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[null,null,null,null,null,null,{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
[]
[{"$f":"Names!E9","v":"[Insert Company Name]"}]
[]
[{"$f":"Names!E10","v":"[Insert Project Name, Location]"}]

{"sheet":"Dashboard","index":1,"n_rows":33,"n_cols":35,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[null,null,{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
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[null,null,"Dashboard"]
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["●",null,"Model Information"]
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[null,null,"Company name",{"$f":"Names!E9","v":"[Insert Company Name]"},null,null,null,null,"Model checks"]
[null,null,"Model name",{"$f":"CONCATENATE(Names!E9,\" \",Name_Model)","v":"[Insert Company Name] FGN 5M Solar Connections Facility - SHS"},null,null,null,null,"Model balances",null,{"$f":"Model!P74","v":0}]
[null,null,"Location","LGA, State, Nigeria",null,null,null,null,"Cash balance always positive",null,{"$f":"Model!O103","v":0}]
[null,null,null,null,null,null,null,null,"Inputs correct",null,{"$f":"Inputs!E160","v":0}]
[null,null,null,null,null,null,null,null,"Operating Scenario",null,{"$f":"Inputs!E25","v":"Base"}]
[]
[null,null,null,null,null,null," "]
["●",null,"Key Outputs",null,null,null,null,null,null,null,null,null,null,"Graphs"]
[]
[]
[null,null,"Financial Statements"]
[null,null,"Income statement key outputs",null,null,null,{"$f":"Start_Year","v":2020},{"$f":"G18+1","v":2021},{"$f":"H18+1","v":2022},2023,2024,2025]
[null,null,"Revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I16","v":890000},{"$f":"Model!J16","v":1246000},{"$f":"Model!K16","v":1682100},{"$f":"Model!L16","v":2186730},{"$f":"Model!M16","v":2842749.0000000005},{"$f":"Model!N16","v":3411298.8000000003}]
[null,null,"Operating Expenses (inc VAT)",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I25+Model!I27","v":-100216.25},{"$f":"Model!J25+Model!J27","v":-141044.25},{"$f":"Model!K25+Model!K27","v":-189518.54500000001},{"$f":"Model!L25+Model!L27","v":-257252.41385000001},{"$f":"Model!M25+Model!M27","v":-335537.19109300012},{"$f":"Model!N25+Model!N27","v":-414033.27405776014}]
[null,null,"EBITDA",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I29","v":166608.75},{"$f":"Model!J29","v":232510.75},{"$f":"Model!K29","v":314780.70499999996},{"$f":"Model!L29","v":398336.6111499999},{"$f":"Model!M29","v":516728.54140700027},{"$f":"Model!N29","v":608685.60494224005}]
[null,null,"Net Income",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I42","v":111389.95},{"$f":"Model!J42","v":156648.71},{"$f":"Model!K42","v":212705.08384444442},{"$f":"Model!L42","v":269771.77080285043},{"$f":"Model!M42","v":350770.4958555256},{"$f":"Model!N42","v":413361.79028961214}]
[null,null,"Profit margin","%",{"$f":"SUM(G22:K22)/SUM(G19:K19)","v":0.12447314802194141},null,{"$f":"G22/G19","v":0.12515724719101123},{"$f":"H22/H19","v":0.12572127608346709},0.12645210382524488,0.12336766349885465,0.12339130041221562,{"$f":"L22/L19","v":0.12117431351648589}]
[]
[null,null,"Balance sheet key outputs"]
[null,null,"Cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I48","v":122605.08698630136},{"$f":"Model!J48","v":225678.74066971079},{"$f":"Model!K48","v":378597.91481988458},{"$f":"Model!L48","v":585142.11208683474},{"$f":"Model!M48","v":857071.3948285433},{"$f":"Model!N48","v":1210925.3700588655}]
[null,null,"Debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I64","v":84146.575342465745},{"$f":"Model!J64","v":85305.205479452052},{"$f":"Model!K64","v":89537.027397260274},{"$f":"Model!L64","v":96398.135616438361},{"$f":"Model!M64","v":109067.57630136987},{"$f":"Model!N64","v":130881.09156164384}]
[null,null,"Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I70","v":166514.95000000001},{"$f":"Model!J70","v":323163.65999999997},{"$f":"Model!K70","v":535868.7438444444},{"$f":"Model!L70","v":805640.51464729477},{"$f":"Model!M70","v":1156411.0105028204},{"$f":"Model!N70","v":1569772.8007924324}]
[null,null,"Debt:equity ratio","multiple",null,null,{"$f":"G27/G28","v":0.50533946256756967},{"$f":"H27/H28","v":0.26396905357320205},{"$f":"I27/I28","v":0.16708760946738793},{"$f":"J27/J28","v":0.11965403162307567},{"$f":"K27/K28","v":9.4315580974921778E-2},{"$f":"L27/L28","v":8.3375818141054645E-2}]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DO NOT DELETE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Model!F195","v":0},"Upside","Downside","Base"]

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[null,"Input Sheet",{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
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[null,null,"Inputs"]
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["●",null,"Timing"]
[null,null,"Start"]
[null,null,"Model Start Date","Date","2020-01-01"]
[null,null,"Model Start Year","Date",{"$f":"YEAR(E7)","v":2020}]
[null,null,"Model Currency","USD/NGN","USD",null,null,null,null,null,null,null,null,null,null,"USD"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NGN"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["●",null,"Operating Scenario"]
[]
[null,null,"Operating Scenario","Name","Base"]
[]
["●",null,"COGS assumptions"]
[]
[null,null,"Product 1",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G31,(G31/$E$202))","v":175},null,70000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G32,(G32/$E$202))","v":8.75},null,3500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E31:E32)*E33+(E31+E32)","v":192.9375}]
[]
[null,null,"Product 2"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G38,(G38/$E$202))","v":450},null,180000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G39,(G39/$E$202))","v":16.25},null,6500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E38:E39)*E40+(E38+E39)","v":489.5625}]
[]
["●",null,"Sales and pricing"]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 1"]
[null,null,"Initial sales (2019)","#",1200,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I47+1","v":2021},{"$f":"J47+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J208","v":0.4},{"$f":"K208","v":0.35},{"$f":"L208","v":0.3},{"$f":"M208","v":0.3},{"$f":"N208","v":0.2}]
[null,null,"Total sales",null,{"$f":"SUM(I49:Q49)","v":16528.824000000001},null,null,null,{"$f":"E47","v":1200},{"$f":"I49*(1+J48)","v":1680},{"$f":"J49*(1+K48)","v":2268},2948.4,3832.92,4599.5039999999999]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 1"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E54 + (E55*E56)","v":300}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G54,(G54/$E$202))","v":150},null,60000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G55,(G55/$E$202))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 2"]
[null,null,"Initial sales (2019)","#",800,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I62+1","v":2021},{"$f":"J62+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J209","v":0.4},{"$f":"K209","v":0.35},{"$f":"L209","v":0.3},{"$f":"M209","v":0.3},{"$f":"N209","v":0.2}]
[null,null,"Total sales",null,{"$f":"SUM(I64:Q64)","v":11019.216},null,null,null,{"$f":"E62","v":800},{"$f":"I64*(1+J63)","v":1120},{"$f":"J64*(1+K63)","v":1512},{"$f":"K64*(1+L63)","v":1965.6000000000001},{"$f":"L64*(1+M63)","v":2555.2800000000002},{"$f":"M64*(1+N63)","v":3066.3360000000002}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 2"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E69 + (E70*E71)","v":737.5}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G69,(G69/$E$202))","v":587.5},null,235000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G70,(G70/$E$202))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
["●",null,"Operational expenses"]
[]
[null,null,"Coporate overhead",null,null,null,{"$f":"I62","v":2020}]
[null,null,"Employees and salaries",null,"Per employee",null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I78+1","v":2021},{"$f":"J78+1","v":2022},2023,2024,{"$f":"M78+1","v":2025}]
[null,null,"Artisan (Technician, Electrician)",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G79,(G79/$E$202))","v":900},null,360000,null,1,2,2,4,4,5]
[null,null,"Technical Manager",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},1200,null,480000,null,1,1,1,2,2,2]
[null,null,"HR and Admin Manager","USD annual",1500,null,600000,null,1,1,1,2,2,2]
[null,null,"Marketing & PR Executive","USD annual",1350,null,540000,null,1,2,2,3,3,4]
[null,null,"Logistics and Stock Control ","USD annual",600,null,240000,null,1,1,1,2,2,2]
[null,null,"IT Support ","USD annual",600,null,240000,null,1,1,1,2,2,3]
[null,null,"Employee benefits & payroll tax","% payroll",2.5000000000000001E-2]
[]
[null,null,"Total corporate salaries and benefits",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},null,null,null,null,{"$f":"SUMPRODUCT($E$79:$E$84,I79:I84) + SUMPRODUCT($E$79:$E$84,I79:I84)*$E$85","v":6303.75},8610,8610,15836.25,15836.25,18757.5]
[]
[null,null,"Office "]
[null,null,"Head office rent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G90,(G90/$E$202))","v":600},null,240000]
[null,null,"Warehouse rent","USD annual",{"$f":"IF($E$9=\"NGN\",G91,(G91/$E$202))","v":2125},null,850000]
[null,null,"Maintenance","USD annual",{"$f":"IF($E$9=\"NGN\",G92,(G92/$E$202))","v":737.5},null,295000]
[null,null,"Technology & communications","USD annual",{"$f":"IF($E$9=\"NGN\",G93,(G93/$E$202))","v":280},null,112000]
[]
[null,null,"Total office expenses",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"SUM(E90:E93)","v":3742.5}]
[]
[null,null,"Administration",null,null,null,"Annual increase"]
[null,null,"Insurance",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G98,(G98/$E$202))","v":387.5},null,155000]
[null,null,"Legal","USD annual",{"$f":"IF($E$9=\"NGN\",G99,(G99/$E$202))","v":445},null,178000]
[null,null,"Travel expenses","USD annual",{"$f":"IF($E$9=\"NGN\",G100,(G100/$E$202))","v":812.5},null,325000]
[]
[null,null,"Total administration expenses",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"SUM(E98:E100)","v":1645}]
[]
[null,null,"Direct sales and service costs",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I104+1","v":2021},{"$f":"J104+1","v":2022},2023,2024,2025]
[null,null,"New service centers","#",null,null,null,null,1,1,1,1,1,1]
[null,null,"Active service centers","#",null,null,null,null,{"$f":"SUM(I105)","v":1},{"$f":"SUM($I$105:J105)","v":2},{"$f":"SUM($I$105:K105)","v":3},{"$f":"SUM($I$105:L105)","v":4},{"$f":"SUM($I$105:M105)","v":5},{"$f":"SUM($I$105:N105)","v":6}]
[]
[null,null,"Service center rent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G108,(G108/$E$202))","v":375},null,150000]
[]
[null,null,"Marketing (% revenue)","%",0.02]
[]
[null,null,"Salaries (per service center)",null,"Salary",null,null,null,{"$f":"$E$8","v":2020},{"$f":"I112+1","v":2021},{"$f":"J112+1","v":2022},2023,2024,2025]
[null,null,"Sales Agent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G113,(G113/$E$202))","v":900},null,360000,null,2,2,2,2,2,2]
[null,null,"Technician","USD annual",{"$f":"IF($E$9=\"NGN\",G114,(G114/$E$202))","v":900},null,360000,null,2,2,2,2,2,2]
[null,null,"Local labour (periodic)","USD annual",{"$f":"IF($E$9=\"NGN\",G115,(G115/$E$202))","v":0},null,0]
[null,null,"Security","USD annual",{"$f":"IF($E$9=\"NGN\",G116,(G116/$E$202))","v":0},null,0]
[null,null,"Driver","USD annual",{"$f":"IF($E$9=\"NGN\",G117,(G117/$E$202))","v":0},null,0]
[null,null,"Total salaries per service center","USD annual",null,null,null,null,{"$f":"($E$113*I113)+($E$114*I114)+($E$115*I115)+($E$116*I116)+($E$117*I117)","v":3600},{"$f":"($E$113*J113)+($E$114*J114)+($E$115*J115)+($E$116*J116)+($E$117*J117)","v":3600},3600,3600,3600,3600]
[]
[null,null,"Total direct and service costs",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},null,null,null,null,{"$f":"(I106*$E$108) +($E$110*Model!I16)+Inputs!I$118","v":21775},{"$f":"(J106*$E$108) +($E$110*Model!J16)+Inputs!J$118","v":29270},{"$f":"(K106*$E$108) +($E$110*Model!K16)+Inputs!K$118","v":38367},{"$f":"(L106*$E$108) +($E$110*Model!L16)+Inputs!L$118","v":48834.6},{"$f":"(M106*$E$108) +($E$110*Model!M16)+Inputs!M$118","v":62329.98000000001},{"$f":"(N106*$E$108) +($E$110*Model!N16)+Inputs!N$118","v":74075.97600000001}]
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[]
["●",null,"Working capital"]
[]
[null,null,"Days in period","#",365]
[]
[null,null,"Receivable days","#",15]
[null,null,"Payable days","#",20]
[null,null,"Inventory days","#",52]
[]
["●",null,"Depreciation and Tax"]
[]
[null,null,"Depreciation of corporate PP&E"]
[null,null,"Existing PP&E"]
[null,null,"Beginning PP&E",{"$f":"$E$9","v":"USD"},{"$f":"E149","v":3000},null,null,null,"SL Deprec"]
[null,null,"Depreciation rate","years",10,null,null,null,{"$f":"1/E136","v":0.1}]
[]
[null,null,"Additions to PP&E",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I138+1","v":2021},{"$f":"J138+1","v":2022},{"$f":"K138+1","v":2023},{"$f":"L138+1","v":2024},{"$f":"M138+1","v":2025}]
[null,null,"Equipment",{"$f":"$E$9","v":"USD"},null,null,null,null,{"$f":"IF($E$9=\"NGN\",I140,(I140/I201))","v":0},{"$f":"IF($E$9=\"NGN\",J140,(J140/J201))","v":4861.1111111111113},3322.1879286694098,0,0,2041.7495911012588]
[null,null,null,null,null,null,null,null,0,2100000,1550000,0,0,1200000]
[null,null,"Tax"]
[null,null,"VAT on sales","%",7.4999999999999997E-2]
[null,null,"Income tax","% PBT",0.32]
[]
["●",null,"Balance sheet (2019)"]
[]
[null,null,"Assets"]
[null,null,"Cash & Cash equivalent",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G148,(G148/$E$202))","v":2125},null,850000]
[null,null,"Non-current assets","USD",3000,null,1200000]
[null,null,"Trade & other receivables","USD",0,null,0]
[]
[null,null,"Liabilities"]
[null,null,"Long term loans",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G153,(G153/$E$202))","v":0},null,0]
[null,null,"Trade & other payables","USD",0,null,0]
[]
[null,null,"Equity"]
[null,null,"Equity",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G157,(G157/$E$202))","v":4025},null,1610000]
[null,null,"Retained earnings","USD",1100,null,440000]
[]
[null,null,"Balance Check","OK/Error",{"$f":"IF(SUM(E148:E150)-SUM(E153:E154,E157:E158)=0,0,1)","v":0}]
[]
[]
["●",null,"Financing"]
[]
[null,null,"Equity and grants"]
[null,null,"Equity",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I166+1","v":2021},{"$f":"J166+1","v":2022},2023,2024,2025]
[null,null,"Equity investment","NGN",{"$f":"SUM(J167:N167)","v":0},null,null,null,{"$f":"IF($E$9=\"NGN\",I168,(I168/I201))","v":0},{"$f":"IF($E$9=\"NGN\",J168,(J168/J201))","v":0},0,0,0,0]
[null,null,null,null,null,null,null,null,0,0,0,0,0,0]
[]
[null,null,"Grants",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I170+1","v":2021},{"$f":"J170+1","v":2022},2023,2024,2025]
[null,null,"Grants","USD",{"$f":"SUM(I171:N171)","v":50000},null,null,null,50000]
[]
[null,null,"Debt"]
[null,null,"NGN Debt"]
[null,null,"Lender name","Name"]
[null,null,"Amount","Naira"]
[null,null,"Interest rate","%"]
[null,null,"Grace period","Months"]
[null,null,"Tenor","Months"]
[null,null,"Date of first drawdown","Date"]
[null,null,"Estimated date of first principal repayment","Date"]
[null,null,"Estimated date of maturity","Date"]
[]
[null,null,"USD Debt"]
[null,null,"Lender name","Name"]
[null,null,"Amount","USD",50000]
[null,null,"Interest rate","%",0.05]
[null,null,"Grace period","Months",12]
[null,null,"Tenor","Months",60]
[null,null,"Date of first drawdown","Date","2020-12-31"]
[null,null,"Estimated date of first principal repayment","Date","2021-12-31"]
[null,null,"Estimated date of maturity","Date","2025-12-31"]
[]
[]
["●",null,"Macro-Economics"]
[]
[null,null,"Inflation",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I197+1","v":2021},{"$f":"J197+1","v":2022},2023,2024,2025,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA197+1","v":1},2,3,4]
[null,null,"General cost inflation","%/year",{"$f":"I210","v":0.1},null,null,null,1,{"$f":"I198*(1+$E$198)","v":1.1000000000000001},{"$f":"J198*(1+$E$198)","v":1.2100000000000002},1.3310000000000004,1.4641000000000006,1.6105100000000008,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA198*(1+$E$639)","v":0},{"$f":"AB198*(1+$E$639)","v":0},{"$f":"AC198*(1+$E$639)","v":0},{"$f":"AD198*(1+$E$639)","v":0}]
[]
[null,null,"FX rates",null,null,null,null,null,{"$f":"EOMONTH(E7,0)","v":"2020-01-31"},{"$f":"EOMONTH(I200,12)","v":"2021-01-31"},{"$f":"EOMONTH(J200,12)","v":"2022-01-31"},"2023-01-31","2024-01-31","2025-01-31",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA200+1","v":1},2,3,4]
[null,null,"Depreciation (NGN/USD)","%/year",{"$f":"I211","v":0.08},null,null,null,{"$f":"E202","v":400},{"$f":"I201*(1+$E$201)","v":432},{"$f":"J201*(1+$E$201)","v":466.56000000000006},503.8848000000001,544.19558400000017,587.73123072000021,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA201*(1+$E$646)","v":0},{"$f":"AB201*(1+$E$646)","v":0},{"$f":"AC201*(1+$E$646)","v":0},{"$f":"AD201*(1+$E$646)","v":0}]
[null,null,"Initial FX rate","NGN/USD",400]
[]
["●",null,"Scenario Analysis"]
[]
[]
[null,null,null,null,null,null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I207+1","v":2021},{"$f":"J207+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth (product 1)","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$213,MATCH($E$25,$C$214:$C$216,0)+MATCH($C208,$C$213:$C$228,0)-1,0),0)","v":0.4},0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 2)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Inflation","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$213,MATCH($E$25,$C$214:$C$216,0)+MATCH($C210,$C$213:$C$228,0)-1,0),0)","v":0.1}]
[null,null,"FX depreciation","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$213,MATCH($E$25,$C$214:$C$216,0)+MATCH($C211,$C$213:$C$228,0)-1,0),0)","v":0.08}]
[]
[null,null,"Annual sales growth (product 1)"]
[null,null,"Upside","%",null,null,null,null,0.5,0.5,0.4,0.35,0.35,0.25]
[null,null,"Base","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Downside","%",null,null,null,null,0.2,0.2,0.15,0.2,0.2,0.15]
[null,null,"Annual sales growth (product 2)"]
[null,null,"Upside","%",null,null,null,null,0.5,0.5,0.4,0.35,0.35,0.25]
[null,null,"Base","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Downside","%",null,null,null,null,0.2,0.2,0.15,0.2,0.2,0.15]
[null,null,"Inflation"]
[null,null,"Upside","%",null,null,null,null,0.05]
[null,null,"Base","%",null,null,null,null,0.1]
[null,null,"Downside","%",null,null,null,null,0.12]
[null,null,"FX depreciation"]
[null,null,"Upside","%",null,null,null,null,0.05]
[null,null,"Base","%",null,null,null,null,0.08]
[null,null,"Downside","%",null,null,null,null,0.1]

{"sheet":"Model","index":3,"n_rows":196,"n_cols":16,"rows_kept":196,"cut":false,"hidden":false,"merged":[]}
[null,null,{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
[]
[null,null,"Model"]
[]
[null,null,null,null,null,null,null,null,{"$f":"CONCATENATE(\"Annual  summary\",\" \",Inputs!$E$9)","v":"Annual  summary USD"}]
[null,null,"Year",null,null,null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I6+1","v":2021},{"$f":"J6+1","v":2022},2023,2024,2025]
[null,null,"Period start",null,null,null,null,null,{"$f":"Inputs!E7","v":"2020-01-01"},{"$f":"EOMONTH(I7,11)+1","v":"2021-01-01"},{"$f":"EOMONTH(J7,11)+1","v":"2022-01-01"},"2023-01-01","2024-01-01","2025-01-01"]
[null,null,"Period end",null,null,null,null,"2020-01-01",{"$f":"EOMONTH(I7,11)","v":"2020-12-31"},{"$f":"EOMONTH(J7,11)","v":"2021-12-31"},"2022-12-31","2023-12-31","2024-12-31",{"$f":"EOMONTH(N7,11)","v":"2025-12-31"}]
[null,null,"Period"]
[null,null,"Inflation index",null,null,null,null,null,{"$f":"Inputs!I198","v":1},{"$f":"Inputs!J198","v":1.1000000000000001},{"$f":"Inputs!K198","v":1.2100000000000002},{"$f":"Inputs!L198","v":1.3310000000000004},{"$f":"Inputs!M198","v":1.4641000000000006},{"$f":"Inputs!N198","v":1.6105100000000008}]
[null,null,"USD:Naira FX rate (EOP)",null,null,null,null,{"$f":"Inputs!E202","v":400},{"$f":"Inputs!I201","v":400},{"$f":"Inputs!J201","v":432},{"$f":"Inputs!K201","v":466.56000000000006},{"$f":"Inputs!L201","v":503.8848000000001},{"$f":"Inputs!M201","v":544.19558400000017},{"$f":"Inputs!N201","v":587.73123072000021}]
[]
["●",null,"Income Statement"]
[]
[null,null,"Gross income"]
[null,null,"Sales revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I120+I130","v":890000},{"$f":"J120+J130","v":1246000},1682100,2186730,2842749.0000000005,3411298.8000000003]
[null,null,"COGS ",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(Inputs!$E$34*Inputs!I49)+-(Inputs!$E$41*Inputs!I64)","v":-623175},{"$f":"-(Inputs!$E$34*Inputs!J49)+-(Inputs!$E$41*Inputs!J64)","v":-872445},{"$f":"-(Inputs!$E$34*Inputs!K49)+-(Inputs!$E$41*Inputs!K64)","v":-1177800.75},{"$f":"-(Inputs!$E$34*Inputs!L49)+-(Inputs!$E$41*Inputs!L64)","v":-1531140.9750000001},{"$f":"-(Inputs!$E$34*Inputs!M49)+-(Inputs!$E$41*Inputs!M64)","v":-1990483.2675000001},{"$f":"-(Inputs!$E$34*Inputs!N49)+-(Inputs!$E$41*Inputs!N64)","v":-2388579.9210000001}]
[null,null,"Total gross income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I16+I17","v":266825},{"$f":"J16+J17","v":373555},504299.25,655589.02499999991,852265.73250000039,1022718.8790000002]
[]
[null,null,"Operating costs"]
[null,null,"Corporate salaries and benefits",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!I87 *I10","v":-6303.75},{"$f":"-Inputs!J87 *J10","v":-9471},{"$f":"-Inputs!K87 *K10","v":-10418.100000000002},{"$f":"-Inputs!L87 *L10","v":-21078.048750000005},{"$f":"-Inputs!M87 *M10","v":-23185.853625000011},{"$f":"-Inputs!N87 *N10","v":-30209.141325000015}]
[null,null,"Corporate office expenses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!$E$95*I10","v":-3742.5},{"$f":"-Inputs!$E$95*J10","v":-4116.75},{"$f":"-Inputs!$E$95*K10","v":-4528.4250000000011},{"$f":"-Inputs!$E$95*L10","v":-4981.2675000000017},{"$f":"-Inputs!$E$95*M10","v":-5479.3942500000021},{"$f":"-Inputs!$E$95*N10","v":-6027.3336750000026}]
[null,null,"Corporate administrative expenses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!$E$102*I10","v":-1645},{"$f":"-Inputs!$E$102*J10","v":-1809.5000000000002},{"$f":"-Inputs!$E$102*K10","v":-1990.4500000000003},{"$f":"-Inputs!$E$102*L10","v":-2189.4950000000008},{"$f":"-Inputs!$E$102*M10","v":-2408.444500000001},{"$f":"-Inputs!$E$102*N10","v":-2649.2889500000015}]
[null,null,"Direct sales and service cost",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!I120*I10","v":-21775},{"$f":"-Inputs!J120*J10","v":-32197.000000000004},{"$f":"-Inputs!K120*K10","v":-46424.070000000007},{"$f":"-Inputs!L120*L10","v":-64998.85260000002},{"$f":"-Inputs!M120*M10","v":-91257.323718000058},{"$f":"-Inputs!N120*N10","v":-119300.10010776007}]
[null,null,"Total operating costs",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I21:I24)","v":-33466.25},-47594.25,-63361.045000000013,-93247.663850000026,-122331.01609300007,-158185.8640577601]
[]
[null,null,"VAT on sales",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E142","v":7.4999999999999997E-2},null,null,{"$f":"-$F$27*I16","v":-66750},-93450,-126157.5,-164004.75,-213206.17500000002,-255847.41]
[]
[null,null,"EBITDA",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I18+I25+I27","v":166608.75},232510.75,314780.70499999996,398336.6111499999,516728.54140700027,608685.60494224005]
[]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(I141)","v":-300},{"$f":"-(J141)","v":-270},-729.1111111111112,-988.41879286694098,-889.57691358024681,-800.61922222222211]
[]
[null,null,"EBIT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I29+I31","v":166308.75},{"$f":"J29+J31","v":232240.75},314051.59388888883,397348.19235713297,515838.96449342003,607884.98572001781]
[]
[null,null,"Interest expense",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",(I174+I190),I183))","v":-2500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(J174+J190),J183))","v":-1875},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(K174+K190),K183))","v":-1250},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(L174+L190),L183))","v":-625},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(M174+M190),M183))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(N174+N190),N183))","v":0}]
[null,null,"FX (gains)/losses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(IF(Inputs!$E$9=\"NGN\",I189,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",J189,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",K189,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",L189,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",M189,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",N189,0))","v":0}]
[]
[null,null,"EBT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I33+SUM(I35:I36)","v":163808.75},{"$f":"J33+SUM(J35:J36)","v":230365.75},312801.59388888883,396723.19235713297,515838.96449342003,607884.98572001781]
[null,null,null,null,null,null,null," "]
[null,null,"Income tax payable",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E143","v":0.32},null,null,{"$f":"-$F40*MAX(I38,0)","v":-52418.8},{"$f":"-$F40*MAX(J38,0)","v":-73717.040000000008},-100096.51004444443,-126951.42155428256,-165068.4686378944,-194523.1954304057]
[]
[null,null,"Net income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I38+I40","v":111389.95},{"$f":"J38+J40","v":156648.71},212705.08384444442,269771.77080285043,350770.4958555256,413361.79028961214]
[]
["●",null,"Balance Sheet"]
[null,null,null,null,null,"                                                                                                                                                                                                                                                                                "]
[null,null,"Assets"]
[null,null,"Current assets"]
[null,null,"Cash and equivalents",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I103","v":122605.08698630136},{"$f":"J103","v":225678.74066971079},378597.91481988458,585142.11208683474,857071.3948285433,1210925.3700588655]
[null,null,"Trade & other receivables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I148","v":0},{"$f":"J148","v":0},0,0,0,0]
[null,null,"Accounts receivable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I149","v":36575.342465753427},{"$f":"J149","v":51205.479452054795},69127.397260273967,89865.61643835617,116825.30136986304,{"$f":"N149","v":140190.36164383564}]
[null,null,"Inventory",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I150","v":88781.095890410958},124293.53424657535,167796.27123287672,218135.15260273975,283575.69838356163,{"$f":"N150","v":340290.83806027396}]
[null,null,"Total current assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I48:I51)","v":247961.52534246573},401177.75436834095,615521.58331303531,893142.8811279306,1257472.394581968,1691406.5697629752]
[]
[null,null,"PP&E ",null,null,null,null,null,{"$f":"I142","v":2700},{"$f":"J142","v":7291.1111111111113},9884.1879286694093,8895.7691358024676,8006.1922222222211,{"$f":"N142","v":9247.3225911012578}]
[null,null,"Total assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I52+I54","v":250661.52534246573},{"$f":"J52+J54","v":408468.86547945207},625405.7712417047,902038.65026373311,1265478.5868041902,{"$f":"N52+N54","v":1700653.8923540765}]
[]
[null,null,"Trade and other payables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I154","v":0},{"$f":"J154","v":0},0,0,0,0]
[null,null,"Accounts payable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I155","v":34146.575342465752},{"$f":"J155","v":47805.205479452052},64537.027397260274,83898.135616438361,109067.57630136987,{"$f":"N155","v":130881.09156164384}]
[null,null,"Total current liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I57:I58)","v":34146.575342465752},{"$f":"SUM(J57:J58)","v":47805.205479452052},64537.027397260274,83898.135616438361,109067.57630136987,130881.09156164384]
[]
[null,null,"Non-interest bearing debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E153","v":0},{"$f":"$H$61","v":0},{"$f":"$H$61","v":0},0,0,0,0]
[null,null,"NGN Debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I173","v":0},{"$f":"J173","v":0},0,0,0,0]
[null,null,"USD Debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(IF(Inputs!$E$9=\"NGN\",I188,I182))","v":50000},{"$f":"(IF(Inputs!$E$9=\"NGN\",J188,J182))","v":37500},{"$f":"(IF(Inputs!$E$9=\"NGN\",K188,K182))","v":25000},{"$f":"(IF(Inputs!$E$9=\"NGN\",L188,L182))","v":12500},{"$f":"(IF(Inputs!$E$9=\"NGN\",M188,M182))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",N188,N182))","v":0}]
[null,null,"Total liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I61:I63) +I59","v":84146.575342465745},85305.205479452052,89537.027397260274,96398.135616438361,109067.57630136987,130881.09156164384]
[]
[]
[null,null,"Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E157","v":4025},{"$f":"H67+Inputs!I167","v":4025},{"$f":"I67+Inputs!J167","v":4025},{"$f":"J67+Inputs!K167","v":4025},{"$f":"K67+Inputs!L167","v":4025},{"$f":"L67+Inputs!M167","v":4025},{"$f":"M67+Inputs!N167","v":4025}]
[null,null,"Grant capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I98","v":50000},{"$f":"I68+J98","v":50000},{"$f":"J68+K98","v":50000},50000,50000,50000]
[null,null,"Retained earnings",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E158","v":1100},{"$f":"H69+I42","v":112489.95},269138.65999999997,481843.7438444444,751615.51464729477,1102386.0105028204,1515747.8007924324]
[null,null,"Total Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I67:I69)","v":166514.95000000001},{"$f":"SUM(J67:J69)","v":323163.65999999997},535868.7438444444,805640.51464729477,1156411.0105028204,1569772.8007924324]
[]
[null,null,"Total liabilities and equity",null,null,null,null,null,{"$f":"I70+I64","v":250661.52534246576},408468.86547945201,625405.7712417047,902038.65026373311,1265478.5868041902,{"$f":"N70+N64","v":1700653.8923540763}]
[]
[null,null,"Balance Check","OK/Error",null,null,null,{"$f":"IF(ROUND(SUM(I74:N74),1)<>0,1,0)","v":0},{"$f":"I55-I72","v":0},0,0,0,0,0]
[]
[]
["●",null,"Cashflow"]
[]
[null,null,"Operating activities"]
[null,null,"Net income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I42","v":111389.95},156648.71,212705.08384444442,269771.77080285043,350770.4958555256,413361.79028961214]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-I31","v":300},270,729.1111111111112,988.41879286694098,889.57691358024681,800.61922222222211]
[null,null,"FX (gains)/losses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I36","v":0},{"$f":"J36","v":0},0,0,0,0]
[null,null,"(Increase)/decrease in working capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I160","v":-91209.863013698632},-36483.945205479467,-44692.832876712302,-51715.99232876717,-67230.790027397219,-58266.684690410912]
[null,null,"Cash flow from operating activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I80:I83)","v":20480.086986301365},{"$f":"SUM(J80:J83)","v":120434.76479452052},168741.36207884323,219044.19726695018,284429.28274170862,355895.72482142347]
[]
[null,null,"Investing activities"]
[null,null,"Capital expenditure ",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(I140)","v":0},{"$f":"-(J140)","v":-4861.1111111111113},-3322.1879286694098,0,0,{"$f":"-(N140)","v":-2041.7495911012588}]
[null,null,"Cash flow from investing activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I87)","v":0},{"$f":"SUM(J87)","v":-4861.1111111111113},-3322.1879286694098,0,0,{"$f":"SUM(N87)","v":-2041.7495911012588}]
[]
[null,null,"Cash available for financing activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I84+I88","v":20480.086986301365},{"$f":"J84+J88","v":115573.65368340941},165419.17415017381,219044.19726695018,284429.28274170862,{"$f":"N84+N88","v":353853.97523032222}]
[]
[null,null,"Financing activities"]
[null,null,"(Repayment) of NGN debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",I172,(I172/I11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",J172,(J172/J11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",K172,(K172/K11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",L172,(L172/L11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",M172,(M172/M11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",N172,(N172/N11)))","v":0}]
[null,null,"(Repayment) of USD debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",I187,I181))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",J187,J181))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",K187,K181))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",L187,L181))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",M187,M181))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",N187,N181))","v":0}]
[null,null,"Issuance of NGN debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"IF(Inputs!$E$9=\"NGN\",I170,(I170/I11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",J170,(J170/J11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",K170,(K170/K11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",L170,(L170/L11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",M170,(M170/M11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",N170,(N170/N11))","v":0}]
[null,null,"Issuance of USD debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"IF(Inputs!$E$9=\"NGN\",I186,I179)","v":50000},{"$f":"IF(Inputs!$E$9=\"NGN\",J186,J179)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",K186,K179)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",L186,L179)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",M186,M179)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",N186,N179)","v":0}]
[null,null,"Increase / (decrease) in equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I67-H67","v":0},0,0,0,0,0]
[null,null,"Receipt of grants",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!I171*I11),(Inputs!I171))","v":50000},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!J171*J11),(Inputs!J171))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!K171*K11),(Inputs!K171))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!L171*L11),(Inputs!L171))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!M171*M11),(Inputs!M171))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!N171*N11),(Inputs!N171))","v":0}]
[null,null,"Cash flow from financing activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I93:I98)","v":100000},{"$f":"SUM(J93:J98)","v":-12500},-12500,-12500,-12500,0]
[]
[null,null,"Net change in cash",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I90+I99","v":120480.08698630136},103073.65368340941,152919.17415017381,206544.19726695018,271929.28274170862,353853.97523032222]
[null,null,"Beginning cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!E148","v":2125},{"$f":"I103","v":122605.08698630136},{"$f":"J103","v":225678.74066971079},378597.91481988458,585142.11208683474,857071.3948285433]
[null,null,"Ending cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I101+I102","v":122605.08698630136},{"$f":"J101+J102","v":225678.74066971079},{"$f":"K101+K102","v":378597.91481988458},585142.11208683474,857071.3948285433,{"$f":"N101+N102","v":1210925.3700588655},null,{"$f":"IF(MIN(Q103:Q103)<0,1,0)","v":0}]
[]
[null,null,"Distributions to equity"]
[null,null,"Distributions to equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I90+I93+I94-I97","v":20480.086986301365},{"$f":"J90+J93+J94-J97","v":103073.65368340941},152919.17415017381,206544.19726695018,271929.28274170862,353853.97523032222]
[]
["●",null,"Sales"]
[]
[null,null,"Period",null,null,null,null,0,{"$f":"H110+1","v":1},{"$f":"I110+1","v":2},3,4,5,6]
[]
[null,null,"Sales calculations"]
[null,null,"Product 1 sales"]
[null,null,"Sales percentage","%",null,null,null,null,{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(I6,Inputs!$I$47:$P$47,0))","v":0},{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(J6,Inputs!$I$47:$P$47,0))","v":0.4},{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(K6,Inputs!$I$47:$P$47,0))","v":0.35},{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(L6,Inputs!$I$47:$P$47,0))","v":0.3},{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(M6,Inputs!$I$47:$P$47,0))","v":0.3},{"$f":"INDEX(Inputs!$I$48:$P$48,,MATCH(N6,Inputs!$I$47:$P$47,0))","v":0.2}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E47","v":1200},{"$f":"I115*(1+J114)","v":1680},{"$f":"J115*(1+K114)","v":2268},2948.4,3832.92,4599.5039999999999]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E54","v":150},null,null,{"$f":"I115*$F$117","v":180000},{"$f":"J115*$F$117","v":252000},340200,442260,574938,{"$f":"N115*$F$117","v":689925.6}]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E55*Inputs!E56","v":150},null,null,{"$f":"$F$118*I115","v":180000},{"$f":"$F$118*J115","v":252000},340200,442260,574938,{"$f":"$F$118*N115","v":689925.6}]
[null,null,"Default rates","%",null,{"$f":"Inputs!E58","v":0.2},null,null,{"$f":"$F$119*(I118)","v":36000},{"$f":"$F$119*(J118)","v":50400},68040,88452,114987.6,137985.12]
[null,null,"Total product 1 revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I117+(I118-I119)","v":324000},{"$f":"J117+(J118-J119)","v":453600},612360,796068,1034888.4,{"$f":"N117+(N118-N119)","v":1241866.08}]
[]
[null,null,"Sales calculations"]
[null,null,"Product 2 sales"]
[null,null,"Sales percentage","%",null,null,null,null,{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(I6,Inputs!$I$62:$P$62,0))","v":0},{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(J6,Inputs!$I$62:$P$62,0))","v":0.4},{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(K6,Inputs!$I$62:$P$62,0))","v":0.35},{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(L6,Inputs!$I$62:$P$62,0))","v":0.3},{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(M6,Inputs!$I$62:$P$62,0))","v":0.3},{"$f":"INDEX(Inputs!$I$63:$P$63,,MATCH(N6,Inputs!$I$62:$P$62,0))","v":0.2}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E62","v":800},{"$f":"I125*(1+J124)","v":1120},{"$f":"J125*(1+K124)","v":1512},{"$f":"K125*(1+L124)","v":1965.6000000000001},{"$f":"L125*(1+M124)","v":2555.2800000000002},{"$f":"M125*(1+N124)","v":3066.3360000000002}]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E69","v":587.5},null,null,{"$f":"I125*$F$127","v":470000},{"$f":"J125*$F$127","v":658000},888300,1154790,1501227.0000000002,1801472.4000000001]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E70*Inputs!E71","v":150},null,null,{"$f":"$F$128*I125","v":120000},{"$f":"$F$128*J125","v":168000},226800,294840,383292.00000000006,459950.4]
[null,null,"Default rates","%",null,{"$f":"Inputs!E73","v":0.2},null,null,{"$f":"$F$129*(I128)","v":24000},{"$f":"$F$129*(J128)","v":33600},45360,58968,76658.400000000009,91990.080000000016]
[null,null,"Total product 2 revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I127+(I128-I129)","v":566000},{"$f":"J127+(J128-J129)","v":792400},1069740,1390662,1807860.6000000003,2169432.7200000002]
[]
[]
[]
["●",null,"CAPEX and Depreciation"]
[]
[null,null,"Period counter"]
[]
[null,null,"PP&E "]
[null,null,"Beginning",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!E135","v":3000},{"$f":"I142","v":2700},{"$f":"J142","v":7291.1111111111113},{"$f":"K142","v":9884.1879286694093},{"$f":"L142","v":8895.7691358024676},8006.1922222222211]
[null,null,"Capex",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!I139","v":0},{"$f":"Inputs!J139","v":4861.1111111111113},{"$f":"Inputs!K139","v":3322.1879286694098},{"$f":"Inputs!L139","v":0},{"$f":"Inputs!M139","v":0},{"$f":"Inputs!N139","v":2041.7495911012588}]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!I136","v":0.1},null,null,{"$f":"$F$141*I139","v":300},{"$f":"$F$141*J139","v":270},729.1111111111112,988.41879286694098,889.57691358024681,800.61922222222211]
[null,null,"Ending",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I139+I140-I141","v":2700},{"$f":"J139+J140-J141","v":7291.1111111111113},9884.1879286694093,8895.7691358024676,8006.1922222222211,{"$f":"N139+N140-N141","v":9247.3225911012578}]
[]
["●",null,"Working Capital Schedule"]
[]
[null,null,"Net working capital"]
[null,null,"Assets"]
[null,null,"Trade & other receivables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E150","v":0},{"$f":"H148","v":0},{"$f":"I148","v":0},{"$f":"J148","v":0},0,0,0]
[null,null,"Account receivable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(I16*Inputs!$E$127)/Inputs!$E$125","v":36575.342465753427},{"$f":"(J16*Inputs!$E$127)/Inputs!$E$125","v":51205.479452054795},{"$f":"(K16*Inputs!$E$127)/Inputs!$E$125","v":69127.397260273967},{"$f":"(L16*Inputs!$E$127)/Inputs!$E$125","v":89865.61643835617},{"$f":"(M16*Inputs!$E$127)/Inputs!$E$125","v":116825.30136986304},{"$f":"(N16*Inputs!$E$127)/Inputs!$E$125","v":140190.36164383564}]
[null,null,"Inventory",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(-I17*Inputs!$E$129)/Inputs!$E$125","v":88781.095890410958},{"$f":"(-J17*Inputs!$E$129)/Inputs!$E$125","v":124293.53424657535},{"$f":"(-K17*Inputs!$E$129)/Inputs!$E$125","v":167796.27123287672},{"$f":"(-L17*Inputs!$E$129)/Inputs!$E$125","v":218135.15260273975},{"$f":"(-M17*Inputs!$E$129)/Inputs!$E$125","v":283575.69838356163},{"$f":"(-N17*Inputs!$E$129)/Inputs!$E$125","v":340290.83806027396}]
[null,null,"Total current assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I148:I150)","v":125356.43835616438},{"$f":"SUM(J148:J150)","v":175499.01369863015},236923.66849315068,308000.76904109592,400400.99975342466,480481.19970410957]
[]
[null,null,"Liabilities"]
[null,null,"Trade & other payables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E154","v":0},{"$f":"H154","v":0},{"$f":"I154","v":0},{"$f":"J154","v":0},0,0,0]
[null,null,"Accounts payable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(-I17*Inputs!$E$128)/Inputs!$E$125","v":34146.575342465752},{"$f":"(-J17*Inputs!$E$128)/Inputs!$E$125","v":47805.205479452052},{"$f":"(-K17*Inputs!$E$128)/Inputs!$E$125","v":64537.027397260274},{"$f":"(-L17*Inputs!$E$128)/Inputs!$E$125","v":83898.135616438361},{"$f":"(-M17*Inputs!$E$128)/Inputs!$E$125","v":109067.57630136987},{"$f":"(-N17*Inputs!$E$128)/Inputs!$E$125","v":130881.09156164384}]
[null,null,"Total current liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I154:I155)","v":34146.575342465752},{"$f":"SUM(J154:J155)","v":47805.205479452052},64537.027397260274,83898.135616438361,109067.57630136987,130881.09156164384]
[]
[null,null,"Net working capital/(deficit)",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"H148-H154","v":0},{"$f":"I151-I156","v":91209.863013698632},127693.8082191781,172386.6410958904,224102.63342465757,291333.42345205479,349600.1081424657]
[]
[null,null,"(Increase)/decrease in working capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"H158-I158","v":-91209.863013698632},-36483.945205479467,{"$f":"J158-K158","v":-44692.832876712302},{"$f":"K158-L158","v":-51715.99232876717},{"$f":"L158-M158","v":-67230.790027397219},-58266.684690410912]
[]
["●",null,"Debt funding"]
[]
[null,null,"USD:Naira rate (EOP)"]
[]
[]
[null,null,{"$f":"CONCATENATE(Inputs!E175,\" \",\"Debt\")","v":" Debt"}]
[null,null,"Period count",null,null,null,null,null,{"$f":"IF(AND(MONTH(I$7)=1,I$6=YEAR(Inputs!$E$180)),1,IF(H168>0,H168+1,0))","v":0},{"$f":"IF(AND(MONTH(J$7)=1,J$6=YEAR(Inputs!$E$180)),1,IF(I168>0,I168+1,0))","v":0},{"$f":"IF(AND(MONTH(K$7)=1,K$6=YEAR(Inputs!$E$180)),1,IF(J168>0,J168+1,0))","v":0},{"$f":"IF(AND(MONTH(L$7)=1,L$6=YEAR(Inputs!$E$180)),1,IF(K168>0,K168+1,0))","v":0},{"$f":"IF(AND(MONTH(M$7)=1,M$6=YEAR(Inputs!$E$180)),1,IF(L168>0,L168+1,0))","v":0},{"$f":"IF(AND(MONTH(N$7)=1,N$6=YEAR(Inputs!$E$180)),1,IF(M168>0,M168+1,0))","v":0}]
[null,null,"Opening balance","NGN",null,{"$f":"Inputs!E176","v":0},null,null,{"$f":"H173","v":0},{"$f":"I173","v":0},0,0,0,0]
[null,null,"Additions","NGN","Grace","Tenor",null,null,{"$f":"IF(AND(Inputs!$E$180<Model!J$7,Inputs!$E$180>=Model!I$7),Model!$F$169,0)","v":0},{"$f":"IF(AND(Inputs!$E$180<Model!K$7,Inputs!$E$180>=Model!J$7),Model!$F$169,0)","v":0},{"$f":"IF(AND(Inputs!$E$180<Model!L$7,Inputs!$E$180>=Model!K$7),Model!$F$169,0)","v":0},{"$f":"IF(AND(Inputs!$E$180<Model!M$7,Inputs!$E$180>=Model!L$7),Model!$F$169,0)","v":0},{"$f":"IF(AND(Inputs!$E$180<Model!N$7,Inputs!$E$180>=Model!M$7),Model!$F$169,0)","v":0},{"$f":"IF(AND(Inputs!$E$180<Model!O$7,Inputs!$E$180>=Model!N$7),Model!$F$169,0)","v":0}]
[null,null,"Repayment flag",null,{"$f":"Inputs!E178 /12","v":0},{"$f":"Inputs!E179/12","v":0},null,null,{"$f":"IF(I168<=$E171,0,IF(I168>$F171,0,1))","v":0},0,0,0,0,{"$f":"IF(N168<=$E171,0,IF(N168>$F171,0,1))","v":0}]
[null,null,"Prinicipal payments","NGN",null,{"$f":"F171-E171","v":0},null,null,{"$f":"IF(I171=1,$F169/$F172,0)","v":0},0,0,0,0,{"$f":"IF(N171=1,$F169/$F172,0)","v":0}]
[null,null,"Ending balance","NGN",null,null,null,null,{"$f":"I169+I170-I172","v":0},0,0,0,0,{"$f":"N169+N170-N172","v":0}]
[null,null,"Interest paid","NGN",null,{"$f":"Inputs!E177","v":0},null,null,{"$f":"$F$174*I173","v":0},0,0,0,0,0]
[]
[null,null,{"$f":"CONCATENATE(Inputs!E185,\" \",\"Debt\")","v":" Debt"}]
[null,null,"Period count",null,null,null,null,null,{"$f":"IF(AND(MONTH(I$7)=1,I$6=YEAR(Inputs!$E$190)),1,IF(H177>0,H177+1,0))","v":1},{"$f":"IF(AND(MONTH(J$7)=1,J$6=YEAR(Inputs!$E$190)),1,IF(I177>0,I177+1,0))","v":2},{"$f":"IF(AND(MONTH(K$7)=1,K$6=YEAR(Inputs!$E$190)),1,IF(J177>0,J177+1,0))","v":3},{"$f":"IF(AND(MONTH(L$7)=1,L$6=YEAR(Inputs!$E$190)),1,IF(K177>0,K177+1,0))","v":4},{"$f":"IF(AND(MONTH(M$7)=1,M$6=YEAR(Inputs!$E$190)),1,IF(L177>0,L177+1,0))","v":5},{"$f":"IF(AND(MONTH(N$7)=1,N$6=YEAR(Inputs!$E$190)),1,IF(M177>0,M177+1,0))","v":6}]
[null,null,"Opening balance","USD",null,{"$f":"Inputs!E186","v":50000},null,null,{"$f":"H182","v":0},{"$f":"I182","v":50000},{"$f":"J182","v":37500},{"$f":"K182","v":25000},{"$f":"L182","v":12500},0]
[null,null,"Additions","USD","Grace","Tenor",null,null,{"$f":"IF(AND(Inputs!$E$190<Model!J$7,Inputs!$E$190>=Model!I$7),Model!$F$178,0)","v":50000},{"$f":"IF(AND(Inputs!$E$190<Model!K$7,Inputs!$E$190>=Model!J$7),Model!$F$178,0)","v":0},{"$f":"IF(AND(Inputs!$E$190<Model!L$7,Inputs!$E$190>=Model!K$7),Model!$F$178,0)","v":0},{"$f":"IF(AND(Inputs!$E$190<Model!M$7,Inputs!$E$190>=Model!L$7),Model!$F$178,0)","v":0},{"$f":"IF(AND(Inputs!$E$190<Model!N$7,Inputs!$E$190>=Model!M$7),Model!$F$178,0)","v":0},{"$f":"IF(AND(Inputs!$E$190<Model!O$7,Inputs!$E$190>=Model!N$7),Model!$F$178,0)","v":0}]
[null,null,"Repayment flag",null,{"$f":"Inputs!E188 /12","v":1},{"$f":"Inputs!E189/12","v":5},null,null,{"$f":"IF(I177<=$E180,0,IF(I177>$F180,0,1))","v":0},1,1,1,1,{"$f":"IF(N177<=$E180,0,IF(N177>$F180,0,1))","v":0}]
[null,null,"Prinicipal payments","USD",null,{"$f":"F180-E180","v":4},null,null,{"$f":"IF(I180=1,$F178/$F181,0)","v":0},12500,12500,12500,12500,{"$f":"IF(N180=1,$F178/$F181,0)","v":0}]
[null,null,"Ending balance","USD",null,null,null,null,{"$f":"I178+I179-I181","v":50000},37500,25000,12500,0,{"$f":"N178+N179-N181","v":0}]
[null,null,"Interest paid","USD",null,{"$f":"Inputs!E187","v":0.05},null,null,{"$f":"$F$183*I182","v":2500},{"$f":"$F$183*J182","v":1875},1250,625,0,0]
[]
[null,null,"Opening balance USD debt","NGN",null,null,null,null,{"$f":"H188","v":0},{"$f":"I188","v":20000000},16200000,11664000.000000002,6298560.0000000009,0]
[null,null,"Additions USD debt","NGN",null,null,null,null,{"$f":"I179*I11","v":20000000},{"$f":"J179*J11","v":0},0,0,0,0]
[null,null,"Prinicipal payments USD debt","NGN",null,null,null,null,{"$f":"I181*I11","v":0},5400000,5832000.0000000009,6298560.0000000009,6802444.8000000017,0]
[null,null,"Ending balance USD debt","NGN",null,null,null,null,{"$f":"I182*I11","v":20000000},16200000,11664000.000000002,6298560.0000000009,0,0]
[null,null,"FX (profit)/loss USD debt","NGN",null,null,null,null,{"$f":"I188-SUM(I185:I186,-I187)","v":0},{"$f":"J188-SUM(J185:J186,-J187)","v":1600000},1296000.0000000019,933120,503884.80000000075,0]
[null,null,"Interest paid","NGN",null,null,null,null,{"$f":"I183*I11","v":1000000},810000,583200.00000000012,314928.00000000006,0,0]
[]
["●",null,"Outputs"]
[]
[null,null,"Returns"]
[null,null,"IRR","%",null,{"$f":"IFERROR(IRR(I195:N195),0)","v":0},null,null,{"$f":"I106","v":20480.086986301365},103073.65368340941,152919.17415017381,206544.19726695018,271929.28274170862,353853.97523032222]
["x"]

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[{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
[]
[null,null,null,null,null,null,null,null,{"$f":"CONCATENATE(\"Annual  summary\",\" \",Inputs!$E$9)","v":"Annual  summary USD"},null,null,null,null,null,null,{"$f":"P6","v":0}]
[null,null,"Year",null,null,null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I5+1","v":2021},{"$f":"J5+1","v":2022},2023,2024,2025]
[]
["x",null,"Graphs"]
[]
[null,null,"Income Statement"]
[null,null,"Revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I$16","v":890000},{"$f":"Model!J$16","v":1246000},{"$f":"Model!K$16","v":1682100},{"$f":"Model!L$16","v":2186730},{"$f":"Model!M$16","v":2842749.0000000005},{"$f":"Model!N$16","v":3411298.8000000003}]
[null,null,"Net income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I$42","v":111389.95},{"$f":"Model!J$42","v":156648.71},{"$f":"Model!K$42","v":212705.08384444442},{"$f":"Model!L$42","v":269771.77080285043},{"$f":"Model!M$42","v":350770.4958555256},{"$f":"Model!N$42","v":413361.79028961214}]
[null,null,"Tax",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I40","v":52418.8},{"$f":"-Model!J40","v":73717.040000000008},{"$f":"-Model!K40","v":100096.51004444443},{"$f":"-Model!L40","v":126951.42155428256},{"$f":"-Model!M40","v":165068.4686378944},{"$f":"-Model!N40","v":194523.1954304057}]
[null,null,"Interest & FX depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(Model!I35+Model!I36)","v":2500},{"$f":"-(Model!J35+Model!J36)","v":1875},{"$f":"-(Model!K35+Model!K36)","v":1250},{"$f":"-(Model!L35+Model!L36)","v":625},{"$f":"-(Model!M35+Model!M36)","v":0},{"$f":"-(Model!N35+Model!N36)","v":0}]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I31","v":300},{"$f":"-Model!J31","v":270},{"$f":"-Model!K31","v":729.1111111111112},{"$f":"-Model!L31","v":988.41879286694098},{"$f":"-Model!M31","v":889.57691358024681},{"$f":"-Model!N31","v":800.61922222222211}]
[null,null,"OPEX & VAT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(Model!I25+Model!I27)","v":100216.25},{"$f":"-(Model!J25+Model!J27)","v":141044.25},{"$f":"-(Model!K25+Model!K27)","v":189518.54500000001},{"$f":"-(Model!L25+Model!L27)","v":257252.41385000001},{"$f":"-(Model!M25+Model!M27)","v":335537.19109300012},{"$f":"-(Model!N25+Model!N27)","v":414033.27405776014}]
[null,null,"COGS",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I17","v":623175},{"$f":"-Model!J17","v":872445},{"$f":"-Model!K17","v":1177800.75},{"$f":"-Model!L17","v":1531140.9750000001},{"$f":"-Model!M17","v":1990483.2675000001},{"$f":"-Model!N17","v":2388579.9210000001}]
[null,null,"Net margin","%",null,null,null,null,{"$f":"'Graph Calcs'!I11/'Graph Calcs'!I10","v":0.12515724719101123},{"$f":"'Graph Calcs'!J11/'Graph Calcs'!J10","v":0.12572127608346709},{"$f":"'Graph Calcs'!K11/'Graph Calcs'!K10","v":0.12645210382524488},{"$f":"'Graph Calcs'!L11/'Graph Calcs'!L10","v":0.12336766349885465},{"$f":"'Graph Calcs'!M11/'Graph Calcs'!M10","v":0.12339130041221562},{"$f":"'Graph Calcs'!N11/'Graph Calcs'!N10","v":0.12117431351648589}]
[]
[null,null,"Cashflow Statement"]
[null,null,"Operating activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I84","v":20480.086986301365},{"$f":"Model!J84","v":120434.76479452052},{"$f":"Model!K84","v":168741.36207884323},{"$f":"Model!L84","v":219044.19726695018},{"$f":"Model!M84","v":284429.28274170862},{"$f":"Model!N84","v":355895.72482142347}]
[null,null,"CAPEX",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I87","v":0},{"$f":"Model!J87","v":-4861.1111111111113},{"$f":"Model!K87","v":-3322.1879286694098},{"$f":"Model!L87","v":0},{"$f":"Model!M87","v":0},{"$f":"Model!N87","v":-2041.7495911012588}]
[null,null,"Debt repayment ",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I193+Model!I94","v":0},{"$f":"Model!J193+Model!J94","v":-12500},{"$f":"Model!K193+Model!K94","v":-12500},{"$f":"Model!L193+Model!L94","v":-12500},{"$f":"Model!M193+Model!M94","v":-12500},{"$f":"Model!N193+Model!N94","v":0}]
[null,null,"Debt issuance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I195+Model!I96","v":70480.086986301365},{"$f":"Model!J195+Model!J96","v":103073.65368340941},{"$f":"Model!K195+Model!K96","v":152919.17415017381},{"$f":"Model!L195+Model!L96","v":206544.19726695018},{"$f":"Model!M195+Model!M96","v":271929.28274170862},{"$f":"Model!N195+Model!N96","v":353853.97523032222}]
[null,null,"Equity or grants",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I67+Model!I68","v":54025},{"$f":"Model!J67+Model!J68","v":54025},{"$f":"Model!K67+Model!K68","v":54025},{"$f":"Model!L67+Model!L68","v":54025},{"$f":"Model!M67+Model!M68","v":54025},{"$f":"Model!N67+Model!N68","v":54025}]
[null,null,"End cash",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I103","v":122605.08698630136},{"$f":"Model!J103","v":225678.74066971079},{"$f":"Model!K103","v":378597.91481988458},{"$f":"Model!L103","v":585142.11208683474},{"$f":"Model!M103","v":857071.3948285433},{"$f":"Model!N103","v":1210925.3700588655}]
[]
[null,null,"Sales & Working Capital need"]
[null,null,"Sales",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I16","v":890000},{"$f":"Model!J16","v":1246000},{"$f":"Model!K16","v":1682100},{"$f":"Model!L16","v":2186730},{"$f":"Model!M16","v":2842749.0000000005},{"$f":"Model!N16","v":3411298.8000000003}]
[null,null,"Working capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I158","v":91209.863013698632},{"$f":"Model!J158","v":127693.8082191781},{"$f":"Model!K158","v":172386.6410958904},{"$f":"Model!L158","v":224102.63342465757},{"$f":"Model!M158","v":291333.42345205479},{"$f":"Model!N158","v":349600.1081424657}]
[]
[null,null,"OPEX Breakdown"]
[null,null,"Total OPEX",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I25","v":33466.25},{"$f":"-Model!J25","v":47594.25},{"$f":"-Model!K25","v":63361.045000000013},{"$f":"-Model!L25","v":93247.663850000026},{"$f":"-Model!M25","v":122331.01609300007},{"$f":"-Model!N25","v":158185.8640577601}]
[]
[null,null,"Equity payback graph"]
[null,null,"Equity invested",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I67","v":4025},{"$f":"Model!J67","v":4025},{"$f":"Model!K67","v":4025},{"$f":"Model!L67","v":4025},{"$f":"Model!M67","v":4025},{"$f":"Model!N67","v":4025}]
[null,null,"Distributions to equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I106","v":20480.086986301365},{"$f":"Model!J106","v":103073.65368340941},{"$f":"Model!K106","v":152919.17415017381},{"$f":"Model!L106","v":206544.19726695018},{"$f":"Model!M106","v":271929.28274170862},{"$f":"Model!N106","v":353853.97523032222}]

{"sheet":"Legend","index":5,"n_rows":36,"n_cols":7,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Style legend"]
[]
[]
[]
[null,null,"Style",null,"Design",null,"Comment"]
[]
[null,null,"Header1",null,"Header1"]
[]
[null,null,"Header2",null,"Header2"]
[]
[null,null,"Header3",null,"Header3"]
[]
[null,null,"Assumption",null,100,null,"A user driven input"]
[]
[null,null,"Technical_Input",null,100,null,"A model input that should not be changed to protect the integrity of the model"]
[]
[null,null,"Empty_Cell",null,null,null,"A cell that is left intentionally blank to avoid the risk of error"]
[]
[null,null,"InSheet",null,100,null,"A link within the worksheet or an interim calculation step"]
[]
[null,null,"OffSheet ",null,100,null,"A link to another worksheet to minimise the number of inter-worksheet references"]
[]
[null,null,"Line_SubTotal",null,100,null,"The sum of elements in the table immediately above"]
[]
[null,null,"Line_Total",null,100,null,"The sum of elements above, including sub-totals "]
[]
[null,null,"Unit / Info",null,"NGN",null,"Explanatory text showing helpful information and the units/dimensions of the calculations"]
[]
[null,null,"Line_Summary",null,100,null,"The SUM() of everything to the right"]
[]
[null,null,"Table_Header",null,"Qtr",null,"Header of a table or of an off-sheet reference "]
[]
[null,null,"Flag",null,1,null,"Binary flag - set up as a 'Style' and updated with conditional formatting"]
[]
[null,null,"Line_ClosingBal",null,100,null,"The closing balance of a control account"]

{"sheet":"Names","index":6,"n_rows":25,"n_cols":5,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Names and Lists"]
[]
[]
[null,null,"Name",null,"Value"]
[]
[null,null,"Entity Names"]
[null,null,"Model Name",null,"FGN 5M Solar Connections Facility - SHS"]
[null,null,"Company Name",null,"[Insert Company Name]"]
[null,null,"Project Name",null,"[Insert Project Name, Location]"]
[]
[null,null,"Lists"]
[null,null,"Price increase dropdown",null,"Inflation"]
[null,null,null,null,"Inflation+ x%"]
[]
[null,null,"Year",null,{"$f":"Start_Year","v":2020}]
[null,null,null,null,{"$f":"E16+1","v":2021}]
[null,null,null,null,{"$f":"E17+1","v":2022}]
[null,null,null,null,2023]
[null,null,null,null,2024]
[null,null,null,null,2025]
[]
[null,null,"Scenario",null,"Upside"]
[null,null,null,null,"Base"]
[null,null,null,null,"Downside"]