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[null,null,null,null,null,null,null,null,null,null,"April 2023"]

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["●",null,"Model Information"]
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[null,null,"Country","Nigeria",null,null,null,null,"Cash balance always positive",null,{"$f":"Model!O103","v":0}]
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["●",null,"Key Outputs",null,null,null,null,null,null,null,null,null,null,"Graphs"]
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[null,null,"Financial Statements"]
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[null,null,"EBITDA","NGN",null,null,{"$f":"Model!I29","v":58990400},{"$f":"Model!J29","v":88239120},{"$f":"Model!K29","v":127567177.875},{"$f":"Model!L29","v":158954514.51093751},{"$f":"Model!M29","v":198030327.39966798},{"$f":"Model!N29","v":226931268.34026778}]
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[null,null,"Balance sheet key outputs"]
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[null,null,"Debt","NGN",null,null,{"$f":"Model!I64","v":512666.66666666663},{"$f":"Model!J64","v":476833.33333333331},{"$f":"Model!K64","v":686125},{"$f":"Model!L64","v":857406.25},{"$f":"Model!M64","v":1071507.8125},{"$f":"Model!N64","v":1232083.9843749998}]
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["●",null,"Sales and pricing"]
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[null,null,"Sales assumptions"]
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[null,null,"Pricing assumptions"]
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[null,null,"Default rate","%",0.1]
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[null,null,"Sales assumptions"]
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[null,null,"Pricing assumptions"]
[null,null,"Product 2"]
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[null,null,"Down Payment","NGN",10000]
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[null,null,"Default rate","%",0.1]
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["●",null,"Operational expenses"]
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[null,null,"Coporate overhead",null,null,null,{"$f":"G62","v":2020}]
[null,null,"Employees and salaries",null,"Per employee",null,{"$f":"Start_Year","v":2020},{"$f":"G78+1","v":2021},{"$f":"H78+1","v":2022},2023,2024,{"$f":"K78+1","v":2025}]
[null,null,"Artisan (Technician, Electrician)","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"Technical Manager","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"HR and Admin Manager","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"Marketing & PR Executive","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"Logistics and Stock Control ","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"IT Support ","NGN annual",1000,null,1,1,1,1,1,1]
[null,null,"Employee benefits & payroll tax","% payroll",0.1]
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[null,null,"Total corporate salaries and benefits","NGN annual",null,null,{"$f":"SUMPRODUCT($E$79:$E$84,G79:G84) + SUMPRODUCT($E$79:$E$84,G79:G84)*$E$85","v":6600},6600,6600,6600,6600,6600]
[]
[null,null,"Office "]
[null,null,"Head office rent","NGN annual",1000]
[null,null,"Warehouse rent","NGN annual",1000]
[null,null,"Maintenance","NGN annual",1000]
[null,null,"Technology & communications","NGN annual",1000]
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[null,null,"Total office expenses","NGN annual",{"$f":"SUM(E90:E93)","v":4000}]
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[null,null,"Administration",null,null,null,"Annual increase"]
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[null,null,"Legal","NGN annual",1000]
[null,null,"Travel expenses","NGN annual",1000]
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[null,null,"Total administration expenses","NGN annual",{"$f":"SUM(E98:E100)","v":3000}]
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[null,null,"Direct sales and service costs",null,null,null,{"$f":"$E$8","v":2020},{"$f":"G104+1","v":2021},{"$f":"H104+1","v":2022},2023,2024,2025]
[null,null,"New service centers","#",null,null,1,1,1,1,1,1]
[null,null,"Active service centers","#",null,null,{"$f":"SUM(G105)","v":1},{"$f":"SUM($G$105:H105)","v":2},{"$f":"SUM($G$105:I105)","v":3},{"$f":"SUM($G$105:J105)","v":4},{"$f":"SUM($G$105:K105)","v":5},{"$f":"SUM($G$105:L105)","v":6}]
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[null,null,"Service center rent","NGN annual",1000]
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[null,null,"Marketing (% revenue)","%",0.05]
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[null,null,"Salaries (per service center)",null,"Salary",null,"Employees","Annual cost"]
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[null,null,"Technician","NGN annual",1000,null,1,{"$f":"E114*G114","v":1000}]
[null,null,"Local labour (periodic)","NGN annual",1000,null,1,1000]
[null,null,"Security","NGN annual",1000,null,1,1000]
[null,null,"Driver","NGN annual",1000,null,1,1000]
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["●",null,"Working capital"]
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[null,null,"Days in period","#",30]
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[null,null,"Receivable days","#",10]
[null,null,"Payable days","#",30]
[null,null,"Inventory days","#",60]
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["●",null,"Depreciation and Tax"]
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[null,null,"Depreciation of corporate PP&E"]
[null,null,"Existing PP&E"]
[null,null,"Beginning PP&E","NGN",{"$f":"E149","v":1000},null,"SL Deprec"]
[null,null,"Depreciation rate","years",10,null,{"$f":"1/E136","v":0.1}]
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[null,null,"Additions to PP&E",null,null,null,{"$f":"$E$8","v":2020},{"$f":"G138+1","v":2021},{"$f":"H138+1","v":2022},{"$f":"I138+1","v":2023},{"$f":"J138+1","v":2024},{"$f":"K138+1","v":2025}]
[null,null,"Equipment","NGN",500,null,{"$f":"E139","v":500}]
[]
[null,null,"Tax"]
[null,null,"VAT on sales","%",7.4999999999999997E-2]
[null,null,"Income tax","% PBT",0.32]
[]
["●",null,"Balance sheet (2019)"]
[]
[null,null,"Assets"]
[null,null,"Cash & Cash equivalent","NGN",1000]
[null,null,"Non-current assets","NGN",1000]
[null,null,"Trade & other receivables","NGN",500]
[]
[null,null,"Liabilities"]
[null,null,"Long term loans","NGN",500]
[null,null,"Trade & other payables","NGN",500]
[]
[null,null,"Equity"]
[null,null,"Equity","NGN",500]
[null,null,"Retained earnings","NGN",1000]
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[null,null,"Balance Check","OK/Error",{"$f":"IF(SUM(E148:E150)-SUM(E153:E154,E157:E158)=0,0,1)","v":0}]
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[]
["●",null,"Financing"]
[]
[null,null,"Equity and grants"]
[null,null,"Equity",null,null,null,{"$f":"$E$8","v":2020},{"$f":"G166+1","v":2021},{"$f":"H166+1","v":2022},2023,2024,2025]
[null,null,"Equity investment","NGN",{"$f":"SUM(H167:L167)","v":0}]
[]
[null,null,"Grants",null,null,null,{"$f":"$E$8","v":2020},{"$f":"G169+1","v":2021},{"$f":"H169+1","v":2022},2023,2024,2025]
[null,null,"Grants","USD",{"$f":"SUM(H170:L170)","v":0},null,100000]
[]
[null,null,"Debt"]
[null,null,"NGN Debt"]
[null,null,"Lender name","Name","NG Bank"]
[null,null,"Amount","Naira",10000]
[null,null,"Interest rate","%",0.05]
[null,null,"Grace period","Months",0]
[null,null,"Tenor","Months",36]
[null,null,"Date of first drawdown","Date","2020-01-01"]
[null,null,"Estimated date of first principal repayment","Date",{"$f":"EOMONTH(E179,E177)","v":"2020-01-31"}]
[null,null,"Estimated date of maturity","Date",{"$f":"EOMONTH(E179,E178)","v":"2023-01-31"}]
[]
[null,null,"USD Debt"]
[null,null,"Lender name","Name","ABC Bank"]
[null,null,"Amount","USD",1000]
[null,null,"Interest rate","%",0.05]
[null,null,"Grace period","Months",0]
[null,null,"Tenor","Months",24]
[null,null,"Date of first drawdown","Date","2020-01-01"]
[null,null,"Estimated date of first principal repayment","Date",{"$f":"EOMONTH(E189,E187)","v":"2020-01-31"}]
[null,null,"Estimated date of maturity","Date",{"$f":"EOMONTH(E189,E188)","v":"2022-01-31"}]
[]
[]
["●",null,"Macro-Economics"]
[]
[null,null,"Inflation",null,null,null,{"$f":"$E$8","v":2020},{"$f":"G196+1","v":2021},{"$f":"H196+1","v":2022},2023,2024,2025,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA196+1","v":1},2,3,4]
[null,null,"General cost inflation","%/year",{"$f":"G209","v":0.05},null,1,{"$f":"G197*(1+$E$197)","v":1.05},{"$f":"H197*(1+$E$197)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA197*(1+$E$638)","v":0},{"$f":"AB197*(1+$E$638)","v":0},{"$f":"AC197*(1+$E$638)","v":0},{"$f":"AD197*(1+$E$638)","v":0}]
[]
[null,null,"FX rates",null,null,null,{"$f":"EOMONTH(E7,0)","v":"2020-01-31"},{"$f":"EOMONTH(G199,12)","v":"2021-01-31"},{"$f":"EOMONTH(H199,12)","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,null,null,{"$f":"AA199+1","v":1},2,3,4]
[null,null,"Depreciation (NGN/USD)","%/year",{"$f":"G210","v":0.05},null,{"$f":"E201","v":380},{"$f":"G200*(1+$E$200)","v":399},{"$f":"H200*(1+$E$200)","v":418.95000000000005},439.89750000000009,461.89237500000013,484.98699375000018,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA200*(1+$E$645)","v":0},{"$f":"AB200*(1+$E$645)","v":0},{"$f":"AC200*(1+$E$645)","v":0},{"$f":"AD200*(1+$E$645)","v":0}]
[null,null,"Initial FX rate","NGN/USD",380]
[]
["●",null,"Scenario Analysis"]
[]
[]
[null,null,null,null,null,null,{"$f":"Start_Year","v":2020},{"$f":"G206+1","v":2021},{"$f":"H206+1","v":2022},2023,2024,2025]
[null,null,"Annual sales growth (product 1)","%",null,null,{"$f":"IFERROR(OFFSET(G$212,MATCH($E$25,$C$213:$C$215,0)+MATCH($C207,$C$212:$C$227,0)-1,0),0)","v":0.5},0.5,0.45,0.25,0.25,0.15]
[null,null,"Annual sales growth (product 2)","%",null,null,0.5,0.5,0.45,0.25,0.25,0.15]
[null,null,"Inflation","%",null,null,{"$f":"IFERROR(OFFSET(G$212,MATCH($E$25,$C$213:$C$215,0)+MATCH($C209,$C$212:$C$227,0)-1,0),0)","v":0.05}]
[null,null,"FX depreciation","%",null,null,{"$f":"IFERROR(OFFSET(G$212,MATCH($E$25,$C$213:$C$215,0)+MATCH($C210,$C$212:$C$227,0)-1,0),0)","v":0.05}]
[]
[null,null,"Annual sales growth (product 1)"]
[null,null,"Upside","%",null,null,0.5,0.5,0.45,0.25,0.25,0.15]
[null,null,"Base","%",null,null,0.4,0.4,0.4,0.2,0.2,0.1]
[null,null,"Downside","%",null,null,0.2,0.2,0.2,0.1,0.1,0.05]
[null,null,"Annual sales growth (product 2)"]
[null,null,"Upside","%",null,null,0.5,0.5,0.45,0.25,0.25,0.15]
[null,null,"Base","%",null,null,0.4,0.4,0.4,0.2,0.2,0.1]
[null,null,"Downside","%",null,null,0.2,0.2,0.2,0.1,0.1,0.05]
[null,null,"Inflation"]
[null,null,"Upside","%",null,null,0.05]
[null,null,"Base","%",null,null,0.1]
[null,null,"Downside","%",null,null,0.12]
[null,null,"FX depreciation"]
[null,null,"Upside","%",null,null,0.05]
[null,null,"Base","%",null,null,0.08]
[null,null,"Downside","%",null,null,0.1]

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[null,null,"Period end",null,null,null,null,null,{"$f":"EOMONTH(I7,11)","v":"2020-12-31"},{"$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!G197","v":1},{"$f":"Inputs!H197","v":1.05},{"$f":"Inputs!I197","v":1.1025},{"$f":"Inputs!J197","v":1.1576250000000001},{"$f":"Inputs!K197","v":1.2155062500000002},{"$f":"Inputs!L197","v":1.2762815625000004}]
[null,null,"USD:Naira FX rate (EOP)",null,null,null,null,{"$f":"Inputs!E201","v":380},{"$f":"Inputs!G200","v":380},{"$f":"Inputs!H200","v":399},{"$f":"Inputs!I200","v":418.95000000000005},{"$f":"Inputs!J200","v":439.89750000000009},{"$f":"Inputs!K200","v":461.89237500000013},{"$f":"Inputs!L200","v":484.98699375000018}]
[]
["●",null,"Income Statement"]
[]
[null,null,"Gross income"]
[null,null,"Sales revenue","NGN",null,null,null,null,{"$f":"I120+I130","v":67800000},{"$f":"J120+J130","v":101700000},147465000,184331250,230414062.5,264976171.87499994]
[null,null,"COGS ","NGN",null,null,null,null,{"$f":"-(Inputs!$E$34*Inputs!G49)+-(Inputs!$E$41*Inputs!G64)","v":-315000},{"$f":"-(Inputs!$E$34*Inputs!H49)+-(Inputs!$E$41*Inputs!H64)","v":-472500},{"$f":"-(Inputs!$E$34*Inputs!I49)+-(Inputs!$E$41*Inputs!I64)","v":-685125},{"$f":"-(Inputs!$E$34*Inputs!J49)+-(Inputs!$E$41*Inputs!J64)","v":-856406.25},{"$f":"-(Inputs!$E$34*Inputs!K49)+-(Inputs!$E$41*Inputs!K64)","v":-1070507.8125},{"$f":"-(Inputs!$E$34*Inputs!L49)+-(Inputs!$E$41*Inputs!L64)","v":-1231083.9843749998}]
[null,null,"Total gross income","NGN",null,null,null,null,{"$f":"I16+I17","v":67485000},{"$f":"J16+J17","v":101227500},146779875,183474843.75,229343554.6875,263745087.89062494]
[]
[null,null,"Operating costs"]
[null,null,"Corporate salaries and benefits","NGN",null,null,null,null,{"$f":"-Inputs!G87 *I10","v":-6600},{"$f":"-Inputs!H87 *J10","v":-6930},{"$f":"-Inputs!I87 *K10","v":-7276.5},{"$f":"-Inputs!J87 *L10","v":-7640.3250000000007},{"$f":"-Inputs!K87 *M10","v":-8022.3412500000013},{"$f":"-Inputs!L87 *N10","v":-8423.4583125000026}]
[null,null,"Corporate office expenses","NGN",null,null,null,null,{"$f":"-Inputs!$E$95*I10","v":-4000},{"$f":"-Inputs!$E$95*J10","v":-4200},{"$f":"-Inputs!$E$95*K10","v":-4410},{"$f":"-Inputs!$E$95*L10","v":-4630.5000000000009},{"$f":"-Inputs!$E$95*M10","v":-4862.0250000000005},{"$f":"-Inputs!$E$95*N10","v":-5105.1262500000012}]
[null,null,"Corporate administrative expenses","NGN",null,null,null,null,{"$f":"-Inputs!$E$102*I10","v":-3000},{"$f":"-Inputs!$E$102*J10","v":-3150},{"$f":"-Inputs!$E$102*K10","v":-3307.5},{"$f":"-Inputs!$E$102*L10","v":-3472.8750000000005},{"$f":"-Inputs!$E$102*M10","v":-3646.5187500000006},{"$f":"-Inputs!$E$102*N10","v":-3828.8446875000009}]
[null,null,"Direct sales and service cost","NGN",null,null,null,null,{"$f":"-Inputs!G120*I10","v":-3396000},{"$f":"-Inputs!H120*J10","v":-5346600},{"$f":"-Inputs!I120*K10","v":-8137828.125},{"$f":"-Inputs!J120*L10","v":-10679741.789062502},{"$f":"-Inputs!K120*M10","v":-14015641.715332033},{"$f":"-Inputs!L120*N10","v":-16923249.23048218}]
[null,null,"Total operating costs","NGN",null,null,null,null,{"$f":"SUM(I21:I24)","v":-3409600},-5360880,-8152822.125,-10695485.489062501,-14032172.600332033,-16940606.659732178]
[]
[null,null,"VAT on sales","NGN",null,{"$f":"Inputs!E142","v":7.4999999999999997E-2},null,null,{"$f":"-$F$27*I16","v":-5085000},-7627500,-11059875,-13824843.75,-17281054.6875,-19873212.890624996]
[]
[null,null,"EBITDA","NGN",null,null,null,null,{"$f":"I18+I25+I27","v":58990400},88239120,127567177.875,158954514.51093751,198030327.39966798,226931268.34026778]
[]
[null,null,"Depreciation","NGN",null,null,null,null,{"$f":"-(I141)","v":-100},{"$f":"-(J141)","v":-140},-126,-113.4,-102.06,-91.853999999999999]
[]
[null,null,"EBIT","NGN",null,null,null,null,{"$f":"I29+I31","v":58990300},{"$f":"J29+J31","v":88238980},127567051.875,158954401.11093751,198030225.33966798,226931176.48626778]
[]
[null,null,"Interest expense","NGN",null,null,null,null,{"$f":"-(I174+I190)","v":-9833.3333333333339},-166.66666666666663,0,0,0,0]
[null,null,"FX (gains)/losses","NGN",null,null,null,null,{"$f":"I189","v":0},{"$f":"J189","v":9500},0,0,0,0]
[]
[null,null,"EBT","NGN",null,null,null,null,{"$f":"I33+SUM(I35:I36)","v":58980466.666666664},{"$f":"J33+SUM(J35:J36)","v":88248313.333333328},127567051.875,158954401.11093751,198030225.33966798,226931176.48626778]
[null,null,null,null,null,null,null," "]
[null,null,"Income tax payable","NGN",null,{"$f":"Inputs!E143","v":0.32},null,null,{"$f":"-$F40*MAX(I38,0)","v":-18873749.333333332},{"$f":"-$F40*MAX(J38,0)","v":-28239460.266666666},-40821456.600000001,-50865408.355500005,-63369672.108693756,-72617976.475605696]
[]
[null,null,"Net income","NGN",null,null,null,null,{"$f":"I38+I40","v":40106717.333333328},{"$f":"J38+J40","v":60008853.066666663},86745595.275000006,108088992.75543749,134660553.23097423,154313200.01066208]
[]
["●",null,"Balance Sheet"]
[null,null,null,null,null,"                                                                                                                                                                                                                                                                                "]
[null,null,"Assets"]
[null,null,"Current assets"]
[null,null,"Cash and equivalents","NGN",null,null,null,null,{"$f":"I103","v":55388983.999999993},{"$f":"J103","v":103747143.73333332},175021906.67500001,270650981.58043754,389736597.8089118,532368610.37669891]
[null,null,"Trade & other receivables","NGN",null,null,null,null,{"$f":"I148","v":500},{"$f":"J148","v":500},500,500,500,500]
[null,null,"Accounts receivable, net","NGN",null,null,null,null,{"$f":"I149","v":22600000},{"$f":"J149","v":33900000},49155000,61443750,76804687.5,{"$f":"N149","v":88325390.624999985}]
[null,null,"Inventory","NGN",null,null,null,null,{"$f":"I150","v":630000},945000,1370250,1712812.5,2141015.625,{"$f":"N150","v":2462167.9687499995}]
[null,null,"Total current assets","NGN",null,null,null,null,{"$f":"SUM(I48:I51)","v":78619484},138592643.73333332,225547656.67500001,333808044.08043754,468682800.9339118,623156668.97044885]
[]
[null,null,"PP&E ",null,null,null,null,null,{"$f":"I142","v":1400},{"$f":"J142","v":1260},1134,1020.6,918.54,{"$f":"N142","v":826.68599999999992}]
[null,null,"Total assets","NGN",null,null,null,null,{"$f":"I52+I54","v":78620884},{"$f":"J52+J54","v":138593903.73333332},225548790.67500001,333809064.68043756,468683719.47391182,{"$f":"N52+N54","v":623157495.65644884}]
[]
[null,null,"Trade and other payables","NGN",null,null,null,null,{"$f":"I154","v":500},{"$f":"J154","v":500},500,500,500,500]
[null,null,"Accounts payable, net","NGN",null,null,null,null,{"$f":"I155","v":315000},{"$f":"J155","v":472500},685125,856406.25,1070507.8125,{"$f":"N155","v":1231083.9843749998}]
[null,null,"Total current liabilities","NGN",null,null,null,null,{"$f":"SUM(I57:I58)","v":315500},{"$f":"SUM(J57:J58)","v":473000},685625,856906.25,1071007.8125,1231583.9843749998]
[]
[null,null,"Non-interest bearing debt","NGN",null,null,null,{"$f":"Inputs!E153","v":500},{"$f":"$H$61","v":500},{"$f":"$H$61","v":500},500,500,500,500]
[null,null,"USD Debt","NGN",null,null,null,null,{"$f":"I173","v":6666.6666666666661},{"$f":"J173","v":3333.3333333333326},0,0,0,0]
[null,null,"NGN Debt","NGN",null,null,null,null,{"$f":"I188","v":190000},{"$f":"J188","v":0},0,0,0,0]
[null,null,"Total liabilities","NGN",null,null,null,null,{"$f":"SUM(I61:I63) +I59","v":512666.66666666663},476833.33333333331,686125,857406.25,1071507.8125,1232083.9843749998]
[]
[]
[null,null,"Equity","NGN",null,null,null,{"$f":"Inputs!E157","v":500},{"$f":"H67+Inputs!G167","v":500},{"$f":"I67+Inputs!H167","v":500},{"$f":"J67+Inputs!I167","v":500},{"$f":"K67+Inputs!J167","v":500},{"$f":"L67+Inputs!K167","v":500},{"$f":"M67+Inputs!L167","v":500}]
[null,null,"Grant capital","NGN",null,null,null,null,{"$f":"I98","v":38000000},{"$f":"I68","v":38000000},{"$f":"J68","v":38000000},38000000,38000000,38000000]
[null,null,"Retained earnings","NGN",null,null,null,{"$f":"Inputs!E158","v":1000},{"$f":"H69+I42","v":40107717.333333328},100116570.39999999,186862165.67500001,294951158.43043751,429611711.66141176,583924911.67207384]
[null,null,"Total Equity","NGN",null,null,null,null,{"$f":"SUM(I67:I69)","v":78108217.333333328},{"$f":"SUM(J67:J69)","v":138117070.39999998},224862665.67500001,332951658.43043751,467612211.66141176,621925411.67207384]
[]
[null,null,"Total liabilities and equity",null,null,null,null,null,{"$f":"I70+I64","v":78620884},138593903.73333332,225548790.67500001,333809064.68043751,468683719.47391176,{"$f":"N70+N64","v":623157495.65644884}]
[]
[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","NGN",null,null,null,null,{"$f":"I42","v":40106717.333333328},60008853.066666663,86745595.275000006,108088992.75543749,134660553.23097423,154313200.01066208]
[null,null,"Depreciation","NGN",null,null,null,null,{"$f":"-I31","v":100},140,126,113.4,102.06,91.853999999999999]
[null,null,"FX (gains)/losses","NGN",null,null,null,null,{"$f":"I189","v":0},{"$f":"J189","v":9500},0,0,0,0]
[null,null,"(Increase)/decrease in working capital","NGN",null,null,null,null,{"$f":"I160","v":-22915000},-11457500,-15467625,-12460031.25,-15575039.0625,-11681279.296874985]
[null,null,"Cash flow from operating activities","NGN",null,null,null,null,{"$f":"SUM(I80:I83)","v":17191817.333333328},{"$f":"SUM(J80:J83)","v":48560993.066666663},71278096.275000006,95629074.905437499,119085616.22847423,142632012.56778711]
[]
[null,null,"Investing activities"]
[null,null,"Capital expenditure ","NGN",null,null,null,null,{"$f":"-(I140)","v":-500},{"$f":"-(J140)","v":0},0,0,0,{"$f":"-(N140)","v":0}]
[null,null,"Cash flow from investing activities","NGN",null,null,null,null,{"$f":"SUM(I87)","v":-500},{"$f":"SUM(J87)","v":0},0,0,0,{"$f":"SUM(N87)","v":0}]
[]
[null,null,"Cash available for financing activities","NGN",null,null,null,null,{"$f":"I84+I88","v":17191317.333333328},{"$f":"J84+J88","v":48560993.066666663},71278096.275000006,95629074.905437499,119085616.22847423,{"$f":"N84+N88","v":142632012.56778711}]
[]
[null,null,"Financing activities"]
[null,null,"(Repayment) of NGN debt","NGN",null,null,null,null,{"$f":"-I172","v":-3333.3333333333335},{"$f":"-J172","v":-3333.3333333333335},-3333.3333333333335,0,0,0]
[null,null,"(Repayment) of USD debt","NGN",null,null,null,null,{"$f":"-I187","v":-190000},{"$f":"-J187","v":-199500},0,0,0,0]
[null,null,"Issuance of NGN debt","NGN",null,null,null,null,{"$f":"I170","v":10000},{"$f":"J170","v":0},0,0,0,0]
[null,null,"Issuance of USD debt","NGN",null,null,null,null,{"$f":"I186","v":380000},{"$f":"J186","v":0},0,0,0,0]
[null,null,"Increase / (decrease) in equity","NGN",null,null,null,null,{"$f":"I67-H67","v":0},0,0,0,0,0]
[null,null,"Receipt of grants","NGN",null,null,null,null,{"$f":"Inputs!G170*I11","v":38000000},{"$f":"Inputs!H170*J11","v":0},{"$f":"Inputs!I170*K11","v":0},{"$f":"Inputs!J170*L11","v":0},{"$f":"Inputs!K170*M11","v":0},{"$f":"Inputs!L170*N11","v":0}]
[null,null,"Cash flow from financing activities","NGN",null,null,null,null,{"$f":"SUM(I93:I98)","v":38196666.666666664},{"$f":"SUM(J93:J98)","v":-202833.33333333334},-3333.3333333333335,0,0,0]
[]
[null,null,"Net change in cash","NGN",null,null,null,null,{"$f":"I90+I99","v":55387983.999999993},48358159.733333327,71274762.941666678,95629074.905437499,119085616.22847423,142632012.56778711]
[null,null,"Beginning cash balance","NGN",null,null,null,null,{"$f":"Inputs!E148","v":1000},{"$f":"I103","v":55388983.999999993},{"$f":"J103","v":103747143.73333332},175021906.67500001,270650981.58043754,389736597.8089118]
[null,null,"Ending cash balance","NGN",null,null,null,null,{"$f":"I101+I102","v":55388983.999999993},{"$f":"J101+J102","v":103747143.73333332},{"$f":"K101+K102","v":175021906.67500001},270650981.58043754,389736597.8089118,{"$f":"N101+N102","v":532368610.37669891},null,{"$f":"IF(MIN(Q103:Q103)<0,1,0)","v":0}]
[]
[null,null,"Distributions to equity"]
[null,null,"Distributions to equity","NGN",null,null,null,null,{"$f":"I90+I93+I94+I97","v":16997983.999999996},{"$f":"J90+J93+J94+J97","v":48358159.733333327},71274762.941666678,95629074.905437499,119085616.22847423,142632012.56778711]
[]
["●",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,{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(I6,Inputs!$G$47:$P$47,0))","v":0},{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(J6,Inputs!$G$47:$P$47,0))","v":0.5},{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(K6,Inputs!$G$47:$P$47,0))","v":0.45},{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(L6,Inputs!$G$47:$P$47,0))","v":0.25},{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(M6,Inputs!$G$47:$P$47,0))","v":0.25},{"$f":"INDEX(Inputs!$G$48:$P$48,,MATCH(N6,Inputs!$G$47:$P$47,0))","v":0.15}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E47","v":500},{"$f":"I115*(1+J114)","v":750},{"$f":"J115*(1+K114)","v":1087.5},1359.375,1699.21875,1954.1015624999998]
[]
[null,null,"Down payment revenue","NGN",null,{"$f":"Inputs!E54","v":2000},null,null,{"$f":"I115*$F$117","v":1000000},{"$f":"J115*$F$117","v":1500000},2175000,2718750,3398437.5,{"$f":"N115*$F$117","v":3908203.1249999995}]
[null,null,"Monthly payment revenue","NGN",null,{"$f":"Inputs!E55*Inputs!E56","v":48000},null,null,{"$f":"$F$118*I115","v":24000000},{"$f":"$F$118*J115","v":36000000},52200000,65250000,81562500,{"$f":"$F$118*N115","v":93796874.999999985}]
[null,null,"Default rates","%",null,{"$f":"Inputs!E58","v":0.1},null,null,{"$f":"$F$119*(I118)","v":2400000},{"$f":"$F$119*(J118)","v":3600000},5220000,6525000,8156250,9379687.4999999981]
[null,null,"Total product 1 revenue","NGN",null,null,null,null,{"$f":"I117+(I118-I119)","v":22600000},{"$f":"J117+(J118-J119)","v":33900000},49155000,61443750,76804687.5,{"$f":"N117+(N118-N119)","v":88325390.624999985}]
[]
[null,null,"Sales calculations"]
[null,null,"Product 2 sales"]
[null,null,"Sales percentage","%",null,null,null,null,{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(I6,Inputs!$G$62:$P$62,0))","v":0},{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(J6,Inputs!$G$62:$P$62,0))","v":0.5},{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(K6,Inputs!$G$62:$P$62,0))","v":0.45},{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(L6,Inputs!$G$62:$P$62,0))","v":0.25},{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(M6,Inputs!$G$62:$P$62,0))","v":0.25},{"$f":"INDEX(Inputs!$G$63:$P$63,,MATCH(N6,Inputs!$G$62:$P$62,0))","v":0.15}]
[null,null,"Annual sales","#",null,null,null,null,{"$f":"Inputs!E62","v":1000},{"$f":"I125*(1+J124)","v":1500},{"$f":"J125*(1+K124)","v":2175},{"$f":"K125*(1+L124)","v":2718.75},{"$f":"L125*(1+M124)","v":3398.4375},{"$f":"M125*(1+N124)","v":3908.2031249999995}]
[]
[null,null,"Down payment revenue","NGN",null,{"$f":"Inputs!E69","v":10000},null,null,{"$f":"I125*$F$117","v":2000000},{"$f":"J125*$F$117","v":3000000},4350000,5437500,6796875,7816406.2499999991]
[null,null,"Monthly payment revenue","NGN",null,{"$f":"Inputs!E70*Inputs!E71","v":96000},null,null,{"$f":"$F$118*I125","v":48000000},{"$f":"$F$118*J125","v":72000000},104400000,130500000,163125000,187593749.99999997]
[null,null,"Default rates","%",null,{"$f":"Inputs!E73","v":0.1},null,null,{"$f":"$F$119*(I128)","v":4800000},{"$f":"$F$119*(J128)","v":7200000},10440000,13050000,16312500,18759374.999999996]
[null,null,"Total product 2 revenue","NGN",null,null,null,null,{"$f":"I127+(I128-I129)","v":45200000},{"$f":"J127+(J128-J129)","v":67800000},98310000,122887500,153609375,176650781.24999997]
[]
[]
[]
["●",null,"CAPEX and Depreciation"]
[]
[null,null,"Period counter"]
[]
[null,null,"PP&E "]
[null,null,"Beginning","NGN",null,null,null,null,{"$f":"Inputs!E135","v":1000},{"$f":"I142","v":1400},{"$f":"J142","v":1260},{"$f":"K142","v":1134},{"$f":"L142","v":1020.6},918.54]
[null,null,"Capex","NGN",null,null,null,null,{"$f":"Inputs!G139","v":500},{"$f":"Inputs!H139","v":0},{"$f":"Inputs!I139","v":0},{"$f":"Inputs!J139","v":0},{"$f":"Inputs!K139","v":0},{"$f":"Inputs!L139","v":0}]
[null,null,"Depreciation","NGN",null,{"$f":"Inputs!G136","v":0.1},null,null,{"$f":"$F$141*I139","v":100},{"$f":"$F$141*J139","v":140},126,113.4,102.06,91.853999999999999]
[null,null,"Ending","NGN",null,null,null,null,{"$f":"I139+I140-I141","v":1400},{"$f":"J139+J140-J141","v":1260},1134,1020.6,918.54,{"$f":"N139+N140-N141","v":826.68599999999992}]
[]
["●",null,"Working Capital Schedule"]
[]
[null,null,"Net working capital"]
[null,null,"Assets"]
[null,null,"Trade & other receivables","NGN",null,null,null,{"$f":"Inputs!E150","v":500},{"$f":"H148","v":500},{"$f":"I148","v":500},{"$f":"J148","v":500},500,500,500]
[null,null,"Account receivable, net","NGN",null,null,null,null,{"$f":"(I16*Inputs!$E$127)/Inputs!$E$125","v":22600000},{"$f":"(J16*Inputs!$E$127)/Inputs!$E$125","v":33900000},{"$f":"(K16*Inputs!$E$127)/Inputs!$E$125","v":49155000},{"$f":"(L16*Inputs!$E$127)/Inputs!$E$125","v":61443750},{"$f":"(M16*Inputs!$E$127)/Inputs!$E$125","v":76804687.5},{"$f":"(N16*Inputs!$E$127)/Inputs!$E$125","v":88325390.624999985}]
[null,null,"Inventory","NGN",null,null,null,null,{"$f":"(-I17*Inputs!$E$129)/Inputs!$E$125","v":630000},{"$f":"(-J17*Inputs!$E$129)/Inputs!$E$125","v":945000},{"$f":"(-K17*Inputs!$E$129)/Inputs!$E$125","v":1370250},{"$f":"(-L17*Inputs!$E$129)/Inputs!$E$125","v":1712812.5},{"$f":"(-M17*Inputs!$E$129)/Inputs!$E$125","v":2141015.625},{"$f":"(-N17*Inputs!$E$129)/Inputs!$E$125","v":2462167.9687499995}]
[null,null,"Total current assets","NGN",null,null,null,null,{"$f":"SUM(I148:I150)","v":23230500},{"$f":"SUM(J148:J150)","v":34845500},50525750,63157062.5,78946203.125,90788058.593749985]
[]
[null,null,"Liabilities"]
[null,null,"Trade & other payables","NGN",null,null,null,{"$f":"Inputs!E154","v":500},{"$f":"H154","v":500},{"$f":"I154","v":500},{"$f":"J154","v":500},500,500,500]
[null,null,"Accounts payable, net","NGN",null,null,null,null,{"$f":"(-I17*Inputs!$E$128)/Inputs!$E$125","v":315000},{"$f":"(-J17*Inputs!$E$128)/Inputs!$E$125","v":472500},{"$f":"(-K17*Inputs!$E$128)/Inputs!$E$125","v":685125},{"$f":"(-L17*Inputs!$E$128)/Inputs!$E$125","v":856406.25},{"$f":"(-M17*Inputs!$E$128)/Inputs!$E$125","v":1070507.8125},{"$f":"(-N17*Inputs!$E$128)/Inputs!$E$125","v":1231083.9843749998}]
[null,null,"Total current liabilities","NGN",null,null,null,null,{"$f":"SUM(I154:I155)","v":315500},{"$f":"SUM(J154:J155)","v":473000},685625,856906.25,1071007.8125,1231583.9843749998]
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[null,null,"Net working capital/(deficit)","NGN",null,null,null,null,{"$f":"I151-I156","v":22915000},34372500,49840125,62300156.25,77875195.3125,89556474.609374985]
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[null,null,"(Increase)/decrease in working capital","NGN",null,null,null,null,{"$f":"H158-I158","v":-22915000},-11457500,{"$f":"J158-K158","v":-15467625},{"$f":"K158-L158","v":-12460031.25},{"$f":"L158-M158","v":-15575039.0625},-11681279.296874985]
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["●",null,"Debt funding"]
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[null,null,"USD:Naira rate (EOP)"]
[]
[]
[null,null,{"$f":"CONCATENATE(Inputs!E174,\" \",\"Debt\")","v":"NG Bank Debt"}]
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[null,null,"Repayment flag",null,{"$f":"Inputs!E177 /12","v":0},{"$f":"Inputs!E178/12","v":3},null,null,{"$f":"IF(I168<=$E171,0,IF(I168>$F171,0,1))","v":1},1,1,0,0,{"$f":"IF(N168<=$E171,0,IF(N168>$F171,0,1))","v":0}]
[null,null,"Prinicipal payments","NGN",null,{"$f":"F171-E171","v":3},null,null,{"$f":"IF(I171=1,$F169/$F172,0)","v":3333.3333333333335},3333.3333333333335,3333.3333333333335,0,0,{"$f":"IF(N171=1,$F169/$F172,0)","v":0}]
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[null,null,"Interest paid","NGN",null,{"$f":"Inputs!E176","v":0.05},null,null,{"$f":"$F$174*I173","v":333.33333333333331},166.66666666666663,0,0,0,0]
[]
[null,null,{"$f":"CONCATENATE(Inputs!E184,\" \",\"Debt\")","v":"ABC Bank Debt"}]
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[]
[null,null,"Opening balance USD debt","NGN",null,null,null,null,{"$f":"H188","v":0},{"$f":"I188","v":190000},0,0,0,0]
[null,null,"Additions USD debt","NGN",null,null,null,null,{"$f":"I179*I11","v":380000},{"$f":"J179*J11","v":0},0,0,0,0]
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[null,null,"Ending balance USD debt","NGN",null,null,null,null,{"$f":"I182*I11","v":190000},0,0,0,0,0]
[null,null,"FX (profit)/loss USD debt","NGN",null,null,null,null,{"$f":"I188-SUM(I185:I186,-I187)","v":0},{"$f":"J188-SUM(J185:J186,-J187)","v":9500},0,0,0,0]
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[]
["●",null,"Outputs"]
[]
[null,null,"Returns"]
[null,null,"IRR","%",null,{"$f":"IRR(I195:N195)","v":{"$error":"#NUM!"}},null,null,{"$f":"I106","v":16997983.999999996},{"$f":"J106","v":48358159.733333327},71274762.941666678,95629074.905437499,119085616.22847423,142632012.56778711]
["x"]

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[null,null,null,null,null,null,null,null,"Annual  summary (USD)",null,null,null,null,null,null,{"$f":"P6","v":0}]
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["x",null,"Graphs"]
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[null,null,"Income Statement"]
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[null,null,"Net margin","%",null,null,null,null,{"$f":"'Graph Calcs'!I11/'Graph Calcs'!I10","v":0.59154450344149456},{"$f":"'Graph Calcs'!J11/'Graph Calcs'!J10","v":0.59005755227794165},{"$f":"'Graph Calcs'!K11/'Graph Calcs'!K10","v":0.58824531431187066},{"$f":"'Graph Calcs'!L11/'Graph Calcs'!L10","v":0.58638452652731154},{"$f":"'Graph Calcs'!M11/'Graph Calcs'!M10","v":0.58442853604464451},{"$f":"'Graph Calcs'!N11/'Graph Calcs'!N10","v":0.58236632720114134}]
[]
[null,null,"Cashflow Statement"]
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[null,null,"CAPEX","NGN",null,null,null,null,{"$f":"Model!I87","v":-500},{"$f":"Model!J87","v":0},{"$f":"Model!K87","v":0},{"$f":"Model!L87","v":0},{"$f":"Model!M87","v":0},{"$f":"Model!N87","v":0}]
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[null,null,"Debt issuance","NGN",null,null,null,null,{"$f":"Model!I170+Model!I186","v":390000},{"$f":"Model!J170+Model!J186","v":0},{"$f":"Model!K170+Model!K186","v":0},{"$f":"Model!L170+Model!L186","v":0},{"$f":"Model!M170+Model!M186","v":0},{"$f":"Model!N170+Model!N186","v":0}]
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[]
[null,null,"Sales & Working Capital need"]
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[null,null,"Working capital","NGN",null,null,null,null,{"$f":"Model!I158","v":22915000},{"$f":"Model!J158","v":34372500},{"$f":"Model!K158","v":49840125},{"$f":"Model!L158","v":62300156.25},{"$f":"Model!M158","v":77875195.3125},{"$f":"Model!N158","v":89556474.609374985}]
[]
[null,null,"OPEX Breakdown"]
[null,null,"Total OPEX","NGN",null,null,null,null,{"$f":"-Model!I25","v":3409600},{"$f":"-Model!J25","v":5360880},{"$f":"-Model!K25","v":8152822.125},{"$f":"-Model!L25","v":10695485.489062501},{"$f":"-Model!M25","v":14032172.600332033},{"$f":"-Model!N25","v":16940606.659732178}]
[]
[null,null,"Equity payback graph"]
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[null,null,"Distributions to equity","NGN",null,null,null,null,{"$f":"Model!I106","v":16997983.999999996},{"$f":"Model!J106","v":48358159.733333327},{"$f":"Model!K106","v":71274762.941666678},{"$f":"Model!L106","v":95629074.905437499},{"$f":"Model!M106","v":119085616.22847423},{"$f":"Model!N106","v":142632012.56778711}]

{"sheet":"Legend","index":5,"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"]
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[null,null,"Header1",null,"Header1"]
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[null,null,"Header2",null,"Header2"]
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[null,null,"Header3",null,"Header3"]
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[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"]
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[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":24,"n_cols":5,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Names and Lists"]
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[]
[null,null,"Name",null,"Value"]
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[null,null,"Entity Names"]
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[null,null,"Lists"]
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[null,null,null,null,"Inflation+ x%"]
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[null,null,"Year",null,{"$f":"Start_Year","v":2020}]
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[null,null,null,null,{"$f":"E16+1","v":2022}]
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[null,null,null,null,2024]
[null,null,null,null,2025]
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[null,null,"Scenario",null,"Upside"]
[null,null,null,null,"Base"]
[null,null,null,null,"Downside"]