{"text_format":"1","workbook":"xlsx","n_sheets":62,"sheets":["dummy_database","Briquette Tech","Raw mat_Pellet","Pellet Tech","Investment_Pellet","Title","START","Process Description","Energy Demand","STORAGE_RES1","STORAGE_RES2","STORAGE_RES3","STORAGE_RES4","Data entry needs","FA4_RURAL_RES1","FA40_RURAL_RES1","FA400_RURAL_RES1","FA4000_RURAL_RES1","FA4_URBAN_RES1","FA40_URBAN_RES1","FA400_URBAN_RES1","FA4000_URBAN_RES1","Investment_Briquette","COST_RES1","Label","PRICE_RES1","COST_RES2","PRICE_RES2","COST_RES3","PRICE_RES3","COST_RES4","PRICE_RES4","FA4_RURAL_RES2","FA40_RURAL_RES2","FA400_RURAL_RES2","FA4000_RURAL_RES2","FA4_URBAN_RES2","FA40_URBAN_RES2","FA400_URBAN_RES2","FA4000_URBAN_RES2","FA4_RURAL_RES3","FA40_RURAL_RES3","FA400_RURAL_RES3","FA4000_RURAL_RES3","FA4_URBAN_RES3","FA40_URBAN_RES3","FA400_URBAN_RES3","FA4000_URBAN_RES3","FA4_RURAL_RES4","FA40_RURAL_RES4","FA400_RURAL_RES4","FA4000_RURAL_RES4","FA4_URBAN_RES4","FA40_URBAN_RES4","FA400_URBAN_RES4","FA4000_URBAN_RES4","Summary of results-by feedstock","Summary of results-fs1 print","Summary of results-fs2 print","Summary of results-fs3 print","Summary of results-fs4 print","Summary of results-comparative"],"not_rendered":{"charts":189,"images":62,"macros":1,"external_links":0,"defined_names":546,"comments":39,"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":"dummy_database","index":0,"n_rows":32,"n_cols":18,"rows_kept":32,"cut":false,"hidden":true,"merged":[]}
["From Natutal Resources, Start or Crop budget"]
[null,"From energy sheet"]
[null,"Residue1","Residue2","Residue3","Residue4",null,null,null,null,null,null,null,null,null,"Moisture (%)","Particle size (mm)","%Residue dry basis","%Residue wet basis"]
[{"$f":"title420","v":"Amount (ton per year)"},2500,3000,3500,1000,null,null,null,null,null,null,{"$f":"title426","v":"barley"},{"$f":"title427","v":"straw"},{"$f":"+L4&M4","v":"barleystraw"},0.08,7,0.22999999999999998,{"$f":"+Q4/(1-O4)","v":0.24999999999999997}]
[{"$f":"title421","v":"Feedstock yield (ton per ha)"},80,90,100,110,null,null,null,null,null,null,{"$f":"title82","v":"cacao"},{"$f":"title428","v":"pods"},{"$f":"+L5&M5","v":"cacaopods"},0.09,8,0.34409999999999996,{"$f":"+Q5/(1-O5)","v":0.37813186813186805}]
[{"$f":"title422","v":"Cost (dedicated wood)"},100,200,300,400,null,null,null,null,null,null,{"$f":"title83","v":"cassava"},{"$f":"title429","v":"stalk"},"cassavastalk",0.08,8,0.13500000000000001,0.14673913043478262]
[{"$f":"title325","v":"Unskilled labour wage"},1,{"$f":"title424","v":"USD/Person/h"},null,null,null,null,null,null,null,null,{"$f":"title84","v":"coconut"},{"$f":"title430","v":"fronds"},"coconutfronds",0.09,6,0.34870000000000001,0.38318681318681319]
[{"$f":"title321","v":"Skilled labour wage"},1.5,{"$f":"title424","v":"USD/Person/h"},null,null,null,null,null,null,null,null,{"$f":"title84","v":"coconut"},{"$f":"title431","v":"husk"},"coconuthusk",0.09,8,0.34870000000000001,0.38318681318681319]
[{"$f":"title423","v":"Price Fuel"},2,"USD/L",null,null,null,null,null,null,null,null,{"$f":"title84","v":"coconut"},{"$f":"title432","v":"shell"},"coconutshell",0.09,8,0.34870000000000001,0.38318681318681319]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title85","v":"coffee"},{"$f":"title431","v":"husk"},"coffeehusk",0.09,6,0.4093,0.44978021978021976]
["Energy consumption profile proxies available on: http://www.indexmundi.com/commodities/",null,null,null,null,null,null,null,null,null,null,{"$f":"title86","v":"cotton"},{"$f":"title433","v":"hull"},"cottonhull",0.09,6,0.43500000000000005,0.47802197802197804]
[null,{"$f":"title354","v":"Rural"},null,null,null,{"$f":"title355","v":"Urban"},null,null,null,null,null,{"$f":"title86","v":"cotton"},{"$f":"title429","v":"stalk"},"cottonstalk",0.08,7,0.43500000000000005,0.47282608695652178]
["Energy consumption/household","Units","Units","Energy consumption/household",null,"Units","Units",null,null,null,null,{"$f":"title87","v":"groundnut"},{"$f":"title431","v":"husk"},"groundnuthusk",0.09,7,0.54720000000000002,0.60131868131868127]
["in Rural Area","Price",{"$f":"title30","v":"Consumption"},"in Urban Area",null,"Price",{"$f":"title30","v":"Consumption"},null,null,null,null,{"$f":"title88","v":"maize"},{"$f":"title434","v":"cob"},"maizecob",0.08,6,0.11899999999999999,0.1293478260869565]
[null,"USD/kg",{"$f":"title51","v":"kg/day"},null,null,"USD/kg",{"$f":"title51","v":"kg/day"},null,null,null,null,{"$f":"title88","v":"maize"},{"$f":"title431","v":"husk"},"maizehusk",0.09,7,0.11899999999999999,0.13076923076923075]
[{"$f":"title425","v":"Pellet"},0.1,0,{"$f":"title425","v":"Pellet"},null,0.15,0,null,null,null,null,{"$f":"title88","v":"maize"},{"$f":"title435","v":"Stover"},"maizeStover",0.09,8,0.11899999999999999,0.13076923076923075]
[{"$f":"title38","v":"Fuel wood"},0.06,9.3000000000000007,{"$f":"title38","v":"Fuel wood"},null,0.06,0,null,null,null,null,{"$f":"title89","v":"millet"},{"$f":"title427","v":"straw"},"milletstraw",0.09,6,0.11,0.12087912087912088]
[{"$f":"title39","v":"Charcoal"},0.11,0,{"$f":"title39","v":"Charcoal"},null,0.11,1,null,null,null,null,{"$f":"title90","v":"oat"},{"$f":"title427","v":"straw"},"oatstraw",0.09,8,0.62929999999999997,0.69153846153846144]
[{"$f":"title41","v":"Kerosene"},0.57999999999999996,1,{"$f":"title41","v":"Kerosene"},null,0.57999999999999996,9,null,null,null,null,{"$f":"title91","v":"oil palm"},{"$f":"title436","v":"empty bunches"},"oil palmempty bunches",0.08,6,0.31559999999999999,0.34304347826086956]
[{"$f":"title42","v":"LPG"},0.64,0,{"$f":"title42","v":"LPG"},null,0.64,1,null,null,null,null,{"$f":"title91","v":"oil palm"},{"$f":"title430","v":"fronds"},"oil palmfronds",0.08,8,0.31559999999999999,0.34304347826086956]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title91","v":"oil palm"},{"$f":"title432","v":"shell"},"oil palmshell",0.09,7,0.31559999999999999,0.34681318681318679]
["Country","Tanzania, Republic of",null,null,null,null,null,null,null,null,null,{"$f":"title92","v":"rice"},{"$f":"title427","v":"straw"},"ricestraw",0.08,6,0.32938181818181822,0.35802371541501982]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title92","v":"rice"},{"$f":"title431","v":"husk"},"ricehusk",0.09,7,0.32938181818181822,0.36195804195804199]
[null,null,null,null,null,null,null,null,null,null,null,"rye",{"$f":"title427","v":"straw"},"ryestraw",0.09,6,0.39200000000000002,0.43076923076923079]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title93","v":"sorghum"},{"$f":"title437","v":"straw/stalk"},"sorghumstraw/stalk",0.08,7,0.14500000000000002,0.15760869565217392]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title94","v":"soybean"},{"$f":"title427","v":"straw"},"soybeanstraw",0.08,8,0.65399999999999991,0.7108695652173912]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title94","v":"soybean"},{"$f":"title428","v":"pods"},"soybeanpods",0.09,7,0.65399999999999991,0.71868131868131857]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title95","v":"sugarcane"},{"$f":"title438","v":"tops/leaves"},"sugarcanetops/leaves",0.08,8,0.16500000000000001,0.17934782608695651]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title95","v":"sugarcane"},{"$f":"title439","v":"bagasse"},"sugarcanebagasse",0.08,7,0.16500000000000001,0.17934782608695651]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title96","v":"wheat"},{"$f":"title427","v":"straw"},"wheatstraw",0.09,6,0.128,{"$f":"+Q30/(1-O30)","v":0.14065934065934066}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title487","v":"Forest"},{"$f":"title489","v":"Harv. Res."},{"$f":"+L31&M31","v":"ForestHarv. Res."},0.08,6,0.11,{"$f":"+Q31/(1-O31)","v":0.11956521739130434}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"title488","v":"Wood"},{"$f":"title490","v":"Proc. Res."},{"$f":"+L32&M32","v":"WoodProc. Res."},0.08,7,0.14000000000000001,{"$f":"+Q32/(1-O32)","v":0.15217391304347827}]

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[]
[null,"Briquetting technologies comparison"]
[]
[null,"Briquetting technologies","Screw press","Piston Press ","Roller press",{"$f":"title485","v":"Pellet mill"},{"$f":"title484","v":"Agglomerator"},{"$f":"title272","v":"Manual"}]
[null,"Production capacity (kg/hr)","150 kg/hr","200 - 2,500 kg/hr","900-1,500 kg/hr","200 - 8,000 kg/hr","No information","6 kg/hr"]
[null,"Optimum moisture content of the raw material","8–9%"," 10–15%"," 10–15%"," 10–15%","No information","up to 80%"]
[null,"Particle size","Smaller ","Larger","Larger","Smaller","Smaller-powder","Smaller-fiber"]
[null,"Wear of contact parts ","High","Low","High","High","Low","Low"]
[null,"Output from machine","Continuous","In strokes","Continuous","Continuous","Continuous","In strokes"]
[null,"Specific energy consumption (kWh/ton)","36.8-150","37.4-77","29.91-83.1","16.4-74.5","No information","No electricity "]
[null,"Through puts (ton/hr) ",0.5,2.5,"5.0-10.0",5,"No information","No information"]
[null,"Density of briquette","1-1.4 g/cm3","1-1.2 g/cm3","0.6-0.7 g/cm3","0.7-0.8 g/cm3","0.4-0.5 g/cm3","No information"]
[null,"Maintenance","Low","High","Low","Low","Low","Low"]
[null,"Combustion performance of briquettes","Very good","Moderate","Moderate","Very good","No information","Moderate"]
[null,"Carbonization of charcoal ","Makes good charcoal","Not possible","Not possible","Not possible","Not possible","Yes"]
[null,"Suitability in gasifiers ","Suitable","Suitable","Suitable","Suitable","Suitable","No information"]
[null,"Suitability for cofiring","Suitable","Suitable","Suitable","Suitable","Suitable","Suitable"]
[null,"Suitability for biochemical conversion","Not suitable","Suitable","Suitable","Suitable","No information","No information"]
[null,"Homogeneity of densified biomass","Homogenous","Not homogenous","Not homogenous","Homogenous","Homogenous","Homogenous"]
[null,"Cost (USD)",1350,"20,000-30,000","14,000-19,000","No information","No information",150]
[]
[null,"Source: Tumuluru et al., 2010"]

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[]
[null,"Raw material conversion factor for biomass pelleting project"]
[null,"Summary of Specifications for Four Different Pelleting Equipment (Pellet mill) [1]"]
[null,"Biomass consumption based on pelleting machine"]
[null,"Technology","Bulk density improvement"]
[null,{"$f":"title485","v":"Pellet mill"},800]
[]
[null,"Water consumption","kg of Briquette per m3","Ref"]
[null,"2.5 ton of pellets/h",4166.6665999999996,"http://www.teccon.at/pdf/PELLETTOWER.pdf"]
[null,"10 ton of pellets/h",0.6]
[]
[null,"Binding agent","Binding agent consumption (%mass)","Ref"]
[null,{"$f":"title103","v":"None"},10000000000]
[null,{"$f":"title328","v":"Ground maize starch"},2,"http://www.teccon.at/pdf/PELLETTOWER.pdf"]
[null,{"$f":"title329","v":"Cassava flour"},10]
[null,{"$f":"title330","v":"Maize flour"},10]
[null,{"$f":"title331","v":"Wheat flour"},10]
[]
[null,"Estimated Electricity consumption based on pelleting machine","Average kWh per Ton of Pellet","Ref"]
[null,{"$f":"title485","v":"Pellet mill"},{"$f":"(16.4+74.5)/2","v":45.45},"Tumuluru et al. 2010. A Review on Biomass"]

{"sheet":"Pellet Tech","index":3,"n_rows":30,"n_cols":9,"rows_kept":30,"cut":false,"hidden":true,"merged":[[0,5,0,6],[3,4,3,8],[23,1,23,5],[24,1,24,7],[29,1,29,8]]}
[null,null,null,null,null,"Pellet mill has two types of pellet presses [6]"]
[null,null,null,null,null,"Ring die","Flat die"]
[]
[null,null,null,null,"Summary of Specifications for Four Different Pelleting Equipment (Pellet mill) [2]"]
[null,"Pelleting technologies","Pellet mill [1]-[4]",null,"Company","La Meccanica","NOVA Pellet","Kerry Die","Amandus Kahl"]
[null,"Production capacity (kg/hr)","200 - 8000",null,"Model","CLM 800 P LG (Ring Die)","N-Plus  (Ring Die)","B-Mass (Ring Die)","60-1250 (Flat Die)"]
[null,"Optimum moisture content of the raw material"," 10–15%",null,"Roller Quantity",2,"Unknown",6,"4 – 5"]
[null,"Shape of pellets","cylindrical",null,"Drive Power (kW)","Up to 280",160,450,"3 - 500"]
[null,"Time of spheronization (min)","No information",null,"Energy Consumption","Unknown","Unknown","Unknown","40 – 60 KWh/t"]
[null,"Motor speed (rpm)",750,null,"Capacity (ton/h)","2.3 – 3","Up to 2.5",10,"15 – 20"]
[null,"Particle size (mm)","Smaller (2-18) [2]",null,"Operation Mode","Continuous","Continuous","Continuous","Continuous"]
[null,"Wear of contact parts ","High",null,"Weight (kg)",10800,7500,"Unknown",9370]
[null,"Output from machine","Continuous",null,"Roll Diameter (mm)","Unknown",245,250,450]
[null,"Specific energy consumption (kWh/ton)","16.4-74.5",null,"Motor speed (rpm)",750,"Unknown",1490,"Unknown"]
[null,"Through puts (ton/hr) ",5,null,"Roller Speed (m/s)","6.5 – 7.5","Variable","variable",2.5]
[null,"Density of pellet (kg/m3)","700-800 ",null,"Die Diameter (mm)","Unknown",580,840,"175 – 1250"]
[null,"Maintenance","Low",null,"Input Density (kg/m3)","Unknown","Unknown","Unknown",150]
[null,"Combustion performance of pellets","Very good",null,"Output Density (kg/m3)","Unknown","Unknown","Unknown","550 – 650"]
[null,"Homogeneity of densified biomass","Homogenous",null,"Feedstock Moisture","Unknown","8 – 12%","Unknown","12 – 15 wt%"]
[null,"Cost (USD)","900-1050 [5]",null,"Feedstock Size","Unknown","0.5 – 1.5 mm","Unknown","4 mm"]
[null,null,null,null,"Pellet Moisture","9 – 12 wt%","Unknown","Unknown","12 wt%"]
[null,null,null,null,"Pellet diameter (mm)",6,6,8,"2 – 30"]
[null,"References"]
[null,"[1] Tumuluru et al. 2010. A Review on Biomass\nDensification\nTechnologies for Energy\nApplication"]
[null,"[2] Bimal Acharya. Torrefaction and Pelletization of Different Forms of Biomass of Ontario. Thesis of Master of Applied Science. 2013 in Engineering "]
[null,"[3] http://shzhengchang-892205.en.gongchang.com/product/13077488"]
[null,"[4] http://www.feedmachinery.com/"]
[null,"[5] www.alibaba.com"]
[null,"[6] Sui Lam et al. 2013 Chapter 5 Pretreatment and Pelletization\nof Woody Biomass"]
[null,"[7] Assessing the Technology Options for Creating a BIOHEAT Industry in Alberta, Resource Efficient Agricultural Production (REAP)- Canada. 2008"]

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[null,{"$f":"15*1000/2400","v":6.25},{"$f":"2400*(4/1000)*$D$23","v":0},{"$f":"2400*2*$D$23","v":0},{"$f":"4800*6*$D$25","v":0},{"$f":"4800*15*$D$27","v":0}]
[null,"Investment cost of pellet project",null,null,null,null,0.6]
[null,null,"http://www.col-int.com/pellet-presses-dies-c-129/lab-pellet-presses-c-129_130/manual-presses-c-129_130_143/manual-pellet-press-with-builtin-hydraulic-pump-lpm15t-p-310.html","2 tonnes/h",null,null,"http://www.biomass.ubc.ca/docs/Publications/2006-05-22%20Economics%20of%20pelletization.pdf"]
[null,"Pellet Process Operations","4 kg/h","40 kg/h","400 kg/h","4000 kg/h","Equipment","Installation","Building"]
[null,null,"Total Cost (USD) ","Total Cost (USD) ","Total Cost (USD) ","Total Cost (USD) ","6 t/h","6 t/h","6 t/h"]
[null,"Hammer mill ",43.775999999999996,{"$f":"G6*(40/1000/6)^$G$2","v":2968.2227878041185},{"$f":"$G6*(0.4/6)^$G$2","v":11816.707756251109},{"$f":"$G6*(4/6)^$G$2","v":47043.160900986943},60000,24000]
[null,"Pellet mill ",1499,{"$f":"G7*(40/1000/6)^$G$2","v":15583.169635971622},{"$f":"$G7*(0.4/6)^$G$2","v":62037.715720318331},{"$f":"$G7*(4/6)^$G$2","v":246976.59473018144},315000,160000]
[null,"Pellet cooler ",null,1583.0521534955299,6302.2441366672592,25089.685813859702,32000,24000]
[null,"Screening ",null,1187.2891151216475,4726.683102500444,18817.264360394776,24000,14000]
[null,"Packing ",87.551999999999992,3957.630383738825,15755.610341668147,62724.214534649254,80000,15000]
[null,"Miscelaneous",{"$f":"F11*(4/1000/6)^$G$2","v":1558.8720550633875},7915.26076747765,31511.220683336294,125448.42906929851,160000,68000]
[null,"Total cost ",{"$f":"SUM(C6:C11)","v":3189.2000550633875},{"$f":"SUM(D6:D11)","v":33194.624843609396},132150.18174074159,526099.34940937068,{"$f":"SUM(G6:G11)","v":671000},{"$f":"SUM(H6:H11)","v":305000},112000]
[]
[]
[null,"Capacity (kg/h)","Installation Cost (Pelleting & Cooling Plant) USD","Building Cost USD"]
[]
[null,4,{"$f":"143.155","v":143.155},{"$f":"$I$12*(4/1000/6)^$G$2","v":1391.756528658105}]
[null,40,{"$f":"$H$12*(4/100/6)^$G$2","v":15088.465838004269},{"$f":"$I$12*(40/1000/6)^$G$2","v":5540.6825372343546}]
[null,400,{"$f":"$H$12*(400/1000/6)^$G$2","v":60068.264427609807},{"$f":"$I$12*(400/1000/6)^$G$2","v":22057.854478335405}]
[null,4000,{"$f":"$H$12*(4/6)^$G$2","v":239136.0679133503},{"$f":"$I$12*(4/6)^$G$2","v":87813.900348508963}]

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["FR","French",2]
["ES","Spanish",3]
[]
["ID","English","French","Spanish","Typeof","Ref","Name"]
[1,1,2,3]
[2,"RAPID APPRAISAL TOOL FOR PELLETS PRODUCTION","L'OUTIL DE L'ÉVALUATION RAPIDE DE LA PRODUCTION DES GRANULÉS DE BOIS","HERRAMIENTA DE EVALUACIÓN RÁPIDA PARA LA PRODUCCIÓN DE PELLETS","title",{"$f":"HLOOKUP($C$2,$B$8:$D9,$A9,FALSE)","v":"RAPID APPRAISAL TOOL FOR PELLETS PRODUCTION"},{"$f":"$E9&$A9","v":"title2"}]
[3,"Disclaimer ","Déni de responsabilité ","Descargo de Responsabilidad ","title",{"$f":"HLOOKUP($C$2,$B$8:$D10,$A10,FALSE)","v":"Disclaimer "},"title3"]
[4,"FAO declines all responsibility for errors or deficiencies in the database or software or in the documentation accompanying it, for program maintenance and upgrading as well as for any damage that may arise from them.  FAO also declines any responsibility for updating the data and assumes no responsibility for errors and omissions in the data provided. Users are, however, kindly asked to report any errors or deficiencies in this product to FAO.  The choices of calculation made in this tool are those of the author(s) and do not necessarily reflect the views and choices of the Food and Agriculture Organization of the United Nations.","La FAO décline toute responsabilité quant aux erreurs ou défauts des textes du présent site et des bases de données y afférentes, ainsi que pour les dommages pouvant en résulter. La FAO décline également toute responsabilité quant à la mise à jour des données et se dégage de toute responsabilité quant aux erreurs ou omissions concernant les données fournies. Les utilisateurs sont toutefois invités à signaler toute erreur ou lacune de ce produit à la FAO. Les choix  des calculs faits  dans le présent outil sont celles du/des auteur(s) et ne reflètent pas nécessairement les choix et opinions de l’Organisation des Nations Unies pour l’alimentation et l’agriculture (FAO).","La FAO declina cualquier responsabilidad por errores u otros defectos del banco de datos, programa o de la documentación que los acompaña, o por cualquier daño derivado de ellos, así como por el mantenimiento y el mejoramiento de los programas. La FAO declina asimismo cualquier responsabilidad por la actualización de los datos, o por errores u omisiones en los datos que se han proporcionado. Se pide no obstante a los usuarios que señalen eventuales errores o defectos de este producto a la FAO. La elección de los cálculos presente en esta herramienta son las del/de los autor(es) y no reflejan necesariamente  las opiniones y elecciones de la Organización de las Naciones Unidas para la Agricultura y la Alimentación.","title",{"$f":"HLOOKUP($C$2,$B$8:$D11,$A11,FALSE)","v":"FAO declines all responsibility for errors or deficiencies in the database or software or in the documentation accompanying it, for program maintenance and upgrading as well as for any damage that may arise from them.  FAO also declines any responsibility for updating the data and assumes no responsibility for errors and omissions in the data provided. Users are, however, kindly asked to report any errors or deficiencies in this product to FAO.  The choices of calculation made in this tool are those of the author(s) and do not necessarily reflect the views and choices of the Food and Agriculture Organization of the United Nations."},"title4"]
[5,"BIOMASS PELLET SYSTEM FOR RURAL/URBAN ENERGY","SYSTÈME DE PRODUCTION DES GRANULÉS DE BOIS POUR L'ÉNERGIE RURALE/URBAINE","SISTEMA DE PRODUCCIÓN DE PELLETS PARA ENERGÍA RURAL/URBANA","title",{"$f":"HLOOKUP($C$2,$B$8:$D12,$A12,FALSE)","v":"BIOMASS PELLET SYSTEM FOR RURAL/URBAN ENERGY"},"title5"]
[6,"Moist Biomass","Biomasse Humide","Biomasa Húmeda","title",{"$f":"HLOOKUP($C$2,$B$8:$D13,$A13,FALSE)","v":"Moist Biomass"},"title6"]
[7,"Cutting","Coupe","Cortado","title",{"$f":"HLOOKUP($C$2,$B$8:$D14,$A14,FALSE)","v":"Cutting"},"title7"]
[8,"Milling","Broyage","Molido","title",{"$f":"HLOOKUP($C$2,$B$8:$D15,$A15,FALSE)","v":"Milling"},"title8"]
[9,"Pelleting","Production du granulés de bois","Pelletizado","title",{"$f":"HLOOKUP($C$2,$B$8:$D16,$A16,FALSE)","v":"Pelleting"},"title9"]
[10,"Cooling","Refroidissement","Enfriamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D17,$A17,FALSE)","v":"Cooling"},"title10"]
[11,"Pellet Packing and Storage","Emballage et stockage des granulés de bois","Embalado y Almacenamiento de los pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D18,$A18,FALSE)","v":"Pellet Packing and Storage"},"title11"]
[12,"Distribute to Market ","Distribution au marché","Distribución al mercado","title",{"$f":"HLOOKUP($C$2,$B$8:$D19,$A19,FALSE)","v":"Distribute to Market "},"title12"]
[13,"Industrial","Industriel ","Industrial ","title",{"$f":"HLOOKUP($C$2,$B$8:$D20,$A20,FALSE)","v":"Industrial"},"title13"]
[14,"Commercial","Commercial","Comercial","title",{"$f":"HLOOKUP($C$2,$B$8:$D21,$A21,FALSE)","v":"Commercial"},"title14"]
[15,"Residential","Résidentiel ","Residencial","title",{"$f":"HLOOKUP($C$2,$B$8:$D22,$A22,FALSE)","v":"Residential"},"title15"]
[16,"Wood pellet specifications","Caractéristiques des granulés de bois","Especificaciones de los pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D23,$A23,FALSE)","v":"Wood pellet specifications"},"title16"]
[17,"Particle size: 6mm to 8mm for domestic and small scale systems, 10-12 mm  for larger systems","Taille de la particule: 6 à 8mm pour les systèmes à petite échelle et à échelle nationale, 10-12 mm pour les systèmes plus grands","Tamaño de las particulas: 6 a 8 mm para uso doméstico y a pequeña escala, 10 a 12 mm para sistemas de mayor tamaño","title",{"$f":"HLOOKUP($C$2,$B$8:$D24,$A24,FALSE)","v":"Particle size: 6mm to 8mm for domestic and small scale systems, 10-12 mm  for larger systems"},"title17"]
[18,"Moisture content: less than 10%","Teneur en Humidité: moins de 10%","Contenido de Humedad: menor a 10%","title",{"$f":"HLOOKUP($C$2,$B$8:$D25,$A25,FALSE)","v":"Moisture content: less than 10%"},"title18"]
[19,"Calorific value: less than 4.7kWh/kg","Pouvoir Calorifique: moins de 4.7kWh/kg","Poder calorífico: menor a 4.7 kWh/kg","title",{"$f":"HLOOKUP($C$2,$B$8:$D26,$A26,FALSE)","v":"Calorific value: less than 4.7kWh/kg"},"title19"]
[20,"Ash content: less than 1% (low), less than 3% (standard) or less than 6% (high); to be clearly labelled","Teneur en cendres : moins de 1% (faible), moins de 3% (standard) ou moins de 6% (élevé); doit être clairement mentionné","Contenido de cenizas: menor a 1% (bajo), menor a 3% (standard) o menor a 6% (alto); debe ser claramente mencionado","title",{"$f":"HLOOKUP($C$2,$B$8:$D27,$A27,FALSE)","v":"Ash content: less than 1% (low), less than 3% (standard) or less than 6% (high); to be clearly labelled"},"title20"]
[21,"Bulk density: less than 600 kg/m3","Densité volumique: moins de 600 kg/m3","Densidad volumétrica (bulk density): menor a 600 kg/m3","title",{"$f":"HLOOKUP($C$2,$B$8:$D28,$A28,FALSE)","v":"Bulk density: less than 600 kg/m3"},"title21"]
[22,"Sulfur content: less than 300 ppm","Teneur en soufre: moins de 300 ppm","Contenido de sulfuro: menor a 300 ppm","title",{"$f":"HLOOKUP($C$2,$B$8:$D29,$A29,FALSE)","v":"Sulfur content: less than 300 ppm"},"title22"]
[23,"Chlorine: less than: 800ppm","Chlore: moins de 800ppm","Cloro: menor a 800 ppm","title",{"$f":"HLOOKUP($C$2,$B$8:$D30,$A30,FALSE)","v":"Chlorine: less than: 800ppm"},"title23"]
[24,"Only additives: lignin and trace amounts of vegetable oil as a die lubricant","Les seuls additifs: la lignine et des infimes quantités d'huile végétale en tant que lubrifiant de matrice","Aditivos únicos: lignina y rastros de aceites vegetales usados para teñir","title",{"$f":"HLOOKUP($C$2,$B$8:$D31,$A31,FALSE)","v":"Only additives: lignin and trace amounts of vegetable oil as a die lubricant"},"title24"]
[25," ENERGY DEMAND FOR PELLET PRODUCTION","DEMANDE EN ÉNERGIE POUR LA PRODUCTION DE GRANULÉS DE BOIS ","DEMANDA DE ENERGÍA PARA LA PRODUCCIÓN DE PELLETS","title",{"$f":"HLOOKUP($C$2,$B$8:$D32,$A32,FALSE)","v":" ENERGY DEMAND FOR PELLET PRODUCTION"},"title25"]
[26,"Energy Consumption per Household (hh)","Consommation d'Énergie par Ménages (hh)","Consumo de energía por hogar (hh)","title",{"$f":"HLOOKUP($C$2,$B$8:$D33,$A33,FALSE)","v":"Energy Consumption per Household (hh)"},"title26"]
[27,"Rural Households","Ménages Ruraux ","Hogar Rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D34,$A34,FALSE)","v":"Rural Households"},"title27"]
[28,"Urban Households","Ménages Urbains","Hogar Urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D35,$A35,FALSE)","v":"Urban Households"},"title28"]
[29,"Market price","Prix du Marché","Precio de Mercado","title",{"$f":"HLOOKUP($C$2,$B$8:$D36,$A36,FALSE)","v":"Market price"},"title29"]
[30,"Consumption","Consommation","Consumo","title",{"$f":"HLOOKUP($C$2,$B$8:$D37,$A37,FALSE)","v":"Consumption"},"title30"]
[31,"Energy expenditure","Dépense d'énergie","Gasto en energía","title",{"$f":"HLOOKUP($C$2,$B$8:$D38,$A38,FALSE)","v":"Energy expenditure"},"title31"]
[32,"Pellet consumption equivalent ","Consommation de granulés de bois équivalent","Consumo equivalente de pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D39,$A39,FALSE)","v":"Pellet consumption equivalent "},"title32"]
[33,"Unit/day/hh","Unité/jour/hh","Unidad/día/hh","title",{"$f":"HLOOKUP($C$2,$B$8:$D40,$A40,FALSE)","v":"Unit/day/hh"},"title33"]
[34,"t/year","t/an","t/año","title",{"$f":"HLOOKUP($C$2,$B$8:$D41,$A41,FALSE)","v":"t/year"},"title34"]
[35,"USD/year","USD/an","USD/año","title",{"$f":"HLOOKUP($C$2,$B$8:$D42,$A42,FALSE)","v":"USD/year"},"title35"]
[36,"t/year/hh","t/an/hh","t/año/hh","title",{"$f":"HLOOKUP($C$2,$B$8:$D43,$A43,FALSE)","v":"t/year/hh"},"title36"]
[37,"Coal","Charbon ","Carbón","title",{"$f":"HLOOKUP($C$2,$B$8:$D44,$A44,FALSE)","v":"Coal"},"title37"]
[38,"Fuel wood","Bois de feu","Leña","title",{"$f":"HLOOKUP($C$2,$B$8:$D45,$A45,FALSE)","v":"Fuel wood"},"title38"]
[39,"Charcoal","Charbon de Bois","Carbón vegetal","title",{"$f":"HLOOKUP($C$2,$B$8:$D46,$A46,FALSE)","v":"Charcoal"},"title39"]
[40,"Natural Gas","Gaz Naturel","Gas Natural","title",{"$f":"HLOOKUP($C$2,$B$8:$D47,$A47,FALSE)","v":"Natural Gas"},"title40"]
[41,"Kerosene","Kérosène ","Queroseno","title",{"$f":"HLOOKUP($C$2,$B$8:$D48,$A48,FALSE)","v":"Kerosene"},"title41"]
[42,"LPG","GPL","GPL","title",{"$f":"HLOOKUP($C$2,$B$8:$D49,$A49,FALSE)","v":"LPG"},"title42"]
[43,"BIOMASS STORAGE CALCULATION FOR ","LE CALCUL DU STOCKAGE DE LA BIOMASSE POUR ","CÁLCULO DEL ALMACENAMIENTO DE BIOMASA PARA","title",{"$f":"HLOOKUP($C$2,$B$8:$D50,$A50,FALSE)","v":"BIOMASS STORAGE CALCULATION FOR "},"title43"]
[44,"Biomass safety stock rate definition","Définition du Taux de stockage de sécurité de la biomasse","Definición del nivel de stock de biomasa de seguridad","title",{"$f":"HLOOKUP($C$2,$B$8:$D51,$A51,FALSE)","v":"Biomass safety stock rate definition"},"title44"]
[45,"Capacities (tons of pellet per hour)","Capacités (tonnes de granulés de bois par heure)","Capacidad (toneladas de pellets por hora)","title",{"$f":"HLOOKUP($C$2,$B$8:$D52,$A52,FALSE)","v":"Capacities (tons of pellet per hour)"},"title45"]
[46,"Biomass consumption","Consommation de biomasse","Consumo de biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D53,$A53,FALSE)","v":"Biomass consumption"},"title46"]
[47,"Biomass production yield within a specific distance","Rendement de la production de biomasse à une distance donnée","Rendimiento en la producción de biomasa dentro una distancia específica","title",{"$f":"HLOOKUP($C$2,$B$8:$D54,$A54,FALSE)","v":"Biomass production yield within a specific distance"},"title47"]
[48,"Biomass safety stock rate","Taux de stock de sécurité de la matière première","Nivel de stock de biomasa de seguridad","title",{"$f":"HLOOKUP($C$2,$B$8:$D55,$A55,FALSE)","v":"Biomass safety stock rate"},"title48"]
[49,"Biomass stock pile capacity","La capacité de stockage en pile de la biomasse","Capacidad de acópio de biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D56,$A56,FALSE)","v":"Biomass stock pile capacity"},"title49"]
[50,"t/month","t/mois","t/mes","title",{"$f":"HLOOKUP($C$2,$B$8:$D57,$A57,FALSE)","v":"t/month"},"title50"]
[51,"kg/day","kg/jour","kh/día","title",{"$f":"HLOOKUP($C$2,$B$8:$D58,$A58,FALSE)","v":"kg/day"},"title51"]
[52,"Maximum storage definition","Définition du stockage maximal","Definición del almacenamiento máximo","title",{"$f":"HLOOKUP($C$2,$B$8:$D59,$A59,FALSE)","v":"Maximum storage definition"},"title52"]
[53,"(ton per year)","(tonne par an)","(tonelada por año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D60,$A60,FALSE)","v":"(ton per year)"},"title53"]
[54,"Harvest Month Selection","Sélection du Mois de la Récolte ","Selección de los meses de recolección","title",{"$f":"HLOOKUP($C$2,$B$8:$D61,$A61,FALSE)","v":"Harvest Month Selection"},"title54"]
[55,"Storage Month","Mois de stockage","Meses de almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D62,$A62,FALSE)","v":"Storage Month"},"title55"]
[56,"Cumulative  Storage (t)","Stockage cumulatif (t)","Almacenamiento acumulado (t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D63,$A63,FALSE)","v":"Cumulative  Storage (t)"},"title56"]
[57,"January","Janvier","Enero","title",{"$f":"HLOOKUP($C$2,$B$8:$D64,$A64,FALSE)","v":"January"},"title57"]
[58,"February","Février","Febrero","title",{"$f":"HLOOKUP($C$2,$B$8:$D65,$A65,FALSE)","v":"February"},"title58"]
[59,"March","Mars","Marzo","title",{"$f":"HLOOKUP($C$2,$B$8:$D66,$A66,FALSE)","v":"March"},"title59"]
[60,"April","Avril","Abril","title",{"$f":"HLOOKUP($C$2,$B$8:$D67,$A67,FALSE)","v":"April"},"title60"]
[61,"May","Mai","Mayo","title",{"$f":"HLOOKUP($C$2,$B$8:$D68,$A68,FALSE)","v":"May"},"title61"]
[62,"June","Juin","Junio","title",{"$f":"HLOOKUP($C$2,$B$8:$D69,$A69,FALSE)","v":"June"},"title62"]
[63,"July","Juillet","Julio","title",{"$f":"HLOOKUP($C$2,$B$8:$D70,$A70,FALSE)","v":"July"},"title63"]
[64,"August","Août","Agosto","title",{"$f":"HLOOKUP($C$2,$B$8:$D71,$A71,FALSE)","v":"August"},"title64"]
[65,"September","Septembre","Septiembre","title",{"$f":"HLOOKUP($C$2,$B$8:$D72,$A72,FALSE)","v":"September"},"title65"]
[66,"October","Octobre","Octubre","title",{"$f":"HLOOKUP($C$2,$B$8:$D73,$A73,FALSE)","v":"October"},{"$f":"$E73&$A73","v":"title66"}]
[67,"November","Novembre","Noviembre","title",{"$f":"HLOOKUP($C$2,$B$8:$D74,$A74,FALSE)","v":"November"},"title67"]
[68,"December","Décembre","Diciembre","title",{"$f":"HLOOKUP($C$2,$B$8:$D75,$A75,FALSE)","v":"December"},"title68"]
[69,"Maximum Storage Capacity Required (t)","Capacité de stockage maximale requise (t)","Capacidad máxima requerida de almacenamiento (t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D76,$A76,FALSE)","v":"Maximum Storage Capacity Required (t)"},"title69"]
[70,"Minimum Safety Storage (t)","Stockage de sécurité minimal (t)","Nivel mínimo de stock de seguridad (t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D77,$A77,FALSE)","v":"Minimum Safety Storage (t)"},"title70"]
[71,"Monthly Consumption of Biomass Stocked","Consommation mensuelle de la Biomasse stockée","Consumo mensual de la biomasa almacenada","title",{"$f":"HLOOKUP($C$2,$B$8:$D78,$A78,FALSE)","v":"Monthly Consumption of Biomass Stocked"},"title71"]
[72,"DATA ENTRY FOR BIOMASS IN PELLET PRODUCTION","DONNEES D'ENTREE POUR LA BIOMASSE DANS LA PRODUCTION DE GRANULES DE BOIS","DATOS DE ENTRADA PARA LA PRODUCCIÓN DE PELLETS DE BIOMASA","title",{"$f":"HLOOKUP($C$2,$B$8:$D79,$A79,FALSE)","v":"DATA ENTRY FOR BIOMASS IN PELLET PRODUCTION"},"title72"]
[73,"Use white cells to input data","Utilisez les cellules blanches pour saisir les données","Utilice las celdas blancas para ingresar los datos","title",{"$f":"HLOOKUP($C$2,$B$8:$D80,$A80,FALSE)","v":"Use white cells to input data"},"title73"]
[74,"Grey cells are used for calculations","Les cellules grises sont utilisées pour les calculs","Utilice las celdas grises para los cálculos","title",{"$f":"HLOOKUP($C$2,$B$8:$D81,$A81,FALSE)","v":"Grey cells are used for calculations"},"title74"]
[75,"Feedstock Availability and Cost","Disponibilité et Coût des Matières Premières","Disponibilidad y costo de la materia prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D82,$A82,FALSE)","v":"Feedstock Availability and Cost"},"title75"]
[76,"Feedstock ","Matière première ","Materia Prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D83,$A83,FALSE)","v":"Feedstock "},"title76"]
[77,"Feedstock available (t/year)","Matières premières disponibles (t/an)","Materia prima disponible (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D84,$A84,FALSE)","v":"Feedstock available (t/year)"},"title77"]
[78,"Feedstock yield (t/ha)","Rendement des Matières premières","Rendimiento de las materias primas (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D85,$A85,FALSE)","v":"Feedstock yield (t/ha)"},"title78"]
[79,"Moisture content","Teneur en Humidité","Contenido de humedad","title",{"$f":"HLOOKUP($C$2,$B$8:$D86,$A86,FALSE)","v":"Moisture content"},"title79"]
[80,"Feedstock price (USD/t)","Prix des matières premières (USD/t)","Precio de materia prima (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D87,$A87,FALSE)","v":"Feedstock price (USD/t)"},"title80"]
[81,"Please Select","Sélectionnez","Seleccione","title",{"$f":"HLOOKUP($C$2,$B$8:$D88,$A88,FALSE)","v":"Please Select"},"title81"]
[82,"cacao","cacao","cacao","title",{"$f":"HLOOKUP($C$2,$B$8:$D89,$A89,FALSE)","v":"cacao"},"title82"]
[83,"cassava","manioc","yuca","title",{"$f":"HLOOKUP($C$2,$B$8:$D90,$A90,FALSE)","v":"cassava"},"title83"]
[84,"coconut","noix de coco","coco","title",{"$f":"HLOOKUP($C$2,$B$8:$D91,$A91,FALSE)","v":"coconut"},"title84"]
[85,"coffee","café","café","title",{"$f":"HLOOKUP($C$2,$B$8:$D92,$A92,FALSE)","v":"coffee"},"title85"]
[86,"cotton","coton","algodón","title",{"$f":"HLOOKUP($C$2,$B$8:$D93,$A93,FALSE)","v":"cotton"},"title86"]
[87,"groundnut","arachide","cacahuete","title",{"$f":"HLOOKUP($C$2,$B$8:$D94,$A94,FALSE)","v":"groundnut"},"title87"]
[88,"maize","maïs","maíz","title",{"$f":"HLOOKUP($C$2,$B$8:$D95,$A95,FALSE)","v":"maize"},"title88"]
[89,"millet","millet","mijo","title",{"$f":"HLOOKUP($C$2,$B$8:$D96,$A96,FALSE)","v":"millet"},"title89"]
[90,"oat","avoine","avena","title",{"$f":"HLOOKUP($C$2,$B$8:$D97,$A97,FALSE)","v":"oat"},"title90"]
[91,"oil palm","palmier à huile","palma aceitera","title",{"$f":"HLOOKUP($C$2,$B$8:$D98,$A98,FALSE)","v":"oil palm"},"title91"]
[92,"rice","riz","arroz","title",{"$f":"HLOOKUP($C$2,$B$8:$D99,$A99,FALSE)","v":"rice"},"title92"]
[93,"sorghum","sorgho","sorgo","title",{"$f":"HLOOKUP($C$2,$B$8:$D100,$A100,FALSE)","v":"sorghum"},"title93"]
[94,"soybean","soja","soja","title",{"$f":"HLOOKUP($C$2,$B$8:$D101,$A101,FALSE)","v":"soybean"},"title94"]
[95,"sugarcane","canne à sucre","caña de azúcar","title",{"$f":"HLOOKUP($C$2,$B$8:$D102,$A102,FALSE)","v":"sugarcane"},"title95"]
[96,"wheat","blé","trigo","title",{"$f":"HLOOKUP($C$2,$B$8:$D103,$A103,FALSE)","v":"wheat"},"title96"]
[97,"Forest Harvesting Residues","Résidus de l'exploitation forestière","Residuos de la explotación forestal","title",{"$f":"HLOOKUP($C$2,$B$8:$D104,$A104,FALSE)","v":"Forest Harvesting Residues"},"title97"]
[98,"Wood Processing Residues","Résidus de la transformation du bois","Residuos del procesamiento de la madera","title",{"$f":"HLOOKUP($C$2,$B$8:$D105,$A105,FALSE)","v":"Wood Processing Residues"},"title98"]
[99,"Chemical binder","Liant Chimique","Aglutinante químico","title",{"$f":"HLOOKUP($C$2,$B$8:$D106,$A106,FALSE)","v":"Chemical binder"},"title99"]
[100,"Binder cost (USD/t)","Coût du liant (USD/t)","Costo del aglutinante (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D107,$A107,FALSE)","v":"Binder cost (USD/t)"},"title100"]
[101,"Feedstock storage cost (USD/t)","Coût de stockage des matières premières (USD/t)","Costo de almacenamiento de la materia prima (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D108,$A108,FALSE)","v":"Feedstock storage cost (USD/t)"},"title101"]
[102,"yes","oui","si","title",{"$f":"HLOOKUP($C$2,$B$8:$D109,$A109,FALSE)","v":"yes"},"title102"]
[103,"None","Aucun","Ninguno","title",{"$f":"HLOOKUP($C$2,$B$8:$D110,$A110,FALSE)","v":"None"},"title103"]
[104,"Production Cost and Financial Parameters","Coût de Production et Paramètres Financiers","Costo de producción y parámetros financieros","title",{"$f":"HLOOKUP($C$2,$B$8:$D111,$A111,FALSE)","v":"Production Cost and Financial Parameters"},"title104"]
[105,"Utilities","Utilitaires","Servicios","title",{"$f":"HLOOKUP($C$2,$B$8:$D112,$A112,FALSE)","v":"Utilities"},"title105"]
[106,"Water","Eau","Agua","title",{"$f":"HLOOKUP($C$2,$B$8:$D113,$A113,FALSE)","v":"Water"},"title106"]
[107,"Unit","Unité","Unidad","title",{"$f":"HLOOKUP($C$2,$B$8:$D114,$A114,FALSE)","v":"Unit"},"title107"]
[108,"Electricity","Électricité","Electricidad","title",{"$f":"HLOOKUP($C$2,$B$8:$D115,$A115,FALSE)","v":"Electricity"},"title108"]
[109,"Labour","Main d’oeuvre","Mano de obra","title",{"$f":"HLOOKUP($C$2,$B$8:$D116,$A116,FALSE)","v":"Labour"},"title109"]
[110,"Skilled worker","Ouvrier qualifié","Trabajadores cualificados","title",{"$f":"HLOOKUP($C$2,$B$8:$D117,$A117,FALSE)","v":"Skilled worker"},"title110"]
[111,"USD/person-hour","USD/personne-heure","USD/persona-hora","title",{"$f":"HLOOKUP($C$2,$B$8:$D118,$A118,FALSE)","v":"USD/person-hour"},"title111"]
[112,"Unskilled worker","Ouvrier non-qualifié","Trabajadores no cualificados","title",{"$f":"HLOOKUP($C$2,$B$8:$D119,$A119,FALSE)","v":"Unskilled worker"},"title112"]
[113,"Feedstock collection","Collecte des matières premières","Recolección de la materia prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D120,$A120,FALSE)","v":"Feedstock collection"},"title113"]
[114,"Working hours per day (manual)","Heures de travail par jour (manuel)","Horas de trabajo por día (manual)","title",{"$f":"HLOOKUP($C$2,$B$8:$D121,$A121,FALSE)","v":"Working hours per day (manual)"},"title114"]
[115,"Diesel price","Prix du Diesel","Precio del diésel","title",{"$f":"HLOOKUP($C$2,$B$8:$D122,$A122,FALSE)","v":"Diesel price"},"title115"]
[116,"h/day","h/jour","h/día","title",{"$f":"HLOOKUP($C$2,$B$8:$D123,$A123,FALSE)","v":"h/day"},"title116"]
[117,"Working hours per day (mechanized)","Heures de travail par jour (mécanisé )","Horas de trabajo por día (mecanizado)","title",{"$f":"HLOOKUP($C$2,$B$8:$D124,$A124,FALSE)","v":"Working hours per day (mechanized)"},"title117"]
[118,"Price of pellets","Prix des granulés de bois","Precio de los pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D125,$A125,FALSE)","v":"Price of pellets"},"title118"]
[119,"Market price (rural areas)","Prix du Marché (zone rurale)","Precio de mercado (zona rural)","title",{"$f":"HLOOKUP($C$2,$B$8:$D126,$A126,FALSE)","v":"Market price (rural areas)"},"title119"]
[120,"Market price (urban areas)","Prix du Marché (zone urbaine)","Precio de mercado (zona urbana)","title",{"$f":"HLOOKUP($C$2,$B$8:$D127,$A127,FALSE)","v":"Market price (urban areas)"},"title120"]
[121,"Transportation cost ","Frais du transport","Costo de transporte","title",{"$f":"HLOOKUP($C$2,$B$8:$D128,$A128,FALSE)","v":"Transportation cost "},"title121"]
[122,"Feedstock (farm to briquette plant)","Matières premières (de la ferme à l'usine de briquettes)","Materia Prima (granja a la planta de briquetaje)","title",{"$f":"HLOOKUP($C$2,$B$8:$D129,$A129,FALSE)","v":"Feedstock (farm to briquette plant)"},"title122"]
[123,"Feedstock (farm to pellets plant)","Matières premières (de la ferme à l'usine de granulés de bois)","Materia Prima (granja a la planta de pelletizado)","title",{"$f":"HLOOKUP($C$2,$B$8:$D130,$A130,FALSE)","v":"Feedstock (farm to pellets plant)"},"title123"]
[124,"Product (pellets plant to market)","Produit (de l'usine de granulés de bois au marché)","Producto (planta pelletizado al mercado)","title",{"$f":"HLOOKUP($C$2,$B$8:$D131,$A131,FALSE)","v":"Product (pellets plant to market)"},"title124"]
[125,"Operating parameters","Paramètres de fonctionnement","Parámetros de operación","title",{"$f":"HLOOKUP($C$2,$B$8:$D132,$A132,FALSE)","v":"Operating parameters"},"title125"]
[126,"Operating days per year","Jours de fonctionnement par an ","Días de operación por año","title",{"$f":"HLOOKUP($C$2,$B$8:$D133,$A133,FALSE)","v":"Operating days per year"},"title126"]
[127,"Operating hours per day (manual-max. 8h)","Heures de fonctionnement par jour (Manuel-max. 8h)","Horas de operación por día","title",{"$f":"HLOOKUP($C$2,$B$8:$D134,$A134,FALSE)","v":"Operating hours per day (manual-max. 8h)"},"title127"]
[128,"days/year","jours/an","días/año","title",{"$f":"HLOOKUP($C$2,$B$8:$D135,$A135,FALSE)","v":"days/year"},"title128"]
[129,"Storage safety rate of product","Taux de sécurité de stockage du produit ","Nivel de stock de seguridad para el producto","title",{"$f":"HLOOKUP($C$2,$B$8:$D136,$A136,FALSE)","v":"Storage safety rate of product"},"title129"]
[130,"Operating hours per day (semi-mechanized)","Heures de fonctionnement par jour (semi-mécanisée)","Horas de operación por dia (semi mecanizada)","title",{"$f":"HLOOKUP($C$2,$B$8:$D137,$A137,FALSE)","v":"Operating hours per day (semi-mechanized)"},{"$f":"$E137&$A137","v":"title130"}]
[131,"Other costs","Autres coûts","Otros costos","title",{"$f":"HLOOKUP($C$2,$B$8:$D138,$A138,FALSE)","v":"Other costs"},"title131"]
[132,"Plant overhead (%)","Frais généraux de l'usine (%)","Gastos generales de planta (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D139,$A139,FALSE)","v":"Plant overhead (%)"},"title132"]
[133,"Maintenance (%)","Maintenance (%)","Mantenimiento (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D140,$A140,FALSE)","v":"Maintenance (%)"},"title133"]
[134,"Miscellaneous (%)","Divers","Gastos miscelaneos (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D141,$A141,FALSE)","v":"Miscellaneous (%)"},"title134"]
[135,"General and administrative (%)","Frais généraux et administratifs (%)","Generales y administrativos (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D142,$A142,FALSE)","v":"General and administrative (%)"},"title135"]
[136,"Financial parameters","Paramètres financiers","Parámetros financieros","title",{"$f":"HLOOKUP($C$2,$B$8:$D143,$A143,FALSE)","v":"Financial parameters"},"title136"]
[137,"Discount rate","Taux d'escompte","Tasa de descuento","title",{"$f":"HLOOKUP($C$2,$B$8:$D144,$A144,FALSE)","v":"Discount rate"},"title137"]
[138,"Loan ratio","Ratio du prêt","Proporción de créditos","title",{"$f":"HLOOKUP($C$2,$B$8:$D145,$A145,FALSE)","v":"Loan ratio"},"title138"]
[139,"Loan interest rate","Taux d'intérêt du prêt","Tasa de interés de créditos","title",{"$f":"HLOOKUP($C$2,$B$8:$D146,$A146,FALSE)","v":"Loan interest rate"},"title139"]
[140,"Loan term","Durée du prêt","Duración del prestamo","title",{"$f":"HLOOKUP($C$2,$B$8:$D147,$A147,FALSE)","v":"Loan term"},"title140"]
[141,"year","an","año","title",{"$f":"HLOOKUP($C$2,$B$8:$D148,$A148,FALSE)","v":"year"},"title141"]
[142,"Investment cost update","Mise à jour des coûts d'investissement","Actualización del costo de inversión","title",{"$f":"HLOOKUP($C$2,$B$8:$D149,$A149,FALSE)","v":"Investment cost update"},"title142"]
[143,"Plant Cost Index during ","Indice du coût de l'usine pendant ","Índice de costo de la planta durante ","title",{"$f":"HLOOKUP($C$2,$B$8:$D150,$A150,FALSE)","v":"Plant Cost Index during "},"title143"]
[144,"FINANCIAL ANALYSIS OF BIOMASS PELLETING - MANUAL","ANALYSE FINANCIÈRE DE LA BIOMASSE POUR LES GRANULÉS DE BOIS - MANUELLE","ANÁLISIS FINANCIERO DEL PELLETIZADO DE BIOMASA - MANUAL","title",{"$f":"HLOOKUP($C$2,$B$8:$D151,$A151,FALSE)","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING - MANUAL"},"title144"]
[145,"Revenues of biomass pelleting system","Revenus provenant du sytème de la biomass pour les granulés de bois","Ingresos provenientes del sistema de pelletizado de biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D152,$A152,FALSE)","v":"Revenues of biomass pelleting system"},"title145"]
[146,"Operating Year","Année de Fonctionnment","Año de operación","title",{"$f":"HLOOKUP($C$2,$B$8:$D153,$A153,FALSE)","v":"Operating Year"},"title146"]
[147,"Pellet production capacity (tons per year)","Capacité de production de granulés de bois (tonne par an) ","Capacidad de producción de pellets (toneladas por año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D154,$A154,FALSE)","v":"Pellet production capacity (tons per year)"},"title147"]
[148,"Efficiency % of pelleting machine","Rendement en % des machines à granules de bois","Porcentaje de eficiencia de la maquina de pelletizado","title",{"$f":"HLOOKUP($C$2,$B$8:$D155,$A155,FALSE)","v":"Efficiency % of pelleting machine"},"title148"]
[149,"Operating hours per year","Heures de fonctionnement par an","Horas de operación por año","title",{"$f":"HLOOKUP($C$2,$B$8:$D156,$A156,FALSE)","v":"Operating hours per year"},"title149"]
[150,"Capacity utilization factor","Facteur d'utilisation des capacités","Factor de capacidad de uso","title",{"$f":"HLOOKUP($C$2,$B$8:$D157,$A157,FALSE)","v":"Capacity utilization factor"},"title150"]
[151,"Pellet production (tons per year)","Production de granulés de bois (tonnes par an)","Produccion de pellets (toneladas por año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D158,$A158,FALSE)","v":"Pellet production (tons per year)"},"title151"]
[152,"Total pellet sell to customers (tons per year)","Total des granulés de bois vendu aux clients (tonnes par an)","Ventas totales de pellets a clientes (toneladas por año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D159,$A159,FALSE)","v":"Total pellet sell to customers (tons per year)"},"title152"]
[153,"Price of pellet (USD/kg)","Prix d'un granulés de bois (USD/kg)","Precio de los pellets (USD/kg)","title",{"$f":"HLOOKUP($C$2,$B$8:$D160,$A160,FALSE)","v":"Price of pellet (USD/kg)"},"title153"]
[154,"Market price of pellet pay by consumers (USD/kg)","Prix du marché des granulés de bois payé par les consommateurs (USD / kg)","Precio de mercado de los pellets pagado por clientes (USD/kg)","title",{"$f":"HLOOKUP($C$2,$B$8:$D161,$A161,FALSE)","v":"Market price of pellet pay by consumers (USD/kg)"},"title154"]
[155,"Increasing rate of price of pellet (%)","Augmentation du taux du prix du granulés de bois  ( % )","Tasa de incremento en el precio de los pellets (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D162,$A162,FALSE)","v":"Increasing rate of price of pellet (%)"},"title155"]
[156,"Total income of pellet (USD per year)","Revenus totaux provenant des granulés de bois (USD par an)","Ingresos totales por los pellets (USD por año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D163,$A163,FALSE)","v":"Total income of pellet (USD per year)"},"title156"]
[157,"Lifespan of civil work (years)","Durée de vie des travaux de génie civil (années)","Vida útil de la obra civil (años)","title",{"$f":"HLOOKUP($C$2,$B$8:$D164,$A164,FALSE)","v":"Lifespan of civil work (years)"},"title157"]
[158,"Lifespan of pellet system (years)","Durée de vie du système de granulés de bois (années)","Vida útil del sistema de pelletizado (año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D165,$A165,FALSE)","v":"Lifespan of pellet system (years)"},"title158"]
[159,"Project life time (years)","Durée de vie du projet (ans)","Tiempo de vida del proyecto (años)","title",{"$f":"HLOOKUP($C$2,$B$8:$D166,$A166,FALSE)","v":"Project life time (years)"},"title159"]
[160,"Capital and operating cost of biomass pellet system ","Coût des opérations et du capital d'un systeme de granulés de bois","Costos de operación y de capital del sistema de pelletizado de biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D167,$A167,FALSE)","v":"Capital and operating cost of biomass pellet system "},"title160"]
[161,"Direct capital cost (USD)","Coût en capital direct (USD)","Costo de capital (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D168,$A168,FALSE)","v":"Direct capital cost (USD)"},"title161"]
[162,"Equipments","Equipements","Equipos","title",{"$f":"HLOOKUP($C$2,$B$8:$D169,$A169,FALSE)","v":"Equipments"},"title162"]
[163,"Building","Bâtiment","Construcción","title",{"$f":"HLOOKUP($C$2,$B$8:$D170,$A170,FALSE)","v":"Building"},"title163"]
[164,"Installation","Installation","Instalación","title",{"$f":"HLOOKUP($C$2,$B$8:$D171,$A171,FALSE)","v":"Installation"},"title164"]
[165,"Total capital cost (USD)","Coût total en capital (USD)","Costo total de capital (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D172,$A172,FALSE)","v":"Total capital cost (USD)"},"title165"]
[166,"Capital cost (USD/kg of pellet)","Coût en capital (USD/kg de granulés de bois)","Costo de capital (USD/kg de pellets)","title",{"$f":"HLOOKUP($C$2,$B$8:$D173,$A173,FALSE)","v":"Capital cost (USD/kg of pellet)"},"title166"]
[167,"Appraisal","Évaluation","Evaluación","title",{"$f":"HLOOKUP($C$2,$B$8:$D174,$A174,FALSE)","v":"Appraisal"},"title167"]
[168,"Project lifetime","Durée de vie du projet","Tiempo de vida del proyecto","title",{"$f":"HLOOKUP($C$2,$B$8:$D175,$A175,FALSE)","v":"Project lifetime"},"title168"]
[169,"Investment per year","Investissement par an","Inversión por año","title",{"$f":"HLOOKUP($C$2,$B$8:$D176,$A176,FALSE)","v":"Investment per year"},"title169"]
[170,"Annual operating and maintenance cost ","Coûts d'opérations et d'entretien annuel ","Costo anual de operación y mantenimiento ","title",{"$f":"HLOOKUP($C$2,$B$8:$D177,$A177,FALSE)","v":"Annual operating and maintenance cost "},"title170"]
[171,"Sub-total material cost (USD)","Sous-total des coûts des matériels (USD)","Costo sub-total de la materia (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D178,$A178,FALSE)","v":"Sub-total material cost (USD)"},"title171"]
[172,"Biomass cost (USD/year)","Coût de la biomasse (USD/an)","Costo de la biomasa (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D179,$A179,FALSE)","v":"Biomass cost (USD/year)"},"title172"]
[173,"Biomass price (USD/ton)","Prix de la biomasse (USD/t)","Precio de la biomasa (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D180,$A180,FALSE)","v":"Biomass price (USD/ton)"},"title173"]
[174,"Biomass cost of collection (USD/ton)","Coût de la collecte de la biomasse (USD/tonne)","Costo de recolección de la biomasa (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D181,$A181,FALSE)","v":"Biomass cost of collection (USD/ton)"},"title174"]
[175,"Biomass transportation cost (USD/ton)","Coût de transport de la biomasse (USD/t)","Costo de transporte de la biomasa (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D182,$A182,FALSE)","v":"Biomass transportation cost (USD/ton)"},"title175"]
[176,"Biomass from farm to plant (USD/ton/km)","Biomasse de la ferme à l'usine (USD/t/km)","Biomasa de la finca a la planta (USD/t/km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D183,$A183,FALSE)","v":"Biomass from farm to plant (USD/ton/km)"},"title176"]
[177,"Transportation distant (km)","Transport à distance (km)","Distancia de transporte (km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D184,$A184,FALSE)","v":"Transportation distant (km)"},"title177"]
[178,"Water cost (USD/year)","Coût de l'eau (USD/an)","Costo agua (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D185,$A185,FALSE)","v":"Water cost (USD/year)"},"title178"]
[179,"Chemical cost (USD/year)","Coût d'un produit chimique (USD/an)","Costo de productos químicos (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D186,$A186,FALSE)","v":"Chemical cost (USD/year)"},"title179"]
[180,"Chemical consumption (tons per year)","Consommation d'un produit chimique (tonne par an)","Consumo de productos químicos (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D187,$A187,FALSE)","v":"Chemical consumption (tons per year)"},"title180"]
[181,"Chemical price (USD/ton)","Prix d'un produit chimique (USD/tonne)","Precio productos químicos (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D188,$A188,FALSE)","v":"Chemical price (USD/ton)"},"title181"]
[182,"Electricity cost (USD)","Coût de l'électricité (USD)","Costo de la electricidad (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D189,$A189,FALSE)","v":"Electricity cost (USD)"},"title182"]
[183,"Sub-total operating cost (USD)","Sous-total  des coûts d'opérations (USD)","Sub-total costos de operación (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D190,$A190,FALSE)","v":"Sub-total operating cost (USD)"},"title183"]
[184,"Labour cost (USD)","Coût de la main d’oeuvre (USD)","Costo de la mano de obra (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D191,$A191,FALSE)","v":"Labour cost (USD)"},"title184"]
[185,"Annual change in labour cost (%)","Changement annuel du coût du travail (%)","Tasa de cambio anual de los costos de mano de obra (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D192,$A192,FALSE)","v":"Annual change in labour cost (%)"},"title185"]
[186,"General and administrative cost","Coût généraux et administratifs","Costos generales y administrativos","title",{"$f":"HLOOKUP($C$2,$B$8:$D193,$A193,FALSE)","v":"General and administrative cost"},"title186"]
[187,"Sub-total maintenance cost (USD)","Sous-total des coût d'entretien (USD)","Sub-total costos de mantenimiento (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D194,$A194,FALSE)","v":"Sub-total maintenance cost (USD)"},"title187"]
[188,"Sub-total of annual fixed costs","Sous-total des coûts annuels fixes","Sub-total de costo fijo anual","title",{"$f":"HLOOKUP($C$2,$B$8:$D195,$A195,FALSE)","v":"Sub-total of annual fixed costs"},"title188"]
[189,"Sub-total of storage capacity","Sous-total de capacité de stokage","Sub-total de capacidad de almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D196,$A196,FALSE)","v":"Sub-total of storage capacity"},"title189"]
[190,"Sub-total of pellet transportation to market","Sous-total du transport des granulés de bois au marché ","Sub-total del transporte de pellets al mercado","title",{"$f":"HLOOKUP($C$2,$B$8:$D197,$A197,FALSE)","v":"Sub-total of pellet transportation to market"},"title190"]
[191,"Total operation and maintenance cost (USD)","Coût total de fonctionnement et d'entretien (USD)","Costo total de operación y mantenimiento  (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D198,$A198,FALSE)","v":"Total operation and maintenance cost (USD)"},"title191"]
[192,"Operation and maintenance cost (USD/kg of pellet) without loan interest","Coût de fonctionnement et d'entretien (USD/kg d'un granulé de bois) sans intérêts sur le prêt","Costo de operación y mantenimiento (USD/kg de pellets) sin intereses por prestamo","title",{"$f":"HLOOKUP($C$2,$B$8:$D199,$A199,FALSE)","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},"title192"]
[193,"Annual change in raw material cost (%)","Changement annuel du coût d'une matière première (%)","Porcentaje de cambio anual en costos de materia prima (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D200,$A200,FALSE)","v":"Annual change in raw material cost (%)"},"title193"]
[194,"Inflation rate (%)","Taux d'inflation (%)","Tasa de inflación (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D201,$A201,FALSE)","v":"Inflation rate (%)"},{"$f":"$E201&$A201","v":"title194"}]
[195,"Loan without policy","Prêt sans politique","Préstamo sin política","title",{"$f":"HLOOKUP($C$2,$B$8:$D202,$A202,FALSE)","v":"Loan without policy"},"title195"]
[196,"Loan amount (USD)","Montant du prêt (USD)","Monto del préstamo (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D203,$A203,FALSE)","v":"Loan amount (USD)"},"title196"]
[197,"Loan term (years)","Durée du prêt (années)","Plazo del crédito (años)","title",{"$f":"HLOOKUP($C$2,$B$8:$D204,$A204,FALSE)","v":"Loan term (years)"},"title197"]
[198,"Loan payment (USD/month)","Paiement de prêt (USD/mois)","Pago del crédito (USD/mes)","title",{"$f":"HLOOKUP($C$2,$B$8:$D205,$A205,FALSE)","v":"Loan payment (USD/month)"},"title198"]
[199,"Loan payment (USD/year)","Paiement de prêt (USD/an)","Pago del crédito (USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D206,$A206,FALSE)","v":"Loan payment (USD/year)"},"title199"]
[200,"Total loan payment (USD)","Paiement total du prêt (USD)","Pago total del crédito (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D207,$A207,FALSE)","v":"Total loan payment (USD)"},"title200"]
[201,"Loan interest payment (USD)","Paiement des intérêts du prêt (USD)","Intereses por pago del préstamo (USD)","Pago de interés del crédito (USD)",{"$f":"HLOOKUP($C$2,$B$8:$D208,$A208,FALSE)","v":"Loan interest payment (USD)"},"Pago de interés del crédito (USD)201"]
[202,"Average loan interest payment for project lifetime","Paiement d'intérêt moyen  du prêt pour la durée de vie du projet","Pago de intereses del préstamo promedio por la vida del proyecto","title",{"$f":"HLOOKUP($C$2,$B$8:$D209,$A209,FALSE)","v":"Average loan interest payment for project lifetime"},"title202"]
[203,"USD per year","USD par an","USD por año","title",{"$f":"HLOOKUP($C$2,$B$8:$D210,$A210,FALSE)","v":"USD per year"},"title203"]
[204,"Income tax analysis","Analyse de l'impôt sur le revenu","Análisis del impuesto a los ingresos","title",{"$f":"HLOOKUP($C$2,$B$8:$D211,$A211,FALSE)","v":"Income tax analysis"},"title204"]
[205,"Effective income tax rate (%)","Taux d'imposition effectif (%)","Tasa efectiva del impuesto a los ingresos (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D212,$A212,FALSE)","v":"Effective income tax rate (%)"},"title205"]
[206,"Income tax (USD)","Impôt sur le revenu (USD)","Impuesto a los ingresos (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D213,$A213,FALSE)","v":"Income tax (USD)"},"title206"]
[207,"Total income tax payment (USD)","Paiement total de l'impôt sur le revenu","Pago total del impuesto a los ingresos (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D214,$A214,FALSE)","v":"Total income tax payment (USD)"},"title207"]
[208,"Depreciation","Amortissement","Depreciación","title",{"$f":"HLOOKUP($C$2,$B$8:$D215,$A215,FALSE)","v":"Depreciation"},"title208"]
[209,"Depreciation method"," Méthode d'amortissement","Método de depreciación","title",{"$f":"HLOOKUP($C$2,$B$8:$D216,$A216,FALSE)","v":"Depreciation method"},"title209"]
[210,"Total depreciation (USD)","Amortissement total (USD)","Depreciación total (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D217,$A217,FALSE)","v":"Total depreciation (USD)"},"title210"]
[211,"Base case project summary","Résumé du projet qui est un cas de référence ","Sumario del caso de referencia","title",{"$f":"HLOOKUP($C$2,$B$8:$D218,$A218,FALSE)","v":"Base case project summary"},"title211"]
[212,"Summary of this project - Before Tax","Résumé de ce projet - avant impôt","Resumen del proyecto - antes de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D219,$A219,FALSE)","v":"Summary of this project - Before Tax"},"title212"]
[213,"Total revenue (USD)","Total des revenus (USD)","Ingresos totales (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D220,$A220,FALSE)","v":"Total revenue (USD)"},"title213"]
[214,"Total operating and maintenance cost (USD)","Coût total de fonctionnement et d'entretien (USD)","Costo total de operación y mantenimiento (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D221,$A221,FALSE)","v":"Total operating and maintenance cost (USD)"},"title214"]
[215,"Loan payment (USD)","Paiement de prêt (USD)","Pago del crédito (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D222,$A222,FALSE)","v":"Loan payment (USD)"},"title215"]
[216,"Cash flow - before tax (USD)","Flux de trésorerie - avant impôts (USD)","El flujo de efectivo - antes de impuestos (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D223,$A223,FALSE)","v":"Cash flow - before tax (USD)"},"title216"]
[217,"Average revenue (USD)","Le revenu moyen (USD)","Ingreso medio (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D224,$A224,FALSE)","v":"Average revenue (USD)"},"title217"]
[218,"Summary of this project - After Tax","Résumé de ce projet - après impôts","Resumen del proyecto - Después de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D225,$A225,FALSE)","v":"Summary of this project - After Tax"},"title218"]
[219,"Depreciation of fixed costs (USD)","Amortissement des coûts fixes (USD)","Depreciación de costos fijos (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D226,$A226,FALSE)","v":"Depreciation of fixed costs (USD)"},"title219"]
[220,"Net profit - before tax (USD) for income tax calculation","Bénéfice net - avant impôts (USD) pour le calcul de l'impôt sur le revenu","Beneficio Neto - antes de impuestos (USD) para impuesto a los ingresos","title",{"$f":"HLOOKUP($C$2,$B$8:$D227,$A227,FALSE)","v":"Net profit - before tax (USD) for income tax calculation"},"title220"]
[221,"Income tax","l'impôt sur le revenu","Impuesto a los ingresos","title",{"$f":"HLOOKUP($C$2,$B$8:$D228,$A228,FALSE)","v":"Income tax"},"title221"]
[222,"Cash flow - after tax (USD)","Flux de  trésorerie - après impôts ( USD )","Flujo de caja - despues de impuestos (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D229,$A229,FALSE)","v":"Cash flow - after tax (USD)"},"title222"]
[223,"Cumulative value of Net Profit","Valeur cumulée du bénéfice net","Valor acumulado de beneficios netos","title",{"$f":"HLOOKUP($C$2,$B$8:$D230,$A230,FALSE)","v":"Cumulative value of Net Profit"},"title223"]
[224,"Cumulative value of net profit - before tax","Valeur cumulée du bénéfice net - avant impôt","Valor acumulado de beneficios netos - antes de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D231,$A231,FALSE)","v":"Cumulative value of net profit - before tax"},"title224"]
[225,"Cumulative value of net profit - after tax","Valeur cumulée du bénéfice net - après impôts","Valor acumulado de beneficios netos - después de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D232,$A232,FALSE)","v":"Cumulative value of net profit - after tax"},"title225"]
[226,"Financial analysis results","Résultat de l’analyse financière","Resumen del análisis financiero","title",{"$f":"HLOOKUP($C$2,$B$8:$D233,$A233,FALSE)","v":"Financial analysis results"},"title226"]
[227,"Net present value (NPV) (USD) - before tax","Valeur Actuelle Nette (VAN) (USD) - avant impôt","Valor Actual Neto (VAN) (USD) - antes de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D234,$A234,FALSE)","v":"Net present value (NPV) (USD) - before tax"},"title227"]
[228,"Internal rate of return (IRR) (%) - before tax","Taux de rendement interne (TRI) (%) - avant impôt","Tasa Interna de Rendimiento (TIR) (%) - antes de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D235,$A235,FALSE)","v":"Internal rate of return (IRR) (%) - before tax"},"title228"]
[229,"Payback period (years)","Période de récupération (années)","Tiempo de amortización (años)","title",{"$f":"HLOOKUP($C$2,$B$8:$D236,$A236,FALSE)","v":"Payback period (years)"},"title229"]
[230,"Net present value (NPV) (USD) - after tax","Valeur Actuelle Nette (VAN) (USD) - après impôt","Tasa Interna de Rendimiento (TIR) (%) - después de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D237,$A237,FALSE)","v":"Net present value (NPV) (USD) - after tax"},"title230"]
[231,"Internal rate of return (IRR) (%) - after tax","Taux de rendement interne (TRI) (%) - après impôt","Tasa Interna de Retorno (%) - después de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D238,$A238,FALSE)","v":"Internal rate of return (IRR) (%) - after tax"},"title231"]
[232,"Total Income tax payment of project lifetime","Paiement total de l'impôt sur le revenu de vie du projet","Pago total del impuesto a los ingresos durante la vida útil del proyecto","title",{"$f":"HLOOKUP($C$2,$B$8:$D239,$A239,FALSE)","v":"Total Income tax payment of project lifetime"},"title232"]
[233,"Please see Figure of the cumulative value of net profit - before tax","S'il vous plaît voir la figure de la valeur cumulée du bénéfice net - avant impôt","Por favor, consulte la figura del valor acumulado del Beneficio Neto - antes de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D240,$A240,FALSE)","v":"Please see Figure of the cumulative value of net profit - before tax"},"title233"]
[234,"Please see Figure of the cumulative value of net profit - after tax","S'il vous plaît voir la figure de la valeur cumulée du bénéfice net - après impôt","Por favor, consulte la figura del valor acumulado del Beneficio Neto - después de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D241,$A241,FALSE)","v":"Please see Figure of the cumulative value of net profit - after tax"},"title234"]
[235,"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR","ANALYSE FINANCIÈRE DE LA BIOMASSE POUR LES GRANULÉS DE BOIS 2 TONNES/HEURE","ANÁLISIS FINANCIERO DEL PELLETIZADO DE BIOMASA - 2 TONELADAS/HORA","title",{"$f":"HLOOKUP($C$2,$B$8:$D242,$A242,FALSE)","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"},"title235"]
[236,"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR","ANALYSE FINANCIÈRE DE LA BIOMASSE POUR LES GRANULÉS DE BOIS 6 TONNES/HEURE","ANÁLISIS FINANCIERO DEL PELLETIZADO DE BIOMASA - 6 TONELADAS/HORA","title",{"$f":"HLOOKUP($C$2,$B$8:$D243,$A243,FALSE)","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"},"title236"]
[237,"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR","ANALYSE FINANCIÈRE DE LA BIOMASSE POUR LES GRANULÉS DE BOIS 15 TONNES/HEURE","ANÁLISIS FINANCIERO DEL PELLETIZADO DE BIOMASA - 15 TONELADAS/HORA","title",{"$f":"HLOOKUP($C$2,$B$8:$D244,$A244,FALSE)","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"},"title237"]
[238," Processing costs for pellet production from ","Les coûts de la transformation du granulé de bois à partir de  ","Costos de procesamiento de la produccion de pellets de","title",{"$f":"HLOOKUP($C$2,$B$8:$D245,$A245,FALSE)","v":" Processing costs for pellet production from "},"title238"]
[239,"Summary of Feedstock and Storage","Résumé des Matières Premières et du Stockage","Resumen de materias primas y almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D246,$A246,FALSE)","v":"Summary of Feedstock and Storage"},"title239"]
[240,"Safety storage rate of product","Taux de stockage de sécurité du produit","Nivel de almacenamiento de seguridad de producto","title",{"$f":"HLOOKUP($C$2,$B$8:$D247,$A247,FALSE)","v":"Safety storage rate of product"},"title240"]
[241,"Pellet products storage cost (USD/t)","Coût de stockage du granulé de bois (USD/t)","Costo de almacenamiento de pellets (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D248,$A248,FALSE)","v":"Pellet products storage cost (USD/t)"},"title241"]
[242,"Chemical binder cost (USD/t)","Coût du liant Chimique (USD/t)","Costo del aglutinante químico (USD/t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D249,$A249,FALSE)","v":"Chemical binder cost (USD/t)"},"title242"]
[243,"Transformation efficiency (%)","Efficacité de la transformation (%)","Eficiencia de transformación)","title",{"$f":"HLOOKUP($C$2,$B$8:$D250,$A250,FALSE)","v":"Transformation efficiency (%)"},"title243"]
[244,"Transport Distance of Feedstock","Distance de Transport des Matières Premières","Distancia de transporte de la materia prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D251,$A251,FALSE)","v":"Transport Distance of Feedstock"},"title244"]
[245,"Transport Quantity","Quantité à Transporter ","Cantidad transportada","title",{"$f":"HLOOKUP($C$2,$B$8:$D252,$A252,FALSE)","v":"Transport Quantity"},"title245"]
[246,"Transport Distance of Products","Distance de Transport des Produits","Distancia de transporte de productos","title",{"$f":"HLOOKUP($C$2,$B$8:$D253,$A253,FALSE)","v":"Transport Distance of Products"},"title246"]
[247,"Distance manual production (km)","Distance de la production manuelle (km)","Distancia de producción manual (km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D254,$A254,FALSE)","v":"Distance manual production (km)"},"title247"]
[248,"Distance small scale production (km)","Distance  à la production à petite échelle (km)","Distancia de producción de pequeña escala (km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D255,$A255,FALSE)","v":"Distance small scale production (km)"},"title248"]
[249,"Distance medium scale production (km)","Distance à  la production à moyenne échelle de support (km)","Distancia de producción de mediana escala (km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D256,$A256,FALSE)","v":"Distance medium scale production (km)"},"title249"]
[250,"Distance large scale production (km)","Distance à la production à grande échelle (km)","Distancia de producción de gran escala (km)","title",{"$f":"HLOOKUP($C$2,$B$8:$D257,$A257,FALSE)","v":"Distance large scale production (km)"},"title250"]
[251," Manual (t/year)","Manuel (t/an)","Manual (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D258,$A258,FALSE)","v":" Manual (t/year)"},"title251"]
[252,"Small scale (t/year)","Petite échelle (t/an)","Pequeña escala (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D259,$A259,FALSE)","v":"Small scale (t/year)"},"title252"]
[253,"Medium scale (t/year)","Moyenne échelle (t/an)","Mediana escala (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D260,$A260,FALSE)","v":"Medium scale (t/year)"},"title253"]
[254,"Large scale (t/year)","Grande échelle (t/an)","Gran escala (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D261,$A261,FALSE)","v":"Large scale (t/year)"},"title254"]
[255,"Capacities (ton of pellet per hour)","Capacités (tonne de granulés de bois par heure)","Capacidades (toneladas de pellets por hora)","title",{"$f":"HLOOKUP($C$2,$B$8:$D262,$A262,FALSE)","v":"Capacities (ton of pellet per hour)"},"title255"]
[256,"Unit cost of pellet (USD/kg of pellet)","Coût unitaire du granulés de bois (USD / kg de granulés de bois)","Costo unitario pellets (USD/kg de pellets)","title",{"$f":"HLOOKUP($C$2,$B$8:$D263,$A263,FALSE)","v":"Unit cost of pellet (USD/kg of pellet)"},"title256"]
[257,"Average loan interest","Intérêt moyen du prêt","Interés promedio del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D264,$A264,FALSE)","v":"Average loan interest"},"title257"]
[258,"Loan amount","Montant du prêt","Monto del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D265,$A265,FALSE)","v":"Loan amount"},{"$f":"$E265&$A265","v":"title258"}]
[259,"Loan payment","Paiement de prêt","Pago del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D266,$A266,FALSE)","v":"Loan payment"},"title259"]
[260,"Annual loan payment","Paiement annuel du prêt","Pago anual del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D267,$A267,FALSE)","v":"Annual loan payment"},"title260"]
[261,"Loan terms","Durée du prêt","Plazo del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D268,$A268,FALSE)","v":"Loan terms"},"title261"]
[262,"Total loan payment","Paiement total du prêt ","Pago total del crédito","title",{"$f":"HLOOKUP($C$2,$B$8:$D269,$A269,FALSE)","v":"Total loan payment"},"title262"]
[263,"Loan interest","Intérêts du prêt","Intereses de créditos","title",{"$f":"HLOOKUP($C$2,$B$8:$D270,$A270,FALSE)","v":"Loan interest"},"title263"]
[264,"Total investment","Investissement totals","Inversión total ","title",{"$f":"HLOOKUP($C$2,$B$8:$D271,$A271,FALSE)","v":"Total investment"},"title264"]
[265,"USD/month","USD/mois","USD/mes","title",{"$f":"HLOOKUP($C$2,$B$8:$D272,$A272,FALSE)","v":"USD/month"},"title265"]
[266,"Capacities (kg of pellet per hour)","Capacités (kg de granulés de bois par heure)","Capacidades (kg. de pellets por hora)","title",{"$f":"HLOOKUP($C$2,$B$8:$D273,$A273,FALSE)","v":"Capacities (kg of pellet per hour)"},"title266"]
[267,"Production Cost Details","Détails des Coûts de Production","Detalles de los costos de producción","title",{"$f":"HLOOKUP($C$2,$B$8:$D274,$A274,FALSE)","v":"Production Cost Details"},"title267"]
[268,"Rural Markets","Marchés Ruraux ","Mercados rurales","title",{"$f":"HLOOKUP($C$2,$B$8:$D275,$A275,FALSE)","v":"Rural Markets"},"title268"]
[269,"Urban Markets","Marchés Urbains","Mercados urbanos","title",{"$f":"HLOOKUP($C$2,$B$8:$D276,$A276,FALSE)","v":"Urban Markets"},"title269"]
[270,"Annual pellet production (t/year)","Production annuelle de granulés de bois (t/an)","Producción anual de pellets (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D277,$A277,FALSE)","v":"Annual pellet production (t/year)"},"title270"]
[271,"Inputs","Intrant","Insumos","title",{"$f":"HLOOKUP($C$2,$B$8:$D278,$A278,FALSE)","v":"Inputs"},"title271"]
[272,"Manual","Manuel ","Manual ","title",{"$f":"HLOOKUP($C$2,$B$8:$D279,$A279,FALSE)","v":"Manual"},"title272"]
[273,"Mechanized \nscrew press","Une presse à vis mecanisée","Mecanizado \nprensa de tornillo","title",{"$f":"HLOOKUP($C$2,$B$8:$D280,$A280,FALSE)","v":"Mechanized \nscrew press"},"title273"]
[274,"Unit Price","Prix Unitaire","Precio unitario","title",{"$f":"HLOOKUP($C$2,$B$8:$D281,$A281,FALSE)","v":"Unit Price"},"title274"]
[275,"(USD/Unit)","(USD/Unité)","(USD/Unidad)","title",{"$f":"HLOOKUP($C$2,$B$8:$D282,$A282,FALSE)","v":"(USD/Unit)"},"title275"]
[276,"Quantity ","Quantité ","Cantidad ","title",{"$f":"HLOOKUP($C$2,$B$8:$D283,$A283,FALSE)","v":"Quantity "},"title276"]
[277,"(Unit/year)","(Unité/an)","(Unidad/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D284,$A284,FALSE)","v":"(Unit/year)"},"title277"]
[278,"(USD/year)","(USD/an)","(USD/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D285,$A285,FALSE)","v":"(USD/year)"},"title278"]
[279,"Subtotal","Sous-total","Sub-total","title",{"$f":"HLOOKUP($C$2,$B$8:$D286,$A286,FALSE)","v":"Subtotal"},"title279"]
[280,"Labour and miscellaneous costs","Travail et coût divers","Mano de obra y costos varios","title",{"$f":"HLOOKUP($C$2,$B$8:$D287,$A287,FALSE)","v":"Labour and miscellaneous costs"},"title280"]
[281,"Miscellaneous costs","Coût divers","Costos varios","title",{"$f":"HLOOKUP($C$2,$B$8:$D288,$A288,FALSE)","v":"Miscellaneous costs"},"title281"]
[282,"Transportation","Transport","Transporte","title",{"$f":"HLOOKUP($C$2,$B$8:$D289,$A289,FALSE)","v":"Transportation"},"title282"]
[283,"Feedstock (farm to pellet plant)","Les produits de granulés de bois (de la ferme à l'usine de granulés de bois)","Materia Prima (granja a planta de pelletizado)","title",{"$f":"HLOOKUP($C$2,$B$8:$D290,$A290,FALSE)","v":"Feedstock (farm to pellet plant)"},"title283"]
[284,"Pellet products (pellet plant to market)","Les produits de granulés de bois (de l'usine de fabrication de granulés de bois au marché)","Pellets (planta pelletizado a mercados)","title",{"$f":"HLOOKUP($C$2,$B$8:$D291,$A291,FALSE)","v":"Pellet products (pellet plant to market)"},"title284"]
[285,"Storage","Stockage","Almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D292,$A292,FALSE)","v":"Storage"},"title285"]
[286,"Pellet products","Les produits de granulés de bois ","Pellets producidos","title",{"$f":"HLOOKUP($C$2,$B$8:$D293,$A293,FALSE)","v":"Pellet products"},"title286"]
[287,"Investment","Investissement","Inversión","title",{"$f":"HLOOKUP($C$2,$B$8:$D294,$A294,FALSE)","v":"Investment"},"title287"]
[288,"Total investments","Investissement total","Inversión total","title",{"$f":"HLOOKUP($C$2,$B$8:$D295,$A295,FALSE)","v":"Total investments"},"title288"]
[289,"Maintenance cost","Coût de Maintenance","Costo de mantenimiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D296,$A296,FALSE)","v":"Maintenance cost"},"title289"]
[290,"Plant overhead","Frais généraux de l'usine","Gastos generales de planta","title",{"$f":"HLOOKUP($C$2,$B$8:$D297,$A297,FALSE)","v":"Plant overhead"},"title290"]
[291,"Total costs","Coûts totaux","Costos totales","title",{"$f":"HLOOKUP($C$2,$B$8:$D298,$A298,FALSE)","v":"Total costs"},"title291"]
[292,"Total operating costs","Total des coûts d’opérations","Costos de operación totales","title",{"$f":"HLOOKUP($C$2,$B$8:$D299,$A299,FALSE)","v":"Total operating costs"},"title292"]
[293,"Total fixed costs","Total des coûts fixes","Costos fijos totales","title",{"$f":"HLOOKUP($C$2,$B$8:$D300,$A300,FALSE)","v":"Total fixed costs"},"title293"]
[294,"Total other costs","Total des autres charges","Otros costos totales","title",{"$f":"HLOOKUP($C$2,$B$8:$D301,$A301,FALSE)","v":"Total other costs"},"title294"]
[295,"Total production costs","Coûts totaux de production","Total des coûts de production","title",{"$f":"HLOOKUP($C$2,$B$8:$D302,$A302,FALSE)","v":"Total production costs"},"title295"]
[296,"Share (%)","Part (%)","Participación (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D303,$A303,FALSE)","v":"Share (%)"},"title296"]
[297,"Total Depreciation","Total des amortissements","Depreciación total","title",{"$f":"HLOOKUP($C$2,$B$8:$D304,$A304,FALSE)","v":"Total Depreciation"},"title297"]
[298,"# employee","# employé","# trabajadores","title",{"$f":"HLOOKUP($C$2,$B$8:$D305,$A305,FALSE)","v":"# employee"},"title298"]
[299,"COLLECTION COSTS CALCULATOR FOR ","CALCULATEUR DES FRAIS DE LA COLLECTE POUR ","CALCULADORA PARA COSTOS DE RECOLECCIÓN PARA ","title",{"$f":"HLOOKUP($C$2,$B$8:$D306,$A306,FALSE)","v":"COLLECTION COSTS CALCULATOR FOR "},"title299"]
[300,"Biomass Collection Definition","Définition de la Collecte de Biomasse","Definición de la recolección de la biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D307,$A307,FALSE)","v":"Biomass Collection Definition"},"title300"]
[301,"Sources of biomass","Sources de biomasse","Fuentes de la biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D308,$A308,FALSE)","v":"Sources of biomass"},"title301"]
[302,"Collecting method","Méthode de collecte","Método de recolección ","title",{"$f":"HLOOKUP($C$2,$B$8:$D309,$A309,FALSE)","v":"Collecting method"},"title302"]
[303,"Biomass Price Definition","Définition du prix de la Biomasse","Definición del precio de la biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D310,$A310,FALSE)","v":"Biomass Price Definition"},"title303"]
[304,"Labour cost","Coût de la main d’oeuvre","Costo de la mano de obra","title",{"$f":"HLOOKUP($C$2,$B$8:$D311,$A311,FALSE)","v":"Labour cost"},"title304"]
[305,"Machinery & operating cost","Coût des opérations et des machines","Maquinaria y costos de operación","title",{"$f":"HLOOKUP($C$2,$B$8:$D312,$A312,FALSE)","v":"Machinery & operating cost"},"title305"]
[306,"Collection price of ","Prix de la collecte de ","Precio de recolección de ","title",{"$f":"HLOOKUP($C$2,$B$8:$D313,$A313,FALSE)","v":"Collection price of "},"title306"]
[307,"Production cost of ","Coût de production de ","Costos de producción de","title",{"$f":"HLOOKUP($C$2,$B$8:$D314,$A314,FALSE)","v":"Production cost of "},"title307"]
[308,"Warning: Selecting this option you are assuming that this type of biomass is already collected. Then, only transportation cost should be considered. ","Attention: En sélectionnant cette option, vous supposez que ce type de biomasse est déjà collecté. Donc, seuls les frais de transport doivent être pris en considération.","Atención: Al seleccionar esta opción usted está asumiendo que éste tipo de biomasa se encuentra ya recolectada. Entonces, sólo costos de transporte serán tomados en cuenta. ","title",{"$f":"HLOOKUP($C$2,$B$8:$D315,$A315,FALSE)","v":"Warning: Selecting this option you are assuming that this type of biomass is already collected. Then, only transportation cost should be considered. "},"title308"]
[309,"Warning: Selecting this option you are assuming that pellet producer owns the wood plantation. Then, feedstock price is equal to production cost. ","Attention: en sélectionnant cette option vous supposez que le producteur de granulés de bois est propriétaire de la plantation de bois. Donc, le prix des matières premières est égal au coût de production.","Atención: Al seleccionar esta opción usted está asumiendo que el fabricante de pellets es dueño de la plantación de donde proviene la madera. Entonces, el precio de la madera es igual al costo de producción de la misma.","title",{"$f":"HLOOKUP($C$2,$B$8:$D316,$A316,FALSE)","v":"Warning: Selecting this option you are assuming that pellet producer owns the wood plantation. Then, feedstock price is equal to production cost. "},"title309"]
[310,"Agriculture residues spread in the field","Résidus agricoles répartis dans les champs","Residuos agrícolas repartidos en el campo","title",{"$f":"HLOOKUP($C$2,$B$8:$D317,$A317,FALSE)","v":"Agriculture residues spread in the field"},"title310"]
[311,"Agriculture residues collected from field","Résidus agricoles recueillis  dans les champs","Residuos agrícolas recolectados de campo","title",{"$f":"HLOOKUP($C$2,$B$8:$D318,$A318,FALSE)","v":"Agriculture residues collected from field"},"title311"]
[312,"Agriculture residues from food processing plant","Résidus agricoles issue de la transformation de produits alimentaires","Residuos agrícolas de la planta de procesamiento de alimentos","title",{"$f":"HLOOKUP($C$2,$B$8:$D319,$A319,FALSE)","v":"Agriculture residues from food processing plant"},"title312"]
[313,"Forestry ","Exploitation forestière","Explotación forestal","title",{"$f":"HLOOKUP($C$2,$B$8:$D320,$A320,FALSE)","v":"Forestry "},"title313"]
[314,"Forestry and plantation residues","Résidus agricoles et de l’exploitation forestière","Residuos agrícolas y de explotación forestal","title",{"$f":"HLOOKUP($C$2,$B$8:$D321,$A321,FALSE)","v":"Forestry and plantation residues"},"title314"]
[315,"Residues from wood industry","Résidus de l'industrie du bois","Residuos de la industria maderera","title",{"$f":"HLOOKUP($C$2,$B$8:$D322,$A322,FALSE)","v":"Residues from wood industry"},"title315"]
[316,"Dedicated wood energy plantation ","Plantation de bois dédiée à l'énergie","Plantación forestal dedicata para energía","title",{"$f":"HLOOKUP($C$2,$B$8:$D323,$A323,FALSE)","v":"Dedicated wood energy plantation "},"title316"]
[317,"Collection method","Méthode de collecte","Método de recolección","title",{"$f":"HLOOKUP($C$2,$B$8:$D324,$A324,FALSE)","v":"Collection method"},"title317"]
[318,"Mechanized","Mécanisé","Mecanizada","title",{"$f":"HLOOKUP($C$2,$B$8:$D325,$A325,FALSE)","v":"Mechanized"},"title318"]
[319,"Semi-mechanized","Semi-mécanisé","Semi-mecanizada","title",{"$f":"HLOOKUP($C$2,$B$8:$D326,$A326,FALSE)","v":"Semi-mechanized"},"title319"]
[320,"Number of skilled workers","Nombre de travailleurs qualifiés","Número de trabajadores cualificados","title",{"$f":"HLOOKUP($C$2,$B$8:$D327,$A327,FALSE)","v":"Number of skilled workers"},"title320"]
[321,"Skilled labour wage","Salaire de travailleurs qualifiés","Salario de mano de obra cualificada","title",{"$f":"HLOOKUP($C$2,$B$8:$D328,$A328,FALSE)","v":"Skilled labour wage"},"title321"]
[322,"Average fuel economy","Économie moyenne de carburant","Consumo promedio de combustible","title",{"$f":"HLOOKUP($C$2,$B$8:$D329,$A329,FALSE)","v":"Average fuel economy"},{"$f":"$E329&$A329","v":"title322"}]
[323,"Fuel price","Prix du carburant","Precio de los combustibles","title",{"$f":"HLOOKUP($C$2,$B$8:$D330,$A330,FALSE)","v":"Fuel price"},"title323"]
[324,"Number of unskilled workers","Nombre de travailleurs non qualifiés","Número de trabajadores no cualificados","title",{"$f":"HLOOKUP($C$2,$B$8:$D331,$A331,FALSE)","v":"Number of unskilled workers"},"title324"]
[325,"Unskilled labour wage","Salaire de travailleurs non qualifiés","Salario de mano de obra no cualificada","title",{"$f":"HLOOKUP($C$2,$B$8:$D332,$A332,FALSE)","v":"Unskilled labour wage"},"title325"]
[326,"person-hour/ha","person-heure/ha","persona-hora/ha","title",{"$f":"HLOOKUP($C$2,$B$8:$D333,$A333,FALSE)","v":"person-hour/ha"},"title326"]
[327,"USD/ton","USD/ton","USD/ton","title",{"$f":"HLOOKUP($C$2,$B$8:$D334,$A334,FALSE)","v":"USD/ton"},"title327"]
[328,"Ground maize starch","L'amidon du Maïs moulu ","Almidón de maíz molido","title",{"$f":"HLOOKUP($C$2,$B$8:$D335,$A335,FALSE)","v":"Ground maize starch"},"title328"]
[329,"Cassava flour","Farine de Manioc","Harina de yuca","title",{"$f":"HLOOKUP($C$2,$B$8:$D336,$A336,FALSE)","v":"Cassava flour"},"title329"]
[330,"Maize flour","Farine de Maïs ","Harina de maíz","title",{"$f":"HLOOKUP($C$2,$B$8:$D337,$A337,FALSE)","v":"Maize flour"},"title330"]
[331,"Wheat flour","Farine de Blé","Harina de trigo","title",{"$f":"HLOOKUP($C$2,$B$8:$D338,$A338,FALSE)","v":"Wheat flour"},"title331"]
[332,"SUMMARY OF RESULTS FOR PELLET PRODUCTION FROM ","RÉSUMÉ DES RÉSULTATS POUR LA PRODUCTION DE GRANULÉS DE BOIS À PARTIR DE ","RESÚMEN DE LOS RESULTADOS DE LA PRODUCCIÓN DE PELLETS DE ","title",{"$f":"HLOOKUP($C$2,$B$8:$D339,$A339,FALSE)","v":"SUMMARY OF RESULTS FOR PELLET PRODUCTION FROM "},"title332"]
[333,"Select a feedstock to see the summary results","Sélectionnez une matière première pour voir le résumé des résultats","Selecciona una materia prima para ver el resúmen de resultados","title",{"$f":"HLOOKUP($C$2,$B$8:$D340,$A340,FALSE)","v":"Select a feedstock to see the summary results"},"title333"]
[334,"Production Cost and Investment Results","Résultats des Coûts de Production et d'Investissement","Resultados de costos de producción e inversión","title",{"$f":"HLOOKUP($C$2,$B$8:$D341,$A341,FALSE)","v":"Production Cost and Investment Results"},"title334"]
[335,"Production Cost of Pellets + Transport (USD/kg of pellet)","Coût de Production de Granulés de Bois + leur Transport (USD / kg de granulés de bois)","Costos de producción de pellers + Transporte (USD/kg de pellets)","title",{"$f":"HLOOKUP($C$2,$B$8:$D342,$A342,FALSE)","v":"Production Cost of Pellets + Transport (USD/kg of pellet)"},"title335"]
[336,"Share of Production Cost (%)","Part des Coûts de Production (%)","Porcentaje de costo producción (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D343,$A343,FALSE)","v":"Share of Production Cost (%)"},"title336"]
[337,"     Compare to market price rural","     Comparer au prix du marché rural","Comparar con el precio de mercado rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D344,$A344,FALSE)","v":"     Compare to market price rural"},"title337"]
[338,"    Compare to market price urban","   Comparer au prix du marché urbain","Comparar con el precio de mercado urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D345,$A345,FALSE)","v":"    Compare to market price urban"},"title338"]
[339,"Operating Results","Résultats de l'exploitation","Resultados de operación","title",{"$f":"HLOOKUP($C$2,$B$8:$D346,$A346,FALSE)","v":"Operating Results"},"title339"]
[340,"Feedstock Consumption","Consommation de Matières Premières","Consumo de Material Prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D347,$A347,FALSE)","v":"Feedstock Consumption"},"title340"]
[341,"Number of Potential Plants and Area Required","Nombre d'usines potentielles et Zone requise","Número potencial de plantas y area requerida","title",{"$f":"HLOOKUP($C$2,$B$8:$D348,$A348,FALSE)","v":"Number of Potential Plants and Area Required"},"title341"]
[342,"Households Potentially Supplied","Les ménages potentiellement approvisionnés","Hogares potencialmente suministrados","title",{"$f":"HLOOKUP($C$2,$B$8:$D349,$A349,FALSE)","v":"Households Potentially Supplied"},"title342"]
[343,"Not enough biomass available for Size 1. Then potential number of plants is zero","Pas suffisamment de biomasse disponible pour la taille 1. Donc, le nombre potentiel d'usines est zéro","Biomasa disponible insuficiente para Tamaño 1. Entonces, número potencial de plantas es cero","title",{"$f":"HLOOKUP($C$2,$B$8:$D350,$A350,FALSE)","v":"Not enough biomass available for Size 1. Then potential number of plants is zero"},"title343"]
[344,"The maximum number of plants potentially available for Size 1 is ","Le nombre maximal d'usines potentiellement disponibles pour la taille 1 est ","El número máximo de plantas potencialmente disponible para la tamaño 1 es","title",{"$f":"HLOOKUP($C$2,$B$8:$D351,$A351,FALSE)","v":"The maximum number of plants potentially available for Size 1 is "},"title344"]
[345,"Not enough biomass available for Size 2. Then potential number of plants is zero","Pas suffisamment de biomasse disponible pour la taille 2. Donc, le nombre potentiel d'usines est zéro","Biomasa disponible insuficiente para Tamaño 2. Entonces, número potencial de plantas es cero","title",{"$f":"HLOOKUP($C$2,$B$8:$D352,$A352,FALSE)","v":"Not enough biomass available for Size 2. Then potential number of plants is zero"},"title345"]
[346,"The maximum number of plants potentially available for Size 2 is ","Le nombre maximal d'usines potentiellement disponibles pour la taille 2 est ","El número máximo de plantas potencialmente disponible para la tamaño 2 es","title",{"$f":"HLOOKUP($C$2,$B$8:$D353,$A353,FALSE)","v":"The maximum number of plants potentially available for Size 2 is "},"title346"]
[347,"Not enough biomass available for Size 3. Then potential number of plants is zero","Pas suffisamment de biomasse disponible pour la taille 3. Donc, le nombre potentiel d'usines est zéro","Biomasa disponible insuficiente para Tamaño 3. Entonces, número potencial de plantas es cero","title",{"$f":"HLOOKUP($C$2,$B$8:$D354,$A354,FALSE)","v":"Not enough biomass available for Size 3. Then potential number of plants is zero"},"title347"]
[348,"The maximum number of plants potentially available for Size 3 is ","Le nombre maximal d'usines potentiellement disponibles pour la taille 3 est ","El número máximo de plantas potencialmente disponible para la tamaño 3 es","title",{"$f":"HLOOKUP($C$2,$B$8:$D355,$A355,FALSE)","v":"The maximum number of plants potentially available for Size 3 is "},"title348"]
[349,"Not enough biomass available for Size 4. Then potential number of plants is zero","Pas suffisamment de biomasse disponible pour la taille 4. Donc, le nombre potentiel d'usines est zéro","Biomasa disponible insuficiente para Tamaño 4. Entonces, número potencial de plantas es cero","title",{"$f":"HLOOKUP($C$2,$B$8:$D356,$A356,FALSE)","v":"Not enough biomass available for Size 4. Then potential number of plants is zero"},"title349"]
[350,"The maximum number of plants potentially available for Size 4 is ","Le nombre maximal d'usines potentiellement disponibles pour la taille 4 est ","El número máximo de plantas potencialmente disponible para la tamaño 4 es","title",{"$f":"HLOOKUP($C$2,$B$8:$D357,$A357,FALSE)","v":"The maximum number of plants potentially available for Size 4 is "},"title350"]
[351,"Potential Job Creation","Emplois Potentiellement Créés","Empleos Potencialmente Generados","title",{"$f":"HLOOKUP($C$2,$B$8:$D358,$A358,FALSE)","v":"Potential Job Creation"},"title351"]
[352,"Net Present Value (rural and urban market prices) USD (1000)","Valeur Actuelle Nette (prix du marché urbain et rural)","Valor Actual Neto (precios de mercado rural y urbano) USD (1000)","title",{"$f":"HLOOKUP($C$2,$B$8:$D359,$A359,FALSE)","v":"Net Present Value (rural and urban market prices) USD (1000)"},"title352"]
[353,"Internal Rate of Return (%)","Taux de Rendement Interne (%)","Tasa Interna de Retorno (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D360,$A360,FALSE)","v":"Internal Rate of Return (%)"},"title353"]
[354,"Rural","Rural","Rural ","title",{"$f":"HLOOKUP($C$2,$B$8:$D361,$A361,FALSE)","v":"Rural"},"title354"]
[355,"Urban","Urbain","Urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D362,$A362,FALSE)","v":"Urban"},"title355"]
[356,"Net Present Value (NPV) - rural","Valeur Actuelle Nette (VAN) - Rural","Valor Actual Neto (VAN) - Rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D363,$A363,FALSE)","v":"Net Present Value (NPV) - rural"},"title356"]
[357,"Net Present Value (NPV) - urban","Valeur Actuelle Nette (VAN) - Urbain","Valor Actual Neto (VAN) - Urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D364,$A364,FALSE)","v":"Net Present Value (NPV) - urban"},"title357"]
[358,"Internal Rate of Return (IRR) - rural","Taux de rendement interne (TRI) (%) - Rural","Tasa Interna de Retorno (TIR) - Rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D365,$A365,FALSE)","v":"Internal Rate of Return (IRR) - rural"},"title358"]
[359,"Internal Rate of Return (IRR) - urban","Taux de rendement interne (TRI) (%) - Urbain","Tasa Interna de Retorno (TIR) - Urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D366,$A366,FALSE)","v":"Internal Rate of Return (IRR) - urban"},"title359"]
[360,"Collection","Collecte","Recolección","title",{"$f":"HLOOKUP($C$2,$B$8:$D367,$A367,FALSE)","v":"Collection"},"title360"]
[361,"Processing","Transformation","Procesamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D368,$A368,FALSE)","v":"Processing"},"title361"]
[362,"Total job creation by this project","Nombre Total d'emplois Créés à travers ce projet","Número total de empleos creados por el proyecto","title",{"$f":"HLOOKUP($C$2,$B$8:$D369,$A369,FALSE)","v":"Total job creation by this project"},"title362"]
[363,"Potential Number of Plants","Nombre potentiel des centrales","Número de plantas potenciales","title",{"$f":"HLOOKUP($C$2,$B$8:$D370,$A370,FALSE)","v":"Potential Number of Plants"},"title363"]
[364,"Area Required (Ha)","Zone requise (ha)","Área requerida (ha)","title",{"$f":"HLOOKUP($C$2,$B$8:$D371,$A371,FALSE)","v":"Area Required (Ha)"},"title364"]
[365,"Total Production Cost of Pellets+Transport (USD/kg of pellets)","Coût total de Production de Granulés de Bois + leur Transport (USD / kg de granulés de bois)","Costo total de producción de los pellets+Transporte (UDS/kg de pellets)","title",{"$f":"HLOOKUP($C$2,$B$8:$D372,$A372,FALSE)","v":"Total Production Cost of Pellets+Transport (USD/kg of pellets)"},"title365"]
[366,"Total Investment (USD)","Investissement total (USD)","Inversión total (USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D373,$A373,FALSE)","v":"Total Investment (USD)"},"title366"]
[367,"Biomass required (t/year)","La biomasse requise (t/an)","Biomasa requerida (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D374,$A374,FALSE)","v":"Biomass required (t/year)"},"title367"]
[368,"Biomass available (t/year)","Biomasse disponible (t/an)","Biomasa disponible (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D375,$A375,FALSE)","v":"Biomass available (t/year)"},"title368"]
[369,"Annual basis","Base annuelle ","Base anual","title",{"$f":"HLOOKUP($C$2,$B$8:$D376,$A376,FALSE)","v":"Annual basis"},"title369"]
[370,"Production cost of pellet ","Coût de production des granulés de bois","Costo de producción de los pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D377,$A377,FALSE)","v":"Production cost of pellet "},"title370"]
[371,"Raw materials","Matières premières","Materias primas","title",{"$f":"HLOOKUP($C$2,$B$8:$D378,$A378,FALSE)","v":"Raw materials"},"title371"]
[372,"Transport and storage","Transport et stockage","Transporte y almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D379,$A379,FALSE)","v":"Transport and storage"},"title372"]
[373,"Total annualized production cost","Coût de production total annualisé (USD )","Costo de producción total anualizada","title",{"$f":"HLOOKUP($C$2,$B$8:$D380,$A380,FALSE)","v":"Total annualized production cost"},"title373"]
[374,"kg product basis","kg du produit de base","kg de producto base","title",{"$f":"HLOOKUP($C$2,$B$8:$D381,$A381,FALSE)","v":"kg product basis"},"title374"]
[375,"Total production cost-limsup","Coût total de production-limsup","Costo de producción total-limsup","title",{"$f":"HLOOKUP($C$2,$B$8:$D382,$A382,FALSE)","v":"Total production cost-limsup"},"title375"]
[376,"Total production cost-liminf","Coût total de production-liminf","Costo de producción total-liminf","title",{"$f":"HLOOKUP($C$2,$B$8:$D383,$A383,FALSE)","v":"Total production cost-liminf"},"title376"]
[377,"Total investment - ","Investissement total - ","Inversión total - ","title",{"$f":"HLOOKUP($C$2,$B$8:$D384,$A384,FALSE)","v":"Total investment - "},"title377"]
[378," years","années"," años","title",{"$f":"HLOOKUP($C$2,$B$8:$D385,$A385,FALSE)","v":" years"},"title378"]
[379,"Potential pellet consumption per household","La consommation potentielle de granulés de bois par ménage","Consumo potencial de pellets por hogar","title",{"$f":"HLOOKUP($C$2,$B$8:$D386,$A386,FALSE)","v":"Potential pellet consumption per household"},"title379"]
[380,"Number of household that can be supplied","Nombre de ménages pouvant être approvisionné","Número total de hogares que pueden ser suministrados","title",{"$f":"HLOOKUP($C$2,$B$8:$D387,$A387,FALSE)","v":"Number of household that can be supplied"},"title380"]
[381,"Biomass collection","Collecte de la biomasse","Recolección de biomasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D388,$A388,FALSE)","v":"Biomass collection"},"title381"]
[382,"Pelleting processes","Processus de granulation","Proceso de pelletizado","title",{"$f":"HLOOKUP($C$2,$B$8:$D389,$A389,FALSE)","v":"Pelleting processes"},"title382"]
[383,"Market price rural (USD/kg)","Prix du marché rural (USD/kg)","Precio de mercado rural (USD/kg)","title",{"$f":"HLOOKUP($C$2,$B$8:$D390,$A390,FALSE)","v":"Market price rural (USD/kg)"},"title383"]
[384,"Market price urban (USD/kg)","Prix du marché urbain (USD/kg)","Precio de mercado urbano (USD/kg)","title",{"$f":"HLOOKUP($C$2,$B$8:$D391,$A391,FALSE)","v":"Market price urban (USD/kg)"},"title384"]
[385,"Pellet revenue market rural","Revenus provenant des granulés de bois pour le marché rural ","Beneficios por pellets provenientes del mercado rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D392,$A392,FALSE)","v":"Pellet revenue market rural"},"title385"]
[386,"Pellet revenue market urban","Revenus provenant des granulés de bois pour le marché urbain","Beneficios por pellets provenientes del mercado urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D393,$A393,FALSE)","v":"Pellet revenue market urban"},{"$f":"$E393&$A393","v":"title386"}]
[387,"Total production cost","Coût total de production","Costo total de producción","title",{"$f":"HLOOKUP($C$2,$B$8:$D394,$A394,FALSE)","v":"Total production cost"},"title387"]
[388,"SIZE 1","Dimension 1","Tamaño 1","title",{"$f":"HLOOKUP($C$2,$B$8:$D395,$A395,FALSE)","v":"SIZE 1"},"title388"]
[389,"SIZE 2","Dimension 2","Tamaño 2","title",{"$f":"HLOOKUP($C$2,$B$8:$D396,$A396,FALSE)","v":"SIZE 2"},"title389"]
[390,"SIZE 3","Dimension 3","Tamaño 3","title",{"$f":"HLOOKUP($C$2,$B$8:$D397,$A397,FALSE)","v":"SIZE 3"},"title390"]
[391,"SIZE 4","Dimension 4","Tamaño 4","title",{"$f":"HLOOKUP($C$2,$B$8:$D398,$A398,FALSE)","v":"SIZE 4"},"title391"]
[392,"USD/kg of pellets","USD/kg de granulés de bois","USD/kg de pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D399,$A399,FALSE)","v":"USD/kg of pellets"},"title392"]
[393,"t/year/houseshold","t/an/ménage","t/año/hogar","title",{"$f":"HLOOKUP($C$2,$B$8:$D400,$A400,FALSE)","v":"t/year/houseshold"},"title393"]
[394,"Households","Ménages","Hogares","title",{"$f":"HLOOKUP($C$2,$B$8:$D401,$A401,FALSE)","v":"Households"},"title394"]
[395,"No. of employees","Nombre d'employés","Número de empleados","title",{"$f":"HLOOKUP($C$2,$B$8:$D402,$A402,FALSE)","v":"No. of employees"},"title395"]
[396,"SUMMARY OF RESULTS FOR PELLET PRODUCTION COMPARATIVE","RÉSUMÉ DES RÉSSULTATS POUR LA PRODUCTION COMPARATIVE DE GRANULÉS DE BOIS","RESÚMEN COMPARATIVO DE LOS RESULTADOS DE LA PRODUCCION DE PELLETS","title",{"$f":"HLOOKUP($C$2,$B$8:$D403,$A403,FALSE)","v":"SUMMARY OF RESULTS FOR PELLET PRODUCTION COMPARATIVE"},"title396"]
[397,"Comparison of Production Costs (USD/kg pellet)","Comparaison des coûts de production (USD / kg granulés de bois)","Comparación de costos de producción (USD/kg de pellets)","title",{"$f":"HLOOKUP($C$2,$B$8:$D404,$A404,FALSE)","v":"Comparison of Production Costs (USD/kg pellet)"},"title397"]
[398,"Annual Production Supported and Transformation Efficiency","Production annuelle prise en charge et l'efficacité de la transformation","Producción anual soportada y eficiencia de la transformación","title",{"$f":"HLOOKUP($C$2,$B$8:$D405,$A405,FALSE)","v":"Annual Production Supported and Transformation Efficiency"},"title398"]
[399,"Socio-economic Results","Résultats Socio-économiques","Resultados socio-económicos","title",{"$f":"HLOOKUP($C$2,$B$8:$D406,$A406,FALSE)","v":"Socio-economic Results"},"title399"]
[400,"Total Number of Jobs Created","Nombre Total d'Emplois Créés","Número total de empleos creados","title",{"$f":"HLOOKUP($C$2,$B$8:$D407,$A407,FALSE)","v":"Total Number of Jobs Created"},"title400"]
[401,"Total Number of Households Supplied","Nombre Total des Ménages approvisionnés","Número total de hogares suministrados","title",{"$f":"HLOOKUP($C$2,$B$8:$D408,$A408,FALSE)","v":"Total Number of Households Supplied"},"title401"]
[402,"Rural market price","Prix du Marché Rural","Precio de mercado rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D409,$A409,FALSE)","v":"Rural market price"},"title402"]
[403,"NPV - Rural market price (1000 USD)","VAN - Prix du Marché Rural (1000 USD)","VAN - Precio de mercado rural (1000 USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D410,$A410,FALSE)","v":"NPV - Rural market price (1000 USD)"},"title403"]
[404,"IRR - Rural market price","TRI - Prix du Marché Rural","TIR - Precio de mercado rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D411,$A411,FALSE)","v":"IRR - Rural market price"},"title404"]
[405,"Urban market price","Prix du Marché Urbain","Precio de mercado urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D412,$A412,FALSE)","v":"Urban market price"},"title405"]
[406,"NPV - Urban market price (1000 USD)","VAN - Prix du Marché Urbain (1000 USD)","VAN - Precio de mercado urbano (1000 USD)","title",{"$f":"HLOOKUP($C$2,$B$8:$D413,$A413,FALSE)","v":"NPV - Urban market price (1000 USD)"},"title406"]
[407,"IRR - Urban market price","TRI - Prix du Marché Urbain","TIR - Precio de mercado urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D414,$A414,FALSE)","v":"IRR - Urban market price"},"title407"]
[408,"Annual Production (t/year)","Production annuelle (t / an)","Producción anual (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D415,$A415,FALSE)","v":"Annual Production (t/year)"},"title408"]
[409,"Transformation  Efficency (%)","Efficacité de la transformation (%)","Eficiencia de la transformacion (%)","title",{"$f":"HLOOKUP($C$2,$B$8:$D416,$A416,FALSE)","v":"Transformation  Efficency (%)"},"title409"]
[410,"Biomass required","La biomasse requise","Biomasa requerida","title",{"$f":"HLOOKUP($C$2,$B$8:$D417,$A417,FALSE)","v":"Biomass required"},"title410"]
[411,"Biomass available","Biomasse Disponible","Biomasa disponible","title",{"$f":"HLOOKUP($C$2,$B$8:$D418,$A418,FALSE)","v":"Biomass available"},"title411"]
[412,"Plants potentially supported","Les usines potentiellement prises en charge","Plantas potencialmente suministrables","title",{"$f":"HLOOKUP($C$2,$B$8:$D419,$A419,FALSE)","v":"Plants potentially supported"},"title412"]
[413,"Area required","Zone requise","Área requerida","title",{"$f":"HLOOKUP($C$2,$B$8:$D420,$A420,FALSE)","v":"Area required"},"title413"]
[414,"Operating Costs","Coûts de fonctionnement ","Costos de operación","title",{"$f":"HLOOKUP($C$2,$B$8:$D421,$A421,FALSE)","v":"Operating Costs"},"title414"]
[415,"Fixed Costs","Coûts fixes","Costos fijos","title",{"$f":"HLOOKUP($C$2,$B$8:$D422,$A422,FALSE)","v":"Fixed Costs"},"title415"]
[416,"Net Present Value (NPV)-AfterTax-rural","Valeur Actuelle Nette (VAN) - après impôt - Rural","Valor Actual Neto (VAN)-despuesimpuestos-rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D423,$A423,FALSE)","v":"Net Present Value (NPV)-AfterTax-rural"},"title416"]
[417,"Net Present Value (NPV)-AfterTax-urban","Valeur Actuelle Nette (VAN) - après impôt - Urbain","Valor Actual Neto (VAN)-despuesimpuestos-urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D424,$A424,FALSE)","v":"Net Present Value (NPV)-AfterTax-urban"},"title417"]
[418,"Internal Rate of Return (IRR)- AfterTax-rural","Taux de rendement interne (TRI) (%) - après impôt - Rural","Tasa Interna de retorno (TIR) (%)-despuesimpuestos-rural","title",{"$f":"HLOOKUP($C$2,$B$8:$D425,$A425,FALSE)","v":"Internal Rate of Return (IRR)- AfterTax-rural"},"title418"]
[419,"Internal Rate of Return (IRR)- After Tax-urban","Taux de rendement interne (TRI) (%) - après impôt - Urbain","Tasa Interna de retorno (TIR) (%)-despuesimpuestos-urbano","title",{"$f":"HLOOKUP($C$2,$B$8:$D426,$A426,FALSE)","v":"Internal Rate of Return (IRR)- After Tax-urban"},"title419"]
[420,"Amount (ton per year)","Quantité (tonne par an)","Cantidad (t/año)","title",{"$f":"HLOOKUP($C$2,$B$8:$D427,$A427,FALSE)","v":"Amount (ton per year)"},"title420"]
[421,"Feedstock yield (ton per ha)","Rendement des Matières premières (tonne par an)","Rendimiento de la materia prima (t/ha)","title",{"$f":"HLOOKUP($C$2,$B$8:$D428,$A428,FALSE)","v":"Feedstock yield (ton per ha)"},"title421"]
[422,"Cost (dedicated wood)","Coût (bois dédié)","Costo (madera dedicada)","title",{"$f":"HLOOKUP($C$2,$B$8:$D429,$A429,FALSE)","v":"Cost (dedicated wood)"},"title422"]
[423,"Price Fuel","Prix du carburant","Costo del combustible","title",{"$f":"HLOOKUP($C$2,$B$8:$D430,$A430,FALSE)","v":"Price Fuel"},"title423"]
[424,"USD/Person/h","USD/personne/h","USD/persona/h","title",{"$f":"HLOOKUP($C$2,$B$8:$D431,$A431,FALSE)","v":"USD/Person/h"},"title424"]
[425,"Pellet","Granulés de bois","Pellet ","title",{"$f":"HLOOKUP($C$2,$B$8:$D432,$A432,FALSE)","v":"Pellet"},"title425"]
[426,"barley","orge","cebada","title",{"$f":"HLOOKUP($C$2,$B$8:$D433,$A433,FALSE)","v":"barley"},"title426"]
[427,"straw","paille","paja","title",{"$f":"HLOOKUP($C$2,$B$8:$D434,$A434,FALSE)","v":"straw"},"title427"]
[428,"pods","cabosse","vainas","title",{"$f":"HLOOKUP($C$2,$B$8:$D435,$A435,FALSE)","v":"pods"},"title428"]
[429,"stalk","tige","tallos","title",{"$f":"HLOOKUP($C$2,$B$8:$D436,$A436,FALSE)","v":"stalk"},"title429"]
[430,"fronds","frondes","frondas","title",{"$f":"HLOOKUP($C$2,$B$8:$D437,$A437,FALSE)","v":"fronds"},"title430"]
[431,"husk","écorce","cascarilla","title",{"$f":"HLOOKUP($C$2,$B$8:$D438,$A438,FALSE)","v":"husk"},"title431"]
[432,"shell","coquilles","concha","title",{"$f":"HLOOKUP($C$2,$B$8:$D439,$A439,FALSE)","v":"shell"},"title432"]
[433,"hull","coque","cáscara","title",{"$f":"HLOOKUP($C$2,$B$8:$D440,$A440,FALSE)","v":"hull"},"title433"]
[434,"cob","épi","mazorcas","title",{"$f":"HLOOKUP($C$2,$B$8:$D441,$A441,FALSE)","v":"cob"},"title434"]
[435,"Stover","Canne","Rastrojo","title",{"$f":"HLOOKUP($C$2,$B$8:$D442,$A442,FALSE)","v":"Stover"},"title435"]
[436,"empty bunches","péricarpe","racimos ","title",{"$f":"HLOOKUP($C$2,$B$8:$D443,$A443,FALSE)","v":"empty bunches"},"title436"]
[437,"straw/stalk","paille/tige","paja/tallos","title",{"$f":"HLOOKUP($C$2,$B$8:$D444,$A444,FALSE)","v":"straw/stalk"},"title437"]
[438,"tops/leaves","dessus/feuilles","copa/hojas","title",{"$f":"HLOOKUP($C$2,$B$8:$D445,$A445,FALSE)","v":"tops/leaves"},"title438"]
[439,"bagasse","bagasse","bagazo","title",{"$f":"HLOOKUP($C$2,$B$8:$D446,$A446,FALSE)","v":"bagasse"},"title439"]
[440,"Warning: Jobs created by biomass collection are excluded, due to market price option that was selected in the data entry sheet or that the biomass analyzed has not collection cost.","Avertissement: Les emplois créés par la collecte de la biomasse sont exclus, en raison de l'option des prix du marché  qui a été sélectionné dans la feuille de saisie de données ou  que la biomasse analysé n'a pas de coût de collecte.","Advertencia: Los empleos generados por la recolección de la biomasa están excluidos, debido a la opción de precio de mercado que se seleccionó en la hoja de entrada de datos o que la biomasa analizada no tiene costo de recolección.","title",{"$f":"HLOOKUP($C$2,$B$8:$D447,$A447,FALSE)","v":"Warning: Jobs created by biomass collection are excluded, due to market price option that was selected in the data entry sheet or that the biomass analyzed has not collection cost."},"title440"]
[441,"Job creation includes labour required to collect biomass and produce pellets.","La création d'emplois comprend la main-d'œuvre nécessaire à la collecte de la biomasse et la production des granulés de bois.","Empleos creados incluye la mano de obra requerida para recolectar la biomasa y producir los pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D448,$A448,FALSE)","v":"Job creation includes labour required to collect biomass and produce pellets."},"title441"]
[442,"Please input first the Plant Cost Index for the current period in the investment cost update section.","Veuillez saisir d'abord l'indice du coût de la centrale pour la période en cours dans la section de mise à jour des coûts d'investissement.","Por favor, introduzca por primera vez el Índice del Costo de la planta para el período actual en la sección de actualización de los costos de inversión.","title",{"$f":"HLOOKUP($C$2,$B$8:$D449,$A449,FALSE)","v":"Please input first the Plant Cost Index for the current period in the investment cost update section."},"title442"]
[443,"Additional Data Required","Données supplémentaires nécessaires","Se requieren datos adicionales","title",{"$f":"HLOOKUP($C$2,$B$8:$D450,$A450,FALSE)","v":"Additional Data Required"},"title443"]
[444,"Please go first to the General Input Section below and input the following data: wages for both unskilled and skilled labour; working hours per day for feedstock collection, both manual and mechanical, and price of diesel.","S'il vous plaît allez d'abord à la section d'intrant générale ci-dessous et entrez les données suivantes : les salaires à la fois pour la main d'œuvre non qualifiée et qualifiée; heures de travail par jour pour la collecte des matières premières, à la fois manuel et mécanique ; et le prix du diesel.","Por favor, vaya primero a la sección de Entradas Generales e ingrese los siguientes datos: salarios para la mano de obra calificada y no calificada; horas de trabajo por día para la recolección de la materia prima, tanto manual como mecánica, y el precio del diésel. ","title",{"$f":"HLOOKUP($C$2,$B$8:$D451,$A451,FALSE)","v":"Please go first to the General Input Section below and input the following data: wages for both unskilled and skilled labour; working hours per day for feedstock collection, both manual and mechanical, and price of diesel."},"title444"]
[445,"You have selected to input your own market price (transport excluded). Consequently, the labour creation potential for collection of feedstock will be zero.","Vous avez choisi l'option du prix du marché (transport exclu). Par conséquent, le potentiel de création d'emplois pour la collecte de la matière première sera de zéro.","Ha seleccionado introducir su propio precio de mercado (excluyendo el transporte). Por consiguiente, el potencial de generación de empleo para la recolección de la materia prima será cero. ","title",{"$f":"HLOOKUP($C$2,$B$8:$D452,$A452,FALSE)","v":"You have selected to input your own market price (transport excluded). Consequently, the labour creation potential for collection of feedstock will be zero."},"title445"]
[446,"Minimum technical parameters required to run the tool have now been loaded.","Paramètres techniques minimaux requis pour exécuter l'outil ont été chargés.","Los parámetros técnicos mínimos necesarios para ejecutar la herramienta ya están cargados.","title",{"$f":"HLOOKUP($C$2,$B$8:$D453,$A453,FALSE)","v":"Minimum technical parameters required to run the tool have now been loaded."},"title446"]
[447,"Now you will need to define specific parameters for your country and for the selected crops","Maintenant, vous aurez besoin de définir des paramètres spécifiques pour votre pays et pour les cultures sélectionnées.","Ahora usted tendrá que definir los parámetros específicos para su país y para los cultivos seleccionados.","title",{"$f":"HLOOKUP($C$2,$B$8:$D454,$A454,FALSE)","v":"Now you will need to define specific parameters for your country and for the selected crops"},"title447"]
[448,"If you want to obtain more accurate results, you will need to provide your own data.","Si vous voulez obtenir des résultats plus précis, vous devrez fournir vos propres données.","Si desea obtener resultados más precisos, usted tendrá que proporcionar sus propios datos.","title",{"$f":"HLOOKUP($C$2,$B$8:$D455,$A455,FALSE)","v":"If you want to obtain more accurate results, you will need to provide your own data."},"title448"]
[449,"A pdf report has been generated. It will automatically opened and will be saved in the same folder in which the tool file is found.","Un rapport PDF a été généré. Il s'ouvrira automatiquement et sera enregistré dans le même dossier où se trouve l'outil.","Un informe en pdf ha sido generado. Se abrirá automáticamente y se guardará en la misma carpeta en la que se encuentra la herramienta.","title",{"$f":"HLOOKUP($C$2,$B$8:$D456,$A456,FALSE)","v":"A pdf report has been generated. It will automatically opened and will be saved in the same folder in which the tool file is found."},"title449"]
[450,"Generating Report","Générer un rapport","Generando el reporte","title",{"$f":"HLOOKUP($C$2,$B$8:$D457,$A457,FALSE)","v":"Generating Report"},{"$f":"$E457&$A457","v":"title450"}]
[451,"In order to print a new report you need to close the report currently opened first.","Pour imprimer un nouveau rapport, vous devez d'abord fermer le rapport ouvert.","Con el fin de imprimir un nuevo informe, necesita primero cerrar el informe actualmente abierto.","title",{"$f":"HLOOKUP($C$2,$B$8:$D458,$A458,FALSE)","v":"In order to print a new report you need to close the report currently opened first."},"title451"]
[452,"Storage Planning Calculator - Feedstock 1","Calculateur de la Planification de Stockage - Matières premières 1","Calculadora de planificación de almacenamiento - Materia prima 1","title",{"$f":"HLOOKUP($C$2,$B$8:$D459,$A459,FALSE)","v":"Storage Planning Calculator - Feedstock 1"},"title452"]
[453,"Storage Planning Calculator - Feedstock 2","Calculateur de la Planification de Stockage - Matières premières 2","Calculadora de planificación de almacenamiento - Materia prima 2","title",{"$f":"HLOOKUP($C$2,$B$8:$D460,$A460,FALSE)","v":"Storage Planning Calculator - Feedstock 2"},"title453"]
[454,"Storage Planning Calculator - Feedstock 3","Calculateur de la Planification de Stockage - Matières premières 3","Calculadora de planificación de almacenamiento - Materia prima 3","title",{"$f":"HLOOKUP($C$2,$B$8:$D461,$A461,FALSE)","v":"Storage Planning Calculator - Feedstock 3"},"title454"]
[455,"Storage Planning Calculator - Feedstock 4","Calculateur de la Planification de Stockage - Matières premières 4","Calculadora de planificación de almacenamiento - Materia prima 4","title",{"$f":"HLOOKUP($C$2,$B$8:$D462,$A462,FALSE)","v":"Storage Planning Calculator - Feedstock 4"},"title455"]
[456,"Collection months","Mois de la collecte","Meses de recolección","title",{"$f":"HLOOKUP($C$2,$B$8:$D463,$A463,FALSE)","v":"Collection months"},"title456"]
[457,"Month","Mois","Mes","title",{"$f":"HLOOKUP($C$2,$B$8:$D464,$A464,FALSE)","v":"Month"},"title457"]
[458,"Safety Storage Rate","Taux de stockage de sécurité","Tasa de almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D465,$A465,FALSE)","v":"Safety Storage Rate"},"title458"]
[459,"Capacity","Capacité","Capacidad","title",{"$f":"HLOOKUP($C$2,$B$8:$D466,$A466,FALSE)","v":"Capacity"},"title459"]
[460,"Rate","Taux","Tasa","title",{"$f":"HLOOKUP($C$2,$B$8:$D467,$A467,FALSE)","v":"Rate"},"title460"]
[461,"Default values","Valeurs par Défaut","Valores por defecto","title",{"$f":"HLOOKUP($C$2,$B$8:$D468,$A468,FALSE)","v":"Default values"},"title461"]
[462,"Calculate","Calculez","Calcular","title",{"$f":"HLOOKUP($C$2,$B$8:$D469,$A469,FALSE)","v":"Calculate"},"title462"]
[463,"Cancel","Annuler","Cancelar","title",{"$f":"HLOOKUP($C$2,$B$8:$D470,$A470,FALSE)","v":"Cancel"},"title463"]
[464,"Storage requiments","Exigences de stockage","Requisitos de almacenamiento","title",{"$f":"HLOOKUP($C$2,$B$8:$D471,$A471,FALSE)","v":"Storage requiments"},"title464"]
[465,"Storage capacity required (t)","Capacité de stokage requis (t)","Capacidad de almacenamiento requerida (t)","title",{"$f":"HLOOKUP($C$2,$B$8:$D472,$A472,FALSE)","v":"Storage capacity required (t)"},"title465"]
[466,"Minimum safety feedstock to store (t/month)","Minimum de matières premières de sécurité à stocker (t/mois)","Materia prima mínima de seguridad para almacenar (t/mes)","title",{"$f":"HLOOKUP($C$2,$B$8:$D473,$A473,FALSE)","v":"Minimum safety feedstock to store (t/month)"},"title466"]
[467,"Monthly Change of Biomass Stored","Variation mensuelle de la biomasse stockée","Variación mensual de la biomasa almacenada","title",{"$f":"HLOOKUP($C$2,$B$8:$D474,$A474,FALSE)","v":"Monthly Change of Biomass Stored"},"title467"]
[468,"Back","Retour","Volver","title",{"$f":"HLOOKUP($C$2,$B$8:$D475,$A475,FALSE)","v":"Back"},"title468"]
[469,"Air and dust from milling","Air et poussière provenant du broyage","Aire y polvo por el molido","title",{"$f":"HLOOKUP($C$2,$B$8:$D476,$A476,FALSE)","v":"Air and dust from milling"},"title469"]
[470,"Process steam*","Vapeur provenant de la transformation","Vapor del proceso*","title",{"$f":"HLOOKUP($C$2,$B$8:$D477,$A477,FALSE)","v":"Process steam*"},"title470"]
[471,"Binding agent**","Agent Liant","Agente aglutinante**","title",{"$f":"HLOOKUP($C$2,$B$8:$D478,$A478,FALSE)","v":"Binding agent**"},"title471"]
[472,"Air and dust from cooling","Air et poussière provenant du refroidissement","Aire y polvo por el enfriado","title",{"$f":"HLOOKUP($C$2,$B$8:$D479,$A479,FALSE)","v":"Air and dust from cooling"},"title472"]
[473,"Biomass with less than 10% moisture content","Biomasse ayant moins de 10% d'humidité","Biomasa con un contenido de humedad inferior al 10%","title",{"$f":"HLOOKUP($C$2,$B$8:$D480,$A480,FALSE)","v":"Biomass with less than 10% moisture content"},"title473"]
[474,"The technical parameters used to calculate storage requirements are missing. Please complete data entry needs, and input the transformation efficiency in each COST_RES# sheet. You can alternatively press the load default values button to obtain quick results.","Les paramètres techniques utilisés pour calculer les besoins de stockage sont manquants. S'il vous plaît compléter les besoins en données , et entrez l'efficacité de la transformation dans chaque feuille COST_RES #. Alternativement, vous pouvez cliquer sur le bouton des valeurs de charge par défaut pour obtenir des résultats rapides .","Los parámetros técnicos utilizados para calcular los requerimientos de almacenamiento están ausentes. Favor completar los requerimientos de datos de entrada e ingresar la eficiencia de transformación en cada pestaña COST_RES#. Alternativamente puede presionar el boton de cargar datos por defecto para obtener resultados rápidos.","title",{"$f":"HLOOKUP($C$2,$B$8:$D481,$A481,FALSE)","v":"The technical parameters used to calculate storage requirements are missing. Please complete data entry needs, and input the transformation efficiency in each COST_RES# sheet. You can alternatively press the load default values button to obtain quick results."},"title474"]
[475,"Data missing","Données manquantes","Datos que faltan","title",{"$f":"HLOOKUP($C$2,$B$8:$D482,$A482,FALSE)","v":"Data missing"},"title475"]
[476,"Show Costing Details","Montrez les Détails des Coûts","Mostrar detalles de cálculo de costos","title",{"$f":"HLOOKUP($C$2,$B$8:$D483,$A483,FALSE)","v":"Show Costing Details"},"title476"]
[477,"Hide Costing Details","Cachez les Détails des Coûts","Ocultar detalles de cálculo de costos","title",{"$f":"HLOOKUP($C$2,$B$8:$D484,$A484,FALSE)","v":"Hide Costing Details"},"title477"]
[478,"This index is a proxy used to update the cost of equipments and installation to the current year.","Cet indication est un serveur proxy utilisé pour mettre à jour le coût des équipements et de l'installation pour l'année en cours","Este índice es un aproximado usado para actualizar el costo de los equipamientos e instalación al año en curso","title",{"$f":"HLOOKUP($C$2,$B$8:$D485,$A485,FALSE)","v":"This index is a proxy used to update the cost of equipments and installation to the current year."},"title478"]
[479,"Use price definition calculator","Utilisez la calculatrice de définition de prix","Use la calculadora de definición de precio","title",{"$f":"HLOOKUP($C$2,$B$8:$D486,$A486,FALSE)","v":"Use price definition calculator"},"title479"]
[480,"Market price (transport excluded)","Prix du marché (transport exclu)","Precio del mercado (transporte excluido)","title",{"$f":"HLOOKUP($C$2,$B$8:$D487,$A487,FALSE)","v":"Market price (transport excluded)"},"title480"]
[481,"Feedstock Selection","Sélection de Matières Premières","Selección de la materia prima","title",{"$f":"HLOOKUP($C$2,$B$8:$D488,$A488,FALSE)","v":"Feedstock Selection"},"title481"]
[482,"Techno-economic Results","Résultats Techno-économiques","Resultados tecno-económicos","title",{"$f":"HLOOKUP($C$2,$B$8:$D489,$A489,FALSE)","v":"Techno-economic Results"},"title482"]
[483,"Input data below!","Entrez les données ci-dessous!","Ingresa los datos abajo!","title",{"$f":"HLOOKUP($C$2,$B$8:$D490,$A490,FALSE)","v":"Input data below!"},"title483"]
[484,"Agglomerator","Agglomérateur","Aglomerador","title",{"$f":"HLOOKUP($C$2,$B$8:$D491,$A491,FALSE)","v":"Agglomerator"},"title484"]
[485,"Pellet mill","Usine de fabrication de granulés de bois ","Molino de pellets","title",{"$f":"HLOOKUP($C$2,$B$8:$D492,$A492,FALSE)","v":"Pellet mill"},"title485"]
[486,"Screw press","Presse à vis ","Prensa de tornillo","title",{"$f":"HLOOKUP($C$2,$B$8:$D493,$A493,FALSE)","v":"Screw press"},"title486"]
[487,"Forest","Forêt","Bosque","title",{"$f":"HLOOKUP($C$2,$B$8:$D494,$A494,FALSE)","v":"Forest"},"title487"]
[488,"Wood","Bois","Madera","title",{"$f":"HLOOKUP($C$2,$B$8:$D495,$A495,FALSE)","v":"Wood"},"title488"]
[489,"Harv. Res.","Rés. de l'exploit","Res. forestales","title",{"$f":"HLOOKUP($C$2,$B$8:$D496,$A496,FALSE)","v":"Harv. Res."},"title489"]
[490,"Proc. Res.","Résidus de la transf.","Res. procesam.","title",{"$f":"HLOOKUP($C$2,$B$8:$D497,$A497,FALSE)","v":"Proc. Res."},"title490"]
[491,"Straight-line","Linéaire","Línea-recta","title",{"$f":"HLOOKUP($C$2,$B$8:$D498,$A498,FALSE)","v":"Straight-line"},"title491"]
[492,"Average income tax payment ","paiement moyen de l'impôt sur le revenu","Pago promedio de impuestos","title",{"$f":"HLOOKUP($C$2,$B$8:$D499,$A499,FALSE)","v":"Average income tax payment "},"title492"]
[493,"Not feasible","Pas faisable","No factible","title",{"$f":"HLOOKUP($C$2,$B$8:$D500,$A500,FALSE)","v":"Not feasible"},"title493"]
[494,"Briquettes","Briquettes","Briquetas","title",{"$f":"HLOOKUP($C$2,$B$8:$D501,$A501,FALSE)","v":"Briquettes"},"title494"]
[495,"Forest Harv. Res.","Résidus de l'exploitation forestière","Residuos de la explotación forestal","title",{"$f":"HLOOKUP($C$2,$B$8:$D502,$A502,FALSE)","v":"Forest Harv. Res."},"title495"]
[496,"Wood Proc. Res.","Résidus de la transformation du bois","Residuos del procesamiento de la madera","title",{"$f":"HLOOKUP($C$2,$B$8:$D503,$A503,FALSE)","v":"Wood Proc. Res."},"title496"]
[497,"person-hour/t","person-heure/t","persona-hora/t","title",{"$f":"HLOOKUP($C$2,$B$8:$D504,$A504,FALSE)","v":"person-hour/t"},"title497"]

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[]
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[null,"EN"]
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[]
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[null,null,{"$f":"title3","v":"Disclaimer "}]
[null,null,{"$f":"title4","v":"FAO declines all responsibility for errors or deficiencies in the database or software or in the documentation accompanying it, for program maintenance and upgrading as well as for any damage that may arise from them.  FAO also declines any responsibility for updating the data and assumes no responsibility for errors and omissions in the data provided. Users are, however, kindly asked to report any errors or deficiencies in this product to FAO.  The choices of calculation made in this tool are those of the author(s) and do not necessarily reflect the views and choices of the Food and Agriculture Organization of the United Nations."}]
[]
[]
[]
[null,null,"© FAO, 2014"]
[" "]

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[]
[]
[null,null,{"$f":"title5","v":"BIOMASS PELLET SYSTEM FOR RURAL/URBAN ENERGY"}]
[]
[]
[]
[]
[null,null,{"$f":"title6","v":"Moist Biomass"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title13","v":"Industrial"}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title14","v":"Commercial"}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title15","v":"Residential"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title473","v":"Biomass with less than 10% moisture content"}]
[null,null,null,null,null,null,{"$f":"title469","v":"Air and dust from milling"},null,null,{"$f":"title470","v":"Process steam*"},{"$f":"title471","v":"Binding agent**"},{"$f":"title472","v":"Air and dust from cooling"}]
[]
[]
[null,null,"Ref: Fundamental Understanding of Pelletization. EFP-2005 project (33031-037)"]
[null,null,"---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------"]
[null,null,{"$f":"title16","v":"Wood pellet specifications"}]
[null,null,{"$f":"title17","v":"Particle size: 6mm to 8mm for domestic and small scale systems, 10-12 mm  for larger systems"}]
[null,null,{"$f":"title18","v":"Moisture content: less than 10%"}]
[null,null,{"$f":"title19","v":"Calorific value: less than 4.7kWh/kg"}]
[null,null,{"$f":"title20","v":"Ash content: less than 1% (low), less than 3% (standard) or less than 6% (high); to be clearly labelled"}]
[null,null,{"$f":"title21","v":"Bulk density: less than 600 kg/m3"}]
[null,null,{"$f":"title22","v":"Sulfur content: less than 300 ppm"}]
[null,null,{"$f":"title23","v":"Chlorine: less than: 800ppm"}]
[null,null,{"$f":"title24","v":"Only additives: lignin and trace amounts of vegetable oil as a die lubricant"}]

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[]
[]
[null,null,{"$f":"title25","v":" ENERGY DEMAND FOR PELLET PRODUCTION"}]
[]
[null,null,{"$f":"title26","v":"Energy Consumption per Household (hh)"}]
[]
[null,null,null,{"$f":"title27","v":"Rural Households"},null,null,null,null,{"$f":"title28","v":"Urban Households"}]
[null,null,null,{"$f":"title29","v":"Market price"},{"$f":"title30","v":"Consumption"},null,{"$f":"title31","v":"Energy expenditure"},{"$f":"title32","v":"Pellet consumption equivalent "},{"$f":"title29","v":"Market price"},{"$f":"title30","v":"Consumption"},{"$f":"title31","v":"Energy expenditure"},null,{"$f":"title32","v":"Pellet consumption equivalent "}]
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[null,null,{"$f":"title41&\" (l)\"","v":"Kerosene (l)"},null,null,0,0,0,null,null,0,0,0]
[null,null,{"$f":"title42&\" (kg)\"","v":"LPG (kg)"},null,null,0,0,0,null,null,0,0,0]
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[]
[null,null,null,"Units",{"$f":"title354","v":"Rural"},null,{"$f":"title355","v":"Urban"}]
[null,null,"Market price of Pellet","USD/kg",{"$f":"+'Data entry needs'!$D$36","v":0},null,{"$f":"+'Data entry needs'!$H$36","v":0}]
[]
[null,null,"Potential Revenue"]
[]
[null,null,null,null,null,null,"Capacities (kg of pellet production per hour)"]
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[]
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[null,null,{"$f":"title28","v":"Urban Households"}]
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[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Comparison Pellet to Fossil Fuels"]
[]
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[]
[null,null,{"$f":"UPPER(title43&'Data entry needs'!$D$10&\" \"&'Data entry needs'!$D$11)","v":"BIOMASS STORAGE CALCULATION FOR PLEASE SELECT PLEASE SELECT"}]
[]
[null,null,{"$f":"title44","v":"Biomass safety stock rate definition"}]
[]
[]
[null,null,null,null,null,{"$f":"title45","v":"Capacities (tons of pellet per hour)"}]
[null,null,null,{"$f":"title107","v":"Unit"},null,null,null,null,2,null,null,6,null,null,15]
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[]
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[]
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[]
[null,null,{"$f":"title52","v":"Maximum storage definition"}]
[]
[null,null,null,null,null,{"$f":"title45","v":"Capacities (tons of pellet per hour)"}]
[null,null,null,null,null,null,null,null,2,null,null,6,null,null,15]
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[]
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[]
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[null,null,null,{"$f":"+MAX(D25:D36)*30","v":60}]
[null,null,{"$f":"title69","v":"Maximum Storage Capacity Required (t)"},null,null,{"$f":"+ROUNDUP(MAX(F25:F36),0)","v":{"$error":"#DIV/0!"}},null,null,{"$f":"+ROUNDUP(MAX(I25:I36),0)","v":{"$error":"#DIV/0!"}},null,null,{"$f":"+ROUNDUP(MAX(L25:L36),0)","v":{"$error":"#DIV/0!"}},null,null,{"$f":"+ROUNDUP(MAX(O25:O36),0)","v":{"$error":"#DIV/0!"}}]
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[null,null,{"$f":"title71","v":"Monthly Consumption of Biomass Stocked"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Depletion Period",{"$f":"12-AC40","v":10}]
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[]
[]
[null,null,{"$f":"title72","v":"DATA ENTRY FOR BIOMASS IN PELLET PRODUCTION"}]
[]
[null,null,null,null,null,null,"Please Select Please Select"]
[null,null,{"$f":"title73","v":"Use white cells to input data"},{"$f":"title74","v":"Grey cells are used for calculations"}]
[null,null,{"$f":"title75","v":"Feedstock Availability and Cost"}]
[null,null,null,{"$f":"IF(OR(D10=title495,D10=title496),TRUE,FALSE)","v":false},{"$f":"IF(OR(E10=title495,E10=title496),TRUE,FALSE)","v":false},{"$f":"IF(OR(F10=title495,F10=title496),TRUE,FALSE)","v":false},{"$f":"IF(OR(G10=title495,G10=title496),TRUE,FALSE)","v":false}]
[null,null,null,{"$f":"title76&\" 1\"","v":"Feedstock  1"},{"$f":"title76&\" 2\"","v":"Feedstock  2"},{"$f":"title76&\" 3\"","v":"Feedstock  3"},{"$f":"title76&\" 4\"","v":"Feedstock  4"}]
[null,null,null,"Please Select","Please Select","Please Select","Please Select"]
[null,null,{"$f":"title76","v":"Feedstock "},"Please Select","Please Select","Please Select","Please Select"]
[null,null,{"$f":"title77","v":"Feedstock available (t/year)"}]
[null,null,{"$f":"title78","v":"Feedstock yield (t/ha)"}]
[null,null,{"$f":"title79","v":"Moisture content"},{"$f":"+IF(D$11=title81,0,IFERROR(VLOOKUP(D$10&D$11,dummy_database!$N$3:$P$32,2,FALSE),\"\"))","v":0},{"$f":"+IF(E$11=title81,0,IFERROR(VLOOKUP(E$10&E$11,dummy_database!$N$3:$P$32,2,FALSE),\"\"))","v":0},{"$f":"+IF(F$11=title81,0,IFERROR(VLOOKUP(F$10&F$11,dummy_database!$N$3:$P$32,2,FALSE),\"\"))","v":0},{"$f":"+IF(G$11=title81,0,IFERROR(VLOOKUP(G$10&G$11,dummy_database!$N$3:$P$32,2,FALSE),\"\"))","v":0}]
[null,null,{"$f":"title80","v":"Feedstock price (USD/t)"}]
[null,null,null,{"$f":"+IF(D$11=title81,0,IF($C$17=FALSE,PRICE_RES1!$I$26,title483))","v":0},{"$f":"+IF(E$11=title81,0,IF($C$17=FALSE,PRICE_RES2!$I$26,title483))","v":0},{"$f":"+IF(F$11=title81,0,IF($C$17=FALSE,PRICE_RES3!$I$26,title483))","v":0},{"$f":"+IF(G$11=title81,0,IF($C$17=FALSE,PRICE_RES4!$I$26,title483))","v":0}]
[null,null,false]
[null,null,{"$f":"title99","v":"Chemical binder"},"Please Select","Please Select","Please Select","Please Select"]
[null,null,null,"None","None","None","None"]
[null,null,{"$f":"title100","v":"Binder cost (USD/t)"}]
[null,null,{"$f":"title101","v":"Feedstock storage cost (USD/t)"}]
[]
[null,null,{"$f":"title104","v":"Production Cost and Financial Parameters"}]
[]
[null,null,{"$f":"title105","v":"Utilities"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title106","v":"Water"},null,"USD/m3",{"$f":"title108","v":"Electricity"},null,null,"USD/kWh"]
[]
[null,null,{"$f":"title109","v":"Labour"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title110","v":"Skilled worker"},null,{"$f":"title111","v":"USD/person-hour"},{"$f":"title112","v":"Unskilled worker"},null,null,{"$f":"title111","v":"USD/person-hour"}]
[]
[null,null,{"$f":"title113","v":"Feedstock collection"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title114","v":"Working hours per day (manual)"},null,{"$f":"title116","v":"h/day"},{"$f":"title117","v":"Working hours per day (mechanized)"},null,null,{"$f":"title116","v":"h/day"}]
[null,null,{"$f":"title115","v":"Diesel price"},null,"USD/l"]
[]
[null,null,{"$f":"title118","v":"Price of pellets"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title119","v":"Market price (rural areas)"},null,"USD/kg",{"$f":"title120","v":"Market price (urban areas)"},null,null,"USD/kg"]
[]
[null,null,{"$f":"title121","v":"Transportation cost "},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title122","v":"Feedstock (farm to briquette plant)"},null,null,"Briquette products (briquette plant to market)"]
[null,null,{"$f":"title123","v":"Feedstock (farm to pellets plant)"},null,"USD/t/km",{"$f":"title124","v":"Product (pellets plant to market)"},null,null,"USD/t/km"]
[]
[null,null,{"$f":"title125","v":"Operating parameters"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title126","v":"Operating days per year"},null,{"$f":"title128","v":"days/year"},{"$f":"title129","v":"Storage safety rate of product"}]
[null,null,{"$f":"title127","v":"Operating hours per day (manual-max. 8h)"},null,{"$f":"title116","v":"h/day"},{"$f":"title130","v":"Operating hours per day (semi-mechanized)"},null,null,{"$f":"title116","v":"h/day"}]
[]
[null,null,{"$f":"title131","v":"Other costs"},null,{"$f":"title107","v":"Unit"},null,null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title132","v":"Plant overhead (%)"},null,null,{"$f":"title134","v":"Miscellaneous (%)"}]
[null,null,{"$f":"title133","v":"Maintenance (%)"},null,null,{"$f":"title135","v":"General and administrative (%)"}]
[]
[null,null,{"$f":"title136","v":"Financial parameters"},null,{"$f":"title107","v":"Unit"},{"$f":"title142","v":"Investment cost update"},null,null,{"$f":"title107","v":"Unit"}]
[null,null,{"$f":"title137","v":"Discount rate"}]
[null,null,{"$f":"title138","v":"Loan ratio"},null,null,{"$f":"+title143&MONTH(TODAY())&\"/\"&YEAR(TODAY())","v":"Plant Cost Index during 1/2017"}]
[null,null,{"$f":"title139","v":"Loan interest rate"},null,null,"http://base.intratec.us/home/ic-index"]
[null,null,{"$f":"title140","v":"Loan term"},null,{"$f":"title141","v":"year"}]
[]
[]
[]
[]
[]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,null,{"$f":"+IFERROR(VLOOKUP($AB$62&AA63,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title82","v":"cacao"},{"$f":"title426","v":"barley"},{"$f":"title427","v":"straw"},{"$f":"title102","v":"yes"},{"$f":"title330","v":"Maize flour"},null,{"$f":"+IF($D$18=title102,AH64,\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2,null,{"$f":"+IFERROR(VLOOKUP($AB$62&AA64,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title83","v":"cassava"},{"$f":"title82","v":"cacao"},{"$f":"title428","v":"pods"},"no",{"$f":"title331","v":"Wheat flour"},"Residue 2",{"$f":"+IF($E$18=title102,AH62,title103)","v":"None"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Residue 2",null,null,{"$f":"title84","v":"coconut"},{"$f":"title83","v":"cassava"},{"$f":"title429","v":"stalk"},null,null,null,{"$f":"+IF($E$18=title102,AH63,\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection Crop","Crop Residue",{"$f":"title85","v":"coffee"},{"$f":"title84","v":"coconut"},{"$f":"title430","v":"fronds"},null,null,null,{"$f":"+IF($E$18=title102,AH64,\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"$E$10","v":"Please Select"},{"$f":"+IFERROR(VLOOKUP($AB$67&AA67,$AE$63:$AF$91,2,FALSE),title81)","v":"Please Select"},{"$f":"title86","v":"cotton"},{"$f":"title84&1","v":"coconut1"},{"$f":"title431","v":"husk"},null,null,"Residue 3",{"$f":"+IF($F$18=title102,AH62,title103)","v":"None"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,null,{"$f":"+IFERROR(VLOOKUP($AB$67&AA68,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title87","v":"groundnut"},{"$f":"title84&2","v":"coconut2"},{"$f":"title432","v":"shell"},null,null,null,{"$f":"+IF($F$18=title102,AH63,\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2,null,{"$f":"+IFERROR(VLOOKUP($AB$67&AA69,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title88","v":"maize"},{"$f":"title85","v":"coffee"},{"$f":"title431","v":"husk"},null,null,null,{"$f":"+IF($F$18=title102,AH64,\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Residue 3",null,null,{"$f":"title89","v":"millet"},{"$f":"title86","v":"cotton"},{"$f":"title433","v":"hull"},null,null,"Residue 4",{"$f":"+IF($G$18=title102,AH62,title103)","v":"None"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection Crop","Crop Residue",{"$f":"title90","v":"oat"},{"$f":"title86&1","v":"cotton1"},{"$f":"title429","v":"stalk"},null,null,null,{"$f":"+IF($G$18=title102,AH63,\"\")","v":""}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2,null,{"$f":"+IFERROR(VLOOKUP($AB$72&AA74,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title93","v":"sorghum"},{"$f":"title88&1","v":"maize1"},{"$f":"title431","v":"husk"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Residue 4",null,null,{"$f":"title94","v":"soybean"},{"$f":"title88&2","v":"maize2"},{"$f":"title435","v":"Stover"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection Crop","Crop Residue",{"$f":"title95","v":"sugarcane"},{"$f":"title89","v":"millet"},{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"$G$10","v":"Please Select"},{"$f":"+IFERROR(VLOOKUP($AB$77&AA77,$AE$63:$AF$91,2,FALSE),title81)","v":"Please Select"},{"$f":"title96","v":"wheat"},{"$f":"title90","v":"oat"},{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,null,{"$f":"+IFERROR(VLOOKUP($AB$77&AA78,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title495","v":"Forest Harv. Res."},{"$f":"title91","v":"oil palm"},{"$f":"title436","v":"empty bunches"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2,null,{"$f":"+IFERROR(VLOOKUP($AB$77&AA79,$AE$63:$AF$91,2,FALSE),\"\")","v":""},{"$f":"title496","v":"Wood Proc. Res."},{"$f":"title91&1","v":"oil palm1"},{"$f":"title430","v":"fronds"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title91&2","v":"oil palm2"},{"$f":"title432","v":"shell"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title92","v":"rice"},{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title92&1","v":"rice1"},{"$f":"title431","v":"husk"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"rye",{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title93","v":"sorghum"},{"$f":"title437","v":"straw/stalk"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title94","v":"soybean"},{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title94&1","v":"soybean1"},{"$f":"title428","v":"pods"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title95","v":"sugarcane"},{"$f":"title438","v":"tops/leaves"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title95&1","v":"sugarcane1"},{"$f":"title439","v":"bagasse"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title96","v":"wheat"},{"$f":"title427","v":"straw"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title487","v":"Forest"},{"$f":"title489","v":"Harv. Res."}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title488","v":"Wood"},{"$f":"title490","v":"Proc. Res."}]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+$E$10&\" \"&$E$11","v":"Please Select Please Select"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+$F$10&\" \"&$F$11","v":"Please Select Please Select"},null,null,null,null,null,null,"Wage1",{"$f":"IF(OR($D$29=\"\",$D$29=\" \"),TRUE,FALSE)","v":true}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+$G$10&\" \"&$G$11","v":"Please Select Please Select"},null,null,null,null,null,null,"Wage2",{"$f":"IF(OR($I$29=\"\",$I$29=\" \"),TRUE,FALSE)","v":false}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FS1",{"$f":"+$D$10","v":"Please Select"},{"$f":"+IF(AE97=title81,TRUE,FALSE)","v":true},null,null,null,null,null,null,null,"Diesel",{"$f":"IF(OR($D$33=\"\",$D$33=\" \"),TRUE,FALSE)","v":true}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Change in raw material cost (%)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Change in labor cost (%)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Change in Investment cost (%)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Change in pellet price(%)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income",null,0]
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[null,{"$f":"title144","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING - MANUAL"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES1!$E$61","v":20}]
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[null,{"$f":"title159","v":"Project life time (years)"},20]
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[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
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[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
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[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[{"$f":"title226","v":"Financial analysis results"}]
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[]
[]
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[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
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[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
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[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES1!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES1!G12","v":0},{"$f":"C9","v":0},{"$f":"D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES1!K28","v":0},{"$f":"C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES1!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES1!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES1!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES1!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES1!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$D$20","v":0},{"$f":"C53","v":0},{"$f":"D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES1!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES1!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES1!K70","v":0},{"$f":"C59","v":0},{"$f":"D59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T59","v":0},0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES1!K71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES1!K65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES1!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES1!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES1!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D115<0,0,D90*D115)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES1!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[{"$f":"title226","v":"Financial analysis results"}]
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[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
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[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
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[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
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[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
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[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title144","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING - MANUAL"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
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[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES1!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES1!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0},{"$f":"+COST_RES1!$F$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES1!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES1!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES1!G71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES1!G56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES1!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
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[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES1!G64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C105","v":0},{"$f":"C120+(D105)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES1!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES1!$G$12","v":0},{"$f":"C9","v":0},{"$f":"D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES1!I28","v":0},{"$f":"C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES1!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES1!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES1!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES1!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES1!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0},{"$f":"+COST_RES1!$H$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$D$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES1!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES1!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES1!I70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES1!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES1!I65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES1!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES1!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES1!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
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[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES1!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[]
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[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES1!G12","v":0},{"$f":"C9","v":0},{"$f":"D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES1!K28","v":0},{"$f":"C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
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[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES1!E61","v":20}]
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[null,{"$f":"title159","v":"Project life time (years)"},20]
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[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J62/D33","v":0}]
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[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES1!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES1!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES1!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0},{"$f":"+COST_RES1!$J$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$D$20","v":0},{"$f":"C53","v":0},{"$f":"D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES1!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES1!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES1!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES1!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES1!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES1!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES1!L29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null," "]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES1!G12","v":0},{"$f":"C9","v":0},{"$f":"D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES1!M28","v":0},{"$f":"C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES1!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES1!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!L60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!L61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES1!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES1!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES1!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES1!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES1!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0},{"$f":"+COST_RES1!$L$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES1!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES1!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES1!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES1!M71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES1!M65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES1!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES1!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES1!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES1!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES1!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES1!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES1!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D115<0,0,D90*D115)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES1!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

{"sheet":"Investment_Briquette","index":22,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":true,"merged":[[6,1,8,1],[6,2,8,2],[9,1,12,1],[9,2,10,2],[13,1,14,1]]}
[null,"Investment cost of briquette project"]
[]
[null,"Capacity of Briquette production","Ton per year","<20 ","<200 ","<2000","<20,000"]
[null,"Investment cost of equipment","USD",1000,5000,100000,2200000]
[null,"Lifetime of equipments","Years",5,10,15,20,"assumption"]
[null,"Estimate Equipment cost per ton of briquette","USD per ton",{"$f":"D4/(20*D5)","v":10},{"$f":"E4/(200*E5)","v":2.5},{"$f":"100000/(2000*F5)","v":3.3333333333333335},{"$f":"G4/(20000*G5)","v":5.5}]
[null,{"$f":"title162","v":"Equipments"},null,"1 or 2 manual machines e.g. lever extruder/ manual screw extruder","Motorised machines that are fabricated locally e.g. Electric screw extruder","Motorised machines that are imported e.g. Roller press/ large(flywheel) piston","Large-scale industrial machinery, imported e.g. 8 tons/hr hydraulic pellet press"]
[null,null,null,"Single Drum Kilns","Sun-drying/solar driers","Sun-drying / Flash drier","Accelerated drying"]
[null,null,null,"Sun-drying"]
[null,"Building and land",null,"Often in entrepreneurs house and garden","Can do at entrepreneurs residence or in a large garden","Dedicated factory needed. Approximate 2 acres of land","Large centralised factory "]
[null,null,null,"e.g. biomass storage, Briquette storage, Briguetting Plant","e.g. biomass storage, Briquette storage, Briguetting Plant","e.g. biomass storage, Briquette storage, Briguetting Plant","e.g. biomass storage, Briquette storage, Briguetting Plant, Office building"]
[null,null,null,"Estimate at 20% of Total investment cost","Estimate at 20% of Total investment cost","Estimate at 44% of Total investment cost","Estimate at 44% of Total investment cost"]
[null,null,"USD per ton",{"$f":"20%*D6/(1-20%)","v":2.5},{"$f":"20%*E6/(1-20%)","v":0.625},{"$f":"44%*F6/(1-44%)","v":2.6190476190476191},{"$f":"44%*G6/(1-44%)","v":4.3214285714285712}]
[null,"Installation cost",null,"Estimate at 10% of equipment cost","Estimate at 10% of equipment cost","Estimate at 10% of equipment cost","Estimate at 10% of equipment cost"]
[null,null,"USD per ton",{"$f":"10%*D6","v":1},{"$f":"10%*E6","v":0.25},{"$f":"10%*F6","v":0.33333333333333337},{"$f":"10%*G6","v":0.55000000000000004}]
[null,"Estimated total investment cost","USD per ton per year",{"$f":"D6+D13+D15","v":13.5},{"$f":"E6+E13+E15","v":3.375},{"$f":"F6+F13+F15","v":6.2857142857142856},{"$f":"G6+G13+G15","v":10.371428571428572}]
[null,"Source: Ferguson 2012, Young and Khennas, 2003"]

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[]
[]
[null,null,{"$f":"+UPPER(title238&'Data entry needs'!$D$10&\" \"&'Data entry needs'!$D$11)","v":" PROCESSING COSTS FOR PELLET PRODUCTION FROM PLEASE SELECT PLEASE SELECT"}]
[]
[]
[null,null,{"$f":"title73","v":"Use white cells to input data"},{"$f":"title74","v":"Grey cells are used for calculations"}]
[null,null,{"$f":"title239","v":"Summary of Feedstock and Storage"},null,null,null,null,null,{"$f":"PROPER(title136)","v":"Financial Parameters"}]
[]
[null,null,{"$f":"title77","v":"Feedstock available (t/year)"},{"$f":"'Data entry needs'!$D$12","v":0},{"$f":"title99","v":"Chemical binder"},null,{"$f":"'Data entry needs'!$D$19","v":"None"},null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"'Data entry needs'!D51","v":0},{"$f":"title197","v":"Loan term (years)"},null,{"$f":"'Data entry needs'!D54","v":0}]
[null,null,{"$f":"title78","v":"Feedstock yield (t/ha)"},{"$f":"'Data entry needs'!$D$13","v":0},{"$f":"title242","v":"Chemical binder cost (USD/t)"},null,{"$f":"+'Data entry needs'!$D$20","v":0},null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"'Data entry needs'!D52","v":0}]
[null,null,{"$f":"title240","v":"Safety storage rate of product"},{"$f":"'Data entry needs'!$H$43","v":0},{"$f":"title101","v":"Feedstock storage cost (USD/t)"},null,{"$f":"+'Data entry needs'!$D$21","v":0},null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"'Data entry needs'!D53","v":0},{"$f":"+'Data entry needs'!F52","v":"Plant Cost Index during 1/2017"},null,{"$f":"+'Data entry needs'!$H$52","v":0}]
[null,null,{"$f":"title241","v":"Pellet products storage cost (USD/t)"},{"$f":"+'Data entry needs'!D21","v":0},{"$f":"title243","v":"Transformation efficiency (%)"}]
[]
[null,null,{"$f":"title244","v":"Transport Distance of Feedstock"},null,{"$f":"title245","v":"Transport Quantity"},null,null,{"$f":"title246","v":"Transport Distance of Products"},null,null,{"$f":"title245","v":"Transport Quantity"}]
[]
[null,null,{"$f":"title247","v":"Distance manual production (km)"},null,{"$f":"title251","v":" Manual (t/year)"},null,{"$f":"+$F$33","v":{"$error":"#DIV/0!"}},{"$f":"title247","v":"Distance manual production (km)"},null,null,{"$f":"title251","v":" Manual (t/year)"},null,{"$f":"+$F$29","v":0}]
[null,null,{"$f":"title248","v":"Distance small scale production (km)"},null,{"$f":"title252","v":"Small scale (t/year)"},null,{"$f":"+$H$33","v":{"$error":"#DIV/0!"}},{"$f":"title248","v":"Distance small scale production (km)"},null,null,{"$f":"title252","v":"Small scale (t/year)"},null,{"$f":"+$H$29","v":0}]
[null,null,{"$f":"title249","v":"Distance medium scale production (km)"},null,{"$f":"title253","v":"Medium scale (t/year)"},null,{"$f":"+$J$33","v":{"$error":"#DIV/0!"}},{"$f":"title249","v":"Distance medium scale production (km)"},null,null,{"$f":"title253","v":"Medium scale (t/year)"},null,{"$f":"+$J$29","v":0}]
[null,null,{"$f":"title250","v":"Distance large scale production (km)"},null,{"$f":"title254","v":"Large scale (t/year)"},null,{"$f":"+$L$33","v":{"$error":"#DIV/0!"}},{"$f":"title250","v":"Distance large scale production (km)"},null,null,{"$f":"title254","v":"Large scale (t/year)"},null,{"$f":"+$L$29","v":0}]
[]
[]
[null,null,{"$f":"title266","v":"Capacities (kg of pellet per hour)"}]
[null,null,{"$f":"title268","v":"Rural Markets"}]
[null,null,null,null,null,{"$f":"title266","v":"Capacities (kg of pellet per hour)"}]
[null,null,null,null,null,4,null,40,null,400,null,4000]
[null,null,null,null,null,{"$f":"title272","v":"Manual"},null,{"$f":"title319","v":"Semi-mechanized"},null,{"$f":"title318","v":"Mechanized"},null,{"$f":"title318","v":"Mechanized"}]
[null,null,{"$f":"title269","v":"Urban Markets"},null,null,{"$f":"title484","v":"Agglomerator"},null,{"$f":"title486","v":"Screw press"},null,{"$f":"title485","v":"Pellet mill"},null,{"$f":"title485","v":"Pellet mill"}]
[null,null,null,null,null,{"$f":"title149","v":"Operating hours per year"},{"$f":"IF('Data entry needs'!$D$44>8,8,'Data entry needs'!$D$44)*IF('Data entry needs'!D43>300,300,'Data entry needs'!$D$43)","v":0},{"$f":"title149","v":"Operating hours per year"},{"$f":"IF('Data entry needs'!$H$44>8,8,'Data entry needs'!$H$44)*'Data entry needs'!$D$43","v":0},{"$f":"title149","v":"Operating hours per year"},{"$f":"IF('Data entry needs'!$H$44>16,16,'Data entry needs'!$H$44)*'Data entry needs'!$D$43","v":0},{"$f":"title149","v":"Operating hours per year"},{"$f":"'Data entry needs'!$H$44*'Data entry needs'!$D$43","v":0}]
[null,null,{"$f":"title270","v":"Annual pellet production (t/year)"},null,null,{"$f":"F25*$G$28/1000","v":0},null,{"$f":"H25*$I$28/1000","v":0},null,{"$f":"J25*$K$28/1000","v":0},null,{"$f":"L25*$M$28/1000","v":0}]
[]
[null,null,{"$f":"title271","v":"Inputs"},{"$f":"title107","v":"Unit"},{"$f":"title274","v":"Unit Price"},{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total"]
[null,null,null,null,{"$f":"title275","v":"(USD/Unit)"},{"$f":"title277","v":"(Unit/year)"},{"$f":"title278","v":"(USD/year)"},{"$f":"title277","v":"(Unit/year)"},{"$f":"title278","v":"(USD/year)"},{"$f":"title277","v":"(Unit/year)"},{"$f":"title278","v":"(USD/year)"},{"$f":"title277","v":"(Unit/year)"},{"$f":"title278","v":"(USD/year)"}]
[null,null,{"$f":"title76","v":"Feedstock "},"t",{"$f":"+IF('Data entry needs'!$C$17=FALSE,'Data entry needs'!D$16,'Data entry needs'!D$17)","v":0},{"$f":"F$29/$G$12","v":{"$error":"#DIV/0!"}},{"$f":"+F33*E33","v":{"$error":"#DIV/0!"}},{"$f":"H$29/$G$12","v":{"$error":"#DIV/0!"}},{"$f":"+H33*$E33","v":{"$error":"#DIV/0!"}},{"$f":"J$29/$G$12","v":{"$error":"#DIV/0!"}},{"$f":"+J33*$E33","v":{"$error":"#DIV/0!"}},{"$f":"L$29/$G$12","v":{"$error":"#DIV/0!"}},{"$f":"+L33*$E33","v":{"$error":"#DIV/0!"}}]
[null,null,{"$f":"title99","v":"Chemical binder"},"t",{"$f":"+'Data entry needs'!$D$20","v":0},{"$f":"IF('Data entry needs'!$D$18=\"NO\",0,F$29/VLOOKUP($G$9,'Raw mat_Pellet'!$B$13:$C$17,2,FALSE))","v":0},{"$f":"+F34*E34","v":0},null,{"$f":"+H34*$E34","v":0},null,{"$f":"+J34*$E34","v":0},null,{"$f":"+L34*$E34","v":0}]
[null,null,{"$f":"title106","v":"Water"},"m3",{"$f":"'Data entry needs'!$D$26","v":0},{"$f":"F$29*1000/'Raw mat_Pellet'!$C$9","v":0},{"$f":"+F35*E35","v":0},{"$f":"H$29*1000/'Raw mat_Pellet'!$C$9","v":0},{"$f":"+H35*$E35","v":0},{"$f":"J$29*1000/'Raw mat_Pellet'!$C$9","v":0},{"$f":"+J35*$E35","v":0},{"$f":"L$29*1000/'Raw mat_Pellet'!$C$9","v":0},{"$f":"+L35*$E35","v":0}]
[null,null,{"$f":"title108","v":"Electricity"},"KWh",{"$f":"'Data entry needs'!$H$26","v":0},null,{"$f":"+F36*E36","v":0},{"$f":"'Raw mat_Pellet'!$C$20*H$29","v":0},{"$f":"+H36*$E36","v":0},{"$f":"'Raw mat_Pellet'!$C$20*J$29","v":0},{"$f":"+J36*$E36","v":0},{"$f":"'Raw mat_Pellet'!$C$20*L$29","v":0},{"$f":"+L36*$E36","v":0}]
[null,null,{"$f":"title279","v":"Subtotal"},null,null,{"$f":"SUM(G33:G36)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(I33:I36)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(K33:K36)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(M33:M36)","v":{"$error":"#DIV/0!"}}]
[]
[null,null,{"$f":"title280","v":"Labour and miscellaneous costs"},{"$f":"title107","v":"Unit"},{"$f":"title274","v":"Unit Price"},{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total",{"$f":"title276","v":"Quantity "},"Total"]
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[23,"<< BACK \nData Entry","<< RETOUR\nSaisie de Données","<< VOLVER\nDatos de Entrada","label",{"$f":"HLOOKUP($C$2,$B$8:$D30,$A30,FALSE)","v":"<< BACK \nData Entry"},"label23"]
[24,"Hide this sheet","Cachez cette feuille","Ocultar esta Hoja","label",{"$f":"HLOOKUP($C$2,$B$8:$D31,$A31,FALSE)","v":"Hide this sheet"},"label24"]
[25,"<< BACK \nProduction Cost 1","<< RETOUR\nCoût de Production 1","<< VOLVER\nCosto de Producción 1","label",{"$f":"HLOOKUP($C$2,$B$8:$D32,$A32,FALSE)","v":"<< BACK \nProduction Cost 1"},"label25"]
[26,"<< BACK \nProduction Cost 2","<< RETOUR\nCoût de Production 2","<< VOLVER\nCosto de Producción 2","label",{"$f":"HLOOKUP($C$2,$B$8:$D33,$A33,FALSE)","v":"<< BACK \nProduction Cost 2"},"label26"]
[27,"<< BACK \nProduction Cost 3","<< RETOUR\nCoût de Production 3","<< VOLVER\nCosto de Producción 3","label",{"$f":"HLOOKUP($C$2,$B$8:$D34,$A34,FALSE)","v":"<< BACK \nProduction Cost 3"},"label27"]
[28,"<< BACK \nProduction Cost 4","<< RETOUR\nCoût de Production 4","<< VOLVER\nCosto de Producción 4","label",{"$f":"HLOOKUP($C$2,$B$8:$D35,$A35,FALSE)","v":"<< BACK \nProduction Cost 4"},"label28"]
[29,"NEXT >>\nSummary of Results Comparative\n\n","SUIVANT >>\nRésumé des Résultats Comparatifs\n\n","SIGUIENTE >>\nResumen de Resultados Comparativos\n\n\n\n","label",{"$f":"HLOOKUP($C$2,$B$8:$D36,$A36,FALSE)","v":"NEXT >>\nSummary of Results Comparative\n\n"},"label29"]
[30,"NEXT >>\nSummary of Results by Feedstock\n\n\n","SUIVANT >>\nRésumé des Résultats par Matière Premières\n\n","SIGUIENTE >>\nResumen de Resultados por Materia Prima\n\n\n\n\n","label",{"$f":"HLOOKUP($C$2,$B$8:$D37,$A37,FALSE)","v":"NEXT >>\nSummary of Results by Feedstock\n\n\n"},"label30"]
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[35,"Create PDF Report","Créer un Rapport PDF","Crear un Reporte en PDF","label",{"$f":"HLOOKUP($C$2,$B$8:$D42,$A42,FALSE)","v":"Create PDF Report"},"label35"]

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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Collection Method",1]
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[null,null,{"$f":"title73","v":"Use white cells to input data"},{"$f":"title74","v":"Grey cells are used for calculations"}]
[null,null,{"$f":"title239","v":"Summary of Feedstock and Storage"},null,null,null,null,null,{"$f":"PROPER(title136)","v":"Financial Parameters"}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
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[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!I28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!H60/D30","v":0}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES2!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
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[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!K28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!J60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!J61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES2!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$E$20","v":0},{"$f":"C53","v":0},{"$f":"D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES2!$K$65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES2!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
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[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!M28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!L60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!L61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
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[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES2!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES2!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,"FINANCIAL ANALYSIS OF BIOMASS PELLETING 4 KG/HOUR"]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!$F$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!$G$28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C$11/8760","v":0},{"$f":"D$11/8760","v":0},{"$f":"E$11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!$E$61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!$E$60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F60/20","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!F61/20","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!F62/20","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES2!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES2!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!F48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0},{"$f":"+COST_RES2!$F$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$E$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES2!G70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES2!G71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES2!G65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!G56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES2!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D114<0,0,D89*D114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!G64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D62","v":0},{"$f":"-E62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!I28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES2!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0},{"$f":"+COST_RES2!$H$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$E$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
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[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!K28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!J60/D31","v":0}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0},{"$f":"+COST_RES2!$J$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES2!K71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES2!$K$65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES2!L29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null," "]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES2!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES2!M28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES2!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES2!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!L60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES2!L61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES1!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES2!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES2!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES2!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES2!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0},{"$f":"+COST_RES2!$L$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$E$20","v":0},{"$f":"+C53","v":0},{"$f":"+D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES2!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES2!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES2!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES2!M71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES2!$M$65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES2!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES2!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES2!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES2!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES2!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES2!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES2!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES2!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,"FINANCIAL ANALYSIS OF BIOMASS BRIQUETTING - MANUAL"]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!$F$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!$G$28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C$11/8760","v":0},{"$f":"D$11/8760","v":0},{"$f":"E$11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!$E$61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!$E$60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F60/20","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F61/20","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F62/20","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!F48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES3!G70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!G71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES3!G65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!G56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!G64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B101","v":"Total revenue (USD)"},{"$f":"C101","v":0},{"$f":"D101","v":0},{"$f":"E101","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D62","v":0},{"$f":"-E62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C105","v":0},{"$f":"C120+(D105)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!I28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U57","v":0},0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES3!I70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES3!I65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D114<0,0,D89*D114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!K28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!J62/D33","v":0}]
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[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"C53","v":0},{"$f":"D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
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[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
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[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!L29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!M28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"+C53","v":0},{"$f":"+D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D58","v":0},{"$f":"E58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U58","v":0},0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES3!M70","v":0},{"$f":"C59","v":0},{"$f":"D59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!M71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES3!$M$65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[]
[null,"FINANCIAL ANALYSIS OF BIOMASS BRIQUETTING - MANUAL"]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!$F$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!$G$28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C$11/8760","v":0},{"$f":"D$11/8760","v":0},{"$f":"E$11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!$E$61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!$E$60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F60/20","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F61/20","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!F62/20","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!F48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0},{"$f":"+COST_RES3!$F$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U57","v":0},0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES3!G70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!G71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES3!G65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!G56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!G64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B101","v":"Total revenue (USD)"},{"$f":"C101","v":0},{"$f":"D101","v":0},{"$f":"E101","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D62","v":0},{"$f":"-E62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C105","v":0},{"$f":"C120+(D105)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!I28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0},{"$f":"+COST_RES3!$H$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T57","v":0},0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D62","v":0},{"$f":"-E62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C105","v":0},{"$f":"C120+(D105)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!K28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!J60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!J61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES3!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0},{"$f":"+COST_RES3!$J$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES3!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES3!K70","v":0},{"$f":"C59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES3!K71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES3!$K$65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES3!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES3!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES3!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D115<0,0,D90*D115)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES3!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
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[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES3!L29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null," "]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES3!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES3!M28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES3!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES3!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
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[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!L61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES3!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
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[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES3!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES3!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES3!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES3!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0},{"$f":"+COST_RES3!$L$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$F$20","v":0},{"$f":"+C53","v":0},{"$f":"+D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES3!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES3!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES3!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES3!J10","v":0}]
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[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES3!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES3!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
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[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title144","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING - MANUAL"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!$F$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!$G$12","v":0},{"$f":"C9","v":0},{"$f":"D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!$G$28","v":0},{"$f":"+C11","v":0},{"$f":"D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C$11/8760","v":0},{"$f":"D$11/8760","v":0},{"$f":"E$11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!$E$61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!$E$60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F60/20","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F61/20","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F62/20","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(E31:E33)","v":0}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!F48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U57","v":0},0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!G71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!G56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!G64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!$G$12","v":0},0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95]
[null,null,null,null,null,null,{"$f":"+'Data entry needs'!$G$21","v":0}]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!I28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},{"$f":"E11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(E31:E33)","v":0}]
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[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$G$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U57","v":0},0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES4!I70","v":0},{"$f":"C58","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES4!I65","v":0},{"$f":"C60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"+E33","v":0},{"$f":"C62","v":0},{"$f":"D62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C39+C55+C60+C62+C64+C66","v":{"$error":"#DIV/0!"}},{"$f":"D39+D55+D60+D62+D64+D66","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B101","v":"Total revenue (USD)"},{"$f":"C101","v":0},{"$f":"D101","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D62","v":0},{"$f":"-E62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!K28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},{"$f":"E11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!J60/D31","v":0}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!K64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,"FINANCIAL ANALYSIS OF BIOMASS PELLETING15 TON/HOUR"]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!L29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null," "]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!M28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},{"$f":"E11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},{"$f":"SUM(D18:D18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!E20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!L60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!L61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!L62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C42*C43","v":{"$error":"#DIV/0!"}},{"$f":"D42*D43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title46&\" \"&title53","v":"Biomass consumption (ton per year)"},{"$f":"C14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"D14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"E14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"F14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"G14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"H14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"I14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"J14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"K14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"L14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"M14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"N14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"O14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"P14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"Q14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"R14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"S14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"T14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"U14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"V14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}},{"$f":"W14/COST_RES4!$G$12","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$G$20","v":0},{"$f":"+C53","v":0},{"$f":"+D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D58","v":0},{"$f":"E58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U58","v":0},0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES4!M70","v":0},{"$f":"C59","v":0},{"$f":"D59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!M71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES4!M65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D115<0,0,D90*D115)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,"FINANCIAL ANALYSIS OF BIOMASS BRIQUETTING - MANUAL"]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!$F$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!$G$12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!$G$28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C$11/8760","v":0},{"$f":"D$11/8760","v":0},{"$f":"E$11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C$7","v":0},{"$f":"D$7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!$E$61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!$E$60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F60/20","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F61/20","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!F62/20","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(E31:E33)","v":0}]
[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!F48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!G35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0},{"$f":"+COST_RES4!$F$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$G$20","v":0},{"$f":"C52","v":0},{"$f":"D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!G36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!G44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D57","v":0},{"$f":"E57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U57","v":0},0]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!G49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
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[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
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[{"$f":"title204","v":"Income tax analysis"}]
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[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D68+D62","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
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[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title235","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 2 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!$H$29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!$G$12","v":0},0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!I28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},{"$f":"E11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
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[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D30*E30","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H60/D30","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H61/D31","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!H62/D32","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C30:C32)","v":0},null,{"$f":"SUM(E30:E32)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C33/(C14*1000*C25)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(E31:E33)","v":0}]
[]
[]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C40+C48+C50+C53","v":{"$error":"#DIV/0!"}},{"$f":"D40+D48+D50+D53","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title172","v":"Biomass cost (USD/year)"},{"$f":"C41*C42","v":{"$error":"#DIV/0!"}},{"$f":"D41*D42","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C43:C44)","v":0},{"$f":"SUM(D43:D44)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C43*(1+D73+D74)","v":0},{"$f":"D43*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C45*C46","v":0},{"$f":"D45*D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C45*(1+D73+D74)","v":0},{"$f":"D45*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!H48","v":0},{"$f":"C46","v":0},{"$f":"D46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S46","v":0},{"$f":"T46","v":0},{"$f":"U46","v":0},{"$f":"V46","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!I35","v":0},{"$f":"C48*(1+D73+D74)","v":0},{"$f":"D48*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C51*C52","v":0},{"$f":"D51*D52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0},{"$f":"+COST_RES4!$H$34","v":0}]
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[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!I36","v":0},{"$f":"C53*(1+D73+D74)","v":0},{"$f":"D53*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C56+C58+C59","v":{"$error":"#DIV/0!"}},{"$f":"D56+D58+D59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!I44","v":0},{"$f":"C56*(1+D57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T57","v":0},0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!I71","v":{"$error":"#DIV/0!"}},{"$f":"C59","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!I56","v":{"$error":"#DIV/0!"}},{"$f":"C64","v":{"$error":"#DIV/0!"}},{"$f":"D64","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!I49","v":0},{"$f":"C66*(1+D73+D74)","v":0},{"$f":"D66*(1+E73+E74)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C68/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D73","v":0},{"$f":"E73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U73","v":0},{"$f":"V73","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C76*(C33)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$80/12,(12*$C$81),$C$79))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D72<=$C$81,$C$82*12,0)","v":0},{"$f":"IF(E72<$C$81,$C$82*12,IF(E72=$C$81,$C$82*12,0))","v":0},{"$f":"IF(F72<$C$81,$C$82*12,IF(F72=$C$81,$C$82*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D83:W83)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C84+C79","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C85/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C89","v":0},{"$f":"D89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D90:W90)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C91/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!I64","v":0},{"$f":"D96","v":0},{"$f":"E96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C33-C79)","v":0}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D83","v":0},{"$f":"E83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C101:C104)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$85","v":0},{"$f":"$G$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C110:C113)","v":0},{"$f":"SUM(D110:D113)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E110:E113)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D114>0,-D90,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C102","v":0},{"$f":"D105+D115","v":{"$error":"#DIV/0!"}},{"$f":"E105+E115","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W105+W115","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C116","v":0},{"$f":"C121+(D116)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C75,D105:W105)+C105","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C125<0,title493,MIRR(C105:W105,C80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C75,D116:W116)+C116","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C130<0,title493,MIRR(C116:W116,$C$80,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D115:W115)","v":{"$error":"#DIV/0!"}}]

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[]
[null,{"$f":"title236","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 6 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
[null,{"$f":"title146","v":"Operating Year"},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,{"$f":"title147","v":"Pellet production capacity (tons per year)"},{"$f":"COST_RES4!J29","v":0},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!K28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title150","v":"Capacity utilization factor"},{"$f":"C11/8760","v":0},{"$f":"D11/8760","v":0},{"$f":"E11/8760","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title155","v":"Increasing rate of price of pellet (%)"},{"$f":"+'Data entry needs'!$AD$114","v":0},{"$f":"C19","v":0},{"$f":"D19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title157","v":"Lifespan of civil work (years)"},{"$f":"COST_RES4!E61","v":20}]
[null,{"$f":"title158","v":"Lifespan of pellet system (years)"},{"$f":"COST_RES4!E60","v":20}]
[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
[null,{"$f":"title162","v":"Equipments"},{"$f":"D31*E31","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!J60/D31","v":0}]
[null,{"$f":"title163","v":"Building"},{"$f":"D32*E32","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!J61/D32","v":0}]
[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!J62/D33","v":0}]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"SUM(C31:C33)","v":0},null,{"$f":"SUM(E31:E33)","v":0}]
[null,{"$f":"title166","v":"Capital cost (USD/kg of pellet)"},{"$f":"C34/(C14*1000*C25)","v":{"$error":"#DIV/0!"}}]
[]
[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
[null,{"$f":"title171","v":"Sub-total material cost (USD)"},{"$f":"C41+C49+C51+C54","v":{"$error":"#DIV/0!"}},{"$f":"D41+D49+D51+D54","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title173","v":"Biomass price (USD/ton)"},{"$f":"SUM(C44:C45)","v":0},{"$f":"SUM(D44:D45)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!J48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!K35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0},{"$f":"+COST_RES4!$J$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$G$20","v":0},{"$f":"C53","v":0},{"$f":"D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!K36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!K44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
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[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!K71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES4!K65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!K56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!K49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
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[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
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[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
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[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
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[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
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[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
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[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
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[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
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[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,{"$f":"title237","v":"FINANCIAL ANALYSIS OF BIOMASS PELLETING 15 TON/HOUR"}]
[]
[{"$f":"title145","v":"Revenues of biomass pelleting system"}]
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[]
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[null,{"$f":"title148","v":"Efficiency % of pelleting machine"},{"$f":"COST_RES4!G12","v":0},{"$f":"+C9","v":0},{"$f":"+D9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title149","v":"Operating hours per year"},{"$f":"COST_RES4!M28","v":0},{"$f":"+C11","v":0},{"$f":"+D11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title151","v":"Pellet production (tons per year)"},{"$f":"C7","v":0},{"$f":"D7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title152","v":"Total pellet sell to customers (tons per year)"},{"$f":"SUM(C14:C14)","v":0},{"$f":"SUM(D14:D14)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title153","v":"Price of pellet (USD/kg)"},{"$f":"SUM(C18:C18)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title154","v":"Market price of pellet pay by consumers (USD/kg)"},{"$f":"+'Energy Demand'!G20","v":0},{"$f":"C18*(1+D19)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,{"$f":"title156","v":"Total income of pellet (USD per year)"},{"$f":"C15*C18*1000","v":0},{"$f":"D15*D18*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[null,{"$f":"title159","v":"Project life time (years)"},20]
[]
[{"$f":"title160","v":"Capital and operating cost of biomass pellet system "}]
[]
[null,null,{"$f":"title167","v":"Appraisal"},{"$f":"title168","v":"Project lifetime"},{"$f":"title169","v":"Investment per year"}]
[null,{"$f":"title161","v":"Direct capital cost (USD)"}]
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[null,{"$f":"title164","v":"Installation"},{"$f":"D33*E33","v":0},{"$f":"$C$25","v":20},{"$f":"COST_RES4!L62/D33","v":0}]
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[]
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[null,{"$f":"title170","v":"Annual operating and maintenance cost "}]
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[null,{"$f":"title174","v":"Biomass cost of collection (USD/ton)"},{"$f":"COST_RES4!E33","v":0},{"$f":"C44*(1+D74+D75)","v":0},{"$f":"D44*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title175","v":"Biomass transportation cost (USD/ton)"},{"$f":"C46*C47","v":0},{"$f":"D46*D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title176","v":"Biomass from farm to plant (USD/ton/km)"},{"$f":"COST_RES4!E48","v":0},{"$f":"C46*(1+D74+D75)","v":0},{"$f":"D46*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title177","v":"Transportation distant (km)"},{"$f":"COST_RES4!L48","v":0},{"$f":"C47","v":0},{"$f":"D47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"S47","v":0},{"$f":"T47","v":0},{"$f":"U47","v":0},{"$f":"V47","v":0}]
[]
[null,{"$f":"title178","v":"Water cost (USD/year)"},{"$f":"COST_RES4!M35","v":0},{"$f":"C49*(1+D74+D75)","v":0},{"$f":"D49*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title179","v":"Chemical cost (USD/year)"},{"$f":"C52*C53","v":0},{"$f":"D52*D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title180","v":"Chemical consumption (tons per year)"},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0},{"$f":"+COST_RES4!$L$34","v":0}]
[null,{"$f":"title181","v":"Chemical price (USD/ton)"},{"$f":"+'Data entry needs'!$G$20","v":0},{"$f":"+C53","v":0},{"$f":"+D53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title182","v":"Electricity cost (USD)"},{"$f":"COST_RES4!M36","v":0},{"$f":"C54*(1+D74+D75)","v":0},{"$f":"D54*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title183","v":"Sub-total operating cost (USD)"},{"$f":"C57+C59+C60","v":{"$error":"#DIV/0!"}},{"$f":"D57+D59+D60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title184","v":"Labour cost (USD)"},{"$f":"COST_RES4!M44","v":0},{"$f":"C57*(1+D58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},null,{"$f":"COST_RES4!M12","v":0},{"$f":"D58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"T58","v":0},0,0]
[null,{"$f":"title185","v":"Annual change in labour cost (%)"},{"$f":"COST_RES4!M70","v":0},{"$f":"C59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title186","v":"General and administrative cost"},{"$f":"COST_RES4!M71","v":{"$error":"#DIV/0!"}},{"$f":"C60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title187","v":"Sub-total maintenance cost (USD)"},{"$f":"COST_RES4!M65","v":0},{"$f":"C61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title188","v":"Sub-total of annual fixed costs"},{"$f":"E34","v":0},{"$f":"C63","v":0},{"$f":"D63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title189","v":"Sub-total of storage capacity"},{"$f":"COST_RES4!M56","v":{"$error":"#DIV/0!"}},{"$f":"C65","v":{"$error":"#DIV/0!"}},{"$f":"D65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,{"$f":"title190","v":"Sub-total of pellet transportation to market"},{"$f":"COST_RES4!M49","v":0},{"$f":"C67*(1+D74+D75)","v":0},{"$f":"D67*(1+E74+E75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"title191","v":"Total operation and maintenance cost (USD)"},{"$f":"C40+C56+C61+C63+C65+C67","v":{"$error":"#DIV/0!"}},{"$f":"D40+D56+D61+D63+D65+D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title192","v":"Operation and maintenance cost (USD/kg of pellet) without loan interest"},{"$f":"C69/(C14*1000)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title136","v":"Financial parameters"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title193","v":"Annual change in raw material cost (%)"},null,0,{"$f":"D74","v":0},{"$f":"E74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U74","v":0},{"$f":"V74","v":0}]
[null,{"$f":"title194","v":"Inflation rate (%)"},null,{"$f":"COST_RES4!J12","v":0},{"$f":"D75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"U75","v":0},{"$f":"V75","v":0}]
[null,{"$f":"title137&\" (%)\"","v":"Discount rate (%)"},{"$f":"COST_RES4!J9","v":0}]
[null,{"$f":"title138&\" (%)\"","v":"Loan ratio (%)"},{"$f":"COST_RES4!J10","v":0}]
[]
[null,{"$f":"title195","v":"Loan without policy"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title196","v":"Loan amount (USD)"},{"$f":"C77*(C34)","v":0}]
[null,{"$f":"title139&\" (%)\"","v":"Loan interest rate (%)"},{"$f":"COST_RES4!J11","v":0}]
[null,{"$f":"title197","v":"Loan term (years)"},{"$f":"COST_RES4!M9","v":0}]
[null,{"$f":"title198","v":"Loan payment (USD/month)"},{"$f":"(PMT($C$81/12,(12*$C$82),$C$80))","v":{"$error":"#NUM!"}}]
[null,{"$f":"title199","v":"Loan payment (USD/year)"},null,{"$f":"IF(D73<=$C$82,$C$83*12,0)","v":0},{"$f":"IF(E73<$C$82,$C$83*12,IF(E73=$C$82,$C$83*12,0))","v":0},{"$f":"IF(F73<$C$82,$C$83*12,IF(F73=$C$82,$C$83*12,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title200","v":"Total loan payment (USD)"},{"$f":"SUM(D84:W84)","v":0}]
[null,{"$f":"title201","v":"Loan interest payment (USD)"},{"$f":"C85+C80","v":0},{"$f":"title202","v":"Average loan interest payment for project lifetime"},null,null,{"$f":"C86/C25","v":0},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title204","v":"Income tax analysis"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title205","v":"Effective income tax rate (%)"},{"$f":"+'Data entry needs'!$AD$115","v":0},{"$f":"C90","v":0},{"$f":"D90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title206","v":"Income tax (USD)"},null,{"$f":"IF(D115<0,0,D90*D115)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title207","v":"Total income tax payment (USD)"},{"$f":"SUM(D91:W91)","v":{"$error":"#DIV/0!"}},{"$f":"title492","v":"Average income tax payment "},null,{"$f":"C92/C25","v":{"$error":"#DIV/0!"}},{"$f":"title203","v":"USD per year"}]
[]
[{"$f":"title208","v":"Depreciation"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title209","v":"Depreciation method"},{"$f":"title491","v":"Straight-line"}]
[null,{"$f":"title210","v":"Total depreciation (USD)"},null,{"$f":"COST_RES4!M64","v":0},{"$f":"D97","v":0},{"$f":"E97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[{"$f":"title211","v":"Base case project summary"}]
[{"$f":"title212","v":"Summary of this project - Before Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title213","v":"Total revenue (USD)"},null,{"$f":"D15*1000*D18","v":0},{"$f":"E15*1000*E18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title165","v":"Total capital cost (USD)"},{"$f":"-(C34-C80)","v":0}]
[null,{"$f":"title214","v":"Total operating and maintenance cost (USD)"},null,{"$f":"-D69+D63","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"D84","v":0},{"$f":"E84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title216","v":"Cash flow - before tax (USD)"},{"$f":"SUM(C102:C105)","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title217","v":"Average revenue (USD)"}]
[]
[{"$f":"title218","v":"Summary of this project - After Tax"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"B102","v":"Total revenue (USD)"},{"$f":"C102","v":0},{"$f":"D102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,{"$f":"title215","v":"Loan payment (USD)"},null,{"$f":"$G$86","v":0},{"$f":"$G$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title219","v":"Depreciation of fixed costs (USD)"},null,{"$f":"-D63","v":0},{"$f":"-E63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"title220","v":"Net profit - before tax (USD) for income tax calculation"},{"$f":"SUM(C111:C114)","v":0},{"$f":"SUM(D111:D114)","v":{"$error":"#DIV/0!"}},{"$f":"SUM(E111:E114)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title221","v":"Income tax"},null,{"$f":"IF(D115>0,-D91,0)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title222","v":"Cash flow - after tax (USD)"},{"$f":"C103","v":0},{"$f":"D106+D116","v":{"$error":"#DIV/0!"}},{"$f":"E106+E116","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"W106+W116","v":{"$error":"#DIV/0!"}}]
[]
[{"$f":"title223","v":"Cumulative value of Net Profit"}]
[null,{"$f":"title146","v":"Operating Year"},{"$f":"title167","v":"Appraisal"},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,{"$f":"title224","v":"Cumulative value of net profit - before tax"},{"$f":"C106","v":0},{"$f":"C121+(D106)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"title225","v":"Cumulative value of net profit - after tax"},{"$f":"C117","v":0},{"$f":"C122+(D117)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[{"$f":"title226","v":"Financial analysis results"}]
[]
[null,{"$f":"title227","v":"Net present value (NPV) (USD) - before tax"},{"$f":"NPV(C76,D106:W106)+C106","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title228","v":"Internal rate of return (IRR) (%) - before tax"},{"$f":"IF(C126<0,title493,MIRR(C106:W106,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title233","v":"Please see Figure of the cumulative value of net profit - before tax"}]
[]
[]
[null,{"$f":"title230","v":"Net present value (NPV) (USD) - after tax"},{"$f":"NPV(C76,D117:W117)+C117","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title231","v":"Internal rate of return (IRR) (%) - after tax"},{"$f":"IF(C131<0,title493,MIRR(C117:W117,C81,0%))","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"title229","v":"Payback period (years)"},{"$f":"title234","v":"Please see Figure of the cumulative value of net profit - after tax"}]
[null,{"$f":"title232","v":"Total Income tax payment of project lifetime"},{"$f":"SUM(D116:W116)","v":{"$error":"#DIV/0!"}}]

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[null,null,null,{"$f":"UPPER(title332&$X$125)","v":"SUMMARY OF RESULTS FOR PELLET PRODUCTION FROM PLEASE SELECT PLEASE SELECT"}]
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[null,null,null,{"$f":"title333","v":"Select a feedstock to see the summary results"},null,null,null,"coconut shell"]
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[null,null,null,{"$f":"title334","v":"Production Cost and Investment Results"}]
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[null,null,{"$f":"title335","v":"Production Cost of Pellets + Transport (USD/kg of pellet)"},null,null,null,null,null,null,null,null,{"$f":"title336","v":"Share of Production Cost (%)"},null,null,null,{"$f":"title287&\" (USD)\"","v":"Investment (USD)"}]
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[null,null,null,{"$f":"title337","v":"     Compare to market price rural"},{"$f":"+IF($V196,Y164,\"\")","v":0},null,{"$f":"title338","v":"    Compare to market price urban"},null,{"$f":"+IF($V197,Y165,\"\")","v":0}]
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[null,null,null,{"$f":"title339","v":"Operating Results"}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title351","v":"Potential Job Creation"}]
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[]
[null,null,null,{"$f":"title226","v":"Financial analysis results"}]
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[null,null,{"$f":"title352","v":"Net Present Value (rural and urban market prices) USD (1000)"},null,null,null,null,null,null,null,null,{"$f":"title353","v":"Internal Rate of Return (%)"}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"coconut husk",3]
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[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Residue","Pos."]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection","No.",{"$f":"RIGHT(X126,LEN(X126)-3)","v":"Please Select Please Select"}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Biomass Pelleting Project Summary",null,"G","I","K","M"]
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[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title369","v":"Annual basis"}]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"title379","v":"Potential pellet consumption per household"}]
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[]
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[]
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[null,null,null,{"$f":"title339","v":"Operating Results"}]
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[null,null,null,{"$f":"title226","v":"Financial analysis results"}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Residue","Pos."]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection","No."]
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[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection","No."]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection","No."]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Selection","No."]
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[null,null,{"$f":"title481","v":"Feedstock Selection"}]
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[null,null,{"$f":"title482","v":"Techno-economic Results"}]
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[null,null,{"$f":"title399","v":"Socio-economic Results"}]
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[null,null,{"$f":"title405","v":"Urban market price"}]
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[null,null,{"$f":"title406","v":"NPV - Urban market price (1000 USD)"}]
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