Invest for Excel 4.0 - DataPartner
----------------------------------

--- Compilation 4.0.002 ---

New features:

- Showing progress bar for long tasks is not shown by default. It can be switched on
  in program options.

- Compatibility program file invcode.xla for xls calculation files (version 3.6 and
  older) is by default not opened at startup. Opening this file can be activated 
  in the program options.

--- Compilation 4.0.001 ---

New features (since compilation 3.9.001):

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

- Access to Invest for Excel Learning portal can be found on Home screen and menus.

- Report sheets can easily be created from Calculations sheet and Result sheet. 
  Numbers are updated but rows or columns stay as are when creating the report.
  The reports are unprotected and fully editable.

- Row specification structures can be copied to other rows.

- A new type of calculation file has been added: business plan.

- New option has been added to Roll forecast. First period of forecast can be rolled
  to last historical period.

- Serbian language has been added.

- 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.

- 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.

- Maximum number of periods have been increased to 16000.

- Breakeven can be undone by pressing Breakeven button.


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.

Fixes (since compilation 3.9.001):

- Other residual was not included in IRR in all cases. This problem has been fixed.

- A phantom link could appear when creating a new calculation file in another language
  than English. This problem has been solved.

- 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.

- 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.