DERIVATIVES - BLANK MODEL SET: THE BOOK'S OWN INPUTS

The four workbooks share one Inputs sheet. Type these 47 values into it - in any of the four files - and
the book's results come back. Cell references are on the Inputs sheet.

   Inputs!B7    Revenue, sterling                                           340000000
   Inputs!B8    EBITDA                                                      44200000
   Inputs!B9    Of which invoiced in dollars, in dollars                    180000000
   Inputs!B10   Floating-rate debt                                          150000000
   Inputs!B11   Swap notional, five years, pays fixed                       120000000
   Inputs!B12   Cash                                                        11000000
   Inputs!B13   Committed undrawn facility                                  25000000
   Inputs!B18   Spot, dollars per pound                                     1.25
   Inputs!B20   1 year, GBP par rate                                        0.0385
   Inputs!C20   1 year, USD par rate                                        0.0505
   Inputs!B21   2 years, GBP par rate                                       0.0398
   Inputs!C21   2 years, USD par rate                                       0.0512
   Inputs!B22   3 years, GBP par rate                                       0.0412
   Inputs!C22   3 years, USD par rate                                       0.0521
   Inputs!B23   4 years, GBP par rate                                       0.0425
   Inputs!C23   4 years, USD par rate                                       0.053
   Inputs!B24   5 years, GBP par rate                                       0.0436
   Inputs!C24   5 years, USD par rate                                       0.0538
   Inputs!B29   Share of dollar sales sold forward                          0.75
   Inputs!B30   Dealer spread on the swap fixed rate                        0.00025
   Inputs!B31   Currency bid and offer, on 1.2500                           0.0008
   Inputs!B32   Credit charge embedded in the rate                          0.0011
   Inputs!B33   Collateral rate, below the unsecured curve                  0.0015
   Inputs!B37   Tonnes consumed a year                                      26000
   Inputs!B38   Spot, per tonne                                             2450
   Inputs!B39   Rate used for the carry to one year                         0.0412
   Inputs!B40   Volatility                                                  0.24
   Inputs!B41   Cap bought at                                               2680
   Inputs!B42   Floor sold at                                               2300
   Inputs!B48   spot USD/GBP, t = 0                                         1.25
   Inputs!C48   floating rate, t = 0                                        0.0385
   Inputs!D48   commodity, per tonne, t = 0                                 2450
   Inputs!B49   spot USD/GBP, t = 1                                         1.19
   Inputs!C49   floating rate, t = 1                                        0.0455
   Inputs!D49   commodity, per tonne, t = 1                                 2720
   Inputs!B50   spot USD/GBP, t = 2                                         1.14
   Inputs!C50   floating rate, t = 2                                        0.052
   Inputs!D50   commodity, per tonne, t = 2                                 2910
   Inputs!B51   spot USD/GBP, t = 3                                         1.175
   Inputs!C51   floating rate, t = 3                                        0.0495
   Inputs!D51   commodity, per tonne, t = 3                                 2640
   Inputs!B52   spot USD/GBP, t = 4                                         1.22
   Inputs!C52   floating rate, t = 4                                        0.043
   Inputs!D52   commodity, per tonne, t = 4                                 2480
   Inputs!B53   spot USD/GBP, t = 5                                         1.26
   Inputs!C53   floating rate, t = 5                                        0.0395
   Inputs!D53   commodity, per tonne, t = 5                                 2360

Results, once all 47 are in:
   The_Cost_of_the_Hedge_Blank.xlsx      real cost 1,542,782; reported on the same basis 5,715,274; the swap at the forwards -132,801
   The_Rolling_Programme_Blank.xlsx      do nothing 752,744,857; roll 747,143,181; lock 711,963,860; spread 35,179,321
   The_Collar_Year_by_Year_Blank.xlsx    transfer 1,577,235; premium-free floor 2,447.51; settlements -1,347,755; ratio 7.05
   The_Collateral_Ledger_Blank.xlsx      locked peak 43,749,502 before settlement, 31,000,344 after; break-evens 0.9296 and 1.1614

