{"text_format":"1","workbook":"xlsx","n_sheets":9,"sheets":["Introduction","Inputs","Assumptions","Calculations","Results","Scenario analysis","Coega","East London","Richards Bay"],"not_rendered":{"charts":10,"images":2,"macros":1,"external_links":0,"defined_names":4,"comments":3,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Introduction","index":0,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[[12,1,12,2],[7,1,7,2],[5,1,5,2],[3,1,3,2],[1,1,1,2],[2,1,2,2]]}
[]
[null,"This model provides a tool to assess the likely total public cost of setting up and operating an IDZ."]
[null,"Cells or text shaded in blue indicate data and information which can be edited or changed by the user."]
[null,"The model is divided into two parts."]
[]
[null,"1. Setting up a new IDZ"]
[null,"Key assumptions","The model assumes that the IDZ is set-up (installation of bulk infrastructure) over a period of the first five years (Year 1 to Year 5).\nTenants and investors then begin investing within the IDZ between Year 6 and Year 20 (a 15 year period)."]
[null,"The following worksheets are used to determine the cost of setting up a new IDZ:"]
[null,"Inputs worksheet","This worksheet provides the user with the ability to set up the IDZ based on the number of tenants and average size of the tenants.\nOnce the potential size of the IDZ has been determined, the user can then input the expected utilization of the IDZ by inputting the actual number of tenants secured within the IDZ.\nThe user can determine how much cofunding is provided by the IDZ, the average level of incentives provided to the tenants and the tenants likely investment stream.\nFinally the user can enter an expected rental income rate for each type of tenant."]
[null,"Assumptions worksheet","This worksheet provides a summary of the key assumptions used in the model. \nBaseline values are provided based on a review of existing IDZs, though users are able to alter these assumptions as more and better information becomes available."]
[null,"Results worksheet","The results worksheet provides a summary analysis of the new IDZ based on the information from the Input and Assumptions worksheets. \nPublic funding requirements are split into funding required for setting up the IDZ, cofunding of investors (CAPEX cofunding) and funding required to support the IDZ in periods where it experiences an operational shortfall.\nResults on the total value of private investment, export value and job creation are also provided."]
[]
[null,"2. Scenario analysis of existing IDZs"]
[null,"Assumptions","The scenario analysis tool provides an assessment of existing IDZs based on actual and forecast information. \nYears 1 - 5 is \"actual data\" based on information from the annual reports of the IDZs for the period 2008/9 to 2012/13.\nYears 6 - 20 provide a forecast based on a number of assumptions for the baseline scenario:\n-Rental income is R100/sqm.\n-No further bulk infrastructure is added to the IDZ."]
[null,"Scenario analysis worksheet","Users are able to select between the IDZs and between two breakeven options:\n-Achieving operational breakeven through an increase in the average (R/sqm) rental income or\n-Achieving operational breakeven through a reduction in OPEX.\nThe breakeven point is achieved by year 20.\nUsers are also able to select the proportion of remaining lettable area that is leased to tenants by year 20.\nAdditional assumptions for each IDZ for the years 6 - 20 are provided including:\n-The average level of cofunding (the % of IDZ funding as a proportion of the total investment in non-bulk CAPEX).\n-The average level of jobs created per each R1 million of private (tenant) investment."]

{"sheet":"Inputs","index":1,"n_rows":78,"n_cols":8,"rows_kept":78,"cut":false,"hidden":false,"merged":[[0,0,0,9],[5,0,6,16383],[36,0,37,16383],[80,0,81,16383],[1,0,3,9]]}
[]
["IDZ costing"]
[]
[]
[]
["Design and set up the IDZ"]
[]
[]
["What is the expected number of tenants in the IDZ?"]
[]
[null,null,null,"No. of tenants",null,null,"Average lettable size of tenant (sqm)"]
[null,null,"Anchor",10,null,"Anchor","Baseline",{"$f":"IF(G12=\"Baseline\",Assumptions!D13,\"\")","v":500000}]
[null,null,"Medium",100,null,"Medium","Baseline",{"$f":"IF(G13=\"Baseline\",Assumptions!D14,\"\")","v":25000}]
[null,null,"Small",100,null,"Small","Baseline",{"$f":"IF(G14=\"Baseline\",Assumptions!D15,\"\")","v":5000}]
[]
["What is the estimated per sqm cost of bulk infrastructure?"]
[]
[null,null,null,null,null,null,"Baseline",{"$f":"IF(G18=\"Baseline\",Assumptions!C22,\"\")","v":100}]
[]
[]
["Has the land been donated or must the land be purchased?"]
[]
[null,null,null,null,null,null,"Donated"]
[]
[]
["If the land has been purchased, what is the purchase price? (Rands)"]
[]
[null,null,null,null,null,null,"Low",{"$f":"IF(G28=\"High\",Assumptions!C28,IF(G28=\"Low\",Assumptions!C29,\"\"))","v":100}]
[]
[]
[]
[null,null,"Total initial IDZ investment (Rands)",null,null,null,{"$f":"Calculations!$J$6","v":1333333333.3333333}]
[null,null,"Total lettable area in IDZ (sqm)",null,null,null,{"$f":"Calculations!D6","v":8000000}]
[null,null,"Total gross size of IDZ (sqm)",null,null,null,{"$f":"Calculations!G6","v":13333333.333333334}]
[]
[]
["IDZ occupancy and rental rates"]
[]
[]
["How many tenants have actually been secured by the IDZ?"]
[]
[null,null,null,"No. of tenants",null,null,"Average lettable size of tenant (sqm)"]
[null,null,"Anchor",0,null,"Anchor","Baseline",{"$f":"IF(AND(G43=\"Baseline\",G12=\"Baseline\"),Assumptions!D13,IF(NOT(G12=\"Baseline\"),G12,\"\"))","v":500000}]
[null,null,"Medium",2,null,"Medium","Baseline",{"$f":"IF(AND(G44=\"Baseline\",G13=\"Baseline\"),Assumptions!D14,IF(NOT(G13=\"Baseline\"),G13,\"\"))","v":25000}]
[null,null,"Small",19,null,"Small","Baseline",{"$f":"IF(AND(G45=\"Baseline\",G14=\"Baseline\"),Assumptions!D15,IF(NOT(G14=\"Baseline\"),G14,\"\"))","v":5000}]
[]
[]
[null,null,null,{"$f":"IF(Calculations!E13>Calculations!D6,\"The size / number of tenants is greater than the lettable size of the IDZ!!!!!\",\"\")","v":""}]
[]
["What is the AVERAGE level of investment by the tenant and cofunding by the IDZ? (Rands)"]
[]
[null,null,null,"Average investment by tenants",null,null,"Average investment (cofunding) by IDZ"]
[null,null,"Anchor","Baseline",{"$f":"IF(D53=\"Baseline\",Assumptions!E13,\"\")","v":1000000000},"Anchor","Baseline",{"$f":"IF(G53=\"Baseline\",Assumptions!F13,\"\")","v":250000000}]
[null,null,"Medium","Baseline",{"$f":"IF(D54=\"Baseline\",Assumptions!E14,\"\")","v":100000000},"Medium","Baseline",{"$f":"IF(G54=\"Baseline\",Assumptions!F14,\"\")","v":50000000}]
[null,null,"Small","Baseline",{"$f":"IF(D55=\"Baseline\",Assumptions!E15,\"\")","v":25000000},"Small","Baseline",{"$f":"IF(G55=\"Baseline\",Assumptions!F15,\"\")","v":25000000}]
[]
[]
[]
["What is the AVERAGE Annual Rand value of incentives received by each tenant?"]
[]
[null,null,null,"Average annual incentive per tenant"]
[null,null,"Anchor",0]
[null,null,"Medium",0]
[null,null,"Small",0]
[]
[]
[]
[]
["What is the investment stream for the tenants?"]
[]
[null,null,null,null,null,null,"Even"]
[]
[]
["What is the expected AVERAGE rental income (R / sqm) for tenants?"]
[]
[null,null,null,null,null,"Anchor","Baseline",{"$f":"IF(G76=\"Baseline\",Assumptions!G13,\"\")","v":100}]
[null,null,null,null,null,"Medium","Baseline",{"$f":"IF(G77=\"Baseline\",Assumptions!G14,\"\")","v":100}]
[null,null,null,null,null,"Small","Baseline",{"$f":"IF(G78=\"Baseline\",Assumptions!G15,\"\")","v":100}]

{"sheet":"Assumptions","index":2,"n_rows":65,"n_cols":8,"rows_kept":65,"cut":false,"hidden":false,"merged":[[1,0,3,8]]}
[]
["Model Assumptions"]
[]
[]
[]
[null,"The model assumes that the IDZ is set-up (installation of bulk infrastructure) over a period of the first five years (Year 1 to Year 5)"]
[null,"Tenants and investors then begin investing within the IDZ between Year 6 and Year 20 (a 15 year period)"]
[]
[]
[]
[null,"Baseline tenants"]
[null,"Tenant data","Average jobs created per R million private investment","Average size (sqm)","Tenant Investment","IDZ investment","Rental income (per sqm)","Annual exports (Rands)"]
[null,"Anchor",3,500000,1000000000,{"$f":"E13*0.25","v":250000000},100,10000000]
[null,"Medium",3,25000,100000000,{"$f":"E14*0.5","v":50000000},100,2000000]
[null,"Small",3,5000,25000000,{"$f":"E15*1","v":25000000},100,200000]
[]
[]
[null,"Setting up the IDZ (baseline)"]
[null,"lettable land / Total (gross) IDZ size",0.6]
[]
[null,"Infrastructure (set up cost) per sqm"]
[null,"Total cost",{"$f":"SUM(C23:C25)","v":100}]
[null,"Roads",20]
[null,"Sewerage and pipelines",30]
[null,"Electricity",50]
[]
[null,"Land cost per sqm"]
[null,"High",200]
[null,"Low",100]
[]
[]
[null,"Operating costs"]
[]
[null,"Fixed staff costs for all IDZs","Annual cost","Number of staff"]
[null,"Senior management",1800000,5]
[null,"Other",500000,10]
[]
[null,"Fixed costs for all IDZs (Rands)","Admin and corp. services ","Business Development","Operations","Investor servicing","Total"]
[null,"Staff costs",{"$f":"G39*0.3","v":4200000},{"$f":"G39*0.2","v":2800000},{"$f":"G39*0.5","v":7000000},0,{"$f":"SUMPRODUCT(C35:C36,D35:D36)","v":14000000}]
[null,"Travel and accommodation",null,500000,500000,0,{"$f":"SUM(C40:F40)","v":1000000}]
[null,"Marketing",500000,250000,0,0,750000]
[null,"Property rates",500000,null,500000,0,1000000]
[null,"Professional fees",500000,1000000,1000000,0,2500000]
[null,"Other operating expenses",1000000,null,1000000,0,{"$f":"SUM(C44:F44)","v":2000000}]
[null,"Total",{"$f":"SUM(C39:C44)","v":6700000},4550000,10000000,0,{"$f":"SUM(G39:G44)","v":21250000}]
[]
[]
[null,"Variable costs based on gross size of IDZ (R/sqm)","Admin and corp. services ","Business Development","Operations","Investor servicing","Total"]
[null,"Staff costs",0.1,0.1,1,0,{"$f":"SUM(C49:F49)","v":1.2}]
[null,"Travel and accommodation",null,0.2,0.02,0,{"$f":"SUM(C50:F50)","v":0.22}]
[null,"Marketing",0.1,0.2,0.05,0,0.35000000000000003]
[null,"Property rates",0.02,null,0.05,0,7.0000000000000007E-2]
[null,"Professional fees",0.1,0.3,0.5,0,0.9]
[null,"Other operating expenses",0.8,0.1,2,0,2.9]
[null,"Total",{"$f":"SUM(C49:C54)","v":1.1200000000000001},{"$f":"SUM(D49:D54)","v":0.9},{"$f":"SUM(E49:E54)","v":3.62},{"$f":"SUM(F49:F54)","v":0},5.6400000000000006]
[]
[]
[null,"Variable costs based on tenants (R/sqm)","Admin and corp. services ","Business Development","Operations","Investor servicing","Total"]
[null,"Staff costs",1,1,1,4,{"$f":"SUM(C59:F59)","v":7}]
[null,"Travel and accommodation",null,null,0.5,1,1.5]
[null,"Marketing",0.03,0.5,1,0.5,2.0300000000000002]
[null,"Property rates",0.1,null,0.5,0.6,1.2]
[null,"Professional fees",0.1,null,1,0.5,1.6]
[null,"Other operating expenses",1.5,1,0.1,4,6.6]
[null,"Total",{"$f":"SUM(C59:C64)","v":2.7300000000000004},{"$f":"SUM(D59:D64)","v":2.5},{"$f":"SUM(E59:E64)","v":4.0999999999999996},{"$f":"SUM(F59:F64)","v":10.6},{"$f":"SUM(G59:G64)","v":19.93}]

{"sheet":"Calculations","index":3,"n_rows":88,"n_cols":23,"rows_kept":88,"cut":false,"hidden":true,"merged":[]}
[]
[null,"Tenant data","Average tenant size (sqm)","Total letable area (sqm)",null,"Gross IDZ size (sqm)","Total size (sqm)","Bulk cost","Land cost","Total set up cost"]
[null,"Anchor",{"$f":"IF(Inputs!G12=\"Baseline\",Assumptions!D13,Inputs!G12)","v":500000},{"$f":"C3*Inputs!D12","v":5000000},null,"Anchor",{"$f":"Calculations!C3*Inputs!D12/Assumptions!$C$19","v":8333333.333333334},{"$f":"IF(Inputs!$G$18=\"Baseline\",Assumptions!$C$22*Calculations!G3,Calculations!G3*Inputs!$G$18)","v":833333333.33333337},{"$f":"IF(Inputs!$G$28=\"High\",Assumptions!$C$28*Calculations!G3,IF(Inputs!$G$28=\"Low\",Assumptions!$C$29*Calculations!G3,0))","v":833333333.33333337},{"$f":"H3+I3","v":1666666666.6666667}]
[null,"Medium",{"$f":"IF(Inputs!G13=\"Baseline\",Assumptions!D14,Inputs!G13)","v":25000},{"$f":"C4*Inputs!D13","v":2500000},null,"Medium",{"$f":"Calculations!C4*Inputs!D13/Assumptions!$C$19","v":4166666.666666667},{"$f":"IF(Inputs!$G$18=\"Baseline\",Assumptions!$C$22*Calculations!G4,Calculations!G4*Inputs!$G$18)","v":416666666.66666669},{"$f":"IF(Inputs!$G$28=\"High\",Assumptions!$C$28*Calculations!G4,IF(Inputs!$G$28=\"Low\",Assumptions!$C$29*Calculations!G4,0))","v":416666666.66666669},{"$f":"H4+I4","v":833333333.33333337}]
[null,"Small",{"$f":"IF(Inputs!G14=\"Baseline\",Assumptions!D15,Inputs!G14)","v":5000},{"$f":"C5*Inputs!D14","v":500000},null,"Small",{"$f":"Calculations!C5*Inputs!D14/Assumptions!$C$19","v":833333.33333333337},{"$f":"IF(Inputs!$G$18=\"Baseline\",Assumptions!$C$22*Calculations!G5,Calculations!G5*Inputs!$G$18)","v":83333333.333333343},{"$f":"IF(Inputs!$G$28=\"High\",Assumptions!$C$28*Calculations!G5,IF(Inputs!$G$28=\"Low\",Assumptions!$C$29*Calculations!G5,0))","v":83333333.333333343},{"$f":"H5+I5","v":166666666.66666669}]
[null,"Total",null,{"$f":"SUM(D3:D5)","v":8000000},null,"Total",{"$f":"SUM(G3:G5)","v":13333333.333333334},{"$f":"SUM(H3:H5)","v":1333333333.3333333},{"$f":"IF(Inputs!$G$23=\"Donated\",0,IF(AND(ISNUMBER(Inputs!$G$28),Inputs!$G$23=\"Purchased\"),Inputs!$G$28,SUM(I3:I5)))","v":0},{"$f":"I6+H6","v":1333333333.3333333}]
[]
[]
[null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created","Total incentives provided annually","Annual exports"]
[null,"Anchor",{"$f":"Inputs!D43","v":0},{"$f":"IF(Inputs!G43=\"Baseline\",Calculations!C3,Inputs!G43)","v":500000},{"$f":"D10*C10","v":0},{"$f":"IF(Inputs!D53=\"Baseline\",Assumptions!E13*C10,Inputs!D53*C10)","v":0},{"$f":"IF(Inputs!G53=\"Baseline\",Assumptions!F13*C10,Inputs!G53)","v":0},{"$f":"F10+G10","v":0},{"$f":"IF(Inputs!G76=\"Baseline\",Assumptions!G13*Calculations!E10,Inputs!G76*Calculations!E10)","v":0},{"$f":"(F10/1000000)*Assumptions!C13","v":0},{"$f":"C10*Inputs!D62","v":0},{"$f":"C10*Assumptions!H13","v":0}]
[null,"Medium",{"$f":"Inputs!D44","v":2},{"$f":"IF(Inputs!G44=\"Baseline\",Calculations!C4,Inputs!G44)","v":25000},{"$f":"D11*C11","v":50000},{"$f":"IF(Inputs!D54=\"Baseline\",Assumptions!E14*C11,Inputs!D54*C11)","v":200000000},{"$f":"IF(Inputs!G54=\"Baseline\",Assumptions!F14*C11,Inputs!G54)","v":100000000},{"$f":"F11+G11","v":300000000},{"$f":"IF(Inputs!G77=\"Baseline\",Assumptions!G14*Calculations!E11,Inputs!G77*Calculations!E11)","v":5000000},{"$f":"(F11/1000000)*Assumptions!C14","v":600},{"$f":"C11*Inputs!D63","v":0},{"$f":"C11*Assumptions!H14","v":4000000}]
[null,"Small",{"$f":"Inputs!D45","v":19},{"$f":"IF(Inputs!G45=\"Baseline\",Calculations!C5,Inputs!G45)","v":5000},95000,{"$f":"IF(Inputs!D55=\"Baseline\",Assumptions!E15*C12,Inputs!D55*C12)","v":475000000},{"$f":"IF(Inputs!G55=\"Baseline\",Assumptions!F15*C12,Inputs!G55)","v":475000000},{"$f":"F12+G12","v":950000000},{"$f":"IF(Inputs!G78=\"Baseline\",Assumptions!G15*Calculations!E12,Inputs!G78*Calculations!E12)","v":9500000},{"$f":"(F12/1000000)*Assumptions!C15","v":1425},{"$f":"C12*Inputs!D64","v":0},{"$f":"C12*Assumptions!H15","v":3800000}]
[null,"Total",null,null,{"$f":"SUM(E10:E12)","v":145000},675000000,575000000,1250000000,14500000,2025,{"$f":"SUM(K10:K12)","v":0},7800000]
[]
[]
[]
[null,"Tenant investment horizon",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Early",null,null,null,null,null,{"$f":"1/10","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,null,null,null,null,null,{"$f":"SUM(C18:V18)","v":0.99999999999999989}]
[null,"Even",null,null,null,null,null,{"$f":"1/15","v":6.6666666666666666E-2},6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,6.6666666666666666E-2,{"$f":"SUM(C19:V19)","v":0.99999999999999989}]
[null,"Late",null,null,null,null,null,null,null,null,null,null,{"$f":"1/10","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.99999999999999989]
[]
[null,"Investment",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Set up cost",{"$f":"Calculations!J6*0.1","v":133333333.33333333},{"$f":"Calculations!J6*0.2","v":266666666.66666666},{"$f":"Calculations!J6*0.3","v":399999999.99999994},{"$f":"Calculations!J6*0.3","v":399999999.99999994},{"$f":"Calculations!J6*0.1","v":133333333.33333333},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(C23:V23)","v":1333333333.3333333}]
[null,"IDZ investment",null,null,null,null,null,{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*H18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*H19,0))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*I18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*I19,0))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*J18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*J19,0))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*K18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*K19,0))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*L18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*L19,0))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*M18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*M19,Calculations!$G$13*M20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*N18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*N19,Calculations!$G$13*N20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*O18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*O19,Calculations!$G$13*O20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*P18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*P19,Calculations!$G$13*P20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$G$13*Q18,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*Q19,Calculations!$G$13*Q20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*R19,Calculations!$G$13*R20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*S19,Calculations!$G$13*S20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*T19,Calculations!$G$13*T20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*U19,Calculations!$G$13*U20))","v":38333333.333333336},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$G$13*V19,Calculations!$G$13*V20))","v":38333333.333333336},{"$f":"SUM(F24:V24)","v":574999999.99999988}]
[null,"Tenant investment",null,null,null,null,null,{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*H18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*H19,0))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*I18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*I19,0))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*J18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*J19,0))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*K18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*K19,0))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*L18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*L19,0))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*M18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*M19,Calculations!$F$13*M20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*N18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*N19,Calculations!$F$13*N20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*O18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*O19,Calculations!$F$13*O20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*P18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*P19,Calculations!$F$13*P20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",Calculations!$F$13*Q18,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*Q19,Calculations!$F$13*Q20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*R19,Calculations!$F$13*R20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*S19,Calculations!$F$13*S20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*T19,Calculations!$F$13*T20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*U19,Calculations!$F$13*U20))","v":45000000},{"$f":"IF(Inputs!$G$71=\"Early\",0,IF(Inputs!$G$71=\"Even\",Calculations!$F$13*V19,Calculations!$F$13*V20))","v":45000000},{"$f":"SUM(F25:V25)","v":675000000}]
[]
[null,"Investment summary",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Total IDZ CAPEX (Govt)",{"$f":"C23+C24","v":133333333.33333333},266666666.66666666,399999999.99999994,399999999.99999994,133333333.33333333,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,38333333.333333336,{"$f":"SUM(C28:V28)","v":1908333333.3333321}]
[null,"Cumulative Govt CAPEX",{"$f":"C28","v":133333333.33333333},{"$f":"D28+C29","v":400000000},800000000,1200000000,1333333333.3333333,1371666666.6666665,1409999999.9999998,1448333333.333333,1486666666.6666663,1524999999.9999995,1563333333.3333328,1601666666.666666,1639999999.9999993,1678333333.3333325,1716666666.6666658,1754999999.999999,1793333333.3333323,1831666666.6666656,1869999999.9999988,1908333333.3333321]
[null,"Cumulative tenant investment",{"$f":"C25","v":0},{"$f":"D25+C30","v":0},0,0,0,45000000,90000000,135000000,180000000,225000000,270000000,315000000,360000000,405000000,450000000,495000000,540000000,585000000,630000000,675000000]
[]
[null,"Operating income",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Rental income",0,0,0,0,0,{"$f":"(H30/Calculations!$F$13)*Calculations!$I$13","v":966666.66666666663},{"$f":"(I30/Calculations!$F$13)*Calculations!$I$13","v":1933333.3333333333},{"$f":"(J30/Calculations!$F$13)*Calculations!$I$13","v":2900000},{"$f":"(K30/Calculations!$F$13)*Calculations!$I$13","v":3866666.6666666665},{"$f":"(L30/Calculations!$F$13)*Calculations!$I$13","v":4833333.333333333},{"$f":"(M30/Calculations!$F$13)*Calculations!$I$13","v":5800000},{"$f":"(N30/Calculations!$F$13)*Calculations!$I$13","v":6766666.666666667},{"$f":"(O30/Calculations!$F$13)*Calculations!$I$13","v":7733333.333333333},{"$f":"(P30/Calculations!$F$13)*Calculations!$I$13","v":8700000},{"$f":"(Q30/Calculations!$F$13)*Calculations!$I$13","v":9666666.666666666},{"$f":"(R30/Calculations!$F$13)*Calculations!$I$13","v":10633333.333333332},{"$f":"(S30/Calculations!$F$13)*Calculations!$I$13","v":11600000},{"$f":"(T30/Calculations!$F$13)*Calculations!$I$13","v":12566666.666666668},{"$f":"(U30/Calculations!$F$13)*Calculations!$I$13","v":13533333.333333334},{"$f":"(V30/Calculations!$F$13)*Calculations!$I$13","v":14500000},{"$f":"SUM(C33:V33)","v":116000000}]
[]
[null,"Operating costs"]
[null,"Fixed costs for all IDZs",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Staff costs",{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"Assumptions!$G39","v":14000000},{"$f":"SUM(C37:V37)","v":280000000}]
[null,"Travel and accommodation",{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"Assumptions!$G40","v":1000000},{"$f":"SUM(C38:V38)","v":20000000}]
[null,"Marketing",{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},{"$f":"Assumptions!$G41","v":750000},15000000]
[null,"Property rates",{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},{"$f":"Assumptions!$G42","v":1000000},20000000]
[null,"Professional fees",{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},{"$f":"Assumptions!$G43","v":2500000},50000000]
[null,"Other operating expenses",{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},{"$f":"Assumptions!$G44","v":2000000},40000000]
[null,"Total",{"$f":"SUM(C37:C42)","v":21250000},{"$f":"SUM(D37:D42)","v":21250000},21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,21250000,425000000]
[]
[null,"Variable costs based on gross size of IDZ",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Staff costs",{"$f":"Assumptions!$G49*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":1600000},{"$f":"Assumptions!$G49*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":3555555.5555555564},{"$f":"Assumptions!$G49*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":6857142.8571428563},{"$f":"Assumptions!$G49*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":12000000},{"$f":"Assumptions!$G49*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"Assumptions!$G49*Calculations!$G$6","v":16000000},{"$f":"SUM(C46:V46)","v":280012698.41269839}]
[null,"Travel and accommodation",{"$f":"Assumptions!$G50*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":293333.33333333337},{"$f":"Assumptions!$G50*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":651851.85185185203},{"$f":"Assumptions!$G50*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":1257142.857142857},{"$f":"Assumptions!$G50*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":2200000},{"$f":"Assumptions!$G50*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},{"$f":"Assumptions!$G50*Calculations!$G$6","v":2933333.3333333335},51335661.375661388]
[null,"Marketing",{"$f":"Assumptions!$G51*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":466666.66666666674},{"$f":"Assumptions!$G51*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":1037037.0370370373},{"$f":"Assumptions!$G51*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":2000000},{"$f":"Assumptions!$G51*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":3500000},{"$f":"Assumptions!$G51*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},{"$f":"Assumptions!$G51*Calculations!$G$6","v":4666666.666666667},81670370.370370373]
[null,"Property rates",{"$f":"Assumptions!$G52*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":93333.333333333358},{"$f":"Assumptions!$G52*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":207407.40740740747},{"$f":"Assumptions!$G52*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":400000.00000000006},{"$f":"Assumptions!$G52*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":700000.00000000012},{"$f":"Assumptions!$G52*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},{"$f":"Assumptions!$G52*Calculations!$G$6","v":933333.33333333349},16334074.074074082]
[null,"Professional fees",{"$f":"Assumptions!$G53*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":1200000},{"$f":"Assumptions!$G53*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":2666666.666666667},{"$f":"Assumptions!$G53*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":5142857.1428571427},{"$f":"Assumptions!$G53*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":9000000},{"$f":"Assumptions!$G53*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},{"$f":"Assumptions!$G53*Calculations!$G$6","v":12000000},210009523.80952382]
[null,"Other operating expenses",{"$f":"Assumptions!$G54*Calculations!$G$6*(C$23/SUM(C$23:G$23))","v":3866666.6666666665},{"$f":"Assumptions!$G54*Calculations!$G$6*(D$23/SUM(D$23:H$23))","v":8592592.5925925933},{"$f":"Assumptions!$G54*Calculations!$G$6*(E$23/SUM(E$23:I$23))","v":16571428.571428569},{"$f":"Assumptions!$G54*Calculations!$G$6*(F$23/SUM(F$23:J$23))","v":29000000},{"$f":"Assumptions!$G54*Calculations!$G$6*(G$23/SUM(G$23:K$23))","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},{"$f":"Assumptions!$G54*Calculations!$G$6","v":38666666.666666664},676697354.49735451]
[null,"Total",{"$f":"SUM(C46:C51)","v":7520000},{"$f":"SUM(D46:D51)","v":16711111.111111114},32228571.428571425,56400000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,75200000,1316059682.5396824]
[]
[null,"Variable costs based on tenants",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
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[null,"Property rates",{"$f":"C$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":0},{"$f":"D$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":0},{"$f":"E$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":0},{"$f":"F$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":0},{"$f":"G$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":0},{"$f":"H$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":11600},{"$f":"I$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":23200},{"$f":"J$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":34800},{"$f":"K$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":46400},{"$f":"L$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":57999.999999999993},{"$f":"M$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":69600},{"$f":"N$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":81199.999999999985},{"$f":"O$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":92800},{"$f":"P$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":104400},{"$f":"Q$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":115999.99999999999},{"$f":"R$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":127599.99999999999},{"$f":"S$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":139200},{"$f":"T$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":150800},{"$f":"U$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":162399.99999999997},{"$f":"V$30/Calculations!$F$13*Assumptions!$G62*Calculations!$E$13","v":174000},1392000]
[null,"Professional fees",{"$f":"C$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":0},{"$f":"D$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":0},{"$f":"E$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":0},{"$f":"F$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":0},{"$f":"G$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":0},{"$f":"H$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":15466.666666666668},{"$f":"I$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":30933.333333333336},{"$f":"J$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":46400.000000000007},{"$f":"K$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":61866.666666666672},{"$f":"L$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":77333.333333333328},{"$f":"M$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":92800.000000000015},{"$f":"N$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":108266.66666666667},{"$f":"O$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":123733.33333333334},{"$f":"P$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":139200},{"$f":"Q$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":154666.66666666666},{"$f":"R$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":170133.33333333334},{"$f":"S$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":185600.00000000003},{"$f":"T$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":201066.66666666669},{"$f":"U$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":216533.33333333334},{"$f":"V$30/Calculations!$F$13*Assumptions!$G63*Calculations!$E$13","v":232000},1856000]
[null,"Other operating expenses",{"$f":"C$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":0},{"$f":"D$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":0},{"$f":"E$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":0},{"$f":"F$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":0},{"$f":"G$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":0},{"$f":"H$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":63799.999999999993},{"$f":"I$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":127599.99999999999},{"$f":"J$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":191400},{"$f":"K$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":255199.99999999997},{"$f":"L$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":318999.99999999994},{"$f":"M$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":382800},{"$f":"N$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":446600},{"$f":"O$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":510399.99999999994},{"$f":"P$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":574199.99999999988},{"$f":"Q$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":637999.99999999988},{"$f":"R$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":701799.99999999988},{"$f":"S$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":765600},{"$f":"T$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":829400},{"$f":"U$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":893200},{"$f":"V$30/Calculations!$F$13*Assumptions!$G64*Calculations!$E$13","v":957000},7656000]
[null,"Total",{"$f":"C$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":0},{"$f":"D$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":0},{"$f":"E$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":0},{"$f":"F$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":0},{"$f":"G$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":0},{"$f":"H$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":192656.66666666666},{"$f":"I$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":385313.33333333331},{"$f":"J$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":577970},{"$f":"K$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":770626.66666666663},{"$f":"L$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":963283.33333333326},{"$f":"M$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":1155940},{"$f":"N$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":1348596.6666666667},{"$f":"O$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":1541253.3333333333},{"$f":"P$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":1733910},{"$f":"Q$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":1926566.6666666665},{"$f":"R$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":2119223.333333333},{"$f":"S$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":2311880},{"$f":"T$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":2504536.6666666665},{"$f":"U$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":2697193.3333333335},{"$f":"V$30/Calculations!$F$13*Assumptions!$G65*Calculations!$E$13","v":2889850},23118800]
[]
[null,"Total operating costs by classification",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Staff costs",{"$f":"C37+C46+C55","v":15600000},{"$f":"D37+D46+D55","v":17555555.555555556},20857142.857142858,26000000,30000000,30067666.666666668,30135333.333333332,30203000,30270666.666666668,30338333.333333332,30406000,30473666.666666668,30541333.333333332,30609000,30676666.666666668,30744333.333333332,30812000,30879666.666666668,30947333.333333332,31015000,{"$f":"SUM(C64:V64)","v":568132698.41269839}]
[null,"Travel and accommodation",{"$f":"C38+C47+C56","v":1293333.3333333335},1651851.8518518521,2257142.8571428573,3200000,3933333.3333333335,3947833.3333333335,3962333.3333333335,3976833.3333333335,3991333.3333333335,4005833.3333333335,4020333.3333333335,4034833.3333333335,4049333.3333333335,4063833.3333333335,4078333.3333333335,4092833.3333333335,4107333.3333333335,4121833.3333333335,4136333.3333333335,4150833.3333333335,73075661.375661388]
[null,"Marketing",{"$f":"C39+C48+C57","v":1216666.6666666667},1787037.0370370373,2750000,4250000,5416666.666666667,5436290,5455913.333333334,5475536.666666667,5495160,5514783.333333334,5534406.666666667,5554030,5573653.333333334,5593276.666666667,5612900,5632523.333333334,5652146.666666667,5671770,5691393.333333334,5711016.666666667,99025170.370370373]
[null,"Property rates",{"$f":"C40+C49+C58","v":1093333.3333333333},1207407.4074074074,1400000,1700000,1933333.3333333335,1944933.3333333335,1956533.3333333335,1968133.3333333335,1979733.3333333335,1991333.3333333335,2002933.3333333335,2014533.3333333335,2026133.3333333335,2037733.3333333335,2049333.3333333335,2060933.3333333335,2072533.3333333335,2084133.3333333335,2095733.3333333335,2107333.3333333335,37726074.074074067]
[null,"Professional fees",{"$f":"C41+C50+C59","v":3700000},5166666.666666667,7642857.1428571427,11500000,14500000,14515466.666666666,14530933.333333334,14546400,14561866.666666666,14577333.333333334,14592800,14608266.666666666,14623733.333333334,14639200,14654666.666666666,14670133.333333334,14685600,14701066.666666666,14716533.333333334,14732000,261865523.80952382]
[null,"Other operating expenses",{"$f":"C42+C51+C60","v":5866666.666666666},10592592.592592593,18571428.571428567,31000000,40666666.666666664,40730466.666666664,40794266.666666664,40858066.666666664,40921866.666666664,40985666.666666664,41049466.666666664,41113266.666666664,41177066.666666664,41240866.666666664,41304666.666666664,41368466.666666664,41432266.666666664,41496066.666666664,41559866.666666664,41623666.666666664,724353354.49735439]
[null,"Total",{"$f":"C43+C52+C61","v":28770000},37961111.111111112,53478571.428571425,77650000,96450000,96642656.666666672,96835313.333333328,97027970,97220626.666666672,97413283.333333328,97605940,97798596.666666672,97991253.333333328,98183910,98376566.666666672,98569223.333333328,98761880,98954536.666666672,99147193.333333328,99339850,1764178482.5396824]
[]
[null,"Total operating costs by unit",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Admin and corp. services ",{"$f":"Assumptions!$C$45+(C$52*(Assumptions!$C$55/Assumptions!$G$55))+(C$61*(Assumptions!$C$65/Assumptions!$G$65))","v":8193333.333333334},{"$f":"Assumptions!$C$45+(D$52*(Assumptions!$C$55/Assumptions!$G$55))+(D$61*(Assumptions!$C$65/Assumptions!$G$65))","v":10018518.518518519},{"$f":"Assumptions!$C$45+(E$52*(Assumptions!$C$55/Assumptions!$G$55))+(E$61*(Assumptions!$C$65/Assumptions!$G$65))","v":13100000},{"$f":"Assumptions!$C$45+(F$52*(Assumptions!$C$55/Assumptions!$G$55))+(F$61*(Assumptions!$C$65/Assumptions!$G$65))","v":17900000},{"$f":"Assumptions!$C$45+(G$52*(Assumptions!$C$55/Assumptions!$G$55))+(G$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21633333.333333336},{"$f":"Assumptions!$C$45+(H$52*(Assumptions!$C$55/Assumptions!$G$55))+(H$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21659723.333333336},{"$f":"Assumptions!$C$45+(I$52*(Assumptions!$C$55/Assumptions!$G$55))+(I$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21686113.333333336},{"$f":"Assumptions!$C$45+(J$52*(Assumptions!$C$55/Assumptions!$G$55))+(J$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21712503.333333336},{"$f":"Assumptions!$C$45+(K$52*(Assumptions!$C$55/Assumptions!$G$55))+(K$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21738893.333333336},{"$f":"Assumptions!$C$45+(L$52*(Assumptions!$C$55/Assumptions!$G$55))+(L$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21765283.333333336},{"$f":"Assumptions!$C$45+(M$52*(Assumptions!$C$55/Assumptions!$G$55))+(M$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21791673.333333336},{"$f":"Assumptions!$C$45+(N$52*(Assumptions!$C$55/Assumptions!$G$55))+(N$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21818063.333333336},{"$f":"Assumptions!$C$45+(O$52*(Assumptions!$C$55/Assumptions!$G$55))+(O$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21844453.333333336},{"$f":"Assumptions!$C$45+(P$52*(Assumptions!$C$55/Assumptions!$G$55))+(P$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21870843.333333336},{"$f":"Assumptions!$C$45+(Q$52*(Assumptions!$C$55/Assumptions!$G$55))+(Q$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21897233.333333336},{"$f":"Assumptions!$C$45+(R$52*(Assumptions!$C$55/Assumptions!$G$55))+(R$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21923623.333333336},{"$f":"Assumptions!$C$45+(S$52*(Assumptions!$C$55/Assumptions!$G$55))+(S$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21950013.333333336},{"$f":"Assumptions!$C$45+(T$52*(Assumptions!$C$55/Assumptions!$G$55))+(T$61*(Assumptions!$C$65/Assumptions!$G$65))","v":21976403.333333336},{"$f":"Assumptions!$C$45+(U$52*(Assumptions!$C$55/Assumptions!$G$55))+(U$61*(Assumptions!$C$65/Assumptions!$G$65))","v":22002793.333333336},{"$f":"Assumptions!$C$45+(V$52*(Assumptions!$C$55/Assumptions!$G$55))+(V$61*(Assumptions!$C$65/Assumptions!$G$65))","v":22029183.333333336},{"$f":"SUM(C73:V73)","v":398511985.18518519}]
[null,"Business Development",{"$f":"Assumptions!$D$45+(C$52*(Assumptions!$D$55/Assumptions!$G$55))+(C$61*(Assumptions!$D$65/Assumptions!$G$65))","v":5750000},{"$f":"Assumptions!$D$45+(D$52*(Assumptions!$D$55/Assumptions!$G$55))+(D$61*(Assumptions!$D$65/Assumptions!$G$65))","v":7216666.666666667},{"$f":"Assumptions!$D$45+(E$52*(Assumptions!$D$55/Assumptions!$G$55))+(E$61*(Assumptions!$D$65/Assumptions!$G$65))","v":9692857.1428571418},{"$f":"Assumptions!$D$45+(F$52*(Assumptions!$D$55/Assumptions!$G$55))+(F$61*(Assumptions!$D$65/Assumptions!$G$65))","v":13549999.999999998},{"$f":"Assumptions!$D$45+(G$52*(Assumptions!$D$55/Assumptions!$G$55))+(G$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16549999.999999998},{"$f":"Assumptions!$D$45+(H$52*(Assumptions!$D$55/Assumptions!$G$55))+(H$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16574166.666666664},{"$f":"Assumptions!$D$45+(I$52*(Assumptions!$D$55/Assumptions!$G$55))+(I$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16598333.333333332},{"$f":"Assumptions!$D$45+(J$52*(Assumptions!$D$55/Assumptions!$G$55))+(J$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16622499.999999998},{"$f":"Assumptions!$D$45+(K$52*(Assumptions!$D$55/Assumptions!$G$55))+(K$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16646666.666666664},{"$f":"Assumptions!$D$45+(L$52*(Assumptions!$D$55/Assumptions!$G$55))+(L$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16670833.333333332},{"$f":"Assumptions!$D$45+(M$52*(Assumptions!$D$55/Assumptions!$G$55))+(M$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16694999.999999998},{"$f":"Assumptions!$D$45+(N$52*(Assumptions!$D$55/Assumptions!$G$55))+(N$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16719166.666666664},{"$f":"Assumptions!$D$45+(O$52*(Assumptions!$D$55/Assumptions!$G$55))+(O$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16743333.333333332},{"$f":"Assumptions!$D$45+(P$52*(Assumptions!$D$55/Assumptions!$G$55))+(P$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16767499.999999998},{"$f":"Assumptions!$D$45+(Q$52*(Assumptions!$D$55/Assumptions!$G$55))+(Q$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16791666.666666664},{"$f":"Assumptions!$D$45+(R$52*(Assumptions!$D$55/Assumptions!$G$55))+(R$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16815833.333333332},{"$f":"Assumptions!$D$45+(S$52*(Assumptions!$D$55/Assumptions!$G$55))+(S$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16840000},{"$f":"Assumptions!$D$45+(T$52*(Assumptions!$D$55/Assumptions!$G$55))+(T$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16864166.666666664},{"$f":"Assumptions!$D$45+(U$52*(Assumptions!$D$55/Assumptions!$G$55))+(U$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16888333.333333332},{"$f":"Assumptions!$D$45+(V$52*(Assumptions!$D$55/Assumptions!$G$55))+(V$61*(Assumptions!$D$65/Assumptions!$G$65))","v":16912500},{"$f":"SUM(C74:V74)","v":303909523.80952382}]
[null,"Operations",{"$f":"Assumptions!$E$45+(C$52*(Assumptions!$E$55/Assumptions!$G$55))+(C$61*(Assumptions!$E$65/Assumptions!$G$65))","v":14826666.666666668},{"$f":"Assumptions!$E$45+(D$52*(Assumptions!$E$55/Assumptions!$G$55))+(D$61*(Assumptions!$E$65/Assumptions!$G$65))","v":20725925.925925925},{"$f":"Assumptions!$E$45+(E$52*(Assumptions!$E$55/Assumptions!$G$55))+(E$61*(Assumptions!$E$65/Assumptions!$G$65))","v":30685714.285714284},{"$f":"Assumptions!$E$45+(F$52*(Assumptions!$E$55/Assumptions!$G$55))+(F$61*(Assumptions!$E$65/Assumptions!$G$65))","v":46200000},{"$f":"Assumptions!$E$45+(G$52*(Assumptions!$E$55/Assumptions!$G$55))+(G$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58266666.666666664},{"$f":"Assumptions!$E$45+(H$52*(Assumptions!$E$55/Assumptions!$G$55))+(H$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58306300},{"$f":"Assumptions!$E$45+(I$52*(Assumptions!$E$55/Assumptions!$G$55))+(I$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58345933.333333328},{"$f":"Assumptions!$E$45+(J$52*(Assumptions!$E$55/Assumptions!$G$55))+(J$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58385566.666666664},{"$f":"Assumptions!$E$45+(K$52*(Assumptions!$E$55/Assumptions!$G$55))+(K$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58425200},{"$f":"Assumptions!$E$45+(L$52*(Assumptions!$E$55/Assumptions!$G$55))+(L$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58464833.333333328},{"$f":"Assumptions!$E$45+(M$52*(Assumptions!$E$55/Assumptions!$G$55))+(M$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58504466.666666664},{"$f":"Assumptions!$E$45+(N$52*(Assumptions!$E$55/Assumptions!$G$55))+(N$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58544100},{"$f":"Assumptions!$E$45+(O$52*(Assumptions!$E$55/Assumptions!$G$55))+(O$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58583733.333333328},{"$f":"Assumptions!$E$45+(P$52*(Assumptions!$E$55/Assumptions!$G$55))+(P$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58623366.666666664},{"$f":"Assumptions!$E$45+(Q$52*(Assumptions!$E$55/Assumptions!$G$55))+(Q$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58663000},{"$f":"Assumptions!$E$45+(R$52*(Assumptions!$E$55/Assumptions!$G$55))+(R$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58702633.333333328},{"$f":"Assumptions!$E$45+(S$52*(Assumptions!$E$55/Assumptions!$G$55))+(S$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58742266.666666664},{"$f":"Assumptions!$E$45+(T$52*(Assumptions!$E$55/Assumptions!$G$55))+(T$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58781900},{"$f":"Assumptions!$E$45+(U$52*(Assumptions!$E$55/Assumptions!$G$55))+(U$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58821533.333333328},{"$f":"Assumptions!$E$45+(V$52*(Assumptions!$E$55/Assumptions!$G$55))+(V$61*(Assumptions!$E$65/Assumptions!$G$65))","v":58861166.666666664},1049460973.5449736]
[null,"Investor servicing",{"$f":"Assumptions!$F$45+(C$52*(Assumptions!$F$55/Assumptions!$G$55))+(C$61*(Assumptions!$F$65/Assumptions!$G$65))","v":0},{"$f":"Assumptions!$F$45+(D$52*(Assumptions!$F$55/Assumptions!$G$55))+(D$61*(Assumptions!$F$65/Assumptions!$G$65))","v":0},{"$f":"Assumptions!$F$45+(E$52*(Assumptions!$F$55/Assumptions!$G$55))+(E$61*(Assumptions!$F$65/Assumptions!$G$65))","v":0},{"$f":"Assumptions!$F$45+(F$52*(Assumptions!$F$55/Assumptions!$G$55))+(F$61*(Assumptions!$F$65/Assumptions!$G$65))","v":0},{"$f":"Assumptions!$F$45+(G$52*(Assumptions!$F$55/Assumptions!$G$55))+(G$61*(Assumptions!$F$65/Assumptions!$G$65))","v":0},{"$f":"Assumptions!$F$45+(H$52*(Assumptions!$F$55/Assumptions!$G$55))+(H$61*(Assumptions!$F$65/Assumptions!$G$65))","v":102466.66666666664},{"$f":"Assumptions!$F$45+(I$52*(Assumptions!$F$55/Assumptions!$G$55))+(I$61*(Assumptions!$F$65/Assumptions!$G$65))","v":204933.33333333328},{"$f":"Assumptions!$F$45+(J$52*(Assumptions!$F$55/Assumptions!$G$55))+(J$61*(Assumptions!$F$65/Assumptions!$G$65))","v":307399.99999999994},{"$f":"Assumptions!$F$45+(K$52*(Assumptions!$F$55/Assumptions!$G$55))+(K$61*(Assumptions!$F$65/Assumptions!$G$65))","v":409866.66666666657},{"$f":"Assumptions!$F$45+(L$52*(Assumptions!$F$55/Assumptions!$G$55))+(L$61*(Assumptions!$F$65/Assumptions!$G$65))","v":512333.33333333326},{"$f":"Assumptions!$F$45+(M$52*(Assumptions!$F$55/Assumptions!$G$55))+(M$61*(Assumptions!$F$65/Assumptions!$G$65))","v":614799.99999999988},{"$f":"Assumptions!$F$45+(N$52*(Assumptions!$F$55/Assumptions!$G$55))+(N$61*(Assumptions!$F$65/Assumptions!$G$65))","v":717266.66666666663},{"$f":"Assumptions!$F$45+(O$52*(Assumptions!$F$55/Assumptions!$G$55))+(O$61*(Assumptions!$F$65/Assumptions!$G$65))","v":819733.33333333314},{"$f":"Assumptions!$F$45+(P$52*(Assumptions!$F$55/Assumptions!$G$55))+(P$61*(Assumptions!$F$65/Assumptions!$G$65))","v":922199.99999999988},{"$f":"Assumptions!$F$45+(Q$52*(Assumptions!$F$55/Assumptions!$G$55))+(Q$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1024666.6666666665},{"$f":"Assumptions!$F$45+(R$52*(Assumptions!$F$55/Assumptions!$G$55))+(R$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1127133.333333333},{"$f":"Assumptions!$F$45+(S$52*(Assumptions!$F$55/Assumptions!$G$55))+(S$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1229599.9999999998},{"$f":"Assumptions!$F$45+(T$52*(Assumptions!$F$55/Assumptions!$G$55))+(T$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1332066.6666666665},{"$f":"Assumptions!$F$45+(U$52*(Assumptions!$F$55/Assumptions!$G$55))+(U$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1434533.3333333333},{"$f":"Assumptions!$F$45+(V$52*(Assumptions!$F$55/Assumptions!$G$55))+(V$61*(Assumptions!$F$65/Assumptions!$G$65))","v":1536999.9999999998},12296000]
[null,"Total",{"$f":"SUM(C73:C76)","v":28770000},{"$f":"SUM(D73:D76)","v":37961111.111111112},53478571.428571425,77650000,96450000,96642656.666666672,96835313.333333328,97027970,97220626.666666672,97413283.333333328,97605940,97798596.666666672,97991253.333333328,98183910,98376566.666666672,98569223.333333328,98761880,98954536.666666672,99147193.333333328,99339850,1764178482.5396824]
[]
[null,"Operations summary",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Annual rental income",{"$f":"C33","v":0},0,0,0,0,966666.66666666663,1933333.3333333333,2900000,3866666.6666666665,4833333.333333333,5800000,6766666.666666667,7733333.333333333,8700000,9666666.666666666,10633333.333333332,11600000,12566666.666666668,13533333.333333334,14500000,{"$f":"SUM(C80:V80)","v":116000000}]
[null,"Annual OPEX",{"$f":"C70","v":28770000},37961111.111111112,53478571.428571425,77650000,96450000,96642656.666666672,96835313.333333328,97027970,97220626.666666672,97413283.333333328,97605940,97798596.666666672,97991253.333333328,98183910,98376566.666666672,98569223.333333328,98761880,98954536.666666672,99147193.333333328,99339850,{"$f":"SUM(C81:V81)","v":1764178482.5396824}]
[null,"Operating profit",{"$f":"C80-C81","v":-28770000},-37961111.111111112,-53478571.428571425,-77650000,-96450000,-95675990,-94901980,-94127970,-93353960,-92579950,-91805940,-91031930,-90257920,-89483910,-88709900,-87935890,-87161880,-86387870,-85613860,-84839850,-1648178482.5396824]
[null,"Operational shortfall",{"$f":"IF(C82<0,C82,0)","v":-28770000},-37961111.111111112,-53478571.428571425,-77650000,-96450000,-95675990,-94901980,-94127970,-93353960,-92579950,-91805940,-91031930,-90257920,-89483910,-88709900,-87935890,-87161880,-86387870,-85613860,-84839850,-1648178482.5396824]
[null,"Cumulative operational shortfall",{"$f":"C83","v":-28770000},{"$f":"D83+C84","v":-66731111.111111112},-120209682.53968254,-197859682.53968254,-294309682.53968251,-389985672.53968251,-484887652.53968251,-579015622.53968251,-672369582.53968251,-764949532.53968251,-856755472.53968251,-947787402.53968251,-1038045322.5396825,-1127529232.5396824,-1216239132.5396824,-1304175022.5396824,-1391336902.5396824,-1477724772.5396824,-1563338632.5396824,-1648178482.5396824]
[]
[null,"Exports and incentives",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
[null,"Annual exports",0,0,0,0,0,{"$f":"H30/$V$30*$L$13","v":520000},{"$f":"I30/$V$30*$L$13","v":1040000},1560000,2080000,2600000,3120000,3640000,4160000,4680000,5200000,5720000,6240000,6760000,7280000,7800000,{"$f":"SUM(C87:V87)","v":62400000}]
[null,"Annual exports",0,0,0,0,0,{"$f":"H30/$V$30*$K$13","v":0},{"$f":"I30/$V$30*$K$13","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(C88:V88)","v":0}]

{"sheet":"Results","index":4,"n_rows":21,"n_cols":7,"rows_kept":21,"cut":false,"hidden":false,"merged":[[1,0,3,7]]}
[]
["Estimates of investment and operations for IDZ"]
[]
[]
[]
[]
[]
[null,null,"Public funding (total over 20 years)",null,null,"Private investment"]
[null,null,"Total public CAPEX investment",{"$f":"Calculations!V29","v":1908333333.3333321},null,"Total private investment (over 20 years)",{"$f":"Calculations!V30","v":675000000}]
[null,null,"Set up costs (infrastructure)",{"$f":"Calculations!J6","v":1333333333.3333333},null,"Capital Leverage (Rand private investment per Rand public investment)",{"$f":"G9/D9","v":0.35371179039301331}]
[null,null,"Cofunding investors",{"$f":"Calculations!G13","v":575000000},null,"Capital and OPEX leveraga (Rand private investment per Rand public investment)",{"$f":"G9/D16","v":0.18979270559074693}]
[]
[null,null,"Incentives provided",{"$f":"Calculations!W88","v":0}]
[null,null,"Operational shortfall",{"$f":"-Calculations!V84","v":1648178482.5396824},null,"Job creation"]
[null,null,null,null,null,"Permanent jobs created by tenants (direct) over 20 years",{"$f":"Calculations!J13","v":2025}]
[null,null,"Total funding requirement",{"$f":"SUM(D10:D14)","v":3556511815.8730154},null,"Total public cost / job (Rands) over 20 years",{"$f":"(D16)/G15","v":1756302.1312953162}]
[null,null,null,null,null,"Average annual public cost / job (Rands)",{"$f":"G16/20","v":87815.106564765811}]
[null,null,"IDZ details"]
[null,null,"Total IDZ space (gross sqm)",{"$f":"Calculations!G6","v":13333333.333333334},null,"Exports"]
[null,null,"Total lettable space (sqm)",{"$f":"Calculations!D6","v":8000000},null,"Average annual exports generated (Rands)",{"$f":"Calculations!W87/20","v":3120000}]
[null,null,"Total space leased (sqm)",{"$f":"Calculations!E13","v":145000}]

{"sheet":"Scenario analysis","index":5,"n_rows":403,"n_cols":23,"rows_kept":403,"cut":false,"hidden":false,"merged":[[146,0,147,7],[22,2,22,3],[43,0,44,7],[68,0,69,7],[94,0,95,7],[120,0,121,7]]}
[]
[]
[]
[]
[]
[]
[null,"Gross IDZ size",{"$f":"F231","v":10010600}]
[null,"Total lettable area at year 5",{"$f":"F232","v":740000}]
[null,"Total area leased at year 5",{"$f":"F233","v":540000}]
[null,"Area available for leasing",{"$f":"C8-C9","v":200000}]
[]
[null,"% of remaining lettable area leased by Year 20",1]
[null,"Total area leased at year 20",{"$f":"U285","v":740000}]
[]
[null,"Key assumptions for Years 6 - 20"]
[null,"Average level of cofunding by IDZ",{"$f":"IF(ISERR(1/(1+R282)),0,1/(1+R282))","v":0.5}]
[null,"Jobs created per R1 million private investment",{"$f":"IF(ISERR(Q282),0,Q282)","v":3}]
[]
[]
[]
[]
[]
[null,null,"Scenario"]
[null,null,"Baseline","Operational breakeven"]
[null,"Public funding (over 20 year period)"]
[null,"Total CAPEX investment (including investor cofunding)",{"$f":"U278","v":1091123000},{"$f":"C26","v":1091123000}]
[null,"Operational funding (shortfall)",{"$f":"U279","v":886577909.29629648},{"$f":"IF(B403=\"Operational breakeven through increase in income\",$V$279,IF(B403=\"Operational breakeven through reduction in OPEX\",$W$279,0))","v":728262753}]
[null,"Total public funding",{"$f":"C26+C27","v":1977700909.2962966},{"$f":"D26+D27","v":1819385753}]
[]
[null,"Private investment (total over 20 year period)",{"$f":"U280","v":1700000000},{"$f":"C30","v":1700000000}]
[]
[null,"Investment leverage"]
[null,"CAPEX (Rand of private investment per Rand public investment)",{"$f":"C30/C26","v":1.5580278300429924},{"$f":"D30/D26","v":1.5580278300429924}]
[null,"CAPEX and Operational (Rand of private investment per Rand public investment)",{"$f":"C30/C28","v":0.85958397046239521},{"$f":"D30/D28","v":0.93438128620984096}]
[]
[null,"Job creation and operations"]
[null,"Job creation (permanent direct jobs created by investors over 20 year period)",{"$f":"U281","v":2880},{"$f":"C37","v":2880}]
[null,"Average annual public cost per job created (average over 20 years)",{"$f":"(C26+C27)/C37/20","v":34335.085230838486},{"$f":"(D26+D27)/D37/20","v":31586.558211805554}]
[null,"Total public cost per job created (over 20 years)",{"$f":"C38*20","v":686701.70461676968},{"$f":"D38*20","v":631731.1642361111}]
[]
[null,"Average rental and service rate (R/sqm) for land leased from Year 5",{"$f":"U283","v":100.00000000000001},{"$f":"IF(B403=\"Operational breakeven through increase in income\",$V$283,IF(B403=\"Operational breakeven through reduction in OPEX\",$U$283,0))","v":198.94697268518519}]
[null,{"$f":"IF(B403=\"Operational breakeven through increase in income\",\"\",IF(B403=\"Operational breakeven through reduction in OPEX\",\"Reduction in OPEX required at year 20\",\"\"))","v":""},null,{"$f":"IF(B403=\"Operational breakeven through increase in income\",\"\",IF(B403=\"Operational breakeven through reduction in OPEX\",$W$284,\"\"))","v":""}]
[]
["Cumulative CAPEX investment"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Baseline - OPEX by classification"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Annual rental and service income"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Annual OPEX"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Annual Operating Profit"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline","Breakeven through rental","Breakeven through opex"]
[null,"Richards Bay",null,null,"Gross IDZ size",10010600,null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created",null,"Total public CAPEX investment",1091123000,1091123000,1091123000]
[null,"Funding received to date",null,null,"Bulk infrastructure added",740000,null,"Anchor",0,500000,0,0,0,0,0,0,null,"Total public Operational funding",886577909.29629648,728262753,728600359.98395085]
[null,"DTI",191123000,null,"Total area leased",540000,null,"Medium",4,25000,100000,400000000,400000000,800000000,10000000,1200,null,"Total private investment",1700000000,1700000000,1700000000]
[null,"Provincial",345979000,null,"Total direct jobs created",180,null,"Small",20,5000,100000,500000000,500000000,1000000000,10000000,1500,null,"Total jobs created",2880,2880,2880]
[null,"Private investment",800000000,null,null,null,null,"Total",null,null,200000,900000000,900000000,1800000000,20000000,2700,null,"Annual public funding per job",34335.085230838486,31586.558211805554,31592.419444165815]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rental and service rate (R/sqm)",27.027027027027032,53.769452077077077]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OPEX reduction by year 20",null,null,-0.49735349751594071]
[]
[null,"Actual",null,null,null,null,"Forecast"]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
["Staff costs",3815643,4768149,12659122,19163358,19921643,19946237.620987657,19970832.241975311,19995426.862962965,20020021.483950619,20044616.104938272,20069210.725925926,20093805.346913584,20118399.967901237,20142994.588888891,20167589.209876545,20192183.830864199,20216778.451851852,20241373.072839506,20265967.693827163,20290562.314814817,362103914.51851845]
["Travel and accommodation",193918,0,815689,1658532,1681281,1683356.6555555556,1685432.311111111,1687507.9666666666,1689583.6222222222,1691659.2777777778,1693734.9333333333,1695810.5888888889,1697886.2444444443,1699961.9,1702037.5555555555,1704113.2111111111,1706188.8666666667,1708264.5222222223,1710340.1777777777,1712415.8333333333,29817713.666666664]
["Marketing",176213,565794,346550,767775,1112064,1113436.9185185186,1114809.8370370371,1116182.7555555557,1117555.674074074,1118928.5925925926,1120301.5111111111,1121674.4296296297,1123047.3481481483,1124420.2666666666,1125793.1851851852,1127166.1037037037,1128539.0222222223,1129911.9407407409,1131284.8592592594,1132657.7777777778,19814106.22222222]
["Property rates",0,724442,1357632,1529683,1732316,1734454.6617283949,1736593.3234567901,1738731.9851851852,1740870.6469135801,1743009.3086419753,1745147.9703703704,1747286.6320987653,1749425.2938271605,1751563.9555555554,1753702.6172839506,1755841.2790123457,1757979.9407407406,1760118.6024691358,1762257.2641975309,1764395.9259259258,31585452.40740741]
["Professional fees",437358,2626267,2003286,1052396,8294716,8304956.3901234576,8315196.7802469144,8325437.170370372,8335677.5604938287,8345917.9506172854,8356158.3407407422,8366398.7308641989,8376639.1209876556,8386879.5111111123,8397119.901234569,8407360.2913580257,8417600.6814814825,8427841.0716049392,8438081.4617283959,8448321.8518518526,140063609.81481481]
["Other operating expenses",3636834,1447904,4097558,5912042,6323931,6331738.3222222235,6339545.6444444451,6347352.9666666677,6355160.2888888903,6362967.6111111119,6370774.9333333345,6378582.2555555571,6386389.5777777787,6394196.9000000013,6402004.2222222239,6409811.5444444455,6417618.8666666681,6425426.1888888897,6433233.5111111123,6441040.8333333349,117214112.66666669]
["Total",8259966,10132556,21279837,30083786,39065951,39114180.569135807,39162410.138271607,39210639.707407407,39258869.276543215,39307098.845679015,39355328.414814815,39403557.983950622,39451787.553086422,39500017.122222222,39548246.69135803,39596476.26049383,39644705.82962963,39692935.398765437,39741164.967901237,39789394.537037037,700598909.29629636]
[]
["Rental income",0,0,0,0,0,1333333.3333333333,2666666.6666666665,4000000,5333333.333333333,6666666.666666667,8000000,9333333.3333333321,10666666.666666666,12000000,13333333.33333333,14666666.666666666,16000000,17333333.333333332,18666666.666666668,20000000.000000004,160000000,20000000.000000004]
[]
["Operating profit",-8259966,-10132556,-21279837,-30083786,-39065951,-37780847.235802472,-36495743.471604943,-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,-540598909.29629648]
["Operational shortfall",-8259966,-10132556,-21279837,-30083786,-39065951,-37780847.235802472,-36495743.471604943,-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,-540598909.29629648]
[]
["Total private investment",null,null,null,null,null,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,900000000]
["IDZ investment",null,null,null,null,null,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,900000000]
[]
[null,null,null,null,null,"Actual","Forecast"]
[null,null,null,null,null,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Cumulative private investment",null,null,null,null,800000000,860000000,920000000,980000000,1040000000,1100000000,1160000000,1220000000,1280000000,1340000000,1400000000,1460000000,1520000000,1580000000,1640000000,1700000000]
["Cumulative IDZ CAPEX investment",null,null,null,null,191123000,251123000,311123000,371123000,431123000,491123000,551123000,611123000,671123000,731123000,791123000,851123000,911123000,971123000,1031123000,1091123000]
[]
["Operational break even by increasing rental income"]
["Rental income",0,0,0,0,0,2652626.3024691353,5305252.6049382705,7957878.9074074058,10610505.209876541,13263131.512345675,15915757.814814812,18568384.117283944,21221010.419753082,23873636.722222216,26526263.024691347,29178889.327160489,31831515.629629623,34484141.932098761,37136768.234567896,39789394.537037037,318315156.29629618,39789394.537037037]
["Operational profit",-8259966,-10132556,-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.066666674,-26043967.33333334,-23439570.600000001,-20835173.866666678,-18230777.13333334,-15626380.400000006,-13021983.666666683,-10417586.933333341,-7813190.2000000067,-5208793.4666666761,-2604396.7333333418,0,-382283753.00000006]
["Operational shortfall",-8259966,-10132556,-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.066666674,-26043967.33333334,-23439570.600000001,-20835173.866666678,-18230777.13333334,-15626380.400000006,-13021983.666666683,-10417586.933333341,-7813190.2000000067,-5208793.4666666761,-2604396.7333333418,0,-382283753.00000006]
[]
["Operational break even by reducing operating expenditure"]
["Operating expenditure",8259966,10132556,21279837,30083786,39065951,37839901.864526756,36565623.159917697,35291344.455308646,34017065.750699595,32742787.046090543,31468508.341481488,30194229.636872433,28919950.932263382,27645672.22765433,26371393.523045279,25097114.81843622,23822836.113827169,22548557.409218114,21274278.704609059,20000000.000000004,542621359.98395073]
["Operational profit",-8259966,-10132556,-21279837,-30083786,-39065951,-36506568.53119342,-33898956.493251033,-31291344.455308646,-28683732.417366263,-26076120.379423875,-23468508.341481488,-20860896.303539101,-18253284.265596718,-15645672.22765433,-13038060.189711949,-10430448.151769554,-7822836.1138271689,-5215224.0758847818,-2607612.0379423909,0,-382621359.98395079]
["Operational shortfall",-8259966,-10132556,-21279837,-30083786,-39065951,-36506568.53119342,-33898956.493251033,-31291344.455308646,-28683732.417366263,-26076120.379423875,-23468508.341481488,-20860896.303539101,-18253284.265596718,-15645672.22765433,-13038060.189711949,-10430448.151769554,-7822836.1138271689,-5215224.0758847818,-2607612.0379423909,0,-382621359.98395079]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline","Breakeven through rental","Breakeven through opex"]
[null,"Coega",null,null,"Gross IDZ size",{"$f":"F231","v":10010600},null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created","Investment / job","Cofunding %",null,"Total public CAPEX investment",{"$f":"C280+M282","v":1091123000},{"$f":"U278","v":1091123000},{"$f":"V278","v":1091123000}]
[null,"Funding received to date",null,null,"Bulk infrastructure added",{"$f":"F232","v":740000},null,"Anchor",{"$f":"I232","v":0},{"$f":"J232","v":500000},{"$f":"K232*$C$12","v":0},0,0,0,0,0,{"$f":"P232/L232*1000000","v":{"$error":"#DIV/0!"}},{"$f":"L279/M279","v":{"$error":"#DIV/0!"}},null,"Total public Operational funding",{"$f":"C281-V299","v":886577909.29629648},{"$f":"C281-V312","v":728262753},{"$f":"C281-V317","v":728262753}]
[null,"DTI",{"$f":"C233","v":191123000},null,"Total area leased",540000,null,"Medium",{"$f":"I233","v":4},25000,100000,400000000,400000000,800000000,10000000,1200,{"$f":"P233/L233*1000000","v":3},1,null,"Total private investment",{"$f":"L282+C282","v":1700000000},{"$f":"U280","v":1700000000},{"$f":"U280","v":1700000000}]
[null,"Provincial",{"$f":"C234","v":345979000},null,"Total direct jobs created",180,null,"Small",{"$f":"I234","v":20},5000,100000,500000000,500000000,1000000000,10000000,1500,3,1,null,"Total jobs created",{"$f":"P282+F281","v":2880},{"$f":"F281+P282","v":2880},{"$f":"F281+P282","v":2880}]
[null,"Private investment",800000000,null,"Rental income / sqm",{"$f":"F249/F233","v":0},null,"Total",null,null,{"$f":"SUM(K279:K281)","v":200000},900000000,900000000,1800000000,20000000,{"$f":"SUM(P279:P281)","v":2700},{"$f":"P282/L282*1000000","v":3},{"$f":"L282/M282","v":1},null,"Annual public funding per job",{"$f":"(U278+U279)/U281/20","v":34335.085230838486},{"$f":"(V278+V279)/V281/20","v":31586.558211805554},31586.558211805554]
[null,null,null,null,"Current leased area",{"$f":"F233/F232","v":0.72972972972972971},null,null,null,null,null,null,null,null,null,null,null,null,null,"Rental and service rate (R/sqm)",{"$f":"IF(ISERR((U296-F296)/K282),0,(U296-F296)/K282)","v":100.00000000000001},{"$f":"IF(ISERR((U310-F310)/K282),0,(U310-F310)/K282)","v":198.94697268518519}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OPEX reduction by year 20",null,null,{"$f":"U315/U294-1","v":-0.49735349751594071}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total area leased",{"$f":"K282+F280","v":740000},{"$f":"K282+F280","v":740000},{"$f":"K282+F280","v":740000}]
[null,"Actual",null,null,null,null,"Forecast"]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
["Staff costs",{"$f":"B241","v":3815643},{"$f":"C241","v":4768149},12659122,19163358,19921643,{"$f":"F241+(G241-F241)*$C$12","v":19946237.620987657},{"$f":"G288+(H241-G241)*$C$12","v":19970832.241975311},19995426.862962965,20020021.483950619,20044616.104938272,20069210.725925926,20093805.346913584,20118399.967901237,20142994.588888891,20167589.209876545,20192183.830864199,20216778.451851852,20241373.072839506,20265967.693827163,20290562.314814817,{"$f":"SUM(B288:U288)","v":362103914.51851845}]
["Travel and accommodation",{"$f":"B242","v":193918},0,815689,1658532,1681281,1683356.6555555556,{"$f":"G289+(H242-G242)*$C$12","v":1685432.311111111},1687507.9666666666,1689583.6222222222,1691659.2777777778,1693734.9333333333,1695810.5888888889,1697886.2444444443,1699961.9,1702037.5555555555,1704113.2111111111,1706188.8666666667,1708264.5222222223,1710340.1777777777,1712415.8333333333,{"$f":"SUM(B289:U289)","v":29817713.666666664}]
["Marketing",{"$f":"B243","v":176213},565794,346550,767775,1112064,1113436.9185185186,{"$f":"G290+(H243-G243)*$C$12","v":1114809.8370370371},1116182.7555555557,1117555.674074074,1118928.5925925926,1120301.5111111111,1121674.4296296297,1123047.3481481483,1124420.2666666666,1125793.1851851852,1127166.1037037037,1128539.0222222223,1129911.9407407409,1131284.8592592594,1132657.7777777778,{"$f":"SUM(B290:U290)","v":19814106.22222222}]
["Property rates",{"$f":"B244","v":0},724442,1357632,1529683,1732316,1734454.6617283949,{"$f":"G291+(H244-G244)*$C$12","v":1736593.3234567901},1738731.9851851852,1740870.6469135801,1743009.3086419753,1745147.9703703704,1747286.6320987653,1749425.2938271605,1751563.9555555554,1753702.6172839506,1755841.2790123457,1757979.9407407406,1760118.6024691358,1762257.2641975309,1764395.9259259258,31585452.40740741]
["Professional fees",{"$f":"B245","v":437358},2626267,2003286,1052396,8294716,8304956.3901234576,{"$f":"G292+(H245-G245)*$C$12","v":8315196.7802469144},8325437.170370372,8335677.5604938287,8345917.9506172854,8356158.3407407422,8366398.7308641989,8376639.1209876556,8386879.5111111123,8397119.901234569,8407360.2913580257,8417600.6814814825,8427841.0716049392,8438081.4617283959,8448321.8518518526,140063609.81481481]
["Other operating expenses",{"$f":"B246","v":3636834},1447904,4097558,5912042,6323931,6331738.3222222235,{"$f":"G293+(H246-G246)*$C$12","v":6339545.6444444451},6347352.9666666677,6355160.2888888903,6362967.6111111119,6370774.9333333345,6378582.2555555571,6386389.5777777787,6394196.9000000013,6402004.2222222239,6409811.5444444455,6417618.8666666681,6425426.1888888897,6433233.5111111123,6441040.8333333349,117214112.66666669]
["Total",{"$f":"B247","v":8259966},10132556,21279837,30083786,39065951,39114180.569135807,{"$f":"G294+(H247-G247)*$C$12","v":39162410.138271607},39210639.707407407,39258869.276543215,39307098.845679015,39355328.414814815,39403557.983950622,39451787.553086422,39500017.122222222,39548246.69135803,39596476.26049383,39644705.82962963,39692935.398765437,39741164.967901237,39789394.537037037,700598909.29629636]
[]
["Rental income",{"$f":"B249","v":0},0,0,0,0,{"$f":"F249+(G249-F249)*$C$12","v":1333333.3333333333},{"$f":"G296+(H249-G249)*$C$12","v":2666666.6666666665},4000000,5333333.333333333,6666666.666666667,8000000,9333333.3333333321,10666666.666666666,12000000,13333333.33333333,14666666.666666666,16000000,17333333.333333332,18666666.666666668,20000000.000000004,160000000,700000000]
[]
["Operating profit",{"$f":"B251","v":-8259966},-10132556,-21279837,-30083786,-39065951,{"$f":"G296-G294","v":-37780847.235802472},{"$f":"H296-H294","v":-36495743.471604943},-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,-540598909.29629648]
["Operational shortfall",{"$f":"B252","v":-8259966},-10132556,-21279837,-30083786,-39065951,{"$f":"IF(G298<0,G298,0)","v":-37780847.235802472},{"$f":"IF(H298<0,H298,0)","v":-36495743.471604943},-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,-540598909.29629648]
[]
["Total private investment",null,null,null,null,{"$f":"C235","v":800000000},{"$f":"$L$282/15","v":60000000},{"$f":"$L$282/15","v":60000000},60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,1700000000]
["IDZ investment",null,null,null,null,{"$f":"C233","v":191123000},{"$f":"$M$282/15","v":60000000},{"$f":"$M$282/15","v":60000000},60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,1091123000]
[]
[null,null,null,null,null,"Actual","Forecast"]
[null,null,null,null,null,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Cumulative private investment",null,null,null,null,{"$f":"F301","v":800000000},{"$f":"F306+G301","v":860000000},{"$f":"G306+H301","v":920000000},980000000,1040000000,1100000000,1160000000,1220000000,1280000000,1340000000,1400000000,1460000000,1520000000,1580000000,1640000000,1700000000]
["Cumulative IDZ CAPEX investment",null,null,null,null,{"$f":"F302","v":191123000},{"$f":"G302+F307","v":251123000},{"$f":"H302+G307","v":311123000},371123000,431123000,491123000,551123000,611123000,671123000,731123000,791123000,851123000,911123000,971123000,1031123000,1091123000]
[]
["Operational break even by increasing rental income"]
["Rental income",{"$f":"B296","v":0},{"$f":"C296","v":0},0,0,0,{"$f":"(($U$294-$F$310)/15)*B287+$F$310","v":2652626.3024691357},{"$f":"(($U$294-$F$310)/15)*C287+$F$310","v":5305252.6049382715},7957878.9074074067,10610505.209876543,13263131.512345679,15915757.814814813,18568384.117283951,21221010.419753086,23873636.72222222,26526263.024691358,29178889.327160493,31831515.629629627,34484141.932098761,37136768.234567903,39789394.537037037,{"$f":"SUM(B310:U310)","v":318315156.29629624},1153698000]
["Operational profit",{"$f":"B310-B294","v":-8259966},{"$f":"C310-C294","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.06666667,-26043967.333333336,-23439570.600000001,-20835173.866666671,-18230777.133333337,-15626380.400000002,-13021983.666666672,-10417586.933333337,-7813190.200000003,-5208793.4666666761,-2604396.7333333343,0,{"$f":"SUM(B311:U311)","v":-382283753.00000006}]
["Operational shortfall",{"$f":"IF(B311<0,B311,0)","v":-8259966},{"$f":"IF(C311<0,C311,0)","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.06666667,-26043967.333333336,-23439570.600000001,-20835173.866666671,-18230777.133333337,-15626380.400000002,-13021983.666666672,-10417586.933333337,-7813190.200000003,-5208793.4666666761,-2604396.7333333343,0,{"$f":"SUM(B312:U312)","v":-382283753.00000006}]
[]
["Operational break even by reducing operating expenditure"]
["Operating expenditure",{"$f":"B294","v":8259966},{"$f":"C294","v":10132556},21279837,30083786,39065951,{"$f":"(($U$296-$F$315)/15)*B287+$F$315","v":37794887.600000001},{"$f":"(($U$296-$F$315)/15)*C287+$F$315","v":36523824.200000003},35252760.799999997,33981697.399999999,32710634,31439570.600000001,30168507.200000003,28897443.800000004,27626380.400000002,26355317.000000004,25084253.600000001,23813190.200000003,22542126.800000004,21271063.400000006,20000000.000000004,{"$f":"SUM(B315:U315)","v":542283753}]
["Operational profit",{"$f":"B296-B315","v":-8259966},{"$f":"C296-C315","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666666,-33857157.533333339,-31252760.799999997,-28648364.066666666,-26043967.333333332,-23439570.600000001,-20835173.866666671,-18230777.13333334,-15626380.400000002,-13021983.666666673,-10417586.933333335,-7813190.200000003,-5208793.4666666724,-2604396.7333333381,0,{"$f":"SUM(B316:U316)","v":-382283753}]
["Operational shortfall",{"$f":"IF(B316<0,B316,0)","v":-8259966},{"$f":"IF(C316<0,C316,0)","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666666,-33857157.533333339,-31252760.799999997,-28648364.066666666,-26043967.333333332,-23439570.600000001,-20835173.866666671,-18230777.13333334,-15626380.400000002,-13021983.666666673,-10417586.933333335,-7813190.200000003,-5208793.4666666724,-2604396.7333333381,0,{"$f":"SUM(B317:U317)","v":-382283753}]
[]
[]
["Rental income"]
["Baseline",{"$f":"B296","v":0},{"$f":"C296","v":0},0,0,0,1333333.3333333333,2666666.6666666665,4000000,5333333.333333333,6666666.666666667,8000000,9333333.3333333321,10666666.666666666,12000000,13333333.33333333,14666666.666666666,16000000,17333333.333333332,18666666.666666668,20000000.000000004,{"$f":"SUM(B321:U321)","v":160000000}]
["Breakeven by year 20",{"$f":"IF($B$403=\"Operational breakeven through increase in income\",B310,IF($B$403=\"Operational breakeven through reduction in OPEX\",B321,\"\"))","v":0},{"$f":"IF($B$403=\"Operational breakeven through increase in income\",C310,IF($B$403=\"Operational breakeven through reduction in OPEX\",C321,\"\"))","v":0},0,0,0,2652626.3024691357,5305252.6049382715,7957878.9074074067,10610505.209876543,13263131.512345679,15915757.814814813,18568384.117283951,21221010.419753086,23873636.72222222,26526263.024691358,29178889.327160493,31831515.629629627,34484141.932098761,37136768.234567903,39789394.537037037,{"$f":"SUM(B322:U322)","v":318315156.29629624}]
[]
["OPEX"]
["Baseline",{"$f":"B294","v":8259966},{"$f":"C294","v":10132556},21279837,30083786,39065951,39114180.569135807,39162410.138271607,39210639.707407407,39258869.276543215,39307098.845679015,39355328.414814815,39403557.983950622,39451787.553086422,39500017.122222222,39548246.69135803,39596476.26049383,39644705.82962963,39692935.398765437,39741164.967901237,39789394.537037037,{"$f":"SUM(B325:U325)","v":700598909.29629636}]
["Breakeven by year 20",{"$f":"IF($B$403=\"Operational breakeven through increase in income\",B325,IF($B$403=\"Operational breakeven through reduction in OPEX\",B315,\"\"))","v":8259966},{"$f":"IF($B$403=\"Operational breakeven through increase in income\",C325,IF($B$403=\"Operational breakeven through reduction in OPEX\",C315,\"\"))","v":10132556},21279837,30083786,39065951,39114180.569135807,39162410.138271607,39210639.707407407,39258869.276543215,39307098.845679015,39355328.414814815,39403557.983950622,39451787.553086422,39500017.122222222,39548246.69135803,39596476.26049383,39644705.82962963,39692935.398765437,39741164.967901237,39789394.537037037,{"$f":"SUM(B326:U326)","v":700598909.29629636}]
[]
["Operating profit"]
["Baseline",{"$f":"B298","v":-8259966},{"$f":"C298","v":-10132556},-21279837,-30083786,-39065951,-37780847.235802472,-36495743.471604943,-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,{"$f":"SUM(B329:U329)","v":-540598909.29629648}]
["Breakeven by year 20",{"$f":"IF($B$403=\"Operational breakeven through increase in income\",B311,IF($B$403=\"Operational breakeven through reduction in OPEX\",B316,\"\"))","v":-8259966},{"$f":"IF($B$403=\"Operational breakeven through increase in income\",C311,IF($B$403=\"Operational breakeven through reduction in OPEX\",C316,\"\"))","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.06666667,-26043967.333333336,-23439570.600000001,-20835173.866666671,-18230777.133333337,-15626380.400000002,-13021983.666666672,-10417586.933333337,-7813190.200000003,-5208793.4666666761,-2604396.7333333343,0,{"$f":"SUM(B330:U330)","v":-382283753.00000006}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Breakeven","IDZ"]
[null,"Operational breakeven through increase in income","Coega"]
[null,"Operational breakeven through reduction in OPEX","East London"]
[null,"Operational breakeven through increase in income","Richards Bay"]

{"sheet":"Coega","index":6,"n_rows":41,"n_cols":23,"rows_kept":41,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline","Breakeven through rental","Breakeven through opex"]
[null,"Coega",null,null,"Gross IDZ size",111860000,null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created",null,"Total public CAPEX investment",{"$f":"U31","v":11864685000},{"$f":"S2","v":11864685000},{"$f":"T2","v":11864685000}]
[null,"Funding received to date",null,null,"Bulk infrastructure added",7200000,null,"Anchor",12,500000,6000000,6000000000,3000000000,9000000000,600000000,18000,null,"Total public Operational funding",{"$f":"-V23+C5","v":8014377000},{"$f":"-V36+C5","v":3417821669.7587814},{"$f":"-V41+C5","v":5699768199.235383}]
[null,"DTI",4364685000,null,"Total area leased",200000,null,"Medium",20,25000,500000,2000000000,2000000000,4000000000,50000000,6000,null,"Total private investment",{"$f":"U30","v":11783750000},{"$f":"S4","v":11783750000},{"$f":"T4","v":11783750000}]
[null,"Provincial",1517776000,null,"Total direct jobs created",3854,null,"Small",100,5000,500000,2500000000,2500000000,5000000000,50000000,7500,null,"Total jobs created",{"$f":"P6+F5","v":35354},{"$f":"S5","v":35354},{"$f":"T5","v":35354}]
[null,"Private investment",1283750000,null,null,null,null,"Total",null,null,7000000,10500000000,7500000000,18000000000,700000000,31500,null,"Annual public funding per job",{"$f":"((S2+S3)/S5)/20","v":28114.303897720201},{"$f":"((T2+T3)/T5)/20","v":21613.546797758077},24840.828759454915]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rental and service rate (R/sqm)",{"$f":"U20/F3","v":139.78208333333333},{"$f":"U34/F3","v":202.79569444444445}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OPEX reduction by year 20",null,null,{"$f":"U39/U18-1","v":-0.31072460036065308}]
[]
[null,"Actual",null,null,null,null,"Forecast"]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
["Staff costs",90412000,95238000,102606000,143975000,141081053,157540509.18333334,173999965.36666667,190459421.55000001,206918877.73333335,223378333.91666669,239837790.10000002,256297246.28333336,272756702.4666667,289216158.65000004,305675614.83333331,322135071.01666665,338594527.20000005,355053983.38333338,371513439.56666666,387972895.75,{"$f":"SUM(B12:U12)","v":4664662590}]
["Travel and accommodation",9248520,13093980,12004770,11850150,15928680,17787026,19645372,21503718,23362064,25220410,27078756,28937102,30795448,32653794,34512140,36370486,38228832,40087178,41945524,43803870,{"$f":"SUM(B13:U13)","v":524057820}]
["Marketing",15414200,21823300,20007950,19750250,26547800,29645043.333333336,32742286.666666668,35839530,38936773.333333336,42034016.666666664,45131260,48228503.333333328,51325746.666666672,54422990,57520233.333333328,60617476.666666664,63714720,66811963.333333336,69909206.666666657,73006450,873429700]
["Property rates",6165680,8729320,8003180,7900100,10619120,11858017.333333334,13096914.666666666,14335812,15574709.333333332,16813606.666666664,18052504,19291401.333333336,20530298.666666664,21769196,23008093.333333332,24246990.666666664,25485888,26724785.333333336,27963682.666666668,29202580,349371880]
["Professional fees",30828400,43646600,40015900,39500500,53095600,59290086.666666672,65484573.333333336,71679060,77873546.666666672,84068033.333333328,90262520,96457006.666666657,102651493.33333334,108845980,115040466.66666666,121234953.33333333,127429440,133623926.66666667,139818413.33333331,146012900,1746859400]
["Other operating expenses",156215200,253934800,217521200,172029000,283683747,316780184.15000004,349876621.30000007,382973058.45000005,416069495.60000002,449165932.75,482262369.9000001,515358807.05000007,548455244.20000005,581551681.35000014,614648118.5,647744555.6500001,680840992.80000019,713937429.95000005,747033867.10000014,780130304.25000012,9310212610.0000019]
["Total",308284000,436466000,400159000,395005000,530956000,592900866.66666663,654845733.33333325,716790600,778735466.66666675,840680333.33333325,902625200,964570066.66666675,1026514933.3333334,1088459800,1150404666.6666667,1212349533.3333335,1274294400,1336239266.6666667,1398184133.3333335,1460129000,17468594000]
[]
["Rental income",50674000,70598000,124714000,223111000,306431000,353097666.66666669,399764333.33333331,446431000,493097666.66666663,539764333.33333325,586431000,633097666.66666675,679764333.33333325,726431000,773097666.66666663,819764333.33333325,866431000,913097666.66666675,959764333.33333337,1006431000,{"$f":"SUM(B20:U20)","v":10971993000},{"$f":"U20-F20","v":700000000}]
[]
["Operating profit",-257610000,-365868000,-275445000,-171894000,-224525000,-239803199.99999994,-255081399.99999994,-270359600,-285637800.00000012,-300916000,-316194200,-331472400,-346750600.00000012,-362028800,-377307000.00000012,-392585200.00000024,-407863400,-423141600,-438419800.00000012,-453698000,{"$f":"SUM(B22:U22)","v":-6496601000}]
["Operational shortfall",{"$f":"IF(B22<0,B22,0)","v":-257610000},{"$f":"IF(C22<0,C22,0)","v":-365868000},-275445000,-171894000,-224525000,-239803199.99999994,-255081399.99999994,-270359600,-285637800.00000012,-300916000,-316194200,-331472400,-346750600.00000012,-362028800,-377307000.00000012,-392585200.00000024,-407863400,-423141600,-438419800.00000012,-453698000,{"$f":"SUM(B23:U23)","v":-6496601000}]
[]
["Total private investment",null,null,null,null,{"$f":"C6","v":1283750000},700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,700000000,{"$f":"SUM(B25:U25)","v":11783750000}]
["IDZ investment",null,null,null,null,{"$f":"C4","v":4364685000},500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,11864685000]
[]
[null,null,null,null,null,"Actual","Forecast"]
[null,null,null,null,null,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Cumulative private investment",null,null,null,null,{"$f":"C6","v":1283750000},{"$f":"G25+F30","v":1983750000},2683750000,3383750000,4083750000,4783750000,5483750000,6183750000,6883750000,7583750000,8283750000,8983750000,9683750000,10383750000,11083750000,11783750000]
["Cumulative IDZ CAPEX investment",null,null,null,null,{"$f":"C4","v":4364685000},{"$f":"G26+F31","v":4864685000},5364685000,5864685000,6364685000,6864685000,7364685000,7864685000,8364685000,8864685000,9364685000,9864685000,10364685000,10864685000,11364685000,11864685000]
[]
["Operational break even by increasing rental income"]
["Rental income",{"$f":"B20","v":50674000},{"$f":"C20","v":70598000},124714000,223111000,306431000,512273710.69882923,579977659.93462706,647681609.17042494,715385558.40622282,783089507.64202082,850793456.87781882,918497406.11361682,986201355.34941447,1053905304.5852125,1121609253.8210104,1189313203.0568082,1257017152.2926064,1324721101.5284042,1392425050.7642021,1460129000,{"$f":"SUM(B34:U34)","v":15568548330.241219},{"$f":"U34-F34","v":1153698000}]
["Operational profit",{"$f":"B34-B18","v":-257610000},{"$f":"C34-C18","v":-365868000},-275445000,-171894000,-224525000,-80627155.967837393,-74868073.398706198,-69108990.829575062,-63349908.260443926,-57590825.691312432,-51831743.122181177,-46072660.553049922,-40313577.983918905,-34554495.414787531,-28795412.845656395,-23036330.276525259,-17277247.707393646,-11518165.13826251,-5759082.5691313744,0,{"$f":"SUM(B35:U35)","v":-1900045669.7587814}]
["Operational shortfall",{"$f":"IF(B35<0,B35,0)","v":-257610000},{"$f":"IF(C35<0,C35,0)","v":-365868000},-275445000,-171894000,-224525000,-80627155.967837393,-74868073.398706198,-69108990.829575062,-63349908.260443926,-57590825.691312432,-51831743.122181177,-46072660.553049922,-40313577.983918905,-34554495.414787531,-28795412.845656395,-23036330.276525259,-17277247.707393646,-11518165.13826251,-5759082.5691313744,0,{"$f":"SUM(B36:U36)","v":-1900045669.7587814}]
[]
["Operational break even by reducing operating expenditure"]
["Operating expenditure",{"$f":"B18","v":308284000},{"$f":"C18","v":436466000},400159000,395005000,530956000,737984359.89805114,757159119.90533328,776333879.9126153,795508639.91989732,814683399.92717934,833858159.93446147,853032919.94174361,872207679.94902563,891382439.95630765,910557199.96358967,929731959.97087169,948906719.97815382,968081479.98543596,987256239.99271798,1006431000,{"$f":"SUM(B39:U39)","v":15153985199.235382}]
["Operational profit",{"$f":"B20-B39","v":-257610000},{"$f":"C20-C39","v":-365868000},-275445000,-171894000,-224525000,-384886693.23138446,-357394786.57199997,-329902879.9126153,-302410973.25323069,-274919066.59384608,-247427159.93446147,-219935253.27507687,-192443346.61569238,-164951439.95630765,-137459533.29692304,-109967626.63753843,-82475719.978153825,-54983813.318769217,-27491906.659384608,0,{"$f":"SUM(B40:U40)","v":-4181992199.235383}]
["Operational shortfall",{"$f":"IF(B40<0,B40,0)","v":-257610000},-365868000,-275445000,-171894000,-224525000,-384886693.23138446,-357394786.57199997,-329902879.9126153,-302410973.25323069,-274919066.59384608,-247427159.93446147,-219935253.27507687,-192443346.61569238,-164951439.95630765,-137459533.29692304,-109967626.63753843,-82475719.978153825,-54983813.318769217,-27491906.659384608,0,{"$f":"SUM(B41:U41)","v":-4181992199.235383}]

{"sheet":"East London","index":7,"n_rows":41,"n_cols":23,"rows_kept":41,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline","Breakeven through rental","Breakeven through opex"]
[null,"East London",null,null,"Gross IDZ size",15000000,null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created",null,"Total public CAPEX investment",{"$f":"U31","v":4515728999.999999},{"$f":"S2","v":4515728999.999999},{"$f":"T2","v":4515728999.999999}]
[null,"Funding received to date",null,null,"Bulk infrastructure added",4400000,null,"Anchor",8,500000,4000000,4000000000,2000000000,6000000000,400000000,12000,null,"Total public Operational funding",{"$f":"-V23+C5","v":2744831242.5142498},{"$f":"-V36+C5","v":2919028418.8974237},{"$f":"-V41+C5","v":3168047751.6891289}]
[null,"DTI",1453184000,null,"Total area leased",137491,null,"Medium",10,25000,250000,1000000000,1000000000,2000000000,25000000,3000,null,"Total private investment",{"$f":"U30","v":6145245000},{"$f":"S4","v":6145245000},{"$f":"T4","v":6145245000}]
[null,"Provincial",1464994000,null,"Total direct jobs created",2500,null,"Small",2.5017999999999998,5000,12508.999999999998,62544999.999999993,62544999.999999993,125089999.99999999,1250899.9999999998,187.63499999999999,null,"Total jobs created",{"$f":"P6+F5","v":17687.635000000002},{"$f":"S5","v":17687.635000000002},{"$f":"T5","v":17687.635000000002}]
[null,"Private investment",1082700000,null,null,null,null,"Total",null,null,4262509,5062545000,3062545000,8125090000,426250900,15187.635,null,"Annual public funding per job",{"$f":"((S2+S3)/S5)/20","v":20524.395269673554},{"$f":"((T2+T3)/T5)/20","v":21016.821691813013},21720.757895810057]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rental and service rate (R/sqm)",{"$f":"U20/F3","v":104.50562295454546},{"$f":"U34/F3","v":98.661120870378042}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OPEX reduction by year 20",null,null,{"$f":"U39/U18-1","v":5.9238148042590977E-2}]
[]
[null,"Actual",null,null,null,null,"Forecast"]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
["Staff costs",26574065,32179050,36895363,43478919,54467671,60096377.311601952,65725083.623203903,71353789.934805855,76982496.246407807,82611202.558009744,88239908.869611695,93868615.181213647,99497321.492815584,105126027.80441754,110754734.11601949,116383440.42762142,122012146.73922339,127640853.05082534,133269559.36242728,138898265.67402923,{"$f":"SUM(B12:U12)","v":1686054890.3922338}]
["Travel and accommodation",3814762,3537897,3298949,3265703,4025644,4441655.321487613,4857666.6429752251,5273677.9644628381,5689689.2859504502,6105700.6074380632,6521711.9289256763,6937723.2504132884,7353734.5719009005,7769745.8933885135,8185757.2148761246,8601768.5363637377,9017779.8578513507,9433791.1793389637,9849802.5008265767,10265813.822314188,{"$f":"SUM(B13:U13)","v":128248973.57851353}]
["Marketing",4168707,2595796,5814404,6193470,6986267,7708230.036705506,8430193.0734110121,9152156.1101165172,9874119.1468220223,10596082.183527529,11318045.220233034,12040008.256938539,12761971.293644045,13483934.33034955,14205897.367055055,14927860.40376056,15649823.440466067,16371786.477171574,17093749.513877079,17815712.550582584,217188213.40466064]
["Property rates",2422884,2682483,2298632,7746650,4046876,4465081.4430686133,4883286.8861372266,5301492.329205839,5719697.7722744523,6137903.2153430656,6556108.6584116779,6974314.1014802903,7392519.5445489045,7810724.9876175169,8228930.4306861302,8647135.8737547435,9065341.3168233559,9483546.7598919682,9901752.2029605806,10319957.646029195,130085318.16823354]
["Professional fees",9626895,8718299,14148667,9219522,17289895,19076638.206138462,20863381.412276924,22650124.618415389,24436867.824553851,26223611.030692313,28010354.236830778,29797097.44296924,31583840.649107702,33370583.855246164,35157327.061384626,36944070.267523088,38730813.473661557,40517556.679800019,42304299.88593848,44091043.092076942,532760887.73661554]
["Other operating expenses",36954849,41602978,51542827,64738908,83415452,92035631.136308759,100655810.27261752,109275989.40892626,117896168.54523501,126516347.68154377,135136526.81785253,143756705.95416129,152376885.09047002,160997064.22677878,169617243.36308753,178237422.49939626,186857601.63570505,195477780.77201378,204097959.90832254,212718139.0446313,2563908290.3570504]
["Total",83562162,91316503,113998842,134643172,170231805,187823613.45531088,205415421.91062179,223007230.3659327,240599038.82124358,258190847.27655447,275782655.73186541,293374464.18717623,310966272.64248717,328558081.09779805,346149889.55310893,363741698.00841981,381333506.46373075,398925314.91904163,416517123.37435251,434108931.8296634,5258246573.6373072]
[]
["Rental income",10461137,13248021,19625269,32558921,33573841,61990567.666666672,90407294.333333343,118824021,147240747.66666669,175657474.33333331,204074201,232490927.66666666,260907654.33333334,289324381,317741107.66666663,346157834.33333331,374574561,402991287.66666669,431408014.33333331,459824741,{"$f":"SUM(B20:U20)","v":4023082004},{"$f":"U20-F20","v":426250900}]
[]
["Operating profit",-73101025,-78068482,-94373573,-102084251,-136657964,-125833045.78864421,-115008127.57728845,-104183209.3659327,-93358291.154576898,-82533372.943221152,-71708454.731865406,-60883536.520509571,-50058618.309153825,-39233700.097798049,-28408781.886442304,-17583863.675086498,-6758945.4637307525,4065972.7476250529,14890890.958980799,25715809.170336604,{"$f":"SUM(B22:U22)","v":-1235164569.6373072}]
["Operational shortfall",{"$f":"IF(B22<0,B22,0)","v":-73101025},{"$f":"IF(C22<0,C22,0)","v":-78068482},-94373573,-102084251,-136657964,-125833045.78864421,-115008127.57728845,-104183209.3659327,-93358291.154576898,-82533372.943221152,-71708454.731865406,-60883536.520509571,-50058618.309153825,-39233700.097798049,-28408781.886442304,-17583863.675086498,-6758945.4637307525,0,0,0,{"$f":"SUM(B23:U23)","v":-1279837242.5142498}]
[]
["Total private investment",null,null,null,null,null,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,337503000,{"$f":"SUM(B25:U25)","v":5062545000}]
["IDZ investment",null,null,null,null,null,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,204169666.66666666,3062544999.9999995]
[]
[null,null,null,null,null,"Actual","Forecast"]
[null,null,null,null,null,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Cumulative private investment",null,null,null,null,{"$f":"C6","v":1082700000},{"$f":"G25+F30","v":1420203000},1757706000,2095209000,2432712000,2770215000,3107718000,3445221000,3782724000,4120227000,4457730000,4795233000,5132736000,5470239000,5807742000,6145245000]
["Cumulative IDZ CAPEX investment",null,null,null,null,{"$f":"C4","v":1453184000},{"$f":"G26+F31","v":1657353666.6666667},1861523333.3333335,2065693000.0000002,2269862666.666667,2474032333.3333335,2678202000,2882371666.6666665,3086541333.333333,3290710999.9999995,3494880666.666666,3699050333.3333325,3903219999.999999,4107389666.6666656,4311559333.3333321,4515728999.999999]
[]
["Operational break even by increasing rental income"]
["Rental income",{"$f":"B20","v":10461137},{"$f":"C20","v":13248021},19625269,32558921,33573841,58523730.268987715,85351244.666178837,112178759.06336994,139006273.4605611,165833787.85775217,192661302.25494331,219488816.65213442,246316331.04932559,273143845.44651669,299971359.84370774,326798874.24089891,353626388.63809001,380453903.03528118,407281417.43247223,434108931.8296634,{"$f":"SUM(B34:U34)","v":3804212154.7398834},{"$f":"U34-F34","v":400535090.8296634}]
["Operational profit",{"$f":"B34-B18","v":-73101025},-78068482,-94373573,-102084251,-136657964,-129299883.18632317,-120064177.24444295,-110828471.30256276,-101592765.36068249,-92357059.418802291,-83121353.476922095,-73885647.535041809,-64649941.593161583,-55414235.651281357,-46178529.70940119,-36942823.767520905,-27707117.825640738,-18471411.883760452,-9235705.9418802857,0,{"$f":"SUM(B35:U35)","v":-1454034418.8974237}]
["Operational shortfall",{"$f":"IF(B35<0,B35,0)","v":-73101025},{"$f":"IF(C35<0,C35,0)","v":-78068482},-94373573,-102084251,-136657964,-129299883.18632317,-120064177.24444295,-110828471.30256276,-101592765.36068249,-92357059.418802291,-83121353.476922095,-73885647.535041809,-64649941.593161583,-55414235.651281357,-46178529.70940119,-36942823.767520905,-27707117.825640738,-18471411.883760452,-9235705.9418802857,0,{"$f":"SUM(B36:U36)","v":-1454034418.8974237}]
[]
["Operational break even by reducing operating expenditure"]
["Operating expenditure",{"$f":"B18","v":83562162},{"$f":"C18","v":91316503},113998842,134643172,170231805,224493028.5585506,241302436.59008268,258111844.62161475,274921252.65314692,291730660.68467897,308540068.71621108,325349476.74774319,342158884.7792753,358968292.81080741,375777700.84233946,392587108.87387156,409396516.90540367,426205924.93693578,443015332.96846783,459824741,{"$f":"SUM(B39:U39)","v":5726135755.6891289}]
["Operational profit",{"$f":"B20-B39","v":-73101025},-78068482,-94373573,-102084251,-136657964,-162502460.89188391,-150895142.25674933,-139287823.62161475,-127680504.98648024,-116073186.35134566,-104465867.71621108,-92858549.081076533,-81251230.445941955,-69643911.810807407,-58036593.175672829,-46429274.540538251,-34821955.905403674,-23214637.270269096,-11607318.635134518,0,{"$f":"SUM(B40:U40)","v":-1703053751.6891291}]
["Operational shortfall",{"$f":"IF(B40<0,B40,0)","v":-73101025},-78068482,-94373573,-102084251,-136657964,-162502460.89188391,-150895142.25674933,-139287823.62161475,-127680504.98648024,-116073186.35134566,-104465867.71621108,-92858549.081076533,-81251230.445941955,-69643911.810807407,-58036593.175672829,-46429274.540538251,-34821955.905403674,-23214637.270269096,-11607318.635134518,0,{"$f":"SUM(B41:U41)","v":-1703053751.6891291}]

{"sheet":"Richards Bay","index":8,"n_rows":41,"n_cols":23,"rows_kept":41,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline","Breakeven through rental","Breakeven through opex"]
[null,"Richards Bay",null,null,"Gross IDZ size",10010600,null,"Actual number of tenants on IDZ","Actual tenants","Actual average size (sqm)","Total area leased (sqm)","Tenant investment","IDZ investment","Total investment","Rental income","Jobs created",null,"Total public CAPEX investment",{"$f":"U31","v":1091123000},{"$f":"S2","v":1091123000},{"$f":"T2","v":1091123000}]
[null,"Funding received to date",null,null,"Bulk infrastructure added",740000,null,"Anchor",0,500000,0,0,0,0,0,0,null,"Total public Operational funding",{"$f":"-V23+C5","v":886577909.29629648},{"$f":"-V36+C5","v":728262753},{"$f":"-V41+C5","v":728600359.98395085}]
[null,"DTI",191123000,null,"Total area leased",540000,null,"Medium",4,25000,100000,400000000,400000000,800000000,10000000,1200,null,"Total private investment",{"$f":"U30","v":1700000000},{"$f":"S4","v":1700000000},{"$f":"T4","v":1700000000}]
[null,"Provincial",345979000,null,"Total direct jobs created",180,null,"Small",20,5000,100000,500000000,500000000,1000000000,10000000,1500,null,"Total jobs created",{"$f":"P6+F5","v":2880},{"$f":"S5","v":2880},{"$f":"T5","v":2880}]
[null,"Private investment",800000000,null,null,null,null,"Total",null,null,200000,900000000,900000000,1800000000,20000000,2700,null,"Annual public funding per job",{"$f":"((S2+S3)/S5)/20","v":34335.085230838486},{"$f":"((T2+T3)/T5)/20","v":31586.558211805554},31592.419444165815]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rental and service rate (R/sqm)",{"$f":"U20/F3","v":27.027027027027032},{"$f":"U34/F3","v":53.769452077077077}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OPEX reduction by year 20",null,null,{"$f":"U39/U18-1","v":-0.49735349751594071}]
[]
[null,"Actual",null,null,null,null,"Forecast"]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,"Total"]
["Staff costs",3815643,4768149,12659122,19163358,19921643,19946237.620987657,19970832.241975311,19995426.862962965,20020021.483950619,20044616.104938272,20069210.725925926,20093805.346913584,20118399.967901237,20142994.588888891,20167589.209876545,20192183.830864199,20216778.451851852,20241373.072839506,20265967.693827163,20290562.314814817,{"$f":"SUM(B12:U12)","v":362103914.51851845}]
["Travel and accommodation",193918,0,815689,1658532,1681281,1683356.6555555556,1685432.311111111,1687507.9666666666,1689583.6222222222,1691659.2777777778,1693734.9333333333,1695810.5888888889,1697886.2444444443,1699961.9,1702037.5555555555,1704113.2111111111,1706188.8666666667,1708264.5222222223,1710340.1777777777,1712415.8333333333,29817713.666666664]
["Marketing",176213,565794,346550,767775,1112064,1113436.9185185186,1114809.8370370371,1116182.7555555557,1117555.674074074,1118928.5925925926,1120301.5111111111,1121674.4296296297,1123047.3481481483,1124420.2666666666,1125793.1851851852,1127166.1037037037,1128539.0222222223,1129911.9407407409,1131284.8592592594,1132657.7777777778,19814106.22222222]
["Property rates",0,724442,1357632,1529683,1732316,1734454.6617283949,1736593.3234567901,1738731.9851851852,1740870.6469135801,1743009.3086419753,1745147.9703703704,1747286.6320987653,1749425.2938271605,1751563.9555555554,1753702.6172839506,1755841.2790123457,1757979.9407407406,1760118.6024691358,1762257.2641975309,1764395.9259259258,31585452.40740741]
["Professional fees",437358,2626267,2003286,1052396,8294716,8304956.3901234576,8315196.7802469144,8325437.170370372,8335677.5604938287,8345917.9506172854,8356158.3407407422,8366398.7308641989,8376639.1209876556,8386879.5111111123,8397119.901234569,8407360.2913580257,8417600.6814814825,8427841.0716049392,8438081.4617283959,8448321.8518518526,140063609.81481481]
["Other operating expenses",3636834,1447904,4097558,5912042,6323931,6331738.3222222235,6339545.6444444451,6347352.9666666677,6355160.2888888903,6362967.6111111119,6370774.9333333345,6378582.2555555571,6386389.5777777787,6394196.9000000013,6402004.2222222239,6409811.5444444455,6417618.8666666681,6425426.1888888897,6433233.5111111123,6441040.8333333349,117214112.66666669]
["Total",8259966,10132556,21279837,30083786,39065951,39114180.569135807,39162410.138271607,39210639.707407407,39258869.276543215,39307098.845679015,39355328.414814815,39403557.983950622,39451787.553086422,39500017.122222222,39548246.69135803,39596476.26049383,39644705.82962963,39692935.398765437,39741164.967901237,39789394.537037037,700598909.29629636]
[]
["Rental income",0,0,0,0,0,1333333.3333333333,2666666.6666666665,4000000,5333333.333333333,6666666.666666667,8000000,9333333.3333333321,10666666.666666666,12000000,13333333.33333333,14666666.666666666,16000000,17333333.333333332,18666666.666666668,20000000.000000004,{"$f":"SUM(B20:U20)","v":160000000},{"$f":"U20-F20","v":20000000.000000004}]
[]
["Operating profit",-8259966,-10132556,-21279837,-30083786,-39065951,-37780847.235802472,-36495743.471604943,-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,{"$f":"SUM(B22:U22)","v":-540598909.29629648}]
["Operational shortfall",{"$f":"IF(B22<0,B22,0)","v":-8259966},{"$f":"IF(C22<0,C22,0)","v":-10132556},-21279837,-30083786,-39065951,-37780847.235802472,-36495743.471604943,-35210639.707407407,-33925535.943209879,-32640432.179012347,-31355328.414814815,-30070224.65061729,-28785120.886419758,-27500017.122222222,-26214913.358024701,-24929809.593827166,-23644705.82962963,-22359602.065432105,-21074498.301234569,-19789394.537037034,{"$f":"SUM(B23:U23)","v":-540598909.29629648}]
[]
["Total private investment",null,null,null,null,null,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,{"$f":"SUM(B25:U25)","v":900000000}]
["IDZ investment",null,null,null,null,null,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,60000000,900000000]
[]
[null,null,null,null,null,"Actual","Forecast"]
[null,null,null,null,null,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Cumulative private investment",null,null,null,null,{"$f":"C6","v":800000000},{"$f":"G25+F30","v":860000000},920000000,980000000,1040000000,1100000000,1160000000,1220000000,1280000000,1340000000,1400000000,1460000000,1520000000,1580000000,1640000000,1700000000]
["Cumulative IDZ CAPEX investment",null,null,null,null,{"$f":"C4","v":191123000},{"$f":"G26+F31","v":251123000},311123000,371123000,431123000,491123000,551123000,611123000,671123000,731123000,791123000,851123000,911123000,971123000,1031123000,1091123000]
[]
["Operational break even by increasing rental income"]
["Rental income",{"$f":"B20","v":0},{"$f":"C20","v":0},0,0,0,2652626.3024691353,5305252.6049382705,7957878.9074074058,10610505.209876541,13263131.512345675,15915757.814814812,18568384.117283944,21221010.419753082,23873636.722222216,26526263.024691347,29178889.327160489,31831515.629629623,34484141.932098761,37136768.234567896,39789394.537037037,{"$f":"SUM(B34:U34)","v":318315156.29629618},{"$f":"U34-F34","v":39789394.537037037}]
["Operational profit",{"$f":"B34-B18","v":-8259966},{"$f":"C34-C18","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.066666674,-26043967.33333334,-23439570.600000001,-20835173.866666678,-18230777.13333334,-15626380.400000006,-13021983.666666683,-10417586.933333341,-7813190.2000000067,-5208793.4666666761,-2604396.7333333418,0,{"$f":"SUM(B35:U35)","v":-382283753.00000006}]
["Operational shortfall",{"$f":"IF(B35<0,B35,0)","v":-8259966},{"$f":"IF(C35<0,C35,0)","v":-10132556},-21279837,-30083786,-39065951,-36461554.266666673,-33857157.533333339,-31252760.800000001,-28648364.066666674,-26043967.33333334,-23439570.600000001,-20835173.866666678,-18230777.13333334,-15626380.400000006,-13021983.666666683,-10417586.933333341,-7813190.2000000067,-5208793.4666666761,-2604396.7333333418,0,{"$f":"SUM(B36:U36)","v":-382283753.00000006}]
[]
["Operational break even by reducing operating expenditure"]
["Operating expenditure",{"$f":"B18","v":8259966},{"$f":"C18","v":10132556},21279837,30083786,39065951,37839901.864526756,36565623.159917697,35291344.455308646,34017065.750699595,32742787.046090543,31468508.341481488,30194229.636872433,28919950.932263382,27645672.22765433,26371393.523045279,25097114.81843622,23822836.113827169,22548557.409218114,21274278.704609059,20000000.000000004,{"$f":"SUM(B39:U39)","v":542621359.98395073}]
["Operational profit",{"$f":"B20-B39","v":-8259966},{"$f":"C20-C39","v":-10132556},-21279837,-30083786,-39065951,-36506568.53119342,-33898956.493251033,-31291344.455308646,-28683732.417366263,-26076120.379423875,-23468508.341481488,-20860896.303539101,-18253284.265596718,-15645672.22765433,-13038060.189711949,-10430448.151769554,-7822836.1138271689,-5215224.0758847818,-2607612.0379423909,0,{"$f":"SUM(B40:U40)","v":-382621359.98395079}]
["Operational shortfall",{"$f":"IF(B40<0,B40,0)","v":-8259966},-10132556,-21279837,-30083786,-39065951,-36506568.53119342,-33898956.493251033,-31291344.455308646,-28683732.417366263,-26076120.379423875,-23468508.341481488,-20860896.303539101,-18253284.265596718,-15645672.22765433,-13038060.189711949,-10430448.151769554,-7822836.1138271689,-5215224.0758847818,-2607612.0379423909,0,{"$f":"SUM(B41:U41)","v":-382621359.98395079}]