Invest for Excel 3.9 - DataPartner
----------------------------------


--- Compilation 3.9.003 ---

Changes:

- A cash balancing formula can easily by applied for Short-term borrowings. Short-term
  borrowings are used to keep Total cash flow >= 0.

- An Other residual-option has been added to residual values. Enter residual value at
  end of calculation term.

- Acquisition file Profitability analysis: Interest-bearing net debt has been separated 
  in Excess cash and non-operating assets and Interest-bearing debt and Enterprise value 
  has been added. 

- When using "Perpetuity / extrapolation" as residual value, the "Perpetuity is based on" 
  is by default "Enter annual value" and the cell includes a formula which references the
  "Net cash flow for year" value cell times 1 + growth percentage (if "Growing by annual
  percent" is chosen as "Type of perpetuity").

- Toggle history periods-button on Calculations sheet has been changed to a multi-toggle 
  button. Toggles history periods, zero period, calculation phase 1, calculation phase 2
  and residual column.

- Sorting of Tornado charts have been improved for cases where the negative and positive
  impacts differ.

- Program code is signed with a digital signature which is valid until Nov. 30, 2023.


Fixes:

- Financing file: If you entered withdrawal amounts in loan Specs sheet without having 
  entered a total amount in loan Param sheet, the withdrawal %-column would display 
  65535. This problem has been fixed but requires a new financing file.

- Switching to Payback as profitability indicator in an Analysis sheet analysis without 
  pressing Update button could lead to display of wrong value if Payback was not found. 
  This problem has been fixed.

- When specifying working capital, any history column specified working capital input 
  cells would be locked. This problem has been fixed.

- Cost of equity was displayed without %-sign in the comparison file. 
  This problem has been fixed.

- In some cases the cell formulas were not shown when adding specification rows.
  This problem has been fixed.

- Choosing a folder in the "Folder and Files" dialogbox could cause an Excel crash.
  This problem has been fixed.


--- Compilation 3.9.002 ---

Changes:

- Add ratios: To avoid misleading values, Absolute Liquidity Ratio is no longer 
  calculated if Cash and bank is zero or if receivables exceed short-term liabilities.

- If all key financials are hidden below an analysis on analysis sheet then the 
  year-selection row is also hidden.

- Arrange buttons function has been updated to include new buttons.

Fixes:

- DuPont analysis: Average Equity displayed wrong value.
  This problem has been fixed.

- Balance sheet was missing from Calculations sheet printarea.
  This problem has been fixed.

- The EBITDA IRR analysis in the Proposal file was not calculated in all cases. 
  This problem has been fixed.


--- Compilation 3.9.001 ---

New features:

- Program code is signed with a digital signature which is valid until July 12, 2022.

- DuPont analysis.

- Predefined financial ratios for Key financials table.

- All analyses in a calculation file can be updated using one command.

- Create PDF. PDF files can be easily created including flexibility to change order of
  sheets and choose tables and charts to include.

- NPV as yearly annuity has been added to the Profitability analysis on Result sheet.
  (Calculation file 3.9.001 or newer.)

- Perpetuity in the "To Equity" section of the Profitability analysis on Result sheet 
  is based on Free cash flow to firm (FCFF) when Debt residual correction is included.
  (Calculation file 3.9.001 or newer.)

- Invest for Excel is automatically opened if a Calculation file is opened when
  Invest for Excel is not open. (Calculation file 3.9.001 or newer.)

- Economic Value Added (EVA) has been renamed to Value Added (VA).

- Key financial rows can be hidden in Analysis sheet analyses.

- Iteration can be forced to turn on when a calculation file is opened.

- New program licenses can be activated online.