SALE AND LEASEBACK - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.

Sale_and_Leaseback_Model_Blank.xlsx  (the whole book)

   2. The tape!A5                      Alkmaar processing plant
   2. The tape!B5                      Plant
   2. The tape!C5                      24000
   2. The tape!D5                      55
   2. The tape!E5                      78
   2. The tape!F5                      380
   2. The tape!G5                      0.95
   2. The tape!H5                      24
   2. The tape!I5                      120
   2. The tape!A6                      Roeselare cold store
   2. The tape!B6                      Cold store
   2. The tape!C6                      16500
   2. The tape!D6                      68
   2. The tape!E6                      95
   2. The tape!F6                      620
   2. The tape!G6                      0.9
   2. The tape!H6                      18
   2. The tape!I6                      90
   2. The tape!A7                      Zeebrugge warehouse
   2. The tape!B7                      Warehouse
   2. The tape!C7                      32000
   2. The tape!D7                      52
   2. The tape!E7                      58
   2. The tape!F7                      620
   2. The tape!G7                      0.35
   2. The tape!H7                      9
   2. The tape!I7                      45
   2. The tape!A8                      Venlo distribution centre
   2. The tape!B8                      Warehouse
   2. The tape!C8                      28500
   2. The tape!D8                      58
   2. The tape!E8                      64
   2. The tape!F8                      700
   2. The tape!G8                      0.4
   2. The tape!H8                      8
   2. The tape!I8                      45
   2. The tape!A9                      Lyon processing plant
   2. The tape!B9                      Plant
   2. The tape!C9                      19000
   2. The tape!D9                      48
   2. The tape!E9                      71
   2. The tape!F9                      300
   2. The tape!G9                      0.92
   2. The tape!H9                      24
   2. The tape!I9                      120
   2. The tape!A10                     Valencia packing hall
   2. The tape!B10                     Light ind.
   2. The tape!C10                     12000
   2. The tape!D10                     42
   2. The tape!E10                     52
   2. The tape!F10                     380
   2. The tape!G10                     0.6
   2. The tape!H10                     12
   2. The tape!I10                     60
   2. The tape!A11                     Wroclaw plant
   2. The tape!B11                     Plant
   2. The tape!C11                     21000
   2. The tape!D11                     34
   2. The tape!E11                     49
   2. The tape!F11                     240
   2. The tape!G11                     0.88
   2. The tape!H11                     24
   2. The tape!I11                     110
   2. The tape!A12                     Hamburg head office
   2. The tape!B12                     Office
   2. The tape!C12                     6500
   2. The tape!D12                     175
   2. The tape!E12                     210
   2. The tape!F12                     1950
   2. The tape!G12                     0.25
   2. The tape!H12                     15
   2. The tape!I12                     350
   2. The tape!A13                     Bristol depot
   2. The tape!B13                     Warehouse
   2. The tape!C13                     9500
   2. The tape!D13                     61
   2. The tape!E13                     66
   2. The tape!F13                     720
   2. The tape!G13                     0.3
   2. The tape!H13                     7
   2. The tape!I13                     45
   3. Assumptions!B4                   0.0675
   3. Assumptions!B5                   0.085
   3. Assumptions!B6                   0.026
   3. Assumptions!B7                   0.0125
   3. Assumptions!B8                   0.049
   3. Assumptions!B9                   20
   3. Assumptions!B10                  0.03
   3. Assumptions!B11                  0
   3. Assumptions!B12                  0.022
   3. Assumptions!B13                  0.01
   3. Assumptions!B14                  0.02
   3. Assumptions!B15                  0.015
   3. Assumptions!B16                  0.15
   3. Assumptions!B17                  0.55
   3. Assumptions!B18                  58000000
   3. Assumptions!B19                  19500000
   3. Assumptions!B20                  340000000
   3. Assumptions!B21                  0.0385
   3. Assumptions!B22                  0.4
   3. Assumptions!B23                  0.0495
   3. Assumptions!B24                  0.55
   3. Assumptions!B25                  1.8
   3. Assumptions!B26                  0.75
   3. Assumptions!B27                  0.01
   3. Assumptions!B32                  0.028
   3. Assumptions!B33                  0.02
   3. Assumptions!B34                  0.022
   3. Assumptions!B35                  0.03
   3. Assumptions!B36                  0.015

   Result: value 152,990,677 at the bond-implied default rate; break-even default 3.23%; premium left 36 bp against 241 bp required; bricks 83,151,830.

Covenant_Monitor_Blank.xlsx  (Chapter 4)

   2. Cover by year!B5                 12113500
   2. Cover by year!E4                 0.022
   2. Cover by year!E5                 0.03
   2. Cover by year!E6                 0
   2. Cover by year!H4                 58000000
   2. Cover by year!C8                 19500000
   3. Cover as a price!B3              19500000
   3. Cover as a price!B4              0.0675
   3. Cover as a price!E3              12113500

   Result: guarantor cover 1.61x in year 1, 1.32x in year 10 and 1.06x on the last rent with flat profit; 4.79x at group.

Lease_Abstract_Blank.xlsx  (Chapters 11, 12 and 22)

   2. By building!A4                   Alkmaar processing plant
   2. By building!B4                   20
   2. By building!C4                   None
   2. By building!D4                   CPI, annual
   2. By building!E4                   0.03
   2. By building!F4                   0
   2. By building!G4                   Full
   2. By building!H4                   Consent
   2. By building!I4                   All nine
   2. By building!J4                   0
   2. By building!A5                   Roeselare cold store
   2. By building!B5                   20
   2. By building!C5                   None
   2. By building!D5                   CPI, annual
   2. By building!E5                   0.03
   2. By building!F5                   0
   2. By building!G5                   Full
   2. By building!H5                   Consent
   2. By building!I5                   All nine
   2. By building!J5                   0
   2. By building!A6                   Zeebrugge warehouse
   2. By building!B6                   20
   2. By building!C6                   None
   2. By building!D6                   CPI, annual
   2. By building!E6                   0.03
   2. By building!F6                   0
   2. By building!G6                   Full
   2. By building!H6                   Consent
   2. By building!I6                   All nine
   2. By building!J6                   0
   2. By building!A7                   Venlo distribution centre
   2. By building!B7                   20
   2. By building!C7                   None
   2. By building!D7                   CPI, annual
   2. By building!E7                   0.03
   2. By building!F7                   0
   2. By building!G7                   Full
   2. By building!H7                   Consent
   2. By building!I7                   All nine
   2. By building!J7                   0
   2. By building!A8                   Lyon processing plant
   2. By building!B8                   20
   2. By building!C8                   None
   2. By building!D8                   CPI, annual
   2. By building!E8                   0.03
   2. By building!F8                   0
   2. By building!G8                   Full
   2. By building!H8                   Consent
   2. By building!I8                   All nine
   2. By building!J8                   0
   2. By building!A9                   Valencia packing hall
   2. By building!B9                   20
   2. By building!C9                   None
   2. By building!D9                   CPI, annual
   2. By building!E9                   0.03
   2. By building!F9                   0
   2. By building!G9                   Full
   2. By building!H9                   Consent
   2. By building!I9                   All nine
   2. By building!J9                   0
   2. By building!A10                  Wroclaw plant
   2. By building!B10                  20
   2. By building!C10                  None
   2. By building!D10                  CPI, annual
   2. By building!E10                  0.03
   2. By building!F10                  0
   2. By building!G10                  Full
   2. By building!H10                  Consent
   2. By building!I10                  All nine
   2. By building!J10                  0
   2. By building!A11                  Hamburg head office
   2. By building!B11                  20
   2. By building!C11                  None
   2. By building!D11                  CPI, annual
   2. By building!E11                  0.03
   2. By building!F11                  0
   2. By building!G11                  Full
   2. By building!H11                  Consent
   2. By building!I11                  All nine
   2. By building!J11                  0
   2. By building!A12                  Bristol depot
   2. By building!B12                  20
   2. By building!C12                  None
   2. By building!D12                  CPI, annual
   2. By building!E12                  0.03
   2. By building!F12                  0
   2. By building!G12                  Full
   2. By building!H12                  Consent
   2. By building!I12                  All nine
   2. By building!J12                  0
   3. What each clause does!B14        12113500
   3. What each clause does!B15        9606000
   3. What each clause does!B16        0.0675
   3. What each clause does!B17        19500000
   3. What each clause does!B18        58000000
   3. What each clause does!B19        23700000
   3. What each clause does!B20        10500000
   3. What each clause does!B21        25286268.19
   3. What each clause does!B22        40362278.98

   Result: re-basing worth 37,148,148; one month of deposit 1,009,458; cover 1.61x against 4.79x with a parent guarantee.

Bid_Sheet_Blank.xlsx  (Chapters 20 and 21)

   2. Bridge to a bid!B14              12113500
   2. Bridge to a bid!B15              9606000
   2. Bridge to a bid!B16              0.0675
   2. Bridge to a bid!B17              19500000
   2. Bridge to a bid!B18              2
   2. Bridge to a bid!B19              152990676.91
   2. Bridge to a bid!B20              83151830.39
   2. Bridge to a bid!B21              45733506.72
   2. Bridge to a bid!B22              0.01
   2. Bridge to a bid!B23              0.02
   3. What would have to be true!B4    0.06416666667
   3. What would have to be true!C4    0.03228503481
   3. What would have to be true!B5    0.022
   3. What would have to be true!C5    -0.02621110985
   3. What would have to be true!B6    0.55
   3. What would have to be true!C6    No solution
   3. What would have to be true!B7    0.085
   3. What would have to be true!C7    0.05724381624

   Result: bid 152,990,677, 14.7% below asking; gross initial yield 7.92%, net 7.68%.

