{"text_format":"1","workbook":"xlsx","n_sheets":12,"sheets":["Overview","Change log","Inputs >","General","Calculations >","RABx","TAXx","DTAXx","BBARx","MARx","Outputs >","General "],"not_rendered":{"charts":0,"images":2,"macros":1,"external_links":1,"defined_names":51,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Overview","index":0,"n_rows":111,"n_cols":3,"rows_kept":111,"cut":false,"hidden":false,"merged":[[7,1,7,3],[5,1,5,3],[9,1,9,3],[110,2,110,3],[11,1,11,3],[102,2,102,3],[103,2,103,3],[15,1,15,3],[89,1,89,3],[92,1,92,3],[45,1,45,3],[97,2,97,3],[104,2,104,3],[105,2,105,3],[13,1,13,3]]}
[null,"Overview of the Aurora Energy CPP Model Suite"]
[null,"An overview of the Aurora Energy CPP Model (the CPP Model Suite) is provided on this worksheet"]
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[null,"Overview"]
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[null,"Aurora Energy Limited (Aurora Energy) has identified a programme of work required to renew ageing infrastructure and to support accelerating residential and commercial development in the Queenstown Lakes District. Funding this expenditure is the purpose of the proposed CPP application.  "]
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[null,"Over the forecast period, Aurora plans to make investments in the network to improve reliability and prepare for the future. The proposed expenditure has been developed to address six key aspects: safety, reliability, growth, resilience, future technology and customer service.\n"]
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[null,"Under the proposed plan, Aurora Energy would invest in replacing and upgrading ageing equipment on the network. Major areas of spend would be on poles, cross arms, overhead lines and underground cables, protection systems and zone substation transformers."]
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[null,"The purpose of this workbook (the CPP Financial Model) is to calculate Aurora Energy's proposed maximum allowable revenue (MAR) for RY22 - RY26 (ie a five year CPP). The model also includes functionality to calculate MAR for RY22 - RY24 (ie a three year CPP)."]
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[null,"This published model is a non-functional version.  The macro that it currently has for solving the BBAR to the MAR in the MARx sheet has been disabled due to the sheet protection that has been applied to this file.  The model is intended to show the calculation methodology.  "]
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[null,"Figure 1 provides an illustrative overview of the CPP Model Suite."]
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[null,"Figure 1: Aurora Energy CPP Model Suite"]
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[null,"Structure of this model > CPP Financial Model"]
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[null,"Figure 2 provides an illustrative overview of the structure of the CPP Financial Model."]
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[null,"Figure 2: Model structure"]
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[null,"Calculations"]
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[null,"The CPP Financial Model is used to calculate the BBAR and the MAR for the CPP regulatory period. \nThe CPP Model is based on the final model for Powerco's CPP for 2018-2023, updated to reflect changes in the Input Methodologies since 2018, including the treatment of operating leases. "]
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[null,"Goal seek"]
[null,"Note that there is a goal seek on the 'MARx' sheet which calculates the starting MAR before tax (in RY22) such that the NPV of BBAR after tax including Clawback during the CPP regulatory period is equal to the NPV of MAR after tax including Clawback during the CPP regulatory period.\nTo run the goal seek, click the button at the top of the 'MARx' sheet."]
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[null,"Inputs"]
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[null,"Input model","Description"]
[null,"2. Supporting Model - Other","All inputs are sourced from the 'Supporting Model - Other' workbook. Further detail on the sources of inputs is provided in that workbook."]
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[null,"Definitions"]
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[null,"Term","Definition"]
[null,"CPP Model Suite","Refers to the suite of workbooks used to calculate the BBAR and MAR for the CPP regulatory period. The CPP Model Suite consists of three models (described below):\n- CPP Financial Model\n- Supporting Model - Other\n- Supporting Model - Expenditure."]
[null,"CPP Financial Model","The CPP Financial Model is used to calculate the BBAR and the MAR for the CPP regulatory period. "]
[null,"Supporting Model - Other","The 'Supporting Model - Other' workbook is used to calculate inputs for the CPP Financial Model, including: \n- RAB, RTAV + deferred tax roll forwards\n- Regulatory tax calculations \n- Cost of capital."]
[null,"Supporting Model - Expenditure","The 'Supporting Model - Expenditure' workbook takes historical and forecast capital and operating expenditure by project and re-organises the data into CPP expenditure and asset categories for asset roll forwards, price path calculations and various output tables for the CPP proposal. The workbook also includes the Schedule E tables."]
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[null,"Shading"]
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[null,"Colour","Interpretation"]
[null,null,"Identifies input cells (ie where values are sourced from another workbook within the CPP Model Suite or from an external source)"]

{"sheet":"Change log","index":1,"n_rows":13,"n_cols":2,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
["Changes made to Main CPP Model, relative to the Powerco version"]
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["We have made labelling and structural changes to the model submitted alongside PowerCo's CPP proposal in order to be IM compliant. A list of these changes with the relevant reference can be seen below"]
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["Sheet Name","Description"]
["General","Removed controllable opex from input and outputs sheets to become IM compliant"]
["General","Changed the labelling from 'fully depreciated assets' to 'assets with a remaining life of nil'. This allows the inclusion of land so it is not revalued. (Cell 79B)"]
["General","Additional line item has been added (Opening deferred tax related to ROU commissioned assets)"]
["RABx","Changed the labelling from 'fully depreciated assets' to 'assets with a remaining life of nil'. This allows the inclusion of land so it is not revalued (Cell 42B)"]
["TAXx","Changed the labelling from \"Adjusted regulatory taxable income (nil if <0)\" to \"Regulatory net taxable income\", as per IM 5.3.13(1) (Cell B15)"]
["TAXx","Linked the regulatory taxable income losses to \"Regulatory taxable income\" in row 24. Previously the formula was linking to Regulatory profit/loss (before tax) in row 31  (Row 36)"]
["TAXx","Linked the utilised tax losses to \"Regulatory taxable income\" in row 24. Previously the formula was linking to Regulatory profit/loss (before tax) in row 31 (Row 37)"]
["DTAx","Additional line item has been added (deferred tax related to ROU commissioned assets). This increases deferred tax."]

{"sheet":"Inputs >","index":2,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":false,"merged":[]}
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[null,"This sheet has been deliberately left blank."]

{"sheet":"General","index":3,"n_rows":85,"n_cols":14,"rows_kept":85,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"General"},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"CPP Inputs Module","Units","Value","IM reference"]
[]
[null,"CPP regulatory period","Year",5]
[]
[null,"X factor","%",0.05,"IM 5.4.8 (2)-(4)"]
[]
[null,"Cost of capital","%",null,"IM 5.3.22 (1)",null,null,{"$f":"'[1]CPP Financial Model'!M11","v":7.1900000000000006E-2},{"$f":"'[1]CPP Financial Model'!N11","v":4.5699999999999998E-2},{"$f":"'[1]CPP Financial Model'!O11","v":4.5699999999999998E-2},{"$f":"'[1]CPP Financial Model'!P11","v":4.5699999999999998E-2},{"$f":"'[1]CPP Financial Model'!Q11","v":4.5699999999999998E-2},{"$f":"'[1]CPP Financial Model'!R11","v":4.5699999999999998E-2},{"$f":"'[1]CPP Financial Model'!S11","v":4.5699999999999998E-2}]
[]
[null,"Inflation rate","%",null,"IM 5.3.4 (9)",null,null,null,null,{"$f":"'[1]CPP Financial Model'!O13","v":1.9502114592602871E-2},{"$f":"'[1]CPP Financial Model'!P13","v":2.0248058977042183E-2},{"$f":"'[1]CPP Financial Model'!Q13","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!R13","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!S13","v":2.0000000000000018E-2}]
[]
[null,"Claw-back","Nominal $",0,"IM 5.3.4 (2)"]
[]
[null,"Term Credit Spread Differential Allowance","Nominal $",null,"IM 5.3.23 (1)",null,null,{"$f":"'[1]CPP Financial Model'!M15","v":0},{"$f":"'[1]CPP Financial Model'!N15","v":0},{"$f":"'[1]CPP Financial Model'!O15","v":0},{"$f":"'[1]CPP Financial Model'!P15","v":0},{"$f":"'[1]CPP Financial Model'!Q15","v":0},{"$f":"'[1]CPP Financial Model'!R15","v":0},{"$f":"'[1]CPP Financial Model'!S15","v":0}]
[]
[null,"TF","#.##",null,"IM 5.3.2 (4)(a)",null,null,{"$f":"'[1]CPP Financial Model'!M17","v":1.0352275669181401},{"$f":"'[1]CPP Financial Model'!N17","v":1.0225321432719434},{"$f":"'[1]CPP Financial Model'!O17","v":1.0225321432719434},{"$f":"'[1]CPP Financial Model'!P17","v":1.0225321432719434},{"$f":"'[1]CPP Financial Model'!Q17","v":1.0225321432719434},{"$f":"'[1]CPP Financial Model'!R17","v":1.0225321432719434},{"$f":"'[1]CPP Financial Model'!S17","v":1.0225321432719434}]
[]
[null,"TFrev","#.##",null,"IM 5.3.2 (4)(b)",null,null,{"$f":"'[1]CPP Financial Model'!M19","v":1.0285536205330978},{"$f":"'[1]CPP Financial Model'!N19","v":1.0182846181695255},{"$f":"'[1]CPP Financial Model'!O19","v":1.0182846181695255},{"$f":"'[1]CPP Financial Model'!P19","v":1.0182846181695255},{"$f":"'[1]CPP Financial Model'!Q19","v":1.0182846181695255},{"$f":"'[1]CPP Financial Model'!R19","v":1.0182846181695255},{"$f":"'[1]CPP Financial Model'!S19","v":1.0182846181695255}]
[]
[null,"Forecast operating expenditure","Nominal $",null,"IM 5.3.2 (6)",null,null,{"$f":"'[1]CPP Financial Model'!M21","v":47238671.101092651},{"$f":"'[1]CPP Financial Model'!N21","v":48545458.549571194},{"$f":"'[1]CPP Financial Model'!O21","v":43031425.231034055},{"$f":"'[1]CPP Financial Model'!P21","v":45282611.440776832},{"$f":"'[1]CPP Financial Model'!Q21","v":42870976.242894933},{"$f":"'[1]CPP Financial Model'!R21","v":41788917.96792727},{"$f":"'[1]CPP Financial Model'!S21","v":41952604.68380861}]
[]
[null,"Corporate tax rate","%",null,"IM 1.1.4 (2)",null,null,{"$f":"'[1]CPP Financial Model'!M23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!N23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!O23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!P23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!Q23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!R23","v":0.28000000000000003},{"$f":"'[1]CPP Financial Model'!S23","v":0.28000000000000003}]
[]
[null,"Opening tax losses in the first year of the next period","Nominal $",null,"IM 5.3.14 (3)(a)",null,null,{"$f":"'[1]CPP Financial Model'!$M$25","v":0}]
[]
[null,"Positive permanent differences","Nominal $",null,"IM 5.3.15 (2)",null,null,{"$f":"'[1]CPP Financial Model'!M27","v":15882.009834831513},{"$f":"'[1]CPP Financial Model'!N27","v":16202.688849642136},{"$f":"'[1]CPP Financial Model'!O27","v":16515.753950121016},{"$f":"'[1]CPP Financial Model'!P27","v":16845.0925078656},{"$f":"'[1]CPP Financial Model'!Q27","v":17180.998364078354},{"$f":"'[1]CPP Financial Model'!R27","v":17524.618331359921},{"$f":"'[1]CPP Financial Model'!S27","v":17875.110697987118}]
[]
[null,"Discretionary discounts and customer rebates","Nominal $",null,"IM 2.3.3 (6)",null,null,{"$f":"'[1]CPP Financial Model'!M29","v":0},{"$f":"'[1]CPP Financial Model'!N29","v":0},{"$f":"'[1]CPP Financial Model'!O29","v":0},{"$f":"'[1]CPP Financial Model'!P29","v":0},{"$f":"'[1]CPP Financial Model'!Q29","v":0},{"$f":"'[1]CPP Financial Model'!R29","v":0},{"$f":"'[1]CPP Financial Model'!S29","v":0}]
[]
[null,"Negative permanent differences","Nominal $",null,"IM 5.3.15 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M31","v":1525499.1126027396},{"$f":"'[1]CPP Financial Model'!N31","v":1194217.8289982302},{"$f":"'[1]CPP Financial Model'!O31","v":1147801.4628067468},{"$f":"'[1]CPP Financial Model'!P31","v":1104235.743392484},{"$f":"'[1]CPP Financial Model'!Q31","v":835827.45416147076},{"$f":"'[1]CPP Financial Model'!R31","v":504987.65806602477},{"$f":"'[1]CPP Financial Model'!S31","v":477165.12095375417}]
[]
[null,"Leverage","%",null,"IM 2.4.2 (1)",null,null,{"$f":"'[1]CPP Financial Model'!M$33","v":0.44},{"$f":"'[1]CPP Financial Model'!N$33","v":0.42},{"$f":"'[1]CPP Financial Model'!O$33","v":0.42},{"$f":"'[1]CPP Financial Model'!P$33","v":0.42},{"$f":"'[1]CPP Financial Model'!Q$33","v":0.42},{"$f":"'[1]CPP Financial Model'!R$33","v":0.42},{"$f":"'[1]CPP Financial Model'!S$33","v":0.42}]
[]
[null,"Cost of debt","%",null,"IM 2.4.1 (3)",null,null,{"$f":"'[1]CPP Financial Model'!M35","v":6.0900000000000003E-2},{"$f":"'[1]CPP Financial Model'!N35","v":2.9200000000000004E-2},{"$f":"'[1]CPP Financial Model'!O35","v":2.9200000000000004E-2},{"$f":"'[1]CPP Financial Model'!P35","v":2.9200000000000004E-2},{"$f":"'[1]CPP Financial Model'!Q35","v":2.9200000000000004E-2},{"$f":"'[1]CPP Financial Model'!R35","v":2.9200000000000004E-2},{"$f":"'[1]CPP Financial Model'!S35","v":2.9200000000000004E-2}]
[]
[null,"Opening unamortised initial differences in asset values for most recent ID year","Nominal $",null,"IM 5.3.17 (2)",null,null,{"$f":"'[1]CPP Financial Model'!$M$37","v":89221047.593865678}]
[]
[null,"Adjustment to opening unamortised initial differences in asset values for sold or acquired assets","Nominal $",null,"IM 5.3.17 (5)",null,null,{"$f":"'[1]CPP Financial Model'!M39","v":-152842.53802462705},{"$f":"'[1]CPP Financial Model'!N39","v":-121627.50977655606},{"$f":"'[1]CPP Financial Model'!O39","v":-94134.875356744917},{"$f":"'[1]CPP Financial Model'!P39","v":-71040.716387663444},{"$f":"'[1]CPP Financial Model'!Q39","v":-56389.030702085089},{"$f":"'[1]CPP Financial Model'!R39","v":-52832.729761362578},{"$f":"'[1]CPP Financial Model'!S39","v":-50021.798299608789}]
[]
[null,"Weighted average remaining useful life of relevant assets","#.##",null,"IM 5.3.17 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M41","v":17.91},{"$f":"'[1]CPP Financial Model'!N41","v":16.91},{"$f":"'[1]CPP Financial Model'!O41","v":15.91},{"$f":"'[1]CPP Financial Model'!P41","v":14.91},{"$f":"'[1]CPP Financial Model'!Q41","v":13.91},{"$f":"'[1]CPP Financial Model'!R41","v":12.91},{"$f":"'[1]CPP Financial Model'!S41","v":11.91}]
[]
[null,"Opening deferred tax for most recent ID year (pre ROU adj)","Nominal $",null,"IM 5.3.19 (1)",null,null,{"$f":"'[1]CPP Financial Model'!$M$43","v":-20258920.483705156}]
[]
[null,"Tax depreciation","Nominal $",null,"IM 5.3.20 (3)",null,null,{"$f":"'[1]CPP Financial Model'!M45","v":25113817.5597337},{"$f":"'[1]CPP Financial Model'!N45","v":29430406.507418562},{"$f":"'[1]CPP Financial Model'!O45","v":34915900.164816424},{"$f":"'[1]CPP Financial Model'!P45","v":38620260.823061071},{"$f":"'[1]CPP Financial Model'!Q45","v":40218097.168539003},{"$f":"'[1]CPP Financial Model'!R45","v":42288869.503696479},{"$f":"'[1]CPP Financial Model'!S45","v":44492799.641090162}]
[]
[null,"Positive temporary differences","Nominal $",null,"IM 5.3.20 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M47","v":4816024.2290265504},{"$f":"'[1]CPP Financial Model'!N47","v":5055141.9022359094},{"$f":"'[1]CPP Financial Model'!O47","v":5220917.6736403722},{"$f":"'[1]CPP Financial Model'!P47","v":5479634.0154407676},{"$f":"'[1]CPP Financial Model'!Q47","v":5814183.7034664964},{"$f":"'[1]CPP Financial Model'!R47","v":6226831.1825210415},{"$f":"'[1]CPP Financial Model'!S47","v":6621510.5445595635}]
[]
[null,"Negative temporary differences","Nominal $",null,"IM 5.3.20 (5)",null,null,{"$f":"'[1]CPP Financial Model'!M49","v":0},{"$f":"'[1]CPP Financial Model'!N49","v":0},{"$f":"'[1]CPP Financial Model'!O49","v":0},{"$f":"'[1]CPP Financial Model'!P49","v":0},{"$f":"'[1]CPP Financial Model'!Q49","v":0},{"$f":"'[1]CPP Financial Model'!R49","v":0},{"$f":"'[1]CPP Financial Model'!S49","v":0}]
[]
[null,"Deferred tax balance relating to assets acquired in disclosure year","Nominal $",null,"IM 5.3.19 (3)",null,null,{"$f":"'[1]CPP Financial Model'!M51","v":0},{"$f":"'[1]CPP Financial Model'!N51","v":0},{"$f":"'[1]CPP Financial Model'!O51","v":0},{"$f":"'[1]CPP Financial Model'!P51","v":0},{"$f":"'[1]CPP Financial Model'!Q51","v":0},{"$f":"'[1]CPP Financial Model'!R51","v":0},{"$f":"'[1]CPP Financial Model'!S51","v":0}]
[]
[null,"Cost allocation adjustment","Nominal $",null,"IM 5.3.19 (5)",null,null,{"$f":"'[1]CPP Financial Model'!M53","v":0},{"$f":"'[1]CPP Financial Model'!N53","v":0},{"$f":"'[1]CPP Financial Model'!O53","v":0},{"$f":"'[1]CPP Financial Model'!P53","v":0},{"$f":"'[1]CPP Financial Model'!Q53","v":0},{"$f":"'[1]CPP Financial Model'!R53","v":0},{"$f":"'[1]CPP Financial Model'!S53","v":0}]
[]
[null,"Opening deferred tax related to ROU commissioned assets","Nominal $",null,"IM 5.3.19 (1)(c)",null,null,{"$f":"'[1]CPP Financial Model'!M$55","v":-1377971.5722043533},{"$f":"'[1]CPP Financial Model'!N$55","v":-40763.9311181257},{"$f":"'[1]CPP Financial Model'!O$55","v":-133503.23006713769},{"$f":"'[1]CPP Financial Model'!P$55","v":-74792.423455280339},{"$f":"'[1]CPP Financial Model'!Q$55","v":-138596.46590052976},{"$f":"'[1]CPP Financial Model'!R$55","v":-38178.83835863875},{"$f":"'[1]CPP Financial Model'!S$55","v":0}]
[]
[null,"Opening or closing RAB values for ID years","Nominal $",null,"IM 5.3.6 (1)",null,null,{"$f":"'[1]CPP Financial Model'!M57","v":447072181.50474483}]
[]
[null,"Disposals","Nominal $",null,"IM 5.3.6 (3)(c) ",null,null,{"$f":"'[1]CPP Financial Model'!M59","v":765869.13899999997},{"$f":"'[1]CPP Financial Model'!N59","v":678520.65264099988},{"$f":"'[1]CPP Financial Model'!O59","v":590091.0656938199},{"$f":"'[1]CPP Financial Model'!P59","v":499892.88700769632},{"$f":"'[1]CPP Financial Model'!Q59","v":432548.38080000004},{"$f":"'[1]CPP Financial Model'!R59","v":441199.34841600008},{"$f":"'[1]CPP Financial Model'!S59","v":450023.33538432006}]
[]
[null,"Total value of commissioned assets","Nominal $",null,"IM 5.3.11",null,null,{"$f":"'[1]CPP Financial Model'!M61","v":60692968.202980123},{"$f":"'[1]CPP Financial Model'!N61","v":71595985.121933058},{"$f":"'[1]CPP Financial Model'!O61","v":78674335.553086504},{"$f":"'[1]CPP Financial Model'!P61","v":67520351.067333221},{"$f":"'[1]CPP Financial Model'!Q61","v":72186819.594274342},{"$f":"'[1]CPP Financial Model'!R61","v":69938140.502375692},{"$f":"'[1]CPP Financial Model'!S61","v":65667779.558910623}]
[]
[null,"PVVCA","Nominal $",null,"IM 5.3.2 (4)(d)",null,null,{"$f":"'[1]CPP Financial Model'!M63","v":58616506.95196487},{"$f":"'[1]CPP Financial Model'!N63","v":70009750.517735854},{"$f":"'[1]CPP Financial Model'!O63","v":76931277.56870383},{"$f":"'[1]CPP Financial Model'!P63","v":66024413.590278558},{"$f":"'[1]CPP Financial Model'!Q63","v":70587494.841463566},{"$f":"'[1]CPP Financial Model'!R63","v":68388636.037437633},{"$f":"'[1]CPP Financial Model'!S63","v":64212886.464839235}]
[]
[null,"Revaluation rate","%",null,"IM 5.3.10 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M65","v":1.6999999999999904E-2},{"$f":"'[1]CPP Financial Model'!N65","v":1.8999999999999906E-2},{"$f":"'[1]CPP Financial Model'!O65","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!P65","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!Q65","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!R65","v":2.0000000000000018E-2},{"$f":"'[1]CPP Financial Model'!S65","v":2.0000000000000018E-2}]
[]
[null,"Remaining asset lives","#.##",null,"IM 5.3.7 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M67","v":26.562129624839294},{"$f":"'[1]CPP Financial Model'!N67","v":26.494426897348987},{"$f":"'[1]CPP Financial Model'!O67","v":27.01980775041153},{"$f":"'[1]CPP Financial Model'!P67","v":27.334314513128394},{"$f":"'[1]CPP Financial Model'!Q67","v":27.671888583796399},{"$f":"'[1]CPP Financial Model'!R67","v":27.844581982540475},{"$f":"'[1]CPP Financial Model'!S67","v":27.943057930351014}]
[]
[null,"Opening or closing RAB values for ID years without revaluations","Nominal $",null,"IM 5.3.6 (1)",null,null,{"$f":"'[1]CPP Financial Model'!M69","v":410128234.41980636}]
[]
[null,"RAB proportionate investment","Nominal $",null,"IM 5.3.16 (3)",null,null,{"$f":"'[1]CPP Financial Model'!M71","v":30045641.448516063},{"$f":"'[1]CPP Financial Model'!N71","v":35555879.446247801},{"$f":"'[1]CPP Financial Model'!O71","v":39149086.962172233},{"$f":"'[1]CPP Financial Model'!P71","v":33602037.936985128},{"$f":"'[1]CPP Financial Model'!Q71","v":35975429.128947414},{"$f":"'[1]CPP Financial Model'!R71","v":34843671.866231851},{"$f":"'[1]CPP Financial Model'!S71","v":32698217.503850177}]
[]
[null,"Disposals without revaluations","Nominal $",null,"IM 5.3.6 (3)(c) ",null,null,{"$f":"'[1]CPP Financial Model'!M73","v":714865},{"$f":"'[1]CPP Financial Model'!N73","v":614865},{"$f":"'[1]CPP Financial Model'!O73","v":514865},{"$f":"'[1]CPP Financial Model'!P73","v":414865},{"$f":"'[1]CPP Financial Model'!Q73","v":400000},{"$f":"'[1]CPP Financial Model'!R73","v":400000},{"$f":"'[1]CPP Financial Model'!S73","v":400000}]
[]
[null,"Assets with a remaning life of nil","Nominal $",null,null,null,null,{"$f":"'[1]CPP Financial Model'!M75","v":1167611.44},{"$f":"'[1]CPP Financial Model'!N75","v":1167611.44},{"$f":"'[1]CPP Financial Model'!O75","v":1240286.2712308874},{"$f":"'[1]CPP Financial Model'!P75","v":1267272.6764097062},{"$f":"'[1]CPP Financial Model'!Q75","v":1167611.44},{"$f":"'[1]CPP Financial Model'!R75","v":1184441.246066629},{"$f":"'[1]CPP Financial Model'!S75","v":1328397.7475459306}]
[]
[null,"Weighted average remaining life of assets based on RAB excluding revaluations","#.##",null,"IM 5.3.7 (4)",null,null,{"$f":"'[1]CPP Financial Model'!M77","v":27.032348146375419},{"$f":"'[1]CPP Financial Model'!N77","v":27.031742083379747},{"$f":"'[1]CPP Financial Model'!O77","v":27.71287264889812},{"$f":"'[1]CPP Financial Model'!P77","v":28.14177539527255},{"$f":"'[1]CPP Financial Model'!Q77","v":28.624706052730453},{"$f":"'[1]CPP Financial Model'!R77","v":28.94151495747623},{"$f":"'[1]CPP Financial Model'!S77","v":29.175566443382735}]
[]
[null,"Deferred tax balance relating to assets disposed of in disclosure year","Nominal $",null,"IM 5.3.19 (6)",null,null,{"$f":"'[1]CPP Financial Model'!M79","v":-34705.093785308716},{"$f":"'[1]CPP Financial Model'!N79","v":-27617.273229189635},{"$f":"'[1]CPP Financial Model'!O79","v":-21374.675662594556},{"$f":"'[1]CPP Financial Model'!P79","v":-16130.815129568991},{"$f":"'[1]CPP Financial Model'!Q79","v":-12803.939428584943},{"$f":"'[1]CPP Financial Model'!R79","v":-11996.430215039498},{"$f":"'[1]CPP Financial Model'!S79","v":-11358.167848652192}]

{"sheet":"Calculations >","index":4,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":false,"merged":[]}
[]
[null,"This sheet has been deliberately left blank."]

{"sheet":"RABx","index":5,"n_rows":66,"n_cols":14,"rows_kept":66,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"RABx"},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"Regulatory Asset Base (RAB) Module","Units","Value","IM reference"]
[]
[null,"Total Opening RAB value"]
[]
[null,"Opening RAB value","Nominal $",null,"IM 5.3.6 (7)(b)",null,null,{"$f":"IF(H$5=General!$H$5,General!H$63,G18)","v":447072181.50474483},{"$f":"IF(I$5=General!$H$5,General!I$63,H18)","v":497735451.08273143},{"$f":"IF(J$5=General!$H$5,General!J$63,I18)","v":559288391.86815643},{"$f":"IF(K$5=General!$H$5,General!K$63,J18)","v":627822597.11690843},{"$f":"IF(L$5=General!$H$5,General!L$63,K18)","v":684395869.01037657},{"$f":"IF(M$5=General!$H$5,General!M$63,L18)","v":745073522.43976164},{"$f":"IF(N$5=General!$H$5,General!N$63,M18)","v":802681126.81963706}]
[null,"less Depreciation","Nominal $",null,"IM 5.3.7 (2)",null,null,{"$f":"H52","v":16831187.401731148},18786420.744678739,20699199.52926527,22968294.91792712,24732531.96788067,26758294.410989858,28725600.785008788]
[null,"less Disposals","Nominal $",null,"IM 5.3.6 (3)(c) ",null,null,{"$f":"General!H$65","v":765869.13899999997},{"$f":"General!I$65","v":678520.65264099988},{"$f":"General!J$65","v":590091.0656938199},{"$f":"General!K$65","v":499892.88700769632},{"$f":"General!L$65","v":432548.38080000004},{"$f":"General!M$65","v":441199.34841600008},{"$f":"General!N$65","v":450023.33538432006}]
[null,"add Revaluation","Nominal $",null,"IM 5.3.10 (2)",null,null,{"$f":"H46","v":7567357.9157376196},9421897.0608116724,11149160.290624643,12521108.631069832,13655914.183791542,14868957.636905596,16018054.114734149]
[null,"add Total value of commissioned assets","Nominal $",null,"IM 5.3.11",null,null,{"$f":"General!H$67","v":60692968.202980123},{"$f":"General!I$67","v":71595985.121933058},{"$f":"General!J$67","v":78674335.553086504},{"$f":"General!K$67","v":67520351.067333221},{"$f":"General!L$67","v":72186819.594274342},{"$f":"General!M$67","v":69938140.502375692},{"$f":"General!N$67","v":65667779.558910623}]
[null,"Closing RAB value","Nominal $",null,"IM 5.3.6 (8)",null,null,{"$f":"H13-H14-H15+H16+H17","v":497735451.08273143},{"$f":"I13-I14-I15+I16+I17","v":559288391.86815643},627822597.11690843,684395869.01037657,745073522.43976164,802681126.81963706,855191336.37288868]
[]
[null,"RAB roll-forward without revaluations"]
[]
[null,"Opening RAB value without revaluations","Nominal $",null,null,null,null,{"$f":"H56","v":410128234.41980636},454934579.98637861,509086056.6993472,568875506.10200667,615766364.69428837,666041474.66401792,712566256.13378489]
[null,"less Adjusted depreciation","Nominal $",null,null,null,null,{"$f":"H66","v":15171757.63640783},16829643.408964437,18370021.150426958,20214627.475051567,21511709.624544833,23013359.032608788,24423390.631217752]
[null,"less Disposals without revaluations","Nominal $",null,null,null,null,{"$f":"H58","v":714865},614865,514865,414865,400000,400000,400000]
[null,"add Total value of commissioned assets","Nominal $",null,null,null,null,60692968.202980123,71595985.121933058,78674335.553086504,67520351.067333221,72186819.594274342,69938140.502375692,65667779.558910623]
[null,"Closing RAB value without revaluations","Nominal $",null,null,null,null,{"$f":"H22-H23-H24+H25","v":454934579.98637861},{"$f":"I22-I23-I24+I25","v":509086056.6993472},568875506.10200667,615766364.69428837,666041474.66401792,712566256.13378489,753410645.06147778]
[null,null,null,null,null,null,null,{"$f":"H60-H26","v":0},{"$f":"I60+0-I26","v":0},0,0,0,0,0]
[null,"TFVCA"]
[]
[null,"PVVCA","Nominal $",null,"IM 5.3.2 (4)(d)",null,null,{"$f":"General!H69","v":58616506.95196487},{"$f":"General!I69","v":70009750.517735854},{"$f":"General!J69","v":76931277.56870383},{"$f":"General!K69","v":66024413.590278558},{"$f":"General!L69","v":70587494.841463566},{"$f":"General!M69","v":68388636.037437633},{"$f":"General!N69","v":64212886.464839235}]
[null,"multiply by (1 + Cost of capital)","#.##",null,null,null,null,{"$f":"1+General!H15","v":1.0719000000000001},{"$f":"1+General!I15","v":1.0457000000000001},{"$f":"1+General!J15","v":1.0457000000000001},{"$f":"1+General!K15","v":1.0457000000000001},{"$f":"1+General!L15","v":1.0457000000000001},{"$f":"1+General!M15","v":1.0457000000000001},{"$f":"1+General!N15","v":1.0457000000000001}]
[null,"divide by Total value of commissioned assets","Nominal $",null,null,null,null,{"$f":"H17","v":60692968.202980123},71595985.121933058,78674335.553086504,67520351.067333221,72186819.594274342,69938140.502375692,65667779.558910623]
[null,"TFVCA","#.##",null,"IM 5.3.2 (4)(c)",null,null,{"$f":"H30*H31/H32","v":1.0352275669181401},{"$f":"I30*I31/I32","v":1.0225321432719434},1.0225321432719434,1.0225321432719434,1.0225321432719432,1.0225321432719434,1.0225321432719434]
[]
[null,"RAB proportionate investment"]
[]
[null,"RAB proportionate investment","Nominal $",null,"IM 5.3.16 (3)",null,null,{"$f":"General!H77","v":30045641.448516063},{"$f":"General!I77","v":35555879.446247801},{"$f":"General!J77","v":39149086.962172233},{"$f":"General!K77","v":33602037.936985128},{"$f":"General!L77","v":35975429.128947414},{"$f":"General!M77","v":34843671.866231851},{"$f":"General!N77","v":32698217.503850177}]
[]
[null,"Total revaluation "]
[]
[null,"Opening RAB value","Nominal $",null,null,null,null,{"$f":"H13","v":447072181.50474483},497735451.08273143,559288391.86815643,627822597.11690843,684395869.01037657,745073522.43976164,802681126.81963706]
[null,"less assets with a remaining life of nil","Nominal $",null,null,null,null,{"$f":"General!H$81","v":1167611.44},{"$f":"General!I$81","v":1167611.44},{"$f":"General!J$81","v":1240286.2712308874},{"$f":"General!K$81","v":1267272.6764097062},{"$f":"General!L$81","v":1167611.44},{"$f":"General!M$81","v":1184441.246066629},{"$f":"General!N$81","v":1328397.7475459306}]
[null,"less Disposals","Nominal $",null,null,null,null,{"$f":"General!H$65","v":765869.13899999997},{"$f":"General!I$65","v":678520.65264099988},{"$f":"General!J$65","v":590091.0656938199},{"$f":"General!K$65","v":499892.88700769632},{"$f":"General!L$65","v":432548.38080000004},{"$f":"General!M$65","v":441199.34841600008},{"$f":"General!N$65","v":450023.33538432006}]
[null,"Adjusted RAB value","Nominal $",null,null,null,null,{"$f":"H41-H42-H43","v":445138700.92574483},{"$f":"I41-I42-I43","v":495889318.99009043},557458014.53123164,626055431.553491,682795709.18957651,743447881.8452791,800902705.73670673]
[null,"multiply by Revaluation rate","%",null,null,null,null,{"$f":"General!H$71","v":1.6999999999999904E-2},{"$f":"General!I$71","v":1.8999999999999906E-2},{"$f":"General!J$71","v":2.0000000000000018E-2},{"$f":"General!K$71","v":2.0000000000000018E-2},{"$f":"General!L$71","v":2.0000000000000018E-2},{"$f":"General!M$71","v":2.0000000000000018E-2},{"$f":"General!N$71","v":2.0000000000000018E-2}]
[null,"Total Revaluation","Nominal $",null,"IM 5.3.10",null,null,{"$f":"H44*H45","v":7567357.9157376196},{"$f":"I44*I45","v":9421897.0608116724},11149160.290624643,12521108.631069832,13655914.183791542,14868957.636905596,16018054.114734149]
[]
[null,"Total depreciation"]
[]
[null,"Opening RAB value","Nominal $",null,null,null,null,{"$f":"H13","v":447072181.50474483},497735451.08273143,559288391.86815643,627822597.11690843,684395869.01037657,745073522.43976164,802681126.81963706]
[null,"multiply by (1 / Remaining asset life)","#.##",null,null,null,null,{"$f":"IFERROR(1/General!H$73,0)","v":3.764758376394868E-2},{"$f":"IFERROR(1/General!I$73,0)","v":3.774378679238611E-2},{"$f":"IFERROR(1/General!J$73,0)","v":3.7009885830322733E-2},{"$f":"IFERROR(1/General!K$73,0)","v":3.6584052602442622E-2},{"$f":"IFERROR(1/General!L$73,0)","v":3.6137757528611973E-2},{"$f":"IFERROR(1/General!M$73,0)","v":3.5913629467557995E-2},{"$f":"IFERROR(1/General!N$73,0)","v":3.5787063910203844E-2}]
[null,"Total depreciation","Nominal $",null,"IM 5.3.7 (2)",null,null,{"$f":"IFERROR(H50*H51,0)","v":16831187.401731148},{"$f":"IFERROR(I50*I51,0)","v":18786420.744678739},20699199.52926527,22968294.91792712,24732531.96788067,26758294.410989858,28725600.785008788]
[]
[null,"Total opening RAB value without revaluations"]
[]
[null,"Opening RAB value without revaluations","Nominal $",null,null,null,null,{"$f":"IF(H$5=General!$H$5,General!$H$75,G60)","v":410128234.41980636},{"$f":"IF(I$5=General!$H$5,General!$H$75,H60)","v":454934579.98637861},{"$f":"IF(J$5=General!$H$5,General!$H$75,I60)","v":509086056.6993472},{"$f":"IF(K$5=General!$H$5,General!$H$75,J60)","v":568875506.10200667},{"$f":"IF(L$5=General!$H$5,General!$H$75,K60)","v":615766364.69428837},{"$f":"IF(M$5=General!$H$5,General!$H$75,L60)","v":666041474.66401792},{"$f":"IF(N$5=General!$H$5,General!$H$75,M60)","v":712566256.13378489}]
[null,"less Adjusted depreciation","Nominal $",null,null,null,null,{"$f":"H66","v":15171757.63640783},{"$f":"I66","v":16829643.408964437},18370021.150426958,20214627.475051567,21511709.624544833,23013359.032608788,24423390.631217752]
[null,"less Disposals without revaluations","Nominal $",null,null,null,null,{"$f":"General!H$79","v":714865},{"$f":"General!I$79","v":614865},{"$f":"General!J$79","v":514865},{"$f":"General!K$79","v":414865},{"$f":"General!L$79","v":400000},{"$f":"General!M$79","v":400000},{"$f":"General!N$79","v":400000}]
[null,"add Total value of commissioned assets","Nominal $",null,null,null,null,{"$f":"H17","v":60692968.202980123},71595985.121933058,78674335.553086504,67520351.067333221,72186819.594274342,69938140.502375692,65667779.558910623]
[null,"Closing RAB value without revaluations","Nominal $",null,null,null,null,{"$f":"H56-H57-H58+H59","v":454934579.98637861},{"$f":"I56-I57-I58+I59","v":509086056.6993472},568875506.10200667,615766364.69428837,666041474.66401792,712566256.13378489,753410645.06147778]
[]
[null,"Total adjusted depreciation"]
[]
[null,"Opening RAB value","Nominal $",null,null,null,null,{"$f":"H56","v":410128234.41980636},{"$f":"I56","v":454934579.98637861},509086056.6993472,568875506.10200667,615766364.69428837,666041474.66401792,712566256.13378489]
[null,"multiply by (1 / Remaining asset life)","#.##",null,null,null,null,{"$f":"1/General!H83","v":3.6992716821534537E-2},{"$f":"1/General!I83","v":3.6993546213761858E-2},{"$f":"1/General!J83","v":3.6084314053951405E-2},{"$f":"1/General!K83","v":3.5534360784074299E-2},{"$f":"1/General!L83","v":3.493485655915101E-2},{"$f":"1/General!M83","v":3.4552441413979194E-2},{"$f":"1/General!N83","v":3.427525569865357E-2}]
[null,"Total depreciation","Nominal $",null,null,null,null,{"$f":"IFERROR(H64*H65,0)","v":15171757.63640783},{"$f":"IFERROR(I64*I65,0)","v":16829643.408964437},18370021.150426958,20214627.475051567,21511709.624544833,23013359.032608788,24423390.631217752]

{"sheet":"TAXx","index":6,"n_rows":78,"n_cols":14,"rows_kept":78,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"TAXx"},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"Regulatory Tax Module","Units","Value","IM reference"]
[]
[null,"Forecast regulatory tax allowance"]
[]
[null,"Regulatory taxable income","Nominal $",null,null,null,null,{"$f":"H24","v":24348166.066588592},{"$f":"I24","v":18029022.407060035},18929825.763645522,20306527.334668331,22165389.509659328,24122340.886667702,25612295.345427733]
[null,"less Utilised tax losses","Nominal $",null,null,null,null,{"$f":"H37","v":0},{"$f":"I37","v":0},0,0,0,0,0]
[null,"Regulatory net taxable income","Nominal $",null,"IM 5.3.13 (2)",null,null,{"$f":"MAX(H13-H14,0)","v":24348166.066588592},{"$f":"MAX(I13-I14,0)","v":18029022.407060035},18929825.763645522,20306527.334668331,22165389.509659328,24122340.886667702,25612295.345427733]
[null,"multiply by Corporate tax rate","%",null,null,null,null,{"$f":"H78","v":0.28000000000000003},{"$f":"I78","v":0.28000000000000003},0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[null,"Forecast regulatory tax allowance","Nominal $",null,"IM 5.3.13 (1)",null,null,{"$f":"H15*H16","v":6817486.4986448064},{"$f":"I15*I16","v":5048126.2739768103},5300351.2138207471,5685827.6537071336,6206309.0627046125,6754255.448266957,7171442.6967197657]
[]
[null,"Regulatory taxable income"]
[]
[null,"Regulatory profit/(loss) before tax","Nominal $",null,null,null,null,{"$f":"H31","v":31066300.007817298},{"$f":"I31","v":18428654.310435761},19661856.570273593,21282140.27653693,23060786.016339492,24825933.671944648,26344570.623724088]
[null,"add permanent differences","Nominal $",null,null,null,null,{"$f":"H45","v":-1509617.102767908},{"$f":"I45","v":-1178015.140148588},-1131285.7088566257,-1087390.6508846185,-818646.45579739241,-487463.03973466484,-459290.01025576703]
[null,"add regulatory tax adjustments","Nominal $",null,null,null,null,{"$f":"H67","v":-5208516.8384607993},{"$f":"I67","v":778383.23677286226},399254.90222855471,111777.70901601575,-76750.050882771611,-216129.74554228038,-272985.26804058626]
[null,"Regulatory taxable income","Nominal $",null,"IM 5.3.13 (3)",null,null,{"$f":"SUM(H21:H23)","v":24348166.066588592},{"$f":"SUM(I21:I23)","v":18029022.407060035},18929825.763645522,20306527.334668331,22165389.509659328,24122340.886667702,25612295.345427733]
[]
[null,"Regulatory profit / (loss) before tax"]
[]
[null,"Building blocks allowable revenue before tax","Nominal $",null,null,null,null,{"$f":"BBARx!H37","v":95136158.510641098},{"$f":"BBARx!I37","v":85760533.604685694},{"$f":"BBARx!J37","v":83392481.330572918},{"$f":"BBARx!K37","v":89533046.635240883},{"$f":"BBARx!L37","v":90664294.227115095},{"$f":"BBARx!M37","v":93373146.050861776},{"$f":"BBARx!N37","v":97022776.092541486}]
[null,"less Forecast operating expenditure","Nominal $",null,null,null,null,{"$f":"General!H27","v":47238671.101092651},{"$f":"General!I27","v":48545458.549571194},{"$f":"General!J27","v":43031425.231034055},{"$f":"General!K27","v":45282611.440776832},{"$f":"General!L27","v":42870976.242894933},{"$f":"General!M27","v":41788917.96792727},{"$f":"General!N27","v":41952604.68380861}]
[null,"less Total depreciation","Nominal $",null,null,null,null,{"$f":"RABx!H14","v":16831187.401731148},{"$f":"RABx!I14","v":18786420.744678739},{"$f":"RABx!J14","v":20699199.52926527},{"$f":"RABx!K14","v":22968294.91792712},{"$f":"RABx!L14","v":24732531.96788067},{"$f":"RABx!M14","v":26758294.410989858},{"$f":"RABx!N14","v":28725600.785008788}]
[null,"Regulatory profit/(loss) before tax","Nominal $",null,"IM 5.3.13 (4)",null,null,{"$f":"H28-H29-H30","v":31066300.007817298},{"$f":"I28-I29-I30","v":18428654.310435761},19661856.570273593,21282140.27653693,23060786.016339492,24825933.671944648,26344570.623724088]
[]
[null,"Utilised tax losses"]
[]
[null,"Opening tax losses","Nominal $",null,"IM 5.3.14 (3)",null,null,{"$f":"IF(H5=General!$H$5,General!$H$31,G38)","v":0},{"$f":"IF(I5=General!$H$5,General!$H$31,H38)","v":0},{"$f":"IF(J5=General!$H$5,General!$H$31,I38)","v":0},{"$f":"IF(K5=General!$H$5,General!$H$31,J38)","v":0},{"$f":"IF(L5=General!$H$5,General!$H$31,K38)","v":0},{"$f":"IF(M5=General!$H$5,General!$H$31,L38)","v":0},{"$f":"IF(N5=General!$H$5,General!$H$31,M38)","v":0}]
[null,"add Regulatory taxable income losses","Nominal $",null,null,null,null,{"$f":"-MIN(H24,0)","v":0},{"$f":"-MIN(I24,0)","v":0},0,0,0,0,0]
[null,"less Utilised tax losses","Nominal $",null,"IM 5.3.14 (1)",null,null,{"$f":"MIN(H35,MAX(H24,0))","v":0},{"$f":"MIN(I35,MAX(I24,0))","v":0},0,0,0,0,0]
[null,"Closing tax losses","Nominal $",null,"IM 5.3.14 (5)",null,null,{"$f":"H35+H36-H37","v":0},{"$f":"I35+I36-I37","v":0},0,0,0,0,0]
[]
[null,"Permanent differences"]
[]
[null,"Positive permanent differences","Nominal $",null,"IM 5.3.15 (2)",null,null,{"$f":"General!H33","v":15882.009834831513},{"$f":"General!I33","v":16202.688849642136},{"$f":"General!J33","v":16515.753950121016},{"$f":"General!K33","v":16845.0925078656},{"$f":"General!L33","v":17180.998364078354},{"$f":"General!M33","v":17524.618331359921},{"$f":"General!N33","v":17875.110697987118}]
[null,"less Discretionary discounts and customer rebates","Nominal $",null,"IM 2.3.3 (6)",null,null,{"$f":"General!H35","v":0},{"$f":"General!I35","v":0},{"$f":"General!J35","v":0},{"$f":"General!K35","v":0},{"$f":"General!L35","v":0},{"$f":"General!M35","v":0},{"$f":"General!N35","v":0}]
[null,"less Negative permanent differences","Nominal $",null,"IM 5.3.15 (4)",null,null,{"$f":"General!H37","v":1525499.1126027396},{"$f":"General!I37","v":1194217.8289982302},{"$f":"General!J37","v":1147801.4628067468},{"$f":"General!K37","v":1104235.743392484},{"$f":"General!L37","v":835827.45416147076},{"$f":"General!M37","v":504987.65806602477},{"$f":"General!N37","v":477165.12095375417}]
[null,"Permanent Differences","Nominal $",null,"IM 5.3.15 (1)",null,null,{"$f":"H42-H43-H44","v":-1509617.102767908},{"$f":"I42-I43-I44","v":-1178015.140148588},-1131285.7088566257,-1087390.6508846185,-818646.45579739241,-487463.03973466484,-459290.01025576703]
[]
[null,"Regulatory tax adjustments"]
[]
[null,"Amortisation of initial differences in asset values","Nominal $",null,"IM 5.3.17 (1)",null,null,{"$f":"H72","v":4981633.031483287},{"$f":"I72","v":4972594.4425995117},4964949.7216833243,4958636.1820886396,4953529.0134051265,4949161.1566505106,4944725.1591894394]
[null,"add:"]
[null,"Amortisation of revaluations"]
[null,"Total depreciation","Nominal $",null,null,null,null,{"$f":"RABx!H14","v":16831187.401731148},{"$f":"RABx!I14","v":18786420.744678739},{"$f":"RABx!J14","v":20699199.52926527},{"$f":"RABx!K14","v":22968294.91792712},{"$f":"RABx!L14","v":24732531.96788067},{"$f":"RABx!M14","v":26758294.410989858},{"$f":"RABx!N14","v":28725600.785008788}]
[null,"less Adjusted Depreciation","Nominal $",null,null,null,null,{"$f":"RABx!H23","v":15171757.63640783},{"$f":"RABx!I23","v":16829643.408964437},{"$f":"RABx!J23","v":18370021.150426958},{"$f":"RABx!K23","v":20214627.475051567},{"$f":"RABx!L23","v":21511709.624544833},{"$f":"RABx!M23","v":23013359.032608788},{"$f":"RABx!N23","v":24423390.631217752}]
[null,"Amortisation of revaluations","Nominal $",null,"IM 5.3.18",null,null,{"$f":"H52-H53","v":1659429.7653233185},{"$f":"I52-I53","v":1956777.335714303},2329178.3788383119,2753667.4428755529,3220822.3433358371,3744935.3783810697,4302210.1537910365]
[null,"less:"]
[null,"Notional deductible interest"]
[null,"regulatory investment value","Nominal $",null,null,null,null,{"$f":"BBARx!H49","v":425435289.44883531},{"$f":"BBARx!I49","v":473262352.94626999},{"$f":"BBARx!J49","v":531204307.39598805},{"$f":"BBARx!K49","v":595123919.79946625},{"$f":"BBARx!L49","v":646567028.09805942},{"$f":"BBARx!M49","v":702222501.4294132},{"$f":"BBARx!N49","v":754802706.91484284}]
[null,"add RAB proportionate investment","Nominal $",null,"IM 5.3.16 (3)",null,null,{"$f":"RABx!H37","v":30045641.448516063},{"$f":"RABx!I37","v":35555879.446247801},{"$f":"RABx!J37","v":39149086.962172233},{"$f":"RABx!K37","v":33602037.936985128},{"$f":"RABx!L37","v":35975429.128947414},{"$f":"RABx!M37","v":34843671.866231851},{"$f":"RABx!N37","v":32698217.503850177}]
[null,"Asset Base","Nominal $",null,null,null,null,{"$f":"H57+H58","v":455480930.89735138},{"$f":"I57+I58","v":508818232.39251781},570353394.35816026,628725957.73645139,682542457.22700679,737066173.295645,787500924.41869307]
[null,"multiply by leverage","%",null,null,null,null,{"$f":"General!H$39","v":0.44},{"$f":"General!I$39","v":0.42},{"$f":"General!J$39","v":0.42},{"$f":"General!K$39","v":0.42},{"$f":"General!L$39","v":0.42},{"$f":"General!M$39","v":0.42},{"$f":"General!N$39","v":0.42}]
[null,"Proportion of Asset base funded by Debt","Nominal $",null,null,null,null,{"$f":"H59*H60","v":200411609.5948346},{"$f":"I59*I60","v":213703657.60485747},239548425.6304273,264064902.24930957,286667832.03534287,309567792.78417087,330750388.25585109]
[null,"multiply by cost of debt","%",null,null,null,null,{"$f":"General!H41","v":6.0900000000000003E-2},{"$f":"General!I41","v":2.9200000000000004E-2},{"$f":"General!J41","v":2.9200000000000004E-2},{"$f":"General!K41","v":2.9200000000000004E-2},{"$f":"General!L41","v":2.9200000000000004E-2},{"$f":"General!M41","v":2.9200000000000004E-2},{"$f":"General!N41","v":2.9200000000000004E-2}]
[null,"Notional interest","Nominal $",null,null,null,null,{"$f":"H61*H62","v":12205067.024325427},{"$f":"I61*I62","v":6240146.802061839},6994814.028408478,7710695.1456798408,8370700.6954320129,9039379.549297791,9657911.3370708525]
[null,"add term credit spread differential","Nominal $",null,null,null,null,{"$f":"General!H21","v":0},{"$f":"General!I21","v":0},{"$f":"General!J21","v":0},{"$f":"General!K21","v":0},{"$f":"General!L21","v":0},{"$f":"General!M21","v":0},{"$f":"General!N21","v":0}]
[null,"Notional deductible interest","Nominal $",null,"IM 5.3.16 (2)",null,null,{"$f":"(H63+H64)/(SQRT(1+General!H41))","v":11849579.635267405},{"$f":"(I63+I64)/(SQRT(1+General!I41))","v":6150988.5415409524},{"$f":"(J63+J64)/(SQRT(1+General!J41))","v":6894873.1982930815},{"$f":"(K63+K64)/(SQRT(1+General!K41))","v":7600525.9159481768},{"$f":"(L63+L64)/(SQRT(1+General!L41))","v":8251101.4076237353},{"$f":"(M63+M64)/(SQRT(1+General!M41))","v":8910226.2805738598},{"$f":"(N63+N64)/(SQRT(1+General!N41))","v":9519920.581021063}]
[]
[null,"Regulatory tax adjustments","Nominal $",null,"IM 5.3.16 (1)",null,null,{"$f":"H49+H54-H65","v":-5208516.8384607993},{"$f":"I49+I54-I65","v":778383.23677286226},399254.90222855471,111777.70901601575,-76750.050882771611,-216129.74554228038,-272985.26804058626]
[]
[null,"Amortisation of initial differences in asset values"]
[]
[null,"Opening unamortised initial difference in asset values","Nominal $",null,"IM 5.3.17 (2)",null,null,{"$f":"IF(G74=\"\",General!$H$43,G74)","v":89221047.593865678},{"$f":"IF(H74=\"\",General!$H$43,H74)","v":84086572.024357751},{"$f":"IF(I74=\"\",General!$H$43,I74)","v":78992350.071981683},{"$f":"IF(J74=\"\",General!$H$43,J74)","v":73933265.474941611},{"$f":"IF(K74=\"\",General!$H$43,K74)","v":68903588.576465309},{"$f":"IF(L74=\"\",General!$H$43,L74)","v":63893670.532358095},{"$f":"IF(M74=\"\",General!$H$43,M74)","v":58891676.64594622}]
[null,"less Amortisation based on weighted average remaining useful life of relevant assets","Nominal $",null,"IM 5.3.17 (1)",null,null,{"$f":"H71/General!H47","v":4981633.031483287},{"$f":"I71/General!I47","v":4972594.4425995117},{"$f":"J71/General!J47","v":4964949.7216833243},{"$f":"K71/General!K47","v":4958636.1820886396},{"$f":"L71/General!L47","v":4953529.0134051265},{"$f":"M71/General!M47","v":4949161.1566505106},{"$f":"N71/General!N47","v":4944725.1591894394}]
[null,"add Adjustment to opening unamortised initial differences in asset values for sold or acquired assets","Nominal $",null,"IM 5.3.17 (5)",null,null,{"$f":"General!H45","v":-152842.53802462705},{"$f":"General!I45","v":-121627.50977655606},{"$f":"General!J45","v":-94134.875356744917},{"$f":"General!K45","v":-71040.716387663444},{"$f":"General!L45","v":-56389.030702085089},{"$f":"General!M45","v":-52832.729761362578},{"$f":"General!N45","v":-50021.798299608789}]
[null,"Closing unamortised initial difference in asset values","Nominal $",null,"IM 5.3.17 (6)",null,null,{"$f":"H71-H72+H73","v":84086572.024357751},{"$f":"I71-I72+I73","v":78992350.071981683},73933265.474941611,68903588.576465309,63893670.532358095,58891676.64594622,53896929.688457169]
[]
[null,"Corporate tax rate"]
[]
[null,"Corporate Tax Rate","%",null,"IM 1.1.4 (2)",null,null,{"$f":"General!H29","v":0.28000000000000003},{"$f":"General!I29","v":0.28000000000000003},{"$f":"General!J29","v":0.28000000000000003},{"$f":"General!K29","v":0.28000000000000003},{"$f":"General!L29","v":0.28000000000000003},{"$f":"General!M29","v":0.28000000000000003},{"$f":"General!N29","v":0.28000000000000003}]

{"sheet":"DTAXx","index":7,"n_rows":30,"n_cols":14,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"DTAXx"},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"Deferred Tax Module","Units","Value","IM reference"]
[]
[null,"Opening Deferred Tax"]
[null,"Prior year's Closing Deferred Tax","Nominal $",null,"IM 5.3.19 (1)",null,null,{"$f":"IF(H5=General!$H$5,General!$H$49,G30)","v":-20258920.483705156},{"$f":"IF(I5=General!$H$5,General!$H$49,H30)","v":-24432334.205343328},{"$f":"IF(J5=General!$H$5,General!$H$49,I30)","v":-27950581.24210123},{"$f":"IF(K5=General!$H$5,General!$H$49,J30)","v":-32623884.893986851},{"$f":"IF(L5=General!$H$5,General!$H$49,K30)","v":-37690244.446416624},{"$f":"IF(M5=General!$H$5,General!$H$49,L30)","v":-42812842.171989761},{"$f":"IF(N5=General!$H$5,General!$H$49,M30)","v":-47878419.904794164}]
[null,"Deferred tax related to commissioned assets with no RTAV","Nominal $",null,null,null,null,{"$f":"General!H61","v":-1377971.5722043533},{"$f":"General!I61","v":-40763.9311181257},{"$f":"General!J61","v":-133503.23006713769},{"$f":"General!K61","v":-74792.423455280339},{"$f":"General!L61","v":-138596.46590052976},{"$f":"General!M61","v":-38178.83835863875},{"$f":"General!N61","v":0}]
[null,"Opening Deferred Tax","Nominal $",null,null,null,null,{"$f":"H12+H13","v":-21636892.055909507},-24473098.136461455,-28084084.472168367,-32698677.31744213,-37828840.912317157,-42851021.010348402,-47878419.904794164]
[]
[null,"Less:"]
[null,"tax effect of amortisation of initial difference in asset values","Nominal $",null,null,null,null,{"$f":"TAXx!H72*TAXx!H78","v":1394857.2488153204},{"$f":"TAXx!I72*TAXx!I78","v":1392326.4439278634},{"$f":"TAXx!J72*TAXx!J78","v":1390185.9220713309},{"$f":"TAXx!K72*TAXx!K78","v":1388418.1309848193},{"$f":"TAXx!L72*TAXx!L78","v":1386988.1237534354},{"$f":"TAXx!M72*TAXx!M78","v":1385765.1238621431},{"$f":"TAXx!N72*TAXx!N78","v":1384523.0445730432}]
[null,"Deferred tax balance relating to assets disposed of in the disclosure year in question","Nominal $",null,null,null,null,{"$f":"General!H85","v":-34705.093785308716},{"$f":"General!I85","v":-27617.273229189635},{"$f":"General!J85","v":-21374.675662594556},{"$f":"General!K85","v":-16130.815129568991},{"$f":"General!L85","v":-12803.939428584943},{"$f":"General!M85","v":-11996.430215039498},{"$f":"General!N85","v":-11358.167848652192}]
[null,"Add:"]
[null,"Tax Effect of Temporary Differences",null,null,"IM 5.3.20"]
[null,"Adjusted Depreciation","Nominal $",null,null,null,null,{"$f":"RABx!H23*TAXx!H78","v":4248092.1381941931},{"$f":"RABx!I23*TAXx!I78","v":4712300.1545100426},{"$f":"RABx!J23*TAXx!J78","v":5143605.9221195485},{"$f":"RABx!K23*TAXx!K78","v":5660095.6930144392},{"$f":"RABx!L23*TAXx!L78","v":6023278.6948725535},{"$f":"RABx!M23*TAXx!M78","v":6443740.5291304616},{"$f":"RABx!N23*TAXx!N78","v":6838549.3767409706}]
[null,"less Tax depreciation","Nominal $",null,null,null,null,{"$f":"General!H51*TAXx!H78","v":7031868.9167254362},{"$f":"General!I51*TAXx!I78","v":8240513.822077198},{"$f":"General!J51*TAXx!J78","v":9776452.0461486001},{"$f":"General!K51*TAXx!K78","v":10813673.030457102},{"$f":"General!L51*TAXx!L78","v":11261067.207190922},{"$f":"General!M51*TAXx!M78","v":11840883.461035015},{"$f":"General!N51*TAXx!N78","v":12457983.899505246}]
[null,"Tax effect of Depreciation temporary differences","Nominal $",null,null,null,null,{"$f":"H21-H22","v":-2783776.7785312431},{"$f":"I21-I22","v":-3528213.6675671553},-4632846.1240290515,-5153577.3374426626,-5237788.5123183681,-5397142.9319045534,-5619434.5227642758]
[null,"Tax effect of positive temporary differences","Nominal $",null,null,null,null,{"$f":"General!H53*TAXx!H78","v":1348486.7841274342},{"$f":"General!I53*TAXx!I78","v":1415439.7326260547},{"$f":"General!J53*TAXx!J78","v":1461856.9486193045},{"$f":"General!K53*TAXx!K78","v":1534297.524323415},{"$f":"General!L53*TAXx!L78","v":1627971.4369706193},{"$f":"General!M53*TAXx!M78","v":1743512.7311058918},{"$f":"General!N53*TAXx!N78","v":1854022.952476678}]
[null,"less Tax effect of negative temporary differences","Nominal $",null,null,null,null,{"$f":"-General!H55*TAXx!H78","v":0},{"$f":"-General!I55*TAXx!I78","v":0},{"$f":"-General!J55*TAXx!J78","v":0},{"$f":"-General!K55*TAXx!K78","v":0},{"$f":"-General!L55*TAXx!L78","v":0},{"$f":"-General!M55*TAXx!M78","v":0},{"$f":"-General!N55*TAXx!N78","v":0}]
[null,"tax effect of temporary differences","Nominal $",null,null,null,null,{"$f":"SUM(H23:H25)","v":-1435289.9944038088},{"$f":"SUM(I23:I25)","v":-2112773.9349411009},-3170989.1754097473,-3619279.8131192476,-3609817.0753477486,-3653630.2007986614,-3765411.5702875978]
[null,"deferred tax balance relating to assets acquired in the disclosure year in question","Nominal $",null,null,null,null,{"$f":"General!H57","v":0},{"$f":"General!I57","v":0},{"$f":"General!J57","v":0},{"$f":"General!K57","v":0},{"$f":"General!L57","v":0},{"$f":"General!M57","v":0},{"$f":"General!N57","v":0}]
[null,"cost allocation adjustment","Nominal $",null,null,null,null,{"$f":"General!H59","v":0},{"$f":"General!I59","v":0},{"$f":"General!J59","v":0},{"$f":"General!K59","v":0},{"$f":"General!L59","v":0},{"$f":"General!M59","v":0},{"$f":"General!N59","v":0}]
[]
[null,"Closing Deferred Tax","Nominal $",null,"IM 5.3.19 (2)",null,null,{"$f":"H14-H17-H18+SUM(H26:H28)","v":-24432334.205343328},{"$f":"I14-I17-I18+SUM(I26:I28)","v":-27950581.24210123},-32623884.893986851,-37690244.446416624,-42812842.171989761,-47878419.904794164,-53016996.351806156]

{"sheet":"BBARx","index":8,"n_rows":49,"n_cols":14,"rows_kept":49,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"BBARx"},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"Building Blocks Allowable Revenue (BBAR) Module","Units","Value","IM reference"]
[]
[null,"Building Blocks Allowable Revenue Before Tax (BBAR Before Tax)"]
[]
[null,"Calculation A"]
[null,"Regulatory investment value x Cost of capital","Nominal $",null,null,null,null,{"$f":"H49*General!H15","v":30588797.311371263},{"$f":"I49*General!I15","v":21628089.529644538},{"$f":"J49*General!J15","v":24276036.847996652},{"$f":"K49*General!K15","v":27197163.134835605},{"$f":"L49*General!L15","v":29548113.184081312},{"$f":"M49*General!M15","v":32091568.31532418},{"$f":"N49*General!N15","v":34494483.706008315}]
[null,"add (Total value of commissioned assets x (TFVCA - 1))","Nominal $",null,null,null,null,{"$f":"RABx!H17*(RABx!H33-1)","v":2138065.5988310319},{"$f":"RABx!I17*(RABx!I33-1)","v":1613210.994463325},{"$f":"RABx!J17*(RABx!J33-1)","v":1772701.4005070969},{"$f":"RABx!K17*(RABx!K33-1)","v":1521378.2240210697},{"$f":"RABx!L17*(RABx!L33-1)","v":1626523.7614441058},{"$f":"RABx!M17*(RABx!M33-1)","v":1575856.2019728378},{"$f":"RABx!N17*(RABx!N33-1)","v":1479635.8173717714}]
[null,"add (Term credit spread differential allowance x TF)","Nominal $",null,null,null,null,{"$f":"General!H21*General!H23","v":0},{"$f":"General!I21*General!I23","v":0},{"$f":"General!J21*General!J23","v":0},{"$f":"General!K21*General!K23","v":0},{"$f":"General!L21*General!L23","v":0},{"$f":"General!M21*General!M23","v":0},{"$f":"General!N21*General!N23","v":0}]
[null,"less Total revaluation","Nominal $",null,null,null,null,{"$f":"RABx!H16","v":7567357.9157376196},{"$f":"RABx!I16","v":9421897.0608116724},{"$f":"RABx!J16","v":11149160.290624643},{"$f":"RABx!K16","v":12521108.631069832},{"$f":"RABx!L16","v":13655914.183791542},{"$f":"RABx!M16","v":14868957.636905596},{"$f":"RABx!N16","v":16018054.114734149}]
[null,null,"Nominal $",null,null,null,null,{"$f":"H14+H15+H16-H17","v":25159504.994464673},{"$f":"I14+I15+I16-I17","v":13819403.46329619},14899577.957879106,16197432.727786843,17518722.761733875,18798466.880391419,19956065.408645935]
[null,"divide by TFrev - Corporate tax rate x TF","#.##",null,null,null,null,{"$f":"General!H25-TAXx!H78*General!H23","v":0.73868990179601857},{"$f":"General!I25-TAXx!I78*General!I23","v":0.7319756180533814},{"$f":"General!J25-TAXx!J78*General!J23","v":0.7319756180533814},{"$f":"General!K25-TAXx!K78*General!K23","v":0.7319756180533814},{"$f":"General!L25-TAXx!L78*General!L23","v":0.7319756180533814},{"$f":"General!M25-TAXx!M78*General!M23","v":0.7319756180533814},{"$f":"General!N25-TAXx!N78*General!N23","v":0.7319756180533814}]
[null,"Subtotal A","Nominal $",null,null,null,null,{"$f":"H18/H19","v":34059630.344604611},18879595.334128153,20355292.704288561,22128377.405332644,23933478.560834073,25681821.110905483,27263292.542061944]
[]
[null,"Calculation B"]
[null,"add Total depreciation x (1 - Corporate tax rate x TF)","Nominal $",null,null,null,null,{"$f":"RABx!H14*(1-TAXx!H78*General!H23)","v":11952436.830704678},{"$f":"RABx!I14*(1-TAXx!I78*General!I23)","v":13407699.405508582},{"$f":"RABx!J14*(1-TAXx!J78*General!J23)","v":14772832.408836769},{"$f":"RABx!K14*(1-TAXx!K78*General!K23)","v":16392265.365602691},{"$f":"RABx!L14*(1-TAXx!L78*General!L23)","v":17651385.469816186},{"$f":"RABx!M14*(1-TAXx!M78*General!M23)","v":19097153.893365946},{"$f":"RABx!N14*(1-TAXx!N78*General!N23)","v":20501202.746517397}]
[null,"add Forecast operating expenditure x TF x (1 - Corporate tax rate)","Nominal $",null,null,null,null,{"$f":"General!H27*General!H23*(1-TAXx!H78)","v":35209997.674869888},{"$f":"General!I27*General!I23*(1-TAXx!I78)","v":35740290.079304874},{"$f":"General!J27*General!J23*(1-TAXx!J78)","v":31680731.138065655},{"$f":"General!K27*General!K23*(1-TAXx!K78)","v":33338106.525231473},{"$f":"General!L27*General!L23*(1-TAXx!L78)","v":31562604.879701708},{"$f":"General!M27*General!M23*(1-TAXx!M78)","v":30765968.535427269},{"$f":"General!N27*General!N23*(1-TAXx!N78)","v":30886478.483886275}]
[null,"add (Closing deferred tax - Opening deferred tax) x (TF - 1)","Nominal $",null,null,null,null,{"$f":"(DTAXx!H30-DTAXx!H14)*(General!H23-1)","v":-98476.62538496936},{"$f":"(DTAXx!I30-DTAXx!I14)*(General!I23-1)","v":-78355.147562038139},{"$f":"(DTAXx!J30-DTAXx!J14)*(General!J23-1)","v":-102291.43353044323},{"$f":"(DTAXx!K30-DTAXx!K14)*(General!K23-1)","v":-112470.70570157655},{"$f":"(DTAXx!L30-DTAXx!L14)*(General!L23-1)","v":-112300.23045048959},{"$f":"(DTAXx!M30-DTAXx!M14)*(General!M23-1)","v":-113278.07217486185},{"$f":"(DTAXx!N30-DTAXx!N14)*(General!N23-1)","v":-115783.14071790817}]
[null,"Add"]
[null,"Permanent differences","Nominal $",null,null,null,null,{"$f":"TAXx!H45","v":-1509617.102767908},{"$f":"TAXx!I45","v":-1178015.140148588},{"$f":"TAXx!J45","v":-1131285.7088566257},{"$f":"TAXx!K45","v":-1087390.6508846185},{"$f":"TAXx!L45","v":-818646.45579739241},{"$f":"TAXx!M45","v":-487463.03973466484},{"$f":"TAXx!N45","v":-459290.01025576703}]
[null,"add Regulatory tax adjustments","Nominal $",null,null,null,null,{"$f":"TAXx!H67","v":-5208516.8384607993},{"$f":"TAXx!I67","v":778383.23677286226},{"$f":"TAXx!J67","v":399254.90222855471},{"$f":"TAXx!K67","v":111777.70901601575},{"$f":"TAXx!L67","v":-76750.050882771611},{"$f":"TAXx!M67","v":-216129.74554228038},{"$f":"TAXx!N67","v":-272985.26804058626}]
[null,"less Utilised tax losses","Nominal $",null,null,null,null,{"$f":"TAXx!H35","v":0},{"$f":"TAXx!I35","v":0},{"$f":"TAXx!J35","v":0},{"$f":"TAXx!K35","v":0},{"$f":"TAXx!L35","v":0},{"$f":"TAXx!M35","v":0},{"$f":"TAXx!N35","v":0}]
[null,null,"Nominal $",null,null,null,null,{"$f":"H27+H28-H29","v":-6718133.9412287073},{"$f":"I27+I28-I29","v":-399631.90337572573},-732030.806628071,-975612.94186860276,-895396.50668016402,-703592.78527694521,-732275.2782963533]
[null,"multiply by (Corporate tax rate x TF)","#.##",null,null,null,null,{"$f":"TAXx!H78*General!H23","v":0.28986371873707928},{"$f":"TAXx!I78*General!I23","v":0.28630900011614419},{"$f":"TAXx!J78*General!J23","v":0.28630900011614419},{"$f":"TAXx!K78*General!K23","v":0.28630900011614419},{"$f":"TAXx!L78*General!L23","v":0.28630900011614419},{"$f":"TAXx!M78*General!M23","v":0.28630900011614419},{"$f":"TAXx!N78*General!N23","v":0.28630900011614419}]
[null,null,"Nominal $",null,null,null,null,{"$f":"H30*H31","v":-1947343.2871783439},{"$f":"I30*I31","v":-114418.21067001559},-209587.00829989751,-279326.76588676957,-256360.07853508618,-201444.94684157512,-209657.00273880013]
[null,"Subtotal","Nominal $",null,null,null,null,{"$f":"H32+H23+H24+H25","v":45116614.593011253},{"$f":"I32+I23+I24+I25","v":48955216.126581408},46141685.105072081,49338574.419245824,48845330.040532313,49548399.409776777,51062241.086946964]
[null,"divide by (TFrev - Corporate tax rate x TF)","#.##",null,null,null,null,{"$f":"General!H25-TAXx!H78*General!H23","v":0.73868990179601857},{"$f":"General!I25-TAXx!I78*General!I23","v":0.7319756180533814},{"$f":"General!J25-TAXx!J78*General!J23","v":0.7319756180533814},{"$f":"General!K25-TAXx!K78*General!K23","v":0.7319756180533814},{"$f":"General!L25-TAXx!L78*General!L23","v":0.7319756180533814},{"$f":"General!M25-TAXx!M78*General!M23","v":0.7319756180533814},{"$f":"General!N25-TAXx!N78*General!N23","v":0.7319756180533814}]
[null,"Subtotal B","Nominal $",null,null,null,null,{"$f":"H33/H34","v":61076528.166036487},66880938.270557545,63037188.626284361,67404669.229908243,66730815.666281015,67691324.939956293,69759483.550479546]
[]
[null,"BBAR before tax (A+B)","Nominal $",null,"IM 5.3.2 (1)",null,null,{"$f":"H35+H20","v":95136158.510641098},85760533.604685694,83392481.330572918,89533046.635240883,90664294.227115095,93373146.050861776,97022776.092541486]
[]
[null,"Building Blocks Allowable Revenue After Tax (BBAR After Tax)"]
[]
[null,"BBAR before tax","Nominal $",null,null,null,null,{"$f":"H37","v":95136158.510641098},85760533.604685694,83392481.330572918,89533046.635240883,90664294.227115095,93373146.050861776,97022776.092541486]
[null,"less Forecast regulatory tax allowance","Nominal $",null,null,null,null,{"$f":"TAXx!H17","v":6817486.4986448064},{"$f":"TAXx!I17","v":5048126.2739768103},{"$f":"TAXx!J17","v":5300351.2138207471},{"$f":"TAXx!K17","v":5685827.6537071336},{"$f":"TAXx!L17","v":6206309.0627046125},{"$f":"TAXx!M17","v":6754255.448266957},{"$f":"TAXx!N17","v":7171442.6967197657}]
[null,"BBAR after tax","Nominal $",null,"IM 5.3.3 (1)",null,null,{"$f":"H41-H42","v":88318672.011996299},{"$f":"I41-I42","v":80712407.330708891},78092130.116752177,83847218.981533751,84457985.164410487,86618890.602594823,89851333.39582172]
[]
[null,"Regulatory Investment Value"]
[]
[null,"Total opening RAB value","Nominal $",null,null,null,null,{"$f":"RABx!H13","v":447072181.50474483},{"$f":"RABx!I13","v":497735451.08273143},{"$f":"RABx!J13","v":559288391.86815643},{"$f":"RABx!K13","v":627822597.11690843},{"$f":"RABx!L13","v":684395869.01037657},{"$f":"RABx!M13","v":745073522.43976164},{"$f":"RABx!N13","v":802681126.81963706}]
[null,"add Opening deferred tax","Nominal $",null,null,null,null,{"$f":"DTAXx!H14","v":-21636892.055909507},{"$f":"DTAXx!I14","v":-24473098.136461455},{"$f":"DTAXx!J14","v":-28084084.472168367},{"$f":"DTAXx!K14","v":-32698677.31744213},{"$f":"DTAXx!L14","v":-37828840.912317157},{"$f":"DTAXx!M14","v":-42851021.010348402},{"$f":"DTAXx!N14","v":-47878419.904794164}]
[null,"Regulatory investment value","Nominal $",null,"IM 5.3.2 (2)",null,null,{"$f":"H47+H48","v":425435289.44883531},{"$f":"I47+I48","v":473262352.94626999},531204307.39598805,595123919.79946625,646567028.09805942,702222501.4294132,754802706.91484284]

{"sheet":"MARx","index":9,"n_rows":55,"n_cols":14,"rows_kept":55,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"MARx"},{"$f":"IF(Goal_seek_output=0,\"Model: Ok\",\"Run goal seek on MARx sheet\")","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"Maximum Allowable Revenue (MAR) Module","Units","Value","IM reference"]
[]
[]
[]
[]
[]
[null,"Maximum Allowable Revenue Before Tax (MAR Before Tax)"]
[]
[null,"Prior year's MAR","Nominal $",null,null,null,null,null,null,null,{"$f":"J20*K41","v":96019532.033042148},{"$f":"K20*L41","v":93065554.121565416},{"$f":"L20*M41","v":90180521.943796888},{"$f":"M20*N41","v":87384925.76353918}]
[null,"multiply by (1 + ΔCPI)","#.##",null,null,null,null,null,null,null,{"$f":"(1+General!K17)*K41","v":1.0202480589770422},{"$f":"(1+General!L17)*L41","v":1.02},{"$f":"(1+General!M17)*M41","v":1.02},{"$f":"(1+General!N17)*N41","v":1.02}]
[null,"multiply by (1 - X))","#.##",null,null,null,null,null,null,null,{"$f":"1-General!$D$13","v":0.95},{"$f":"1-General!$D$13","v":0.95},{"$f":"1-General!$D$13","v":0.95},{"$f":"1-General!$D$13","v":0.95}]
[null,"MAR before tax","Nominal $",null,"IM 5.3.4 (5) & (6)",null,null,null,null,96019532.033042148,{"$f":"K17*K18*K19","v":93065554.121565416},{"$f":"L17*L18*L19","v":90180521.943796888},{"$f":"M17*M18*M19","v":87384925.76353918},{"$f":"N17*N18*N19","v":84675993.064869463}]
[]
[null,"Maximum Allowable Revenue After Tax (MAR After Tax)"]
[]
[null,"MAR before tax","Nominal $",null,null,null,null,null,null,{"$f":"J20","v":96019532.033042148},{"$f":"K20","v":93065554.121565416},{"$f":"L20","v":90180521.943796888},{"$f":"M20","v":87384925.76353918},{"$f":"N20","v":84675993.064869463}]
[null,"less Forecast regulatory tax allowance","Nominal $",null,null,null,null,null,null,{"$f":"TAXx!J17","v":5300351.2138207471},{"$f":"TAXx!K17","v":5685827.6537071336},{"$f":"TAXx!L17","v":6206309.0627046125},{"$f":"TAXx!M17*M41","v":6754255.448266957},{"$f":"TAXx!N17*N41","v":7171442.6967197657}]
[null,"MAR after tax (year end)","Nominal $",null,"IM 5.3.4 (7)",null,null,null,null,{"$f":"(J24-J25)*J34","v":92377946.401153013},{"$f":"(K24-K25)*K34","v":88977431.402080655},{"$f":"(L24-L25)*L34","v":85509649.299709499},{"$f":"(M24-M25)*M34","v":82104971.334739879},{"$f":"(N24-N25)*N34","v":78921691.478032067}]
[]
[null,"Claw-back"]
[]
[null,"Claw-back","Nominal $",{"$f":"General!$D$19","v":0},"IM 5.3.4 (2)"]
[]
[null,"TFrev"]
[]
[null,"TFrev","#.##",null,null,null,null,null,null,{"$f":"General!J25","v":1.0182846181695255},{"$f":"General!K25","v":1.0182846181695255},{"$f":"General!L25","v":1.0182846181695255},{"$f":"General!M25","v":1.0182846181695255},{"$f":"General!N25","v":1.0182846181695255}]
[]
[null,"Validation"]
[]
[null,"Check that NPV of BBAR after tax agrees to NPV of MAR after tax"]
[]
[null,"CPP year","#.##",null,null,null,null,null,null,{"$f":"IF(MAX($I40:I40)>=General!$D11,0,I40+1)","v":1},{"$f":"IF(MAX($I40:J40)>=General!$D11,0,J40+1)","v":2},{"$f":"IF(MAX($I40:K40)>=General!$D11,0,K40+1)","v":3},{"$f":"IF(MAX($I40:L40)>=General!$D11,0,L40+1)","v":4},{"$f":"IF(MAX($I40:M40)>=General!$D11,0,M40+1)","v":5}]
[null,"CPP period flag","#.##",null,null,null,null,null,null,{"$f":"(J40>0)*1","v":1},{"$f":"(K40>0)*1","v":1},{"$f":"(L40>0)*1","v":1},{"$f":"(M40>0)*1","v":1},{"$f":"(N40>0)*1","v":1}]
[]
[null,"MAR after tax (year end)","Nominal $",null,null,null,null,null,null,{"$f":"J26*J41","v":92377946.401153013},{"$f":"K26*K41","v":88977431.402080655},{"$f":"L26*L41","v":85509649.299709499},{"$f":"M26*M41","v":82104971.334739879},{"$f":"N26*N41","v":78921691.478032067}]
[null,"Number of years used to discount to present value","#.##",null,null,null,null,null,null,{"$f":"(I44+1)*J41","v":1},{"$f":"(J44+1)*K41","v":2},{"$f":"(K44+1)*L41","v":3},{"$f":"(L44+1)*M41","v":4},{"$f":"(M44+1)*N41","v":5}]
[null,"Present Value of MAR after tax using WACC","Nominal $",null,null,null,null,null,null,{"$f":"J43/(1+General!J15)^J44","v":88340773.071772978},{"$f":"K43/(1+General!K15)^K44","v":81370249.632971123},{"$f":"L43/(1+General!L15)^L44","v":74781436.123695031},{"$f":"M43/(1+General!M15)^M44","v":68665884.983746439},{"$f":"N43/(1+General!N15)^N44","v":63119106.801103771}]
[null,{"$f":"\"NPV of MAR after tax (A) [\"&General!$D$11&\" year regulatory period]\"","v":"NPV of MAR after tax (A) [5 year regulatory period]"},"Nominal $",null,null,null,null,null,null,{"$f":"SUM(J45:N45)","v":376277450.6132893}]
[]
[null,"BBAR after tax (year end)","Nominal $",null,null,null,null,null,null,{"$f":"BBARx!J43*J$34*J41","v":79520014.897981897},{"$f":"BBARx!K43*K$34*K41","v":85380333.36518769},{"$f":"BBARx!L43*L$34*L41","v":86002267.174509183},{"$f":"BBARx!M43*M$34*M41","v":88202683.94353117},{"$f":"BBARx!N43*N$34*N41","v":91494230.718987063}]
[null,"Number of years used to discount to present value","#.##",null,null,null,null,null,null,{"$f":"J44","v":1},{"$f":"K44","v":2},{"$f":"L44","v":3},{"$f":"M44","v":4},{"$f":"N44","v":5}]
[null,"Present Value of BBAR after tax using WACC","Nominal $",null,null,null,null,null,null,{"$f":"J48/(1+General!J15)^J49","v":76044768.956662416},{"$f":"K48/(1+General!K15)^K49","v":78080687.767630443},{"$f":"L48/(1+General!L15)^L49","v":75212249.165724993},{"$f":"M48/(1+General!M15)^M49","v":73765513.250494808},{"$f":"N48/(1+General!N15)^N49","v":73174231.472776532}]
[null,{"$f":"\"NPV of BBAR after tax [\"&General!$D$11&\" year regulatory period]\"","v":"NPV of BBAR after tax [5 year regulatory period]"},"Nominal $",null,null,null,null,null,null,{"$f":"SUM(J50:N50)","v":376277450.61328924}]
[null,"less/(add) Claw-back","Nominal $",null,"IM 5.3.4 (2)",null,null,null,null,{"$f":"$D$30","v":0}]
[null,{"$f":"\"NPV of BBAR after tax including Clawback (B) [\"&General!$D$11&\" year regulatory period]\"","v":"NPV of BBAR after tax including Clawback (B) [5 year regulatory period]"},"Nominal $",null,null,null,null,null,null,{"$f":"J51-J52","v":376277450.61328924}]
[]
[null,"A-B (difference should be nil)","Nominal $",null,"IM 5.3.4 (1)",null,null,null,null,{"$f":"J53-J46","v":0}]

{"sheet":"Outputs >","index":10,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":false,"merged":[]}
[]
[null,"This sheet has been deliberately left blank."]

{"sheet":"General ","index":11,"n_rows":21,"n_cols":14,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"MID(CELL(\"filename\",B2),FIND(\"]\",CELL(\"filename\",B2))+1,255)","v":"General "},{"$f":"MARx!C2","v":"Model: Ok"}]
[null,"Period beginning",null,null,null,null,null,"2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,"Period ending",null,null,null,null,null,"2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
[null,"Regulatory year",null,null,null,null,null,{"$f":"\"RY\"&RIGHT(YEAR(H4),2)","v":"RY20"},{"$f":"\"RY\"&RIGHT(YEAR(I4),2)","v":"RY21"},"RY22","RY23","RY24","RY25","RY26"]
[null,"Relevant period",null,null,null,null,null,"Assessment period",null,"CPP period"]
[]
[]
[null,"CPP Outputs Module","Units","Value","IM reference"]
[]
[null,"CPP period flag","#.##",null,null,null,null,null,null,{"$f":"MARx!J41","v":1},{"$f":"MARx!K41","v":1},{"$f":"MARx!L41","v":1},{"$f":"MARx!M41","v":1},{"$f":"MARx!N41","v":1}]
[]
[null,"CPP regulatory period","Year",null,null,null,null,null,null,{"$f":"General!J5","v":"RY22"},{"$f":"General!K5","v":"RY23"},{"$f":"General!L5","v":"RY24"},{"$f":"General!M5","v":"RY25"},{"$f":"General!N5","v":"RY26"}]
[]
[null,"Building Blocks Allowable Revenue Before Tax","Nominal $",null,null,null,null,{"$f":"BBARx!H37","v":95136158.510641098},{"$f":"BBARx!I37","v":85760533.604685694},{"$f":"BBARx!J37","v":83392481.330572918},{"$f":"BBARx!K37","v":89533046.635240883},{"$f":"BBARx!L37","v":90664294.227115095},{"$f":"BBARx!M37","v":93373146.050861776},{"$f":"BBARx!N37","v":97022776.092541486}]
[]
[null,"Building Blocks Allowable Revenue After Tax","Nominal $",null,null,null,null,{"$f":"BBARx!H43","v":88318672.011996299},{"$f":"BBARx!I43","v":80712407.330708891},{"$f":"BBARx!J43","v":78092130.116752177},{"$f":"BBARx!K43","v":83847218.981533751},{"$f":"BBARx!L43","v":84457985.164410487},{"$f":"BBARx!M43","v":86618890.602594823},{"$f":"BBARx!N43","v":89851333.39582172}]
[]
[null,"Maximum Allowable Revenue Before Tax","Nominal $",null,null,null,null,null,null,{"$f":"MARx!J20*J11","v":96019532.033042148},{"$f":"MARx!K20*K11","v":93065554.121565416},{"$f":"MARx!L20*L11","v":90180521.943796888},{"$f":"MARx!M20*M11","v":87384925.76353918},{"$f":"MARx!N20*N11","v":84675993.064869463}]
[]
[null,"Maximum Allowable Revenue After Tax","Nominal $",null,null,null,null,null,null,{"$f":"(MARx!J24-MARx!J25)*J11","v":90719180.819221407},{"$f":"(MARx!K24-MARx!K25)*K11","v":87379726.467858285},{"$f":"(MARx!L24-MARx!L25)*L11","v":83974212.88109228},{"$f":"(MARx!M24-MARx!M25)*M11","v":80630670.315272227},{"$f":"(MARx!N24-MARx!N25)*N11","v":77504550.368149698}]