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[]
[null,"CASE STUDY 2"]
[null,"Natural Capital Case Study for GIZ Workshop"]
[null,"The Objective: A case to study to demonstrate the financial implications of natural capital management and how natural capital data can be integrated into financial models"]
[]
[]
[null,"The Story: Two companies in the soyabean production sector in Brazil, with different strategic approaches to sustainability, are increasingly differentiated because natural capital is impacting their financial performance and stability. You are the CEO of Company A. You are provided with a series of management decisions about natural capital and the tool will quantify the financial implications based on your strategic decisions. Your goal is to outperform Company B in this monetised assessment."]
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[null,"Strategic performance review: the dominant natural capital risks and opportunities fall within eight categories. \n1) Market\n2) Reputation\n3) Operations\n4) Climate\n5) Policy/Regulation\n6) Customer Loyalty\n7) Resource Depletion\n8) Subsidies\nThe financial implications of each are not limited to one line item, but instead can have varying effects on profitability. The tool attempts to isolate those that are most influencial."]
[]
[null,"Key takeaways: this tool is intended to provide an interactive and dynamic introduction to integrating natural capital information into the financial analysis of soyabean producers. The framework should allow both credit and equity investors to contextualise their concerns about the environment through financial interpretation of their investment/client's natural capital impact."]
[]
[]
[]
["By Aaron Re'em"]

{"sheet":"Natural Capital Indicators","index":1,"n_rows":27,"n_cols":5,"rows_kept":27,"cut":false,"hidden":false,"merged":[[1,2,1,4]]}
[]
[null,null,"Natural Capital Case Study for GIZ"]
[null,null,"Annotated Income Statement"]
[null,null,"Review the simplified income statement to understand how natural capital can affect financial performance."]
[]
[]
[]
[]
[]
[null,null,null,"Producer A","Dec '13"]
[null,null,null,null,"BRL million"]
[null,null,null,"Sales",900.56]
[null,null,null,"Cost of Goods Sold (COGS) incl. D&A",{"$f":"SUM(E14:E15)","v":769.36300000000006}]
[null,null,null,"COGS excluding D&A",710.452]
[null,null,null,"Depreciation & Amortization Expense",58.911000000000001]
[null,null,null,"Gross Income",{"$f":"E12-E13","v":131.19699999999989}]
[null,null,null,"SG&A Expense",15.923999999999999]
[null,null,null,"Other Operating Expense",12.23]
[null,null,null,"EBIT (Operating Income)",{"$f":"E16-SUM(E17:E18)","v":103.04299999999989}]
[null,null,null,"Interest Expense",{"$f":"500*0.06812","v":34.06}]
[null,null,null,"Fixed Assets Impairment",51.131000518798828]
[null,null,null,"Pretax Income",{"$f":"E19-SUM(E20:E21)","v":17.851999481201062}]
[null,null,null,"Income Taxes",{"$f":"E22*0.25","v":4.4629998703002656}]
[null,null,null,"Net Income",{"$f":"E22-E23","v":13.388999610900797}]
[]
[null,null,null,"EPS",{"$f":"E24/E27","v":0.13388999610900798}]
[null,null,null,"Total Shares Outstanding (million)",100]

{"sheet":"Internalisation factors","index":2,"n_rows":20,"n_cols":8,"rows_kept":20,"cut":false,"hidden":false,"merged":[[3,1,3,3],[1,1,1,3],[2,1,2,2]]}
[]
[null,"Natural Capital Case Study for GIZ"]
[null,"Select the relevant sustainability strategy decision under each of the eight categories then move to the \"financial implications\" tab to see the outcome of your decisions"]
[null,"Soybean Producer A Sustainability Strategy"]
[null,"Market",{"$f":"'Data tables'!C4","v":"Outcome"},{"$f":"'Data tables'!D4","v":"Financial Implication"}]
["CHOOSE FROM GREEN DROPDOWNS","Did not pursue RTRS certification",{"$f":"IFERROR(VLOOKUP(B6,'Data tables'!$B$5:$D$7,2,0),\"\")","v":"Loses out on additional sales to developed country clients with resonsible soyabean supply chain initiatives."},{"$f":"IFERROR(VLOOKUP(B6,'Data tables'!$B$6:$D$7,3,0),\"\")","v":"No additional sales"},null,null,{"$f":"VLOOKUP(B6,'Data tables'!$B$4:$G$35,4,0)","v":"Sales"},{"$f":"VLOOKUP(B6,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Reputation",null,null,null,null,{"$f":"VLOOKUP(B7,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B7,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Recent deforestation picked up by NGO and campaign reaches US press. ",{"$f":"IFERROR(VLOOKUP(B8,'Data tables'!$B$9:$D$11,2,0),\"\")","v":"North American customers demand short term contracts with assurances that better land management practices will be implemented. "},{"$f":"IFERROR(VLOOKUP(B8,'Data tables'!$B$9:$D$11,3,0),\"\")","v":"Business risk levels rise and interest rates grow by 1.5%."},null,null,{"$f":"VLOOKUP(B8,'Data tables'!$B$4:$G$35,4,0)","v":"Interest expense"},{"$f":"VLOOKUP(B8,'Data tables'!$B$4:$G$35,6,0)","v":7.5}]
[null,"Operations",null,null,null,null,{"$f":"VLOOKUP(B9,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B9,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Solar power used to provide electricity to stationary machinery and biodiesel takes advantage of subsidized sugar cane and soyabean derivative fuels.",{"$f":"IFERROR(VLOOKUP(B10,'Data tables'!$B$13:$D$15,2,0),\"\")","v":"Diversifies power sources and reduces dependence on generators. The biofuels use also improve local air quality. Short term increase in capital expenditure, but IRR is just three years. Green loans are provided by the bank, with savings in first three years paid as interest."},{"$f":"IFERROR(VLOOKUP(B10,'Data tables'!$B$13:$D$15,3,0),\"\")","v":"No short term costs or income, but after three years cost savings realised."},null,null,{"$f":"VLOOKUP(B10,'Data tables'!$B$4:$G$35,4,0)","v":"COGS excluding D&A"},{"$f":"VLOOKUP(B10,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Climate",null,null,null,null,{"$f":"VLOOKUP(B11,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B11,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Drought cause reduced yield",{"$f":"IFERROR(VLOOKUP(B12,'Data tables'!$B$17:$D$19,2,0),\"\")","v":"Production falls 12%, but prices rise marginally in the market."},{"$f":"IFERROR(VLOOKUP(B12,'Data tables'!$B$17:$D$19,3,0),\"\")","v":"Sales fall 10%"},null,null,{"$f":"VLOOKUP(B12,'Data tables'!$B$4:$G$35,4,0)","v":"Sales"},{"$f":"VLOOKUP(B12,'Data tables'!$B$4:$G$35,6,0)","v":-90.055999999999997}]
[null,"Policy/Regulation",null,null,null,null,{"$f":"VLOOKUP(B13,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B13,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Company audited for its crop locations, which are all in well environmentally managed regions",{"$f":"IFERROR(VLOOKUP(B14,'Data tables'!$B$21:$D$23,2,0),\"\")","v":"Banks are seeking new soyabeen farming clients and offer reduced rates to attract business."},{"$f":"IFERROR(VLOOKUP(B14,'Data tables'!$B$21:$D$23,3,0),\"\")","v":"Interest rates fall 0.25%"},null,null,{"$f":"VLOOKUP(B14,'Data tables'!$B$4:$G$35,4,0)","v":"Interest Expense"},{"$f":"VLOOKUP(B14,'Data tables'!$B$4:$G$35,6,0)","v":-1.25}]
[null,"Customer Loyalty",null,null,null,null,{"$f":"VLOOKUP(B15,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B15,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Attains CRS certification",{"$f":"IFERROR(VLOOKUP(B16,'Data tables'!$B$26:$D$27,2,0),\"\")","v":"European soy milk importer rejects pitch from US competitor  producer signs three year contract."},{"$f":"IFERROR(VLOOKUP(B16,'Data tables'!$B$26:$D$27,3,0),\"\")","v":"Interest payments fall by 1% as risks are reduced."},null,null,{"$f":"VLOOKUP(B16,'Data tables'!$B$4:$G$35,4,0)","v":"Interest Expense"},{"$f":"VLOOKUP(B16,'Data tables'!$B$4:$G$35,6,0)","v":-5}]
[null,"Resource Depletion",null,null,null,null,{"$f":"VLOOKUP(B17,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B17,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Rotational programme used",{"$f":"IFERROR(VLOOKUP(B18,'Data tables'!$B$29:$D$31,2,0),\"\")","v":"No additional operational cost"},{"$f":"IFERROR(VLOOKUP(B18,'Data tables'!$B$29:$D$31,3,0),\"\")","v":"Supply shortfall increases average price by 1% "},null,null,{"$f":"VLOOKUP(B18,'Data tables'!$B$4:$G$35,4,0)","v":"Sales"},{"$f":"VLOOKUP(B18,'Data tables'!$B$4:$G$35,6,0)","v":9.0055999999999994}]
[null,"Subsidies",null,null,null,null,{"$f":"VLOOKUP(B19,'Data tables'!$B$4:$G$35,4,0)","v":0},{"$f":"VLOOKUP(B19,'Data tables'!$B$4:$G$35,6,0)","v":0}]
[null,"Government grants accepted by producer to replant forests on arable land.",{"$f":"IFERROR(VLOOKUP(B20,'Data tables'!$B$33:$D$35,2,0),\"\")","v":"Grant covers any losses from non-farmed hectares. Tree cover increases nitrogen and potassium in soil, while also improving soil water content."},{"$f":"IFERROR(VLOOKUP(B20,'Data tables'!$B$33:$D$35,3,0),\"\")","v":"Yields increase 10%."},null,null,{"$f":"VLOOKUP(B20,'Data tables'!$B$4:$G$35,4,0)","v":"Sales"},{"$f":"VLOOKUP(B20,'Data tables'!$B$4:$G$35,6,0)","v":90.055999999999997}]

{"sheet":"Data tables","index":3,"n_rows":35,"n_cols":7,"rows_kept":35,"cut":false,"hidden":true,"merged":[]}
[]
[]
[]
[null,"Market","Outcome","Financial Implication",null,"Data","Financial statement impact"]
[]
[null,"Attains RTRS certification","Opens access to premium prices across all European and North American markets.","Soya sales price rise on average 2% across the board.","Sales",0.02,{"$f":"VLOOKUP(E6,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F6","v":18.011199999999999}]
[null,"Did not pursue RTRS certification","Loses out on additional sales to developed country clients with resonsible soyabean supply chain initiatives.","No additional sales","Sales",0,{"$f":"VLOOKUP(E7,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F7","v":0}]
[null,"Reputation"]
[]
[null,"Recent deforestation picked up by NGO and campaign reaches US press. ","North American customers demand short term contracts with assurances that better land management practices will be implemented. ","Business risk levels rise and interest rates grow by 1.5%.","Interest expense",1.4999999999999999E-2,{"$f":"500*F10","v":7.5}]
[null,"NGO engagement and collaborative sustainability programmes positions the company amongst global natural capital management leaders.","Growing relationships developed with NGOs and downstream sustainable procurement teams. Reputation grows with prospects for new green clients.","No additional sales achieved, but strategic relationships promise future income. NGO support enforces client views of the company's sustainable practices.","Sales",0,{"$f":"VLOOKUP(E11,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F11","v":0}]
[null,"Operations"]
[]
[null,"Solar power used to provide electricity to stationary machinery and biodiesel takes advantage of subsidized sugar cane and soyabean derivative fuels.","Diversifies power sources and reduces dependence on generators. The biofuels use also improve local air quality. Short term increase in capital expenditure, but IRR is just three years. Green loans are provided by the bank, with savings in first three years paid as interest.","No short term costs or income, but after three years cost savings realised.","COGS excluding D&A",0,{"$f":"VLOOKUP(E14,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F14","v":0}]
[null,"Continue to buy electricity from the grid and run mobile machinery on diesel oil.","Exposure to oil market prices are muted because of subsidy, but Brazilian governments seek to reduce agricultural dependence on fuel subsidies.","No short term changes in costs or income, but after three years cost will increase.","COGS excluding D&A",0,{"$f":"VLOOKUP(E15,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F15","v":0}]
[null,"Climate"]
[]
[null,"Drought cause reduced yield","Production falls 12%, but prices rise marginally in the market.","Sales fall 10%","Sales",-0.1,{"$f":"VLOOKUP(E18,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F18","v":-90.055999999999997}]
[null,"ISO 9001 practices increase water efficiency and reduce drought's impact","Production falls 3%, but prices remain constant.","Sales fall 3%","Sales",-0.03,{"$f":"VLOOKUP(E19,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F19","v":-27.016799999999996}]
[null,"Policy/Regulation"]
[]
[null,"Plantation found to be encroaching on Amazon rainforest. ","Financing the company puts banks in breach of Brazilian Central Bank regulations.","Fines increase costs by BRL10 million","Other Operating Expense",10,{"$f":"F22","v":10}]
[null,"Company audited for its crop locations, which are all in well environmentally managed regions","Banks are seeking new soyabeen farming clients and offer reduced rates to attract business.","Interest rates fall 0.25%","Interest Expense",-2.5000000000000001E-3,{"$f":"500*F23","v":-1.25}]
[null,"Customer Loyalty"]
[]
[null,"Attains CRS certification","European soy milk importer rejects pitch from US competitor  producer signs three year contract.","Interest payments fall by 1% as risks are reduced.","Interest Expense",-0.01,{"$f":"500*F26","v":-5}]
[null,"Did not pursue CRS certification","Lose out to competing US bid and fail to renew contract with long standing client.","Lose 10% annual revenue as significant client is lost.","Sales",-0.1,{"$f":"VLOOKUP(E27,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F27","v":-90.055999999999997}]
[null,"Resource Depletion"]
[]
[null,"Intensive agricultural practices desertify land and soil fertility declines","Farmers apply fertilisers in greater quantity","Fertilizer costs grow 40%","COGS excluding D&A",0.4,{"$f":"VLOOKUP(E30,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F30*'Cost breakdown - soybean produc'!C25","v":21.712943151227243}]
[null,"Rotational programme used","No additional operational cost","Supply shortfall increases average price by 1% ","Sales",0.01,{"$f":"VLOOKUP(E31,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F31","v":9.0055999999999994}]
[null,"Subsidies"]
[]
[null,"Government grants accepted by producer to replant forests on arable land.","Grant covers any losses from non-farmed hectares. Tree cover increases nitrogen and potassium in soil, while also improving soil water content.","Yields increase 10%.","Sales",0.1,{"$f":"VLOOKUP(E34,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F34","v":90.055999999999997}]
[null,"Government grant rejected by producer, who instead plants sugarcane.","Heavy rain washes away soil and nutrients on plantations sited on flood plains.","Yields decrease 5%.","Sales",-0.05,{"$f":"VLOOKUP(E35,'Natural Capital Indicators'!$D$12:$E$24,2,0)*F35","v":-45.027999999999999}]

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[]
["Crop Inputs","Seed",11.16,{"$f":"C2/SUM($C$2:$C$19)","v":7.3634204275534451E-2}]
["Crop Inputs","Fertilizer and lime",11.58,{"$f":"C3/SUM($C$2:$C$19)","v":7.6405384006334134E-2}]
["Crop Inputs","Herbicide",12.5,8.2475587226181063E-2]
["Crop Inputs","Crop insurance",1.57,1.0358933755608342E-2]
["Crop Inputs","Miscellaneous and interest",5.42,3.5761414621272108E-2]
["Machinery and Labor","Apply nitrogen ",6.7,4.4206914753233052E-2]
["Machinery and Labor","Chisel plow ",10.55,6.9609395618896827E-2]
["Machinery and Labor","Tandem disk",7.95,5.2454473475851159E-2]
["Machinery and Labor","Field cultivate",7.85,5.1794668778041709E-2]
["Machinery and Labor","Plant",11.35,7.4887833201372406E-2]
["Machinery and Labor","Cultivate",6.65,4.3877012404328328E-2]
["Machinery and Labor","Spray",4.5999999999999996,3.0351016099234629E-2]
["Machinery and Labor","Combine",23.65,0.15604381103193457]
["Machinery and Labor","Haul and store",4.05,2.6722090261282663E-2]
["Machinery and Labor","Haul to market",4.5,2.9691211401425183E-2]
["Machinery and Labor","Nonfield Labor",10,6.598046978094485E-2]
["Storage","Storage",2.7,1.7814726840855111E-2]
["Management","Management (5% of other costs) ",8.7799999999999994,5.7930852467669575E-2]
[]
[]
[null,"Cost structure for soy production"]
[null,"Cost","Percentage"]
[null,"Seed",7.3634204275534451E-2]
[null,"Fertilizer and lime",7.6405384006334134E-2]
[null,"Herbicide",8.2475587226181063E-2]
[null,"Crop insurance",1.0358933755608342E-2]
[null,"Miscellaneous and interest",3.5761414621272108E-2]
[null,"Machinery and Labor",0.64561889680654538]
[null,"Storage",1.7814726840855111E-2]
[null,"Management",5.7930852467669575E-2]

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[]
[]
[null,"Natural Capital Case Study for GIZ"]
[]
[null,"Income Statement Producer A","Dec '13",null,null,null,"Income Statement Producer B","Dec '13"]
[null,null,"In BRL million",null,null,null,null,"In BRL million"]
[null,"Sales",{"$f":"'Natural Capital Indicators'!E12+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B7,'Internalisation factors'!$H$6:$H$20)","v":909.5655999999999},null,null,null,"Sales",{"$f":"'Natural Capital Indicators'!E12","v":900.56}]
[null,"Cost of Goods Sold (COGS) incl. D&A",{"$f":"SUM(C9:C10)","v":769.36300000000006},null,null,null,"Cost of Goods Sold (COGS) incl. D&A",{"$f":"'Natural Capital Indicators'!E13","v":769.36300000000006}]
[null,"COGS excluding D&A",{"$f":"'Natural Capital Indicators'!E14+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B9,'Internalisation factors'!$H$6:$H$20)","v":710.452},null,null,null,"COGS excluding D&A",{"$f":"'Natural Capital Indicators'!E14","v":710.452}]
[null,"Depreciation & Amortization Expense",{"$f":"'Natural Capital Indicators'!E15+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B10,'Internalisation factors'!$H$6:$H$20)","v":58.911000000000001},null,null,null,"Depreciation & Amortization Expense",{"$f":"'Natural Capital Indicators'!E15","v":58.911000000000001}]
[null,"Gross Income",{"$f":"C7-C8","v":140.20259999999985},null,null,null,"Gross Income",{"$f":"'Natural Capital Indicators'!E16","v":131.19699999999989}]
[null,"SG&A Expense",{"$f":"'Natural Capital Indicators'!E17+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B12,'Internalisation factors'!$H$6:$H$20)","v":15.923999999999999},null,null,null,"SG&A Expense",{"$f":"'Natural Capital Indicators'!E17","v":15.923999999999999}]
[null,"Other Operating Expense",{"$f":"'Natural Capital Indicators'!E18+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B13,'Internalisation factors'!$H$6:$H$20)","v":12.23},null,null,null,"Other Operating Expense",{"$f":"'Natural Capital Indicators'!E18","v":12.23}]
[null,"EBIT (Operating Income)",{"$f":"C11-SUM(C12:C13)","v":112.04859999999985},null,null,null,"EBIT (Operating Income)",{"$f":"'Natural Capital Indicators'!E19","v":103.04299999999989}]
[null,"Interest Expense",{"$f":"'Natural Capital Indicators'!E20+SUMIF('Internalisation factors'!$G$6:$G$20,'Financial implications'!B15,'Internalisation factors'!$H$6:$H$20)","v":35.31},null,null,null,"Interest Expense",{"$f":"500*0.06812","v":34.06}]
[null,"Fixed Assets Impairment",{"$f":"'Natural Capital Indicators'!E21","v":51.131000518798828},null,null,null,"Fixed Assets Impairment",{"$f":"'Natural Capital Indicators'!E21","v":51.131000518798828}]
[null,"Pretax Income",{"$f":"C14-SUM(C15:C16)","v":25.607599481201021},null,null,null,"Pretax Income",{"$f":"'Natural Capital Indicators'!E22","v":17.851999481201062}]
[null,"Income Taxes",{"$f":"C17*0.25","v":6.4018998703002552},null,null,null,"Income Taxes",{"$f":"H17*0.25","v":4.4629998703002656}]
[null,"Net Income",{"$f":"C17-C18","v":19.205699610900766},null,null,null,"Net Income",{"$f":"H17-H18","v":13.388999610900797}]
[]
[null,"EPS (recurring)",{"$f":"C19/C22","v":0.19205699610900764},null,null,null,"EPS (recurring)",{"$f":"H19/H22","v":0.13388999610900798}]
[null,"Total Shares Outstanding",100,null,null,null,"Total Shares Outstanding (million)",100]
[]
[null,"Comments on the financial implications of sustainable strategies"]
[null,{"$f":"IF(C7>H7,\"Producer A manages its natural capital dependence such that it can maintain good yield and capitalise on a market premium for sustainable soyabeans.\",\"Producer B manages its natural capital dependence such that it can maintain good yield and capitalise on a market premium for sustainable soyabeans.\")","v":"Producer A manages its natural capital dependence such that it can maintain good yield and capitalise on a market premium for sustainable soyabeans."}]
[]
[null,{"$f":"IF(C9>H9,\"Producer A has lower costs than Producer B because it pursues sustainable energy and land management strategies.\",\"Producer B has lower costs than Producer A because it pursues sustainable energy and land management strategies.\")","v":"Producer B has lower costs than Producer A because it pursues sustainable energy and land management strategies."}]
[]
[null,{"$f":"IF(C14>H14,\"Producer A has a higher operating income than Producer B as yield growth and sales strategy outstrips cost increases.\",\"Producer B has a higher operating income than Producer A as yield growth and sales strategy outstrips cost increases.\")","v":"Producer A has a higher operating income than Producer B as yield growth and sales strategy outstrips cost increases."}]
[]
[null,{"$f":"IF(C15>H15,\"Creditors reward Producer B with lower interest rates because the company locks in longer term contracts through its commitment to meeting clients' sustainable supply chain mandates.\",\"Creditors reward Producer A with lower interest rates because the company locks in longer term contracts through its commitment to meeting clients' sustainable supply chain mandates.\")","v":"Creditors reward Producer B with lower interest rates because the company locks in longer term contracts through its commitment to meeting clients' sustainable supply chain mandates."}]
[]
[null,{"$f":"IF(C14/C15>H14/H15,\"Current debt burden is lower for Producer A, which is demonstrated by its higher interest coverage [EBIT/Interest Expense].\",\"Current debt burden is lower for Producer A, which is demonstrated by its higher interest coverage [EBIT/Interest Expense].\")","v":"Current debt burden is lower for Producer A, which is demonstrated by its higher interest coverage [EBIT/Interest Expense]."}]