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["PHILIPPE DUCHEMIN",null,null,"2020-12-01",null,null,"Color Codes"]
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[null,null,null,null,null,null,null,"CASH FLOW STATEMENT"]
[null,null,null,null,null,null,null,"INCOME STATEMENT"]
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[22,"PROJECT ACCOUNTING AFTER TAXES",null,null,{"$f":"RETURN!A34","v":0}]
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["OIL MODELING"]
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["Calendar Year",null,"Year",2020,{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},2023,2024,2025,2026,2027]
["Durations",null,"Duration",1,{"$f":"D4+1","v":2},3,4,5,6,7,8]
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["Production","year","DurationProd",6,6,6,6,6,6,6,6]
["Termination","year","DurationTerm",1,1,1,1,1,1,1,1]
["Project","year","DurationProject",{"$f":"D5+D6+D7","v":8},8,8,8,8,8,8,8]
["Inflation","%","RateInflation",{"$f":"INDEX(TSCE,CSCE,$L9)","v":0.03},{"$f":"D9","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,1]
["Prices"]
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["Production"]
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["Availability","days","Availability",{"$f":"INDEX(TSCE,CSCE,$L14)","v":365},{"$f":"D14","v":365},365,365,365,365,365,365,3]
["Costs"]
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["Variable","usd/barrel","CostVar",{"$f":"INDEX(TSCE,CSCE,$L17)","v":4},{"$f":"D17","v":4},{"$f":"E17","v":4},4,4,4,{"$f":"I17","v":4},{"$f":"J17","v":4},5]
["Construction"]
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["Debt","usd","Capfi",50000000,-10000000,-10000000,-10000000,-10000000,0,0,-10000000]
["Equity","usd","Equity",20000000,0,0,0,0,0,0,-20000000,null,"part d'Equity dans le capex"]
["Amortization Fixed Assets"]
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["Operation","year","AmoProd",{"$f":"INDEX(TSCE,CSCE,$L24)","v":4},4,4,4,4,4,4,4,7]
["Termination","year","AmoTerm",{"$f":"INDEX(TSCE,CSCE,$L25)","v":1},1,1,1,1,1,1,1,8]
["Working Capital"]
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["Payments","days","DelaysCashOut",{"$f":"INDEX(TSCE,CSCE,$L28)","v":7},{"$f":"D28","v":7},7,7,7,7,7,7,10]
["Funding",null,null,null,null,null,null,null,null,null,null,null,"Tx d'augmentation du Capex, pour financement"]
["Debt","year","YearDebt",{"$f":"INDEX(TSCE,CSCE,$L30)","v":5},{"$f":"D30","v":5},5,5,5,5,5,5,11]
["Rate","%","RateDebt",{"$f":"INDEX(TSCE,CSCE,$L31)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,12]
["Short Term","%","RateDeposit",{"$f":"INDEX(TSCE,CSCE,$L32)","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,13]
["Short Term","%","RateFunding",{"$f":"INDEX(TSCE,CSCE,$L33)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,14]
["Tax Reserve Dividend"]
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["Reserve","%","RateReserve",{"$f":"INDEX(TSCE,CSCE,$L36)","v":1},{"$f":"D36","v":1},1,1,1,1,1,1,16]
[null,"year","YearReserve",{"$f":"INDEX(TSCE,CSCE,$L37)","v":2},2,2,2,2,2,2,2,17]
["Dividend","%","RateDividend",{"$f":"INDEX(TSCE,CSCE,$L38)","v":1},1,1,1,1,1,1,1,18]
["NPV"]
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[]
["PROJECT"]
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[]
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["WORKING CAPITAL",null,"DelaysCashIn"]
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["FINANCING"]
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[]
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[]
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[null,null,"Interest",null,null,null,null,null,null,null,null,"IntLinCom",{"$error":"#N/A"}]
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[null,null,{"$f":"IRR(FluxLinCom)","v":{"$error":"#NUM!"}},null,null,null,null,null,null,null,null,"FluxLinCom",{"$error":"#N/A"}]
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["DSCR",null,"DSCRnum",null,null,null,null,null,null,null,null,"DscrCom",{"$error":"#N/A"}]
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["Control",null,{"$f":"IRR(D152:K152)","v":{"$error":"#NUM!"}}]
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[null,null,null,null,null,null,null,null,null,null,null,"NEGINT"]
[]
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["CASH FLOW STATEMENT"]
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[null,null,"WCVAR",0,0,0,0,0,0,0,0]
[null,null,"CFCAPEX",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D180:D183)","v":0},{"$f":"SUM(E180:E183)","v":0},0,0,0,0,0,0,"CFOP"]
[null,null,"EQUITY",{"$f":"INDIRECT($C185)","v":20000000},0,0,0,0,0,0,-20000000]
[null,null,"CAPFI",50000000,-10000000,-10000000,-10000000,-10000000,0,0,-10000000]
[null,null,"INTLT",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D184:D187)","v":70000000},{"$f":"SUM(E184:E187)","v":-10000000},-10000000,-10000000,-10000000,0,0,-30000000,"CFBEFTAX"]
[null,null,"INTST",{"$f":"INDIRECT($C189)","v":0},0,0,0,0,0,0,0]
[null,null,"TAXCOPAY",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D188:D190)","v":70000000},-10000000,-10000000,-10000000,-10000000,0,0,-30000000,"CFBEFDIV"]
[null,null,"DIVIDENDPAY",{"$f":"INDIRECT($C192)","v":0},0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D191:D192)","v":70000000},{"$f":"SUM(E191:E192)","v":-10000000},-10000000,-10000000,-10000000,0,0,-30000000,"CF"]
[]
[null,null,null,{"$f":"D193","v":70000000},{"$f":"D195+E193","v":60000000},{"$f":"E195+F193","v":50000000},{"$f":"F195+G193","v":40000000},{"$f":"G195+H193","v":30000000},{"$f":"H195+I193","v":30000000},{"$f":"I195+J193","v":30000000},{"$f":"J195+K193","v":0},"CASHBALANCE"]
[null,null,null,{"$f":"IF(D195>0,D195,0)","v":70000000},60000000,50000000,{"$f":"IF(G195>0,G195,0)","v":40000000},{"$f":"IF(H195>0,H195,0)","v":30000000},30000000,30000000,0,"POSBAL"]
[null,null,null,{"$f":"IF(D195<0,-D195,0)","v":0},0,0,{"$f":"IF(G195<0,-G195,0)","v":0},{"$f":"IF(H195<0,-H195,0)","v":0},0,0,0,"NEGBAL"]
[]
[]
["INCOME STATEMENT"]
[]
[null,null,"REVENUES",{"$f":"Revenues","v":0},0,0,0,0,0,0,0]
[null,null,"COST",{"$f":"INDIRECT($C203)","v":0},0,0,0,0,0,0,0]
[null,null,"AMORT",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D202:D204)","v":0},0,0,0,0,0,0,0,"PLPROD"]
[null,null,"INTLT",{"$f":"INDIRECT($C206)","v":0},0,0,0,0,0,0,0]
[null,null,"INTST",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D205:D207)","v":0},{"$f":"SUM(E205:E207)","v":0},0,0,0,0,0,0,"PLBEFTAX"]
[null,null,"TAXCO",{"$f":"INDIRECT($C209)","v":0},0,0,0,0,0,0,0]
[null,null,null,{"$f":"D208+D209","v":0},0,0,0,0,0,0,0,"PLAFTERTAX"]
[null,null,"DIVIDEND",{"$f":"INDIRECT($C211)","v":0},0,0,0,0,0,0,0]
[null,null,null,{"$f":"D210+D211","v":0},{"$f":"E210+E211","v":0},0,0,0,0,0,0]
[null,null,"CUMPL",{"$f":"D212","v":0},{"$f":"D213+E212","v":0},{"$f":"E213+F212","v":0},0,0,0,0,0]
[]
["BALANCE SHEET"]
[]
["ASSETS"]
[null,null,"FIXEDASSETNET",{"$f":"INDIRECT($C218)","v":0},0,0,0,0,0,0,0]
[null,null,"POSBAL",70000000,60000000,50000000,40000000,30000000,30000000,30000000,0]
[null,null,"WCPAY",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D218:D220)","v":70000000},60000000,50000000,40000000,30000000,30000000,30000000,0]
[]
[null,"LIABILITIES"]
[null,null,"NEGBAL",{"$f":"INDIRECT($C224)","v":0},0,0,0,0,0,0,0]
[null,null,"DT",0,0,0,0,0,0,0,0]
[null,null,"WCREC",0,0,0,0,0,0,0,0]
[null,null,"WCTAX",0,0,0,0,0,0,0,0]
[null,null,"WCDIV",0,0,0,0,0,0,0,0]
[null,null,"EQ",0,0,0,0,0,0,0,0]
[null,null,"CUMPL",0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"SUM(D224:D230)","v":0},0,0,0,0,0,0,0]
[]
["BS Controls",null,{"$f":"SUM(ABS(D233:K233))=0","v":false},{"$f":"D221-D231","v":70000000},60000000,50000000,40000000,30000000,30000000,30000000,0]
[]
[]
["RATIOS"]
["CFADS"]
[null,"CFOP"]
[null,"CAPEX"]
[null,"CFADS"]
["PROJECT LIFE","Sum CFADS Discounted"]
["LOAN LIFE"]
[]
["DEBT"]
[null,"AMOLT"]
[null,"INTLT"]
[]
[null,"DT"]
[]
[]
["PLCR","ratio",null,null,{"$f":"E241/E248","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"I241/I248","v":{"$error":"#DIV/0!"}},{"$f":"J241/J248","v":{"$error":"#DIV/0!"}}]
["LLCR","ratio",null,null,{"$f":"E242/E248","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"I242/I248","v":{"$error":"#DIV/0!"}},{"$f":"J242/J248","v":{"$error":"#DIV/0!"}}]
["DSCR",null,null,null,{"$f":"E240/E247","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"I240/I247","v":{"$error":"#DIV/0!"}},{"$f":"J240/J247","v":{"$error":"#DIV/0!"}}]
[]
[null,null,null,"PLCR Mini",{"$f":"MIN(I251:AL251)","v":{"$error":"#DIV/0!"}},null,"LLCR Mini",{"$f":"MIN(I252:AL252)","v":{"$error":"#DIV/0!"}},null,"DSCR Mini",{"$f":"MIN(I253:AL253)","v":{"$error":"#DIV/0!"}}]
[null,null,null,"PLCR Mean",{"$f":"AVERAGE(I251:AL251)","v":{"$error":"#DIV/0!"}},null,"LLCR Mean",{"$f":"AVERAGE(I252:AL252)","v":{"$error":"#DIV/0!"}},null,"DSCR Mean",{"$f":"AVERAGE(I253:AL253)","v":{"$error":"#DIV/0!"}}]
["DEBT RATIO"]
[null,"EQ"]
[null,"OUTLT"]

{"sheet":"RETURN","index":2,"n_rows":116,"n_cols":13,"rows_kept":116,"cut":false,"hidden":false,"merged":[]}
["RETURN ANALYSIS"]
[]
["WACC",{"$f":"+D6","v":0.1}]
[null,null,"year",{"$f":"INDIRECT($C4)","v":2020},2021,2022,2023,2024,2025,2026,2027]
[null,null,"duration",1,2,3,4,5,6,7,8]
[null,null,"DF",0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[" "," "]
["OPERATIONS CASH FLOW",null,null,null,null,null,null,null,null,null,null,null,"SOMME"]
["NPV","IRR","SUM"]
[{"$f":"NPV(WACC,D10:K10)","v":0},{"$f":"IRR(D10:K10)","v":{"$error":"#NUM!"}},"CFOP",{"$f":"INDIRECT($C10)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D11:K11)","v":0},null,"TaxCorp",{"$f":"-PLPROD*TaxCorp","v":0},0,0,0,0,{"$f":"-PLPROD*TaxCorp","v":0},0,0]
[{"$f":"NPV(WACC,D12:K12)","v":0},{"$f":"IRR(D12:K12)","v":{"$error":"#NUM!"}},null,{"$f":"D10+D11","v":0},{"$f":"E10+E11","v":0},0,0,0,0,0,0]
[]
["OPERATIONS ACCOUNTING",null,null,null,null,null,null,null,null,null,null,null,"SOMME"]
["NPV","IRR","SUM"]
[{"$f":"NPV(WACC,D16:K16)","v":0},null,"CFCAPEX",{"$f":"INDIRECT($C16)","v":0},{"$f":"INDIRECT($C16)","v":0},0,0,0,0,0,0]
[{"$f":"NPV(WACC,D17:K17)","v":0},null,"PLPROD",{"$f":"INDIRECT($C17)","v":0},{"$f":"INDIRECT($C17)","v":0},0,0,0,0,0,0]
[{"$f":"NPV(WACC,D18:K18)","v":0},{"$f":"IRR(D18:K18)","v":{"$error":"#NUM!"}},{"$f":"SUM(D18:K18)","v":0},{"$f":"SUM(D16:D17)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D19:K19)","v":0},null,"TaxCorp",{"$f":"-D18*TaxCorp","v":0},{"$f":"-E18*TaxCorp","v":0},{"$f":"-F18*TaxCorp","v":0},{"$f":"-G18*TaxCorp","v":0},{"$f":"-H18*TaxCorp","v":0},{"$f":"-I18*TaxCorp","v":0},0,0]
[{"$f":"NPV(WACC,D20:K20)","v":0},{"$f":"IRR(D20:K20)","v":{"$error":"#NUM!"}},{"$f":"SUM(D20:K20)","v":0},{"$f":"D18+D19","v":0},{"$f":"E18+E19","v":0},0,0,0,0,0,0]
[]
["PROJECT CASH FLOWS",null,null,null,null,null,null,null,null,null,null,null,"SOMME"]
["NPV","IRR","SUM"]
[{"$f":"NPV(WACC,D24:K24)","v":20824183.626896251},null,"CFBEFTAX",{"$f":"INDIRECT($C24)","v":70000000},{"$f":"INDIRECT($C24)","v":-10000000},-10000000,-10000000,-10000000,0,0,-30000000]
[{"$f":"NPV(WACC,D25:K25)","v":0},null,"EQ",{"$f":"INDIRECT($C25)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D26:K26)","v":20824183.626896251},{"$f":"IRR(D26:K26)","v":0},{"$f":"SUM(D26:K26)","v":0},{"$f":"SUM(D24:D25)","v":70000000},-10000000,-10000000,-10000000,-10000000,0,0,-30000000]
[{"$f":"NPV(WACC,D27:K27)","v":-5206045.9067240627},null,"TaxCorp",{"$f":"-D26*TaxCorp","v":-17500000},2500000,2500000,2500000,2500000,0,0,7500000]
[{"$f":"NPV(WACC,D28:K28)","v":15618137.720172187},{"$f":"IRR(D28:K28)","v":-2.2204460492503131E-16},{"$f":"SUM(D28:K28)","v":0},{"$f":"D26+D27","v":52500000},{"$f":"E26+E27","v":-7500000},-7500000,-7500000,-7500000,0,0,-22500000]
[]
["PROJECT ACCOUNTING",null,null,null,null,null,null,null,null,null,null,null,"SOMME"]
["NPV","IRR","SUM"]
[{"$f":"NPV(WACC,D32:K32)","v":0},{"$f":"IRR(D32:K32)","v":{"$error":"#NUM!"}},"PLBEFTAX",{"$f":"INDIRECT($C32)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D33:K33)","v":0},null,"EQ",0,0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D34:K34)","v":0},{"$f":"IRR(D34:K34)","v":{"$error":"#NUM!"}},{"$f":"SUM(D34:K34)","v":0},{"$f":"D32+D33","v":0},{"$f":"E32+E33","v":0},0,0,0,0,0,0]
[{"$f":"NPV(WACC,D35:K35)","v":0},null,"TaxCorp",{"$f":"-D34*TaxCorp","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D36:K36)","v":0},{"$f":"IRR(D36:K36)","v":{"$error":"#NUM!"}},{"$f":"SUM(D36:K36)","v":0},{"$f":"D34+D35","v":0},{"$f":"E34+E35","v":0},0,0,0,0,0,0]
[]
["ROE"]
["Equity"]
[{"$f":"NPV(WACC,D40:K40)","v":8851670.57762352},{"$f":"A40/$A$68","v":{"$error":"#DIV/0!"}},"EQUITY",{"$f":"INDIRECT($C40)","v":20000000},0,0,0,0,0,0,-20000000,null,{"$f":"SUM(D40:K40)","v":0}]
[{"$f":"NPV(WACC,D41:K41)","v":0},null,"DIVIDENDPAY",0,0,0,0,0,0,0,0,null,{"$f":"SUM(D41:K41)","v":0}]
[{"$f":"A40+A41","v":8851670.57762352},{"$f":"IRR(D42:K42)","v":0},{"$f":"SUM(D42:K42)","v":0},{"$f":"SUM(D40:D41)","v":20000000},0,0,0,0,0,0,-20000000,null,{"$f":"SUM(D42:K42)","v":0}]
[]
["DEBT RETURN"]
["DEBT"]
[{"$f":"NPV(WACC,D46:K46)","v":11972513.049272735},null,"CAPFI",{"$f":"INDIRECT($C46)","v":50000000},-10000000,-10000000,-10000000,-10000000,0,0,-10000000,null,{"$f":"SUM(D46:K46)","v":0}]
[{"$f":"NPV(WACC,D47:K47)","v":0},null,"INTLT",0,0,0,0,0,0,0,0,null,{"$f":"SUM(D47:K47)","v":0}]
[{"$f":"A46+A47","v":11972513.049272735},{"$f":"IRR(D48:K48)","v":0},{"$f":"SUM(D48:K48)","v":0},{"$f":"IF(An<>0,D46+D47,0)","v":50000000},-10000000,-10000000,-10000000,-10000000,0,0,-10000000,null,{"$f":"SUM(D48:K48)","v":0}]
["BANK ACCOUNTS"]
[{"$f":"NPV(WACC,D50:K50)","v":-20824183.626896251},null,"CF",{"$f":"-INDIRECT($C50)","v":-70000000},10000000,10000000,10000000,10000000,0,0,30000000,null,{"$f":"SUM(D50:K50)","v":0}]
[{"$f":"NPV(WACC,D51:K51)","v":0},null,"INTST",{"$f":"INDIRECT($C51)","v":0},0,0,0,0,0,0,0,null,{"$f":"SUM(D51:K51)","v":0}]
[{"$f":"A50+A51","v":-20824183.626896251},{"$f":"IF(ISERR(IRR(D52:K52)),\"\",IRR(D52:K52))","v":0},{"$f":"SUM(D52:K52)","v":0},{"$f":"SUM(D50:D51)","v":-70000000},10000000,10000000,10000000,10000000,0,0,30000000,null,{"$f":"SUM(D52:K52)","v":0}]
["DEBT"]
[{"$f":"NPV(WACC,D54:K54)","v":-8851670.57762352},null,"DT CF CFDSCR",{"$f":"D46+D50","v":-20000000},{"$f":"E46+E50","v":0},0,0,0,0,0,20000000,null,{"$f":"SUM(D54:K54)","v":0}]
[{"$f":"NPV(WACC,D55:K55)","v":0},null,"INTST INTLT",{"$f":"D47+D51","v":0},{"$f":"E47+E51","v":0},0,0,0,0,0,0,null,{"$f":"SUM(D55:K55)","v":0}]
[{"$f":"A54+A55","v":-8851670.57762352},{"$f":"IRR(D56:K56)","v":0},{"$f":"SUM(D56:K56)","v":0},{"$f":"SUM(D54:D55)","v":-20000000},0,0,0,0,0,0,20000000,null,{"$f":"SUM(D56:K56)","v":0}]
[null,null,"TaxCorp",{"$f":"-D55*TaxCorp","v":0},0,0,0,0,0,0,0,null,{"$f":"SUM(D57:K57)","v":0}]
[{"$f":"A56+A57","v":-8851670.57762352},{"$f":"IRR(D58:K58)","v":0},{"$f":"SUM(D58:K58)","v":0},{"$f":"D56+D57","v":-20000000},{"$f":"E56+E57","v":0},0,0,0,0,0,20000000,null,{"$f":"SUM(D58:K58)","v":0}]
[]
["FINANCE - WACC"]
["NPV","IRR","SUM"]
[{"$f":"NPV(WACC,D62:K62)","v":-8851670.57762352},null,"FINANCE",{"$f":"D58","v":-20000000},{"$f":"E58","v":0},0,0,0,0,0,20000000,null,{"$f":"SUM(D62:K62)","v":0}]
[{"$f":"NPV(WACC,D63:K63)","v":8851670.57762352},null,"EQUITY",{"$f":"D42","v":20000000},0,0,0,0,0,0,-20000000,null,{"$f":"SUM(D63:K63)","v":0}]
[{"$f":"A62+A63","v":0},{"$f":"IRR(D64:K64)","v":{"$error":"#NUM!"}},{"$f":"SUM(D64:K64)","v":0},{"$f":"D62+D63","v":0},{"$f":"E62+E63","v":0},0,0,0,0,0,0,null,{"$f":"SUM(D64:K64)","v":0}]
[]
["ECONOMIC COSTS",null,null,null,null,null,null,null,null,null,null,null,"SOMME"]
["NPV"]
[{"$f":"-NPV(WACC,D68:K68)","v":0},null,"PRODUCTION",{"$f":"-INDIRECT($C68)","v":0},0,0,0,0,0,0,0]
[]
["COSTS BEFORE TAXES"]
["NPV","UNIT COST","SUM"]
[{"$f":"NPV(WACC,D72:K72)","v":0},{"$f":"A72/$A$68","v":{"$error":"#DIV/0!"}},"REVENUES",0,0,0,0,0,0,0,0,null,{"$f":"SUM(D72:K72)","v":0}]
[{"$f":"NPV(WACC,D73:K73)","v":0},{"$f":"A73/$A$68","v":{"$error":"#DIV/0!"}},"COST",0,0,0,0,0,0,0,0,null,{"$f":"SUM(D73:K73)","v":0}]
[{"$f":"NPV(WACC,D74:K74)","v":0},{"$f":"A74/$A$68","v":{"$error":"#DIV/0!"}},"CFCAPEX",{"$f":"INDIRECT($C74)","v":0},0,0,0,0,0,0,0,null,{"$f":"SUM(D74:K74)","v":0}]
[{"$f":"SUM(A72:A74)","v":0},{"$f":"IRR(D75:K75)","v":{"$error":"#NUM!"}},{"$f":"SUM(D75:K75)","v":0},{"$f":"SUM(D72:D74)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D76:K76)","v":0},{"$f":"A76/$A$68","v":{"$error":"#DIV/0!"}},"WCVAR",0,0,0,0,0,{"$f":"INDIRECT($C76)","v":0},0,0,null,{"$f":"SUM(D76:K76)","v":0}]
[{"$f":"A75+A76","v":0},{"$f":"IRR(D77:K77)","v":{"$error":"#NUM!"}},{"$f":"SUM(D77:K77)","v":0},{"$f":"D75+D76","v":0},{"$f":"E75+E76","v":0},0,0,0,0,0,0]
[{"$f":"NPV(WACC,D78:K78)","v":0},{"$f":"A78/$A$68","v":{"$error":"#DIV/0!"}},"TAXCOPAY",{"$f":"INDIRECT($C78)","v":0},{"$f":"INDIRECT($C78)","v":0},0,0,0,0,0,0,null,{"$f":"SUM(D78:K78)","v":0}]
[{"$f":"A77+A78","v":0},{"$f":"IRR(D79:K79)","v":{"$error":"#NUM!"}},{"$f":"SUM(D79:K79)","v":0},{"$f":"D77+D78","v":0},{"$f":"E77+E78","v":0},0,0,0,0,0,0]
[{"$f":"NPV(WACC,D80:K80)","v":-8851670.57762352},{"$f":"A80/$A$68","v":{"$error":"#DIV/0!"}},"DEBT",{"$f":"D56","v":-20000000},0,0,0,0,0,0,20000000]
[{"$f":"NPV(WACC,D81:K81)","v":8851670.57762352},{"$f":"A81/$A$68","v":{"$error":"#DIV/0!"}},"EQUITY",{"$f":"D42","v":20000000},0,0,0,0,0,0,-20000000]
[{"$f":"SUM(A79:A81)","v":0},null,{"$f":"SUM(D82:K82)","v":0},{"$f":"SUM(D79:D81)","v":0},{"$f":"SUM(E79:E81)","v":0},0,0,0,0,0,0]
[]
["COSTS AFTER TAXES"]
["NPV","UNIT COST","SUM"]
["FLOWS AFTER TAXES"]
[{"$f":"NPV(WACC,D87:K87)","v":0},{"$f":"A87/$A$68","v":{"$error":"#DIV/0!"}},"REVENUES",{"$f":"INDIRECT($C87)*(1-TaxCorp)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D88:K88)","v":0},{"$f":"A88/$A$68","v":{"$error":"#DIV/0!"}},"COST",0,0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D89:K89)","v":0},{"$f":"A89/$A$68","v":{"$error":"#DIV/0!"}},"AMORT",{"$f":"INDIRECT($C89)*(-TaxCorp)","v":0},0,0,0,0,0,0,0]
[{"$f":"NPV(WACC,D90:K90)","v":56806320.984666824},{"$error":"#DIV/0!"},"CAPEX",{"$f":"INDIRECT($C90)","v":40000000},10000000,10000000,0,0,0,0,10000000]
[{"$f":"NPV(WACC,D91:K91)","v":0},{"$error":"#DIV/0!"},"WCVAR",0,0,0,0,0,0,0,0]
[null,{"$f":"IRR(D92:K92)","v":{"$error":"#NUM!"}},{"$f":"SUM(D92:K92)","v":70000000},{"$f":"SUM(D87:D91)","v":40000000},10000000,10000000,0,0,0,0,10000000]
[{"$f":"NPV(WACC,D93:K93)","v":-8851670.57762352},{"$f":"A93/$A$68","v":{"$error":"#DIV/0!"}},"DEBT",{"$f":"D58","v":-20000000},0,0,0,0,0,0,20000000]
[{"$f":"NPV(WACC,D94:K94)","v":8851670.57762352},{"$f":"A94/$A$68","v":{"$error":"#DIV/0!"}},"EQUITY",{"$f":"D42","v":20000000},0,0,0,0,0,0,-20000000]
[{"$f":"-NPV(WACC,D95:K95)","v":-56806320.984666824},{"$f":"A95/$A$68","v":{"$error":"#DIV/0!"}},{"$f":"SUM(D95:K95)","v":70000000},{"$f":"SUM(D92:D94)","v":40000000},{"$f":"SUM(E92:E94)","v":10000000},10000000,0,0,0,0,10000000]
[{"$f":"SUM(A87:A95)","v":0},"(last, wc due to shifts in corporate taxes)"]
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