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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":"Names","index":1,"n_rows":25,"n_cols":5,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
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[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"]

{"sheet":"Legend","index":2,"n_rows":36,"n_cols":7,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
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[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"]
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[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"]

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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,{"$f":"Inputs!E246","v":0}]
[null,null,null,null,null,null,null,null,"Operating Scenario",null,{"$f":"Inputs!E25","v":"Base"}]
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[null,null,null,null,null,null," "]
["●",null,"Key Outputs",null,null,null,null,null,null,null,null,null,null,"Graphs"]
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[]
[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":2670000},{"$f":"Model!J16","v":3738000},{"$f":"Model!K16","v":5046300},{"$f":"Model!L16","v":6560190},{"$f":"Model!M16","v":8528247.0000000019},{"$f":"Model!N16","v":10233896.400000002}]
[null,null,"Operating Expenses (inc VAT)",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I25+Model!I27","v":-269316.25},{"$f":"Model!J25+Model!J27","v":-382768.25},{"$f":"Model!K25+Model!K27","v":-523247.18500000006},{"$f":"Model!L25+Model!L27","v":-701683.41905000003},{"$f":"Model!M25+Model!M27","v":-928432.29352900037},{"$f":"Model!N25+Model!N27","v":-1145485.3272732804}]
[null,null,"EBITDA",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I29","v":531158.75},{"$f":"Model!J29","v":737896.75},{"$f":"Model!K29","v":989650.56499999994},{"$f":"Model!L29","v":1265083.65595},{"$f":"Model!M29","v":1628364.9039710013},{"$f":"Model!N29","v":1922671.3097267216}]
[null,null,"Net Income",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I42","v":359283.94999999995},{"$f":"Model!J42","v":500311.19},{"$f":"Model!K42","v":671616.58864444448},{"$f":"Model!L42","v":859159.76126685063},{"$f":"Model!M42","v":1106683.2223990462},{"$f":"Model!N42","v":1306872.0695430597}]
[null,null,"Profit margin","%",{"$f":"SUM(G22:K22)/SUM(G19:K19)","v":0.13175185032012113},null,{"$f":"G22/G19","v":0.13456327715355804},{"$f":"H22/H19","v":0.13384462011771001},0.13309089603163596,0.13096568258950589,0.1297667882272929,{"$f":"L22/L19","v":0.12770034192871635}]
[]
[null,null,"Balance sheet key outputs"]
[null,null,"Cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I48","v":188079.36095890409},{"$f":"Model!J48","v":561847.60423135466},{"$f":"Model!K48","v":1084292.6174281039},{"$f":"Model!L48","v":1776792.8205015203},{"$f":"Model!M48","v":2670173.2497319551},{"$f":"Model!N48","v":3801004.1348349024}]
[null,null,"Debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I64","v":152439.72602739726},{"$f":"Model!J64","v":180915.61643835617},{"$f":"Model!K64","v":218611.08219178082},{"$f":"Model!L64","v":264194.40684931504},{"$f":"Model!M64","v":327202.72890410962},{"$f":"Model!N64","v":392643.2746849315}]
[null,null,"Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,{"$f":"Model!I70","v":414408.94999999995},{"$f":"Model!J70","v":914720.1399999999},{"$f":"Model!K70","v":1586336.7286444444},{"$f":"Model!L70","v":2445496.489911295},{"$f":"Model!M70","v":3552179.7123103412},{"$f":"Model!N70","v":4859051.7818534011}]
[null,null,"Debt:equity ratio","multiple",null,null,{"$f":"G27/G28","v":0.36784853712111498},{"$f":"H27/H28","v":0.19778247851671463},{"$f":"I27/I28","v":0.1378087503392727},{"$f":"J27/J28","v":0.10803303457568983},{"$f":"K27/K28","v":9.2113224950349334E-2},{"$f":"L27/L28","v":8.0806563155242719E-2}]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DO NOT DELETE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Model!F234","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"]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["●",null,"Operating Scenario"]
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[null,null,"Operating Scenario","Name","Base"]
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["●",null,"COGS assumptions"]
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[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$288))","v":175},null,70000]
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[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E31:E32)*E33+(E31+E32)","v":192.9375}]
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[null,null,"Product 2",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G38,(G38/$E$288))","v":450},null,180000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G39,(G39/$E$288))","v":16.25},null,6500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E38:E39)*E40+(E38+E39)","v":489.5625}]
[]
[null,null,"Product 3",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G45,(G45/$E$288))","v":175},null,70000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G46,(G46/$E$288))","v":8.75},null,3500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E45:E46)*E47+(E45+E46)","v":192.9375}]
[]
[null,null,"Product 4",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G52,(G52/$E$288))","v":450},null,180000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G53,(G53/$E$288))","v":16.25},null,6500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E52:E53)*E54+(E52+E53)","v":489.5625}]
[]
[null,null,"Product 5",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G59,(G59/$E$288))","v":175},null,70000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G60,(G60/$E$288))","v":8.75},null,3500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E59:E60)*E61+(E59+E60)","v":192.9375}]
[]
[null,null,"Product 6",null,null,null,"NGN Inputs"]
[null,null,"System name","Name"]
[null,null,"System cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G66,(G66/$E$288))","v":450},null,180000]
[null,null,"Shipping cost",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G67,(G67/$E$288))","v":16.25},null,6500]
[null,null,"Installation cost","% module cost",0.05]
[null,null,"Total COGS",{"$f":"$E$9","v":"USD"},{"$f":"SUM(E66:E67)*E68+(E66+E67)","v":489.5625}]
[]
["●",null,"Sales and pricing"]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 1"]
[null,null,"Initial sales (2020)","#",1200,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I75+1","v":2021},{"$f":"J75+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J294","v":0.4},{"$f":"K294","v":0.35},{"$f":"L294","v":0.3},{"$f":"M294","v":0.3},{"$f":"N294","v":0.2}]
[null,null,"Total sales",null,{"$f":"SUM(I77:Q77)","v":16528.824000000001},null,null,null,{"$f":"E75","v":1200},{"$f":"I77*(1+J76)","v":1680},{"$f":"J77*(1+K76)","v":2268},2948.4,3832.92,4599.5039999999999]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 1",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E82 + (E83*E84)","v":300}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G82,(G82/$E$288))","v":150},null,60000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G83,(G83/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 2"]
[null,null,"Initial sales (2020)","#",800,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I90+1","v":2021},{"$f":"J90+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J295","v":0.4},{"$f":"K295","v":0.35},{"$f":"L295","v":0.3},{"$f":"M295","v":0.3},{"$f":"N295","v":0.2}]
[null,null,"Total sales",null,{"$f":"SUM(I92:Q92)","v":11019.216},null,null,null,{"$f":"E90","v":800},{"$f":"I92*(1+J91)","v":1120},{"$f":"J92*(1+K91)","v":1512},{"$f":"K92*(1+L91)","v":1965.6000000000001},{"$f":"L92*(1+M91)","v":2555.2800000000002},{"$f":"M92*(1+N91)","v":3066.3360000000002}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 2",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E97 + (E98*E99)","v":737.5}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G97,(G97/$E$288))","v":587.5},null,235000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G98,(G98/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
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[null,null,"Sales assumptions"]
[null,null,"Product 3"]
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[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J296","v":0.4},{"$f":"K296","v":0.35},0.3,0.3,0.2]
[null,null,"Total sales",null,{"$f":"SUM(I107:Q107)","v":16528.824000000001},null,null,null,{"$f":"E105","v":1200},{"$f":"I107*(1+J106)","v":1680},{"$f":"J107*(1+K106)","v":2268},{"$f":"K107*(1+L106)","v":2948.4},{"$f":"L107*(1+M106)","v":3832.92},{"$f":"M107*(1+N106)","v":4599.5039999999999}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 3",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E112 + (E113*E114)","v":300}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G112,(G112/$E$288))","v":150},null,60000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G113,(G113/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
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[null,null,"Sales assumptions"]
[null,null,"Product 4"]
[null,null,"Initial sales (2020)","#",800,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I120+1","v":2021},{"$f":"J120+1","v":2022},{"$f":"K120+1","v":2023},{"$f":"L120+1","v":2024},{"$f":"M120+1","v":2025}]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J297","v":0.4},{"$f":"K297","v":0.35},0.3,0.3,0.2]
[null,null,"Total sales",null,{"$f":"SUM(I122:Q122)","v":11019.216},null,null,null,{"$f":"E120","v":800},{"$f":"I122*(1+J121)","v":1120},{"$f":"J122*(1+K121)","v":1512},{"$f":"K122*(1+L121)","v":1965.6000000000001},{"$f":"L122*(1+M121)","v":2555.2800000000002},{"$f":"M122*(1+N121)","v":3066.3360000000002}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 4",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E127 + (E128*E129)","v":737.5}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G127,(G127/$E$288))","v":587.5},null,235000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G128,(G128/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 5"]
[null,null,"Initial sales (2020)","#",1200,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I135+1","v":2021},{"$f":"J135+1","v":2022},{"$f":"K135+1","v":2023},{"$f":"L135+1","v":2024},{"$f":"M135+1","v":2025}]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J298","v":0.4},{"$f":"K298","v":0.35},0.3,0.3,0.2]
[null,null,"Total sales",null,{"$f":"SUM(I137:Q137)","v":16528.824000000001},null,null,null,{"$f":"E135","v":1200},{"$f":"I137*(1+J136)","v":1680},{"$f":"J137*(1+K136)","v":2268},{"$f":"K137*(1+L136)","v":2948.4},{"$f":"L137*(1+M136)","v":3832.92},{"$f":"M137*(1+N136)","v":4599.5039999999999}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 5",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E142 + (E143*E144)","v":300}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G142,(G142/$E$288))","v":150},null,60000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G143,(G143/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
[null,null,"Sales assumptions"]
[null,null,"Product 6"]
[null,null,"Initial sales (2020)","#",800,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I150+1","v":2021},{"$f":"J150+1","v":2022},{"$f":"K150+1","v":2023},{"$f":"L150+1","v":2024},{"$f":"M150+1","v":2025}]
[null,null,"Annual sales growth","#",null,null,null,null,null,{"$f":"J299","v":0.4},{"$f":"K299","v":0.35},0.3,0.3,0.2]
[null,null,"Total sales",null,{"$f":"SUM(I152:Q152)","v":11019.216},null,null,null,{"$f":"E150","v":800},{"$f":"I152*(1+J151)","v":1120},{"$f":"J152*(1+K151)","v":1512},{"$f":"K152*(1+L151)","v":1965.6000000000001},{"$f":"L152*(1+M151)","v":2555.2800000000002},{"$f":"M152*(1+N151)","v":3066.3360000000002}]
[]
[null,null,"Pricing assumptions"]
[null,null,"Product 6",null,null,null,"NGN Inputs"]
[null,null,"Total PAYG",{"$f":"$E$9","v":"USD"},{"$f":"E157 + (E158*E159)","v":737.5}]
[null,null,"Down Payment","USD",{"$f":"IF($E$9=\"NGN\",G157,(G157/$E$288))","v":587.5},null,235000]
[null,null,"Monthly fees","USD",{"$f":"IF($E$9=\"NGN\",G158,(G158/$E$288))","v":12.5},null,5000]
[null,null,"Tenure","Months",12]
[]
[null,null,"Default rate","%",0.2]
[]
[null,null,"Coporate overhead",null,null,null,"NGN Inputs"]
[null,null,"Employees and salaries",null,"Per employee",null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I164+1","v":2021},{"$f":"J164+1","v":2022},2023,2024,{"$f":"M164+1","v":2025}]
[null,null,"Artisan (Technician, Electrician)",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G165,(G165/$E$288))","v":900},null,360000,null,1,2,2,4,4,5]
[null,null,"Technical Manager",{"$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$165:$E$170,I165:I170) + SUMPRODUCT($E$165:$E$170,I165:I170)*$E$171","v":6303.75},8610,8610,15836.25,15836.25,18757.5]
[null,null,null,null,null,null,"NGN Inputs"]
[null,null,"Office "]
[null,null,"Head office rent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G176,(G176/$E$288))","v":600},null,240000]
[null,null,"Warehouse rent","USD annual",{"$f":"IF($E$9=\"NGN\",G177,(G177/$E$288))","v":2125},null,850000]
[null,null,"Maintenance","USD annual",{"$f":"IF($E$9=\"NGN\",G178,(G178/$E$288))","v":737.5},null,295000]
[null,null,"Technology & communications","USD annual",{"$f":"IF($E$9=\"NGN\",G179,(G179/$E$288))","v":280},null,112000]
[]
[null,null,"Total office expenses",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"SUM(E176:E179)","v":3742.5}]
[null,null,null,null,null,null,"NGN Inputs"]
[null,null,"Administration",null,null,null,"Annual increase"]
[null,null,"Insurance",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G184,(G184/$E$288))","v":387.5},null,155000]
[null,null,"Legal","USD annual",{"$f":"IF($E$9=\"NGN\",G185,(G185/$E$288))","v":445},null,178000]
[null,null,"Travel expenses","USD annual",{"$f":"IF($E$9=\"NGN\",G186,(G186/$E$288))","v":812.5},null,325000]
[]
[null,null,"Total administration expenses",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"SUM(E184:E186)","v":1645}]
[]
[null,null,"Direct sales and service costs",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I190+1","v":2021},{"$f":"J190+1","v":2022},2023,2024,2025]
[null,null,"New service centers","#",null,null,null,null,1,1,1,1,1,1]
[null,null,"Active service centers","#",null,null,null,null,{"$f":"SUM(I191)","v":1},{"$f":"SUM($I$191:J191)","v":2},{"$f":"SUM($I$191:K191)","v":3},{"$f":"SUM($I$191:L191)","v":4},{"$f":"SUM($I$191:M191)","v":5},{"$f":"SUM($I$191:N191)","v":6}]
[null,null,null,null,null,null,"NGN Inputs"]
[null,null,"Service center rent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G194,(G194/$E$288))","v":375},null,150000]
[]
[null,null,"Marketing (% revenue)","%",0.02]
[null,null,null,null,null,null,"NGN Inputs"]
[null,null,"Salaries (per service center)",null,"Salary",null,null,null,{"$f":"$E$8","v":2020},{"$f":"I198+1","v":2021},{"$f":"J198+1","v":2022},2023,2024,2025]
[null,null,"Sales Agent",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},{"$f":"IF($E$9=\"NGN\",G199,(G199/$E$288))","v":900},null,360000,null,2,2,2,2,2,2]
[null,null,"Technician","USD annual",{"$f":"IF($E$9=\"NGN\",G200,(G200/$E$288))","v":900},null,360000,null,2,2,2,2,2,2]
[null,null,"Local labour (periodic)","USD annual",{"$f":"IF($E$9=\"NGN\",G201,(G201/$E$288))","v":0},null,0]
[null,null,"Security","USD annual",{"$f":"IF($E$9=\"NGN\",G202,(G202/$E$288))","v":0},null,0]
[null,null,"Driver","USD annual",{"$f":"IF($E$9=\"NGN\",G203,(G203/$E$288))","v":0},null,0]
[null,null,"Total salaries per service center","USD annual",null,null,null,null,{"$f":"($E$199*I199)+($E$200*I200)+($E$201*I201)+($E$202*I202)+($E$203*I203)","v":3600},3600,3600,3600,3600,3600]
[]
[null,null,"Total direct and service costs",{"$f":"CONCATENATE($E$9,\" \",\"annual\")","v":"USD annual"},null,null,null,null,{"$f":"(I192*$E$194) +($E$196*Model!I16)+Inputs!I$204","v":57375},{"$f":"(J192*$E$194) +($E$196*Model!J16)+Inputs!J$204","v":79110},{"$f":"(K192*$E$194) +($E$196*Model!K16)+Inputs!K$204","v":105651},{"$f":"(L192*$E$194) +($E$196*Model!L16)+Inputs!L$204","v":136303.79999999999},{"$f":"(M192*$E$194) +($E$196*Model!M16)+Inputs!M$204","v":176039.94000000003},{"$f":"(N192*$E$194) +($E$196*Model!N16)+Inputs!N$204","v":210527.92800000004}]
[]
[]
["●",null,"Working capital"]
[]
[null,null,"Days in period","#",365]
[]
[null,null,"Receivable days","#",15]
[null,null,"Payable days","#",20]
[null,null,"Inventory days","#",52]
[]
["●",null,"Depreciation and Tax"]
[]
[null,null,"Depreciation of corporate PP&E"]
[null,null,"Existing PP&E"]
[null,null,"Beginning PP&E",{"$f":"$E$9","v":"USD"},{"$f":"E235","v":3000},null,null,null,"SL Deprec"]
[null,null,"Depreciation rate","years",10,null,null,null,{"$f":"1/E222","v":0.1}]
[]
[null,null,"Additions to PP&E",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I224+1","v":2021},{"$f":"J224+1","v":2022},{"$f":"K224+1","v":2023},{"$f":"L224+1","v":2024},{"$f":"M224+1","v":2025}]
[null,null,"Equipment",{"$f":"$E$9","v":"USD"},null,null,null,null,{"$f":"IF($E$9=\"NGN\",I226,(I226/I287))","v":0},{"$f":"IF($E$9=\"NGN\",J226,(J226/J287))","v":4861.1111111111113},3322.1879286694098,0,0,2041.7495911012588]
[null,null,null,null,null,null,null,null,0,2100000,1550000,0,0,1200000]
[null,null,"Tax"]
[null,null,"VAT on sales","%",7.4999999999999997E-2]
[null,null,"Income tax","% PBT",0.32]
[]
["●",null,"Balance sheet (2019)"]
[]
[null,null,"Assets",null,null,null,"NGN Inputs"]
[null,null,"Cash & Cash equivalent",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G234,(G234/$E$288))","v":2125},null,850000]
[null,null,"Non-current assets","USD",{"$f":"IF($E$9=\"NGN\",G235,(G235/$E$288))","v":3000},null,1200000]
[null,null,"Trade & other receivables","USD",{"$f":"IF($E$9=\"NGN\",G236,(G236/$E$288))","v":0},null,0]
[]
[null,null,"Liabilities",null,null,null,"NGN Inputs"]
[null,null,"Long term loans",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G239,(G239/$E$288))","v":0},null,0]
[null,null,"Trade & other payables","USD",{"$f":"IF($E$9=\"NGN\",G240,(G240/$E$288))","v":0},null,0]
[]
[null,null,"Equity",null,null,null,"NGN Inputs"]
[null,null,"Equity",{"$f":"$E$9","v":"USD"},{"$f":"IF($E$9=\"NGN\",G243,(G243/$E$288))","v":4025},null,1610000]
[null,null,"Retained earnings","USD",{"$f":"IF($E$9=\"NGN\",G244,(G244/$E$288))","v":1100},null,440000]
[]
[null,null,"Balance Check","OK/Error",{"$f":"IF(SUM(E234:E236)-SUM(E239:E240,E243:E244)=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":"I252+1","v":2021},{"$f":"J252+1","v":2022},2023,2024,2025]
[null,null,"Equity investment","NGN",{"$f":"SUM(J253:N253)","v":0},null,null,null,{"$f":"IF($E$9=\"NGN\",I254,(I254/I287))","v":0},{"$f":"IF($E$9=\"NGN\",J254,(J254/J287))","v":0},0,0,0,0]
[null,null,null,null,null,null,null,null,0,0,0,0,0,0]
[]
[null,null,"Grants",null,null,null,null,null,{"$f":"$E$8","v":2020},{"$f":"I256+1","v":2021},{"$f":"J256+1","v":2022},2023,2024,2025]
[null,null,"Grants","USD",{"$f":"SUM(I257:N257)","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":"I283+1","v":2021},{"$f":"J283+1","v":2022},2023,2024,2025,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA283+1","v":1},2,3,4]
[null,null,"General cost inflation","%/year",{"$f":"I300","v":0.1},null,null,null,1,{"$f":"I284*(1+$E$284)","v":1.1000000000000001},{"$f":"J284*(1+$E$284)","v":1.2100000000000002},{"$f":"K284*(1+$E$284)","v":1.3310000000000004},{"$f":"L284*(1+$E$284)","v":1.4641000000000006},{"$f":"M284*(1+$E$284)","v":1.6105100000000008},null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA284*(1+$E$746)","v":0},{"$f":"AB284*(1+$E$746)","v":0},{"$f":"AC284*(1+$E$746)","v":0},{"$f":"AD284*(1+$E$746)","v":0}]
[]
[null,null,"FX rates",null,null,null,null,null,{"$f":"EOMONTH(E7,0)","v":"2020-01-31"},{"$f":"EOMONTH(I286,12)","v":"2021-01-31"},{"$f":"EOMONTH(J286,12)","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,{"$f":"AA286+1","v":1},2,3,4]
[null,null,"Depreciation (NGN/USD)","%/year",{"$f":"I301","v":0.08},null,null,null,{"$f":"E288","v":400},{"$f":"I287*(1+$E$287)","v":432},{"$f":"J287*(1+$E$287)","v":466.56000000000006},503.8848000000001,544.19558400000017,587.73123072000021,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA287*(1+$E$753)","v":0},{"$f":"AB287*(1+$E$753)","v":0},{"$f":"AC287*(1+$E$753)","v":0},{"$f":"AD287*(1+$E$753)","v":0}]
[null,null,"Initial FX rate","NGN/USD",400]
[]
["●",null,"Scenario Analysis"]
[]
[]
[null,null,null,null,null,null,null,null,{"$f":"Start_Year","v":2020},{"$f":"I293+1","v":2021},{"$f":"J293+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth (product 1)","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$303,MATCH($E$25,$C$304:$C$306,0)+MATCH($C294,$C$303:$C$335,0)-1,0),0)","v":0.4},0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 2)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 3)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 4)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 5)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Annual sales growth (product 6)","%",null,null,null,null,0.4,0.4,0.35,0.3,0.3,0.2]
[null,null,"Inflation","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$303,MATCH($E$25,$C$304:$C$306,0)+MATCH($C300,$C$303:$C$335,0)-1,0),0)","v":0.1}]
[null,null,"FX depreciation","%",null,null,null,null,{"$f":"IFERROR(OFFSET(I$303,MATCH($E$25,$C$304:$C$306,0)+MATCH($C301,$C$303:$C$335,0)-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,"Annual sales growth (product 3)"]
[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 4)"]
[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 5)"]
[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 6)"]
[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":5,"n_rows":235,"n_cols":16,"rows_kept":235,"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,{"$f":"Inputs!I284","v":1},{"$f":"Inputs!J284","v":1.1000000000000001},{"$f":"Inputs!K284","v":1.2100000000000002},{"$f":"Inputs!L284","v":1.3310000000000004},{"$f":"Inputs!M284","v":1.4641000000000006},{"$f":"Inputs!N284","v":1.6105100000000008}]
[null,null,"USD:Naira FX rate (EOP)",null,null,null,null,{"$f":"Inputs!E288","v":400},{"$f":"Inputs!I287","v":400},{"$f":"Inputs!J287","v":432},{"$f":"Inputs!K287","v":466.56000000000006},{"$f":"Inputs!L287","v":503.8848000000001},{"$f":"Inputs!M287","v":544.19558400000017},{"$f":"Inputs!N287","v":587.73123072000021}]
[]
["●",null,"Income Statement"]
[]
[null,null,"Gross income"]
[null,null,"Sales revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I120+I130+I140+I150+I160+I170","v":2670000},{"$f":"J120+J130+J140+J150+J160+J170","v":3738000},5046300,6560190,8528247.0000000019,10233896.400000002]
[null,null,"COGS ",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(Inputs!$E$34*Inputs!I77)+-(Inputs!$E$41*Inputs!I92)+-(Inputs!$E$48*Inputs!I107)+-(Inputs!$E$55*Inputs!I122)+-(Inputs!$E$62*Inputs!I137)+-(Inputs!$E$69*Inputs!I152)","v":-1869525},{"$f":"-(Inputs!$E$34*Inputs!J77)+-(Inputs!$E$41*Inputs!J92)+-(Inputs!$E$48*Inputs!J107)+-(Inputs!$E$55*Inputs!J122)+-(Inputs!$E$62*Inputs!J137)+-(Inputs!$E$69*Inputs!J152)","v":-2617335},{"$f":"-(Inputs!$E$34*Inputs!K77)+-(Inputs!$E$41*Inputs!K92)+-(Inputs!$E$48*Inputs!K107)+-(Inputs!$E$55*Inputs!K122)+-(Inputs!$E$62*Inputs!K137)+-(Inputs!$E$69*Inputs!K152)","v":-3533402.25},{"$f":"-(Inputs!$E$34*Inputs!L77)+-(Inputs!$E$41*Inputs!L92)+-(Inputs!$E$48*Inputs!L107)+-(Inputs!$E$55*Inputs!L122)+-(Inputs!$E$62*Inputs!L137)+-(Inputs!$E$69*Inputs!L152)","v":-4593422.9249999998},{"$f":"-(Inputs!$E$34*Inputs!M77)+-(Inputs!$E$41*Inputs!M92)+-(Inputs!$E$48*Inputs!M107)+-(Inputs!$E$55*Inputs!M122)+-(Inputs!$E$62*Inputs!M137)+-(Inputs!$E$69*Inputs!M152)","v":-5971449.8025000002},{"$f":"-(Inputs!$E$34*Inputs!N77)+-(Inputs!$E$41*Inputs!N92)+-(Inputs!$E$48*Inputs!N107)+-(Inputs!$E$55*Inputs!N122)+-(Inputs!$E$62*Inputs!N137)+-(Inputs!$E$69*Inputs!N152)","v":-7165739.7630000003}]
[null,null,"Total gross income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I16+I17","v":800475},{"$f":"J16+J17","v":1120665},1512897.75,1966767.0750000002,2556797.1975000016,3068156.637000002]
[]
[null,null,"Operating costs"]
[null,null,"Corporate salaries and benefits",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!I173 *I10","v":-6303.75},{"$f":"-Inputs!J173 *J10","v":-9471},{"$f":"-Inputs!K173 *K10","v":-10418.100000000002},{"$f":"-Inputs!L173 *L10","v":-21078.048750000005},{"$f":"-Inputs!M173 *M10","v":-23185.853625000011},{"$f":"-Inputs!N173 *N10","v":-30209.141325000015}]
[null,null,"Corporate office expenses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!$E$181*I10","v":-3742.5},{"$f":"-Inputs!$E$181*J10","v":-4116.75},{"$f":"-Inputs!$E$181*K10","v":-4528.4250000000011},{"$f":"-Inputs!$E$181*L10","v":-4981.2675000000017},{"$f":"-Inputs!$E$181*M10","v":-5479.3942500000021},{"$f":"-Inputs!$E$181*N10","v":-6027.3336750000026}]
[null,null,"Corporate administrative expenses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!$E$188*I10","v":-1645},{"$f":"-Inputs!$E$188*J10","v":-1809.5000000000002},{"$f":"-Inputs!$E$188*K10","v":-1990.4500000000003},{"$f":"-Inputs!$E$188*L10","v":-2189.4950000000008},{"$f":"-Inputs!$E$188*M10","v":-2408.444500000001},{"$f":"-Inputs!$E$188*N10","v":-2649.2889500000015}]
[null,null,"Direct sales and service cost",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Inputs!I206*I10","v":-57375},{"$f":"-Inputs!J206*J10","v":-87021},{"$f":"-Inputs!K206*K10","v":-127837.71000000002},{"$f":"-Inputs!L206*L10","v":-181420.35780000003},{"$f":"-Inputs!M206*M10","v":-257740.07615400015},{"$f":"-Inputs!N206*N10","v":-339057.33332328021}]
[null,null,"Total operating costs",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I21:I24)","v":-69066.25},-102418.25,-144774.68500000003,-209669.16905000003,-288813.76852900017,-377943.09727328026]
[]
[null,null,"VAT on sales",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E228","v":7.4999999999999997E-2},null,null,{"$f":"-$F$27*I16","v":-200250},-280350,-378472.5,-492014.25,-639618.52500000014,-767542.2300000001]
[]
[null,null,"EBITDA",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I18+I25+I27","v":531158.75},737896.75,989650.56499999994,1265083.65595,1628364.9039710013,1922671.3097267216]
[]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(I180)","v":-300},{"$f":"-(J180)","v":-270},-729.1111111111112,-988.41879286694098,-889.57691358024681,-800.61922222222211]
[]
[null,null,"EBIT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I29+I31","v":530858.75},{"$f":"J29+J31","v":737626.75},988921.45388888882,1264095.2371571332,1627475.327057421,1921870.6905044995]
[]
[null,null,"Interest expense",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",(I213+I229),I222))","v":-2500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(J213+J229),J222))","v":-1875},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(K213+K229),K222))","v":-1250},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(L213+L229),L222))","v":-625},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(M213+M229),M222))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",(N213+N229),N222))","v":0}]
[null,null,"FX (gains)/losses",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(IF(Inputs!$E$9=\"NGN\",I228,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",J228,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",K228,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",L228,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",M228,0))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",N228,0))","v":0}]
[]
[null,null,"EBT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I33+SUM(I35:I36)","v":528358.75},{"$f":"J33+SUM(J35:J36)","v":735751.75},987671.45388888882,1263470.2371571332,1627475.327057421,1921870.6905044995]
[null,null,null,null,null,null,null," "]
[null,null,"Income tax payable",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E229","v":0.32},null,null,{"$f":"-$F40*MAX(I38,0)","v":-169074.80000000002},{"$f":"-$F40*MAX(J38,0)","v":-235440.56},-316054.8652444444,-404310.4758902826,-520792.10465837474,-614998.6209614398]
[]
[null,null,"Net income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I38+I40","v":359283.94999999995},{"$f":"J38+J40","v":500311.19},671616.58864444448,859159.76126685063,1106683.2223990462,1306872.0695430597]
[]
["●",null,"Balance Sheet"]
[null,null,null,null,null,"                                                                                                                                                                                                                                                                                "]
[null,null,"Assets"]
[null,null,"Current assets"]
[null,null,"Cash and equivalents",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I103","v":188079.36095890409},{"$f":"J103","v":561847.60423135466},1084292.6174281039,1776792.8205015203,2670173.2497319551,3801004.1348349024]
[null,null,"Trade & other receivables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I187","v":0},{"$f":"J187","v":0},0,0,0,0]
[null,null,"Accounts receivable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I188","v":109726.02739726027},{"$f":"J188","v":153616.43835616438},207382.19178082192,269596.84931506851,350475.90410958912,{"$f":"N188","v":420571.08493150695}]
[null,null,"Inventory",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I189","v":266343.28767123289},372880.60273972602,503388.81369863014,654405.45780821913,850727.09515068494,{"$f":"N189","v":1020872.5141808219}]
[null,null,"Total current assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I48:I51)","v":564148.67602739716},1088344.6453272451,1795063.6229075559,2700795.1276248079,3871376.2489922293,5242447.7339472314]
[]
[null,null,"PP&E ",null,null,null,null,null,{"$f":"I181","v":2700},{"$f":"J181","v":7291.1111111111113},9884.1879286694093,8895.7691358024676,8006.1922222222211,{"$f":"N181","v":9247.3225911012578}]
[null,null,"Total assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I52+I54","v":566848.67602739716},{"$f":"J52+J54","v":1095635.7564383561},1804947.8108362253,2709690.8967606104,3879382.4412144516,{"$f":"N52+N54","v":5251695.0565383323}]
[]
[null,null,"Trade and other payables",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I193","v":0},{"$f":"J193","v":0},0,0,0,0]
[null,null,"Accounts payable, net",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I194","v":102439.72602739726},{"$f":"J194","v":143415.61643835617},193611.08219178082,251694.40684931507,327202.72890410962,{"$f":"N194","v":392643.2746849315}]
[null,null,"Total current liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I57:I58)","v":102439.72602739726},{"$f":"SUM(J57:J58)","v":143415.61643835617},193611.08219178082,251694.40684931507,327202.72890410962,392643.2746849315]
[]
[null,null,"Non-interest bearing debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E239","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":"I212","v":0},{"$f":"J212","v":0},0,0,0,0]
[null,null,"USD Debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(IF(Inputs!$E$9=\"NGN\",I227,I221))","v":50000},{"$f":"(IF(Inputs!$E$9=\"NGN\",J227,J221))","v":37500},{"$f":"(IF(Inputs!$E$9=\"NGN\",K227,K221))","v":25000},{"$f":"(IF(Inputs!$E$9=\"NGN\",L227,L221))","v":12500},{"$f":"(IF(Inputs!$E$9=\"NGN\",M227,M221))","v":0},{"$f":"(IF(Inputs!$E$9=\"NGN\",N227,N221))","v":0}]
[null,null,"Total liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I61:I63) +I59","v":152439.72602739726},180915.61643835617,218611.08219178082,264194.40684931504,327202.72890410962,392643.2746849315]
[]
[]
[null,null,"Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"Inputs!E243","v":4025},{"$f":"H67+Inputs!I253","v":4025},{"$f":"I67+Inputs!J253","v":4025},{"$f":"J67+Inputs!K253","v":4025},{"$f":"K67+Inputs!L253","v":4025},{"$f":"L67+Inputs!M253","v":4025},{"$f":"M67+Inputs!N253","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!E244","v":1100},{"$f":"H69+I42","v":360383.94999999995},860695.1399999999,1532311.7286444444,2391471.489911295,3498154.7123103412,4805026.7818534011]
[null,null,"Total Equity",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I67:I69)","v":414408.94999999995},{"$f":"SUM(J67:J69)","v":914720.1399999999},1586336.7286444444,2445496.489911295,3552179.7123103412,4859051.7818534011]
[]
[null,null,"Total liabilities and equity",null,null,null,null,null,{"$f":"I70+I64","v":566848.67602739716},1095635.7564383561,1804947.8108362253,2709690.8967606099,3879382.4412144506,{"$f":"N70+N64","v":5251695.0565383323}]
[]
[null,null,"Balance Check","OK/Error",null,null,null,{"$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":359283.94999999995},500311.19,671616.58864444448,859159.76126685063,1106683.2223990462,1306872.0695430597]
[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":"I199","v":-273629.58904109587},-109451.8356164383,-134078.49863013712,-155147.97698630125,-201692.37008219177,-174800.05407123314]
[null,null,"Cash flow from operating activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I80:I83)","v":85954.360958904086},{"$f":"SUM(J80:J83)","v":391129.3543835617},538267.20112541853,705000.20307341637,905880.4292304347,1132872.6346940487]
[]
[null,null,"Investing activities"]
[null,null,"Capital expenditure ",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(I179)","v":0},{"$f":"-(J179)","v":-4861.1111111111113},-3322.1879286694098,0,0,{"$f":"-(N179)","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":85954.360958904086},{"$f":"J84+J88","v":386268.24327245058},534945.01319674915,705000.20307341637,905880.4292304347,{"$f":"N84+N88","v":1130830.8851029475}]
[]
[null,null,"Financing activities"]
[null,null,"(Repayment) of NGN debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",I211,(I211/I11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",J211,(J211/J11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",K211,(K211/K11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",L211,(L211/L11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",M211,(M211/M11)))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",N211,(N211/N11)))","v":0}]
[null,null,"(Repayment) of USD debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(IF(Inputs!$E$9=\"NGN\",I226,I220))","v":0},{"$f":"-(IF(Inputs!$E$9=\"NGN\",J226,J220))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",K226,K220))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",L226,L220))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",M226,M220))","v":-12500},{"$f":"-(IF(Inputs!$E$9=\"NGN\",N226,N220))","v":0}]
[null,null,"Issuance of NGN debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"IF(Inputs!$E$9=\"NGN\",I209,(I209/I11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",J209,(J209/J11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",K209,(K209/K11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",L209,(L209/L11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",M209,(M209/M11))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",N209,(N209/N11))","v":0}]
[null,null,"Issuance of USD debt",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"IF(Inputs!$E$9=\"NGN\",I225,I218)","v":50000},{"$f":"IF(Inputs!$E$9=\"NGN\",J225,J218)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",K225,K218)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",L225,L218)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",M225,M218)","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",N225,N218)","v":0}]
[null,null,"Increase / (decrease) in equity",{"$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$9=\"NGN\",(Inputs!I257*I11),(Inputs!I257))","v":50000},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!J257*J11),(Inputs!J257))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!K257*K11),(Inputs!K257))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!L257*L11),(Inputs!L257))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!M257*M11),(Inputs!M257))","v":0},{"$f":"IF(Inputs!$E$9=\"NGN\",(Inputs!N257*N11),(Inputs!N257))","v":0}]
[null,null,"Cash flow from financing activities",{"$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":185954.36095890409},373768.24327245058,522445.01319674915,692500.20307341637,893380.4292304347,1130830.8851029475]
[null,null,"Beginning cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!E234","v":2125},{"$f":"I103","v":188079.36095890409},{"$f":"J103","v":561847.60423135466},1084292.6174281039,1776792.8205015203,2670173.2497319551]
[null,null,"Ending cash balance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I101+I102","v":188079.36095890409},{"$f":"J101+J102","v":561847.60423135466},{"$f":"K101+K102","v":1084292.6174281039},1776792.8205015203,2670173.2497319551,{"$f":"N101+N102","v":3801004.1348349024},null,{"$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":85954.360958904086},{"$f":"J90+J93+J94-J97","v":373768.24327245058},522445.01319674915,692500.20307341637,893380.4292304347,1130830.8851029475]
[]
["●",null,"Sales"]
[]
[null,null,"Period",null,null,null,null,0,{"$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$76:$N$76,,MATCH(I6,Inputs!$I$75:$N$75,0))","v":0},{"$f":"INDEX(Inputs!$I$76:$P$76,,MATCH(J6,Inputs!$I$75:$P$75,0))","v":0.4},{"$f":"INDEX(Inputs!$I$76:$P$76,,MATCH(K6,Inputs!$I$75:$P$75,0))","v":0.35},{"$f":"INDEX(Inputs!$I$76:$P$76,,MATCH(L6,Inputs!$I$75:$P$75,0))","v":0.3},{"$f":"INDEX(Inputs!$I$76:$P$76,,MATCH(M6,Inputs!$I$75:$P$75,0))","v":0.3},{"$f":"INDEX(Inputs!$I$76:$P$76,,MATCH(N6,Inputs!$I$75:$P$75,0))","v":0.2}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E75","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!E82","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!E83*Inputs!E84","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!E86","v":0.2},null,null,{"$f":"$F$119*(I118)","v":36000},{"$f":"$F$119*(J118)","v":50400},68040,88452,114987.6,137985.12]
[null,null,"Total product 1a revenue",{"$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"]
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[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E90","v":800},{"$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!E97","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!E98*Inputs!E99","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!E101","v":0.2},null,null,{"$f":"$F$129*(I128)","v":24000},{"$f":"$F$129*(J128)","v":33600},45360,58968,76658.400000000009,91990.080000000016]
[null,null,"Total product 1b revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I127+(I128-I129)","v":566000},{"$f":"J127+(J128-J129)","v":792400},1069740,1390662,1807860.6000000003,2169432.7200000002]
[]
[null,null,"Sales calculations"]
[null,null,"Product 3 sales"]
[null,null,"Sales percentage","%",null,null,null,null,{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(I6,Inputs!$I$105:$P$105,0))","v":0},{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(J6,Inputs!$I$105:$P$105,0))","v":0.4},{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(K6,Inputs!$I$105:$P$105,0))","v":0.35},{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(L6,Inputs!$I$105:$P$105,0))","v":0.3},{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(M6,Inputs!$I$105:$P$105,0))","v":0.3},{"$f":"INDEX(Inputs!$I$106:$P$106,,MATCH(N6,Inputs!$I$105:$P$105,0))","v":0.2}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E105","v":1200},{"$f":"I135*(1+J134)","v":1680},{"$f":"J135*(1+K134)","v":2268},{"$f":"K135*(1+L134)","v":2948.4},{"$f":"L135*(1+M134)","v":3832.92},{"$f":"M135*(1+N134)","v":4599.5039999999999}]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E112","v":150},null,null,{"$f":"I135*$F$137","v":180000},{"$f":"J135*$F$137","v":252000},340200,442260,574938,689925.6]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E113*Inputs!E114","v":150},null,null,{"$f":"$F$138*I135","v":180000},{"$f":"$F$138*J135","v":252000},340200,442260,574938,689925.6]
[null,null,"Default rates","%",null,{"$f":"Inputs!E116","v":0.2},null,null,{"$f":"$F$139*(I138)","v":36000},{"$f":"$F$139*(J138)","v":50400},68040,88452,114987.6,137985.12]
[null,null,"Total product 2a revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I137+(I138-I139)","v":324000},{"$f":"J137+(J138-J139)","v":453600},612360,796068,1034888.4,1241866.08]
[]
[null,null,"Sales calculations"]
[null,null,"Product 4 sales"]
[null,null,"Sales percentage","%",null,null,null,null,{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(I6,Inputs!$I$120:$P$120,0))","v":0},{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(J6,Inputs!$I$120:$P$120,0))","v":0.4},{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(K6,Inputs!$I$120:$P$120,0))","v":0.35},{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(L6,Inputs!$I$120:$P$120,0))","v":0.3},{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(M6,Inputs!$I$120:$P$120,0))","v":0.3},{"$f":"INDEX(Inputs!$I$121:$P$121,,MATCH(N6,Inputs!$I$120:$P$120,0))","v":0.2}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E120","v":800},{"$f":"I145*(1+J144)","v":1120},{"$f":"J145*(1+K144)","v":1512},{"$f":"K145*(1+L144)","v":1965.6000000000001},{"$f":"L145*(1+M144)","v":2555.2800000000002},{"$f":"M145*(1+N144)","v":3066.3360000000002}]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E127","v":587.5},null,null,{"$f":"I145*$F$147","v":470000},{"$f":"J145*$F$147","v":658000},888300,1154790,1501227.0000000002,1801472.4000000001]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E128*Inputs!E129","v":150},null,null,{"$f":"$F$148*I145","v":120000},{"$f":"$F$148*J145","v":168000},226800,294840,383292.00000000006,459950.4]
[null,null,"Default rates","%",null,{"$f":"Inputs!E131","v":0.2},null,null,{"$f":"$F$149*(I148)","v":24000},{"$f":"$F$149*(J148)","v":33600},45360,58968,76658.400000000009,91990.080000000016]
[null,null,"Total product 2b revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I147+(I148-I149)","v":566000},{"$f":"J147+(J148-J149)","v":792400},1069740,1390662,1807860.6000000003,2169432.7200000002]
[]
[null,null,"Sales calculations"]
[null,null,"Product 5 sales"]
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[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E135","v":1200},{"$f":"I155*(1+J154)","v":1680},{"$f":"J155*(1+K154)","v":2268},{"$f":"K155*(1+L154)","v":2948.4},{"$f":"L155*(1+M154)","v":3832.92},{"$f":"M155*(1+N154)","v":4599.5039999999999}]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E142","v":150},null,null,{"$f":"I155*$F$157","v":180000},{"$f":"J155*$F$157","v":252000},340200,442260,574938,689925.6]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E143*Inputs!E144","v":150},null,null,{"$f":"$F$158*I155","v":180000},{"$f":"$F$158*J155","v":252000},340200,442260,574938,689925.6]
[null,null,"Default rates","%",null,{"$f":"Inputs!E146","v":0.2},null,null,{"$f":"$F$159*(I158)","v":36000},{"$f":"$F$159*(J158)","v":50400},68040,88452,114987.6,137985.12]
[null,null,"Total product 3a revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I157+(I158-I159)","v":324000},{"$f":"J157+(J158-J159)","v":453600},612360,796068,1034888.4,1241866.08]
[]
[null,null,"Sales calculations"]
[null,null,"Product 6 sales"]
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[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E150","v":800},{"$f":"I165*(1+J164)","v":1120},{"$f":"J165*(1+K164)","v":1512},{"$f":"K165*(1+L164)","v":1965.6000000000001},{"$f":"L165*(1+M164)","v":2555.2800000000002},{"$f":"M165*(1+N164)","v":3066.3360000000002}]
[]
[null,null,"Down payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E157","v":587.5},null,null,{"$f":"I165*$F$167","v":470000},{"$f":"J165*$F$167","v":658000},888300,1154790,1501227.0000000002,1801472.4000000001]
[null,null,"Monthly payment revenue",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!E158*Inputs!E159","v":150},null,null,{"$f":"$F$168*I165","v":120000},{"$f":"$F$168*J165","v":168000},226800,294840,383292.00000000006,459950.4]
[null,null,"Default rates","%",null,{"$f":"Inputs!E161","v":0.2},null,null,{"$f":"$F$169*(I168)","v":24000},{"$f":"$F$169*(J168)","v":33600},45360,58968,76658.400000000009,91990.080000000016]
[null,null,"Total product 3b revenue",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I167+(I168-I169)","v":566000},{"$f":"J167+(J168-J169)","v":792400},1069740,1390662,1807860.6000000003,2169432.7200000002]
[]
[]
["●",null,"CAPEX and Depreciation"]
[]
[null,null,"Period counter"]
[]
[null,null,"PP&E "]
[null,null,"Beginning",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!E221","v":3000},{"$f":"I181","v":2700},{"$f":"J181","v":7291.1111111111113},{"$f":"K181","v":9884.1879286694093},{"$f":"L181","v":8895.7691358024676},8006.1922222222211]
[null,null,"Capex",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Inputs!I225","v":0},{"$f":"Inputs!J225","v":4861.1111111111113},{"$f":"Inputs!K225","v":3322.1879286694098},{"$f":"Inputs!L225","v":0},{"$f":"Inputs!M225","v":0},{"$f":"Inputs!N225","v":2041.7495911012588}]
[null,null,"Depreciation",{"$f":"Inputs!$E$9","v":"USD"},null,{"$f":"Inputs!I222","v":0.1},null,null,{"$f":"$F$180*I178","v":300},{"$f":"$F$180*J178","v":270},729.1111111111112,988.41879286694098,889.57691358024681,800.61922222222211]
[null,null,"Ending",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"I178+I179-I180","v":2700},{"$f":"J178+J179-J180","v":7291.1111111111113},9884.1879286694093,8895.7691358024676,8006.1922222222211,{"$f":"N178+N179-N180","v":9247.3225911012578}]
[]
["●",null,"Working Capital Schedule"]
[]
[null,null,"Net working capital"]
[null,null,"Assets"]
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[null,null,"Inventory",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"(-I17*Inputs!$E$215)/Inputs!$E$211","v":266343.28767123289},{"$f":"(-J17*Inputs!$E$215)/Inputs!$E$211","v":372880.60273972602},{"$f":"(-K17*Inputs!$E$215)/Inputs!$E$211","v":503388.81369863014},{"$f":"(-L17*Inputs!$E$215)/Inputs!$E$211","v":654405.45780821913},{"$f":"(-M17*Inputs!$E$215)/Inputs!$E$211","v":850727.09515068494},{"$f":"(-N17*Inputs!$E$215)/Inputs!$E$211","v":1020872.5141808219}]
[null,null,"Total current assets",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I187:I189)","v":376069.31506849313},{"$f":"SUM(J187:J189)","v":526497.04109589034},710771.00547945208,924002.30712328758,1201202.999260274,1441443.5991123288]
[]
[null,null,"Liabilities"]
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[null,null,"Total current liabilities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"SUM(I193:I194)","v":102439.72602739726},{"$f":"SUM(J193:J194)","v":143415.61643835617},193611.08219178082,251694.40684931507,327202.72890410962,392643.2746849315]
[]
[null,null,"Net working capital/(deficit)",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,{"$f":"H187-H193","v":0},{"$f":"I190-I195","v":273629.58904109587},383081.42465753417,517159.92328767129,672307.90027397254,874000.27035616431,1048800.3244273975]
[]
[null,null,"(Increase)/decrease in working capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"H197-I197","v":-273629.58904109587},-109451.8356164383,{"$f":"J197-K197","v":-134078.49863013712},{"$f":"K197-L197","v":-155147.97698630125},{"$f":"L197-M197","v":-201692.37008219177},-174800.05407123314]
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["●",null,"Debt funding"]
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[null,null,"USD:Naira rate (EOP)"]
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[]
[null,null,{"$f":"CONCATENATE(Inputs!E261,\" \",\"Debt\")","v":" Debt"}]
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[null,null,"Opening balance","NGN",null,{"$f":"Inputs!E262","v":0},null,null,{"$f":"H212","v":0},{"$f":"I212","v":0},0,0,0,0]
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[null,null,"Repayment flag",null,{"$f":"Inputs!E264 /12","v":0},{"$f":"Inputs!E265/12","v":0},null,null,{"$f":"IF(I207<=$E210,0,IF(I207>$F210,0,1))","v":0},0,0,0,0,{"$f":"IF(N207<=$E210,0,IF(N207>$F210,0,1))","v":0}]
[null,null,"Prinicipal payments","NGN",null,{"$f":"F210-E210","v":0},null,null,{"$f":"IF(I210=1,$F208/$F211,0)","v":0},0,0,0,0,{"$f":"IF(N210=1,$F208/$F211,0)","v":0}]
[null,null,"Ending balance","NGN",null,null,null,null,{"$f":"I208+I209-I211","v":0},0,0,0,0,{"$f":"N208+N209-N211","v":0}]
[null,null,"Interest paid","NGN",null,{"$f":"Inputs!E263","v":0},null,null,{"$f":"$F$213*I212","v":0},0,0,0,0,0]
[]
[null,null,{"$f":"CONCATENATE(Inputs!E271,\" \",\"Debt\")","v":" Debt"}]
[null,null,"Period count",null,null,null,null,null,{"$f":"IF(AND(MONTH(I$7)=1,I$6=YEAR(Inputs!$E$276)),1,IF(H216>0,H216+1,0))","v":1},{"$f":"IF(AND(MONTH(J$7)=1,J$6=YEAR(Inputs!$E$276)),1,IF(I216>0,I216+1,0))","v":2},{"$f":"IF(AND(MONTH(K$7)=1,K$6=YEAR(Inputs!$E$276)),1,IF(J216>0,J216+1,0))","v":3},{"$f":"IF(AND(MONTH(L$7)=1,L$6=YEAR(Inputs!$E$276)),1,IF(K216>0,K216+1,0))","v":4},{"$f":"IF(AND(MONTH(M$7)=1,M$6=YEAR(Inputs!$E$276)),1,IF(L216>0,L216+1,0))","v":5},{"$f":"IF(AND(MONTH(N$7)=1,N$6=YEAR(Inputs!$E$276)),1,IF(M216>0,M216+1,0))","v":6}]
[null,null,"Opening balance","USD",null,{"$f":"Inputs!E272","v":50000},null,null,{"$f":"H221","v":0},{"$f":"I221","v":50000},{"$f":"J221","v":37500},{"$f":"K221","v":25000},{"$f":"L221","v":12500},0]
[null,null,"Additions","USD","Grace","Tenor",null,null,{"$f":"IF(AND(Inputs!$E$276<Model!J$7,Inputs!$E$276>=Model!I$7),Model!$F$217,0)","v":50000},{"$f":"IF(AND(Inputs!$E$276<Model!K$7,Inputs!$E$276>=Model!J$7),Model!$F$217,0)","v":0},{"$f":"IF(AND(Inputs!$E$276<Model!L$7,Inputs!$E$276>=Model!K$7),Model!$F$217,0)","v":0},{"$f":"IF(AND(Inputs!$E$276<Model!M$7,Inputs!$E$276>=Model!L$7),Model!$F$217,0)","v":0},{"$f":"IF(AND(Inputs!$E$276<Model!N$7,Inputs!$E$276>=Model!M$7),Model!$F$217,0)","v":0},{"$f":"IF(AND(Inputs!$E$276<Model!O$7,Inputs!$E$276>=Model!N$7),Model!$F$217,0)","v":0}]
[null,null,"Repayment flag",null,{"$f":"Inputs!E274 /12","v":1},{"$f":"Inputs!E275/12","v":5},null,null,{"$f":"IF(I216<=$E219,0,IF(I216>$F219,0,1))","v":0},1,1,1,1,{"$f":"IF(N216<=$E219,0,IF(N216>$F219,0,1))","v":0}]
[null,null,"Prinicipal payments","USD",null,{"$f":"F219-E219","v":4},null,null,{"$f":"IF(I219=1,$F217/$F220,0)","v":0},12500,12500,12500,12500,{"$f":"IF(N219=1,$F217/$F220,0)","v":0}]
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[null,null,"Interest paid","USD",null,{"$f":"Inputs!E273","v":0.05},null,null,{"$f":"$F$222*I221","v":2500},{"$f":"$F$222*J221","v":1875},1250,625,0,0]
[]
[null,null,"Opening balance USD debt","NGN",null,null,null,null,{"$f":"H227","v":0},{"$f":"I227","v":20000000},16200000,11664000.000000002,6298560.0000000009,0]
[null,null,"Additions USD debt","NGN",null,null,null,null,{"$f":"I218*I11","v":20000000},0,0,0,0,0]
[null,null,"Prinicipal payments USD debt","NGN",null,null,null,null,{"$f":"I220*I11","v":0},5400000,5832000.0000000009,6298560.0000000009,6802444.8000000017,0]
[null,null,"Ending balance USD debt","NGN",null,null,null,null,{"$f":"I221*I11","v":20000000},16200000,11664000.000000002,6298560.0000000009,0,0]
[null,null,"FX (profit)/loss USD debt","NGN",null,null,null,null,{"$f":"I227-SUM(I224:I225,-I226)","v":0},{"$f":"J227-SUM(J224:J225,-J226)","v":1600000},1296000.0000000019,933120,503884.80000000075,0]
[null,null,"Interest paid","NGN",null,null,null,null,{"$f":"I222*I11","v":1000000},810000,583200.00000000012,314928.00000000006,0,0]
[]
["●",null,"Outputs"]
[]
[null,null,"Returns"]
[null,null,"IRR","%",null,{"$f":"IFERROR(IRR(I234:N234),0)","v":0},null,null,{"$f":"I106","v":85954.360958904086},373768.24327245058,522445.01319674915,692500.20307341637,893380.4292304347,1130830.8851029475]
["x"]

{"sheet":"Graph Calcs","index":6,"n_rows":36,"n_cols":16,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Graph Calculations"]
[{"$f":"Name_Model","v":"FGN 5M Solar Connections Facility - SHS"}]
[]
[null,null,null,null,null,null,null,null,{"$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$16","v":2670000},{"$f":"Model!J$16","v":3738000},{"$f":"Model!K$16","v":5046300},{"$f":"Model!L$16","v":6560190},{"$f":"Model!M$16","v":8528247.0000000019},{"$f":"Model!N$16","v":10233896.400000002}]
[null,null,"Net income",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I$42","v":359283.94999999995},{"$f":"Model!J$42","v":500311.19},{"$f":"Model!K$42","v":671616.58864444448},{"$f":"Model!L$42","v":859159.76126685063},{"$f":"Model!M$42","v":1106683.2223990462},{"$f":"Model!N$42","v":1306872.0695430597}]
[null,null,"Tax",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I40","v":169074.80000000002},{"$f":"-Model!J40","v":235440.56},{"$f":"-Model!K40","v":316054.8652444444},{"$f":"-Model!L40","v":404310.4758902826},{"$f":"-Model!M40","v":520792.10465837474},{"$f":"-Model!N40","v":614998.6209614398}]
[null,null,"Interest & FX depreciation",{"$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},{"$f":"-(Model!N35+Model!N36)","v":0}]
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[null,null,"OPEX & VAT",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-(Model!I25+Model!I27)","v":269316.25},{"$f":"-(Model!J25+Model!J27)","v":382768.25},{"$f":"-(Model!K25+Model!K27)","v":523247.18500000006},{"$f":"-(Model!L25+Model!L27)","v":701683.41905000003},{"$f":"-(Model!M25+Model!M27)","v":928432.29352900037},{"$f":"-(Model!N25+Model!N27)","v":1145485.3272732804}]
[null,null,"COGS",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I17","v":1869525},{"$f":"-Model!J17","v":2617335},{"$f":"-Model!K17","v":3533402.25},{"$f":"-Model!L17","v":4593422.9249999998},{"$f":"-Model!M17","v":5971449.8025000002},{"$f":"-Model!N17","v":7165739.7630000003}]
[null,null,"Net margin","%",null,null,null,null,{"$f":"'Graph Calcs'!I11/'Graph Calcs'!I10","v":0.13456327715355804},{"$f":"'Graph Calcs'!J11/'Graph Calcs'!J10","v":0.13384462011771001},{"$f":"'Graph Calcs'!K11/'Graph Calcs'!K10","v":0.13309089603163596},{"$f":"'Graph Calcs'!L11/'Graph Calcs'!L10","v":0.13096568258950589},{"$f":"'Graph Calcs'!M11/'Graph Calcs'!M10","v":0.1297667882272929},{"$f":"'Graph Calcs'!N11/'Graph Calcs'!N10","v":0.12770034192871635}]
[]
[null,null,"Cashflow Statement"]
[null,null,"Operating activities",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I84","v":85954.360958904086},{"$f":"Model!J84","v":391129.3543835617},{"$f":"Model!K84","v":538267.20112541853},{"$f":"Model!L84","v":705000.20307341637},{"$f":"Model!M84","v":905880.4292304347},{"$f":"Model!N84","v":1132872.6346940487}]
[null,null,"CAPEX",{"$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!I232+Model!I94","v":0},{"$f":"Model!J232+Model!J94","v":-12500},{"$f":"Model!K232+Model!K94","v":-12500},{"$f":"Model!L232+Model!L94","v":-12500},{"$f":"Model!M232+Model!M94","v":-12500},{"$f":"Model!N232+Model!N94","v":0}]
[null,null,"Debt issuance",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I234+Model!I96","v":135954.36095890409},{"$f":"Model!J234+Model!J96","v":373768.24327245058},{"$f":"Model!K234+Model!K96","v":522445.01319674915},{"$f":"Model!L234+Model!L96","v":692500.20307341637},{"$f":"Model!M234+Model!M96","v":893380.4292304347},{"$f":"Model!N234+Model!N96","v":1130830.8851029475}]
[null,null,"Equity or grants",{"$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":188079.36095890409},{"$f":"Model!J103","v":561847.60423135466},{"$f":"Model!K103","v":1084292.6174281039},{"$f":"Model!L103","v":1776792.8205015203},{"$f":"Model!M103","v":2670173.2497319551},{"$f":"Model!N103","v":3801004.1348349024}]
[]
[null,null,"Sales & Working Capital need"]
[null,null,"Sales",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I16","v":2670000},{"$f":"Model!J16","v":3738000},{"$f":"Model!K16","v":5046300},{"$f":"Model!L16","v":6560190},{"$f":"Model!M16","v":8528247.0000000019},{"$f":"Model!N16","v":10233896.400000002}]
[null,null,"Working capital",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"Model!I197","v":273629.58904109587},{"$f":"Model!J197","v":383081.42465753417},{"$f":"Model!K197","v":517159.92328767129},{"$f":"Model!L197","v":672307.90027397254},{"$f":"Model!M197","v":874000.27035616431},{"$f":"Model!N197","v":1048800.3244273975}]
[]
[null,null,"OPEX Breakdown"]
[null,null,"Total OPEX",{"$f":"Inputs!$E$9","v":"USD"},null,null,null,null,{"$f":"-Model!I25","v":69066.25},{"$f":"-Model!J25","v":102418.25},{"$f":"-Model!K25","v":144774.68500000003},{"$f":"-Model!L25","v":209669.16905000003},{"$f":"-Model!M25","v":288813.76852900017},{"$f":"-Model!N25","v":377943.09727328026}]
[]
[null,null,"Equity payback graph"]
[null,null,"Equity invested",{"$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":85954.360958904086},{"$f":"Model!J106","v":373768.24327245058},{"$f":"Model!K106","v":522445.01319674915},{"$f":"Model!L106","v":692500.20307341637},{"$f":"Model!M106","v":893380.4292304347},{"$f":"Model!N106","v":1130830.8851029475}]