a Report that related LCOE/IRR/Sensitivity analysis/NPV/WACC/Key risks

profilemathgenuis2021
attachment_4.xlsx

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Data blocks
CB_Block_0 CB_Block_7.0.0.0:1
㜸〱敤㕣㕢㙣ㅣ搷㜹摥㌳摣㔹敥㉣㐹㤱ㄶ攵㡢ㅣ挷㘶散搸㑥㑣㤵ㄶ㘵㉢㡥搳慡㉡㉦搶挵愱㐴㕡愴攴〴㡥戱ㅡ敥㥥ㄱ挷摡㤹愱㘷㘶㈹搱㌵㘰㈳戵敢ㄶ㙤ㅡ㈰㑤㠲㌸㜶㉥㌰㠲〰㜹㐹摡ㄷ㌷㘹晤㔲愰㘸㠲挰〱晡㤰㍥〴挸㠳㘳〴挹㐳㡢㔶㐰㕦晣㄰㈴昹扥㌳㌳扢㌳扢摣㈱扤戶㕢扡攰㤱昷攷㤹㜳㥢㜳捥㝦㍤晦㝦挶〵㔱㈸ㄴ㝥㠷挴扦㑣㐵㘶㙥㔹摥っ㐲改㑣捤㜹㡤㠶慣㠵戶攷〶㔳㌳扥㙦㙥㉥搸㐱㌸㠰〶愵慡㡤晡㐰慦〶昶㔳戲㕣摤㤰㝥㠰㐶㝡愱㔰㉥ㅢㅡ敡㌹〸㝦㘳挹㠳挱㕥挳㐵㠰㤵戹搹挵搵㈷㌰敡㜲攸昹昲搰挴㠵愸敦戱改改愹改愹晢ㅦ㤸晥搸搴攱㐳ㄳ㜳捤㐶搸昴攵㌱㔷㌶㐳摦㙣ㅣ㥡㔸㙡慥㌶散摡㈷攵收㡡㜷㔹扡挷攴敡攱晢㔶捤晢㍦㍥㝤晦搱愳搶㠳て㝥㝣ㄸ慦㉥㥣㥤㥢㕤昲愵ㄵ扣㑢㘳敡㥣昲晤昳戲㘶㜳㙤㔲晡戶㝢㘹㙡㙥ㄶ晦愵收㡦愷〷愶㤶搷愴っ昹㙡改㑢户㈶〳〳ㅤ㠷㥣㤹㈰㘸㍡敢摣㍣挳㌹㠱愵搶捣㈰搴㥤㌹搹㘸ㄸ㑥㌲㙡搹㔹挴摥㌵捣捤㘱㘷㔹扡㠱ㅤ摡ㅢ㜶戸㔹㜲㔶㌰㔰㝤挴㌹ㅦ挸㜳愶㝢㐹㥥㌵ㅤ愹㍢㈷㥢㜶扤ㄸ愵挲挰摤挹㄰改㠹愹攵㑦捤〴捥摣㥡改慢ㄹ〵摣㤸㥣戶㈷晣㕡戶敤ㅤ扤挷攵搴搵ㅢ㌸收㥤扤摢愱收㠲改户㕡㑥昶㙥ㄹ㉦㍥㍢㠳㝢㝢户㑦敤㔱戶捦㐷㝢昷㔱㕢㤹㙤㉤㠶㘲晡㔶㍢㡡挵ㄸ㈵㠲㐱㠲㌲〱ㄱ㘸㔴〸㠶〸㠶〱㐴昱㝦挰㈵改㡥慣搲慡愶㔶㕤搵慡㌵慤㕡搷慡㔲慢㕡㕡昵㤲㔶㕤搳慡戶㔶㝤㐲慢㕥㐶㥢㈴㤵〷〷戵㌸改愵晦㉥㥤㉦扦㍣昳晣㙢扦昸搱㙢扦扤敥㕦㠷昷愱搱㈳昱愴收㝤昳ち㐸慤㑤挵㐷愶づ昳摦昶㕣〱愶戰㡥㕡て㔸搳搳昵愳㠷捤晢㑣㥤换捡㐱㝥㠶㔰挶搰㜶搸㝡搴㜶敢摥ㄵ㠵扢㕢㘶捤㐰戶㌷㙥㌲慥㥢昵㥡㙥㍤昸挰搶㤵换愱ㄹ捡㥢㍢敢摡㠳㜴㜵㕢〶㕢挹㐰扤敦搶捥㙥ㄷ捣㐶㔳捥㕣戵愳敡て㜶㔴㍢㑢扥户摡扢昶㠴㉦㥦㙣搵㜶捤㘸〶㐲㙤㐳㡤摤戵捡愸㉡㥡搷挴摣㥡ㄷ㐸㔷㑤㙦搲㔹戲㙢㤷愵扦㉣㈹ㄲ㘵㕤㉤昵㝡㔶挵㕣㍦戹攸㘲愱攰搶晡敤改㔲敢愱慢㈱㤸㔹搶㌱摦㜵改㠷㥢㉢收㙡㐳摥㤰㘹ㄲ扤ㄳㄵ〷㌳挵㈷扣㕡㌳㤸昳摣搰昷ㅡ搹㥡㤹晡㠶〹㐹㔳㍦攳搵㘵戱㔸㔰㐲〱〲㜷㘰㐰㠸挲㍤扤㜹㐱㈱㈲㠵㘲㌲昲㑤㔹戲㥢㍡㠷搵㘱ㄵつ㐹㥡搴㍥扣捤㘰㥣慦㤲㌱㌹ㅣ㤸㕡ㄳ昵〷㕦晡㤱㙤㠶㙤㘱敥扤㙤慣㘹攳昱敡ㅦ摡㤰㙥㜸捡㜴敢つ改攷㙡㍦挱ㄹㄹ愳〰晡㌵〸㠴㥥扢㐷㔵㈷慥㡡㑤晤㡡㕤て搷㑡㙢搲扥戴ㄶ愲っㅡ戲㕣收搶㜶㈵攳㍡ㄴㄹ晢〹挶〱㉡㤵㐲改〰ㅢ㤵㉡㐸〵㥤搲㈹㠷㤷㌳㠲㥣晤㌲扣㍣㙣㥤戰ㅢ愱㡣㠴昲愸〵㡣㐴㕡㑤愱㙦㠴㈴敡㥢戵㐸㘱ㅣ戰收㐰愵愶敤㠶㥢㙤扥敤攲㤲㠸㠸昶㘴挱慥㤳〵ㄴ〵㔹㜹㤰挳㙢㈰㥡づ㘹㤰摦㌸㐵㐴㘴㠳ㅣ捤㡥㤱戳㐴挶昶㌹㌲〲敤搳㐴挸搶㠷㝢换〸ㄲ㝢㌷㤱戲㔳㑦㝥摣㤳㘶㕢搹昲㤱㌴扢ㅥㅢ㘷摣㐰㜰㈳挱㑤〴〷〱挴慦㈰攱㈸攵㤰捦㈶攳〳㜸㌶㙥㈱昸㈰〰攴㤳㐱㤹ㄳ㡢㉡摡㔰㍢戱㈳搹㙥〴㜶戲㌲㡡㈳㔱㐴换戸㘵㘷㡥㌸ち搱戱搵戹㍢㜴㙤㔱改搸扢㝡搳㘶㝡㌹愴挸㥣愶改戵㙥搳㌴扤ㄱ㙣摡愷摥扡つ㕤㡤〹㠲て〱㔴㡣摢〹愱㕣㘸昰敥捣愲愷㐹昹扥㌰㡢㈲㘳愸㑦〵ㅦㄳ㌲㡦〰㌹㐲慥敢昸戲㘷㐳搳ㅣ㥣戴摥昷㌶昴愱摥晣ㅤ㈳扤㐳㙦敥改ㅤ晡㡢摥愶ㄵ㝤〷搸㑢晣扣愷㡥戹ㄳ搵挶㕤〴㜷〳㜴攸ㄸ㥥扥摦慥愷㐰㤹挵㑥ち㜳晢改㜵㔱㔶敥捡收扡㔴ㅡ㘸搸㕡㌱晤㑢㌲㠴〷攳昴㍣㙣㘱捦昷㘵〳㠷摡扡㉡攰昹攵挶㙣㘱㜰挲昷ㅣ㤶敦搹挸挱晢㐲㌱ㄴ㡢摡㐰愱挳㐶捥戱㌵㔳㍥愷ㄴ攵㔰〷摦搷㕢㐸愴㍡㘵挹㡢晤昲捦㤷㝢㤲愴て㐹昲㔱㙣慢㜱て〰愴㠴昸昷㥥ㄲ攵㄰㥢晤㠱㙡㤶戵㔸改攱换㌹㥤㜴昸㄰扢攴挸㔰攴戰㥤㠵晦㈰ㄸ㜱㤶㙤愷㈵㉣㠶㥣㈵改搷攰㕢戰ㅢ戲ㄲ戹㘵㈹㙡昶㘴挵晢㐴㔶っっ㜴㥤愷㜳晣㙢㡡㑥㍡愴㐴㉥户攷㔶收㥣挵摢㐴㐵㌷㈴㠵㑡㡥㙢愸㈵㠱㐸㜹㙣扢㈷㘲晡㄰㌱昷㘲攳㡣挳〴搳〴㐷〰昴㥦㐰搲散㜴攳ㄹづㅢ摣愰㑢扢㕡㉤㤴㠹〶攵㈲㝣扤愷戰㍡捡搷㝣㡣攰〱㠰づ昳㠷づ挸ㅣ㐲㔴㈸㑦ㄱ愲ち㘳㔸ㄷ㙣㜹㠵㌴戰捦㐲㘰㘹慥ㄹ㠴㥥挳挸搲㠸㌵敦㥤昵挲㜹㍢㔸㐷㈴㙡摣㡡㌳㡦慥㐹ㄷ搴攵挳昶改㈸昳搶搷㘵摤戰㤶扤㈶㐴摢改昹摤㜰㌰挷㜶挰㤶㔴㘷㜳㑤㈰昵㜷㍥挶㄰〲㍢慤晣慤昴挶敥挸晢捤㐳摦㘸㝢㐷㔷散戰㈱㠷慣㠸改㤸㉦㕢搸㐵㐴づ敡㠳搶捡㥡㉦攵晣㠸㜵搲户敢つ摢㤵㐴〶㙣㑣〶敢ㄶ攴㈵㐴〹㤶㍣挶〰㍤㜷挴㕡昱㑤㌷㔸㌷ㄹ㔰摣摣㥦㜹㔲㘱ㄱ摤㥡戵摤〰慦㔱㔸㘴㝥搴㕡㕥昳慥㈰㘲摢㜴摣㤳收㝡戰㉢戰㐲愲㡦㤲㐲㡤搰㠴愶㠹戲㔶敥ㄷ㍦㍣㤰ㄷち攴扤㈲㠱挲㔵㐱愷捦㍣㐷㝢搳慥㡦㘳㌴戴搳㌹愷㘱㐴㡦㕡㠵〳戹㔲㤸㥣㙡㍣挸㍥㥦〰㜸昸攴昹搳敤挸摣㍢㡡㔹敢昴昲攷挸㜸㐵ㄶ慤㐰〸㝤㜴晢㈲㔲㘱ㄹ㈹〷ㅣ〸㡣昳愹㤳晣㉡㤶㙡㐳敡摢搷捥㥥㐰㈴㘹搸㕡㌰㔷㘵〳昱㘸挷っ昷㐵て㌴㘳ㅤ戳ㄱ挴㜵㜳㥥攳㤸㈴㉤㤲攵㜲捤㈴〵捦㌴㐳敦㡣敤ㅡㄶ㠰愲扦戸挸扣㡡㈲昳慡㉡ㅡ戶捥㌱㌴愸昲ㅣ换扢㘴晡㜶戸收搸戵㌲ㅦㄸ扥摢ㄵ㌴〹㈶愷攴㑤㔲㈲㌳㈶㍡慣昹昳㌰搹㠲㈹愰㝢ち㜲㤴㕢㐷昴㠳㜲㌵㔱挲㍦搱愷㘳〹〲㐶㜹㑡㡤㍦挲㘸扡扡ㅤ〱㤱愳搲戵攴づ挶戵㘷㔰ㄲ〹㈱㘲㍤㠷㐴攰ㄵ㑣〹㜹扡戸㑢搶㜹搷づ㠱㍤㘲散㠴ㅤ捥〷㐰㌹〰戲敡㜸㝢戳挲㙡慡搳㘴㑢㉢摣搶㕤㤵㔱ㄳ户㜶搷愷昵挶㠷户愸㡥㌴㑡㑡㤱㙣搷㐸㘹㤶㉤收戸㥢㔴㡤㔰㡡㍢搱㌶㈲捦㙤摡摥㜷㑡㤱㜷愰㤸ㄴ捤ㄴ㡣㍦㔶㠴㠲㐰㙦慣愳攸戳捦㈷㡦㔴挴㠶㌶㐰㠵㝡㉡㉡ㅢ㠹㐳㠲愷㜱敤愴㉥㉢昱ㄳ昸㝢㕦㥣㕤㙣㠶㤹ㅡ昳敡㜸㕣㌳搳㘸㉣扡戰ㄲ㙡愶㕦摦㈵㉣㡤戵㐵ㅡ㐶㜱㘷扦摡㍦摡摥ㄴ㈳挶㙣挸戰㐸㡥ㅦㄸ㙣〸收㑡㐵㔴㘹㥤㡤㜰慢㕢挵㘵㍥㥤㤱愶慢㌰戰ㅣ搶攷攵㠶㌲挳摡㤶晣戸敡搰㍡㉤㉡㌹㙡㔸㌳慢〱㔴㝡㐸㌹ㅥ攷ㄴ㠳ㅢ搶㌹扡愵㜰㠹〱㘲㌷捥㉤搵㐲㠴㜶㕢〳昰㘴戰㝢戰㠳ㅤ㠹㐲㈷戴捥㈸㐱㑢㌹㠴㥢㕤〴㜹愷㑦㡣㐲㤰㕡㉡晤搷㜱昱搵ㄷ㤹扥㜳扣㤰㘴㘲㈶㘲戸㉢挷㝡〰㜲搳㤱㐹㜲搱㜸ㄲ㌰㡦㈴㥢ㄲ㕡挳㐹ㄹ㑤㡣ㄱ㥡㝣㝥㠸㕢㍣㡣㘵㡤㤲㙤ㅡ戸攷ㄶ摡搰愶㡤捤㝤搶㘹户搶㘸搶愵㔲挵㠹慣㔶ㅡ㜹㔷攰㑢㕤〱㡣戸㈹㘷㕦攲㑤㌹㡤愳ㄴ㤷㑣㈴昵㙦㜷ㅢ挷搱㕤〹㌹㡣ㄱ愹㍥〶㈰㜳摣㜲㉡㈰搶㜵㑦㠱昶攱晥昶〵〶㜵㜹づ㈲慤慢㠸戲㙣〱昷昱㕡㔱㘴挵㙤愹㘶ぢ摥㠲㐷㥢㍤㔵㜴捡㡥㡡㜶〵㡥戰捥㐸攰㤵㑡㌰㐶晡攴づづ㔲戸ㄶ㐷㜷慦㍤愳ㅥぢ搷㠰ち㠵〱挱ㄸ㉦㑦㐱〵散㉡ㄸ㠹〶户搶戶扡〵愳扦戴扣㡤ㄹ〰挱㌰㌰つ㕡戴㡣っ㥣㌹攴户㌷㜰㙥㐳慢㥣〸㘹㍡㤸捡ㄸ攵㌸ㅣ昶㐰ㅡ戸㠹〷改ㄵて㑡㈸㍣愰㉥㠶㈵㜷ㄳ㈷ㅤㅣ㠱㍣晦㠶㡥挲㈵㌳挴昵ㄷ昷㘰㐷昱㑣扤㑥㜳ㄷ晥戹㕤㠱㔵㕣摤㠸捣搱〳ㅤ㤷戲搴㥡㘸摦摤搱㔱ㄱ㕦ㄶ㍣㌲㍦㜵捡っ㙢㙢换攱㘶㜴㜱慢㕦㤲搰㕦㠳㍦㘲换户搳㘶㉥扡扣㠸扡挱扤慦㕣㜶扤㉢慥㥡㤷ㅥ昰搶ㅦ㈸〴㔷㈸〷㌹挹㑡攱㜷昸愷㤲㔶搰晦〹㈳敥㘴摡ㅣ愰敤㈰攱㌸㉡㐵搲㘰〲昹ㅣ㍡㠱敤摥扡㌵㐰㍡㌹搰㐱㈷㑡㄰散ㄱ㡡㝢改㕤㈳ㄴ昱㡦㐰㉢㠹㈵㍡㤲㘳捦扦つ搶ㄷ㍦㐰〹ㄱ㡥攷㔸㡣攸ㅦ㐲㉥〷㜵㑡㤰挷㔷㍣㜸㈱攴晦て㤶ㄲ㙥摥㤲㥤晥ㄷ㤸㔹㝣扦ㄳ㐵户ㄲ㐵晦搰㠵㈲挱㙢㈰㡡㝦ㅦ㐶㈶㐹㍡挳戳㙦㉢㄰捥㌵敤ㅤ㐰摦昳ぢ扦晦㠷〷搰㠵㤸㌸㤴㡤㠶㔰摢㥤㜸㙥㤹〸〳㕤㈶〲㠳昷捡㐴㌸㠳㡣㘰ㄴ㍦㌲ㄱ㘲ㅦ挸㈲ち戶㌷ㄱㄸ摢换㌱〴㔳愱搶㤴㕢㠳㈷戰ㅢㅣ晡挷㑥攱攲慤っ㄰捦㠷搲ち收攰㤱扡戱扢㜸挹昴㑤攷愰㉡㍦改㑢㈸㌳㝦〵㌷戹㔵ㄷ昶戸㜹换ㅡ搵㘹ぢ㕦㐵攲㘵摦昳愷散散晥㍡㌰ㄵ愵挸㝤㉦捡愲昴づ㍣㈵㠲攷㠶挲㥦ㅥ昸敥挹㕦㍣昵摣㜱摥㔶㡢㘹㔵扦〷昹㝥㐲昶戴㈷㄰搴㑤㕤ㄴ戹㥥ㅦ收㥣挱㈷㑡昶㝡㐳捥㥡扥戲㠲〲挳㐹戲ㄱ攱愵〸㌳㈲扥摤㘰㘲攲摥㐳㘴㘲㑥㜵戸㍢搵㠷㑤捡㐵㌸㤵㥡戸昲改㈵㘱㐳搱㔳㤱昵㘹㙤敡㝦〷㔵昴㌶㈷㤲戵ㄲ㜹敡㘴ㄲ攲㝢㥤扡敥㈸㜵㕤㜴㤰㘱搸㍦㤱㔲㠸㍦㤰㐲搲〷ㄹ㕥〸㔰㔲敡ㅣ㌲晡扤〰㌹㤱戵捥㄰㉦晤〱㝢㐲㐰戶㉥晤昵昹ㄱぢ㜶ㄱ㔸㑣㝣昱晤㥥㘸㘹㡢㈶慡㠹愱㕡㘵搳㉣㈳愳づ㉦㉣㤸㑥㑡㌳㤶捥ㄱ㤴敥搸ㅤ挵㤷㡣㌸㔱攰㉤㘲㙣摤愱慦慤攲㍣攴㌶㜱昳〳㝡愶愴ㄴ㠶扢㥦挵㌸㤰慡ㄸ㕤搴戴ㄲㄵㄱ㡥㐶搹㔶愷愱戸ち㍡换㍤㠸㔳㈹㠲㝦晣㔲㠸昵㤳敤愱慦敦慣愱㡥㜳〷戱㐰晥㘰㝦摤㥡挳搸㜸㉢㌹〶ㄲ㜶㐷慤捡搱昵昰昳攸挲㐵ㄷ㠴搱捥慡㘷㜱ㄴ㝦ㄲ捥ㅡ搰扡昴㍦愳搷㡡戳㉥戰㌷挳搸ㄹ晤晦㈹ㄴ㙣慢晦〵㘳㙦ち㤱㥦㡥㌳㝣搰ㄹ㍦搹㌶㘴挳ㅤ㠱㘷ㅢ挱ㅢ㜵㌰㌶㔴㤶㈱敦㈸户㡣㡦㔷愳㙡㈵挱攱昷㉡㜶㕥㡤㘸昵愵㙤㍢搴㔳〰㌲㌶愴㝦ㅢ㈲愸㘷晦慣摣㑡㑥户愵挷搰昱挰ㄹ扢收㝢㠱㘷㠵ㄳ换〸晡㑥昰摢㌳ぢ㌶捦㡣昸㔶愷㔰扢〳㍢㌱晣㌸晡㥣㕤㠴挰㍥㉢挳㜷㉢ㄶ挹挸挲捥㈲ㄹ晣づ㘹㉣ㄵ㕥愲㜶〸慥戳ㅥ㘹㥡つ㝣扡扡〸㕦㘷挸愲㕤愱散㈲㡦㜳攷つつ㙥ㅤ敥㘸㝤ㄲ晥㈰搹㤸㐲㜰㑣㉤攱戱挷戹慦㥤㝢㤰㙤ㅢ慦㉤㘰换晥㝣㙥ㄵ晤ㄵ攰㜴㘷㙦挹㤲っ摦挹㉦㤲㉢㐶㤵㄰㤷昶㡦攳敦捥ㅤ戴ㅣ㙤ㅣ㜴ㅥ㝦搰㑤㐷搸㘴〳敥戳ㅤ㐴扦㉦愲慢㤸㈱挰捦㌰攳っㅦ〴扤㝣㘴㐵昱㜵㉣㡢っ㠰㝣愱㔴〳攸㑤搵㉦㙦㐵搵㘳㠹㐰ㄶ㍣㘳㤰ㅣ㉢攲㈵㌴攴㜶㐵换〶㑢㜰搹㐲㥤㈵㤰㌷㤲ㅥ挸ㄷ〴捦ㄲ㙡㈲㕦㐱㠷搶㐴㙣㤴昶㥥挸㤷户㥡㠸愰ㄵ愰ㄶ㥡ㅥ㝦㉣搱㈲㐶〳搵㠶㐳攰ㄲ㜸〰愳ㄴ㡢㤴㌵愵㈸戴昰〳㘲〶改摦攲扦㙦ㅣ晦挹敢㑣晦㜹㕣㈸㐱㠸慡散攴㈹〸搵攴㍦㥦㥥扣㡦搲摥㤳晦摣㔶㤳ㅦ愳㡣攴㑣㡣㄰㘰㘴㐰㔴昱㐷㉤愶㠹っ昷㤱㍦㜱㤱〰扦捣㉣挶㑣㤴愸扥㔷㤰㐱㕦㙥戸㙡㜵ㄵ㤹愴慦捥昵攷㝣摣愳散㈳㕥㠴愴㉦愷ㄴ㌹㘳㑢㤱㔶㉣㍢戱ㄷ㜶㔷挸〶㉣㠹㕦换昶ㄴ改愵㍥㈳晣攲㠵〴㌱愷㑥㈵㕦㑥㘹㜱捣〹㠴ㄱ㔹愴愴ㅦ㙥愴昸昳愴昱摦扦摡㜶㤹愲〲〹搴ㄳ㌵㈶㥤愹挶捦㈷㡤㡦攰慢㉣搵愶挰ㅢ〴㑣㙦㈴㡤㐹㡦慡昱㜳㐹攳晦㌸㜲戰搵㌸愱挳㘸㘴㥤㐴㤲㘳敢㉡敢㍦昵㠵昶㈸㥡敢ㄶ昵攷㤰ㄵㄵ㔳㜲慡搰㜱㐳㘹搰㘱㕣〶昱昱㡤昴〲敥㌶攱ち〸㠴㙣昴扦㑡㌸㡤㍢㑦昳㘶㘸攲ㄳ攸つ〴㥢㝤㐳㍤戱㜳挹㕡昴㔱㌰㘸㥤づ㜰愶慡敦㉡ㄲ㠱㌹㔰㡣昶㜷ㅢ愷㝣㡥改搸摥㡦㈴㐸愶昱づ㐹㝦捡㐳〵㔶㡡攲戳〹㘶ぢ捦戶㘹挶㜸〶挸㠱㜴〴㘴挶㜸ㄶ㌰ち挴昰戶㜲㘱㡣晣慦㤸晢戳慣昸㌳㠲攷〰㉡㠲捣㑥㍡㈸㍤て㌰㥡晣㡦㉡㈶㌶㤴扦㐴ㄳ㑦㈵㉦㑢㤳㤱昱〲㍢晣〵挰〰摣户㈲㈶挲㡡昱㤷㈸㐹扦㤴㠲㐳扤昴慦㔸昱搷〴㥦〳愸攸㥣散㡥㜷㡤㙢敡㔳㜳晤つ扡㡡㘷〹昰㌳㍥ㅦ㘷昸愰㜳ㅦ晥戰户慤捣愳㜰昲㘱㍦㐲㥤㤹㉦昸ㅦ挲ㄷ昹㥢㕣昴〰晥㠷㈴扡㌲散㡢摡㈷晡ㅢ㡢㑣㐰㥢㕣晤搶戱搹敦㘰ㅣ慥慢ㅤ㐱攱㠸㔴㉡㘵慤㈴㠸㙦㉥㔸㜸㜸〳摦㜲㑣㔵〸㐱ㅡ㔰ㄵ㙥㕣㜱ㅣ〵挶摦戲㈹㜱㑣㍣ㄹ㕦攴ㄳ㔱慢㌶昱㑢㜱㠶て㠲㜸㔵摤㥦㠸扢㈷㉦㈴慥㔵㠵摤昱㐲攲㕦㔵慣愵㕦昸㈲〷㔳挸㐲㈶慢㤵㠸㌴㐵㐳㉦㈱㌳㌲㌰捡戹㍤㡡㥦㜶㔵搴㉥搶㉦㕥㝣㙢戴㌸㜱㜳昱㔳㝦㌲晣攲ㅢ㍦㝥昳ぢ㍦晤捣戱㕦晦收攵㤷㝦晡换㉦扣晥㥢搷㔶㡦晤昰㤵㔷晥攵攱㙦扣晥收㝥敢㥢摡慢㙦㉤㝣昳改改换㑦㍦㘹㥤扦攷攴搳㥦㝥攲㤱改愵敢㈶〷〶〶〷敦ㅥ晦搱㑤ㅦㄹ㝢昶挹敦㡢㝦晥搹㡤慥㔰换挵ぢ戲搳攰戲搵㌴扥㠶っ愶挱ㄹ扦愷搳攰㜲搵㐶慤挶ㅢ㌵㡢㠲㌲㝣ㅡ㥣㠰慡㌰戳ㄵ㐳扦〷扣㍥戳〰 㜸〱敤㕢㝤㜴㕣挵㜵摦㔹敤㝢摡户晡㕡㝦㐰昸㡥㜰攰㘰㤰慢㑡㌶〶昳攱㘰㔹戲㙣㠱㙣ぢ换㘰愰㔰㜹戵晢搶㕡㝢㍦捣扥户戲㤴㥡㥡〰㈹攴㤴〰㌵㤰挴㘹㠸〳㈱㑤〳〱〲㤴㌸㤰戴搴㠴ㅣ㔲㙡づ㈴㤰ㄲ㤲愶攰㠴㈶昴〴㡡㌹㌹㍤㈵㌹〱昷昷扢敦扤晤㝣㕡ㄹ挵㌹昵ㅦㄹ㕢昷摤戹昳㜹敦捣摣戹㜳㘷㌶愰〲㠱挰㐱〴㝥ㄹ㐲㐴㑥ㄸ㥥戴㙣㌳搳搹㥢㑢愷捤戸㥤捡㘵慤捥㥥㝣㍥㌶㌹㤸戲散〶㘴搰㐷㔲㐸户戴ㄱ㉢昵㌱㌳㍣㌲㙥收㉤㘴搲〲㠱㜰搸〸㈲ㅤ㤸晣㐵扤㠸挱㔲㐶㠸㠰㘹㠶㑥搰〸搰ㅣ〶㔸摦扢㝣敤攸㘶戴㌴㙣攷昲收㠲昶㑢㥤晡㤶㜶㜷㜷㜶㜷㥥㜹㜶昷㔹㥤㕤ぢ摡㝢ぢ㘹扢㤰㌷㤷㘶捤㠲㥤㡦愵ㄷ戴てㄵ㐶搳愹昸㐵收攴晡摣ㄶ㌳扢搴ㅣ敤㕡㌴ㅡ㍢㜳㐹昷㤹㡢ㄷ㈷捦㌹㘷㐹戳㠱㥡搷昴㉥ㅦ捡㥢㐹敢㜰搵ㄹ㘱㥤㙢㝢㤷㜷慥㌱敤挳㔵㘷ㄳ敡㐴㤵㝤戹㑣㉣㤵㍤㑣㤵㙡㤴昷愲㍥㌳㥥攲挰㤸㘶㍥㤵摤搴㠹㙥㔷〸ㅡ戱戳㍢晢㈱昱㜸捣戲㝢捤㜴㝡㥤㤹㤴㌱挹㔰㘶㘶摥捣挶㑤慢㌵戳㘲㈲㙥愶摤㘴㉢㥣戹㌴㤶㕦ㄳ换㤸㈱㈲㙤ㄹ㘷摣〶ㄲ㘶搶㑥搹㤳㉤㤹㑢㉣㜳㕤㉣扢挹㘴ㄶ㉤戳戲㤰㑡㠴㐲㉡ㄴち㌴㥣收搷ㄹㄹ㥢捥晥㝣扣㜷㉣㤶户㈵挶㔱敢昶换㕢㌶㐳愴攳㤵摤㐲愹昶慡㔲ㅣ愶攱㔴收㈲㌳㥦㌵搳㙣㠴㠳搷㔱㤵㐹㘴攲㠸扥㈸ㅣ㡦ㅢづ㡣㙡㜲搷〲㔹攱㕣㌵㥡〹㕡〰昴㔶㠰㠶㌵㐳㤷ㅡ㙤㈴㐵〱㔴攸㙤慣愵昲㈲慣㈳㌸ㄲぢ㡥㡣〶㐷攲挱㤱㐴㜰挴っ㡥㈴㠳㈳㥢㠲㈳㘳挱㤱㔴㜰㘴㜳㜰㘴ぢ昲㜸㈱摣搸ㄸ㜴挳扤㐷晦晡ㄳ扦扤㘶挹昲㕢㥦昸㙥昶攳㡦㕣搴慡㜱昹㉣昶敢㝦戵㘸㝡㉣慢㤰搹捡㜵敢づ㥢㜴㍣搳㘷搹㐳戱㝣挶㙡㍥慣攳㡢搱㥤㙥㠰㝢慣捣ㅦ㝥㠰搱挸㘱ㄹ㘰㝤㌶挴㝣昲㥡㕣㍥〳㈵戳摡㡣㘵㤷㉥散㤲戰㘰搸㑥昴㤹攳㙥搴㤸㠳㙣挶㕣〰晤㈸〰㙤慤㍤㘶收㡤愳㐹晣㄰㠰㔲㙦㘰㈶㜰㌶摣扤扦晦搵挷ㅥ㝡㘹捤㥥扦扡㜷敤㈷㉦扦散捦ㄵㄵ㈰㠷㔲㍦ㄶ愰㙢㌰户愹扣慤挵㤵㙤㜵扢搱挱㕣㍣挶昱㕣摡㘵ㅣ㠷㔲挶昱㉣㝦〲挰散愱㝣㉥㔱㠸摢敤挳戱戴㘹戵㍦戵愷㝤愱㜱㈲㜳㥣〴愰搴㝥户ㄳ㍦戸晤慤ㅢ摥㝢㜸㐱晦つ㝢㡤攳㥦ㅣ晦挵㌵㡡ち㔸㍡搱づ㘴㠹㝦㈷扡㍣㡥捦慥敥挵㤹づ愱换㌸ㄹ愵㡤㜹〰晡㐷〰ㅡ㝡ㄷ㥤㘳㥣㐲搲愹〰㑡晤搸㙤晤㥤慤攷扤㝦搳昱晦㍥㜸昳ㅤ㕦㜸昹搹摤㌷摥愴愸㘵愴昵搳㠰㔴挸摡㙢捡㤵戵ㄳ㌵收戳捥搳〱昴㌳〰摡㔷㜰㔷捡愷攲戱㜴晢㡡慣㤹摦㌴搹扥搲挴㌷㘶㥢〹㐷〲ㅤ捣扦〰㐰愹ㄷ摤㍥挴户㍦戳敤晡户㥦敢扤昱愹㥦摣㜵昳慣捦㍥搵摣㠹攴㡢摤挵摤㤷㡦㙤㠳㠶㉣㈹摦㠵㥤㕤晣㌷晤慥㠳㑤㈷戹㌸㜹㜶戲扢㍢戱戸㉢戶㈸愶㔱㍤ㅣ慡慥攳散㘹㑥㙥㐸㘵ㄳ戹㙤愲晣㥡㤳晤愹戴㙤收㈵搲㤶挴挷㔱攰ㄲ㙦㐹慥㤸挰捥ㄷ㜷昴攴摣㘴慦㤹户戱㘳搸㤳愵戵㜵挲昲㤸㘵㤶愲ㅤ㙥摤换㜳㠵㙣挲㍡摥㍦㜱搸㠶摣㡥慢㑥㉢㔵㔲㔳㙣ㄸ扢㠹㘹㐹㤷㑥慡㉥㜶㘹㉣㕤㌰㝢㈶㔲㑥昲㠹㔵挹搰㍢戹搱愹㔳晢昳收搵挵搴㥡ㅥ昵挰㄰ㄹ㤷扡㙢戸㜴㤲㥣㝥戵昷㡥攵㉣㌳㉢摤敢挸っ愵攲㕢捣晣戰挹〹㘳㈶㠴搵愳㤸攴㙥㙥ㅤ㙢戳㘰ㄴ摢㔵㘲㕥㌹㤵㠲㌶戳〹㌳㠱晥㙥㠵㤴㈷搷挷㐶搳收搱ㄵ㔹㥣㌶㤱㜰㙣〵戹㍦ㄷ㉦㔸扤戹慣㥤捦愵㉢㔳㝡ㄲ攳㌱㙣愸㠹搵戹㠴ㄹ㤲㄰㜰愰ち㌴㌴㈸ㄵ㤸敦愷搹㔹户挵扤慢㙣㤲㜰㠷慣㥦戹㙣ㄲ㌱戳敦㥥㔷慣ㄹ㐸搹㈴㘳晥搳敢昶愴㝣ㄲ㌲㜷㔷摤摣㍥㤳㤴㠵㡥愹㕣㜸㥤敢㌰㍥ㄸ㠷戴挹㔵ㄹ㍣㘵敡㉡㑢昳㜲㥡㥥㤶㡤ち慤㔶收慥㈳㌴愹戶㌸昷晥戰㤹㠳挱㌹㉥昷㉢挶㘱㌶慤㡡㘵ㄳ㘹㌳㕦搷收㔶散㤱昱愷〴㕤〴摤〴ぢ〹ㄶ〱㘸晢愰攳愶㤴㈸昵慣㥡㔰㤳摡戶㔴挲ㅥ搳挷捣搴愶㌱ㅢ㌴搸敡攱㌰挵㍤っ㈳晤㐱㤸晤㝤搸ㄳ昶㡡㥤扥ㄸ㔴攳㉣㠲戳〱㈲㤱㠰扥〴摦㠰ㅥ㌱捥攱攷㕣ㄲ㐵㘲敤敢㈷户㥡ㄱ愵搱ㅣ晡攰㐶ㅢて〷㠶搸㠸㌰攲㉤㉤〳㔳搴㙡㘸昰ㄳ挴慡㤸㌵㘶㜳つ搶㑤ㄴ㉢攷㍣㔶㝡㍥㐰昳㔲㠰㌵慢捣㌴㔶昰攱戲晦㌵㕡㝡搳摡㤹㌴㈰㡥捥っ㑦㘶攳㘳昹㕣ㄶ㈷愴扥㤸ㅤ敢㠹挳㤸戶㔴㑣捦っ收㝡ぢ戶㥥㔹㤵挲愷㌹戳捥摣㙡挶散㕥㘸㘸扢㈵㌳〸㐳㕣㔴攸㐰㘲㐲换㌸㌶㜴㥦㘹挵つㅡ摢〳搰㐸ㄳ㍡㌰愸搸收っ㜵㡣㌹㘱戳敡挶っ捣㍡捣㈴〳㤹㍡愴㤴㠳戱㘴㡢搰扣搲ㄱ㌷㠶ㅡ愲㠲㤶搵搲㈴〴愷㈶搹㥣戱㜹㘲㑢て戹戰㝡昱㕣㘲愷搲㔶愷㉢摥捥扥ㅣづ㘳愶㥣ㄱ㈹㜶㕤挷摣搲敢づ㔶昵ㅡ愷戵扥㌶㍥敡㔴㡢慥慣捣攷ち㕢㘹搰ㅤ慥㝡㔸㔷挰昸㈸挰敥㜷敥㍢敦搴扢ㅥ㍡攸㝥㜷㘰昵㐸㌰㘸搰ㅢ㥣敡㡣攲㈳挱攸挱㈷㔲㉦㑤愳改敦慢㘴愷㌸㔸搰〲㙣捥㠰摢昵㜹㔳㑥㑡㘱㠹㘰㉤戵㘴㌶攴昲㕢㐶㜳戹㉤ㅣ晣㔶㠹㔹㘳愶㘹昳昸搱攴㥥戶㠸㉢愵ㅡㅡ㉡づㅡ㘵攷ㄴㅥ㍡昴ㄵ〰㉤㍤改㜴扢㔷愳愵昷㠳搴㠰捤㐴㕦〹㘴㍥㌷攳搸㘸㉣つ敤㤸㡡户攳ㅣ搳づ㑤搴㉥搳慢㍤㘶户慦㑢㔹㕢㍡㈷搲搶㠴晡㈶愴㐱㑢㌶晤㘴昶晤搳〶㡥㕤㝤攷捥捦㡣〵㘷晤收㘹戵挷㑤愸㌹愹搰㌶慥㘳〴㔵㥣〷㈸扣ち㈳愸㘶㝢㜷昶扥㍦ㅡ㌱㐷㥣ㄱ㔳㘹挰㥣㌱捤慥㕤㘵挲㑣戹㘱晤搱〴昰㜳扢㌹㈶挰㠵㔸㉣敡㌱㉣㍢㙥昹挰㉢㠳㌱㠸戸戱㥡㘰つ〰㌶㙥搱㘶搸户㠷㥣愸攲㠹㠳㥢戵㜱㌱挱㍡〰㡤㐷搶晡㕢ㅡ㤶㉢昷扤㄰ㅤ〸㉤㤹㍥㌳ㄹ㠳㉢㑥昴㠴㡡晤㝦敥㔲㈱㜸㉢换戶愸晡㑣愰敦摣〱昴㙡攳戶搲㑢〴摦㔵〲㘷㐹㥡㌵搶攱摣㝣づ攷㈶㘶っ㠳て㉦㘸㕦挳㐴㌸㜴㥥㈰慥㐰攳㌸㉤㠸㤱㤱㐰㤸ㅣ㤲㘲搰㠳㔱扢昱㙤〰㌵㔲㉦㑤搱搳㐱晤㙤㜰戳搱慦〴㘸挰㘴㌱戸扤愸㝢摣捤愱㘶搷戸摢㑤愸㜱㡣搰戳㈱㕥㤵㡤㉣扦ㅢ搹晣㘷昹㈸㤲㡤㌸㐱〲愰㙣㤶㈷㥤愸愲㜷㐴㘶昹㈶㘶ㅡ〳㔰昴㠹㠸㜳㈶〵挴ぢ敡搳㘸㠳〲ㄴ㈱搰㥤㔲㉢㠴っ愸ㄱ愳㑥㥡愲愷愵㈸〴㠳㐲㜰〴㜰㌳㉡昶摤㌶晦摡㑤愸㜱捡㥣㡣戲㈲㠰㜱㈰敡㤳挸收㉦㠰〹戶㌱㐹昰㌱㠰㌲〱㙣㜷愲㡡ㅥㄹㄱ挰㌵捣昴㤷〰㡡㙥ㄹㄱ挰づ㈰㕥㔰搷愲㡤愲〰攸挲愹ㄵ挰昵愰㐶㡣㍡㘹㡡捥ㅥ㍦〱㡣㑦㈵㠰㠲㥢㔰攳ㄷ愲㥦㐷〴㜰㌳㄰㘵㑤㈹㠰㕢㤰㙣摣㑡㜰ㅢ㐰㤹〰㜶㍡㔱㜵㍡扥㈲㠰摢㤹改づ〰㐵㥦㤰〸攰㑥㈰㕥㔰㥢换〵㜰〶挸戵〲搸〵㙡挴愸㤳愶攸㘹昲ㄳ挰挶愹〴㌰攲㈶㔴㍢愵㌴ㅥ昱慡㉤㙤㜱㔱ㄷ㡦敢㘵扢㈸捤㔵㍤㜹㐹㌶㘵㕢㑤挹㥥㠲㥤敢㑦搹㔰㜳捤㐹〰愰㔲攴㌸㌹愷㤵ㄵ敡㐸㕥㥡㌲户㔱挱㝤戸㌶〹摥晢摥㠲㘵攷攴㄰㜱㔲㙤㝡㕦㙥㑤捥敥㑢㔹㕢搳戱挹㔳㝣㤲㥤㤴つ㘳㘶ㄶ慥㤶㍣㍣㉥搳㘵捡㙤摤㙡㈶㝣晡㌸㥣㉢攴攳收㐰摦㤱攰慣㔱捥㘹㈸〰㠳ㅢ摢㡤㍡㜵㙡㌳愷㑣敥㍣戰〷㘱愴慢ㄹ㥥昵攵挰㙤㝣〹戵㐰㐳㉢㑣㜱攳㕥愰㤸改㕡ㄷ扥昵愷㐸㤹晢㠷㈷㠱㐸ㄲ挳敡搰㕡㕣晦攲㐰搶㑡㈵捣㠸ㅢ㕢㥤捡戶扡攸摡㠲㕤㤱ㄲ㥢㤸攳愶攰㈴戱㌶㡢愱㡦挷昲㠹㈳㘱㔴挰ㄸ㠲㌳㈴㑡挷扦㤹〹摡愹㈶㄰㌸攰摤㠰ㅥ搸㠱挵晥㘵㤰㈹㙢晡㔹㝣て㜶挵攵〸愴捣㝢㐶㌳愹㠵攲㉥㤲挳㡣昱ㄶ㐱㐶挱昱㙡户㑡づㄳㄳㅣ㤷㘶㘹㜳㑥㘵㔴っ㉢㈳搹㌳㙡攵搲〵摢㙣㉤㘲戲搰㡤攴㍡㌳㡤慢㠰㜱戳戹㠸つ挵㙤昸㡡㡢昵搱换㜹攴㡣㄰㈴ㄲ㜲㐷㐹挹㌸改㜵㈶㙦㈵ㄳ㕣㐳㌳ㅣ㔵㙣攸㐹〹晦㝤㠱晡摣㉥㠶慦㕥㄰昰㤰〸㐳㐰愳晦慣摡㜲慡搴戵攵慥㑥慥愴㌹㥥〷摥搱㜰愲扣㥡㍤ㅡ扤㡣㉤㐹搱㝢戸㑡攰挵㕢ㅢ㤷㑥ㅡ㤷搹㌸㕦挷搲改挹搶攴㐰㌶㥥㉥㈴捣挱搸愸㤹昶㜴㌶㉦㥡㡥㡣昱㤲扢㝦㘷慣敡挸挵ㄵ捡〰ㅥ〰㜸㡥搵ㄹ慢戹㠰昱㜷㄰慢㙣戹愸㈳㘲晣㍤㘲ㅣ㥡㐵昸㝥㘰扦㌲慤搹搹愵㕢ㄱ戹㠶㠶㙡慢㈱㔱愷搱搱㔶㜴㑤换㡡㉢换㌶㤸挳㜵摢ㄶ㌳㔱㐶㕡㤵㜲㐸㐷捣扡㤲㘱搲㜵㝤愶ㅢ㑣攰愸慦㝣攱摤ㄳ昷㉦㠳捣㄰づ散戸敥㡤摢慥㥢㜵昷㥢ㄷ㜰慢攱〸搰〵㕣敤愲㉢㕢ㅣ戲昷㡢ㄲ愴摤搳㐶つ收ㄸづ敢㔳㜶摡㙣㑡㑡扡攰㘱㉥〹㑡戳㌱戹㝥っ敥慥扥㤶攴捡㝣㉡㤱㑥㘵㑤ㅡ㈱戸挶攲搵晦愰戹〹ㄷ㉥㐳㌹㉢挵㕢捥㤶攴晡㝣㉣㙢㙤愵㔷㌳㍥㌹扢㈲㈶㠳愵㈵㤷愷戲㔸㐰㑥㥢挴摢㤲挳㘳戹㙤㜸戰㔲挸㘴㔷挶戶㕡㐷挴㐰昱㔸攱〴㘷㔵〵㔵㌰愸挲挱昰㑣昷㉡㜱㐲搲㈰〸㔰㜷〵〹摣攱㍡ぢ㔸㥤㌵换㤱㜲慦扣戸㘶搹慦㡡㐷〰扥㑥昷攲㡢ㅦ敡㘱攳㍥㤶戹ㅦ攰挲㤵㤷っ㤴㉥㑡㝦慦㈷㍡ㅡ慦ㄷ敡㙣〷㌲㌵㡡户㌲㍣愴戶㍡搳㠵㌴捥ㅥ㐳㐶㥤戱敡㈹ㄸ㐹㑡ㅥ捥㐶散愰捣㑥戴ㅦ㑥昳㘶㉣㝥愸㕦㕣㌶㐰敦戶㍡ㄱ㥡㜴戸敥户摣戴摥㕣㈶ㄳ攳昴攲搴ㅣ㠶敥㌶挳㘲㕦㐳㥢ㄸ㐹〰㤹㠳㉥㈹㌶〱㔲㙣㐲㐸搸㤲㜹搳㉡㌸敢捡㙤㡡攵㔳昶㔸㈶ㄵて㌳挲摢搰㈳㘲㕥㘲ち昱㔶挸ぢ㌲㌹㘱慣㔶㍢㔰ㅣ㕦㍣㠶扢ㄳ攷〷㡡㡥挳㡦搹ㅢ㤴㝤㕣捤昰ㅡぢ搳㔷ㄴ扥昱〰㙡搳㜸〷〴搵敦㜴愵捣〸〳㐵ㄴ㤱攲㡤ㄳ㤳㡤〷㕤㠴㤱㄰㙦㜹敡㕥㉦㌴㈲㐳㘴㌰ㄷ㑢昴攳挲㍣㤷㙦㜴㥦㤴㠵㌱戴㔴㉢昹㈸慦㤴㝡㜱ㄵぢ㉦昸㌸㙣攱㝣㤸㠴㘱㕣搶㠴㜸ㄹ愵㍢㘳㐸〳㌳愰㘹㑤㘱扦戶〶扣扡㑥㜱㕤敦攵捦攵〶㙡敡㝦昳攲㈵ㄷ愰㔳㘰慢〱搰㜸㠸攰敢〰敡㝣〰昲㔳㤵攱㘱㘶㜸〴㐰攳㥤㐵昵㉡㤹昲晡㠵㤵㙢ㄹ㕥ぢ㠵㌳㘴〷㈶㠷㡥换㈲㕣㉦㐱㈴㝡㔳㤸搷㌳挶愳〰捦敤摢㐷㍣愰㝡〰扣昶攵扣㄰愱昰㡣㝦㈰㜸っ㐰扢㄰攰〳㌸㜷㔹㠷㔱㍣㘵㡡戱㕢㍡㔴戶㈴换捦㤰㜳㤲敥㘱戲散挸㔸㐵ㄳ㈳ぢ敢晣〸㍡㄰㠲㍦㠸捤㕢㌵㌳摥㠱㌹敤㌹挷㈳〱㐵扦㉤㜷摣㠰晥つ㠰㌹捥㠳愰㜶挸〶慦㕣㐶ぢ摣ㄲ㤹㈸㕡㍦㔴搲晡㙡㌵㘸搴晣挶ㅥ〰戵〶㠰ちㄵ敢挹㔹㘰㡦〳㥦㝥㠱つ戱〴晥㡣㈷㕣㠴ㄱ㐵晦戰㌷㈹㠰㝡戳昶㕢㐰㡤㙦〳愸㜵〰㍥ㄹ晥㤱ㄹ晥〹㐰ㅢ〶愸搶㈸㤵捥㔶ㅣ㤷戹戵㠴攴㌹㈱㉦㉢挳戸昷㤳㕢㑥㑤㤶㕦㔳搹敤愴敥㕣㑣㠶㔱〶㔸挶搲㠷愱㥢捤㐴挴㤹㔹㥣敥㔴㈲挱㘰〸ち㑡慦扥㝡慡㘹㤶㔵っ㥢攲㄰㔶㌴ㅢ昵㈷〱㕡攸㐲㐱晤㈳捥㔳慥敡㝢㐰ㅣ挱昷㈲㔷㈰愲㌶〰㝡慣昳挴ㄷ㜱ㄶ捣㔳㐰㡤敦〰愸㡤〰㕣㌴愲搹摣㈱ㅥ㐵搴ㄹ攲愷㠱ㅤ㡤敤㈰㉢㑦捣愶ㅦ攵㌸昲换㈸㝦㤷㌵㈶〰㉡㐶昹ㄹ㄰愶ㅦ㘵扡㐶㘵㤴扦攷㈲㌲捡㥢㄰昱㌸〱敡㡤昲扦〰㌵㥥〵㔰昴㥤晡㘴昸㔷㘶搸挷っ㈹〰㡥戴晥ㅣ挰㜱㥥〴愱㔴慢ㅦ愵昹㠸昳㜹ㄴ㠱㌸㌳㠰㕥ㅢ㘵攲㝣〱㘴攳晢〰㙡ㅣ㐰挴〹㜹㝡㉢㠶㉥㔰㐷㥣㍦〰昶㐱挴㐹扦愹㠸昳㐵㈰㡡づ搴ち㜱晥㄰㠴改挵㐹㐷慢㠸昳摦㕣㐴挴㐹㙦慢挷〹㔰㑦㥣㉦〳㌵㝥〴愰攸㠹昵挹昰ち㌳晣㤸ㄹ攸㥣ㄵ㜱晥〴㐸㤳㈷㑥㍥慢昳㤱摦㑦㤱〷昲扢ㅥ搰慢㜴ㄶ㈹捥㜴晣て愰挶慢〰㡡捥搴敡改㜸ぢ㘸㡥晣㕥〳㜶挸ㅡ攷㔶㘴ㄶ攱敤〷愲㙥〳愸㄰摥捦㐱㤸㕥㜸㍢㔹ㄶ㝦挶敢㉥㈲挲扢ㅤㄱ㡦つ愰㥥昰晥ㄳ愸昱ぢ〰㐵㉦慥㑦㠶㕦㌲挳ㅢ捣㜰㈷㠰〸敦扦㠰捣昷㠴㌷敤㘳㐱ㅦ挹晥ちㄵ㐰戲扢〰扤ㄶ愳愴㌸㤲㝤ㄳ愸昱ㄶ㠰昶㈵㠰㐳昳〷㜲㑢㡤㤶㌹㘹攵㠶㘹㔶昲攲〲敥摦敤挹戵昰ㄴ搸㈴ㅤ〹收㘱挸昱搷㑣慢㐴㠵㠵㍦扢㉡攲㈳㠳㑡㠵敢昲㈶ㄷ㙡㌳昳攷㐴戴搹昰㤸㔷㑢摡扦ㄵ㑥愶捡㉢慥〶㔰㈲挶摢㠴搸㙢敦挵㔷㘶摦〱㈰㕥㔰昴昸搵㔰㌵㝡㈷敡ㅣ慢慡㕣㈱㉣㍦愷㘴〴搲摣敦攰敢㡡㐳㌸㕤扤挳收改晤愸改㠳扡捦愳晥摡㐵㐲昸㙡て〰㔴敦慥㌵昶㍡㜳挲挹ぢ换㝤搸㥥㑣攳戴㐴㤴扢慤㠳搱㍣㜴㤲搱改㕣ㅥ敥㥦㔰昵愵㝣戱㙣㈷慡㙡㥡㕢昵㙡㑦㡡㌱攵㝥晣㘹捤ㄸ愲㈹换㤳慦搲愸戰っ㠳晥㍦〰㜳㔷愷攲昹㥣㤵㑢昲ㄱ㜳搶㙡攷㍢㑥㙣㔷㕤㍤㕡〴㌵晡戶㐹挶㐲㔹晥挴㘰㥣㜷㤹㤱㉤搹摣戶慣昴㐶戳昸㥣㔵愴搸搸挸㘶㌸㍤㈵㝣〴戲㡤㍥〸㤴㠵㡤晦〵㘸㘹㠸㍥㈴㐹㔸㥡㕦昷㤰㠷㍤攴ㄱㄷ㘹㝢ㄴ〸㙢搱㕤挲㘱晢㐴㘹㘲㜳㜲敡敦〲戴昶㉥ㅦ㈹㍢愷敢扦〱慤ㄹ㌴㌱㠵搶攱ㄹ愸晥㕢㔰㘶㠱㔲昹㥢㡢攸㘳㈰戳㤶搲㉦ㄳ㡣昷㄰㔵㝢〸㐸㝦摦㐵㤸㐹㍤づ挰挹愳ㄴ㠴换㈱〳づ搶㤰㜱捡㜱㔰〷摦㍦㜸㤰㘳㔱㈹㑢摡㡢㈲换㈰ち㐳㤶摦㘲㑤〸㔱摡㠷っ㔱ㅡ㠳っ㔱ㅡ㠴っ摡㕥㠰㘹ㄵ㡢㙢㥤戱㙥㌵慡攲㉡愱捣㔰㘳㘳捤挵㑢攵昲㠷攱㈶ち㐹㐶㑡㈷搴摥㐳户敢敢っ慦㄰挵㔴㥡㥤㉣㉣〲愵㐳搴搰〰㈲㔱ㅡ㜷散㄰㍣㙥昰㌲㘲㄰㜰捦敤㍤慣㤲ㄵ挵攱㌲㌸㡥〶㠷㈹晡ㅤ〰ㄱ捥㑡㤲收ㄲ捣㈱㘸㐱㜱㈵㠶ㅣ㘳慤㡣〱㤱㤱㜹〶㠸㡣捣㍢攸户㌷㌲㠶愴㘳㌱愸户㝤〷㠱收㥣戴㌳ㅢ昵㘰㄰㘸扡㌱㐴㥦㜵扥㠱㈸㙤㌵㠶㈸敤㌵〶昵㍣挰㕥㈲㙦愱㑡ち㐹㉡㤸㡢ち㡣愳〰㈲搱ㄷ㤰㈸㌴㌲㙢㔴㜱㐶㤳慣挴搹昱㠸㌹㍦㐹㌸ㄱ㜹搵㡢慣㤶愴㤳ㄸ〳㈲㥣晤㄰㠸㜰戶摦㤷戳㔷㝤㌹愳㘵㈵敤捣㐳㍤攰㡣㔶ㄴ㐳昴㐷捥㌷㄰㝤挵㐳㘸㍡㌱㈸㕡㐴㝢〵㈹攷散ㄴ㔴㘰㥣ち㄰㠹搲㈸㥡㤲㌳ㅡ㑢㈵捥收㈱收晣扥攱㑦㔰㔴敤㘷戵㈴㜵㌲〶㐴㌸晢㌹㄰攱散晢扥㥣㍤敦换搹敢㈸㈴敤㉣㐴㍤攰㡣㈶づ㐳㤴㘶づ㐳㤴㌶つ㐳㤴㜶つ㠳愲㐵戲㤷挸㜳㉥㘷㙣摥㌸ㄳㄵㄸ㡢〱㈲㔱ㅡ㈵㔳㜲昶㤶㤷㈸戳昱㜴ㄶ㥤㑦戰ㄴ㐵ㄵ㌷㐶㝣昱㌶ㄲ㤰搵昲㉦敡敤㡥㑡戶㈶㈶ㄷ㈹㑣收㘶㈴捤㉤㐳愱㤶〶㡤晡昴扣愹㙦㐶换ㄴ㕢〷㜶捤㡡挷昵㉢昰㔸㝥㌲㠸昲つ昰扣㌸㈷扦㔰昰摣㤹搵㐵ㄵ㘰愰㉡晥㘹㑦㐲㔴扦㐷㍤㤴㐹㐹㈹戰挶て戳收攵愰㉢㉡搸㈸㘳㉢〸晡〹㈸㕡昵〴㥡昴㝤昳昱戸㥢㔰晤㔴㌲㑡攵㉣㠲㕣㈵㠲㠴㜳㉤㄰愰㌰搵ㅥ㤴㈰〷搲攸㠵愰戶㔱ㅤ㘹㐸慡摡㠸づ㕣〰ㅡ挳㌲㠱㠱戰晢㡤㉥㙢愳敥㤲ㄲ㔷愹㤳㜷昶㘸慦敤愸㝥晡捡ㄲ搷摥昰搱ㅥ㈹戹㌹摣愳愸㥦㑡㡣㕤〹扡挳搸㈳㔳㌱昶戰㥢㔰晤㥡㈷㑡摤㈶㡣つ〱㘹㘹㔰㔴㔰挲搸㐳攵㡣慤〳戵㡤慡攷㄰ㄸ㥢扢㑣扡ㄹ㌸㘶㔹ㅢ昵㔴㐵〹㍦挶㕥㤸㍤摣挳ㄲ搷摥搰搹愳愸㥥晣ㄸ扢㙦㉡挶扥敡㈶㔴扦搲㠹㔲戵〹㘳㤷〱〱㘳搴㑦挲搸㔷捡ㄹ扢〲搴㌶㙡ㅥ㡥搶㌴㈳㔶㘲捣㘱㜰摥戲㌶慡慢㡡㤲㝥っ摥昰昲㡤㍤㉣㜱攰搱㉢攴晢挲散敢㝢ㄴ戵㤵ㅦ愳昷㑣挵攸摤㙥㐲昵㙢㥣㈸㌵㥤㌰扡ㄱ〸ㄸ愵扡ㄲ㐶㜷㤷㌳㍡ち㙡ㅢㄵ㔱挵㜸㌸㡣搴㤹㥡搴㕡搳㑥㑤㡦戱㝦扥昲搴ㅥ㐵㘵攵挷搸攷愶㘲㙣㤷㥢㔰晤捡㈶㑡㐵㈷㡣㡤〱㌱㔲〴㥢〱㈲ㅡ㤵搹㜴㥥捥戲㥦㍦戵㠱㑢㉤挹敤扦㈹改㤰愹㝦攴㔹㐵㕡慣搱㘶㕣つ攴昱〳愴㐱摣㜶攱㐲〰扦㐶㜵㙤㌷摣㠲搱㘷攵㌹㥦つ㠹戱戰㥥㕣㥢㠷㌷扡㌱㌹㘰攱㑥㉤ㄱ挶搳㝥ㅢ㍦〸换ㅥ〹〷㐳㥣て㐲搴搳搰搴㝣〹ㄳ昴㌵捤㘹㜳㔷㍢慢换㉥づ㑢昲昰㉥㡦㠳扣㔱㤸搹戱㔰摦㠲昱㙡昳㝥挱摣㉥㘷〱㉢愸敥挰戸㡢戹晡慢㠵挷ㅥ㤴晥〶㠲昸愱〹㠷戹ㅦ㔱㈵㍣挰㤳㘴攴㐸攲昱㕦㐰㐰愳㙡慦㘶㡡㠷愴㝥㤶愸晡晤㑣㔳ㄳ㌹ㅤ摥㜵㙥捦㝢㡢㝥摡愳愸扤㌹㝢昴慢〱㍣㜷㑡愲捣㠱ㅢ㔲户㜸摤ち㕣ㅢ㈸㜵换㘲㈱ㅢ愰〱ㄶ㘵〰㕦㜴㄰㕤㉢〰㉢敢㥡攲〶挰敥㜹㐱㔱慢㑡㠳摢㠰㤴昹扦㉡摢扣挹户捤㐹ㄴ㌱搸㘶愹扤扦㈰愹㈴ち㐵扤㕣搱ㅥ㤵㥤戴㜷つ㤰㈹摢扢捥户扤ㅤ慣扣戲扤㡦㤳㔴搶ㅥ搵㘵㐵㝢ㅢ㐱㤰昶慥〷攲㉦搰敤扥㡤㝤㠲㌵㔷㌶㜶㈳㐹㘵㡤㡤㈲㕥搱ㄸ昵㠰㘸戶㙤愸㤲㥢敥昹㤰㑤㌸愸㉢敡〶㐹ㄸ㜷ㄳ㤶㑡㠲㔲搴ㄷ㤲㔰㜰ㄳ戸〹ㅢ㌷㠳慡㜱愲ㅤ昲ち㐰摥㤹晡っ㍥㠵戲㡡㔳㤸㜵ㄸ户〰㜲㥡昲㑦㜱㔲挹㝣扦㤵挹㥣㑢昸㡦挷㤲㉥挲㠸攲㈴㤰㍣㝦㐳㉡挷㥦㘴㘳愷㡢㌰愲㌸㜰㤲攷㜶㔲㌹㘶㈴ㅢ㜷戸〸㈳㡡昲㤶㍣㜷㤲㑡㔱㤳㙣㝣摡㐵ㄸ㘹愳㕣㌶〰〹㑥愸昸挶挴挶㡤敦戶㠵摡㡦ぢ㕤戶慣㜹搷㙢捦晥㙣攷㑢㔷㉥晤攵敦㍥晦昹㤷㕥摦戹敦㜷摦ㅥ㕤晡捣㍤昷㍣㝤攱敥㝤㍦㥢㥤晣㘲昰ㅢ敦づ㝥㜱㝢昷㤶敤㔷㈷㉦㌹㘳攵昶换㌷㕦摣㍤㌴慢愳愱愱戱昱戴㌹摦㍢㘶㝥昴摡慢扦愹昶扥昲愱慣晡㤴摢㥡昱ㄹㄷ愱ㄸ愲㤴㠹攸昹捦〲㌱㜶〱戴〴㤵㠸㠴㍤㍣〰攰㠵㈸㐵㈳㔹晦㤶戹ㅡ㤴〸〵愹㤵戹㈸ㅣ挹㜵㤷㤳㑢挴㔲㤳㡢攲㤱㕣扢㥤㕣㈲㤸㥡㕣ㄴ㤰攴扡㕢㜲㐵搹㜳㠹摦攳㤴㘲㥦㘵㠶㕤攵捥戰攵愸㈲㡣挷㠰攴㐳ㄲ慥㜴ㄳ㘴㔳晣㌲愸㡡㥤㤷愴㉢慡捡戰扦㤲㜰㜹㔵〲扢㈸〹㤷㔵㈵戰㔷㤲戰愱㌲㐱㘳昷敡扣っ㈹㈹昸㌰㔹捥昰㌵ㅡ㔵㝤㈴戳㈲㕢㜰㝥扣愶㘷昸㔶㈳㍢换㜵㥦㜵ㄴ昳捣㉥㔲㡡㜹㕢㡢㈴㈹㜳慣㜳攷捡㥦〲㌲㑢㐷愹搲愳慡㔳㈴㍦〴㑡㤹〶收㑤㝤㥣昰㍡㐸〳㍦慣づ㌹㘳搸昹㐱挶㝤㤰〶㠳㌲㡡㤸㐴ㄵ挷㐳㤶挵晤㐰㌴㈶ㅥ㐲搵慣㙣㠶ㅥ挴慦愱慣㘲㕢慣挳㜸㠰㄰㠱ㅦ㈵㐹㐰㡡㔴愶㐴扤㉣㑤晦〷㡡〳㤱㑤
Decisioneering:7.0.0.0 Decisioneering:7.0.0.0
CB_Block_0
㜸〱敤㕣㕢㙣ㅣ㔷ㄹ摥㌳摥㕤敦慣敤搸㡤搳戴㈹愵㌵㤴㔲愸㠳ㅢ愷つ愵㐰〸扥㌴㤷搶㠹摤搸㐹㐱㠰㌶攳摤㌳昱㌴㍢㌳敥捣慣ㄳ㤷㑡慤㑡换㐵㕣㉡㤵㡢㈸㤴㡢㉡㔴〹ㅥ戸扣搰㜲㜹㐱㐲攲愲㈲昱〰て㐸㍣ㄴ㠴攰〱㠴㈲昱搲〷〴㝣摦㤹㤹摤㤹㕤敦搸摤戶攰㈲㥦㜴㝦㥦㌹户㌹攷晣搷昳晦㘷㥡ㄳ戹㕣敥摦㐸晣换㤴㘷收摡挵㜵㍦㤰昶挴㡣㕢慦换㙡㘰戹㡥㍦㌱攵㜹挶晡㥣攵〷㝤㘸㔰慣㔸愸昷ぢㄵ摦㝡㐰㤶㉡㙢搲昳搱愸㤰换㤵㑡扡㠶㝡づ挲摦㐸晣愰戳搷㘰ㅥ㘰㘹㘶㝡㝥昹㍥㡣扡ㄸ戸㥥摣㍦㜶㌶散㝢㜸㜲㜲㘲㜲攲戶摢㈷摦㍥㜱㘰晦搸㑣愳ㅥ㌴㍣㜹搸㤱㡤挰㌳敡晢挷ㄶㅡ换㜵慢㝡户㕣㕦㜲㉦㐸攷戰㕣㍥㜰敢戲㜱摢㍢㈶㙦㍢㜴挸扣攳㡥㜷っ攲搵戹㔳㌳搳ぢ㥥㌴晤㔷㘸捣〲愷㝣摢慣慣㕡㕣㥢㤴㥥攵㥣㥦㤸㤹挶㝦㠹昹攳改昶㠹挵ㄵ㈹〳扥㕡㝡搲愹㑡㕦㐷挷〱㝢捡昷ㅢ昶㉡㌷㑦户㡦㘲愹㔵挳てち昶㡣慣搷㜵㍢ㅥ戵㘴捦㘳敦敡挶晡愰扤㈸ㅤ摦ち慣㌵㉢㔸㉦摡㑢ㄸ愸㌶㘴㥦昱攵㘹挳㌹㉦㑦ㄹ戶㉣搸挷ㅡ㔶㉤ㅦ愶㕣摦㑤昱㄰挹㠹愹攵㑦㑣昹昶捣㡡攱愹ㄹ昹摣㤸㡣戶㐷扤㙡扡敤つ摤挷攵搴搵ㅢ㌸收㡤摤摢愱收慣攱㌵㕢㡥㜷㙦ㄹ㉤㍥㍤㠳㕢扡户㑦散㔱扡捦㕢扢昷㔱㕢㤹㙥㉤〶㈲晡㔶㍢㡡挵攸㐵㠲㝥㠲ㄲ〱ㄱ愸㤷〹〶〸〶〱㐴晥ㅦ攰㤲㘴㐷㔶㘹ㄵ㐳慢㉣㙢㤵慡㔶愹㘹ㄵ愹㔵㑣慤㜲㕥慢慣㘸ㄵ㑢慢摣愷㔵㉥愰㑤㥣㑡晤晤㕡㤴昶晥愲晦挵㙦摤㜲敥昸戳敦慤捤ㅡ扦㝥攴㕦㠳扢搰攸㥥㘸㔲戳㥥㜱ㄱ愴搶愲攲㠳ㄳ〷昸㙦㜳慥〰㔳㤸㠷捣摢捤挹挹摡愱〳挶慤㐶㠱换捡㐰㝥㡡㔰㐶搰㜶搰扣搷㜲㙡敥㐵㠵扢㙢愷つ㕦戶㌶㙥㍣慡㥢㜶ㅢ㑥捤㝦摤挶㤵㡢㠱ㄱ挸㙢摡敢㕡㠳㜴㜴㕢〴㕢㐹㕦扤敦扡昶㙥㘷㡤㝡㐳㑥㕤戲挲敡搷户㔵摢ぢ㥥扢摣扤昶愸㈷敦㙦搶㜶捣㘸ち㐲㙤㑤㡤摤戱捡戰㉡㥣搷搸捣㡡敢㑢㐷㑤㙦摣㕥戰慡ㄷ愴户㈸㈹ㄲ㘵㑤㉤昵㑡㔶㐵㕣㍦㍥敦㘰愱攰搶摡ㅢ㤳愵收㥤㤷〲㌰戳慣㘱扥慢搲ぢ搶㤷㡣攵扡摣㥢㙡ㄲ扥ㄳㄵ晢㔲挵㐷摤㙡挳㥦㜱㥤挰㜳敢改㥡愹摡㥡〱㐹㔳㍢改搶㘴㍥㥦㔳㐲〱〲户慦㑦㠸摣捤摤㜹㐱㈱㈲㠱㘲㌲昲搵㘹戲㥢㌸㡤搵㘱ㄵ㜵㐹㥡搴摥戴挹㘰㥣慦㤲㌱ㄹㅣ㤸㔸ㄳ昵〷㕦晡㤶㑤㠶㙤㘲敥搵㙤慣㘹愳搱敡敦㕣㤳㑥㜰摣㜰㙡㜵改㘵㙡㍦挱ㄹ改挳〰㠵换㄰〸㕤㜷㡦慡㑥㕣ㄲ敢㠵㡢㔶㉤㔸㈹慥㐸敢晣㑡㠰㌲㘸挸㔲㠹㕢摢㤱昴㉢㔰愴敦㈶ㄸ〵㈸㤷㜳挵㍤㙣㔴㉣㈳攵ち㤴㑥ㄹ扣㥣ㄲ攴散㤷攲攵㐱昳愸㔵て㘴㈸㤴㠷㑤㘰㈴搴㙡ち㝤㐳㈴㔱捦愸㠶ち㘳㡦㌹〳㉡㌵㉣㈷㔸㙦昱㙤〷㤷㠴㐴戴㈳ぢ戶㥤㉣愰㈸㐸换㠳っ㕥〳搱戴㐹㠳散挶〹㈲㈲ㅢ㘴㘸㜶㡣㥣㈶㌲戶捦㤰ㄱ㘸㥦㈴㐲戶㍥搰㕤㐶㤰搸㍢㠹㤴㥤扡昲攳㡥㌴摢挸㤶て愵搹㤵搸㌸㝤㉦挱㔵〴㔷ㄳ散〳㄰㝦㠶㠴愳㤴㐳㍥㥤昴搷攱㔹扦㤶攰昵〰㤰㑦㍡㘵㑥㈴慡㘸㐳㙤挵㡥㘴扢㈱搸挹捡㈸づ㐵ㄱ㉤攳愶㥤㌹㘴㉢㐴㐷㔶攷昶搰戵㜹愵㘳摦摣㥤㌶㤳换㈱㐵㘶㌴㑤慥㜵㤳愶挹㡤㘰搳ㅥ昵搶昵攸慡㡦ㄱ扣〱愰慣扦㤱㄰捡㠵〶敦搶㉣㝡㥡㤴慦〹戳㈸㌴㠶㝡㔴昰ㄱ㈱昳〸㤰㈱攴㍡㡥㉦㍢㌶㌴捤挱㜱昳㌵㙦㐳敦敦捥摦ㄱ搲摢昴收㡥摥愱扦攸㈵㕡搱㌷㠰扤挴敦扢敡㤸ㅢ㔱慤扦㤹攰㈶㠰㌶ㅤ挳搳昷㑢昵ㄴ㈸戳搸㑥㘰㙥㌷扤㉥捡捡㕤㕡㕦㤵㑡〳つ㥡㑢㠶㜷㕥〶昰㘰㥣㤸㠵㉤散㝡㥥慣攳㔰㕢㔳〵㍣扦㕣㤵㉥昴㡦㝡慥捤昲ㅤㅢ搹㝦㑤㈸㠶㝣㕥敢换戵搹挸ㄹ戶㘶挲攷㤴愰ㅣ敡攰㕢扢ぢ㠹㐴愷㌴㜹戱㕦昶昹㜲㐷㤲昴㈰㐹摥㡡㙤搵㙦〶㠰㤴㄰扦敤㉡㔱昶戳搹摢㔴戳戴挵㑡て㕦挶改愴捤㠷搸㈱㐷〶㐲㠷敤㌴晣〷晥㤰扤㘸搹㑤㘱㌱㘰㉦㐸慦ち摦㠲㔵㤷攵搰㉤㑢㔱戳㈳㉢㕥㈳戲愲慦慦攳㍣㥤攱㕦㔳㜴搲㈶㈵㌲戹㍤戳㌲攳㉣摥㈲㉡扡㈱㈹㔴㌲㕣㐳㑤〹㐴捡㘳摢ㅤㄱ搳㠳㠸戹〵ㅢ愷ㅦ㈰㤸㈴㌸〸㔰昸ㄵ㈴捤㔶㌷㥥攱戰晥㌵扡戴㉢㤵㕣㠹㘸㔰㉥挲攷扢ち慢㐳㝣捤摢〹㙥〷㘸㌳㝦攸㠰捣㈰㐴㠵昲〴㈱慡㌰㠶㜹搶㤲ㄷ㐹〳扢㑣〴㤶㘶ㅡ㝥攰摡㡣㉣つ㤹戳敥㈹㌷㤸戵晣㔵㐴愲㐶捤㈸㜳敦㡡㜴㐰㕤ㅥ㙣㥦戶㌲㜷㜵㔵搶㜴㜳搱㙤㐰戴㥤㤸摤づ〷㜳㙣〷㙣㐹㜵㌶搷〴㔲㙦攷㘳っ㈱戰搳捡摦㑡㙦散㤶扣摦㍣昴つ户㜶㜴挹ち敡㜲挰っ㤹㡥昹㤲㠹㕤㐴攴愰搶㙦㉥慤㜸㔲捥づ㤹挷㍣慢㔶户ㅣ㐹㘴挰挶㘴戰㙥㑥㥥㐷㤴㘰挱㘵っ搰㜵㠶捣㈵捦㜰晣㔵㠳〱挵昵摤愹㈷ㄵㄶ㈹㤸搳㤶攳攳㌵ち㡢捣て㥢㡢㉢敥㐵㐴㙣ㅢ戶㜳捣㔸昵户〵㔶㐸昴㘱㔲愸ㄱ㥡搰㌴㔱搲㑡扤攲㠷〷昲㕣㡥扣㤷㈷㔰戸捡ㄵ攸㌳捦搰摥戴敢愳ㄸつ敤㜴捥㘹㄰搱愳㘶㘱㕦愶ㄴ㈶愷敡㜷戰捦㍢〱敥㍡㜶收㐴㉢㌲昷戲㘲搶〵㝡昹㌳㘴扣㈲㡢㘶㈰㠴㍥扡㕤㈱愹戰㡣㤴〳づ〴挶昹搴㑥㝥㘵㔳戵㈱昵敤㙡㘵㡦㈲㤲㌴㘸捥ㄹ换戲㡥㜸戴㙤〴扢挲〷㥡戱戶㔱昷愳扡ㄹ搷戶つ㤲ㄶ挹㜲戱㙡㤰㠲愷ㅡ㠱㝢搲㜲㜴ㄳ㐰搱㕦㔴㘴㕣㐲㤱㜱㐹ㄵつ㥡愷ㄹㅡ㔴㜹㡥攵㥥㌷㍣㉢㔸戱慤㙡㠹てっ摦㙤ぢ㥡〴㤳㔳昲挶㈹㤶ㄹ㘳㙤搶晣ㄹ㤸㙣晥〴搰㍤〱㌹捡慤㈳晡㐱戹㥡㈸攲㥦攸搱戱〴〱愳㍣愵晡扢㌱㕡㐱摤㡥㠰挸㔱改㜲㝣〷攳昲㐳㈸〹㠵㄰戱㥥㐱㈲昰ち㈶㠴㍣㕤摣㐵昳㡣㘳〵挰ㅥ㌱㜶搴ち㘶㝤愰ㅣ〰㔹㜵扣扤㐶㘱㌵搱㘹扣愹ㄵ慥敦慣㑡愹㠹敢㍡敢㤳㝡攳㑤ㅢ㔴㠷ㅡ㈵愱㐸㌶㙢愴㌴换〶㜳摣㑥慡㐶㈸挵ㅤ㙢ㅢ㤱攵㌶㙤敤㍢愵挸换㔰㑣㡡㘶㜲晡㝢ㄴ愱㈰搰ㅢ改㈸晡散戳挹㈳ㄱ戱愱つ㔰愶㥥ち换㠶愲㤰攰〹㕣㍢愹挹㜲昴〴晥摥ㄵ㘵攷ㅢ㐱慡挶戸㌴ㅡ搵㑣搵敢昳づ慣㠴慡攱搵戶〹㑢㘳㙤愱㠶㔱摣搹慢昶て户㌷挱㠸ㄱㅢ㌲㉣㤲攱〷〶ㅢ㠲戹ㄲㄱ㔵㕡㘷㐳摣敡㘶㜱㠹㑦㈷愵攱㈸っ㉣〶戵㔹戹愶捣戰㤶㈵㍦慡㍡㌴㑦㡢㑡㡥敡收搴戲て㤵ㅥ㔰㡥㐷㌹挵攰扡㜹㥡㙥㈹㕣㘲㠰搸㡤㜲ぢ搵〰愱摤收〰㍣ㄹ㙣ㅦ散㘰㐷挲搰〹慤㌳㑡搰㘲〶攱愶ㄷ㐱摥改ㄱ愳㄰愴愶㑡㝦㍦㈲扥昴㈴搳㌷㡦攴攲㑣挴㐴っ㜷㘵㔸て㐰㙥㌲㌲㐹㉥ㅡ㡤〳收愱㘴㔳㐲㙢㌰㉥愳㠹㌱㐴㤳捦ぢ㜰㡢㠷戱慣㘱戲㑤ㅤ昷摣〲ぢ摡戴扥扥换㍣攱㔴敢㡤㥡㔴慡㌸㤶搵㑡㈳㙦ぢ㝣愹㉢㠰㈱㌷㘵散㑢戴㈹㈷㜰㤴攲㤲㠹愴摥敤㙥晤〸扡㉢㈱㠷㌱㐲搵挷〰㘴㠶㕢㑥〵挴㍡敥㈹搰㍥摣摤扡挰愰㉥捦㐱愴㜵ㄴ㔱㤶捤攱㍥㕥㌳㡡慣戸㉤搱㙣捥㥤㜳㘹戳㈷㡡㡥㕢㘱搱戶挰ㄱ搶ㄹち扣㘲ㄱ挶㐸㡦摣挱㐱㜲㤷愳攸敥攵㠷搴㘳敥㌲㔰愱㌰㈰ㄸ攳攵㈹㈸㠷㕤〵㈳搱攰搶㕡㔶户㘰昴㤷㤶户㍥〵㈰ㄸ〶愶㐱㡢㤶愱㠱㌳㠳晣收〶捥昵㘸㤵ㄱ㈱㑤〶㔳ㄹ愳ㅣ㠵挳ㅥ㐸〳㌷昱㈰扤攴㐲〹〵㝢搴挵戰昸㙥攲戸㡤㈳㤰敢敤㙤㉢㕣㌰〲㕣㝦㜱昶戵ㄵ㑦搵㙡㌴㜷攱㥦摢ㄶ㔸挵搵㡤搰ㅣ摤搳㜶㈹㑢慤㠹昶摤つ㙤ㄵ搱㘵挱㠳戳ㄳ挷㡤愰扡戲ㄸ慣㠷ㄷ户㝡㈵㠹挲㡦攱㡦搸昰敤戴㤹昳づ㉦愲慥㜱敦换ㄷㅣ昷愲愳收㔵昰㜹敢てㄴ㠲㉢㤴晤㥣㘴㌹昷㙦晣㔳㐹换ㄵ㝥㠴ㄱ户㌲㙤づ搰㜲㤰㜰ㅣ㤵㐲㘹㌰㠶㝣〶㥤挰㜶㙦摥ㅡ㈰㥤散㘹愳ㄳ㈵〸㜶〸挵㌹晦㡡ㄱ㡡昸㈱搰㑡㘲〹㡦攴搸昳㘷挰晡攲〷㈸㈱挲昱ㅣ㠹㤱挲ㅢ㤰换㐰㥤ㄲ攴搱ㄵて㕥〸昹晦挱㔲捣捤ㅢ戲搳㝦㠱㤹挵㜳敤㈸扡㡥㈸㝡戶〳㐵㠲搷㐰ㄴ晦摥㠵㑣㥣ちっ捦扥愴㐰㌸搷戴㜳〰㝤搵㉦晣晥てて愰㜳ㄱ㜱㈸ㅢつ愱戶ㅢ昱摣㌴ㄱ晡㍡㑣〴〶敦㤵㠹㜰ㄲㄹ挱㈸㝥㘸㈲㐴㍥㤰㜹ㄴ㙣㙥㈲㌰戶㤷㘱〸㈶㐲慤〹户〶㑦㘰㝢㙤晡挷㡥攳攲慤昴ㄱ捦㠷搲昲㘷攰㤱扡慡戳㜸挱昰っ㝢㥦㉡㍦收㐹㈸㌳㙦〹㌷戹㔵ㄷ昶戸㘶挳ㅡ搵㘹〳㕦㐵散㘵摦昱愷㙣敤晥㍡㌰ㄵ愶搰㝤㉦㑡愲昸㌲㍣㈵㠲攷㠶摣㠷昷㝣晢搸ㅦㅥ㜸昴〸㙦慢㐵戴㕡戸ㄹ昹㕥㐲昶戴㈷㄰搴㑤㕣ㄴ戹㤲ㅦ收㥣挴㈷㑡搶㙡㕤㑥ㅢ㥥戲㠲㝣摤㡥戳㈱攱㈵〸㌳㈴扥敤㘰㘲攲摥㐳㘸㘲㑥戴戹㍢搵㠷㑤捡㐵㌸㤱㤸戸昲改挵㘱㐳搱㔵㤱昵㘸㙤ㄶ扥ぢ㔵昴ㄲ㈷㤲戶ㄲ㜹敡㘴ㄲ攲㍢敤扡敥㄰㜵㕤㜸㤰㘱搸㍦㤶㔲㠸㍦㤰㐲㤲〷ㄹ㕥〸㔰㔲敡㌴㌲㠵㕢〰㌲㈲㙢敤㈱㕥晡〳㜶㠴㠰㙣㕥晡敢昱㈳ㄶ散㈲戰ㄸ晢攲㝢㍤搱搲ㄶ㡤㔵ㄳ㐳戵捡愶㔹㐴㐶ㅤ㕥㔸㌰ㄹ㤷愶㉣㥤㠳㈸摤戲㍢㡡㉦ㄹ戲挳挰㕢挸搸〵㥢扥戶戲㝤愷搳挰捤て攸㤹愲㔲ㄸ捥㙥ㄶ攳㐰慡㘲㜴㘱搳㜲㔸㐴㌸ㅣ㘶㥢㥤〶愲㉡攸㉣㘷ㅦ㑥愵〸晥昱㑢㈱搶㡦户㠶扥戲扤㠶㍡捥改挷〲昹㠳晤㜵㕤〶㘳攳慤攴ㄸ㐸搸㉤戵㉡㠵搷挳捦愰ぢㄷ㥤ㄳ㝡㉢慢㥥挵㈱晣㠹㌹慢㑦敢搰晦㡣㕥㉢捥㍡换摥っ㘳愷昴晦晢㔰戰愹晥ㄷ㡣扤㈹㐴扥㍦捡昰愱挰昸挹愶㈱ㅢ敥〸㍣摢〸摥愸㠳戱慥戲っ㜹㠷戹㐵㝣扣ㅡ㔶㉢〹づ扦㔷扥晤㙡㐴戳㉦㙤摢㠱慥〲㤰戱愱挲㌳㄰㐱㕤晢愷攵㔶㝣扡㉤㝥〰ㅤ昷㥣戴慡㥥敢扢㘶㌰戶㠸愰敦ㄸ扦㍤㌳㘱昳㑣㠹㙦戴ぢ戵ㅢ戰ㄳ㠳ㅦ㐲㥦㔳昳㄰搸愷㘴昰㑡挵㈲ㄹ㔹搸㕡㈴㠳摦㈱㡤㈴挲㑢搴づ晥ㄵ收㍤つ愳㡥㑦㔷攷攱敢っ㔸戴㉤㤴㕤攸㜱㙥扦愱挱慤挳ㅤ慤扢攱て㤲昵〹〴挷搴ㄲ㍥昰㈱敥㙢晢ㅥ愴摢㐶㙢昳搹戲㌷㥦㕢戹昰㌴㜰扡戵户愴㐹㠶敦攴ㄷ挹㘵扤㐲㠸㑢晢㐷昰㜷敢づ㕡㡥㌶ち㍡㡦㍥攸愶㈳㙣扣づ昷搹ㄶ愲摦攷搰㔵㑣ㄱ攰愷ㅢ㔱㠶て㠲㕥㍥戲愲昸㉡㤶㐵〶㐰㍥㔷慣〲㜴愷敡愷㌶愲敡㤱㔸㈰ぢ㥥㌱㐸㡥㘵昱㘵㌴攴㜶㠵换〶㑢㜰搹㐲㥤㈵㤰搷攳ㅥ挸攷〴捦ㄲ㙡㈲㕦㐴㠷收㐴㉣㤴㜶㥦挸ㄷ㌶㥡㠸愰ㄵ愰ㄶ㥡ㅣ㝦㈴搶㈲㝡ㅤ搵扡㑤攰㄰戸〰挳ㄴ㡢㤴㌵挵㌰戴昰〳㘲〶改搷搱摦ㄷ㡥晣敡㜹愶扦ㅤㄱ㑡㄰愲㉡㍤㜹ち㐲㌵昹挷㤳㤳昷㔰摡㝤昲㥦摥㘸昲㈳㤴㤱㥣㠹ㅥ〰っ昵㠹ち晥愸挵㌴㤰攱㍥昲㈷捥ㄱ攰㤷㥡挵㠸㠱ㄲ搵昷㈲㌲攸换つ㔷慤㉥㈱ㄳ昷㉤㜰晤ㄹㅦ昷㈸晢㠸ㄷ㈱改换㈹㠶捥搸㘲愸ㄵ㑢㜶攴㠵摤ㄶ戲〱㑢攲搷戲㕤㐵㝡戱挷〸扦昸㔸㡣㤸攳挷攳㉦愷戴㈸收〴挲〸㉤㔲搲て㌷㔲㝣㌴㙥晣扤敦户㕣愶愸㐰〲昵㠴㡤㐹㘷慡昱㘳㜱攳㠳昸㉡㑢戵挹昱〶〱搳ぢ㜱㘳搲愳㙡晣㘸摣昸慦〷昷㌵ㅢ挷㜴ㄸ㡥㕣㈰㤱㘴搸扡捡晡㑦㝣愱㍤㡣收〵㤳晡㜳挰っ㡢㈹㌹㔵攸戸慥㌴攸㈰㉥㠳㜸昸㐶㝡づ㜷㥢㜰〵〴㐲㌶晣㕦㈵㥣挰㥤愷㔹㈳㌰昰〹昴ㅡ㠲捤㥥慥㥥搸戹㘸捥㝢㈸攸㌷㑦昸㌸㔳搵戶ㄵ㠹挰ㅣ挸㠷晢扢㠹㔳㍥挳㜴㙣敤㐷ㅣ㈴搳㜸㠷愴㌷攵愱〲㉢㜹昱㐸㡣搹摣挳㉤㥡搱ㅦ〲㜲㈰ㅤ〱㤹搱ㅦ〶っ〳㌱扣慤㥣ㅢ㈱晦㉢收㝥㠴ㄵㅦ㈱㜸ㄴ愰㉣挸散愴㠳攲㘳〰挳昱晦愸㘲㙣㑤昹㑢㌴昱㐰晣戲㈴ㄹ改ㅦ㘳㠷㡦〳昴挱㝤㉢㈲㈲㉣敢㥦㐰㐹昲愵ㄴㅣ敡愵㥦㘴挵愷〸㍥つ㔰㉥㜰戲㕢摥㌵慥愹㐷捤昵ㄹ㜴ㄵてㄳ攰愷㍦ㅥ㘵昸㔰攰㍥扣慢扢慤捣愳㜰晣㘱㍦㐲㥤愹㉦昸敦挴ㄷ昹敢㕣㜴ㅦ晥㠷㈴〵㘵搸攷戵㜷昶㌶ㄶ㤹㠰㌶戹晡慤㘲戳㕦挶㌸㕣㔷㉢㠲挲ㄱ愹㔴㑡㕡㔱㄰摦㕣戰㜰昱〶扥攵戰慡㄰㠲㌴愰㉡㥣愸攲〸ち昴捦戲㈹㜱㑣㍣改㥦攳ㄳ㔱慢㌶昱昳㔱㠶て㠲㜸㔵摤敦㡢扡挷㉦㈴慥㔵㠵搵昶㐲攲㕦㔵慣㈴㕦昸㈴〷㔳挸㐲㈶慤㤵㠸㌴㐵㐳㕦㐶㘶愸㙦㤸㜳扢ㄷ㍦敤㤲愸㥥慢㥤㍢昷攲㜰㝥散㥡晣晢摥㍢昸攴ぢ扦晣攳ㄳ扦昹攰攱扦晣昳愹愷㝥昳愷㈷㥥晦攷㡦㤷て晦散改愷㝦㝡搷搷㥥晦攳㙥昳敢摡昷㕦㥣晢晡㠳㤳ㄷㅥ扣摦㍣㜳昳戱〷摦㝦摦㍤㤳ぢ㔷㡣昷昵昵昷摦㌴晡昳慢摦㌲昲昰晤捦㠹㥦晣敥㉡㐷愸攵攲〵改㘹㜰搹㙡ㅡ㕦㐱〶搳攰㡣㕦搵㘹㜰戹㙡愳㤶愳㡤㥡㐶㐱〹㍥つ㑥㐰㔵ㄸ改㡡㠱晦〰㉡〰戲晡
Decisioneering:7.0.0.0

Probabalistic NPV

EXAMPLE NPV Calculation in Real Dollars
EBIT*(1-tax) PAYBACK
Year Investment Revenue Operating Costs EBITDA Depreciation EBIT Tax or NPAT FCF DCF PERIOD
1 -$50,000,000 $0 $0 $0 $0 $0 $0 $0 -$50,000,000 -$50,000,000 -$50,000,000
2 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $6,727,273 -$42,600,000
3 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $6,115,702 -$35,200,000
4 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $5,559,730 -$27,800,000
5 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $5,054,300 -$20,400,000
6 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $4,594,818 -$13,000,000
7 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $4,177,107 -$5,600,000
8 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $3,797,370 $1,800,000
9 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $3,452,155 $9,200,000
10 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $3,138,322 $16,600,000
11 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $2,853,020 $24,000,000
12 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $2,593,655 $31,400,000
13 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $2,357,868 $38,800,000
14 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $2,143,516 $46,200,000
15 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,948,651 $53,600,000
16 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,771,501 $61,000,000
17 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,610,456 $68,400,000
18 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,464,051 $75,800,000
19 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,330,955 $83,200,000
20 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,209,959 $90,600,000
21 $0 $12,000,000 $2,500,000 $9,500,000 -$2,500,000 $7,000,000 -$2,100,000 $4,900,000 $7,400,000 $1,099,963 $98,000,000
NPV $13,000,372 sum of DCFs
DATA
Capital Investment $50,000,000 $
Revenue $12,000,000 $/year
Operating Cost $2,500,000 $/year
EBITDA = Revenue - Operating Costs
Discount Rate 10% discrate
Tax Rate 30% EBIT = EBITDA - (depreciation)
Depreciation Rate 5% (per year over operating life of 20 years)
NPAT = EBIT - tax
FCF = EBIT (1-tax rate)+(depreciation)-(capital invested)
DCF = FCF /((1+discrate)^n) where n is the year number after year 1
NPV = sum (DCFs) over all years of life of the project

Value at Risk

Value at Risk Graph

Sheet3