By Penny Lynch
This workbook presents an in depth description of the way to devise and construct a pre-financial shut venture Finance funds movement version. offering adequate idea to provide the context for every modelling subject, it specializes in special sensible equipment. issues coated contain remedy of versatile timing assumptions, inflation, a number of currencies, round calculations, debt and fairness calculations, disguise components and IRRs and using the version to supply substitute base case situations and sensitivity situations. the recent version contains revisions to equipment and methods and new themes built in accordance with marketplace adjustments. encompasses a new part on optimization, protecting the idea and perform of optimising sales and/or investment buildings to satisfy particular constraints comparable to conceal issue and IRR necessities, while focusing on results reminiscent of lowest possible NPV of venture sales. The workbook concludes with a sequence of routines which paintings throughout the technique of development a version from a suite of illustrative info. Spreadsheets accompany the workbook and feature been re-written to mirror the equipment and rules within the new version, and to incorporate the recent themes. the place proper the recent variation additionally describes strategies for either 2003 and 2007 types of Excel.
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Additional resources for Financial Modelling for Project Finance, 2nd Edition
Example text
Column E is again narrow and provides an empty ‘buffer’ between totals and formulae, which is useful when copying formulae back across a row, and when writing formulae that need to reference values in the preceding period. 00’ required for inflation factor calculations, as well as providing a further empty cell facilitating consistency when writing formulae looking back over the two preceding periods (some annual calculations). ●⊑ Column G onwards comprise the timeline, all columns consistently representing sequential six month time periods, over the total timescale covered by the model.
3). 2 of values for annual calculations Grouping of values for annual calculations B 1 Full Scheme Base Case 2 Worklines Sheet 3 All values without labelled units are in millions $a C D labelled single values or Totals 11 Simple annual mask (start year) E F pretime line G H half years >>>>>>> Jul 2011 Jan 2012 to Dec '11 to Jun '12 0 1 0 I >>> Jul 2012 to Dec '12 1 J J M Jan 2013 to Jun '13 Jan 2014 to Jun '14 ……… ……… 0 1 ………. 20 ………. 50 ………. I11 The ‘INDEX’ function can be used when annually spaced values, rather than the total for the year are required, for example, balances on loans or deposits.
For simplicity, consistency, and to reduce the risk of run-time errors, choices of this type should be driven from the data using switches. When specifying a switch there is much to recommend using a simple numeric input to select between the available options. This is clear, unambiguous, and often suitable for direct use as a parameter in the formulae using the switch. Text inputs, or even drop-down lists, lose one or both of these benefits. Switches: example 1 Let us take as an example a road project, for which figures are being analysed based on three traffic forecasts, identified as low, medium and high forecasts.
