The next section isn't strictly speaking sources and uses, but it's very useful to do it now, given that we have all the information we need to do it right here in front of us. What we're going to do is build up the CapEx account as in PP&E, and you might normally see this next to the balance sheet, and we could have put it there. It's just so convenient to do it now. It's very tempting to do it now, and that's why we've put it here. We're going to structure this as a base account. You can see we're gonna end up carrying forward last year's PP&E.

Then we just need to be careful because in terms of CapEx, we will end up spending the CapEx, but we will also spend money on interest that will end up in PP&E as part of the capitalized interest, and so we'll need to add those together.

You can see that we've already pre-populated a line here which pulls all of the CapEx and IDC, and it pulls it for the entire model, and so this is effectively all of the CapEx, including IDC, that will happen during the project.

This is helpful because this is the amount that will need to be depreciated through the life of the project, and you can see that we've got a lifetime of the assets of 20 years. We need two bits of logic attached to the depreciation. The first is that we need a min attached to it, and the reason we need a min is because although we will be depreciating by that amount, which is a 20th of the total CapEx, there's a chance the project will go on longer than the life of the assets for some reason, and so we need to make sure that we don't depreciate through the floor and end up with negative PP&E. So that's what the min is for. If I were to press enter now, I would end up with depreciation, and incidentally, it would be the wrong sign. So let's attach a minus one to that, but if I hit enter, enter now, I would end up with depreciation, but the project hasn't started yet. There's arguably no p&l to charge this stuff, and there's no revenue to match it against, and so I shouldn't really have any depreciation until the project is operational. We're going to go and achieve that using the flag. The project operational flag and the combination of all of the lines we've done so far will build up PP&E account, which if we drag it to the right, you'll see starting to work. You can see I've made a small error in there. You can see the error jump out at you because we're just depreciating immediately, and my error is that I've divided here. Instead of times it's just a conceptual error, which I'll fix now.

If I drag that to the right again, you'll see it starts behaving itself very nicely and it is worth dragging to the right, doing a bit of stress checking, kind of sense checking every time you do something a little complex because it will reveal errors, which if you just work in the first column, can be quite hard to spot, especially for a multi-phase project like this with different phasing, different flags, different kind of parts of the life. Let's go on and do the equity financing.

You can see the total need has been picked up, and again, that's been picked up from the CapEx and the IDC, but also the debt service reserve account. It's quite error prone in a model like this because the inclusion of the IDC, the CapEx and the DSRA can happen at different times and can be quite confusing. Here we're not calculating depreciation and we're only depreciating the capitalized items. We're calculating funding need, and the funding need is driven from all the cash we need.

We've got a little bit of information here to say how much equity we would like to use, and our split is 50 50.

Next, we've got a line that says how much equity finance is remaining. What's going to happen is we're going to say we've got initially that amount, but however much we charged in the previous year, which will turn up in the beginning, will be chopped off that.

We can then build up a miniature base account and we can say we are going to add equity based on the funding need or how much equity we have left in our financing package.

If I pull that all to the right, you can see what's happening is in the initial year we are funding the project with equity, which is great because it doesn't carry any interest, and so it'll be easier on our cash flows.

We then use up our equity package.

Unfortunately, there's an enormous amount of funding that is still needed in that year, and so the debt is gonna have to pick up the slack on that one.