Please help ....

D

Demarc

New Member
Joined
Jul 31, 2011
Messages
10
Hi all,

I am trying to do a sensitivity analysis in excel and have a question. The spread sheet I have is a 10 year Forward Cash Flow (FCF) that is linked to a sensitivity cell. If I enter -10% in the sensitivity it reduces the FCF's by 10% etc. Now I want to calculate the NPV of the FCF's and I have a table that I want to populate from -30% to +30% sensitvity. I need a formula that sets the sensitivity cell to X then calculates the NPV, i.e. when sensitivity = X, NPV = ?. Calculating the NPV is simple and doing the calculations individually is simple, the problem I am having is getting them all in the table at once.

I hope this makes sense.
 

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Hi,

Welcome to the forum!

Maybe you can create a table like

A B
<TABLE style="WIDTH: 102pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=136><COLGROUP><COL style="WIDTH: 54pt; mso-width-source: userset; mso-width-alt: 2633" width=72><COL style="WIDTH: 48pt" width=64><TBODY><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; WIDTH: 54pt; HEIGHT: 15pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63 height=20 width=72>Sensitivity</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; WIDTH: 48pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63 width=64>NPV</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>-30%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>-20%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>-10%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>0%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>10%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>20%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl64 height=20 align=right>30%</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl63> </TD></TR></TBODY></TABLE>

Insert your formula in B2 referring to A2 and simply copy down

HTH

M.
 
Upvote 0
<TABLE style="WIDTH: 748pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=996><COLGROUP><COL style="WIDTH: 14pt; mso-width-source: userset; mso-width-alt: 694" width=19><COL style="WIDTH: 82pt; mso-width-source: userset; mso-width-alt: 3986" width=109><COL style="WIDTH: 13pt; mso-width-source: userset; mso-width-alt: 621; mso-outline-parent: collapsed" width=17><COL style="WIDTH: 37pt; mso-width-source: userset; mso-width-alt: 1792" width=49><COL style="WIDTH: 39pt; mso-width-source: userset; mso-width-alt: 1901" width=52><COL style="WIDTH: 38pt; mso-width-source: userset; mso-width-alt: 1865" width=51><COL style="WIDTH: 20pt; mso-width-source: userset; mso-width-alt: 950" width=26><COL style="WIDTH: 25pt; mso-width-source: userset; mso-width-alt: 1206" width=33><COL style="WIDTH: 48pt; mso-width-source: userset; mso-width-alt: 2340" span=10 width=64><TBODY><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 14pt; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17 width=19></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 82pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782 width=109>Revenue</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 13pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782 width=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 37pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783 width=49>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; WIDTH: 39pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 width=52 align=right>12,801 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: #ffff99; WIDTH: 38pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl784 width=51 align=right>0%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 20pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" width=26></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; WIDTH: 25pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" width=33></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>950 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,359 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: silver; WIDTH: 48pt; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl786 width=64 align=right>1,499 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>Opex (incl. Royalties)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 align=right>(5,634)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>Capital Costs</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 align=right>194 </TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right> </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>Working Capital (WC)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 align=right>(246)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD></TR><TR style="HEIGHT: 13.5pt" height=18><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 13.5pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=18></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>Tax</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 align=right>(1,998)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808>- </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>(7)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>()</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>()</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>(</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>)</TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white; BORDER-RIGHT: white 0.5pt solid" class=xl808 align=right>()</TD></TR><TR style="HEIGHT: 13.5pt" height=18><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 13.5pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=18></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl788>Total FCF</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0 0.5pt" class=xl787 align=right>5,117 </TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>(1,523)</TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>366 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>536 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>608 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>609 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>609 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>610 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>610 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>611 </TD><TD style="BORDER-BOTTOM: #f0f0f0 1pt; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0 1pt; BORDER-RIGHT: white 0.5pt dotted" class=xl809 align=right>2,080 </TD></TR><TR style="HEIGHT: 8.25pt; mso-height-source: userset" height=11><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 8.25pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=11></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>Discount Factor</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810></TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD><TD style="BORDER-BOTTOM: white 0.5pt solid; BORDER-LEFT: white; BACKGROUND-COLOR: transparent; BORDER-TOP: white 0.5pt solid; BORDER-RIGHT: white 0.5pt solid" class=xl810> </TD></TR><TR style="HEIGHT: 13.5pt" height=18><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 13.5pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=18></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 6.75pt; mso-height-source: userset" height=9><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: purple 1.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 6.75pt; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl790 height=9></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl791></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl792></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl793></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl792></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: #f0f0f0" class=xl792></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: purple 1.5pt solid; BORDER-RIGHT: purple 1.5pt solid" class=xl794></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 14.25pt" height=19><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: purple 1.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 14.25pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl795 height=19></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl782>NPV</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl783>A$M</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0 0.5pt; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl785></TD><TD style="BORDER-BOTTOM: windowtext 1.5pt solid; BORDER-LEFT: windowtext 1.5pt solid; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 1.5pt solid; BORDER-RIGHT: windowtext 1.5pt solid" class=xl789 align=right>xxxx</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: purple 1.5pt solid" class=xl796></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 6pt; mso-height-source: userset" height=8><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: purple 1.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 6pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl797 height=8></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl798></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl798></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl798></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl798></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl798></TD><TD style="BORDER-BOTTOM: purple 1.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: purple 1.5pt solid" class=xl799></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 8.25pt; mso-height-source: userset" height=11><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 8.25pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=11></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl813 colSpan=7>Change in Iron Ore Prices (%)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl805>-30%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl806>-20%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl806>-10%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl806>0%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl806>10%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: #f0f0f0" class=xl806>20%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl807>30%</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=17></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl800>NPV (A$M)</TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: silver; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl801></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812>:confused: </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl812></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR><TR style="HEIGHT: 4.5pt; mso-height-source: userset" height=6><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; HEIGHT: 4.5pt; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" height=6></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl802></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl803></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl803></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl803></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl803></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0" class=xl803></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: windowtext 0.5pt solid" class=xl804></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD><TD style="BORDER-BOTTOM: #f0f0f0; BORDER-LEFT: #f0f0f0; BACKGROUND-COLOR: transparent; BORDER-TOP: #f0f0f0; BORDER-RIGHT: #f0f0f0"></TD></TR></TBODY></TABLE>

Hi Marcelo,

The relevant spread sheet is above.

The yellow sensitivity cell is what I need to change (currently set at 0%, lets call it cell A1). When I do this manually the total FCF line changes. The NPV formula then uses this changed FCF to calculate the new NPV. In the bottom most table I need each cell to calculate the NPV based on the sensitivity figure directly above. I need a formula that will set the sensitivity (A1) to the value above then work out the NPV based on the new FCF figures.

Hope this helps,

Marcus
 
Last edited:
Upvote 0
Hi Marcus,

What are the formulas to:
calculate the Total FCF based in the sensitivity cell
and
calculate the NPV based in the variable Total FCF ?

M.
 
Upvote 0
Hi Marcelo,

A number entered into the sensitivity cell simply changes the revenue line by that amount, i.e. by entering -10% it reduces all the revenue by 10%.

The FCF is simply a sum of all the cells in the column above.

The formula in the boxed NPV cell (xxxx) is =NPV(0.1,L44:U44), L44:U44 is simply the sum of all the FCF's.

I hope that is what you were after,

Marcus
 
Upvote 0
Marcus,

I was not asking about the NPV xxxx. I would like to know the formula to calculate the NPV(s) getting the figures just above (where you put the :confused:)

:)

M.
 
Upvote 0
Marcelo,

the cell with :confused: is what I am trying to work out a formula for, at present there is no formula in this cell. The row of %ages above, i.e. -30% -20% ..... +30% are just numbers entered into the cell.

In :confused: this cell I need a formula that says 'change the sensitivity cell (yellow cell I called A1 above) to the percentage above (i.e. -30%) and then tell me what the NPV is based on the resulting FCF's'

The FCF will have changed because the formula will force the yellow cell to be a certain percentage which changes the revenue line (from a base revenue) for the purpose of the calculation only.

I am having trouble explaining it exactly but I hope that helps, I appreciate your help.

Marcus
 
Upvote 0
Marcus,

I'm little confused...

What exactly are you trying to calculate?

NPV = Net Present Value of an investment

see this
http://www.techonthenet.com/excel/formulas/npv.php


So we need discount_rate, value1, value2...

I understood that the Revenue changes accordingly with the value in the sensitivity cell, but where i put Total FCF in the formula to calculate the NPV?

The formula(s) must be something like

=NPV(discount-rate, value1, value2....)

M.
 
Upvote 0
Marcelo,

Sorry for not being overly helpful with my explinations.

The NPV formula in the :confused: cells will be based on a discount rate of 10% and the total FCF that are bolded above, the formula is

=NPV(0.1,L44:U44)

However, when I enter a the relevant sensitivity in the yelow box the FCF's change L44:U44. You will see the NPV cell that is boxed in a purple colour, that is there to calculate the NPV once I manually enter a number in the sensitivity box, i.e. 14.2%. By enetering this number the revenue line increases by 14.2% each year and this increases the FCF as revenue is part of the sum in calculating FCF. This part of the spread sheet is no problems.

The table below is the problem. In each cell directly under the percentage figure I would like to have the answer to the NPV based on the sensitivity number in the cell above it without having to enter it manually into the yellow sensitivity box. So again I need it to compute NPV(0.1,L44:U44) after automatically telling the sensitivity cell to read the % above and basing the NPV calculation on a 10% discount rate (0.1 in the formula) and the revised FCF's in the cells L44:U44.

Marcus
 
Upvote 0
Let the sensitivity cell (yellow) = A1
Let the cell above the :confused: with the value -30% = A8
Let the FCF cells be L44:U44 from left to right
Let the discount rate be 10%

The answer I need in the :confused: cell, without manually entering anything into the sensitivity cell, is something like;

Hypothetically make A1 = A8 Then calculate NPV(0.1, L44:U44)

This formula will calculate the new FCF (L44:U44) for the purpose of working out the NPV but they will not be shown in the FCF cells as the figure in A8 was never pysically entered into the yellow cell. The FCF numbers will still be reference to what is actually physically in the sensitivity cell, currently 0%.


Trying to be more clear,
Marcus
 
Upvote 0
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