This document outlines the financing plan for covering negative cash flow through 2027. It plans to use 50% debt and 50% equity to cover costs, taking on increasing amounts of long-term debt through 2023 before leveling off. Interest expenses on the debt are forecast to increase annually from losses to gains as revenue increases. Unlevered free cash flow is projected to be negative through 2019 before turning positive in later years.

1. Financing
Cover negative cash flow with
Debt 50%
Equity 50%
2014 2015 2016 2017Q3 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
In Million Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Long tern debt 1,819 2,021 5,860 9,582 9,582 10,845 13,608 17,297 21,197 23,072 23,704 23,704 23,704 23,704
Interest expenses (101) (119) (199) (325) 567 (642) (806) (1,024) (1,255) (1,366) (1,403) (1,403) (1,403) (1,403)
Rate -6% -6% -3% -3% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
10 year bond yield 5.92%
UFCF -2527.45 -5525.73 -7378.11 -7799.96 -3750.16 -1264.14 4310.50 7056.05 7227.18 3580.64
Debt 1263.72 2762.87 3689.05 3899.98 1875.08 632.07 0.00 0.00 0.00 0.00
Equity 1263.72 2762.87 3689.05 3899.98 1875.08 632.07 0.00 0.00 0.00 0.00