{"text_format":"1","workbook":"xlsx","n_sheets":2,"sheets":["Growth Assumptions","Business Growth Model"],"not_rendered":{"charts":4,"images":0,"macros":0,"external_links":0,"defined_names":37,"comments":0,"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":"Growth Assumptions","index":0,"n_rows":28,"n_cols":7,"rows_kept":28,"cut":false,"hidden":false,"merged":[[15,5,17,5],[15,6,17,6],[0,0,2,6],[6,5,8,5],[6,6,8,6],[10,5,13,5],[10,6,13,6],[19,5,21,5],[19,6,21,6],[23,5,25,5],[23,6,25,6],[27,5,29,5],[27,6,29,6]]}
["Business Growth Assumptions for Demo Company Ltd"]
[]
[]
[]
["Annual Growth Assumptions","Last 12 Months","Forecast",null,null,"Comments","Example"]
[]
["Customer Acquisition",{"$f":"IF('Business Growth Model'!X8=0,\"\",IFERROR(('Business Growth Model'!Y6-'Business Growth Model'!X6)/'Business Growth Model'!X6,0))","v":-0.19387755102040816},0,null,{"$f":"IF(B7>0,\"increased by \"&ROUND(B7*100,1)&\"%\",\"decreased by (\"&ROUND(-B7*100,1)&\"%)\")","v":"decreased by (19.4%)"},{"$f":"IFERROR(\"The number of new customers acquired has \"&E7&\" over the past year to \"&ROUND('Business Growth Model'!Y6,0)&\". The % entered in the forecast column will increase or decrease the current number of new customers by the % stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"The number of new customers acquired has decreased by (19.4%) over the past year to 79. The % entered in the forecast column will increase or decrease the current number of new customers by the % stated in each of the next 5 years."},"If you currently acquire 10 new customers per annum and want to increase this by approximately 1 per annum, enter 10% in the forecast column."]
[]
[]
[]
["Customer Retention",{"$f":"IF('Business Growth Model'!X8=0,\"\",IFERROR('Business Growth Model'!Y27,\"\"))","v":0.5106382978723405},0,null,{"$f":"IF(B11>0,\"increased by \"&ROUND(B11*100,1)&\"% points\",\"decreased by (\"&ROUND(-B11*100,1)&\"%) points\")","v":"increased by 51.1% points"},{"$f":"IFERROR(\"The proportion of customers retained from the previous year was \"&ROUND(B11*100,1)&\"% over the past 12 months\"&'Business Growth Model'!Q8&\". The % entered in the forecast column will increase or decrease the % of customers retained from the previous year by the % points stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"The proportion of customers retained from the previous year was 51.1% over the past 12 months, a (4.2%) point reduction on the previous 12 months. The % entered in the forecast column will increase or decrease the % of customers retained from the previous year by the % points stated in each of the next 5 years."},"If you currently retain 50% of the customers from one year to the next and want to increase this two 60% in 5 years, enter 2% in the forecast column."]
[]
[]
[]
[]
["Average Transactions per Customer",{"$f":"IFERROR(('Business Growth Model'!Y14-'Business Growth Model'!X14)/'Business Growth Model'!X14,\"\")","v":5.2885776382516299E-2},0,null,{"$f":"IF(B16>0,\"increased by \"&ROUND(B16*100,1)&\"%\",\"decreased by (\"&ROUND(-B16*100,1)&\"%)\")","v":"increased by 5.3%"},{"$f":"IFERROR(\"The number of transactions per customer has \"&E16&\" over the past year to \"&ROUND('Business Growth Model'!Y30,1)&\". The % entered in the forecast column will increase or decrease the number of transactions per customer by the % stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"The number of transactions per customer has increased by 5.3% over the past year to 24.9. The % entered in the forecast column will increase or decrease the number of transactions per customer by the % stated in each of the next 5 years."},"If the average customer has 10 transaction per annum and you want to increase this by approximately 1 transaction, enter 10% in the forecast column."]
[]
[]
[]
["Average Transaction Value",{"$f":"IFERROR(('Business Growth Model'!Y15-'Business Growth Model'!X15)/'Business Growth Model'!X15,\"\")","v":-5.1897932090095356E-2},0,null,{"$f":"IF(B20>0,\"increased by \"&ROUND(B20*100,1)&\"%\",\"decreased by (\"&ROUND(-B20*100,1)&\"%)\")","v":"decreased by (5.2%)"},{"$f":"IFERROR(\"The average transaction value has \"&E20&\" over the past year to £\"&ROUND('Business Growth Model'!Y31,0)&\". The % entered in the forecast column will increase or decrease the average transaction value by the % stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"The average transaction value has decreased by (5.2%) over the past year to £230. The % entered in the forecast column will increase or decrease the average transaction value by the % stated in each of the next 5 years."},"If you anticipate increasing prices by 5% per annum then enter 5% in the forecast column."]
[]
[]
[]
["Gross Margin %",{"$f":"IFERROR('Business Growth Model'!Y19-'Business Growth Model'!X19,\"\")","v":9.9013014712043823E-3},0,null,{"$f":"IF(B24>0,\"increased by \"&ROUND(B24*100,1)&\"% points\",\"decreased by (\"&ROUND(-B24*100,1)&\"%) points\")","v":"increased by 1% points"},{"$f":"IFERROR(\"Gross margin % earned has \"&E24&\" over the past year to \"&ROUND('Business Growth Model'!Y19*100,1)&\"%. The % entered in the forecast column will increase or decrease the gross margin by the % points stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"Gross margin % earned has increased by 1% points over the past year to 35%. The % entered in the forecast column will increase or decrease the gross margin by the % points stated in each of the next 5 years."},"If your current margin is 50% and you enter 1% in the forecast column, your gross margin will increase to 55% by year 5."]
[]
[]
[]
["Overheads Growth %",{"$f":"IFERROR('Business Growth Model'!Y34,\"\")","v":-3.7044707988768466E-2},0,null,{"$f":"IF(B28>0,\"increased by \"&ROUND(B28*100,1)&\"%\",\"decreased by (\"&ROUND(-B28*100,1)&\"%)\")","v":"decreased by (3.7%)"},{"$f":"IFERROR(\"Overheads have \"&E28&\" over the past year to £\"&ROUND(-'Business Growth Model'!Y21/1000,1)&\"k. The % entered in the forecast column will increase or decrease the overhead spend by the % stated in each of the next 5 years.\",\"There is insufficient data for us to generate a base position for you, please use the TY / Base column within the Growth Model to set this manually.\")","v":"Overheads have decreased by (3.7%) over the past year to £270.5k. The % entered in the forecast column will increase or decrease the overhead spend by the % stated in each of the next 5 years."},"If you are anticipating reducing overheads by 2% per annum, enter (2%) in the forecast column."]

{"sheet":"Business Growth Model","index":1,"n_rows":174,"n_cols":36,"rows_kept":174,"cut":false,"hidden":false,"merged":[[0,22,2,34],[4,32,4,34],[10,32,13,33],[29,32,33,34]]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"TY",null,"Business Growth Opportunity for Demo Company Ltd"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Base"]
[]
[null,"Avg Cust Spend",null,null,null,null,null,"Customer retention"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LY","TY / Base",null,"TY +1","TY +2","TY +3","TY +4","TY +5",null,"Impact on Company Valuation"]
[null,null,null,"Rev","No.","Ave Value",null,null,"New","Existing","Lost","Retained",null,null,null,null,null,null,null,null,null,null,"New Customers",{"$f":"I8","v":98},{"$f":"I7","v":79},null,{"$f":"Y6*(1+'Growth Assumptions'!$C$7)","v":79},{"$f":"AA6*(1+'Growth Assumptions'!$C$7)","v":79},{"$f":"AB6*(1+'Growth Assumptions'!$C$7)","v":79},{"$f":"AC6*(1+'Growth Assumptions'!$C$7)","v":79},{"$f":"AD6*(1+'Growth Assumptions'!$C$7)","v":79}]
[null,"Avg Cust Spend TY",null,780302.00465038011,{"$f":"I7+J7","v":175},{"$f":"D7/E7","v":4458.8685980021719},null,"TY",79,96,null,null,null,null,null,{"$f":"IF(O8>0,\"+\"&ROUND(O8*100,1)&\"% point\",IF(O8<0,\"(\"&ROUND(-O8*100,1)&\"%) point\",\"\"))","v":"(4.2%) point"},null,null,null,null,null,null,"Existing Customers",{"$f":"J8","v":90},{"$f":"J7","v":96},null,{"$f":"IFERROR(Y8*(AA27),\"\")","v":89.361702127659584},{"$f":"IFERROR(AA8*(AB27),\"\")","v":85.971933001358096},{"$f":"IFERROR(AB8*(AC27),\"\")","v":84.240987064523281},{"$f":"IFERROR(AC8*(AD27),\"\")","v":83.357099777628918},{"$f":"IFERROR(AD8*(AE27),\"\")","v":82.905753077938186}]
[null,"Avg Cust Spend LY",null,1002980.3885123088,{"$f":"I8+J8","v":188},{"$f":"D8/E8","v":5335.0020665548345},null,"LY",98,90,92,96,{"$f":"(K8/SUM(K8:L8))","v":0.48936170212765956},{"$f":"L8/SUM(K8:L8)","v":0.51063829787234039},{"$f":"N8-N9","v":-4.1508941391463328E-2},{"$f":"IF(O8<0,\"reduction\",IF(O8>0,\"increase\",\"\"))","v":"reduction"},{"$f":"\", a \"&P7&\" \"&P8&\" on the previous 12 months\"","v":", a (4.2%) point reduction on the previous 12 months"},null,null,null,null,null,"Total Customers",{"$f":"SUM(X6:X7)","v":188},{"$f":"SUM(Y6:Y7)","v":175},null,{"$f":"SUM(AA6:AA7)","v":168.36170212765958},{"$f":"SUM(AB6:AB7)","v":164.97193300135808},{"$f":"SUM(AC6:AC7)","v":163.24098706452327},{"$f":"SUM(AD6:AD7)","v":162.35709977762892},{"$f":"SUM(AE6:AE7)","v":161.90575307793819},null,"Net Profit Yr5",null,{"$f":"AE23","v":53693.661224691896}]
[null,"Movement",null,null,{"$f":"F9/F8","v":-0.16422364183233396},{"$f":"F7-F8","v":-876.13346855266263},null,"PY",null,null,73,90,{"$f":"(K9/SUM(K9:L9))","v":0.44785276073619634},{"$f":"L9/SUM(K9:L9)","v":0.55214723926380371}]
[null,"Impact",null,null,null,{"$f":"F9*E8","v":-164713.09208790059},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Retained Customers (from previous year)",{"$f":"IFERROR(L9,\"\")","v":90},{"$f":"L8","v":96},null,{"$f":"AA7","v":89.361702127659584},{"$f":"AB7","v":85.971933001358096},{"$f":"AC7","v":84.240987064523281},{"$f":"AD7","v":83.357099777628918},{"$f":"AE7","v":82.905753077938186},null,"Add back"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Lost Customers (from previous year)",{"$f":"IFERROR(K9,\"\")","v":73},{"$f":"K8","v":92},null,{"$f":"Y8*(1-AA27)","v":85.638297872340416},{"$f":"AA8*(1-AB27)","v":82.389769126301488},{"$f":"AB8*(1-AC27)","v":80.7309459368348},{"$f":"AC8*(1-AD27)","v":79.88388728689435},{"$f":"AD8*(1-AE27)","v":79.451346699690731},null,"Interest, Tax, Depreciation, Amortisation & Dividends",null,29956.846657030001]
[null,null,null,null,null,null,null,null,"New","Existing","Lost","Retained",null,null,"New","Existing","Lost","Retained",null,null,null,null,"Last Year's Customers",{"$f":"SUM(X10:X11)","v":163},{"$f":"SUM(Y10:Y11)","v":188},null,{"$f":"SUM(AA10:AA11)","v":175},{"$f":"SUM(AB10:AB11)","v":168.36170212765958},{"$f":"SUM(AC10:AC11)","v":164.97193300135808},{"$f":"SUM(AD10:AD11)","v":163.24098706452327},{"$f":"SUM(AE10:AE11)","v":162.35709977762892}]
[null,null,null,null,null,null,null,"TY",220916.32972251985,780302.00465037988,null,null,null,"TY",{"$f":"I13/I7","v":2796.4092369939221},{"$f":"J13/J7","v":8128.1458817747907}]
[null,null,null,null,null,null,null,"LY",218016.81807578003,784963.57043652935,224806.66684228004,778173.72167002934,null,"LY",{"$f":"I14/I8","v":2224.6614089365307},{"$f":"J14/J8","v":8721.817449294771},{"$f":"K14/K8","v":2443.5507265465221},{"$f":"L14/L8","v":8105.9762673961386},null,null,null,null,"No. Transactions",4141,4360,null,{"$f":"AA8*AA30","v":4194.6115501519762},{"$f":"AB8*AB30","v":4110.1578736338361},{"$f":"AC8*AC30","v":4067.0325920075511},{"$f":"AD8*AD30","v":4045.0111716026404},{"$f":"AE8*AE30","v":4033.7661909703456}]
[null,null,null,null,null,null,null,"PY",null,null,209866.96922948986,925686.68820909027,null,"PY",null,null,{"$f":"K15/K9","v":2874.8899894450665},{"$f":"L15/L9","v":10285.40764676767},null,null,null,null,"Average Transaction Value",{"$f":"IFERROR(X16/X14,\"\")","v":242.20729015028022},{"$f":"IFERROR(Y16/Y14,\"\")","v":229.63723265433495},null,{"$f":"AA31","v":229.63723265433495},{"$f":"AB31","v":229.63723265433495},{"$f":"AC31","v":229.63723265433495},{"$f":"AD31","v":229.63723265433495},{"$f":"AE31","v":229.63723265433495},null,"EBITDA",null,{"$f":"AI8+AI11","v":83650.507881721889}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K14/F7","v":50.417872135322909},null,null,null,null,null,null,null,null,null,null,null,"Total Sales",1002980.3885123103,1001218.3343729004,null,{"$f":"AA14*AA15","v":963238.98843680997},{"$f":"AB14*AB15","v":943845.27987369988},{"$f":"AC14*AC15","v":933942.10954360093},{"$f":"AD14*AD15","v":928885.17150269949},{"$f":"AE14*AE15","v":926302.90526904783}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"EBITDA Yr5",null,{"$f":"AI15","v":83650.507881721889}]
[null,null,null,null,null,null,null,"New opportunity?",null,null,null,{"$f":"IF(M18<L19,\"Yes\",\"No\")","v":"Yes"},{"$f":"(I7/I8)-1","v":-0.19387755102040816},null,{"$f":"IF((I13/I7)<(K14/K8),\"lower\",\"higher\")","v":"higher"},{"$f":"K14/(I13/I7)","v":80.391190197877549},null,null,null,null,null,null,"Gross Margin",{"$f":"X16+X20","v":341152.11518046004},{"$f":"Y16+Y20","v":350466.13752354053},null,{"$f":"AA16*AA19","v":337171.8597232555},{"$f":"AB16*AB19","v":330383.29233587591},{"$f":"AC16*AC19","v":326916.78984019265},{"$f":"AD16*AD19","v":325146.66090622678},{"$f":"AE16*AE19","v":324242.76528037188},null,"EBITDA TY",null,{"$f":"Y23+AI11","v":109873.88012489054}]
[null,null,null,null,null,null,null,"Benchmark",null,null,null,0,null,null,{"$f":"I7-P18","v":-1.3911901978775489},{"$f":"I13-K14","v":-3890.3371197601955},null,null,null,null,null,null,"Gross Margin %",{"$f":"IFERROR(X18/X16,\"\")","v":0.34013837068786595},{"$f":"IFERROR(Y18/Y16,\"\")","v":0.35003967215907034},null,{"$f":"AA33","v":0.35003967215907034},{"$f":"AB33","v":0.35003967215907034},{"$f":"AC33","v":0.35003967215907034},{"$f":"AD33","v":0.35003967215907034},{"$f":"AE33","v":0.35003967215907034},null,"Movement",null,{"$f":"AI17-AI18","v":-26223.372243168647}]
[null,null,null,null,null,null,null,"Retained opportunity?",null,null,null,{"$f":"IF(L8>L9,\"No\",\"Yes\")","v":"No"},null,null,null,null,null,null,null,null,null,null,null,-661828.2733318503,-650752.1968493599]
[null,null,null,null,null,null,null,"Benchmark",null,null,null,-0.1,null,null,null,null,null,null,null,null,null,null,"Overheads",-280957.07692785014,-270549.10405567999,null,{"$f":"Y21*(1+AA34)","v":-270549.10405567999},{"$f":"AA21*(1+AB34)","v":-270549.10405567999},{"$f":"AB21*(1+AC34)","v":-270549.10405567999},{"$f":"AC21*(1+AD34)","v":-270549.10405567999},{"$f":"AD21*(1+AE34)","v":-270549.10405567999},null,"Impact on business valuation"]
[null,null,null,null,null,null,null,"Lost opportunity?",null,null,null,{"$f":"IF(K8/SUM(K8:L8)>K9/SUM(K9:L9),\"Yes\",\"No\")","v":"Yes"},{"$f":"K8/SUM(K8:L8)","v":0.48936170212765956},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1 x Multiple",null,{"$f":"VALUE(LEFT(AG22,2))*$AI$19","v":-26223.372243168647}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net Profit",{"$f":"X18+X21","v":60195.038252609898},{"$f":"Y18+Y21","v":79917.033467860543},null,{"$f":"AA18+AA21","v":66622.755667575519},{"$f":"AB18+AB21","v":59834.188280195929},{"$f":"AC18+AC21","v":56367.685784512665},{"$f":"AD18+AD21","v":54597.556850546796},{"$f":"AE18+AE21","v":53693.661224691896},null,"2 x Multiple",null,-52446.744486337295]
[null,null,null,null,null,null,null,"Change to look at new vs lost and average spend new vs lost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net Profit %",{"$f":"IFERROR(X23/X16,\"\")","v":6.0016166758649521E-2},{"$f":"IFERROR(Y23/Y16,\"\")","v":7.9819786278599758E-2},null,{"$f":"IFERROR(AA23/AA16,\"\")","v":6.9165343665847756E-2},{"$f":"IFERROR(AB23/AB16,\"\")","v":6.339406421379E-2},{"$f":"IFERROR(AC23/AC16,\"\")","v":6.0354582161477266E-2},{"$f":"IFERROR(AD23/AD16,\"\")","v":5.8777509347276866E-2},{"$f":"IFERROR(AE23/AE16,\"\")","v":5.7965554160813511E-2},null,"3 x Multiple",null,-78670.116729505942]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"4 x Multiple",null,-104893.48897267459]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"New Customer Growth",null,{"$f":"IFERROR((Y6/X6)-1,\"\")","v":-0.19387755102040816},null,{"$f":"(AA6/Y6)-1","v":0},{"$f":"(AB6/AA6)-1","v":0},{"$f":"(AC6/AB6)-1","v":0},{"$f":"(AD6/AC6)-1","v":0},{"$f":"(AE6/AD6)-1","v":0},null,"5 x Multiple",null,-131116.86121584324]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Retained Customer Assumptions",{"$f":"IFERROR(1-(X11/X12),0)","v":0.5521472392638036},{"$f":"IFERROR(1-(Y11/Y12),0)","v":0.5106382978723405},null,{"$f":"Y27+'Growth Assumptions'!C11","v":0.5106382978723405},{"$f":"AA27+'Growth Assumptions'!$C$11","v":0.5106382978723405},{"$f":"AB27+'Growth Assumptions'!$C$11","v":0.5106382978723405},{"$f":"AC27+'Growth Assumptions'!$C$11","v":0.5106382978723405},{"$f":"AD27+'Growth Assumptions'!$C$11","v":0.5106382978723405},null,"10 x Multiple",null,-262233.72243168647]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Retained Customer % Movement",null,{"$f":"Y27-X27","v":-4.1508941391463106E-2},null,{"$f":"AA27-Y27","v":0},{"$f":"AB27-AA27","v":0},{"$f":"AC27-AB27","v":0},{"$f":"AD27-AC27","v":0},{"$f":"AE27-AD27","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average Transactions per Customer",{"$f":"IFERROR(X14/X8,\"\")","v":22.026595744680851},{"$f":"IFERROR(Y14/Y8,0)","v":24.914285714285715},null,{"$f":"Y30*(1+'Growth Assumptions'!$C$16)","v":24.914285714285715},{"$f":"AA30*(1+'Growth Assumptions'!$C$16)","v":24.914285714285715},{"$f":"AB30*(1+'Growth Assumptions'!$C$16)","v":24.914285714285715},{"$f":"AC30*(1+'Growth Assumptions'!$C$16)","v":24.914285714285715},{"$f":"AD30*(1+'Growth Assumptions'!$C$16)","v":24.914285714285715},null,"Note:  Valuation multiplier depends on various factors including the industry sector, timing and the structure and strategic positioning of the business being sold."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average Transaction Value",{"$f":"X15","v":242.20729015028022},{"$f":"Y15","v":229.63723265433495},null,{"$f":"Y31*(1+'Growth Assumptions'!$C$20)","v":229.63723265433495},{"$f":"AA31*(1+'Growth Assumptions'!$C$20)","v":229.63723265433495},{"$f":"AB31*(1+'Growth Assumptions'!$C$20)","v":229.63723265433495},{"$f":"AC31*(1+'Growth Assumptions'!$C$20)","v":229.63723265433495},{"$f":"AD31*(1+'Growth Assumptions'!$C$20)","v":229.63723265433495}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gross Margin %",{"$f":"X19","v":0.34013837068786595},{"$f":"Y19","v":0.35003967215907034},null,{"$f":"Y33+'Growth Assumptions'!$C$24","v":0.35003967215907034},{"$f":"AA33+'Growth Assumptions'!$C$24","v":0.35003967215907034},{"$f":"AB33+'Growth Assumptions'!$C$24","v":0.35003967215907034},{"$f":"AC33+'Growth Assumptions'!$C$24","v":0.35003967215907034},{"$f":"AD33+'Growth Assumptions'!$C$24","v":0.35003967215907034}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Overheads Growth %",null,{"$f":"IFERROR((Y21/X21)-1,\"\")","v":-3.7044707988768466E-2},null,{"$f":"'Growth Assumptions'!$C$28","v":0},{"$f":"'Growth Assumptions'!$C$28","v":0},{"$f":"'Growth Assumptions'!$C$28","v":0},{"$f":"'Growth Assumptions'!$C$28","v":0},{"$f":"'Growth Assumptions'!$C$28","v":0},null,null,null,null," "]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"X5","v":"LY"},{"$f":"Y5","v":"TY / Base"},{"$f":"AA5","v":"TY +1"},{"$f":"AB5","v":"TY +2"},{"$f":"AC5","v":"TY +3"},{"$f":"AD5","v":"TY +4"},{"$f":"AE5","v":"TY +5"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sales",{"$f":"X16","v":1002980.3885123103},{"$f":"Y16","v":1001218.3343729004},{"$f":"AA16","v":963238.98843680997},{"$f":"AB16","v":943845.27987369988},{"$f":"AC16","v":933942.10954360093},{"$f":"AD16","v":928885.17150269949},{"$f":"AE16","v":926302.90526904783}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Customers",{"$f":"X8","v":188},{"$f":"Y8","v":175},{"$f":"AA8","v":168.36170212765958},{"$f":"AB8","v":164.97193300135808},{"$f":"AC8","v":163.24098706452327},{"$f":"AD8","v":162.35709977762892},{"$f":"AE8","v":161.90575307793819}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gross Margin",{"$f":"X18","v":341152.11518046004},{"$f":"Y18","v":350466.13752354053},{"$f":"AA18","v":337171.8597232555},330383.29233587591,326916.78984019265,325146.66090622678,324242.76528037188]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gross Margin %",{"$f":"X19","v":0.34013837068786595},{"$f":"Y19","v":0.35003967215907034},0.35003967215907034,0.35003967215907034,0.35003967215907034,0.35003967215907034,0.35003967215907034]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Overheads",{"$f":"-X21","v":280957.07692785014},{"$f":"-Y21","v":270549.10405567999},{"$f":"-AA21","v":270549.10405567999},{"$f":"-AB21","v":270549.10405567999},{"$f":"-AC21","v":270549.10405567999},{"$f":"-AD21","v":270549.10405567999},{"$f":"-AE21","v":270549.10405567999}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Overheads %",{"$f":"X171/X167","v":0.28012220392921644},0.27021988588047058,0.28087432849322258,0.28664560794528038,0.28968508999759307,0.29126216281179351,0.29207411799825683]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net Profit",{"$f":"X23","v":60195.038252609898},{"$f":"Y23","v":79917.033467860543},{"$f":"AA23","v":66622.755667575519},59834.188280195929,56367.685784512665,54597.556850546796,53693.661224691896]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net Profit %",{"$f":"X24","v":6.0016166758649521E-2},{"$f":"Y24","v":7.9819786278599758E-2},6.9165343665847756E-2,6.339406421379E-2,6.0354582161477266E-2,5.8777509347276866E-2,5.7965554160813511E-2]