589371980675E-3]
[3.6,3921677.8945787577,2,4.830917874396135E-3]
[3.8,4049228.5351872533,0,0]
[4,4176779.1757957488,1,2.4154589371980675E-3]
["4+",null,4,9.6618357487922701E-3]
[null,"Total",{"$f":"SUM(C37:C73)","v":414}]
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["Sensitivity Values"]
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[{"$f":"'Sensitivities & Monte Carlo'!C156","v":2533455.1301445938},{"$f":"'Sensitivities & Monte Carlo'!D156","v":2041084.3396716188},{"$f":"'Sensitivities & Monte Carlo'!E156","v":1548713.5491986435},{"$f":"'Sensitivities & Monte Carlo'!F156","v":1056342.7587256681},{"$f":"'Sensitivities & Monte Carlo'!G156","v":563971.96825269307},{"$f":"'Sensitivities & Monte Carlo'!I144","v":909959.02796593623}]
[{"$f":"'Sensitivities & Monte Carlo'!C157","v":2486416.9764691307},{"$f":"'Sensitivities & Monte Carlo'!D157","v":1947008.032320692},{"$f":"'Sensitivities & Monte Carlo'!E157","v":1407599.0881722532},{"$f":"'Sensitivities & Monte Carlo'!F157","v":868190.14402381517},{"$f":"'Sensitivities & Monte Carlo'!G157","v":328781.19987537648},{"$f":"'Sensitivities & Monte Carlo'!I145","v":645089.50338096952}]
[{"$f":"'Sensitivities & Monte Carlo'!C158","v":2434453.6866641943},{"$f":"'Sensitivities & Monte Carlo'!D158","v":1843081.4527108199},{"$f":"'Sensitivities & Monte Carlo'!E158","v":1251709.2187574459},{"$f":"'Sensitivities & Monte Carlo'!F158","v":660336.98480407067},{"$f":"'Sensitivities & Monte Carlo'!G158","v":68964.750850696641},{"$f":"'Sensitivities & Monte Carlo'!I146","v":434680.18087472016}]
[{"$f":"'Sensitivities & Monte Carlo'!C159","v":2377070.6720086485},{"$f":"'Sensitivities & Monte Carlo'!D159","v":1728315.4233997273},{"$f":"'Sensitivities & Monte Carlo'!E159","v":1079560.1747908064},{"$f":"'Sensitivities & Monte Carlo'!F159","v":430804.92618188582},{"$f":"'Sensitivities & Monte Carlo'!G159","v":-217950.32242703543},{"$f":"'Sensitivities & Monte Carlo'!I147","v":267131.67813342676}]
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[{"$f":"'Sensitivities & Monte Carlo'!C144","v":5002290.5079033887},{"$f":"'Sensitivities & Monte Carlo'!D144","v":3578341.4561511581},{"$f":"'Sensitivities & Monte Carlo'!E144","v":2623207.4048519027},{"$f":"'Sensitivities & Monte Carlo'!F144","v":1964324.2594332078},{"$f":"'Sensitivities & Monte Carlo'!G144","v":1497997.6839218866},{"$f":"'Sensitivities & Monte Carlo'!H144","v":1160109.9847308099}]
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[{"$f":"'Sensitivities & Monte Carlo'!C134","v":3101267.6940864529},{"$f":"'Sensitivities & Monte Carlo'!D134","v":2255459.3786311485},{"$f":"'Sensitivities & Monte Carlo'!E134","v":1678117.1159985929},{"$f":"'Sensitivities & Monte Carlo'!F134","v":1272785.542151222},{"$f":"'Sensitivities & Monte Carlo'!G134","v":980833.75131922157},{"$f":"'Sensitivities & Monte Carlo'!H134","v":765583.27597637672}]
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[{"$f":"'Sensitivities & Monte Carlo'!C136","v":3610953.4661947098},{"$f":"'Sensitivities & Monte Carlo'!D136","v":2612353.9673025808},{"$f":"'Sensitivities & Monte Carlo'!E136","v":1934672.7858215102},{"$f":"'Sensitivities & Monte Carlo'!F136","v":1461664.2886892082},{"$f":"'Sensitivities & Monte Carlo'!G136","v":1122937.8908077923},{"$f":"'Sensitivities & Monte Carlo'!H136","v":874628.69549600093}]
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