PPP Financial Model Tool

Please ensure that Excel's Macros are enabled before using the model.
Viability analysis model for PPP projects

Roads sector
Government of India
Ministry of Finance
Department of Economic Affairs
Developer contacts
Developed by:
Economic Consulting Associates
info@eca-uk.com
With assistance from:

CRISIL Infrastructure Advisory
Go to: User Guide
Version information
Version
Date
v5.1
20 December 2010
User Guide
Cover
User Guide
Set-up
Demand
CapEx
OpEx
Revenue
Viability Analysis
Colour codes and buttons
The data inputs for the model are set in two ways: using the 'spinner' buttons or, where there is no spinner, entering
Spinner button to change variable in LARGE steps
Spinner button to change variable in SMALL steps
The model uses a colour-code to indicate where data should be entered by the user:
Cell value
= PPP variables, USER DEFINED. Enter data in the blue cells, or use the spinners to cha
These are aspects of the project which can be varied to test viability.
Cell value
= PPP parameters, USER DEFINED. These are aspects of the project or economy which
not be the subject of 'what-if?' testing. The user should change these infrequently.
Cell value
= Calculation cell. NOT USER DEFINED.
Cell value
= Results cell. These cells show results for important parts of the model.
Worksheet
name
A hyperlink to the relevant worksheet.
Brief description of the model
This model is to help a Project Officer evaluate the financial viability of a PPP project in the roads sector.
Viability is tested from the perspective of a private partner (ie, looks at after tax returns compared to expected after
The Project Officer should also have a sense of the level of government support or other project characteristics (eg.
The model does not test whether the project is economically justified or offers value-for-money (VFM) compared to
The model is meant to be relatively simple. A more detailed model will be created as part of the Feasibility Study.
The model contains six main sheets in the following sequence:
Set-up and information input sheets:

1. Set-up: Here the user enters background assumptions such as type of PPP, the project life and macroeconomic i
2. Demand: The initial demand and forecast growth rates are entered here.
3. CapEx: The Capital Expenditure is entered on this sheet (for CapEx projects only - the sheet is hidden for non-Ca
4. OpEx: The operating expenditure related to the project is entered on this sheet
5. Revenue: Here the user can set sources and levels of revenue for the project. Revenue can be from tolls to users
6. Viability Analysis: This provides an overall summary of the project's financial viability from a private investors' p
Graphs showing project cashflows and key financial ratios are provided as well as key summary values such as t
Financial statements and calculation sheets are also provided for information purposes.
The Export sheet allows outputs from the Financial Viability model to be used in the VFM Indicator tool. Use the "Ex
The user is encouraged to try "what-if? " analysis of project viability. The user should enter a first estimate of the pro
viability by refining key parameters (such as timing, charges and payments, and financing mix) in order to see if
This can be done by making changes to the project set-up, in particular by using the Viability Analysis sheet and
The user can navigate between the sheets using the buttons at the top.
Note:
Excel Macros must be enabled for the model to function fully. These should be enabled when the file is opened or us
The model can display the new Rupee symbol. To display it, you must have the 'rupi foridian' ront installed on your c
The CapEx sheet is hidden for OpEx-only projects.
All cash flows are assumed to occur at the end of each fiscal year, except where noted.
The model allows for periods measured in half-years (for example, if construction was expected to take 2.5 years). D
expressed as middle-points of a year: eg, 2013.5 is the middle of the year 2013.
Viability Analysis
Cash Flow
Income Statment
Balance Sheet
, where there is no spinner, entering the numbers directly.

e variable in LARGE steps
e variable in SMALL steps
blue cells, or use the spinners to change the cell value.

ed to test viability.
cts of the project or economy which the user may change but which would, in general,
should change these infrequently.
nt parts of the model.
ject in the roads sector.

returns compared to expected after-tax ROE for a commercial developer).
or other project characteristics (eg. Toll levels) that are acceptable to the public sector.
alue-for-money (VFM) compared to the public sector alternative.
ed as part of the Feasibility Study.
he project life and macroeconomic information.
only - the sheet is hidden for non-CapEx projects)
Results
Export
t. Revenue can be from tolls to users, or from government payments to the concessionaire.
l viability from a private investors' perspective.
well as key summary values such as the NPV and IRR.
the VFM Indicator tool. Use the "Export results" button on 'Set-up' sheet to create an export file.
ould enter a first estimate of the project parameters in steps 1 - 5 and then test
and financing mix) in order to see if viability is achievable.
using the Viability Analysis sheet and on the Revenue sheet.
nabled when the file is opened or using Excel's security settings.

upi foridian' ront installed on your computer. If it is not installed, the rupee symbol will appear as an "R".
n was expected to take 2.5 years). Dates might then be
1 Set-up
Cover
User Guide
Set-up
Demand
CapEx
OpEx
Revenue
Viability Analysis
Warning: Resetting will erase all pr

Export file name: Export_Test
Does the project involve Capital Expenditure?

Will revenue be collected from tolls paid by users?
Is it a brownfield project (addition to existing assets)?
CapEx project with brownfield assets and User-charges (tolls). Expressed in nominal ter
Enter the general assumptions

PPP concession period
PPP concession period (incl. construction period)
10.0 Years
Summary of construction timing:

Construction start year
2012.0 Year
Construction period
2.0 Years
Construction completed by
2014.0 Year
Start of project occurs after the end of construction
Opening year to traffic
Operating period
PPP finishes at end of
2014.0 Year
8.0 Years
2021.5 i
Macroeconomic variables
Incorporate inflation (nominal terms)
Express in constant (real) terms
1
5.0%
Please go to the CapEx sheet to set the
FALSE
Expected inflation
Year of accounting
Tax Rate
Minimum Alternative Tax Rate
Tax exemption start
Tax exemption length
Cost of equity
Cost of debt - during construction
Cost of debt - during operation
Non-capex discount rate
Next, go to:
5.0% p.a.
2012.0
33.2%
19.9%
i
i
2012.0
10.0 years
Nominal
12.0%
12.0%
12.0%
Real
6.7%
6.7%
6.7%
0.0%
0.0%
Demand
12%
12%
12%
0%
Viability Analysis
Cash Flow
Income Statment
Balance Sheet
Results
Export
rning: Resetting will erase all previous model settings.

Export results
apital Expenditure? TRUE CapEx project
tolls paid by users? TRUE User-charges (tolls)
to existing assets)? TRUE Project includes existing ('brownfield') assets
s (tolls). Expressed in nominal terms.
Please go to the CapEx sheet to set the construction details.
2 Traffic
Cover
CapEx project with brownfield assets and User-charges (tolls). Expr

User Guide
Set-up
Demand
CapEx
OpEx
Revenue
Viability Analysis
Enter the traffic (demand) forecast assumptions

Traffic forecast - includes existing road
Select the tolled vehicle categories
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Road parameters (existing + new)

Total route-length
Number of lanes
Number of toll plazas
Road parameters (existing road only)
Total route-length
Number of shoulder lanes
FALSE
FALSE
FALSE
1
1
1
Booth number:
1
2
3
Annual Average Daily Traffic (AADT):
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
i
Traffic in Base Year, 2012 (for toll roads)

Vehicle type
Total base year

Vehicle km
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Toll booth characteristics

Section length
1
0
2
0
TRUE
TRUE
km
Traffic growth
nd
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Price elasticity of demand
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
3
0
i TRUE
rd
3 Phase
Demand phase
Initial 2 Phase
CAGR
2014.0
2014.5
2015.5
0.0%
0.0%
0.0%
0.0% i
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Are you sure you you want zero growth rates? Please check.
Display Scale
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
M-Veh-km
k-Veh-km
Veh-km
Multi-axle vehicle
0.0
0.0
Are you sure you you want zero elasticities? Please check.
Veh-km
Toll road traffic in first year of opening to the public (escalated for 2 years from the base year AADT)
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Total
Next, go to:
CapEx
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
CapEx
and User-charges (tolls). Expressed in nominal terms.

Viability Analysis
Cash Flow
parameters (existing + new)
Income Statment
Balance Sheet
Results
Export
Check road parameters

0.0 km i
Please enter data
0
Please enter data
3
parameters (existing road only)
er of shoulder lanes
TRUE
0
0.0 km
0
0
TRUE
TRUE
TRUE
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
0
5
0
6
0
TRUE
TRUE
0
0
Please enter data
7
8
Display Scale
Veh-km
Veh-km
km
0
0
0
0
10
0
0
0
0
0
0
0
0
0
0
Please enter data as required

7
8
9
0
0
0
10
0
0
0
0
0
0
2014.0
0.0%
1
0.0%
1
0.0%
1
0.0%
1
0.0%
0 0.000001
0 M-Veh-km p.a.
1
TRUE
0
M-Veh-km p.a.
1
TRUE
0
0
0
0
0

2014.5
0.0%
0.0%
0.0%
0.0%
0.0%
2015.5
0.0%
0.0%
0.0%
0.0%
0.0%
Multi-axle vehicle
Trucks (2 axle)
Bus
LCV / Mini-bus
Car/Jeep
km
s from the base year AADT)
TRUE
TRUE
TRUE
TRUE
TRUE
Multi-axle vehicle
Trucks (2 axle)
LCV / Mini-bus
3 Capital Expenditure (CapEx)

Cover
User Guide
Set-up
Demand
CapEx project with brownfield asse

CapEx
OpEx
Revenue
Viability Analysis
Enter the CapEx Assumptions

CapEx description
Costs and timing
Construction period is continuous
TRUE
TRUE
Design &
development
2012.0
2.0
2013.5
FALSE
Construction phase:

Duration of works
End of construction
Total construction length
Years
TRUE
TRUE
Civil
construction
2012.0
2.0
2013.5
2.0
All values are in real terms
Costs - design & development
R cr.
Costs - civil construction
R cr.
Costs - other
Total CapEx
R cr.
R cr.
0
0
Design &
development
4 periods
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Civil
construction
4 periods
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Construction profiles
% Construction in each 0.5 year period

Period 1
Period 2
Period 3
Period 4
Period 5
Period 6
Period 7
Period 8
%
%
%
%
%
%
%
%
Period 9
Period 10
Total
%
%
%
Check:
0.0%
0.0%
0.0%
0.0%
100%
100%
MIS-MATCH
MIS-MATCH
Other costs - Contingency and insurance charges

Contingency
Capex + contingency
Insurance charges
Capex + contingency + Insurance
% of capex
0.00%
R cr.
0.0
% of capex + contingency
0.00%
R cr.
0.0
R cr.
R cr.
CapEx financing
Total required CapEx

Max VGF funding as % of initial capex
VGF grant as % of initial capex
Other grant funding as % of initial capex
Total CapEx grant(s)
R cr.
%
%
%
R cr.
20%
0%
0%
0% i
0.0
Debt:Equity Ratio
Effective debt proportion
Effective equity proportion
Debt contribution
Equity contribution
Total private CapEx
%
%
%
R cr.
R cr.
R cr.
70%
70%
30%
0.0
0.0
0.0
i
i
i
i
i
i
i
D/E ratio
Nominal WACC
Real WACC
Financing costs
Financing costs
Total debt including financing costs, excl. IDC
% of debt
%
%
Loan term
Moratorium period
Years
Years
Repayment schedule
Draw down equity first?
0.0%
0.0
0.0
2.5
2.0
Linear
1 P+I = Constant
TRUE
i
i
Summary - Real
Units
Sources
Equity (including finance costs)
Grant dispersal
Debt
Compounded interest during construction
0.0
0.0
0.0
0.0
Total
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Next, go to:
OpEx
OpEx
Uses
Costs - other
Contingency
Insurance
Financing costs
Interest during construction
Total
with brownfield assets and User-charges (tolls). Expressed in nominal terms.
iability Analysis
Cash Flow
TRUE
TRUE
Income Statment
Balance Sheet
Results
Export
Other
2012.0
2.0
2013.5
i
i
Total
0
0
Depreciation
SLM
WDV
# Years %
0
20
50%
0
13
50%
0
0
15
50%
Other
4 periods i
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
R cr.
1
1
1
FALSE
1
TRUE
1
TRUE
1
0 TRUE
0 FALSE
0 FALSE
0 FALSE
0 FALSE
Total project costs (excl. IDC) (Nominal)
FALSE
TRUE
TRUE
TRUE
FALSE
FALSE
FALSE
FALSE
FALSE Total project costs (excl. IDC) (Nominal)

TRUE
TRUE
TRUE
FALSE
FALSE
FALSE
FALSE
0.0%
0.0%
100%
MIS-MATCH
0.00
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
TRUE
i
FALSE
0.00
Show/hide Settings for Minimum Equity Contribution
ts - design & development

ts - civil construction
erest during construction
20
0.5
13
0.5
15
0.5
4 Operating Expenditure (OpEx)
Cover
User Guide
Set-up
Demand
CapEx project with brownfield asset
CapEx
OpEx
Revenue
Viability Analysis
Enter the OpEx Assumptions

Operating costs (OpEx)
Fixed OpEx
Annual costs
Cost phase starting:
Unit cost inputs:
Routine maintenance
Toll collection expenses
Other office expenses
Patrolling expenses
Electricity expenses
Total annual opex costs:
Routine maintenance
Patrolling expenses
Total
Periodic opex costs

Major maintanence
TRUE
New Assets
2014.0
0.0
0.0
0.0
0.0
0.0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
R lk./km/ln
R lk./plaza
R lk.
R lk./km
R lk./km
R lk.
R lk.
R lk.
R lk.
R lk.
R cr.
R lk./km/ln
R cr.
Maintanence start year

Frequency
TRUE
Existing Assets
2012
Years
0.0
0.00
2014.0
5.0
Variable OpEx
TRUE
Variable operating costs
R per veh per km
TRUE
2nd Phase
Starting value
2014.0
2014.5
0.0
0.0
No variable OpEx data entered
Next, go to:
Revenue
CapEx
CapEx project with brownfield assets and User-charges (tolls). Expressed in nominal terms.
Viability Analysis
Cash Flow
Income Statment
R cr.
1.0
Balance Sheet
Results
Export
Total Fixed OpEx (Nominal)

Total Fixed OpEx (Nominal)
0.9
0.8
i
2012
0
0.7
2014
0
0.6
0.5
0.4
0.3
0.2
0.1
No fixed OpEx data entered
TRUE
3rd Phase
2015.5
0.0
i
i
i
R cr.
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Variable OpEx (Nominal)

Variable OpEx (Nominal)
0
0
2021.0
2020.0
2019.0
2018.0
2017.0
2016.0
2015.0
2014.0
2013.0
2012.0
0.0
0.1
0.0
2021.0
TRUE
45
5
Project revenue
Cover
User Guide
Set-up
CapEx project with brownfield assets and User-ch

Demand
CapEx
OpEx
Revenue
Viability Analysis
Set the revenue for the project: User-charges (tolls)

Equity IRR of the project: 0.0% (Try updating the equity IRR under current settings)
Revenue options and outcomes

TRUE
Project phases:
FALSE
2 Phase
2014.5
Initial
2014
User charges (tolls)

Car/Jeep
R per veh per km
0.89
LCV / Mini-bus
R per veh per km
1.44
Bus
R per veh per km
3.02
Trucks (2 axle)
R per veh per km
3.02
Multi-axle vehicle
R per veh per km
4.73
Discounts on user charges, eg. For a monthly pass (+ve indicates discount)
Car/Jeep
%
0.0%
LCV / Mini-bus
%
0.0%
Bus
%
0.0%
Trucks (2 axle)
%
0.0%
Multi-axle vehicle
%
0.0%
% of users who take advantage of the discount
Car/Jeep
%
0%
LCV / Mini-bus
%
0%
Bus
%
0%
Trucks (2 axle)
%
0%
Multi-axle vehicle
%
0%
Effective average tariff after discount
Car/Jeep
R per veh per km
0.89
LCV / Mini-bus
R per veh per km
1.44
Bus
R per veh per km
3.02
Trucks (2 axle)
R per veh per km
3.02
Multi-axle vehicle
R per veh per km
4.73
Other revenue sources
Annuity (annual payment)
R cr.
0.00
Toll price escalation
Nominal toll escalation
Life time revenue (present value):

Revenue from User charges (tolls)
Revenue from Annuity (annual payment)
0.00% + WPI
5% per annum
FALSE
nd
rd
3 Phase
2015.5
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0.89
1.44
3.02
3.02
4.73
0.89
1.44
3.02
3.02
4.73
0.00
0.00
0.0 R cr.
0.0 R cr.
Revenue from Terminal payment

Revenue from other sources
Lifetime project revenue
Update
0.0 R cr.
0.0 R cr.
0.0 R cr.
Equity NPV (Cost of equity = 12.0%):

Equity IRR:
0.0 R cr.
0.0%
Project NPV (Cost of Capital = ):

Project IRR:
0.0 R cr.
0.0%
Next, FALSE
go to:
Viability Analysis
th brownfield assets and User-charges (tolls). Expressed in nominal terms.

Viability Analysis
i
i
i
Cash Flow
Income Statment
R cr.
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
R per veh per km
Balance Sheet
Results
Export
Revenue from user charges (Nominal)

2014
2014.5
2015.5
0.89
1.44
3.02
3.02
4.73
0.89
1.44
3.02
3.02
4.73
0.89
1.44
3.02
3.02
4.73
Multi-axle vehicle
User charges (tolls) (Nominal)
0
R per veh per km
Trucks (2 axle)
Bus
LCV / Mini-bus
Car/Jeep
User charges (Nominal)
8.0
Car/Jeep
7.0
6.0
5.0
LCV / Mini-bus
4.0
3.0
Bus
2.0
1.0
Trucks (2 axle)
0.0
Multi-axle vehicle
M-Veh-km p.a.
1
1
1
1
1

Revenue from user charges (Nominal)
User charges (Nominal)
Annuity (annual payment) (Nominal)
Multi-axle vehicle
Trucks (2 axle)
1
1
0
0
0
0
0
Trucks (2 axle)
6
16
0.00
Bus
LCV / Mini-bus
Car/Jeep
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Default toll rate calculations as per 2007 toll policy

Car/Jeep LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
0.650
1.050
2.200
2.200
3.450
0.683
1.103
2.310
2.310
3.623
0.716
1.156
2.422
2.422
3.798
0.749
1.211
2.537
2.537
3.978
0.784
1.266
2.653
2.653
4.161
0.819
1.323
2.772
2.772
4.348
0.855
1.381
2.894
2.894
4.538
0.892
1.440
3.018
3.018
4.732
0.929
1.501
3.144
3.144
4.931
0.967
1.562
3.273
3.273
5.133
1.006
1.625
3.404
3.404
5.339
1.045
1.689
3.539
3.539
5.549
1.086
1.754
3.675
3.675
5.764
1.127
1.821
3.815
3.815
5.982
Escalated toll rates - default in initial year of operation

Car/Jeep
0.892
LCV / Mini-bus 1.440
Bus
3.018
Trucks (2 axle) 3.018
Multi-axle vehicle4.732
6 PPP viability analysis
CapEx project with brownfield assets and User-charg

Warning: some data may not have been entered fully. Please check the flags at bottom of
Cover
User Guide
Set-up
Demand
CapEx
OpEx
Revenue
Viability Analysis
2
R cr.
1
Total Cashflow
User charges
Annuitities
1
1
Other revenue
Operating costs
1
1
Construction costs
Taxes
Private financing
0
0
Grant dispersals
Debt Service
Cash available for
distribution
Test the viability of the project (Sensitivity and scenario analysis)

Equity IRR required by private sector partners:
Nominal
Real
15.0%
9.5%
Terminal (real) payment to private sector partner:
R cr.
0.15
0.0
Private investor perspective: Shareholder cashflows and returns
NPV of shareholder cashflows (Cost of Equity = 12.0%):

0.0 R cr.
Net present value is not via
made up of
Equity invested (present value):
0.0 R cr.
Dividends received (present value):
0.0 R cr.
Equity IRR of the project:
0.0% Update
TRUE Try updating the equity IR
This project is not viable from a private sector perspective. If possible, changes should
be made to the funding, revenue or cost structure.
TRUE
Overall project cashflows and returns

NPV of project cashflows (Cost of Capital = ):
made up of (in present value terms)
0.0 R cr.
Revenue:
Operating costs:
Construction costs:
Tax:
VGF grant funding:
Project IRR:
Lowest Debt Service Coverage Ratio (DSCR)
Lowest Loan Life Coverage Ratio (LLCR)
0.0
0.0
0.0
0.0
0.0
0.0%
0.00
0.00
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
Update
TRUE
Try updating the Project IR
#
#
Adjust revenues - Tolls

Life time revenue (present value):
Revenue from User charges (tolls)
Revenue from Annuity (annual payment)
Revenue from Terminal payment
Lifetime project revenue
R cr.
R cr.
R cr.
R cr.
Click to return to the Revenue sheet

to adjust revenues
Grant assistance
VGF grant funding
20%
0%
- R cr.

Other grant funding
0.0%
- R cr.
PPP concession period

10 Years
Data input warnings - important data may not have been entered for
Required data input

Total route-length
Number of lanes
Base year traffic
Toll booth distances
Total CapEx cost
Fixed OpEx
Please enter this data on

Demand sheet
Demand sheet
Demand sheet
Demand sheet
CapEx sheet
OpEx sheet
OpEx sheet
assets and User-charges (tolls). Expressed in nominal terms.

he flags at bottom of this sheet and then check the data inputs.
iability Analysis
Cash Flow
Income Statment
Balance Sheet
Project Ratios
DSCR/LLCR
1.00
1.50%
Results
Net Profit margin

100%
0.80
90%
FALSE
FALSE
80%
0.70
70%
0.60
60%
0.50
50%
0.40
40%
0.30
30%
0.20
20%
0.10
10%
0.00
0%
0.90
Export
Debt service
coverage
Loan life cover

ratio - Nominal
Net profit margin
rio analysis)
Net present value is not viable
R cr.
1
1
Shareholder cashflows (nominal)
0
Shareholder cashflows (nominal)
Dividends
1
Equity
0
0
0
Try updating the equity IRR
R cr.
Project (nominal)
cashflows (nominal)
Project cashflows
Revenues
1
1
Operating costs
Try updating the Project IRR
1
1
Operating costs
1
0
0
Construction
costs
Taxes
een entered for the following. Please check.
Grant dispersals
.csv export for VFM Indicator Tool

Cover
User Guide
Set-up
Demand
CapEx
OpEx
for the Roads sector

Capex
Opex
User charges
Annuities
Other revenue (excluding terminal payment)
Terminal payment
Total revenue
Grants
Taxes
Key indicators
Project NPV
Project IRR
Equity NPV
Equity IRR
Interest during construction
Construction period
R cr.
%
R cr.
%
%
years
Set-up and inputs used in the Financial Viability model
This is a record of the settings. They can be entered back into the Financial Viability Model to recreate the same model outputs if re
These settings are from: \\vboxsrv\conversion_tmp\scratch32019\[79428231.xls.ms_office.xls
Export of date and time:
5/5/2012 11:02
Set-up sheet
Export file name:
CapEx project with brownfield assets and User-charges (tolls). Expressed in nominal terms.

Opening year to traffic
Operating period
PPP finishes at end of
Summary of construction timing:
Construction period
Construction completed by
Expected inflation
Year of accounting
Tax Rate
Minimum Alternative Tax Rate
Tax exemption start
Tax exemption length
Cost of equity
Cost of debt - during construction
Non-capex discount rate
Demand sheet
Total route-length
Number of lanes
Total route-length
Number of shoulder lanes
Traffic in Base Year, 2012 (for toll roads)
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Toll booth characteristics
Section length
Traffic growth
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Price elasticity of demand
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Toll road traffic in first year of opening to the public (escalated for 2 years from the base year AADT)
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Total
CapEx sheet
Costs and timing
Duration of works
End of construction
Total construction length

Costs - other
Total CapEx
% Construction in each 0.5 year period

Period 1
Period 2
Period 3
Period 4
Period 5
Period 6
Period 7
Period 8
Period 9
Period 10

Debt:Equity Ratio
Equity % of CapEx: at least
Equity % of Grant: at least
Effective debt proportion
Effective equity proportion
Debt contribution
Equity contribution
Total private CapEx
D/E ratio
Nominal WACC
Loan term
Moratorium period
Repayment schedule
0
0
OpEx sheet
Unit cost inputs:
Routine maintenance
Patrolling expenses
Periodic opex costs
Major maintanence
Maintanence start year
Frequency
Revenue
User charges (tolls)
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Discounts on user charges, eg. For a monthly pass (+ve indicates discount)
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
% of users who take advantage of the discount
Car/Jeep
LCV / Mini-bus
Bus
Trucks (2 axle)
Multi-axle vehicle
Other revenue sources
Annuity (annual payment)
Toll price escalation
Nominal toll escalation
Equity IRR required by private sector partners:

Terminal (real) payment to private sector partner:
OpEx
Revenue
Viability Analysis
Cash Flow
Income Statment
2012
2013
2014
2015
0.00
0.0%
0.00
0.0%
12.0%
2.0
ancial Viability model
ntered back into the Financial Viability Model to recreate the same model outputs if required.
n_tmp\scratch32019\[79428231.xls.ms_office.xls
r-charges (tolls). Expressed in nominal terms.
Balance Sheet
Export_Test
10 Years
2014
8 Years
2021.5
2012 Year
2 Years
2014 Year
5.0% p.a.
2012
33.2%
19.9%
2012
10 years
Nominal
Real
12.00%
12.00%
6.67%
6.67%
0.00%
0.00%
Road parameters (existing

Check road
+ new)
parameters
0 km
0
3
Road parameters (existing road only)
0 km
0
0
Booth number:
1
Total base year

Vehicle km
0
0
0
0
0
km
0
0
0
0
0
Initial
2014
0
0
0
0
0
2nd Phase
2014.5
0
0
0
0
0
3rd Phase
2015.5
0
0
0
0
0
0
0
0
0
0
e public (escalated for 2 years from the base year AADT)

0
0
0
0
0
0
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
Veh-km p.a.
TRUE
TRUE
Design & development
Civil construction
2012
2012
2
2
2013.5
2013.5
Years
2
R cr.
0
0
R cr.
R cr.
R cr.
%
%
%
%
%
%
%
%
%
Design & development

Civil construction
4 periods
4 periods
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
%
%
%
20.0%
0.0%
0.0%
0.0%
0
R cr.
%
%
%
%
%
70.0%
14.0%
50.0%
70.0%
30.0%
0
0
0
R cr.
R cr.
R cr.
Years
Years
3
2
Linear
0
0
R lk./km/ln
R lk./plaza
R lk.
R lk./km
R lk./km
R lk./km/ln
Years
R per veh per km
0.00%
0.00%
TRUE
TRUE
Existing Assets
New Assets
2012
2014
0
0
0
0
0
0
0
0
0
0
0
2014
5
Starting value
2nd Phase
2014
2014.5
0
0
TRUE
2014
FALSE
2014.5
0.89161421
1.440299878
3.017771172
3.017771172
4.732413883
0
0
0
0
0
%
%
%
%
%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
%
%
%
%
%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
R per veh per km

R per veh per km
R per veh per km
R per veh per km
R per veh per km
pass (+ve indicates discount)
R cr.
0.00% + WPI
5.00% per annum
R cr.
Nominal
15.0%
R cr.
Balance Sheet
Results
Export
2016
2017
2018
2019
2020
2021
2022
2023
Booth number:
2
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
TRUE
Other
2012
2
2013.5
Depreciation
SLM
WDV
20
50.0%
0
0
Other
4 periods
1
0
0
0
0
0
0
0
0
13
50.0%
15
50.0%
3rd Phase
2015.5
0
FALSE
2015.5
0
0
0
0
0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Cash flow statement

Cover
User Guide
Set-up
Demand
CapEx
Units
OpEx
Revenue
Viability
Blank
2011
Cash flow statement

Revenue
Terminal payment
R cr.
R cr.
0.0
0.0
Operating costs
R cr.
0.0
Construction costs
R cr.
0.0
Taxes
R cr.
0.0
Cash flow before financing
R cr.
0.0
Grant dispersals
R cr.
0.0
Equity
R cr.
0.0
Debt
R cr.
0.0
Deferred maintenance
R cr.
0.0
Cash flow available for debt service
R cr.
0.0
Interest
Principal
R cr.
R cr.
0.0
0.0
Cash available for distribution
R cr.
0.0
Equity redemption
Dividends paid
Cash in hand
Cumulated cash
R cr.
0.0
0.0
0.0
0.0
Corrections to cash flow statements
R cr.
R cr.
R cr.
Chart Data
Offset columns
Width
Year
Revenues
4
21
NPV
DR
0
of which:
User charges
Annuitities
Other revenue
Other revenue excluding final payment
Final payment
0
0
0
0
Operating costs
Construction costs
Taxes
Interests
Principal
Dividends
Equity
Debt
Capitalised Interests
Shareholders account
Grant dispersals
0
0
0
0
0
0
0
0
0
0
0
Private financing
Debt Service
Dividends
0
0
0
0
Construction profile
R cr.
Fixed OpEx
Variable OpEx
Toll Revenue 1
Toll Revenue 2
Toll Revenue 3
Toll Revenue 4
Toll Revenue 5
Rounding
Offset columns
6
2
1
1
Width
Year
11
2012.0
Revenues
0.0
of which:
User charges
Annuities
Other revenue
Other revenue excluding final payment
Final payment
0.0
0.0
0.0
0.0
0.0
Operating costs
Construction costs
Taxes
Interests
Principal
Dividends
Equity
Debt
Capitalised Interests
Shareholders account
Grant dispersals
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Private financing
Debt Service
Dividends
0.0
0.0
0.0
0.0
Start Column
Width
Fixed OpEx
2
10
Start Column
Width
2
8
2012.0
0.0
2014.0
Variable OpEx
0.0
Toll Revenue 1
Toll Revenue 2
Toll Revenue 3
Toll Revenue 4
Toll Revenue 5
0.0
0.0
0.0
0.0
0.0
Annuity
0.0
Demand 1
Demand 2
0.0
0.0
Demand 3
Demand 4
Demand 5
0.0
0.0
0.0
Viability
Cash
Income Statment
Balance Sheet
Results
Export
2011.5
2012
2012.5
2013
2013.5
2014
2014.5
2015
2015.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2012.0
2012.5
2013.0
2013.5
2014.0
2014.5
2015.0
2015.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2013.0
2014.0
2015.0
2016.0
2017.0
2018.0
2019.0
2020.0
2021.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2013.0
0.0
2014.0
0.0
2015.0
0.0
2016.0
0.0
2017.0
0.0
2018.0
0.0
2019.0
0.0
2020.0
0.0
2021.0
0.0
2015.0
2016.0
2017.0
2018.0
2019.0
2020.0
2021.0
2022.0
2023.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2016
2016.5
2017
2017.5
2018
2018.5
2019
2019.5
2020
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2016.0
2016.5
2017.0
2017.5
2018.0
2018.5
2019.0
2019.5
2020.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2022.0
2023.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2022.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2020.5
2021
2021.5
2022
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2020.5
2021.0
2021.5
2022.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Income Statement
Cover
User Guide
Set-up
Demand
CapEx
OpEx
Revenue
Units
Viability Analysis
Blank
Income Statement
Total Revenue
Terminal payment
R cr.
Costs
R cr.
EBITDA
R cr.
Amortization
R cr.
EBIT
R cr.
Debt interest
Interest income
R cr.
Corporation tax
PBT
Cumulative profit before tax
ADD: SLM depreciation
LESS: WDV depreciation
PBT for tax calculation
Loss carried forward
Balance of loss carried forward
Taxable profit
Tax threshold
Coporate tax
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
0.01
R cr.
R cr.
MAT Statement
PBT
Loss carried forward
Balance of loss carried forward
MAT Taxable profit
R cr.
Minimum Alternate Tax
R cr.
R cr.
R cr.
R cr.
Elegible for tax?

Section 80 IA applicable?
Corporate tax threshold
10%
Corporate tax less than 10% book profit?

Type of tax to pay (CT = Coporate Tax, MT = MAT)
Tax payable
R cr.
Availabe MAT benefit

MAT credit used
Balance of MAT credit carried forward
R cr.
Actual tax paid
R cr.
Net income
Cumulated net profit
Dividends to be paid
R cr.
Retained profits
Cumulated retained profits
R cr.
R cr.
R cr.
R cr.
R cr.
R cr.
Viability Analysis
Cash Flow
Income Statment
Balance Sheet
Results
Export
2011
2011.5
2012
2012.5
2013
2013.5
2014
2014.5
2015
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FALSE
FALSE
FALSE
FALSE
FALSE
TRUE
FALSE
TRUE
FALSE
TRUE
FALSE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FALSE
0.0
0.0
FALSE
0.0
0.0
FALSE
0.0
0.0
FALSE
0.0
0.0
FALSE
0.0
0.0
FALSE
0.0
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2015.5
2016
2016.5
2017
2017.5
2018
2018.5
2019
2019.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2020
2020.5
2021
2021.5
2022
0
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FALSE
FALSE
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
MT
0.0
FALSE
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Balance Sheet
Cover
User Guide
Set-up
Demand
CapEx
Units
OpEx
Revenue
Blank
Viability Analysis
2011
2011.5
0.0
0.0
0.0
Balance sheet
Assets
Net fixed assets end of period
Cash in hand
Reserve fund balance
R cr.
R cr.
0.0
0.0
0.0
Total fixed assets
R cr.
0.0
0.0
Debt
Tax to be paid
R cr.
0.0
0.0
0.0
0.0
Equity
Retained earnings
R cr.
R cr.
0.0
0.0
0.0
0.0
Net assets
R cr.
0.0
0.0
Total liabilities
R cr.
0.0
0.0
TRUE
TRUE
R cr.
Liabilities
Check
R cr.
TRUE
lity Analysis
Cash Flow
Income Statment
Balance Sheet
Results
Export
2012
2012.5
2013
2013.5
2014
2014.5
2015
2015.5
2016
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
2016.5
2017
2017.5
2018
2018.5
2019
2019.5
2020
2020.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
2021
2021.5
2022
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
Ratios and results

Cover
User Guide
Set-up
Demand
CapEx
OpEx
Units
Revenue
Viability Analysis
2011
2011.5
0.0
0.0
0.0
0.0
Accounting ratios
Debt service coverage
Cash available for debt service
Total debt service
Debt service coverage
Minimum
Average
R cr.
R cr.
#
0.00
0.00
#
#
Loan life cover ratio - Nominal

FALSE
Cash available for debt service during loan term
Present value of cash available
Outstanding debt
Loan life cover ratio
Minimum
Average
R cr.
R cr.
R cr.
FALSE
0
0
0
0
0
0
0
0
0%
0
0
0%
0
0
0
0%
0
0
0
0%
0.00
0.00
#
#
Return on net assets

Net Assets
Net income
Return on net assets
Minimum
Average
R cr.
R cr.
%
0%
0%
Net profit margin

Total revenue
Terminal payment
Profit after tax
Net profit margin
Minimum
Average
R cr.
R cr.
R cr.
%
0%
0%
Return on equity
Total equity capital
R cr.
Net income
Return on equity
Minimum
Average
R cr.
%
0
0%
0
0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%
Results
Project results
EBITDA
Actual tax paid
Construction costs
Grant dispersals
Operating CF including grants
Project IRR
Project NPV @ discount p.a.
R cr.
R cr.
R cr.
R cr.
R cr.
0.0%
0.00
R cr.
Shareholder results
Construction equity
Dividends and equity redemption
Shareholder cash flow
Equity IRR
Equity NPV @ 12.0% discount p.a.
R cr.
R cr.
R cr.
0.0%
0.00
R cr.
bility Analysis
Cash Flow
Income Statment
Balance Sheet
Results
Export
2012
2012.5
2013
2013.5
2014
2014.5
2015
2015.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TRUE
TRUE
TRUE
TRUE
TRUE
FALSE
FALSE
FALSE
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2016
2016.5
2017
2017.5
2018
2018.5
2019
2019.5
2020
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2020.5
2021
2021.5
2022
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FALSE
FALSE
FALSE
FALSE
FALSE
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0%
0.00
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
0
0
0
0%
0%
FALSE
FALSE
FALSE
FALSE
0
0%
0%
0
0%
0%
0
0%
0%
0
0%
0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE

PPP Financial Model Tool

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

PPP Financial Model Tool

Caricato da

Copyright:

Formati disponibili

Please ensure that Excel's Macros are enabled before using the model.

Viability analysis model for PPP projects

With assistance from:

Go to: User Guide

Colour codes and buttons

= Calculation cell. NOT USER DEFINED.

A hyperlink to the relevant worksheet.

Brief description of the model

Set-up and information input sheets:

, where there is no spinner, entering the numbers directly.

blue cells, or use the spinners to change the cell value.

nt parts of the model.

ject in the roads sector.

he project life and macroeconomic information.

only - the sheet is hidden for non-CapEx projects)

nabled when the file is opened or using Excel's security settings.

n was expected to take 2.5 years). Dates might then be

Warning: Resetting will erase all pr

Does the project involve Capital Expenditure?

Enter the general assumptions

Summary of construction timing:

Please go to the CapEx sheet to set the

rning: Resetting will erase all previous model settings.

apital Expenditure? TRUE CapEx project

tolls paid by users? TRUE User-charges (tolls)

to existing assets)? TRUE Project includes existing ('brownfield') assets

s (tolls). Expressed in nominal terms.

Please go to the CapEx sheet to set the construction details.

CapEx project with brownfield assets and User-charges (tolls). Expr

Enter the traffic (demand) forecast assumptions

Road parameters (existing + new)

Traffic in Base Year, 2012 (for toll roads)

Total base year

Toll booth characteristics

and User-charges (tolls). Expressed in nominal terms.

parameters (existing + new)

Check road parameters

parameters (existing road only)

Please enter data as required

Traffic forecast - includes existing road

s from the base year AADT)

3 Capital Expenditure (CapEx)

CapEx project with brownfield asse

Enter the CapEx Assumptions

Construction start year

All values are in real terms

Costs - design & development

Costs - civil construction

% Construction in each 0.5 year period

Other costs - Contingency and insurance charges

Total required CapEx

Draw down equity first?

with brownfield assets and User-charges (tolls). Expressed in nominal terms.

Total project costs (excl. IDC) (Nominal)

FALSE Total project costs (excl. IDC) (Nominal)

Show/hide Settings for Minimum Equity Contribution

ts - design & development

erest during construction

4 Operating Expenditure (OpEx)

CapEx project with brownfield asset

Enter the OpEx Assumptions

Periodic opex costs

Maintanence start year

Variable operating costs