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{"sheet":"Cover","index":0,"n_rows":21,"n_cols":1,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Part 4 IM Review 2023"]
["Revised demonstration model:"]
["Inflation wash-up"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["2023-12-13"]

{"sheet":"Table of contents","index":1,"n_rows":18,"n_cols":4,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[null,"Table of Contents"]
[]
[null,"Sheet name","Link","Description"]
[null,"Description and approach","Description and approach","Description of model, general notes, background and glossary"]
[null,"Simplifying assumptions","Simplifying assumptions","List of simplifying assumptions applied to the model for demonstration purposes"]
[null,"Macro","Macro","Macro to goal seek the forecast revenue for each calculation sheet following any updates of the inputs."]
[null,"Inputs - forecast","Inputs - forecast","This sheet shows all the forecast inputs and can be updated for opex, capex and CPI scenarios"]
[null,"Inputs - actual","Inputs - actual","This sheet shows the actual assumptions, and can be updated for different outturn inflation scenarios."]
[null,"1 Status quo - no CODW","1 Starting point excl CODW","No cost of debt adjustment - this is our final decision."]
[null,"2 Incl. CODW","2 Incl CODW","Cost of debt adjustment"]
[null,"2b Incl. CODW smoothed","2b Incl CODW smoothed","Cost of debt adjustment with smoothing"]
[null,"3 Hybrid RAB","3 Hybrid RAB","Indexing only the equity portion of the RAB"]
[null,"4 Debt forecast","4 Debt forecast","Wash-up only the equity portion of the RAB"]
[null,"5 Blended CPI","5 Blended CPI","Revenue and RAB wash-up using blended CPI"]
[null,"Inputs - forecast (CEG)","Inputs - forecast (CEG)","This sheet shows all the forecast inputs and can be updated for opex, capex and CPI scenarios"]
[null,"Inputs - actual (CEG)","Inputs - actual (CEG)","This sheet shows the actual assumptions, and can be updated for different outturn inflation scenarios."]
[null,"6 CEG submission recalculation","5 Blended CPI","Alternative to blended CPI option submitted by CEG"]
[null,"7 CEG alt","7 CEG alt","CEG blended option expanded  to include tax, opex, capex and depreciation."]

{"sheet":"Description and approach","index":2,"n_rows":35,"n_cols":3,"rows_kept":35,"cut":false,"hidden":false,"merged":[[13,2,13,4],[14,2,14,4],[15,2,15,4],[5,2,5,4],[6,2,6,4],[12,2,12,4],[1,2,1,4],[10,2,10,4],[11,2,11,4],[8,2,8,4],[2,2,2,4],[3,2,3,4]]}
["Description"]
[null,null,"This model is published alongside the “Financing and incentivising efficient expenditure during the energy transition topic paper – Part 4 Input Methodologies Review 2023 – Final decision\" paper. The purpose of this model is to demonstrate the different options we considered to account for the interaction of inflation and the cost of debt:\n1)\t In our IM review draft decision paper;\n2)\t In the further consultation on the IM review draft decision on the cost of debt wash-up;\n3)\t Proposals from submissions on the draft decision and further consultation; and\n4)\t In reaching our final decision.\n\nOur final decision is to retain the status quo (i.e. not to introduce a cost of debt wash-up adjustment).\n\nThis model includes the following options that were considered in reaching our final decision:\n1) The status quo excluding the CODW, prior to the draft decision with revenue fully washed up for outturn inflation and no cost of debt wash-up adjustment (CODW);\n2) Our draft decision which added the CODW to the status quo [Incl. CODW];\n2b) Our draft decision with the CODW impacts spread over 5 years [Incl. CODW smoothed;\n3) Hybrid RAB proposed by CEG following the draft decision;\n4) Debt forecast approach proposed CEG following the draft decision;\n5) An alternative where we wash-up the RAB and revenue by a blended CPI, with appropriate adjustments to account for the opex and capex inflators; and\n6/7) CEG's approach where revenue is fully washed-up and RAB is revalued by a rate lower than CPI, proposed by CEG after the further consultation. \n\nCalculations 2 to 7 assume the cost of debt is fixed, while calculation 1 assumes the cost of debt is variable."]
[null,null,"Calculations in this workbook are essentially the same as the models we published during our draft decision consultation and further consultation. The following changes were made:\n- Rows 112-129 added to show returns on actual assets (in addition to the return on RAB previously included). This demostrates the point in 4.169 of the accompanying paper that when the RAB is revalued for inflation, suppliers do not need to adjust their debt to maintain the benchmark leverage;\n- Forecast WACC used for the wash-up account time value of money adjustments to be consistent with the IMs;\n- Further explanatory notes added;\n- Sheets 6 and 7 added to demonstrate CEG's proposal;\n- Row 84 in sheets 2 and 2b (adjustment of revenue smoothing due to use of 8.04% rather than 9.30% WACC) were altered the show the annual impact, rather than the impact over the entire 10-year period as in the model for further consultation)."]
[null,null,"Our decision and reasons for not introducing a CODW and instead reverting to the status quo are set out at topic 4b of our topic paper “Financing and incentivising efficient expenditure during the energy transition topic paper – Part 4 Input Methodologies Review 2023 – Final decision\"\n\n\n"]
["Background"]
[null,null,"As we explained in section 4b of the topic paper, NPV = 0 is achieved when the present value of revenue is equal to the present value of efficiently-incurred costs, when calculated over the life of the assets. The calculation can be done by either using the building blocks or by using cash flows.  If cash flows are used, costs include capital expenditure, operating expenditure and tax and account for the opening and closing values of the asset base."]
[null,null,"Inflation should be accounted for in a way that achieves NPV = 0."]
["Model design and structure"]
[null,null,"The model is designed to calculate the forecast and actual regulatory accounts for each scenario based on the forecast and actual inputs and to make it easy to compare the different scenarios:\n\nThe top half of each calculation sheet contains the forecast revenue building blocks, regulatory cash flows, RAB and tax calculations based on the forecast inputs. Forecast NPV=0 is demonstrated.\n\t\nThe bottom half of each sheet contains the actual revenue building blocks, regulatory cash flows, RAB and tax calculations based on the actual inputs (default is high outturn inflation of 5% p.a. compared to 2% forecast inflation). The Draft IM consultation model published during the main IM consultation showed the returns in terms of actual assets, while this updated model shows returns on the actual RAB to better align with the IM drafting. This change is presentational only and has no impact on the calculated NPV/ IRR.\n\nThe actual real IRR and NPV of building blocks and regulatory cash flows are calculated to determine if the real IRR equals the expected real WACC and whether the NPV=0 principle is achieved for the actual inflation scenario input."]
["General notes"]
[null,1,"Financial quantities in this model are expressed in NZD $m"]
[null,{"$f":"B11+1","v":2},"Dummy data is used for illustrative purposes."]
[null,{"$f":"B12+1","v":3},"The macro in the 'Macro' sheet goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for the two 5-years periods. E.g., goal seeks revenue in '1 Starting point excl. CODW'! Cell K68 and P75 to set cells K69 and P76 to zero."]
[null,{"$f":"B13+1","v":4},"A lighter font is used for cells containing a formula linking to another sheet.  A red font is applied to input cells. Grey shading is used to draw attention to certain cells e.g. where formulas differ for the indexed and non-indexed RAB approach."]
[null,{"$f":"B14+1","v":5},"Wherever two horizontally adjacent cells contain numerical formulas which differ, an orange vertical border has been placed between the cells to indicate that the cell formulas are different."]
[null,{"$f":"B15+1","v":6},"This model should not be used for any other purpose than described above. "]
[]
["Glossary"]
[null,null,"ANAR: Actual net allowable revenue"]
[null,null,"FNAR: Forecast net allowable revenue"]
[null,null,"MAR: Maximum allowable revenue per DPP"]
[null,null,"AR: Actual revenue"]
[null,null,"DPP: Default price path"]
[null,null,"CODW: Cost of debt wash-up"]
[null,null,"CPI: Consumers price index"]
[null,null,"FCM: Financial capital maintenance"]
[null,null,"IM: Input methodology"]
[null,null,"IRR: Internal rate of return"]
[null,null,"MAR: Maximum allowable revenue"]
[null,null,"NPV: Net present value"]
[null,null,"RAB: Regulatory asset base"]
[null,null,"WA: Wash-up accrual"]
[null,null,"WD: Wash-up drawdown"]
[null,null,"WAB: Wash-up account balance"]
[null,null,"WACC: Weighted average cost of capital"]

{"sheet":"Simplifying assumptions","index":3,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[[10,2,10,15],[14,2,14,15],[2,2,2,15],[4,2,4,15],[5,2,5,15],[6,2,6,15],[8,2,8,15],[9,2,9,15],[12,2,12,15],[11,2,11,15],[7,2,7,15]]}
["Simplifying assumptions"]
[]
[null,null,"The demonstration models use the following simplifying assumptions:"]
[]
[null,1,"The revenue wash-up occurs in the same year as the higher inflation. In practice, there is a delay until the wash-up occurs and we apply a present value adjustment to ensure suppliers are compensated for the delay. The impact of this delay is shown in lines 162-167 of the calculation sheets."]
[null,{"$f":"B5+1","v":2},"There is only one deflator, which is CPI. In practice, there are separate deflators used for capital expenditure and operating expenditure."]
[null,{"$f":"B6+1","v":3},"The RAB is fully depreciated over the period of the model and we only include capex in the first 9 years. This is to enable full depreciation of the RAB by year 10.  In practice, the RAB will either continue to increase or stabilise, depending on whether customer growth exceeds replacement capital expenditure."]
[null,4,"The depreciation calculation is not IM compliant. To achieve a zero closing balance by year 10, we calculated depreciation on the opening RAB including revaluations, rather than just on the opening RAB."]
[null,5,"The actual closing RAB at the end of the first regulatory period is calculated by re-basing the RAB based on actual CPI. In practice, the closing RAB value will vary somewhat from this, as changes in capex inflation will not perfectly follow CPI."]
[null,6,"For each of the forecast and actuals, we have used a consistent inflator across the 10 years (2% forecast and 5% actual). Any actual inflation scenario can be entered in the actual inputs (cell E15-25)."]
[null,7,"We have assumed all values are end of year values for the NPV=0 calculations."]
[null,8,"We assume MAR as per the DPP model = FNAR. In reality there will be an intermediate step when setting prices (FNAR), updating for updated forecast CPI. We also assume FNAR = AR (no volume differences). "]
[null,9,"The wash-ups will, under normal circumstances, be smaller than indicated in this model because prices are set annually (FNAR: forecast net allowable revenue) with updated forecast CPI (2-year updated CPI proposed for decision), while this model only shows forecast revenue as set at the DPP reset."]
[]
[null,null,"These assumptions should not affect our findings. They just make it more straightforward to show that NPV=0 is achieved."]

{"sheet":"Macro","index":4,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":false,"merged":[[1,1,1,14]]}
["Macro"]
[null,"The macro needs to be run if any changes are made to the inputs. This goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for the two 5-years periods. E.g., goal seeks revenue for each calculation sheet Cell K68 and P75 to set cells K69 and P76 to zero."]

{"sheet":"Inputs - forecast","index":5,"n_rows":40,"n_cols":16,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["Inputs - forecast"]
[null,null,null,null,"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30","Average"]
[null,null,null,null,"Note:  Run macro after maing changes to inputs"]
["Predicted inflation rate",null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"(((1+F4)*(1+G4)*(1+H4)*(1+I4)*(1+J4)*(1+K4)*(1+L4)*(1+M4)*(1+N4)*(1+O4))^0.1)-1","v":2.0000000000000018E-2}]
[null,"CPI (end of period)",null,null,1,{"$f":"E5*(1+F4)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573]
[]
["Rebased CPI (end of period)",null,null,null,1,{"$f":"E7*(1+F8)","v":1.02},{"$f":"F7*(1+G8)","v":1.0404},{"$f":"G7*(1+H8)","v":1.0612079999999999},{"$f":"H7*(1+I8)","v":1.08243216},{"$f":"I7*(1+J8)","v":1.1040808032},{"$f":"'Inputs - actual'!J5*(1+'Inputs - forecast'!K8)","v":1.3018071937500004},{"$f":"K7*(1+L8)","v":1.3278433376250005},{"$f":"L7*(1+M8)","v":1.3544002043775005},{"$f":"M7*(1+N8)","v":1.3814882084650506},{"$f":"N7*(1+O8)","v":1.4091179726343517}]
[null,"Predicted inflation rate",null,null,{"$f":"E4","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,100,100,100,100,100,100,100,100,100,100]
[null,"Capex",null,null,null,200,200,200,200,200,100,100,100,100,0,"Do not enter capex in last year, as depreciation is calculated on opening RAB value and therefore RAB will not be fully depreciated if capex included in last year."]
[null,"Opening RAB",null,null,3000]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F11*F7","v":102},104.03999999999999,106.12079999999999,108.243216,110.40808032,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,140.91179726343518]
[null,"Capex",null,null,null,{"$f":"F12*F7","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Opening RAB",null,null,{"$f":"E13/E5","v":3000}]
[]
["Asset lives"]
[null,"Initial RAB",null,10]
[null,"Capex",null,10]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Cost of debt",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Leverage",null,null,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[null,"Tax rate",null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average"]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$26*E$28+E$25*(1-E$28)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,{"$f":"(((1+F31)*(1+G31)*(1+H31)*(1+I31)*(1+J31)*(1+K31)*(1+L31)*(1+M31)*(1+N31)*(1+O31))^0.1)-1","v":6.1800000000000077E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$31)/(1+E$4)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F32)*(1+G32)*(1+H32)*(1+I32)*(1+J32)*(1+K32)*(1+L32)*(1+M32)*(1+N32)*(1+O32))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E31","v":1.0618000000000001},1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0618000000000001},{"$f":"F36*G35","v":1.1274192400000003},1.1970937490320004,1.2710741427221781,1.3496265247424089,1.4330334439714898,1.5215949108089279,1.6156294762969199,1.7154753779320697,1.8214917562882718]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E32","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E40*F39","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"Inputs - actual","index":6,"n_rows":44,"n_cols":16,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
["Inputs - actual"]
[null,null,null,null,{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"},"Average"]
[null,null,null,null,"Note:  Run macro after maing changes to inputs"]
["Actual inflation rate",null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,{"$f":"(((1+F4)*(1+G4)*(1+H4)*(1+I4)*(1+J4)*(1+K4)*(1+L4)*(1+M4)*(1+N4)*(1+O4))^0.1)-1","v":5.0000000000000044E-2}]
[null,"CPI (end of period)",null,null,1,{"$f":"E5*(1+F4)","v":1.05},1.1025,1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,{"$f":"'Inputs - forecast'!F11","v":100},{"$f":"'Inputs - forecast'!G11","v":100},{"$f":"'Inputs - forecast'!H11","v":100},{"$f":"'Inputs - forecast'!I11","v":100},{"$f":"'Inputs - forecast'!J11","v":100},{"$f":"'Inputs - forecast'!K11","v":100},{"$f":"'Inputs - forecast'!L11","v":100},{"$f":"'Inputs - forecast'!M11","v":100},{"$f":"'Inputs - forecast'!N11","v":100},{"$f":"'Inputs - forecast'!O11","v":100}]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F12","v":200},{"$f":"'Inputs - forecast'!G12","v":200},{"$f":"'Inputs - forecast'!H12","v":200},{"$f":"'Inputs - forecast'!I12","v":200},{"$f":"'Inputs - forecast'!J12","v":200},{"$f":"'Inputs - forecast'!K12","v":100},{"$f":"'Inputs - forecast'!L12","v":100},{"$f":"'Inputs - forecast'!M12","v":100},{"$f":"'Inputs - forecast'!N12","v":100},{"$f":"'Inputs - forecast'!O12","v":0}]
[null,"Opening RAB",null,null,{"$f":"'Inputs - forecast'!E18","v":3000}]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F8*F$5","v":105},{"$f":"G8*G$5","v":110.25},115.76250000000002,121.55062500000003,127.62815625000003,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,162.88946267774421]
[null,"Capex",null,null,null,{"$f":"F9*F5","v":210},220.5,231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,0]
[null,"Opening RAB",null,null,{"$f":"E10*E5","v":3000}]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,{"$f":"(1+'Inputs - forecast'!E25)/(1+'Inputs - forecast'!E4)*(1+E4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!F25)/(1+'Inputs - forecast'!F4)*(1+F4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!G25)/(1+'Inputs - forecast'!G4)*(1+G4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!H25)/(1+'Inputs - forecast'!H4)*(1+H4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!I25)/(1+'Inputs - forecast'!I4)*(1+I4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!J25)/(1+'Inputs - forecast'!J4)*(1+J4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!K25)/(1+'Inputs - forecast'!K4)*(1+K4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!L25)/(1+'Inputs - forecast'!L4)*(1+L4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!M25)/(1+'Inputs - forecast'!M4)*(1+M4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!N25)/(1+'Inputs - forecast'!N4)*(1+N4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!O25)/(1+'Inputs - forecast'!O4)*(1+O4)-1","v":0.1014705882352942}]
[null,"Cost of debt",null,"Note",{"$f":"(1+'Inputs - forecast'!E26)/(1+'Inputs - forecast'!E4)*(1+E4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!F$26)/(1+'Inputs - forecast'!F$4)*(1+F$4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!G26)/(1+'Inputs - forecast'!G4)*(1+G4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!H26)/(1+'Inputs - forecast'!H4)*(1+H4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!I26)/(1+'Inputs - forecast'!I4)*(1+I4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!J26)/(1+'Inputs - forecast'!J4)*(1+J4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!K26)/(1+'Inputs - forecast'!K4)*(1+K4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!L26)/(1+'Inputs - forecast'!L4)*(1+L4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!M26)/(1+'Inputs - forecast'!M4)*(1+M4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!N26)/(1+'Inputs - forecast'!N4)*(1+N4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!O26)/(1+'Inputs - forecast'!O4)*(1+O4)-1","v":8.0882352941176627E-2}]
[null,"Leverage",null,null,{"$f":"'Inputs - forecast'!E28","v":0.41},{"$f":"'Inputs - forecast'!F28","v":0.41},{"$f":"'Inputs - forecast'!G28","v":0.41},{"$f":"'Inputs - forecast'!H28","v":0.41},{"$f":"'Inputs - forecast'!I28","v":0.41},{"$f":"'Inputs - forecast'!J28","v":0.41},{"$f":"'Inputs - forecast'!K28","v":0.41},{"$f":"'Inputs - forecast'!L28","v":0.41},{"$f":"'Inputs - forecast'!M28","v":0.41},{"$f":"'Inputs - forecast'!N28","v":0.41},{"$f":"'Inputs - forecast'!O28","v":0.41}]
[null,"Tax rate",null,null,{"$f":"'Inputs - forecast'!E29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!F29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!G29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!H29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!I29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!J29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!K29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!L29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!M29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!N29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!O29","v":0.28000000000000003}]
[]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$19*E$20+E$18*(1-E$20)","v":9.3029411764705999E-2},{"$f":"F$19*F$20+F$18*(1-F$20)","v":9.3029411764705999E-2},9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,{"$f":"(((1+F23)*(1+G23)*(1+H23)*(1+I23)*(1+J23)*(1+K23)*(1+L23)*(1+M23)*(1+N23)*(1+O23))^0.1)-1","v":9.3029411764705916E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$23)/(1+E$4)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F24)*(1+G24)*(1+H24)*(1+I24)*(1+J24)*(1+K24)*(1+L24)*(1+M24)*(1+N24)*(1+O24))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E23","v":1.0930294117647059},1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059]
[null,"Compounding factor step 2",null,null,1,{"$f":"E28*F27","v":1.0930294117647059},{"$f":"F28*G27","v":1.1947132949826991},1.3058567700424131,1.4273398572084175,1.5601244445128359,1.7052619038656036,1.8639014156869833,2.0372990679757459,2.2268278018583132,2.4339882823664851]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E24","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E32*F31","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]
[]
["Blended Cost of capital (nominal)",null,null,"Note on calculation of blended cost of capital",null,{"$f":"'Inputs - forecast'!F26*F20+(F18*(1-F20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!G26*G20+(G18*(1-G20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!H26*H20+(H18*(1-H20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!I26*I20+(I18*(1-I20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!J26*J20+(J18*(1-J20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!K26*K20+(K18*(1-K20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!L26*L20+(L18*(1-L20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!M26*M20+(M18*(1-M20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!N26*N20+(N18*(1-N20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!O26*O20+(O18*(1-O20))","v":8.0367647058823585E-2},{"$f":"(((1+F34)*(1+G34)*(1+H34)*(1+I34)*(1+J34)*(1+K34)*(1+L34)*(1+M34)*(1+N34)*(1+O34))^0.1)-1","v":8.0367647058823488E-2}]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F34","v":1.0803676470588235},{"$f":"1+G34","v":1.0803676470588235},1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0803676470588235},{"$f":"F36*G35","v":1.1671942528114185},1.2609989085704538,1.3623424237960058,1.4718306788849054,1.5901182474158759,1.7179123095059901,1.8559768796743759,2.0051373744893826,2.1662855473068015]
[]
["Blended inflation rate",null,null,null,null,{"$f":"(1+F34)/(1+F24)-1","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2]
[null,"Underlying inflation index",null,null,1,{"$f":"E39*(1+F38)","v":1.0378366924091165},{"$f":"F39*(1+G38)","v":1.077105000110695},1.1178590906922048,1.1601551812634603,1.2040516160037686,1.2496089466432028,1.2968900159890218,1.3459600446124524,1.3968867208154145,1.4497402940012867]
[null,"Rebased forecast index",null,null,{"$f":"'Inputs - forecast'!E7","v":1},{"$f":"'Inputs - forecast'!F7","v":1.02},{"$f":"'Inputs - forecast'!G7","v":1.0404},{"$f":"'Inputs - forecast'!H7","v":1.0612079999999999},{"$f":"'Inputs - forecast'!I7","v":1.08243216},{"$f":"'Inputs - forecast'!J7","v":1.1040808032},{"$f":"J39*(1+'Inputs - forecast'!K8)","v":1.2281326483238439},{"$f":"K40*(1+'Inputs - forecast'!L8)","v":1.2526953012903208},{"$f":"L40*(1+'Inputs - forecast'!M8)","v":1.2777492073161272},{"$f":"M40*(1+'Inputs - forecast'!N8)","v":1.3033041914624497},{"$f":"N40*(1+'Inputs - forecast'!O8)","v":1.3293702752916987}]
[]
["Blended Cost of capital (real)",null,null,null,null,{"$f":"(1+F34)/(1+F38)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F42","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E44*F43","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"1 Status quo -  no CODW","index":7,"n_rows":209,"n_cols":18,"rows_kept":209,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956298},{"$f":"P76","v":967.58718910029745},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":986.93893288230345},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":1006.6777115399495},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":1026.8112657707486},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":1047.3474910861637}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},{"$f":"SUM(G13:G19)","v":16.692228426326665},{"$f":"SUM(H13:H19)","v":0.55712926151988995},-18.187510225440292,-40.511970000071017,43.493243403001884,34.097050932279899,17.185478992753474,-15.685258801606551,-98.821135473642585]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386346998},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212622923},{"$f":"M20/'Inputs - forecast'!M$36","v":10.63701748753879},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590224856},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.25285902748989}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":2.4158453015843406E-13}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,-85.251586788457303,617.79067308581443,634.07857903557999,653.54782256348176,679.41081276699094,865.58385381477103]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536897836},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422709},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399257},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208086},{"$f":"N31/'Inputs - forecast'!N$36","v":396.04812841207365},{"$f":"O31/'Inputs - forecast'!O$36","v":475.20602320957335}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-1.1368683772161603E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},{"$f":"M42","v":1510.0487358012006},{"$f":"N42","v":908.27367610511737}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$4)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$4)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$4)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$4)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976,null,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J5*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},{"$f":"G13","v":615.49978022175003},627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029745,986.93893288230345,1006.6777115399495,1026.8112657707486,1047.3474910861637]
[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},{"$f":"G18","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,319.41099023029591,311.75602257758317,293.74945750345614,253.9386118240987,145.89942859984831]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264482857},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.29168632172329},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100967725},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.10281131074764},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007957527}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490579},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256537},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386383},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609635},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444553},{"$f":"SUM(F66:J66)","v":2626.4565156318768}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593408},{"$f":"L13/'Inputs - forecast'!L$36","v":648.62134190342124},{"$f":"M13/'Inputs - forecast'!M$36","v":623.08699259887896},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476033},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422065},{"$f":"SUM(K73:O73)","v":3120.4626526872153}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958702},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079828},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134011},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.70124595378275},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171064},{"$f":"SUM(K74:O74)","v":-3120.4626526872185}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.58718910029745]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
[null,"Revenue (no delay in wash-ups)",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":621.17913228838665},{"$f":"G$13/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":652.23808890280611},{"$f":"H$13/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":684.84999334794645},{"$f":"I$13/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":719.09249301534385},{"$f":"J$13/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":755.04711766611115},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":996.04563583854144},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":1045.8479176304686},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":1098.140313511992},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":1153.0473291875917},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":1210.6996956469713},null,"Note"]
[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J45","v":0},null,null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":9.3029411763932313E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F83)","v":265.84603407116776},283.46312268360748,302.81344626724166,324.28783076851482,348.46462303933265,635.96098700010305,671.92582986036814,712.92649329353947,{"$f":"SUM(N80:N84)","v":762.93750292476261},{"$f":"SUM(O80:O84)+O152","v":1000.5868322496049}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.05)","v":4.0980392156656276E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$5","v":253.18669911539786},{"$f":"G85/'Inputs - actual'!G$5","v":257.1094083298027},{"$f":"H85/'Inputs - actual'!H$5","v":261.58164022653415},{"$f":"I85/'Inputs - actual'!I$5","v":266.79240091814813},{"$f":"J85/'Inputs - actual'!J$5","v":273.03115023988488},{"$f":"K85/'Inputs - actual'!K$5","v":474.56388015970293},{"$f":"L85/'Inputs - actual'!L$5","v":477.52514251395201},{"$f":"M85/'Inputs - actual'!M$5","v":482.53671289414825},{"$f":"N85/'Inputs - actual'!N$5","v":491.79631690224363},{"$f":"O85/'Inputs - actual'!O$5","v":614.27351763639672}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":-2.0650148258027912E-13}]
[]
["Actual return (building blocks) using RAB"]
[null,"Revenue",null,null,null,{"$f":"F80","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (variable)",null,null,null,{"$f":"-F148*'Inputs - actual'!F$19*('Inputs - actual'!F$20)","v":-99.485294117647243},{"$f":"-G148*'Inputs - actual'!G$19*('Inputs - actual'!G$20)","v":-100.97757352941196},{"$f":"-H148*'Inputs - actual'!H$19*('Inputs - actual'!H$20)","v":-101.55790441176489},{"$f":"-I148*'Inputs - actual'!I$19*('Inputs - actual'!I$20)","v":-100.98410225183844},{"$f":"-J148*'Inputs - actual'!J$19*('Inputs - actual'!J$20)","v":-98.94735847886048},{"$f":"-K148*'Inputs - actual'!K$19*('Inputs - actual'!K$20)","v":-95.043688443819136},{"$f":"-L148*'Inputs - actual'!L$19*('Inputs - actual'!L$20)","v":-84.280691924586563},{"$f":"-M148*'Inputs - actual'!M$19*('Inputs - actual'!M$20)","v":-71.037238203979356},{"$f":"-N148*'Inputs - actual'!N$19*('Inputs - actual'!N$20)","v":-54.62556972182135},{"$f":"-O148*'Inputs - actual'!O$19*('Inputs - actual'!O$20)","v":-33.8229022319438}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":150},{"$f":"G149","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-315},{"$f":"G151","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":0},null,null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F97)","v":31.757798777049771},{"$f":"SUM(G91:G97)","v":17.688563860077714},0.6077477378295697,-20.42348072045618,-46.83052202500582,44.77245644426614,36.132255529448742,18.746881025195535,-17.61360278340257,-114.23402419893192]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":-9.3791641120333225E-13},null,{"$f":"F99/'Inputs - actual'!F$28","v":29.054843753725269},{"$f":"G99/'Inputs - actual'!G$28","v":14.805697680240401},{"$f":"H99/'Inputs - actual'!H$28","v":0.46540152930388423},{"$f":"I99/'Inputs - actual'!I$28","v":-14.308772096086701},{"$f":"J99/'Inputs - actual'!J$28","v":-30.017170867179832},{"$f":"K99/'Inputs - actual'!K$28","v":26.255472161063878},{"$f":"L99/'Inputs - actual'!L$28","v":19.38528251835217},{"$f":"M99/'Inputs - actual'!M$28","v":9.2018306589726055},{"$f":"N99/'Inputs - actual'!N$28","v":-7.9097282550109247},{"$f":"O99/'Inputs - actual'!O$28","v":-46.932857083381691}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F$5","v":30.245522644809306},{"$f":"G99/'Inputs - actual'!G$5","v":16.044048852678198},{"$f":"H99/'Inputs - actual'!H$5","v":0.52499534635963252},{"$f":"I99/'Inputs - actual'!I$5","v":-16.802448132583585},{"$f":"J99/'Inputs - actual'!J$5","v":-36.692939395969539},{"$f":"K99/'Inputs - actual'!K$5","v":33.409896343954181},{"$f":"L99/'Inputs - actual'!L$5","v":25.678519420270064},{"$f":"M99/'Inputs - actual'!M$5","v":12.688626993121042},{"$f":"N99/'Inputs - actual'!N$5","v":-11.353885400899905},{"$f":"O99/'Inputs - actual'!O$5","v":-70.129781461020102}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":-9.1660012913052924E-13},null,{"$f":"F102/'Inputs - actual'!F$32","v":29.054843753725269},{"$f":"G102/'Inputs - actual'!G$32","v":14.805697680240401},{"$f":"H102/'Inputs - actual'!H$32","v":0.46540152930388407},{"$f":"I102/'Inputs - actual'!I$32","v":-14.308772096086695},{"$f":"J102/'Inputs - actual'!J$32","v":-30.017170867179821},{"$f":"K102/'Inputs - actual'!K$32","v":26.25547216106386},{"$f":"L102/'Inputs - actual'!L$32","v":19.38528251835216},{"$f":"M102/'Inputs - actual'!M$32","v":9.2018306589726002},{"$f":"N102/'Inputs - actual'!N$32","v":-7.9097282550109203},{"$f":"O102/'Inputs - actual'!O$32","v":-46.932857083381656}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":9.3029411764706013E-2},9.3029411764705999E-2,9.3029411764706013E-2,9.3029411764706013E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764706013E-2,9.3029411764705999E-2,9.3029411764705999E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.0000000000000266E-2},{"$f":"H91/G91-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,0.3191834158871687,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F148*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F93)","v":0},{"$f":"-(G148*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G93)","v":0},{"$f":"-(H148*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H93)","v":0},{"$f":"-(I148*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I93)","v":0},{"$f":"-(J148*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J93)","v":0},{"$f":"-(K148*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K93)","v":0},{"$f":"-(L148*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L93)","v":0},{"$f":"-(M148*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M93)","v":0},{"$f":"-(N148*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N93)","v":0},{"$f":"-(O148*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O93)","v":0}]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$7*'Inputs - actual'!F$5+F130","v":621.17913228838665},{"$f":"G$13/'Inputs - forecast'!G$7*'Inputs - actual'!G$5+G130","v":652.23808890280611},{"$f":"H$13/'Inputs - forecast'!H$7*'Inputs - actual'!H$5+H130","v":684.84999334794645},{"$f":"I$13/'Inputs - forecast'!I$7*'Inputs - actual'!I$5+I130","v":719.09249301534385},{"$f":"J$13/'Inputs - forecast'!J$7*'Inputs - actual'!J$5+J130","v":755.04711766611115},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5+K130","v":996.04563583854144},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5+L130","v":1045.8479176304686},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5+M130","v":1098.140313511992},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5+N130","v":1153.0473291875917},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5+O130","v":1210.6996956469713}]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (variable)",null,null,null,{"$f":"-F133*'Inputs - actual'!F$19*('Inputs - actual'!F$20)","v":-99.485294117647243},{"$f":"-G133*'Inputs - actual'!G$19*('Inputs - actual'!G$20)","v":-96.500735294117831},{"$f":"-H133*'Inputs - actual'!H$19*('Inputs - actual'!H$20)","v":-93.090600490196252},{"$f":"-I133*'Inputs - actual'!I$19*('Inputs - actual'!I$20)","v":-89.132053002451144},{"$f":"-J133*'Inputs - actual'!J$19*('Inputs - actual'!J$20)","v":-84.460569025735452},{"$f":"-K133*'Inputs - actual'!K$19*('Inputs - actual'!K$20)","v":-78.848557296262413},{"$f":"-L133*'Inputs - actual'!L$19*('Inputs - actual'!L$20)","v":-67.522839468788433},{"$f":"-M133*'Inputs - actual'!M$19*('Inputs - actual'!M$20)","v":-55.308322914958751},{"$f":"-N133*'Inputs - actual'!N$19*('Inputs - actual'!N$20)","v":-41.771718255674976},{"$f":"-O133*'Inputs - actual'!O$19*('Inputs - actual'!O$20)","v":-26.030337255825081}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,null,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},{"$f":"G135","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,0]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-103.2422012229502},{"$f":"SUM(G112:G119)","v":-90.085798885020296},-77.706450791582157,-66.625817883446217,-57.70582363958917,73.236026590176209,114.17123645018103,149.56970057011392,171.06974342356935,142.61306423344013]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":-6.6791017161449417E-13},null,{"$f":"F120/'Inputs - actual'!F$28","v":-94.455098931203253},{"$f":"G120/'Inputs - actual'!G$28","v":-75.403696655376095},{"$f":"H120/'Inputs - actual'!H$28","v":-59.506105550196231},{"$f":"I120/'Inputs - actual'!I$28","v":-46.678313890675334},{"$f":"J120/'Inputs - actual'!J$28","v":-36.98796198120489},{"$f":"K120/'Inputs - actual'!K$28","v":42.947084212788546},{"$f":"L120/'Inputs - actual'!L$28","v":61.253902963585986},{"$f":"M120/'Inputs - actual'!M$28","v":73.415682027835956},{"$f":"N120/'Inputs - actual'!N$28","v":76.822169761312352},{"$f":"O120/'Inputs - actual'!O$28","v":58.59233804313233}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$5","v":-98.325905926619228},{"$f":"G120/'Inputs - actual'!G$5","v":-81.710475179156731},{"$f":"H120/'Inputs - actual'!H$5","v":-67.125753842204645},{"$f":"I120/'Inputs - actual'!I$5","v":-54.813225257744421},{"$f":"J120/'Inputs - actual'!J$5","v":-45.214022779232266},{"$f":"K120/'Inputs - actual'!K$5","v":54.64985063007893},{"$f":"L120/'Inputs - actual'!L$5","v":81.139366183015241},{"$f":"M120/'Inputs - actual'!M$5","v":101.23466071269765},{"$f":"N120/'Inputs - actual'!N$5","v":110.27308190592366},{"$f":"O120/'Inputs - actual'!O$5","v":87.5520502609685}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":-7.602807272633072E-13},null,{"$f":"F123/'Inputs - actual'!F$32","v":-94.455098931203253},{"$f":"G123/'Inputs - actual'!G$32","v":-75.403696655376095},{"$f":"H123/'Inputs - actual'!H$32","v":-59.506105550196217},{"$f":"I123/'Inputs - actual'!I$32","v":-46.678313890675312},{"$f":"J123/'Inputs - actual'!J$32","v":-36.987961981204869},{"$f":"K123/'Inputs - actual'!K$32","v":42.947084212788525},{"$f":"L123/'Inputs - actual'!L$32","v":61.253902963585951},{"$f":"M123/'Inputs - actual'!M$32","v":73.415682027835913},{"$f":"N123/'Inputs - actual'!N$32","v":76.822169761312296},{"$f":"O123/'Inputs - actual'!O$32","v":58.592338043132294}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":9.3029411764706013E-2},9.3029411764706013E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},0,0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.0000000000000266E-2},{"$f":"H112/G112-1","v":5.0000000000000044E-2},{"$f":"I112/H112-1","v":5.0000000000000044E-2},{"$f":"J112/I112-1","v":5.0000000000000044E-2},{"$f":"K112/J112-1","v":0.3191834158871687},{"$f":"L112/K112-1","v":5.0000000000000044E-2},{"$f":"M112/L112-1","v":5.0000000000000044E-2},{"$f":"N112/M112-1","v":5.0000000000000044E-2},{"$f":"O112/N112-1","v":5.0000000000000044E-2}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F133*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F114)","v":0},{"$f":"-(G133*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G114)","v":0},{"$f":"-(H133*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H114)","v":0},{"$f":"-(I133*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I114)","v":0},{"$f":"-(J133*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J114)","v":0},{"$f":"-(K133*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K114)","v":0},{"$f":"-(L133*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L114)","v":0},{"$f":"-(M133*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M114)","v":0},{"$f":"-(N133*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N114)","v":0},{"$f":"-(O133*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O114)","v":0}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F136","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual'!F$20","v":1230},{"$f":"G133*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H133*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I133*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J133*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K133*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L133*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M133*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N133*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O133*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},0.41000000000000003,0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F148*'Inputs - actual'!F4","v":150},{"$f":"G148*'Inputs - actual'!G4","v":152.25},{"$f":"H148*'Inputs - actual'!H4","v":153.125},{"$f":"I148*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J148*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K148*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L148*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M148*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N148*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O148*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-315},{"$f":"-SUM(G148:G149)/G146","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-99.485294117647243},-100.97757352941196,-101.55790441176489,-100.98410225183844,-98.94735847886048,-95.043688443819136,-84.280691924586563,-71.037238203979356,-54.62556972182135,-33.8229022319438]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":116.69383817073941},{"$f":"SUM(G156:G159)","v":117.67718204006084},116.63375560284823,112.58693243017208,103.98389460391732,291.45341249888889,311.81582159129869,323.41282165827289,313.47145640763205,229.03702767914498]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast'!F29","v":-32.674274687807035},{"$f":"-G160*'Inputs - forecast'!G29","v":-32.949610971217041},{"$f":"-H160*'Inputs - forecast'!H29","v":-32.657451568797505},{"$f":"-I160*'Inputs - forecast'!I29","v":-31.524341080448185},{"$f":"-J160*'Inputs - forecast'!J29","v":-29.115490489096853},{"$f":"-K160*'Inputs - forecast'!K29","v":-81.606955499688894},{"$f":"-L160*'Inputs - forecast'!L29","v":-87.30843004556364},{"$f":"-M160*'Inputs - forecast'!M29","v":-90.555590064316419},{"$f":"-N160*'Inputs - forecast'!N29","v":-87.772007794136982},{"$f":"-O160*'Inputs - forecast'!O29","v":-64.130367750160602}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":-32.674274687807035},-32.949610971217041,-32.657451568797505,-31.524341080448185,-29.115490489096853,-81.606955499688894,-87.30843004556364,-90.555590064316419,-87.772007794136982,-64.130367750160602]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F163","v":-32.674274687807035},-32.949610971217041,-32.657451568797505,-31.524341080448185,-29.115490489096853,-81.606955499688894,-87.30843004556364,-90.555590064316419,-87.772007794136982,-64.130367750160602]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":-328.13978734646338},{"$f":"F166/'Inputs - actual'!F$28","v":-29.893316992315992},{"$f":"G166/'Inputs - actual'!G$28","v":-27.579513101253461},{"$f":"H166/'Inputs - actual'!H$28","v":-25.008448336747392},{"$f":"I166/'Inputs - actual'!I$28","v":-22.086079164147563},{"$f":"J166/'Inputs - actual'!J$28","v":-18.662287224265913},{"$f":"K166/'Inputs - actual'!K$28","v":-47.855965886938954},{"$f":"L166/'Inputs - actual'!L$28","v":-46.841763899505452},{"$f":"M166/'Inputs - actual'!M$28","v":-44.448844790515793},{"$f":"N166/'Inputs - actual'!N$28","v":-39.415714012951625},{"$f":"O166/'Inputs - actual'!O$28","v":-26.34785393782126}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438218},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850364},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.72273146063992},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.84418306712584},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.22340071962229}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":-334.56763171141483},{"$f":"F169/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G169/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H169/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I169/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J169/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K169/'Inputs - actual'!K$28","v":-53.989079627438947},{"$f":"L169/'Inputs - actual'!L$28","v":-49.6281629813327},{"$f":"M169/'Inputs - actual'!M$28","v":-44.040039516529184},{"$f":"N169/'Inputs - actual'!N$28","v":-35.855571320106101},{"$f":"O169/'Inputs - actual'!O$28","v":-19.401654914175907}]
[null,"Difference",null,null,{"$f":"E170-E167","v":-6.4278443649514543},{"$f":"F169-F166","v":-7.6588235294118263},{"$f":"G169-G166","v":-5.0753552479815696},-2.0915955119072223,1.3715538336191528,5.41746461231849,-10.458565213749324,-5.1935731932867242,0.83285860367649889,7.9278247270111422,16.906967030538311]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":591.59917360798727},{"$f":"G91/'Inputs - actual'!G$5","v":591.59917360798738},{"$f":"H91/'Inputs - actual'!H$5","v":591.59917360798738},{"$f":"I91/'Inputs - actual'!I$5","v":591.59917360798738},{"$f":"J91/'Inputs - actual'!J$5","v":591.59917360798738},{"$f":"K91/'Inputs - actual'!K$5","v":743.26458921543895},{"$f":"L91/'Inputs - actual'!L$5","v":743.26458921543906},{"$f":"M91/'Inputs - actual'!M$5","v":743.26458921543895},{"$f":"N91/'Inputs - actual'!N$5","v":743.26458921543895},{"$f":"O91/'Inputs - actual'!O$5","v":743.26458921543906}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O175, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P175, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029745,986.93893288230345,1006.6777115399495,1026.8112657707486,1047.3474910861637,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F178-F179","v":17.747975208239609},{"$f":"G178-G179","v":36.738308681056083},57.040217521761406,78.726521672635045,101.87382689654817,28.458446738243993,58.908984748165153,91.462601972042421,126.23606341684308,163.35220456080765]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F178-F192","v":621.17913228838665},652.23808890280611,704.85940206875875,760.51196906742553,819.35535635393012,1084.8034310705473,1160.7024301260665,1130.2249139052035,1219.4624520015395,1313.816392850714]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323033,1101.7934453779014,1038.7623119331611,1093.2263885846965,1150.4641882899064]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F183","v":603.43115708014705},{"$f":"G183","v":615.49978022175003},{"$f":"H183","v":647.81918454699735},{"$f":"I183","v":681.78544739479048},717.48152945738195,1056.3449843323033,1101.7934453779014,1038.7623119331611,1093.2263885846965,1150.4641882899064,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F109","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F193","v":17.747975208239609},55.583108757164901,96.048953679306763,139.29182463724129,185.46564760855205,136.62807613699883,89.126163494832483,154.01216197764404,223.35105419075768,297.38965669681153,173.44737080266546]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F182-F185+F187","v":17.747975208239609},36.738308681056083,57.040217521761406,78.726521672635045,101.87382689654817,28.458446738243993,58.908984748165039,91.462601972042421,126.23606341684308,163.35220456080765,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F191*(1+'Inputs - forecast'!$P31)^2","v":-20.009408720812345},{"$f":"-G191*(1+'Inputs - forecast'!$P31)^2","v":-41.419476052081663},{"$f":"-H191*(1+'Inputs - forecast'!$P31)^2","v":-64.308238687818942},{"$f":"-I191*(1+'Inputs - forecast'!$P31)^2","v":-88.757795232005748},{"$f":"-J191*(1+'Inputs - forecast'!$P31)^2","v":-114.85451249559792},{"$f":"-K191*(1+'Inputs - forecast'!$P31)^2","v":-32.084600393211531},{"$f":"-L191*(1+'Inputs - forecast'!$P31)^2","v":-66.415122813947832},{"$f":"-M191*(1+'Inputs - forecast'!$P31)^2","v":-103.11669720374259},{"$f":"-N191*(1+'Inputs - forecast'!$P31)^2","v":-142.32096667800906},{"$f":"-O191*(1+'Inputs - forecast'!$P31)^2","v":-184.16641831827033},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F190*(1+'Inputs - forecast'!$P31)+F191+F192","v":17.747975208239609},{"$f":"G190*(1+'Inputs - forecast'!$P31)+G191+G192","v":55.583108757164901},{"$f":"H190*(1+'Inputs - forecast'!$P31)+H191+H192","v":96.048953679306763},{"$f":"I190*(1+'Inputs - forecast'!$P31)+I191+I192","v":139.29182463724129},{"$f":"J190*(1+'Inputs - forecast'!$P31)+J191+J192","v":185.46564760855205},{"$f":"K190*(1+'Inputs - forecast'!$P31)+K191+K192","v":136.62807613699883},{"$f":"L190*(1+'Inputs - forecast'!$P31)+L191+L192","v":89.126163494832483},{"$f":"M190*(1+'Inputs - forecast'!$P31)+M191+M192","v":154.01216197764404},{"$f":"N190*(1+'Inputs - forecast'!$P31)+N191+N192","v":223.35105419075768},{"$f":"O190*(1+'Inputs - forecast'!$P31)+O191+O192","v":297.38965669681153},{"$f":"P190*(1+'Inputs - forecast'!$P31)+P191+P192","v":173.44737080266546},{"$f":"Q190*(1+'Inputs - forecast'!$P31)+Q191+Q192","v":0},"Note"]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F197:O197)","v":-6259.7416364398096},{"$f":"F178","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F198:O198)","v":6096.4745474342499},{"$f":"F183","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323033,1101.7934453779014,1038.7623119331611,1093.2263885846965,1150.4641882899064]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F199:O199)","v":0},{"$f":"F187","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F200:O200)","v":163.26708900556025},0,0,0,0,0,0,0,0,0,{"$f":"O193","v":297.38965669681153}]
[null,null,null,"NPV",{"$f":"SUM(E197:E200)","v":5.6843418860808015E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F203:O203)","v":-6259.7416364398096},{"$f":"F91","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F197+F199-F203","v":0},{"$f":"G197+G199-G203","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F206:O206)","v":6259.7416364398096},{"$f":"F179+F191","v":621.17913228838665},{"$f":"G179+G191","v":652.23808890280611},684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F207:Q207)","v":6096.4745474342499},{"$f":"F179-F192","v":603.43115708014705},{"$f":"G179-G192","v":615.49978022175003},647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323033,1101.7934453779014,1038.7623119331611,1093.2263885846965,1150.4641882899064,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F208:Q208)","v":163.26708900556025},0,0,0,0,0,0,0,0,0,{"$f":"+O193","v":297.38965669681153}]
[null,null,null,"NPV",{"$f":"E206-E207-E208","v":-5.6843418860808015E-13}]

{"sheet":"2 Incl CODW","index":8,"n_rows":209,"n_cols":18,"rows_kept":209,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956298},{"$f":"P76","v":967.58718910029745},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":986.93893288230345},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":1006.6777115399495},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":1026.8112657707486},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":1047.3474910861637}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},16.692228426326665,0.55712926151988995,-18.187510225440292,-40.511970000071017,43.493243403001884,34.097050932279899,17.185478992753474,-15.685258801606551,-98.821135473642585]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386346998},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212622923},{"$f":"M20/'Inputs - forecast'!M$36","v":10.63701748753879},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590224856},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.25285902748989}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":2.4158453015843406E-13}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,-85.251586788457303,617.79067308581443,634.07857903557999,653.54782256348176,679.41081276699094,865.58385381477103]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536897836},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422709},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399257},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208086},{"$f":"N31/'Inputs - forecast'!N$36","v":396.04812841207365},{"$f":"O31/'Inputs - forecast'!O$36","v":475.20602320957335}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-1.1368683772161603E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},{"$f":"M42","v":1510.0487358012006},{"$f":"N42","v":908.27367610511737}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$4)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$4)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$4)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$4)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976,null,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J5*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},{"$f":"G18","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,319.41099023029591,311.75602257758317,293.74945750345614,253.9386118240987,145.89942859984831]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264482857},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.29168632172329},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100967725},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.10281131074764},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007957527}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490579},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256537},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386383},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609635},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444553},{"$f":"SUM(F66:J66)","v":2626.4565156318768}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593408},{"$f":"L13/'Inputs - forecast'!L$36","v":648.62134190342124},{"$f":"M13/'Inputs - forecast'!M$36","v":623.08699259887896},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476033},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422065},{"$f":"SUM(K73:O73)","v":3120.4626526872153}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958702},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079828},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134011},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.70124595378275},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171064},{"$f":"SUM(K74:O74)","v":-3120.4626526872185}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.58718910029745]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
[null,"Revenue (no delay in wash-ups)",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$7*'Inputs - actual'!F$5+F109","v":583.19383817073935},{"$f":"G$13/'Inputs - forecast'!G$7*'Inputs - actual'!G$5+G109","v":613.68301537339414},{"$f":"H$13/'Inputs - forecast'!H$7*'Inputs - actual'!H$5+H109","v":646.07333893618159},{"$f":"I$13/'Inputs - forecast'!I$7*'Inputs - actual'!I$5+I109","v":680.53492670100536},{"$f":"J$13/'Inputs - forecast'!J$7*'Inputs - actual'!J$5+J109","v":717.2672171560007},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5+K109","v":959.75622752362858},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5+L109","v":1013.6680170774446},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5+M109","v":1071.0170043795633},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5+N109","v":1132.1902934756235},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5+O109","v":1197.7854966129564},null,"Note"]
[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Other",null,null,null,{"$f":"(-F99/'Inputs - actual'!F$36+F100)*'Inputs - actual'!F36","v":-0.3678855951758494},{"$f":"(-G99/'Inputs - actual'!G$36+G100)*'Inputs - actual'!G36","v":-0.40743861883776705},{"$f":"(-H99/'Inputs - actual'!H$36+H100)*'Inputs - actual'!H36","v":-2.0876917330351571E-2},{"$f":"(-I99/'Inputs - actual'!I$36+I100)*'Inputs - actual'!I36","v":0.93003346152878019},{"$f":"(-J99/'Inputs - actual'!J$36+J100)*'Inputs - actual'!J36","v":2.6503290493603218},{"$f":"(-K99/'Inputs - actual'!K$36+K100)*'Inputs - actual'!K36","v":-3.0231510664389378},{"$f":"(-L99/'Inputs - actual'!L$36+L100)*'Inputs - actual'!L36","v":-2.8300400679202706},{"$f":"(-M99/'Inputs - actual'!M$36+M100)*'Inputs - actual'!M36","v":-1.6684960714635528},{"$f":"(-N99/'Inputs - actual'!N$36+N100)*'Inputs - actual'!N36","v":1.7535110372254794},{"$f":"(-O99/'Inputs - actual'!O$36+O100)*'Inputs - actual'!O36","v":12.564054205386521},null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.093)","v":8.0367647056348135E-2},{"$f":"-E42+SUM(E80:E84)","v":-3000},{"$f":"SUM(F80:F84)","v":227.49285435834463},{"$f":"SUM(G80:G84)","v":244.50061053535777},264.01591493814647,286.66029791570503,313.33505157858252,596.64842761875127,636.91588923942379,684.13468808964728,743.83397825001998,{"$f":"SUM(O80:O84)+O152","v":1000.2366874209764}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.08)","v":4.0980392157489831E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":219.19908596627906},{"$f":"G85/'Inputs - actual'!G$39","v":226.99793475123616},{"$f":"H85/'Inputs - actual'!H$39","v":236.17995965364611},{"$f":"I85/'Inputs - actual'!I$39","v":247.08789181419618},{"$f":"J85/'Inputs - actual'!J$39","v":260.23390311001566},{"$f":"K85/'Inputs - actual'!K$39","v":477.46811450215279},{"$f":"L85/'Inputs - actual'!L$39","v":491.11018003612674},{"$f":"M85/'Inputs - actual'!M$39","v":508.28751628108904},{"$f":"N85/'Inputs - actual'!N$39","v":532.494129384963},{"$f":"O85/'Inputs - actual'!O$39","v":689.94197895977686}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":6.2705396430828841E-13}]
[]
["Actual return (building blocks) using RAB"]
[null,"Revenue",null,null,null,{"$f":"F80","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G148*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-62.422499999999999},{"$f":"-H148*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-62.781249999999993},{"$f":"-I148*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-62.426535937500006},{"$f":"-J148*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-61.16745796875},{"$f":"-K148*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-58.75428012890626},{"$f":"-L148*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-52.100791371562501},{"$f":"-M148*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-43.91392907155079},{"$f":"-N148*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-33.768534009853134},{"$f":"-O148*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-20.908703197928855}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":150},{"$f":"G149","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-315},{"$f":"G151","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":2.6503290493603218},null,null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F97)","v":31.757798777049771},{"$f":"SUM(G91:G97)","v":17.688563860077714},0.6077477378295697,-20.423480720456407,-46.83052202500582,44.772456444266254,36.132255529448742,18.746881025195535,-17.61360278340257,-114.23402419893192]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":-1.0373923942097463E-12},null,{"$f":"F99/'Inputs - actual'!F$28","v":29.054843753725269},{"$f":"G99/'Inputs - actual'!G$28","v":14.805697680240401},{"$f":"H99/'Inputs - actual'!H$28","v":0.46540152930388423},{"$f":"I99/'Inputs - actual'!I$28","v":-14.308772096086861},{"$f":"J99/'Inputs - actual'!J$28","v":-30.017170867179832},{"$f":"K99/'Inputs - actual'!K$28","v":26.255472161063942},{"$f":"L99/'Inputs - actual'!L$28","v":19.38528251835217},{"$f":"M99/'Inputs - actual'!M$28","v":9.2018306589726055},{"$f":"N99/'Inputs - actual'!N$28","v":-7.9097282550109247},{"$f":"O99/'Inputs - actual'!O$28","v":-46.932857083381691}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F$5","v":30.245522644809306},{"$f":"G99/'Inputs - actual'!G$5","v":16.044048852678198},{"$f":"H99/'Inputs - actual'!H$5","v":0.52499534635963252},{"$f":"I99/'Inputs - actual'!I$5","v":-16.802448132583773},{"$f":"J99/'Inputs - actual'!J$5","v":-36.692939395969539},{"$f":"K99/'Inputs - actual'!K$5","v":33.409896343954266},{"$f":"L99/'Inputs - actual'!L$5","v":25.678519420270064},{"$f":"M99/'Inputs - actual'!M$5","v":12.688626993121042},{"$f":"N99/'Inputs - actual'!N$5","v":-11.353885400899905},{"$f":"O99/'Inputs - actual'!O$5","v":-70.129781461020102}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":-1.0160761121369433E-12},null,{"$f":"F102/'Inputs - actual'!F$32","v":29.054843753725269},{"$f":"G102/'Inputs - actual'!G$32","v":14.805697680240401},{"$f":"H102/'Inputs - actual'!H$32","v":0.46540152930388407},{"$f":"I102/'Inputs - actual'!I$32","v":-14.308772096086855},{"$f":"J102/'Inputs - actual'!J$32","v":-30.017170867179821},{"$f":"K102/'Inputs - actual'!K$32","v":26.255472161063928},{"$f":"L102/'Inputs - actual'!L$32","v":19.38528251835216},{"$f":"M102/'Inputs - actual'!M$32","v":9.2018306589726002},{"$f":"N102/'Inputs - actual'!N$32","v":-7.9097282550109203},{"$f":"O102/'Inputs - actual'!O$32","v":-46.932857083381656}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.2279662793228265E-2},5.2780218372313392E-2,5.3340055513771745E-2,5.3975613908694653E-2,0.33807346072375721,5.6172377951555053E-2,5.6575709537985075E-2,5.7117010137012425E-2,5.7936553170728322E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F148*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F93)","v":-37.98529411764725},{"$f":"-(G148*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G93)","v":-38.555073529411956},{"$f":"-(H148*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H93)","v":-38.776654411764902},{"$f":"-(I148*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I93)","v":-38.55756631433843},{"$f":"-(J148*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J93)","v":-37.77990051011048},{"$f":"-(K148*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K93)","v":-36.289408314912876},{"$f":"-(L148*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L93)","v":-32.179900553024062},{"$f":"-(M148*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M93)","v":-27.123309132428567},{"$f":"-(N148*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N93)","v":-20.857035711968216},{"$f":"-(O148*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O93)","v":-12.914199034014946}]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$7*'Inputs - actual'!F$5+F130","v":583.19383817073935},{"$f":"G$13/'Inputs - forecast'!G$7*'Inputs - actual'!G$5+G130","v":615.39235360868827},{"$f":"H$13/'Inputs - forecast'!H$7*'Inputs - actual'!H$5+H130","v":649.30630952441686},{"$f":"I$13/'Inputs - forecast'!I$7*'Inputs - actual'!I$5+I130","v":685.06025459622606},{"$f":"J$13/'Inputs - forecast'!J$7*'Inputs - actual'!J$5+J130","v":722.79853676537573},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5+K130","v":965.93982305269571},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5+L130","v":1020.0664698332947},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5+M130","v":1077.0225902171894},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5+N130","v":1137.0981276717885},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5+O130","v":1200.7608396038381}]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F133*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G133*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-59.654999999999994},{"$f":"-H133*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-57.546916666666661},{"$f":"-I133*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-55.099814583333327},{"$f":"-J133*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-52.211988124999998},{"$f":"-K133*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-48.742744510416678},{"$f":"-L133*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-41.741391671614586},{"$f":"-M133*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-34.190599620156256},{"$f":"-N133*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-25.822516739871755},{"$f":"-O133*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-16.091481212691836}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,null,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},{"$f":"G135","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,0]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-103.24220122295026},{"$f":"SUM(G112:G119)","v":-90.085798885020296},-77.706450791582157,-66.625817883446331,-57.705823639589056,73.236026590176323,114.17123645018103,149.56970057011392,171.06974342356935,142.61306423344013]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":-6.1106675275368616E-13},null,{"$f":"F120/'Inputs - actual'!F$28","v":-94.45509893120331},{"$f":"G120/'Inputs - actual'!G$28","v":-75.403696655376095},{"$f":"H120/'Inputs - actual'!H$28","v":-59.506105550196231},{"$f":"I120/'Inputs - actual'!I$28","v":-46.678313890675412},{"$f":"J120/'Inputs - actual'!J$28","v":-36.987961981204812},{"$f":"K120/'Inputs - actual'!K$28","v":42.947084212788617},{"$f":"L120/'Inputs - actual'!L$28","v":61.253902963585986},{"$f":"M120/'Inputs - actual'!M$28","v":73.415682027835956},{"$f":"N120/'Inputs - actual'!N$28","v":76.822169761312352},{"$f":"O120/'Inputs - actual'!O$28","v":58.59233804313233}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$5","v":-98.325905926619285},{"$f":"G120/'Inputs - actual'!G$5","v":-81.710475179156731},{"$f":"H120/'Inputs - actual'!H$5","v":-67.125753842204645},{"$f":"I120/'Inputs - actual'!I$5","v":-54.813225257744513},{"$f":"J120/'Inputs - actual'!J$5","v":-45.214022779232181},{"$f":"K120/'Inputs - actual'!K$5","v":54.649850630079015},{"$f":"L120/'Inputs - actual'!L$5","v":81.139366183015241},{"$f":"M120/'Inputs - actual'!M$5","v":101.23466071269765},{"$f":"N120/'Inputs - actual'!N$5","v":110.27308190592366},{"$f":"O120/'Inputs - actual'!O$5","v":87.5520502609685}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":-8.1712414612411521E-13},null,{"$f":"F123/'Inputs - actual'!F$32","v":-94.45509893120331},{"$f":"G123/'Inputs - actual'!G$32","v":-75.403696655376095},{"$f":"H123/'Inputs - actual'!H$32","v":-59.506105550196217},{"$f":"I123/'Inputs - actual'!I$32","v":-46.67831389067539},{"$f":"J123/'Inputs - actual'!J$32","v":-36.987961981204798},{"$f":"K123/'Inputs - actual'!K$32","v":42.947084212788589},{"$f":"L123/'Inputs - actual'!L$32","v":61.253902963585951},{"$f":"M123/'Inputs - actual'!M$32","v":73.415682027835913},{"$f":"N123/'Inputs - actual'!N$32","v":76.822169761312296},{"$f":"O123/'Inputs - actual'!O$32","v":58.592338043132294}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},0,0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.5210657813092867E-2},{"$f":"H112/G112-1","v":5.5109485382546008E-2},5.5064835421046565E-2,5.5087537068388981E-2,0.33638873616901765,5.6035216158228707E-2,5.5835695092696147E-2,5.5779273341410862E-2,5.5986999171653951E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F133*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F114)","v":-37.98529411764725},{"$f":"-(G133*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G114)","v":-36.845735294117837},{"$f":"-(H133*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H114)","v":-35.543683823529591},{"$f":"-(I133*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I114)","v":-34.032238419117817},{"$f":"-(J133*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J114)","v":-32.248580900735455},{"$f":"-(K133*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K114)","v":-30.105812785845735},{"$f":"-(L133*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L114)","v":-25.781447797173847},{"$f":"-(M133*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M114)","v":-21.117723294802495},{"$f":"-(N133*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N114)","v":-15.949201515803221},{"$f":"-(O133*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O114)","v":-9.9388560431332458},null,"Note"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F136","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual'!F$20","v":1230},{"$f":"G133*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H133*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I133*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J133*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K133*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L133*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M133*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N133*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O133*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},{"$f":"IFERROR(H142/H136,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F148*'Inputs - actual'!F4","v":150},{"$f":"G148*'Inputs - actual'!G4","v":152.25},{"$f":"H148*'Inputs - actual'!H4","v":153.125},{"$f":"I148*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J148*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K148*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L148*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M148*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N148*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O148*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-315},{"$f":"-SUM(G148:G149)/G146","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-62.422499999999999,-62.781249999999993,-62.426535937500006,-61.16745796875,-58.75428012890626,-52.100791371562501,-43.91392907155079,-33.768534009853134,-20.908703197928855]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":116.69383817073935},{"$f":"SUM(G156:G159)","v":117.67718204006083},116.63375560284825,112.58693243017203,103.98389460391735,291.45341249888889,311.81582159129869,323.41282165827283,313.47145640763216,229.03702767914498]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast'!F29","v":-32.674274687807021},{"$f":"-G160*'Inputs - forecast'!G29","v":-32.949610971217034},{"$f":"-H160*'Inputs - forecast'!H29","v":-32.657451568797512},{"$f":"-I160*'Inputs - forecast'!I29","v":-31.524341080448171},{"$f":"-J160*'Inputs - forecast'!J29","v":-29.11549048909686},{"$f":"-K160*'Inputs - forecast'!K29","v":-81.606955499688894},{"$f":"-L160*'Inputs - forecast'!L29","v":-87.30843004556364},{"$f":"-M160*'Inputs - forecast'!M29","v":-90.555590064316405},{"$f":"-N160*'Inputs - forecast'!N29","v":-87.772007794137011},{"$f":"-O160*'Inputs - forecast'!O29","v":-64.130367750160602}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499688894,-87.30843004556364,-90.555590064316405,-87.772007794137011,-64.130367750160602]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F163","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499688894,-87.30843004556364,-90.555590064316405,-87.772007794137011,-64.130367750160602]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":-328.13978734646338},{"$f":"F166/'Inputs - actual'!F$28","v":-29.893316992315977},{"$f":"G166/'Inputs - actual'!G$28","v":-27.579513101253458},{"$f":"H166/'Inputs - actual'!H$28","v":-25.008448336747396},{"$f":"I166/'Inputs - actual'!I$28","v":-22.086079164147552},{"$f":"J166/'Inputs - actual'!J$28","v":-18.662287224265917},{"$f":"K166/'Inputs - actual'!K$28","v":-47.855965886938954},{"$f":"L166/'Inputs - actual'!L$28","v":-46.841763899505452},{"$f":"M166/'Inputs - actual'!M$28","v":-44.448844790515786},{"$f":"N166/'Inputs - actual'!N$28","v":-39.415714012951639},{"$f":"O166/'Inputs - actual'!O$28","v":-26.34785393782126}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438218},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850364},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.72273146063992},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.84418306712584},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.22340071962229}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":-334.56763171141483},{"$f":"F169/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G169/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H169/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I169/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J169/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K169/'Inputs - actual'!K$28","v":-53.989079627438947},{"$f":"L169/'Inputs - actual'!L$28","v":-49.6281629813327},{"$f":"M169/'Inputs - actual'!M$28","v":-44.040039516529184},{"$f":"N169/'Inputs - actual'!N$28","v":-35.855571320106101},{"$f":"O169/'Inputs - actual'!O$28","v":-19.401654914175907}]
[null,"Difference",null,null,{"$f":"E170-E167","v":-6.4278443649514543},{"$f":"F169-F166","v":-7.6588235294118405},{"$f":"G169-G166","v":-5.0753552479815767},-2.0915955119072152,1.3715538336191386,5.4174646123184971,-10.458565213749324,-5.1935731932867242,0.83285860367648468,7.9278247270111706,16.906967030538311]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":555.42270301975179},{"$f":"G91/'Inputs - actual'!G$5","v":556.62858537269312},{"$f":"H91/'Inputs - actual'!H$5","v":558.10244158184344},{"$f":"I91/'Inputs - actual'!I$5","v":559.877768379229},{"$f":"J91/'Inputs - actual'!J$5","v":561.99763299174083},{"$f":"K91/'Inputs - actual'!K$5","v":716.1848739960177},{"$f":"L91/'Inputs - actual'!L$5","v":720.39493468696082},{"$f":"M91/'Inputs - actual'!M$5","v":724.90646596613908},{"$f":"N91/'Inputs - actual'!N$5","v":729.81995802963138},{"$f":"O91/'Inputs - actual'!O$5","v":735.33639126959406}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O175, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P175, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029745,986.93893288230345,1006.6777115399495,1026.8112657707486,1047.3474910861637,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F178-F179","v":17.747975208239609},{"$f":"G178-G179","v":36.738308681056083},57.040217521761406,78.726521672634931,101.87382689654817,28.458446738243993,58.908984748165153,91.462601972042421,126.23606341684308,163.35220456080765]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F178-F192","v":621.17913228838665},652.23808890280611,662.03405064346441,717.0442373707516,775.63781010727541,1041.332888960186,1118.1086434056822,1089.3115367627547,1183.1822129767738,1283.2370522823462]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.874442221942,1059.1996586575169,997.84893479071229,1056.9461495599307,1119.8848477215386]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F183","v":603.43115708014705},{"$f":"G183","v":615.49978022175003},{"$f":"H183","v":604.99383312170301},{"$f":"I183","v":638.31771569811667},673.76398321072725,1012.874442221942,1059.1996586575169,997.84893479071229,1056.9461495599307,1119.8848477215386,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F109","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F193","v":-20.237318909407641},-23.304750066364907,16.334522194012241,59.56120666849079,106.74532318587691,60.223969460450647,18.414169193034169,92.720234438014771,173.69448884197683,262.32945714382879,159.73507426834846]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F182-F185+F187","v":-20.237318909407641},-1.8167648483558736,18.263563109996504,40.1689553582965,64.093926386437687,-7.8309615766688836,26.729084195141205,64.339292839613847,105.37902770487486,150.43800552679269,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F191*(1+'Inputs - forecast'!$P$31)^2","v":22.815942704481998},{"$f":"-G191*(1+'Inputs - forecast'!$P$31)^2","v":2.0482556445920945},{"$f":"-H191*(1+'Inputs - forecast'!$P$31)^2","v":-20.5906924411643},{"$f":"-I191*(1+'Inputs - forecast'!$P$31)^2","v":-45.287253121644582},{"$f":"-J191*(1+'Inputs - forecast'!$P$31)^2","v":-72.260725775213544},{"$f":"-K191*(1+'Inputs - forecast'!$P$31)^2","v":8.8287767492372371},{"$f":"-L191*(1+'Inputs - forecast'!$P$31)^2","v":-30.134883789182116},{"$f":"-M191*(1+'Inputs - forecast'!$P$31)^2","v":-72.537356635374906},{"$f":"-N191*(1+'Inputs - forecast'!$P$31)^2","v":-118.80634332696899},{"$f":"-O191*(1+'Inputs - forecast'!$P$31)^2","v":-169.60670185813245},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F190*(1+'Inputs - forecast'!$P$31)+F191+F192","v":-20.237318909407641},{"$f":"G190*(1+'Inputs - forecast'!$P$31)+G191+G192","v":-23.304750066364907},{"$f":"H190*(1+'Inputs - forecast'!$P$31)+H191+H192","v":16.334522194012241},{"$f":"I190*(1+'Inputs - forecast'!$P$31)+I191+I192","v":59.56120666849079},{"$f":"J190*(1+'Inputs - forecast'!$P$31)+J191+J192","v":106.74532318587691},{"$f":"K190*(1+'Inputs - forecast'!$P$31)+K191+K192","v":60.223969460450647},{"$f":"L190*(1+'Inputs - forecast'!$P$31)+L191+L192","v":18.414169193034169},{"$f":"M190*(1+'Inputs - forecast'!$P$31)+M191+M192","v":92.720234438014771},{"$f":"N190*(1+'Inputs - forecast'!$P$31)+N191+N192","v":173.69448884197683},{"$f":"O190*(1+'Inputs - forecast'!$P$31)+O191+O192","v":262.32945714382879},{"$f":"P190*(1+'Inputs - forecast'!$P$31)+P191+P192","v":159.73507426834846},{"$f":"Q190*(1+'Inputs - forecast'!$P$31)+Q191+Q192","v":0},"Note"]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F197:O197)","v":-6259.7416364398096},{"$f":"F178","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713,null,null,"Note"]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F198:O198)","v":5872.5222987095876},{"$f":"F183","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.874442221942,1059.1996586575169,997.84893479071229,1056.9461495599307,1119.8848477215386]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F199:O199)","v":243.20031802387405},{"$f":"F187","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F200:O200)","v":144.01901970634677},0,0,0,0,0,0,0,0,0,{"$f":"O193","v":262.32945714382879}]
[null,null,null,"NPV",{"$f":"SUM(E197:E200)","v":-1.1084466677857563E-12}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F203:O203)","v":-6016.5413184159361},{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F197+F199-F203","v":0},{"$f":"G197+G199-G203","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F206:O206)","v":6016.5413184159361},{"$f":"F179+F191","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774447,1071.0170043795633,1132.1902934756235,1197.7854966129564,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F207:Q207)","v":5872.5222987095876},{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.874442221942,1059.1996586575169,997.84893479071229,1056.9461495599307,1119.8848477215386,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F208:Q208)","v":144.01901970634677},0,0,0,0,0,0,0,0,0,{"$f":"+O193","v":262.32945714382879}]
[null,null,null,"NPV",{"$f":"E206-E207-E208","v":1.6768808563938364E-12}]

{"sheet":"2b Incl CODW smoothed","index":9,"n_rows":219,"n_cols":20,"rows_kept":219,"cut":false,"hidden":false,"merged":[[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956298},{"$f":"P76","v":967.58718910029745},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":986.93893288230345},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":1006.6777115399495},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":1026.8112657707486},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":1047.3474910861637}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},16.692228426326665,0.55712926151988995,-18.187510225440292,-40.511970000071017,43.493243403001884,34.097050932279899,17.185478992753474,-15.685258801606551,-98.821135473642585]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386346998},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212622923},{"$f":"M20/'Inputs - forecast'!M$36","v":10.63701748753879},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590224856},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.25285902748989}]
[null,"Sum of present values",null,null,null,{"$f":"F16/F39-1","v":0},null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":2.4158453015843406E-13}]
[null,null,null,null,null,{"$f":"-(F14+F15)/SUM(F38:F39)","v":6.0588235294117658E-2}]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},{"$f":"G13","v":615.49978022175003},627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029745,986.93893288230345,1006.6777115399495,1026.8112657707486,1047.3474910861637]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,-85.251586788457303,617.79067308581443,634.07857903557999,653.54782256348176,679.41081276699094,865.58385381477103]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536897836},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422709},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399257},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208086},{"$f":"N31/'Inputs - forecast'!N$36","v":396.04812841207365},{"$f":"O31/'Inputs - forecast'!O$36","v":475.20602320957335}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-1.1368683772161603E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},{"$f":"M42","v":1510.0487358012006},{"$f":"N42","v":908.27367610511737}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$4)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$4)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$4)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$4)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976,null,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J5*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,319.41099023029591,311.75602257758317,293.74945750345614,253.9386118240987,145.89942859984831]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264482857},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.29168632172329},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100967725},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.10281131074764},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007957527}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264482857,-87.29168632172329,-82.249848100967725,-71.10281131074764,-40.851840007957527]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490579},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256537},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386383},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609635},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444553},{"$f":"SUM(F66:J66)","v":2626.4565156318768}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593408},{"$f":"L13/'Inputs - forecast'!L$36","v":648.62134190342124},{"$f":"M13/'Inputs - forecast'!M$36","v":623.08699259887896},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476033},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422065},{"$f":"SUM(K73:O73)","v":3120.4626526872153}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958702},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079828},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134011},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.70124595378275},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171064},{"$f":"SUM(K74:O74)","v":-3120.4626526872185}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.58718910029745]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F162+F170","v":-40.333098217218861},-38.02496621919861,-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Other",null,null,null,{"$f":"(-F99/'Inputs - actual'!F$36+F100)*'Inputs - actual'!F36","v":-0.3678855951758494},{"$f":"(-G99/'Inputs - actual'!G$36+G100)*'Inputs - actual'!G36","v":-0.40743861883776705},{"$f":"(-H99/'Inputs - actual'!H$36+H100)*'Inputs - actual'!H36","v":-2.0876917330351571E-2},{"$f":"(-I99/'Inputs - actual'!I$36+I100)*'Inputs - actual'!I36","v":0.93003346152878019},{"$f":"(-J99/'Inputs - actual'!J$36+J100)*'Inputs - actual'!J36","v":2.6503290493603218},{"$f":"(-K99/'Inputs - actual'!K$36+K100)*'Inputs - actual'!K36","v":-3.0231510664389378},{"$f":"(-L99/'Inputs - actual'!L$36+L100)*'Inputs - actual'!L36","v":-2.8300400679202706},{"$f":"(-M99/'Inputs - actual'!M$36+M100)*'Inputs - actual'!M36","v":-1.6684960714635528},{"$f":"(-N99/'Inputs - actual'!N$36+N100)*'Inputs - actual'!N36","v":1.7535110372254794},{"$f":"(-O99/'Inputs - actual'!O$36+O100)*'Inputs - actual'!O36","v":12.564054205386521},null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.08)","v":8.0367647058781966E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":227.49285435834463},{"$f":"SUM(G80:G84)","v":244.50061053535777},264.01591493814647,286.66029791570503,313.33505157858252,596.64842761875127,636.91588923942379,684.13468808964728,743.83397825001998,{"$f":"SUM(O80:O84)+O152","v":1000.2366874209764}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.08)","v":4.0980392157489831E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":219.19908596627906},{"$f":"G85/'Inputs - actual'!G$39","v":226.99793475123616},{"$f":"H85/'Inputs - actual'!H$39","v":236.17995965364611},{"$f":"I85/'Inputs - actual'!I$39","v":247.08789181419618},{"$f":"J85/'Inputs - actual'!J$39","v":260.23390311001566},{"$f":"K85/'Inputs - actual'!K$39","v":477.46811450215279},{"$f":"L85/'Inputs - actual'!L$39","v":491.11018003612674},{"$f":"M85/'Inputs - actual'!M$39","v":508.28751628108904},{"$f":"N85/'Inputs - actual'!N$39","v":532.494129384963},{"$f":"O85/'Inputs - actual'!O$39","v":689.94197895977686}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":6.2705396430828841E-13}]
[]
["Actual return (building blocks) using RAB"]
[null,"Revenue",null,null,null,{"$f":"F80","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G148*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-62.422499999999999},{"$f":"-H148*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-62.781249999999993},{"$f":"-I148*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-62.426535937500006},{"$f":"-J148*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-61.16745796875},{"$f":"-K148*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-58.75428012890626},{"$f":"-L148*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-52.100791371562501},{"$f":"-M148*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-43.91392907155079},{"$f":"-N148*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-33.768534009853134},{"$f":"-O148*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-20.908703197928855}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":150},{"$f":"G149","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-315},{"$f":"G151","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F162+F170","v":-40.333098217218861},-38.02496621919861,-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":2.6503290493603218}]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F97)","v":31.757798777049771},17.688563860077714,0.6077477378295697,-20.423480720456407,-46.83052202500582,44.772456444266254,36.132255529448742,18.746881025195535,-17.61360278340257,-114.23402419893192]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":-1.0373923942097463E-12},null,{"$f":"F99/'Inputs - actual'!F$28","v":29.054843753725269},{"$f":"G99/'Inputs - actual'!G$28","v":14.805697680240401},{"$f":"H99/'Inputs - actual'!H$28","v":0.46540152930388423},{"$f":"I99/'Inputs - actual'!I$28","v":-14.308772096086861},{"$f":"J99/'Inputs - actual'!J$28","v":-30.017170867179832},{"$f":"K99/'Inputs - actual'!K$28","v":26.255472161063942},{"$f":"L99/'Inputs - actual'!L$28","v":19.38528251835217},{"$f":"M99/'Inputs - actual'!M$28","v":9.2018306589726055},{"$f":"N99/'Inputs - actual'!N$28","v":-7.9097282550109247},{"$f":"O99/'Inputs - actual'!O$28","v":-46.932857083381691}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F$5","v":30.245522644809306},{"$f":"G99/'Inputs - actual'!G$5","v":16.044048852678198},{"$f":"H99/'Inputs - actual'!H$5","v":0.52499534635963252},{"$f":"I99/'Inputs - actual'!I$5","v":-16.802448132583773},{"$f":"J99/'Inputs - actual'!J$5","v":-36.692939395969539},{"$f":"K99/'Inputs - actual'!K$5","v":33.409896343954266},{"$f":"L99/'Inputs - actual'!L$5","v":25.678519420270064},{"$f":"M99/'Inputs - actual'!M$5","v":12.688626993121042},{"$f":"N99/'Inputs - actual'!N$5","v":-11.353885400899905},{"$f":"O99/'Inputs - actual'!O$5","v":-70.129781461020102}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":-1.0160761121369433E-12},null,{"$f":"F102/'Inputs - actual'!F$32","v":29.054843753725269},{"$f":"G102/'Inputs - actual'!G$32","v":14.805697680240401},{"$f":"H102/'Inputs - actual'!H$32","v":0.46540152930388407},{"$f":"I102/'Inputs - actual'!I$32","v":-14.308772096086855},{"$f":"J102/'Inputs - actual'!J$32","v":-30.017170867179821},{"$f":"K102/'Inputs - actual'!K$32","v":26.255472161063928},{"$f":"L102/'Inputs - actual'!L$32","v":19.38528251835216},{"$f":"M102/'Inputs - actual'!M$32","v":9.2018306589726002},{"$f":"N102/'Inputs - actual'!N$32","v":-7.9097282550109203},{"$f":"O102/'Inputs - actual'!O$32","v":-46.932857083381656}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.2279662793228265E-2},{"$f":"H91/G91-1","v":5.2780218372313392E-2},5.3340055513771745E-2,5.3975613908694653E-2,0.33807346072375721,5.6172377951555053E-2,5.6575709537985075E-2,5.7117010137012425E-2,5.7936553170728322E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F148*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F93)","v":-37.98529411764725},{"$f":"-(G148*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G93)","v":-38.555073529411956},{"$f":"-(H148*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H93)","v":-38.776654411764902},{"$f":"-(I148*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I93)","v":-38.55756631433843},{"$f":"-(J148*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J93)","v":-37.77990051011048},{"$f":"-(K148*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K93)","v":-36.289408314912876},{"$f":"-(L148*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L93)","v":-32.179900553024062},{"$f":"-(M148*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M93)","v":-27.123309132428567},{"$f":"-(N148*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N93)","v":-20.857035711968216},{"$f":"-(O148*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O93)","v":-12.914199034014946}]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$7*'Inputs - actual'!F$5+F130","v":583.19383817073935},{"$f":"G$13/'Inputs - forecast'!G$7*'Inputs - actual'!G$5+G130","v":615.39235360868827},{"$f":"H$13/'Inputs - forecast'!H$7*'Inputs - actual'!H$5+H130","v":649.30630952441686},{"$f":"I$13/'Inputs - forecast'!I$7*'Inputs - actual'!I$5+I130","v":685.06025459622606},{"$f":"J$13/'Inputs - forecast'!J$7*'Inputs - actual'!J$5+J130","v":722.79853676537573},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5+K130","v":965.93982305269571},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5+L130","v":1020.0664698332947},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5+M130","v":1077.0225902171894},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5+N130","v":1137.0981276717885},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5+O130","v":1200.7608396038381}]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F133*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G133*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-59.654999999999994},{"$f":"-H133*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-57.546916666666661},{"$f":"-I133*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-55.099814583333327},{"$f":"-J133*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-52.211988124999998},{"$f":"-K133*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-48.742744510416678},{"$f":"-L133*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-41.741391671614586},{"$f":"-M133*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-34.190599620156256},{"$f":"-N133*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-25.822516739871755},{"$f":"-O133*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-16.091481212691836}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,null,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},{"$f":"G135","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F162+F170","v":-40.333098217218861},{"$f":"G162+G170","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438218,-92.502003238850364,-89.72273146063992,-79.84418306712584,-47.22340071962229]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,0]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-103.24220122295026},{"$f":"SUM(G112:G119)","v":-90.085798885020296},-77.706450791582157,-66.625817883446331,-57.705823639589056,73.236026590176323,114.17123645018103,149.56970057011392,171.06974342356935,142.61306423344013]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":-6.1106675275368616E-13},null,{"$f":"F120/'Inputs - actual'!F$28","v":-94.45509893120331},{"$f":"G120/'Inputs - actual'!G$28","v":-75.403696655376095},{"$f":"H120/'Inputs - actual'!H$28","v":-59.506105550196231},{"$f":"I120/'Inputs - actual'!I$28","v":-46.678313890675412},{"$f":"J120/'Inputs - actual'!J$28","v":-36.987961981204812},{"$f":"K120/'Inputs - actual'!K$28","v":42.947084212788617},{"$f":"L120/'Inputs - actual'!L$28","v":61.253902963585986},{"$f":"M120/'Inputs - actual'!M$28","v":73.415682027835956},{"$f":"N120/'Inputs - actual'!N$28","v":76.822169761312352},{"$f":"O120/'Inputs - actual'!O$28","v":58.59233804313233}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$5","v":-98.325905926619285},{"$f":"G120/'Inputs - actual'!G$5","v":-81.710475179156731},{"$f":"H120/'Inputs - actual'!H$5","v":-67.125753842204645},{"$f":"I120/'Inputs - actual'!I$5","v":-54.813225257744513},{"$f":"J120/'Inputs - actual'!J$5","v":-45.214022779232181},{"$f":"K120/'Inputs - actual'!K$5","v":54.649850630079015},{"$f":"L120/'Inputs - actual'!L$5","v":81.139366183015241},{"$f":"M120/'Inputs - actual'!M$5","v":101.23466071269765},{"$f":"N120/'Inputs - actual'!N$5","v":110.27308190592366},{"$f":"O120/'Inputs - actual'!O$5","v":87.5520502609685}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":-8.1712414612411521E-13},null,{"$f":"F123/'Inputs - actual'!F$32","v":-94.45509893120331},{"$f":"G123/'Inputs - actual'!G$32","v":-75.403696655376095},{"$f":"H123/'Inputs - actual'!H$32","v":-59.506105550196217},{"$f":"I123/'Inputs - actual'!I$32","v":-46.67831389067539},{"$f":"J123/'Inputs - actual'!J$32","v":-36.987961981204798},{"$f":"K123/'Inputs - actual'!K$32","v":42.947084212788589},{"$f":"L123/'Inputs - actual'!L$32","v":61.253902963585951},{"$f":"M123/'Inputs - actual'!M$32","v":73.415682027835913},{"$f":"N123/'Inputs - actual'!N$32","v":76.822169761312296},{"$f":"O123/'Inputs - actual'!O$32","v":58.592338043132294}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},0,0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.5210657813092867E-2},{"$f":"H112/G112-1","v":5.5109485382546008E-2},5.5064835421046565E-2,5.5087537068388981E-2,0.33638873616901765,5.6035216158228707E-2,5.5835695092696147E-2,5.5779273341410862E-2,5.5986999171653951E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F133*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F114)","v":-37.98529411764725},{"$f":"-(G133*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G114)","v":-36.845735294117837},{"$f":"-(H133*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H114)","v":-35.543683823529591},{"$f":"-(I133*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I114)","v":-34.032238419117817},{"$f":"-(J133*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J114)","v":-32.248580900735455},{"$f":"-(K133*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K114)","v":-30.105812785845735},{"$f":"-(L133*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L114)","v":-25.781447797173847},{"$f":"-(M133*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M114)","v":-21.117723294802495},{"$f":"-(N133*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N114)","v":-15.949201515803221},{"$f":"-(O133*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O114)","v":-9.9388560431332458},null,"Note"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F136","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual'!F$20","v":1230},{"$f":"G133*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H133*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I133*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J133*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K133*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L133*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M133*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N133*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O133*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},{"$f":"IFERROR(H142/H136,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F148*'Inputs - actual'!F4","v":150},{"$f":"G148*'Inputs - actual'!G4","v":152.25},{"$f":"H148*'Inputs - actual'!H4","v":153.125},{"$f":"I148*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J148*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K148*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L148*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M148*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N148*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O148*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-315},{"$f":"-SUM(G148:G149)/G146","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-62.422499999999999,-62.781249999999993,-62.426535937500006,-61.16745796875,-58.75428012890626,-52.100791371562501,-43.91392907155079,-33.768534009853134,-20.908703197928855]
[null,"EBT",null,null,null,{"$f":"SUM(F155:F158)","v":116.69383817073935},{"$f":"SUM(G155:G158)","v":117.67718204006083},116.63375560284825,112.58693243017203,103.98389460391735,291.45341249888889,311.81582159129869,323.41282165827283,313.47145640763216,229.03702767914498]
[null,"Calculated tax",null,null,null,{"$f":"-F159*'Inputs - forecast'!F29","v":-32.674274687807021},{"$f":"-G159*'Inputs - forecast'!G29","v":-32.949610971217034},{"$f":"-H159*'Inputs - forecast'!H29","v":-32.657451568797512},{"$f":"-I159*'Inputs - forecast'!I29","v":-31.524341080448171},{"$f":"-J159*'Inputs - forecast'!J29","v":-29.11549048909686},{"$f":"-K159*'Inputs - forecast'!K29","v":-81.606955499688894},{"$f":"-L159*'Inputs - forecast'!L29","v":-87.30843004556364},{"$f":"-M159*'Inputs - forecast'!M29","v":-90.555590064316405},{"$f":"-N159*'Inputs - forecast'!N29","v":-87.772007794137011},{"$f":"-O159*'Inputs - forecast'!O29","v":-64.130367750160602}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F160>0,F160+E161,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F161>0,0,F160+E161)","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499688894,-87.30843004556364,-90.555590064316405,-87.772007794137011,-64.130367750160602]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F162","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499688894,-87.30843004556364,-90.555590064316405,-87.772007794137011,-64.130367750160602]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F166:O166)","v":-328.13978734646338},{"$f":"F165/'Inputs - actual'!F$28","v":-29.893316992315977},{"$f":"G165/'Inputs - actual'!G$28","v":-27.579513101253458},{"$f":"H165/'Inputs - actual'!H$28","v":-25.008448336747396},{"$f":"I165/'Inputs - actual'!I$28","v":-22.086079164147552},{"$f":"J165/'Inputs - actual'!J$28","v":-18.662287224265917},{"$f":"K165/'Inputs - actual'!K$28","v":-47.855965886938954},{"$f":"L165/'Inputs - actual'!L$28","v":-46.841763899505452},{"$f":"M165/'Inputs - actual'!M$28","v":-44.448844790515786},{"$f":"N165/'Inputs - actual'!N$28","v":-39.415714012951639},{"$f":"O165/'Inputs - actual'!O$28","v":-26.34785393782126}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438218},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850364},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.72273146063992},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.84418306712584},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.22340071962229}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F169:O169)","v":-334.56763171141483},{"$f":"F168/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G168/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H168/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I168/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J168/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K168/'Inputs - actual'!K$28","v":-53.989079627438947},{"$f":"L168/'Inputs - actual'!L$28","v":-49.6281629813327},{"$f":"M168/'Inputs - actual'!M$28","v":-44.040039516529184},{"$f":"N168/'Inputs - actual'!N$28","v":-35.855571320106101},{"$f":"O168/'Inputs - actual'!O$28","v":-19.401654914175907}]
[null,"Difference",null,null,{"$f":"E169-E166","v":-6.4278443649514543},{"$f":"F168-F165","v":-7.6588235294118405},-5.0753552479815767,-2.0915955119072152,1.3715538336191386,5.4174646123184971,-10.458565213749324,-5.1935731932867242,0.83285860367648468,7.9278247270111706,16.906967030538311]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":555.42270301975179},{"$f":"G91/'Inputs - actual'!G$5","v":556.62858537269312},{"$f":"H91/'Inputs - actual'!H$5","v":558.10244158184344},{"$f":"I91/'Inputs - actual'!I$5","v":559.877768379229},{"$f":"J91/'Inputs - actual'!J$5","v":561.99763299174083},{"$f":"K91/'Inputs - actual'!K$5","v":716.1848739960177},{"$f":"L91/'Inputs - actual'!L$5","v":720.39493468696082},{"$f":"M91/'Inputs - actual'!M$5","v":724.90646596613908},{"$f":"N91/'Inputs - actual'!N$5","v":729.81995802963138},{"$f":"O91/'Inputs - actual'!O$5","v":735.33639126959406}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O174, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P174, 12)","v":"2032-06-30"},{"$f":"Q174+365","v":"2033-06-30"},{"$f":"R174+366","v":"2034-07-01"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029745,986.93893288230345,1006.6777115399495,1026.8112657707486,1047.3474910861637,null,null,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F177-F178","v":17.747975208239609},{"$f":"G177-G178","v":36.738308681056083},57.040217521761406,78.726521672634931,101.87382689654817,28.458446738243993,58.908984748165153,91.462601972042421,126.23606341684308,163.35220456080765]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F177-F202","v":621.17913228838665},652.23808890280611,696.29433178369993,742.72403109941513,791.72461457016584,1046.7710010224739,1111.8008385569456,1081.6781745916196,1172.3925171270664,1269.5221398895526]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F178-F202","v":603.43115708014705},615.49978022175003,639.25411426193853,663.9975094267802,689.85078767361767,1018.31255428423,1052.8918538087805,990.21557261957707,1046.1564537102233,1106.1699353287449]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F182","v":603.43115708014705},{"$f":"G182","v":615.49978022175003},{"$f":"H182","v":639.25411426193853},{"$f":"I182","v":663.9975094267802},689.85078767361767,1018.31255428423,1052.8918538087805,990.21557261957707,1046.1564537102233,1106.1699353287449,null,null,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F186:O186)","v":243.20031802387405},{"$f":"F109","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[null,null,null,"Smoothing Y1",null,{"$f":"F186/5","v":-7.5970588235294496},{"$f":"F187*(1+'Inputs - forecast'!$P$31)","v":-8.0665570588235695},{"$f":"G187*(1+'Inputs - forecast'!$P$31)","v":-8.5650702850588676},{"$f":"H187*(1+'Inputs - forecast'!$P$31)","v":-9.0943916286755062},{"$f":"I187*(1+'Inputs - forecast'!$P$31)","v":-9.6564250313276538},null,null,null,null,null,null,null,null,null,"Note"]
[null,null,null,"Smoothing Y2",null,null,{"$f":"G186/5","v":-7.7110147058823912},{"$f":"G188*(1+'Inputs - forecast'!$P$31)","v":-8.1875554147059244},{"$f":"H188*(1+'Inputs - forecast'!$P$31)","v":-8.6935463393347518},{"$f":"I188*(1+'Inputs - forecast'!$P$31)","v":-9.2308075031056394},{"$f":"J188*(1+'Inputs - forecast'!$P$31)","v":-9.8012714067975679}]
[null,null,null,"Smoothing Y3",null,null,null,{"$f":"H186/5","v":-7.7553308823529807},{"$f":"H189*(1+'Inputs - forecast'!$P$31)","v":-8.2346103308823952},{"$f":"I189*(1+'Inputs - forecast'!$P$31)","v":-8.7435092493309288},{"$f":"J189*(1+'Inputs - forecast'!$P$31)","v":-9.2838581209395805},{"$f":"K189*(1+'Inputs - forecast'!$P$31)","v":-9.857600552813647}]
[null,null,null,"Smoothing Y4",null,null,null,null,{"$f":"I186/5","v":-7.7115132628676859},{"$f":"I190*(1+'Inputs - forecast'!$P$31)","v":-8.1880847825129095},{"$f":"J190*(1+'Inputs - forecast'!$P$31)","v":-8.6941084220722082},{"$f":"K190*(1+'Inputs - forecast'!$P$31)","v":-9.231404322556271},{"$f":"L190*(1+'Inputs - forecast'!$P$31)","v":-9.8019051096902494}]
[null,null,null,"Smoothing Y5",null,null,null,null,null,{"$f":"J186/5","v":-7.5559801020220956},{"$f":"J191*(1+'Inputs - forecast'!$P$31)","v":-8.0229396723270625},{"$f":"K191*(1+'Inputs - forecast'!$P$31)","v":-8.5187573440768762},{"$f":"L191*(1+'Inputs - forecast'!$P$31)","v":-9.0452165479408286},{"$f":"M191*(1+'Inputs - forecast'!$P$31)","v":-9.604210930603573}]
[null,null,null,"Smoothing Y6",null,null,null,null,null,null,{"$f":"K186/5","v":-7.2578816629825749},{"$f":"K192*(1+'Inputs - forecast'!$P$31)","v":-7.7064187497548984},{"$f":"L192*(1+'Inputs - forecast'!$P$31)","v":-8.1826754284897518},{"$f":"M192*(1+'Inputs - forecast'!$P$31)","v":-8.6883647699704198},{"$f":"N192*(1+'Inputs - forecast'!$P$31)","v":-9.2253057127545919}]
[null,null,null,"Smoothing Y7",null,null,null,null,null,null,null,{"$f":"L186/5","v":-6.4359801106048122},{"$f":"L193*(1+'Inputs - forecast'!$P$31)","v":-6.8337236814401905},{"$f":"M193*(1+'Inputs - forecast'!$P$31)","v":-7.2560478049531945},{"$f":"N193*(1+'Inputs - forecast'!$P$31)","v":-7.7044715592993027},{"$f":"O193*(1+'Inputs - forecast'!$P$31)","v":-8.1806079016640005}]
[null,null,null,"Smoothing Y8",null,null,null,null,null,null,null,null,{"$f":"M186/5","v":-5.4246618264857132},{"$f":"M194*(1+'Inputs - forecast'!$P$31)","v":-5.7599059273625306},{"$f":"N194*(1+'Inputs - forecast'!$P$31)","v":-6.1158681136735353},{"$f":"O194*(1+'Inputs - forecast'!$P$31)","v":-6.4938287630985601},{"$f":"P194*(1+'Inputs - forecast'!$P$31)","v":-6.8951473806580514}]
[null,null,null,"Smoothing Y9",null,null,null,null,null,null,null,null,null,{"$f":"N186/5","v":-4.171407142393643},{"$f":"N195*(1+'Inputs - forecast'!$P$31)","v":-4.42920010379357},{"$f":"O195*(1+'Inputs - forecast'!$P$31)","v":-4.702924670208013},{"$f":"P195*(1+'Inputs - forecast'!$P$31)","v":-4.9935654148268682},{"$f":"Q195*(1+'Inputs - forecast'!$P$31)","v":-5.3021677574631694}]
[null,null,null,"Smoothing Y10",null,null,null,null,null,null,null,null,null,null,{"$f":"O186/5","v":-2.5828398068029892},{"$f":"O196*(1+'Inputs - forecast'!$P$31)","v":-2.742459306863414},{"$f":"P196*(1+'Inputs - forecast'!$P$31)","v":-2.9119432920275732},{"$f":"Q196*(1+'Inputs - forecast'!$P$31)","v":-3.0919013874748775},{"$f":"R196*(1+'Inputs - forecast'!$P$31)","v":-3.2829808932208251}]
[null,null,null,"Total CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F197:S197)","v":243.2003180238741},{"$f":"SUM(F187:F196)","v":-7.5970588235294496},{"$f":"SUM(G187:G196)","v":-15.777571764705961},-24.507956582117771,-33.734061561760335,-43.374806668299229,-43.060059285118996,-41.750161079806496,-39.288182594046731,-35.479936575283361,-30.057685296323989,-22.119820641833986,-14.800656087512493,-8.3940691449380473,-3.2829808932208251]
[null,null,null,null,{"$f":"E186-E197","v":0}]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F203","v":10.150916384710159},31.73897993363537,54.788371397424186,79.535214776588191,106.27201437397557,47.512647131479582,1.654831466086506,70.393658349058867,146.1549253371156,229.65937474485173,141.53212055502871]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F181-F184+F197","v":10.150916384710159},{"$f":"G181-G184+G197","v":20.960736916350122},32.532260939643635,44.992460110874596,58.499020228248938,-14.601612546875117,17.158823668358544,52.174419377995804,90.75612684155972,133.29451926448365]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F201*(1+'Inputs - forecast'!$P31)^2","v":-11.444338435753478},{"$f":"-G201*(1+'Inputs - forecast'!$P31)^2","v":-23.631538084071405},{"$f":"-H201*(1+'Inputs - forecast'!$P31)^2","v":-36.677496904054721},{"$f":"-I201*(1+'Inputs - forecast'!$P31)^2","v":-50.725365183932567},{"$f":"-J201*(1+'Inputs - forecast'!$P31)^2","v":-65.952920926477063},{"$f":"-K201*(1+'Inputs - forecast'!$P31)^2","v":16.462138920372414},{"$f":"-L201*(1+'Inputs - forecast'!$P31)^2","v":-19.345187939474805},{"$f":"-M201*(1+'Inputs - forecast'!$P31)^2","v":-58.822444242581312},{"$f":"-N201*(1+'Inputs - forecast'!$P31)^2","v":-102.32020354905488},{"$f":"-O201*(1+'Inputs - forecast'!$P31)^2","v":-150.27880560532955},null,null,"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F200*(1+'Inputs - forecast'!$P$31)+F201+F202","v":10.150916384710159},{"$f":"G200*(1+'Inputs - forecast'!$P$31)+G201+G202","v":31.73897993363537},{"$f":"H200*(1+'Inputs - forecast'!$P$31)+H201+H202","v":54.788371397424186},{"$f":"I200*(1+'Inputs - forecast'!$P$31)+I201+I202","v":79.535214776588191},{"$f":"J200*(1+'Inputs - forecast'!$P$31)+J201+J202","v":106.27201437397557},{"$f":"K200*(1+'Inputs - forecast'!$P$31)+K201+K202","v":47.512647131479582},{"$f":"L200*(1+'Inputs - forecast'!$P$31)+L201+L202","v":1.654831466086506},{"$f":"M200*(1+'Inputs - forecast'!$P$31)+M201+M202","v":70.393658349058867},{"$f":"N200*(1+'Inputs - forecast'!$P$31)+N201+N202","v":146.1549253371156},{"$f":"O200*(1+'Inputs - forecast'!$P$31)+O201+O202","v":229.65937474485173},{"$f":"P200*(1+'Inputs - forecast'!$P$31)+P201+P202","v":141.53212055502871},{"$f":"Q200*(1+'Inputs - forecast'!$P$31)+Q201+Q202","v":0},null,null,"Note"]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F207:O207)","v":-6259.7416364398096},{"$f":"F177","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854144,1045.8479176304686,1098.140313511992,1153.0473291875917,1210.6996956469713,null,null,null,null,"Note"]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F208:O208)","v":5914.3700037354647},{"$f":"F182","v":603.43115708014705},615.49978022175003,639.25411426193853,663.9975094267802,689.85078767361767,1018.31255428423,1052.8918538087805,990.21557261957707,1046.1564537102233,1106.1699353287449]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F209:O209)","v":219.28850663363582},{"$f":"F197","v":-7.5970588235294496},-15.777571764705961,-24.507956582117771,-33.734061561760335,-43.374806668299229,-43.060059285118996,-41.750161079806496,-39.288182594046731,-35.479936575283361,-30.057685296323989]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F210:O210)","v":126.08312607070923},0,0,0,0,0,0,0,0,0,{"$f":"O203","v":229.65937474485173}]
[null,null,null,"NPV",{"$f":"SUM(E207:E210)","v":1.9895196601282805E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F213:O213)","v":-6016.5413184159361},{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752362858,1013.6680170774446,1071.0170043795633,1132.1902934756235,1197.7854966129564]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F207-F213+F186","v":0},0,0,-5.6843418860808015E-14,0,0,0,6.3948846218409017E-14,-7.815970093361102E-14,-1.7763568394002505E-14]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F216:O216)","v":6040.4531298061738},{"$f":"F178+F201","v":613.58207346485722},{"$f":"G178+G201","v":636.46051713810016},660.34203676582865,685.35843145358342,711.67231099781191,952.98557655342233,1004.097756550662,1058.8521309179453,1117.5673926123084,1180.6420103506473,null,null,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F217:Q217)","v":5914.3700037354647},{"$f":"F178-F202","v":603.43115708014705},{"$f":"G178-G202","v":615.49978022175003},639.25411426193853,663.9975094267802,689.85078767361767,1018.31255428423,1052.8918538087805,990.21557261957707,1046.1564537102233,{"$f":"O178-O202","v":1106.1699353287449},null,null,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F218:Q218)","v":126.08312607070923},0,0,0,0,0,0,0,0,0,{"$f":"+O203","v":229.65937474485173}]
[null,null,null,"NPV",{"$f":"E216-E217-E218","v":-1.1368683772161603E-13}]

{"sheet":"3 Hybrid RAB","index":10,"n_rows":211,"n_cols":18,"rows_kept":211,"cut":false,"hidden":false,"merged":[[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K71","v":621.84507084638608},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":634.28197226331383},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":646.96761170858008},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":659.90696394275164},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":673.10510322160667},{"$f":"P78","v":901.4898746960472},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":919.51967218996811},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":937.91006563376743},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":956.66826694644283},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":975.80163228537174}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.185130000000008},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-58.394808474666675},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-56.049336612834274},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-53.047159385884896},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-54.431893839734954},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-46.679180673866739},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-38.144575096495025},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-28.506307807396322},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-17.253391947115151}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-121.25101800000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-117.64417512213338},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-112.91890742000272},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-106.87061866522178},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-109.66035197956361},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-94.041471308814465},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-76.847363487085119},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-57.429781094900896},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-34.759272556871018}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":35.400000000000006},{"$f":"G39","v":34.643148000000004},33.612621463466674,32.262544977143634,30.534462475777651,28.351271639711854,26.868991802518419,21.956389567738601,16.408508884257397,9.9312207305345765]
[null,"Tax",null,null,null,{"$f":"F62","v":-44.336619836988106},{"$f":"G62","v":-41.269249167061204},-37.4570942388291,-32.652904505710204,-26.480130957735426,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-303.54000000000002},{"$f":"G41","v":-330.05590533333338},-360.26748301626674,-395.19664658443008,-436.36679566372635,-536.71312105706386,-575.97554885144348,-627.55578996152303,-703.48005462252672,-851.56009619956637]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":21.968451009397938},12.123817762919202,0.69587232015089739,-12.891502203081984,-29.533219295184153,26.71696269213578,27.392591403610027,17.960965254043231,-6.6368737379987124,-79.953245650468148]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":20.689820125633769},{"$f":"G20/'Inputs - forecast'!G$36","v":10.753601972341007},{"$f":"H20/'Inputs - forecast'!H$36","v":0.58130144001971185},{"$f":"I20/'Inputs - forecast'!I$36","v":-10.142211040083845},{"$f":"J20/'Inputs - forecast'!J$36","v":-21.882512497908188},{"$f":"K20/'Inputs - forecast'!K$36","v":18.643642131681691},{"$f":"L20/'Inputs - forecast'!L$36","v":18.002551933515115},{"$f":"M20/'Inputs - forecast'!M$36","v":11.11700765401384},{"$f":"N20/'Inputs - forecast'!N$36","v":-3.8688248303506243},{"$f":"O20/'Inputs - forecast'!O$36","v":-43.894376888859568}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":2.9132252166164108E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":621.84507084638608},{"$f":"G13","v":634.28197226331383},646.96761170858008,659.90696394275164,673.10510322160667,901.4898746960472,919.51967218996811,937.91006563376743,956.66826694644283,975.80163228537174]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-44.336619836988106},{"$f":"G17","v":-41.269249167061204},-37.4570942388291,-32.652904505710204,-26.480130957735426,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J45+J46-J42)","v":-252.56419468697595},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":271.50845100939796},280.89272309625267,291.14811746975101,302.52441143704141,62.836536616895273,568.99033855378627,584.4354666727163,603.11228379365775,628.22194005606286,813.68829432254961]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":255.70583067375961},{"$f":"G31/'Inputs - forecast'!G$36","v":249.14664672234315},{"$f":"H31/'Inputs - forecast'!H$36","v":243.21246160142476},{"$f":"I31/'Inputs - forecast'!I$36","v":238.00689611161803},{"$f":"J31/'Inputs - forecast'!J$36","v":46.558463000635172},{"$f":"K31/'Inputs - forecast'!K$36","v":397.05307712630491},{"$f":"L31/'Inputs - forecast'!L$36","v":384.09399408546386},{"$f":"M31/'Inputs - forecast'!M$36","v":373.29863848239046},{"$f":"N31/'Inputs - forecast'!N$36","v":366.20866037340437},{"$f":"O31/'Inputs - forecast'!O$36","v":446.71533182265699}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":1.3642420526593924E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,"Effective reval rate",{"$f":"(1-'Inputs - forecast'!F$28)*(1+'Inputs - forecast'!F$4)+'Inputs - forecast'!F$28-1","v":1.1800000000000033E-2},{"$f":"E42","v":3000},{"$f":"F42","v":2935.86},2848.527242666667,2734.1139811138669,2587.6663115065803,{"$f":"J45+J46","v":2655.2143336456074},2277.0332036032555,1860.7109803168305,1390.5516003607961,841.62887546903175]
[null,"Revaluation",null,null,null,{"$f":"E42*(1-'Inputs - forecast'!F$28)*('Inputs - forecast'!F$4)","v":35.400000000000006},{"$f":"F42*(1-'Inputs - forecast'!G$28)*('Inputs - forecast'!G$4)","v":34.643148000000004},{"$f":"G42*(1-'Inputs - forecast'!H$28)*('Inputs - forecast'!H$4)","v":33.612621463466674},{"$f":"H42*(1-'Inputs - forecast'!I$28)*('Inputs - forecast'!I$4)","v":32.262544977143634},{"$f":"I42*(1-'Inputs - forecast'!J$28)*('Inputs - forecast'!J$4)","v":30.534462475777651},{"$f":"J42*(1-'Inputs - forecast'!K$28)*('Inputs - forecast'!K$4)","v":28.351271639711854},{"$f":"K42*(1-'Inputs - forecast'!L$28)*('Inputs - forecast'!L$4)","v":26.868991802518419},{"$f":"L42*(1-'Inputs - forecast'!M$28)*('Inputs - forecast'!M$4)","v":21.956389567738601},{"$f":"M42*(1-'Inputs - forecast'!N$28)*('Inputs - forecast'!N$4)","v":16.408508884257397},{"$f":"N42*(1-'Inputs - forecast'!O$28)*('Inputs - forecast'!O$4)","v":9.9312207305345765}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-303.54000000000002},{"$f":"-SUM(G38:G39)/G36","v":-330.05590533333338},-360.26748301626674,-395.19664658443008,-436.36679566372635,-536.71312105706386,-575.97554885144348,-627.55578996152303,-703.48005462252672,-851.56009619956637,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2935.86},2848.527242666667,2734.1139811138669,2587.6663115065803,2402.6501389586315,2277.0332036032555,1860.7109803168305,1390.5516003607961,841.62887546903175,0]
[]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/J47*J48","v":2620.2873196856876},null,null,null,null,null,"Note"]
[null,null,null,null,null,null,null,null,null,{"$f":"J154-J45","v":34.927013959919805},null,null,null,null,null,"Note"]
[null,null,null,"forecast index equity wash-up",1,{"$f":"E47*(1+$E$38)","v":1.0118},{"$f":"F47*(1+$E$38)","v":1.0237392400000001},{"$f":"G47*(1+$E$38)","v":1.0358193630320001},{"$f":"H47*(1+$E$38)","v":1.0480420315157777},{"$f":"I47*(1+$E$38)","v":1.0604089274876638}]
[null,null,null,"actual index equity wash-up",1,{"$f":"E48*(1+$E$150)","v":1.0295000000000001},{"$f":"F48*(1+$E$150)","v":1.0598702500000001},{"$f":"G48*(1+$E$150)","v":1.0911364223750002},{"$f":"H48*(1+$E$150)","v":1.1233249468350628},{"$f":"I48*(1+$E$150)","v":1.1564630327666972}]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E54","v":3000},{"$f":"F54","v":2904},{"$f":"G54","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F51/F50","v":-300},{"$f":"-G51/G50","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F51:F53)","v":2904},{"$f":"SUM(G51:G53)","v":2789.4133333333334},{"$f":"SUM(H51:H53)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":621.84507084638608},634.28197226331383,646.96761170858008,659.90696394275164,673.10510322160667,901.4898746960472,919.51967218996811,937.91006563376743,956.66826694644283,975.80163228537174]
[null,"Depreciation",null,null,null,{"$f":"F53","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.185130000000008},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-58.394808474666675},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-56.049336612834274},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-53.047159385884896},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-54.431893839734954},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-46.679180673866739},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-38.144575096495025},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-28.506307807396322},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-17.253391947115151}]
[null,"EBT",null,null,null,{"$f":"SUM(F57:F60)","v":158.34507084638608},{"$f":"SUM(G57:G60)","v":147.39017559664714},133.77533656724677,116.61751609182215,94.571896277626507,257.63606211521699,248.26977854375608,228.27764630217712,186.24530427632118,75.71978821209612]
[null,"Calculated tax",null,null,null,{"$f":"-F61*'Inputs - forecast'!F29","v":-44.336619836988106},{"$f":"-G61*'Inputs - forecast'!G29","v":-41.269249167061204},{"$f":"-H61*'Inputs - forecast'!H29","v":-37.4570942388291},{"$f":"-I61*'Inputs - forecast'!I29","v":-32.652904505710204},{"$f":"-J61*'Inputs - forecast'!J29","v":-26.480130957735426},{"$f":"-K61*'Inputs - forecast'!K29","v":-72.138097392260761},{"$f":"-L61*'Inputs - forecast'!L29","v":-69.515537992251708},{"$f":"-M61*'Inputs - forecast'!M29","v":-63.9177409646096},{"$f":"-N61*'Inputs - forecast'!N29","v":-52.148685197369936},{"$f":"-O61*'Inputs - forecast'!O29","v":-21.201540699386914}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F62>0,F62,0)","v":0},{"$f":"IF(G62>0,G62,0)","v":0},{"$f":"IF(H62>0,H62,0)","v":0},{"$f":"IF(I62>0,I62,0)","v":0},{"$f":"IF(J62>0,J62,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F63>0,0,F62+E63)","v":-44.336619836988106},-41.269249167061204,-37.4570942388291,-32.652904505710204,-26.480130957735426,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K68:K69)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,621.84507084638608]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-610.43440101410158},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-586.31050514757248},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-569.40598935362357},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-561.53830773465461},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-579.61002254942673},{"$f":"SUM(K76:O76)","v":-2907.2992257993792}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P75:P76)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,901.4898746960472]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Capex",null,null,null,{"$f":"-F136","v":-210},{"$f":"-G136","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
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[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J46","v":-34.927013959919805},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E87:O87,0.05)","v":8.6774415337998789E-2},{"$f":"-E42+SUM(E82:E85)","v":-3000},{"$f":"SUM(F82:F86)","v":279.4939936861449},297.65881123954108,317.60063954090106,339.7167291105759,329.66599136672835,585.72534851125044,619.31959054850995,657.90858863355061,705.455475865822,{"$f":"SUM(O82:O86)+O154","v":940.59725036069131}]
[]
[null,"Real IRR",null,{"$f":"IRR(E89:O89,0.05)","v":4.7153587155789101E-2},{"$f":"E87","v":-3000},{"$f":"F87/'Inputs - actual'!F39","v":269.30440572240633},{"$f":"G87/'Inputs - actual'!G39","v":276.35078400801262},{"$f":"H87/'Inputs - actual'!H39","v":284.11509302503879},{"$f":"I87/'Inputs - actual'!I39","v":292.82007665613264},{"$f":"J87/'Inputs - actual'!J39","v":273.79722512302703},{"$f":"K87/'Inputs - actual'!K39","v":468.72691659632534},{"$f":"L87/'Inputs - actual'!L39","v":477.54210681945176},{"$f":"M87/'Inputs - actual'!M39","v":488.80246576931995},{"$f":"N87/'Inputs - actual'!N39","v":505.01981682095271},{"$f":"O87/'Inputs - actual'!O39","v":648.8039645808841}]
[null,"check to inputs",null,{"$f":"D89-'Inputs - actual'!P24","v":6.1731949989263235E-3}]
[]
["Actual return (building blocks) using RAB"]
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[null,"Return on equity",null,null,null,{"$f":"-F150*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G150*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-178.98331102941194},{"$f":"-H150*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-176.99043280294137},{"$f":"-I150*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-173.29605123459376},{"$f":"-J150*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-167.47528675971392},{"$f":"-K150*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-158.96143459222469},{"$f":"-L150*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-138.94347481395681},{"$f":"-M150*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-115.70570963871698},{"$f":"-N150*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-88.257863487429546},{"$f":"-O150*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-54.718172240813985}]
[null,"Revaluation",null,null,null,{"$f":"F151","v":88.500000000000014},{"$f":"G151","v":88.194675000000018},87.212677033333364,85.392257130089604,82.52405434536621,78.328822842545435,68.464900632964174,57.01440764806339,43.489382008298577,26.96257762590832]
[null,"Depreciation",null,null,null,{"$f":"F153","v":-308.85000000000002},{"$f":"G153","v":-341.9827416666667},-380.44682629583338,-425.72072017156046,-479.99160422912149,-546.70863129763052,-597.32724747149666,-663.23539744272603,-758.8528606363285,-940.94825986008857]
[null,"Tax",null,null,null,{"$f":"F165+F173","v":-45.640638067487757},{"$f":"G165+G173","v":-43.732552101773344},-40.860291967479085,-36.667248973223337,-30.610171661340956,-74.259806139091964,-73.664821834349766,-69.725044368451975,-58.559838786280736,-24.508292701760897]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J86","v":-34.927013959919805},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F93:F100)","v":28.041052509674174},24.099608543462487,18.295637842126396,9.8530827610591984,-37.367756982842792,37.96177568670582,44.646507331958844,44.10725199313508,26.74552039329474,-46.843310600103592]
[null,"Present value",null,{"$f":"SUM(E102:O102)","v":108.29730451514885},null,{"$f":"F101/'Inputs - actual'!F$36","v":25.955102030325243},{"$f":"G101/'Inputs - actual'!G$36","v":20.64747019222705},{"$f":"H101/'Inputs - actual'!H$36","v":14.508845105082177},{"$f":"I101/'Inputs - actual'!I$36","v":7.2324568250651335},{"$f":"J101/'Inputs - actual'!J$36","v":-25.388624873041451},{"$f":"K101/'Inputs - actual'!K$36","v":23.873555157547589},{"$f":"L101/'Inputs - actual'!L$36","v":25.988816242196656},{"$f":"M101/'Inputs - actual'!M$36","v":23.764979228013623},{"$f":"N101/'Inputs - actual'!N$36","v":13.338497767568473},{"$f":"O101/'Inputs - actual'!O$36","v":-21.623793159835628}]
[]
[null,"Real return",null,null,null,{"$f":"F101/'Inputs - actual'!F39","v":27.018752289999355},{"$f":"G101/'Inputs - actual'!G39","v":22.374428250714416},{"$f":"H101/'Inputs - actual'!H39","v":16.366676260419641},{"$f":"I101/'Inputs - actual'!I39","v":8.492900708617924},{"$f":"J101/'Inputs - actual'!J39","v":-31.035012524517747},{"$f":"K101/'Inputs - actual'!K39","v":30.37892437364642},{"$f":"L101/'Inputs - actual'!L39","v":34.425823918392148},{"$f":"M101/'Inputs - actual'!M39","v":32.770105003997394},{"$f":"N101/'Inputs - actual'!N39","v":19.146520612410423},{"$f":"O101/'Inputs - actual'!O39","v":-32.311518686437239}]
[null,"Present value",null,{"$f":"SUM(E105:O105)","v":108.29730451514887},null,{"$f":"F104/'Inputs - actual'!F$44","v":25.955102030325243},{"$f":"G104/'Inputs - actual'!G$44","v":20.64747019222705},{"$f":"H104/'Inputs - actual'!H$44","v":14.508845105082175},{"$f":"I104/'Inputs - actual'!I$44","v":7.2324568250651344},{"$f":"J104/'Inputs - actual'!J$44","v":-25.388624873041454},{"$f":"K104/'Inputs - actual'!K$44","v":23.873555157547596},{"$f":"L104/'Inputs - actual'!L$44","v":25.988816242196659},{"$f":"M104/'Inputs - actual'!M$44","v":23.76497922801363},{"$f":"N104/'Inputs - actual'!N$44","v":13.338497767568478},{"$f":"O104/'Inputs - actual'!O$44","v":-21.623793159835639}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F95+F96)/F150","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F97/F150","v":2.9500000000000005E-2},2.9500000000000005E-2,2.9500000000000009E-2,2.9500000000000005E-2,2.9500000000000002E-2,2.9500000000000005E-2,2.9500000000000005E-2,2.9500000000000002E-2,2.9500000000000005E-2,2.9500000000000005E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G93/F93-1","v":5.0000000000000266E-2},5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,0.19267320058161652,5.0000000000000044E-2,4.9999999999999822E-2,4.9999999999999822E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual return (building blocks) using actual asset base"]
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[null,"Opex",null,null,null,{"$f":"F83","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F135*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G135*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-59.654999999999994},{"$f":"-H135*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-57.546916666666661},{"$f":"-I135*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-55.099814583333327},{"$f":"-J135*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-52.211988124999998},{"$f":"-K135*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-48.742744510416678},{"$f":"-L135*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-41.741391671614586},{"$f":"-M135*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-34.190599620156256},{"$f":"-N135*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-25.822516739871755},{"$f":"-O135*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-16.091481212691836}]
[null,"Return on equity",null,null,null,{"$f":"-F135*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G135*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H135*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I135*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J135*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K135*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L135*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M135*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N135*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O135*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F137","v":-300},{"$f":"G137","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F165+F173","v":-45.640638067487757},{"$f":"G165+G173","v":-43.732552101773344},-40.860291967479085,-36.667248973223337,-30.610171661340956,-74.259806139091964,-73.664821834349766,-69.725044368451975,-58.559838786280736,-24.508292701760897]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,{"$f":"J100","v":-34.927013959919805},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F114:F121)","v":-51.608947490325804},{"$f":"SUM(G114:G121)","v":-39.044375034968859},-27.37557369439314,-17.164681122267353,-44.255874411457995,53.106200887169493,87.34644493549672,115.66951920492765,129.53691788043187,92.562338387659764]
[null,"Present value",null,{"$f":"SUM(E123:O123)","v":108.29730451514884},null,{"$f":"F122/'Inputs - actual'!F$36","v":-47.769800984715914},{"$f":"G122/'Inputs - actual'!G$36","v":-33.451479855150716},{"$f":"H122/'Inputs - actual'!H$36","v":-21.709434883990326},{"$f":"I122/'Inputs - actual'!I$36","v":-12.599388246634794},{"$f":"J122/'Inputs - actual'!J$36","v":-30.068590800802792},{"$f":"K122/'Inputs - actual'!K$36","v":33.397642580023934},{"$f":"L122/'Inputs - actual'!L$36","v":50.844530568975564},{"$f":"M122/'Inputs - actual'!M$36","v":62.322715585347936},{"$f":"N122/'Inputs - actual'!N$36","v":64.602515283232918},{"$f":"O122/'Inputs - actual'!O$36","v":42.728595268863032}]
[]
[null,"Real return",null,null,null,{"$f":"F122/'Inputs - actual'!F$39","v":-49.727426162324868},{"$f":"G122/'Inputs - actual'!G$39","v":-36.249367546298863},{"$f":"H122/'Inputs - actual'!H$39","v":-24.489288428509838},{"$f":"I122/'Inputs - actual'!I$39","v":-14.795159647155355},{"$f":"J122/'Inputs - actual'!J$39","v":-36.755795036713337},{"$f":"K122/'Inputs - actual'!K$39","v":42.498255978262257},{"$f":"L122/'Inputs - actual'!L$39","v":67.350695786554738},{"$f":"M122/'Inputs - actual'!M$39","v":85.938300819496334},{"$f":"N122/'Inputs - actual'!N$39","v":92.73258593568444},{"$f":"O122/'Inputs - actual'!O$39","v":63.847531016874399}]
[null,"Present value",null,{"$f":"SUM(E126:O126)","v":108.29730451514891},null,{"$f":"F125/'Inputs - actual'!F$44","v":-47.769800984715921},{"$f":"G125/'Inputs - actual'!G$44","v":-33.451479855150716},{"$f":"H125/'Inputs - actual'!H$44","v":-21.709434883990326},{"$f":"I125/'Inputs - actual'!I$44","v":-12.599388246634797},{"$f":"J125/'Inputs - actual'!J$44","v":-30.068590800802799},{"$f":"K125/'Inputs - actual'!K$44","v":33.397642580023941},{"$f":"L125/'Inputs - actual'!L$44","v":50.844530568975571},{"$f":"M125/'Inputs - actual'!M$44","v":62.32271558534795},{"$f":"N125/'Inputs - actual'!N$44","v":64.602515283232947},{"$f":"O125/'Inputs - actual'!O$44","v":42.728595268863053}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F116+F117)/F135","v":8.0367647058823585E-2},{"$f":"-(G116+G117)/G135","v":8.0367647058823585E-2},{"$f":"-(H116+H117)/H135","v":8.0367647058823585E-2},8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F118/F135","v":0},{"$f":"G118/G135","v":0},0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G114/F114-1","v":5.0000000000000266E-2},{"$f":"H114/G114-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,0.19267320058161652,5.0000000000000044E-2,4.9999999999999822E-2,4.9999999999999822E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F138","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F135/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F135:F137)","v":2910},{"$f":"SUM(G135:G137)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":1230},{"$f":"G135*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H135*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I135*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J135*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K135*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L135*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M135*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N135*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O135*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F136*'Inputs - actual'!F$20","v":86.1},{"$f":"G136*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H136*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I136*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J136*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K136*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L136*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M136*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N136*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O136*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F137*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G137*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H137*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I137*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J137*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K137*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L137*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M137*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N137*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O137*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F141:F143)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F144/F138,0)","v":0.41},{"$f":"IFERROR(G144/G138,0)","v":0.41},{"$f":"IFERROR(H144/H138,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,"Effective reval rate",{"$f":"(1-'Inputs - actual'!E20)*(1+'Inputs - actual'!F4)+'Inputs - actual'!E20-1","v":2.9500000000000082E-2},{"$f":"E154","v":3000},{"$f":"F154","v":2989.65},2956.3619333333336,2894.6527840708336,2797.4255710293628,2655.2143336456074,2320.8440892530225,1932.6917846801148,1474.2163392643583,913.98568223418022]
[null,"Revaluation",null,null,null,{"$f":"E154*(1-'Inputs - actual'!F20)*('Inputs - actual'!F4)","v":88.500000000000014},{"$f":"F154*(1-'Inputs - actual'!G20)*('Inputs - actual'!G4)","v":88.194675000000018},{"$f":"G154*(1-'Inputs - actual'!H20)*('Inputs - actual'!H4)","v":87.212677033333364},{"$f":"H154*(1-'Inputs - actual'!I20)*('Inputs - actual'!I4)","v":85.392257130089604},{"$f":"I154*(1-'Inputs - actual'!J20)*('Inputs - actual'!J4)","v":82.52405434536621},{"$f":"J154*(1-'Inputs - actual'!K20)*('Inputs - actual'!K4)","v":78.328822842545435},{"$f":"K154*(1-'Inputs - actual'!L20)*('Inputs - actual'!L4)","v":68.464900632964174},{"$f":"L154*(1-'Inputs - actual'!M20)*('Inputs - actual'!M4)","v":57.01440764806339},{"$f":"M154*(1-'Inputs - actual'!N20)*('Inputs - actual'!N4)","v":43.489382008298577},{"$f":"N154*(1-'Inputs - actual'!O20)*('Inputs - actual'!O4)","v":26.96257762590832}]
[null,"Capex",null,null,null,{"$f":"F136","v":210},{"$f":"G136","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F150+F151)/F148","v":-308.85000000000002},{"$f":"-SUM(G150+G151)/G148","v":-341.9827416666667},-380.44682629583338,-425.72072017156046,-479.99160422912149,-546.70863129763052,-597.32724747149666,-663.23539744272603,-758.8528606363285,-940.94825986008857]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F150:F153)","v":2989.65},2956.3619333333336,2894.6527840708336,2797.4255710293628,{"$f":"SUM(J150:J153)","v":2655.2143336456074},2320.8440892530225,1932.6917846801148,1474.2163392643583,913.98568223418022,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F93","v":640.13463175363268},672.14136334131445,705.74843150838024,741.03585308379922,778.08764573798919,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Depreciation",null,null,null,{"$f":"F137","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F94","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F95","v":-61.499999999999993},-61.287825000000005,-60.605419633333341,-59.340382073452083,-57.347224206101941,-54.431893839734954,-47.577303829686961,-39.620181585942355,-30.221434954919346,-18.736706485800696]
[null,"EBT",null,null,null,{"$f":"SUM(F158:F161)","v":173.63463175363268},{"$f":"SUM(G158:G161)","v":177.27020500798113},178.48467854171355,176.17401267701382,168.6245569485539,264.02385403977428,277.07578896983944,279.81428652413314,259.10921983474827,161.41853351851307]
[null,"Calculated tax",null,null,null,{"$f":"-F162*'Inputs - forecast'!F29","v":-48.617696891017154},{"$f":"-G162*'Inputs - forecast'!G29","v":-49.63565740223472},{"$f":"-H162*'Inputs - forecast'!H29","v":-49.9757099916798},{"$f":"-I162*'Inputs - forecast'!I29","v":-49.328723549563875},{"$f":"-J162*'Inputs - forecast'!J29","v":-47.214875945595097},{"$f":"-K162*'Inputs - forecast'!K29","v":-73.926679131136808},{"$f":"-L162*'Inputs - forecast'!L29","v":-77.58122091155505},{"$f":"-M162*'Inputs - forecast'!M29","v":-78.348000226757293},{"$f":"-N162*'Inputs - forecast'!N29","v":-72.550581553729529},{"$f":"-O162*'Inputs - forecast'!O29","v":-45.197189385183663}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F163>0,F163+E164,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F164>0,0,F163+E164)","v":-48.617696891017154},-49.63565740223472,-49.9757099916798,-49.328723549563875,-47.214875945595097,-73.926679131136808,-77.58122091155505,-78.348000226757293,-72.550581553729529,-45.197189385183663]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F165","v":-48.617696891017154},{"$f":"G165","v":-49.63565740223472},-49.9757099916798,-49.328723549563875,-47.214875945595097,-73.926679131136808,-77.58122091155505,-78.348000226757293,-72.550581553729529,-45.197189385183663]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F169:O169)","v":-363.70107464502081},{"$f":"F168/'Inputs - actual'!F$28","v":-44.479770048020427},{"$f":"G168/'Inputs - actual'!G$28","v":-41.546082738581653},{"$f":"H168/'Inputs - actual'!H$28","v":-38.270437568782242},{"$f":"I168/'Inputs - actual'!I$28","v":-34.559900573393001},{"$f":"J168/'Inputs - actual'!J$28","v":-30.263531932760916},{"$f":"K168/'Inputs - actual'!K$28","v":-43.352096803168351},{"$f":"L168/'Inputs - actual'!L$28","v":-41.623028052135858},{"$f":"M168/'Inputs - actual'!M$28","v":-38.456798738244956},{"$f":"N168/'Inputs - actual'!N$28","v":-32.580238801215451},{"$f":"O168/'Inputs - actual'!O$28","v":-18.569189388717991}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":-45.640638067487757},{"$f":"G$17/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":-43.732552101773344},{"$f":"H$17/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":-40.860291967479085},{"$f":"I$17/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":-36.667248973223337},{"$f":"J$17/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":-30.610171661340956},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-74.259806139091964},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-73.664821834349766},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-69.725044368451975},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-58.559838786280736},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-24.508292701760897}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F172:O172)","v":-308.62090604957547},{"$f":"F171/'Inputs - actual'!F$28","v":-41.756093272733196},{"$f":"G171/'Inputs - actual'!G$28","v":-36.605060214389468},{"$f":"H171/'Inputs - actual'!H$28","v":-31.290025755391213},{"$f":"I171/'Inputs - actual'!I$28","v":-25.68922095746483},{"$f":"J171/'Inputs - actual'!J$28","v":-19.620339754947743},{"$f":"K171/'Inputs - actual'!K$28","v":-43.547449204579536},{"$f":"L171/'Inputs - actual'!L$28","v":-39.521844457207472},{"$f":"M171/'Inputs - actual'!M$28","v":-34.224255763161253},{"$f":"N171/'Inputs - actual'!N$28","v":-26.297425753985955},{"$f":"O171/'Inputs - actual'!O$28","v":-10.069190915714806}]
[null,"Difference",null,null,{"$f":"E172-E169","v":55.080168595445343},{"$f":"F171-F168","v":2.9770588235293971},{"$f":"G171-G168","v":5.9031053004613767},9.1154180242007143,12.661474576340538,16.60470428425414,-0.33312700795515582,3.9163990772052841,8.6229558583053176,13.990742767448793,20.688896683422765]
[]
["Real revenue",null,null,null,null,{"$f":"F93/'Inputs - actual'!F$5","v":609.65203024155494},{"$f":"G93/'Inputs - actual'!G$5","v":609.65203024155505},{"$f":"H93/'Inputs - actual'!H$5","v":609.65203024155505},{"$f":"I93/'Inputs - actual'!I$5","v":609.65203024155494},{"$f":"J93/'Inputs - actual'!J$5","v":609.65203024155494},{"$f":"K93/'Inputs - actual'!K$5","v":692.49108395169128},{"$f":"L93/'Inputs - actual'!L$5","v":692.49108395169128},{"$f":"M93/'Inputs - actual'!M$5","v":692.49108395169117},{"$f":"N93/'Inputs - actual'!N$5","v":692.49108395169117},{"$f":"O93/'Inputs - actual'!O$5","v":692.49108395169128}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F80","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O177, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P177, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F93-F132","v":640.13463175363268},672.14136334131445,705.74843150838024,741.03585308379922,778.08764573798919,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":621.84507084638608},634.28197226331383,646.96761170858008,659.90696394275164,673.10510322160667,901.4898746960472,919.51967218996811,937.91006563376743,956.66826694644283,975.80163228537174,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F180-F181","v":18.289560907246596},{"$f":"G180-G181","v":37.859391078000613},58.780819799800156,81.12888914104758,104.98254251638252,26.514408079295436,54.884824724141708,85.214656126047771,117.61269090136307,152.19337345482461]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F180-F194","v":640.13463175363268},672.14136334131445,726.36843436636195,783.71925899982148,844.35827292325689,1019.4705533127867,1092.7638352111976,1053.0175755656244,1136.159165225831,1224.0676485866866]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F181-F194","v":621.84507084638608},634.28197226331383,667.5876145665618,702.5903698587739,739.37573040687437,992.95614523349127,1037.8790104870559,967.80291943957661,1018.5464743244679,1071.8742751318619]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F185","v":621.84507084638608},{"$f":"G185","v":634.28197226331383},{"$f":"H185","v":667.5876145665618},{"$f":"I185","v":702.5903698587739},739.37573040687437,992.95614523349127,1037.8790104870559,967.80291943957661,1018.5464743244679,1071.8742751318619,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F111","v":0},{"$f":"G111","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F195","v":18.289560907246596},57.279246849315051,98.979921246421199,143.54236360447538,191.12519700634687,137.98487172319042,83.037823222737615,143.49136301814144,208.09361277600055,277.074528653892,161.59892393433282]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F184-F187+F189","v":18.289560907246596},37.859391078000613,58.780819799800156,81.12888914104758,104.98254251638252,26.514408079295436,54.884824724141708,85.214656126047771,117.61269090136307,152.19337345482472,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F193*(1+'Inputs - forecast'!$P$31)^2","v":-20.620002857981671},{"$f":"-G193*(1+'Inputs - forecast'!$P$31)^2","v":-42.683405916022238},{"$f":"-H193*(1+'Inputs - forecast'!$P$31)^2","v":-66.270627185267657},{"$f":"-I193*(1+'Inputs - forecast'!$P$31)^2","v":-91.466270537444132},{"$f":"-J193*(1+'Inputs - forecast'!$P$31)^2","v":-118.3593382970877},{"$f":"-K193*(1+'Inputs - forecast'!$P$31)^2","v":-29.892853805809128},{"$f":"-L193*(1+'Inputs - forecast'!$P$31)^2","v":-61.878207378025067},{"$f":"-M193*(1+'Inputs - forecast'!$P$31)^2","v":-96.07264284649014},{"$f":"-N193*(1+'Inputs - forecast'!$P$31)^2","v":-132.59881059036971},{"$f":"-O193*(1+'Inputs - forecast'!$P$31)^2","v":-171.58573743347469},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F192*(1+'Inputs - forecast'!$P$31)+F193+F194","v":18.289560907246596},{"$f":"G192*(1+'Inputs - forecast'!$P$31)+G193+G194","v":57.279246849315051},{"$f":"H192*(1+'Inputs - forecast'!$P$31)+H193+H194","v":98.979921246421199},{"$f":"I192*(1+'Inputs - forecast'!$P$31)+I193+I194","v":143.54236360447538},{"$f":"J192*(1+'Inputs - forecast'!$P$31)+J193+J194","v":191.12519700634687},{"$f":"K192*(1+'Inputs - forecast'!$P$31)+K193+K194","v":137.98487172319042},{"$f":"L192*(1+'Inputs - forecast'!$P$31)+L193+L194","v":83.037823222737615},{"$f":"M192*(1+'Inputs - forecast'!$P$31)+M193+M194","v":143.49136301814144},{"$f":"N192*(1+'Inputs - forecast'!$P$31)+N193+N194","v":208.09361277600055},{"$f":"O192*(1+'Inputs - forecast'!$P$31)+O193+O194","v":277.074528653892},{"$f":"P192*(1+'Inputs - forecast'!$P$31)+P193+P194","v":161.59892393433282},{"$f":"Q192*(1+'Inputs - forecast'!$P$31)+Q193+Q194","v":0}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F199:O199)","v":-6114.8558431922829},{"$f":"F180","v":640.13463175363268},672.14136334131445,705.74843150838024,741.03585308379922,778.08764573798919,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F200:O200)","v":5962.7417709230249},{"$f":"F185","v":621.84507084638608},634.28197226331383,667.5876145665618,702.5903698587739,739.37573040687437,992.95614523349127,1037.8790104870559,967.80291943957661,1018.5464743244679,1071.8742751318619]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F201:O201)","v":0},{"$f":"F189","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F202:O202)","v":152.11407226925809},0,0,0,0,0,0,0,0,0,{"$f":"O195","v":277.074528653892}]
[null,null,null,"NPV",{"$f":"SUM(E199:E202)","v":0}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F205:O205)","v":-6114.8558431922829},{"$f":"F93","v":640.13463175363268},672.14136334131445,705.74843150838024,741.03585308379922,778.08764573798919,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F199+F201-F205","v":0},{"$f":"G199+G201-G205","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F208:O208)","v":6114.8558431922829},{"$f":"F181+F193","v":640.13463175363268},672.14136334131445,705.74843150838024,741.03585308379922,778.08764573798919,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401966,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F209:Q209)","v":5962.7417709230249},{"$f":"F181-F194","v":621.84507084638608},634.28197226331383,667.5876145665618,702.5903698587739,739.37573040687437,992.95614523349127,1037.8790104870559,967.80291943957661,1018.5464743244679,1071.8742751318619,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F210:Q210)","v":152.11407226925809},0,0,0,0,0,0,0,0,0,{"$f":"+O195","v":277.074528653892}]
[null,null,null,"NPV",{"$f":"E208-E209-E210","v":0}]

{"sheet":"4 Debt forecast","index":11,"n_rows":209,"n_cols":18,"rows_kept":209,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956298},{"$f":"P76","v":927.26362328925893},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":945.80889575504409},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":964.72507367014498},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":984.01957514354785},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":1003.6999666464188}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-56.123260616730626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-48.465285410439698},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-39.798022181117616},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-29.839175502133855},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.050030333441622}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-113.06783724248662},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-97.639818900056582},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-80.178454442934537},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-60.115021865274564},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-36.364207452250696}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,54.754400601688424,47.283205278477752,38.827338713285478,29.111390733789133,17.609785691162557]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.881164300801245,-76.376411264232544,-70.962978031100988,-59.433848538032834,-28.790015572308686]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.4948861372219,-602.86086730059139,-660.06475812585313,-742.34046371162287,-898.09907024929043]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},16.692228426326665,0.55712926151988995,-18.187510225440292,-40.511970000071017,45.270156218706916,34.965384395701562,17.108179164674084,-16.746364586232289,-100.90536853314529]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":31.590439434020332},{"$f":"L20/'Inputs - forecast'!L$36","v":22.97943043008264},{"$f":"M20/'Inputs - forecast'!M$36","v":10.589172465388932},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.7619381785702437},{"$f":"O20/'Inputs - forecast'!O$36","v":-55.397104150920939}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.6185277824406512E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},{"$f":"G13","v":615.49978022175003},627.80977582618505,640.3659713427088,653.17329076956298,927.26362328925893,945.80889575504409,964.72507367014498,984.01957514354785,1003.6999666464188]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.881164300801245,-76.376411264232544,-70.962978031100988,-59.433848538032834,-28.790015572308686]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J45+J46-J42)","v":-258.3576232158498},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,43.090828439622214,588.02102023845748,603.86381696581145,622.88205476354392,648.28808491250493,833.99815381067492]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":31.927964995980332},{"$f":"K31/'Inputs - forecast'!K$36","v":410.33307541575851},{"$f":"L31/'Inputs - forecast'!L$36","v":396.86240580600941},{"$f":"M31/'Inputs - forecast'!M$36","v":385.53521330349315},{"$f":"N31/'Inputs - forecast'!N$36","v":377.90579407440271},{"$f":"O31/'Inputs - forecast'!O$36","v":457.86545611941011}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":3.0127011996228248E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J45+J46","v":2737.7200300844211},{"$f":"K42","v":2364.1602639238877},{"$f":"L42","v":1941.366935664274},{"$f":"M42","v":1455.5695366894565},{"$f":"N42","v":880.48928455812791}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":54.754400601688424},{"$f":"L38*('Inputs - forecast'!L$4)","v":47.283205278477752},{"$f":"M38*('Inputs - forecast'!M$4)","v":38.827338713285478},{"$f":"N38*('Inputs - forecast'!N$4)","v":29.111390733789133},{"$f":"O38*('Inputs - forecast'!O$4)","v":17.609785691162557}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.4948861372219,-602.86086730059139,-660.06475812585313,-742.34046371162287,-898.09907024929043,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2364.1602639238877,1941.366935664274,1455.5695366894565,880.48928455812791,0]
[]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42*(1-'Inputs - forecast'!J$28)/'Inputs - forecast'!J5*'Inputs - actual'!J5+J42*'Inputs - forecast'!J$28","v":2707.5154295504894},null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J45","v":30.204600533931625},null,null,null,null,null,"Note"]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-56.123260616730633},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-48.465285410439698},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-39.798022181117616},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-29.839175502133859},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.050030333441622}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,281.718443931433,272.77289737225908,253.43920725393207,212.26374477868868,102.82148418681673]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-78.881164300801245},{"$f":"-L59*'Inputs - forecast'!L29","v":-76.376411264232544},{"$f":"-M59*'Inputs - forecast'!M29","v":-70.962978031100988},{"$f":"-N59*'Inputs - forecast'!N29","v":-59.433848538032834},{"$f":"-O59*'Inputs - forecast'!O29","v":-28.790015572308686}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.881164300801245,-76.376411264232544,-70.962978031100988,-59.433848538032834,-28.790015572308686]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":647.06349121863684},{"$f":"L13/'Inputs - forecast'!L$36","v":621.5904699971835},{"$f":"M13/'Inputs - forecast'!M$36","v":597.12024806661066},{"$f":"N13/'Inputs - forecast'!N$36","v":573.61334811446852},{"$f":"O13/'Inputs - forecast'!O$36","v":551.03184693610649},{"$f":"SUM(K73:O73)","v":2990.4194043330058}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-615.47305178461647},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-598.61103956710087},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-586.53107560122169},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-583.3752862930387},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-606.42895108702737},{"$f":"SUM(K74:O74)","v":-2990.4194043330053}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,927.26362328925893]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-81.201198544942457,-80.935210898516317,-77.410382736705031,-66.740639302080851,-33.280323281166041]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J46","v":-30.204600533931625},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":8.6813856819744073E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":265.84603407116776},283.46312268360748,302.81344626724166,324.28783076851482,318.26002250540103,605.31575612782387,639.90759150788847,679.47455979001984,727.9885503509804,{"$f":"SUM(O80:O84)+O152","v":964.07478853229247}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.05)","v":4.7191590708799858E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":256.15401345472083},{"$f":"G85/'Inputs - actual'!G$39","v":263.17129959890235},{"$f":"H85/'Inputs - actual'!H$39","v":270.88695595768911},{"$f":"I85/'Inputs - actual'!I$39","v":279.52108132237191},{"$f":"J85/'Inputs - actual'!J$39","v":264.32423517000194},{"$f":"K85/'Inputs - actual'!K$39","v":484.40414719650528},{"$f":"L85/'Inputs - actual'!L$39","v":493.41700808752722},{"$f":"M85/'Inputs - actual'!M$39","v":504.8252082294639},{"$f":"N85/'Inputs - actual'!N$39","v":521.15074150467012},{"$f":"O85/'Inputs - actual'!O$39","v":664.99827073954316}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":6.2111985519370805E-3}]
[]
["Actual return (building blocks) using RAB"]
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[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G148*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.741695},{"$f":"-H148*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-61.470789468},{"$f":"-I148*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-60.56097095207565},{"$f":"-J148*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-58.849963816687634},{"$f":"-K148*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-56.123260616730633},{"$f":"-L148*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-49.338482096866358},{"$f":"-M148*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-41.283463020383977},{"$f":"-N148*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-31.588683377269209},{"$f":"-O148*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-19.570011213052091}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-180.30878073529428},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-179.51763552670607},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-176.86062607309916},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-171.86384698546311},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-163.90085650696599},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-144.08677232162347},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-120.56311187660209},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-92.250738901623436},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-57.151732889766954}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":113.10000000000002},{"$f":"G149","v":113.54448300000001},{"$f":"H149","v":113.04628111920002},111.37310267771963,108.22651882385972,103.21204513418269,90.734671953749341,75.921295408218342,58.092359186490214,35.989727938149464]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-311.31},{"$f":"G151","v":-347.259387},-388.95267213990002,-437.93811537957424,-496.49274351688422,-568.18641504372067,-624.37247404778316,-696.58291993906414,-799.50187172176243,-990.62442125776363]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-81.201198544942457,-80.935210898516317,-77.410382736705031,-66.740639302080851,-33.280323281166041]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":-30.204600533931625},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F98)","v":36.533092894697091},28.197742948313213,17.443630251835586,3.4024710414854304,-45.463700489774084,54.32683315708951,53.55457726098993,44.711904741094287,17.87243713466701,-67.281648890140787]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":110.70053241540475},null,{"$f":"F99/'Inputs - actual'!F$36","v":33.815426622737391},{"$f":"G99/'Inputs - actual'!G$36","v":24.158569047434362},{"$f":"H99/'Inputs - actual'!H$36","v":13.833184258351787},{"$f":"I99/'Inputs - actual'!I$36","v":2.4975152957542406},{"$f":"J99/'Inputs - actual'!J$36","v":-30.889219216587119},{"$f":"K99/'Inputs - actual'!K$36","v":34.165278742871372},{"$f":"L99/'Inputs - actual'!L$36","v":31.174220572638138},{"$f":"M99/'Inputs - actual'!M$36","v":24.090766016944578},{"$f":"N99/'Inputs - actual'!N$36","v":8.9133230281632496},{"$f":"O99/'Inputs - actual'!O$36","v":-31.058531952903245}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F39","v":35.201196066688787},{"$f":"G99/'Inputs - actual'!G39","v":26.17919603512685},{"$f":"H99/'Inputs - actual'!H39","v":15.604498274495471},{"$f":"I99/'Inputs - actual'!I39","v":2.932772353591516},{"$f":"J99/'Inputs - actual'!J39","v":-37.758929837798405},{"$f":"K99/'Inputs - actual'!K39","v":43.475067382501138},{"$f":"L99/'Inputs - actual'!L39","v":41.294617585708416},{"$f":"M99/'Inputs - actual'!M39","v":33.219340291760567},{"$f":"N99/'Inputs - actual'!N39","v":12.794478513070985},{"$f":"O99/'Inputs - actual'!O39","v":-46.409449450041343}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":110.70053241540474},null,{"$f":"F102/'Inputs - actual'!F$44","v":33.815426622737391},{"$f":"G102/'Inputs - actual'!G$44","v":24.158569047434362},{"$f":"H102/'Inputs - actual'!H$44","v":13.833184258351787},{"$f":"I102/'Inputs - actual'!I$44","v":2.497515295754241},{"$f":"J102/'Inputs - actual'!J$44","v":-30.889219216587129},{"$f":"K102/'Inputs - actual'!K$44","v":34.165278742871379},{"$f":"L102/'Inputs - actual'!L$44","v":31.174220572638141},{"$f":"M102/'Inputs - actual'!M$44","v":24.090766016944585},{"$f":"N102/'Inputs - actual'!N$44","v":8.9133230281632514},{"$f":"O102/'Inputs - actual'!O$44","v":-31.058531952903262}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":3.7700000000000004E-2},3.7700000000000004E-2,3.7700000000000004E-2,3.7700000000000004E-2,3.7700000000000011E-2,3.7700000000000004E-2,3.7699999999999997E-2,3.7700000000000004E-2,3.7700000000000004E-2,3.7700000000000011E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.0000000000000266E-2},5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,0.26420730635762957,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual return (building blocks) using actual asset base"]
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[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
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[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,"Note"]
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[null,"Tax",null,null,null,{"$f":"F163+F171","v":-40.333098217218861},{"$f":"G163+G171","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-81.201198544942457,-80.935210898516317,-77.410382736705031,-66.740639302080851,-33.280323281166041]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,{"$f":"J98","v":-30.204600533931625},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-65.256907105302929},{"$f":"SUM(G112:G119)","v":-53.240063590902459},-42.162766968052566,-32.593579464328428,{"$f":"SUM(J112:J119)","v":-55.661843272785262},{"$f":"SUM(K112:K119)","v":72.696608503742908},107.93444589487515,137.23549036139687,152.06999236559028,116.03987655926096]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":110.70053241540458},null,{"$f":"F120/'Inputs - actual'!F$36","v":-60.402500281230509},{"$f":"G120/'Inputs - actual'!G$36","v":-45.613712938239047},{"$f":"H120/'Inputs - actual'!H$36","v":-33.436005916809933},{"$f":"I120/'Inputs - actual'!I$36","v":-23.924660125836997},{"$f":"J120/'Inputs - actual'!J$36","v":-37.818102361445561},{"$f":"K120/'Inputs - actual'!K$36","v":45.717737421027152},{"$f":"L120/'Inputs - actual'!L$36","v":62.828844812173926},{"$f":"M120/'Inputs - actual'!M$36","v":73.942456861571642},{"$f":"N120/'Inputs - actual'!N$36","v":75.840186463192126},{"$f":"O120/'Inputs - actual'!O$36","v":53.566288481001784}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$39","v":-62.87781843001035},{"$f":"G120/'Inputs - actual'!G$39","v":-49.428851955409115},{"$f":"H120/'Inputs - actual'!H$39","v":-37.717425495859572},{"$f":"I120/'Inputs - actual'!I$39","v":-28.09415498091607},{"$f":"J120/'Inputs - actual'!J$39","v":-46.228784989738379},{"$f":"K120/'Inputs - actual'!K$39","v":58.175486578442175},{"$f":"L120/'Inputs - actual'!L$39","v":83.225597054630128},{"$f":"M120/'Inputs - actual'!M$39","v":101.96104327964031},{"$f":"N120/'Inputs - actual'!N$39","v":108.86351061940184},{"$f":"O120/'Inputs - actual'!O$39","v":80.041837175533431}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":110.70053241540465},null,{"$f":"F123/'Inputs - actual'!F$44","v":-60.402500281230509},{"$f":"G123/'Inputs - actual'!G$44","v":-45.613712938239054},{"$f":"H123/'Inputs - actual'!H$44","v":-33.436005916809933},{"$f":"I123/'Inputs - actual'!I$44","v":-23.924660125837001},{"$f":"J123/'Inputs - actual'!J$44","v":-37.818102361445568},{"$f":"K123/'Inputs - actual'!K$44","v":45.717737421027167},{"$f":"L123/'Inputs - actual'!L$44","v":62.828844812173941},{"$f":"M123/'Inputs - actual'!M$44","v":73.942456861571657},{"$f":"N123/'Inputs - actual'!N$44","v":75.840186463192154},{"$f":"O123/'Inputs - actual'!O$44","v":53.566288481001806}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},{"$f":"-(G114+G115)/G133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},{"$f":"G116/G133","v":0},0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.0000000000000266E-2},{"$f":"H112/G112-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,0.26420730635762957,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual Asset Base"]
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[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},{"$f":"SUM(G133:G135)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
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[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},{"$f":"IFERROR(H142/H136,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3011.79},2998.575096,2954.1937049793,2870.7299422774454,2737.7200300844211,2406.7552242373831,2013.8274644089743,1540.9113842570346,954.63469331961414]
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[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-311.31},{"$f":"-SUM(G148:G149)/G146","v":-347.259387},-388.95267213990002,-437.93811537957424,-496.49274351688422,-568.18641504372067,-624.37247404778316,-696.58291993906414,-799.50187172176243,-990.62442125776363]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3011.79},2998.575096,2954.1937049793,2870.7299422774454,{"$f":"SUM(J148:J151)","v":2737.7200300844211},2406.7552242373831,2013.8274644089743,1540.9113842570346,954.63469331961414,0]
[]
[]
["Actual tax"]
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[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-61.741695,-61.470789468,-60.56097095207565,-58.849963816687634,-56.123260616730633,-49.338482096866358,-41.283463020383977,-31.588683377269209,-19.570011213052091]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":154.67913228838665},{"$f":"SUM(G156:G159)","v":156.9130605694728},156.72087054661313,153.01006372993487,144.08128926609015,288.86428728520247,303.17300072620503,307.4023146144138,288.45584641335694,192.83479754226801]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast'!F29","v":-43.310157040748265},{"$f":"-G160*'Inputs - forecast'!G29","v":-43.935656959452388},{"$f":"-H160*'Inputs - forecast'!H29","v":-43.881843753051683},{"$f":"-I160*'Inputs - forecast'!I29","v":-42.84281784438177},{"$f":"-J160*'Inputs - forecast'!J29","v":-40.342760994505248},{"$f":"-K160*'Inputs - forecast'!K29","v":-80.882000439856697},{"$f":"-L160*'Inputs - forecast'!L29","v":-84.88844020333741},{"$f":"-M160*'Inputs - forecast'!M29","v":-86.072648092035877},{"$f":"-N160*'Inputs - forecast'!N29","v":-80.767636995739949},{"$f":"-O160*'Inputs - forecast'!O29","v":-53.993743311835047}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":-43.310157040748265},-43.935656959452388,-43.881843753051683,-42.84281784438177,-40.342760994505248,-80.882000439856697,-84.88844020333741,-86.072648092035877,-80.767636995739949,-53.993743311835047]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
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[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":-359.55359970064347},{"$f":"F166/'Inputs - actual'!F$28","v":-39.623963065022764},{"$f":"G166/'Inputs - actual'!G$28","v":-36.775063225598934},{"$f":"H166/'Inputs - actual'!H$28","v":-33.603872001694675},{"$f":"I166/'Inputs - actual'!I$28","v":-30.015849153244755},{"$f":"J166/'Inputs - actual'!J$28","v":-25.858681425315829},{"$f":"K166/'Inputs - actual'!K$28","v":-47.4308376071194},{"$f":"L166/'Inputs - actual'!L$28","v":-45.543417419450719},{"$f":"M166/'Inputs - actual'!M$28","v":-42.248410871535611},{"$f":"N166/'Inputs - actual'!N$28","v":-36.270266128498321},{"$f":"O166/'Inputs - actual'!O$28","v":-22.183238803162496}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$5*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$5*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$5*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$5*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$5*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-81.201198544942457},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-80.935210898516317},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-77.410382736705031},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-66.740639302080851},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-33.280323281166041}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":-304.33452929428017},{"$f":"F169/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G169/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H169/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I169/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J169/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K169/'Inputs - actual'!K$28","v":-47.618021818742363},{"$f":"L169/'Inputs - actual'!L$28","v":-43.422474073654698},{"$f":"M169/'Inputs - actual'!M$28","v":-37.996572988971991},{"$f":"N169/'Inputs - actual'!N$28","v":-29.971172106969846},{"$f":"O169/'Inputs - actual'!O$28","v":-13.67316495410927}]
[null,"Difference",null,null,{"$f":"E170-E167","v":55.219070406363301},{"$f":"F169-F166","v":2.9770588235294042},{"$f":"G169-G166","v":5.9106907402537772},9.1327966723469558,12.690030597552738,16.644735117726885,-0.31919810508576063,3.9532293048210931,8.6622653553308453,14.026997693659098,20.713420030669006]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":591.59917360798727},{"$f":"G91/'Inputs - actual'!G$5","v":591.59917360798738},{"$f":"H91/'Inputs - actual'!H$5","v":591.59917360798738},{"$f":"I91/'Inputs - actual'!I$5","v":591.59917360798738},{"$f":"J91/'Inputs - actual'!J$5","v":591.59917360798738},{"$f":"K91/'Inputs - actual'!K$5","v":712.28952162890801},{"$f":"L91/'Inputs - actual'!L$5","v":712.28952162890789},{"$f":"M91/'Inputs - actual'!M$5","v":712.28952162890789},{"$f":"N91/'Inputs - actual'!N$5","v":712.28952162890789},{"$f":"O91/'Inputs - actual'!O$5","v":712.28952162890789}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O175, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P175, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F130","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,954.53608279776654,1002.2628869376548,1052.3760312845375,1104.9948328487644,1160.2445744912027]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,927.26362328925893,945.80889575504409,964.72507367014498,984.01957514354785,1003.6999666464188,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F178-F179","v":17.747975208239609},{"$f":"G178-G179","v":36.738308681056083},57.040217521761406,78.726521672635045,101.87382689654817,27.272459508507609,56.453991182610707,87.650957614392496,120.97525770521656,156.54460784478385]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F178-F192","v":621.17913228838665},652.23808890280611,704.85940206875875,760.51196906742553,819.35535635393012,1043.2938780297723,1117.1173994332528,1083.1235268565499,1168.6421486828301,1259.0639505100933]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1016.0214185212646,1060.6634082506421,995.47256924215742,1047.6668909776135,1102.5193426653095]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F183","v":603.43115708014705},{"$f":"G183","v":615.49978022175003},{"$f":"H183","v":647.81918454699735},{"$f":"I183","v":681.78544739479048},717.48152945738195,1016.0214185212646,1060.6634082506421,995.47256924215742,1047.6668909776135,1102.5193426653095,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F109","v":0},{"$f":"G109","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F193","v":17.747975208239609},55.583108757164901,96.048953679306763,139.29182463724129,185.46564760855205,135.44208890726244,85.411888688744071,147.59380545208853,214.0430445001785,284.99613647618264,166.21906460959133]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F182-F185+F187","v":17.747975208239609},36.738308681056083,57.040217521761406,78.726521672635045,101.87382689654817,27.272459508507609,56.453991182610707,87.650957614392496,120.97525770521656,156.54460784478374,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F191*(1+'Inputs - forecast'!$P$31)^2","v":-20.009408720812345},{"$f":"-G191*(1+'Inputs - forecast'!$P$31)^2","v":-41.419476052081663},{"$f":"-H191*(1+'Inputs - forecast'!$P$31)^2","v":-64.308238687818942},{"$f":"-I191*(1+'Inputs - forecast'!$P$31)^2","v":-88.757795232005748},{"$f":"-J191*(1+'Inputs - forecast'!$P$31)^2","v":-114.85451249559792},{"$f":"-K191*(1+'Inputs - forecast'!$P$31)^2","v":-30.747495572012429},{"$f":"-L191*(1+'Inputs - forecast'!$P$31)^2","v":-63.647315834065679},{"$f":"-M191*(1+'Inputs - forecast'!$P$31)^2","v":-98.819376018890623},{"$f":"-N191*(1+'Inputs - forecast'!$P$31)^2","v":-136.38983310081943},{"$f":"-O191*(1+'Inputs - forecast'!$P$31)^2","v":-176.49140280246417},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F190*(1+'Inputs - forecast'!$P$31)+F191+F192","v":17.747975208239609},{"$f":"G190*(1+'Inputs - forecast'!$P$31)+G191+G192","v":55.583108757164901},{"$f":"H190*(1+'Inputs - forecast'!$P$31)+H191+H192","v":96.048953679306763},{"$f":"I190*(1+'Inputs - forecast'!$P$31)+I191+I192","v":139.29182463724129},{"$f":"J190*(1+'Inputs - forecast'!$P$31)+J191+J192","v":185.46564760855205},{"$f":"K190*(1+'Inputs - forecast'!$P$31)+K191+K192","v":135.44208890726244},{"$f":"L190*(1+'Inputs - forecast'!$P$31)+L191+L192","v":85.411888688744071},{"$f":"M190*(1+'Inputs - forecast'!$P$31)+M191+M192","v":147.59380545208853},{"$f":"N190*(1+'Inputs - forecast'!$P$31)+N191+N192","v":214.0430445001785},{"$f":"O190*(1+'Inputs - forecast'!$P$31)+O191+O192","v":284.99613647618264},{"$f":"P190*(1+'Inputs - forecast'!$P$31)+P191+P192","v":166.21906460959133},{"$f":"Q190*(1+'Inputs - forecast'!$P$31)+Q191+Q192","v":0}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F197:O197)","v":-6118.0940662515513},{"$f":"F178","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,954.53608279776654,1002.2628869376548,1052.3760312845375,1104.9948328487644,1160.2445744912027]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F198:O198)","v":5961.6310268266952},{"$f":"F183","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1016.0214185212646,1060.6634082506421,995.47256924215742,1047.6668909776135,1102.5193426653095]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F199:O199)","v":0},{"$f":"F187","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F200:O200)","v":156.46303942485633},0,0,0,0,0,0,0,0,0,{"$f":"O193","v":284.99613647618264}]
[null,null,null,"NPV",{"$f":"SUM(E197:E200)","v":2.2737367544323206E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F203:O203)","v":-6118.0940662515513},{"$f":"F91","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,954.53608279776654,1002.2628869376548,1052.3760312845375,1104.9948328487644,1160.2445744912027]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F197+F199-F203","v":0},{"$f":"G197+G199-G203","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F206:O206)","v":6118.0940662515513},{"$f":"F179+F191","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,954.53608279776654,1002.2628869376548,1052.3760312845375,1104.9948328487644,1160.2445744912025,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F207:Q207)","v":5961.6310268266952},{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1016.0214185212646,1060.6634082506421,995.47256924215742,1047.6668909776135,1102.5193426653095,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F208:Q208)","v":156.46303942485633},0,0,0,0,0,0,0,0,0,{"$f":"+O193","v":284.99613647618264}]
[null,null,null,"NPV",{"$f":"E206-E207-E208","v":-2.2737367544323206E-13}]

{"sheet":"5 Blended CPI","index":12,"n_rows":209,"n_cols":18,"rows_kept":209,"cut":false,"hidden":false,"merged":[[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956298},{"$f":"P76","v":927.70217772231342},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":946.25622127675967},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":965.18134570229483},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":984.48497261634077},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":1004.1746720686676}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-56.151875280322749},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-48.488634975930864},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-39.815884598718362},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-29.85132194610236},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.056225019865561}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-113.12548532084537},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-97.68685973199733},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-80.214440679369204},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-60.139492506050139},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-36.37668747904624}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,54.782317346656349,47.305985342371578,38.844765462164254,29.123240923026696,17.615829287673716]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.995947436250717,-76.495124531975378,-71.085732723174743,-59.560758826103672,-28.921198578339649]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.7796369358947,-603.1513131152376,-660.3610128567924,-742.64264353718079,-898.40729367135953]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},16.692228426326665,0.55712926151988995,-18.187510225440292,-40.511970000071017,45.25083072065604,34.95594050149009,17.109019868654286,-16.734824122574423,-100.88270065570475]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":31.576953706850336},{"$f":"L20/'Inputs - forecast'!L$36","v":22.973223854242789},{"$f":"M20/'Inputs - forecast'!M$36","v":10.589692822310203},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.755210909962182},{"$f":"O20/'Inputs - forecast'!O$36","v":-55.384659473440358}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.6895820560166612E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,927.70217772231342,946.25622127675967,965.18134570229483,984.48497261634077,1004.1746720686676]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.995947436250717,-76.495124531975378,-71.085732723174743,-59.560758826103672,-28.921198578339649]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44+J45-J42)","v":-259.75346046424602},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},258.25043309770587,267.49662842632677,277.59252926151987,288.78467479741698,41.694991191225995,588.34479153606253,604.19242921978412,623.21557210362005,648.62657209722704,834.3416762268929]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":30.893725357971864},{"$f":"K31/'Inputs - forecast'!K$36","v":410.55900963869453},{"$f":"L31/'Inputs - forecast'!L$36","v":397.0783714691687},{"$f":"M31/'Inputs - forecast'!M$36","v":385.74164512772586},{"$f":"N31/'Inputs - forecast'!N$36","v":378.10310800212005},{"$f":"O31/'Inputs - forecast'!O$36","v":458.05405011937307}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":2.8421709430404007E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J44+J45","v":2739.1158673328173},{"$f":"K42","v":2365.2992671185789},{"$f":"L42","v":1942.2382731082128},{"$f":"M42","v":1456.1620461513348},{"$f":"N42","v":880.79146438368582}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":54.782317346656349},{"$f":"L38*('Inputs - forecast'!L$4)","v":47.305985342371578},{"$f":"M38*('Inputs - forecast'!M$4)","v":38.844765462164254},{"$f":"N38*('Inputs - forecast'!N$4)","v":29.123240923026696},{"$f":"O38*('Inputs - forecast'!O$4)","v":17.615829287673716}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.7796369358947,-603.1513131152376,-660.3610128567924,-742.64264353718079,-898.40729367135953,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2365.2992671185789,1942.2382731082128,1456.1620461513348,880.79146438368582,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - actual'!J40*'Inputs - actual'!J39","v":2703.860355144971},null,null,null,null,null,"Note"]
[null,"Difference to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":35.255512187846307},null,null,null,null,null,"Note"]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},2904,2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-56.151875280322756},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-48.488634975930871},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-39.815884598718362},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-29.851321946102367},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.056225019865561}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},128.15411355508334,113.76730915951839,95.898744804613585,73.216421978896292,282.12838370089537,273.19687332848349,253.8776168684812,212.71699580751309,103.2899949226416]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-78.995947436250717},{"$f":"-L59*'Inputs - forecast'!L29","v":-76.495124531975378},{"$f":"-M59*'Inputs - forecast'!M29","v":-71.085732723174743},{"$f":"-N59*'Inputs - forecast'!N29","v":-59.560758826103672},{"$f":"-O59*'Inputs - forecast'!O29","v":-28.921198578339649}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-78.995947436250717,-76.495124531975378,-71.085732723174743,-59.560758826103672,-28.921198578339649]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490579},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256537},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386383},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609635},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444553},{"$f":"SUM(F66:J66)","v":2626.4565156318768}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":647.36952345738143},{"$f":"L13/'Inputs - forecast'!L$36","v":621.88445463037203},{"$f":"M13/'Inputs - forecast'!M$36","v":597.40265937368554},{"$f":"N13/'Inputs - forecast'!N$36","v":573.88464170386067},{"$f":"O13/'Inputs - forecast'!O$36","v":551.29246048025789},{"$f":"SUM(K73:O73)","v":2991.8337396455577}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-615.79256975053102},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-598.91123077612917},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-586.81296655137533},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-583.63985261382288},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-606.67711995369837},{"$f":"SUM(K74:O74)","v":-2991.8337396455568}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,927.70217772231342]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":-105},{"$f":"G$18/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638528},{"$f":"G163+G171","v":-37.149098633776951},-33.555372570614146,-28.779705866542013,-22.356858542359539,-80.377345883296925,-79.193849593887904,-74.88054419408563,-63.837462988985436,-31.539916085931409]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J45","v":-35.255512187846307},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":8.0367647058812386E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":262.76644637190668},276.93382928753294,292.41141448540901,309.5205862469079,293.48808547785495,598.63314945482182,625.50815699890131,656.48505546224214,695.20059190014808,{"$f":"SUM(O80:O84)+O152","v":909.88851599324983}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.05)","v":4.0980392156649392E-2},{"$f":"E85/'Inputs - actual'!E44","v":-3000},{"$f":"F85/'Inputs - actual'!F39","v":253.18669911539786},{"$f":"G85/'Inputs - actual'!G39","v":257.10940832980276},{"$f":"H85/'Inputs - actual'!H39","v":261.5816402265342},{"$f":"I85/'Inputs - actual'!I39","v":266.79240091814813},{"$f":"J85/'Inputs - actual'!J39","v":243.75041865060405},{"$f":"K85/'Inputs - actual'!K39","v":479.05638885102172},{"$f":"L85/'Inputs - actual'!L39","v":482.31395822866466},{"$f":"M85/'Inputs - actual'!M39","v":487.74483172066704},{"$f":"N85/'Inputs - actual'!N39","v":497.67857446188174},{"$f":"O85/'Inputs - actual'!O39","v":627.62173318778036}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!F42","v":-2.1338486533295509E-13}]
[]
["Actual return (building blocks) using RAB"]
[null,"Revenue",null,null,null,{"$f":"F80","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G148*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.749260924844592},{"$f":"-H148*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-61.485271081731739},{"$f":"-I148*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-60.581474074924579},{"$f":"-J148*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-58.875298489447168},{"$f":"-K148*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-56.151875280322756},{"$f":"-L148*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-49.368377274080764},{"$f":"-M148*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-41.311790901248344},{"$f":"-N148*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-31.612045277399996},{"$f":"-O148*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-19.584293098247979}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-180.33087605813674},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-179.55992724083941},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-176.92050284004173},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-171.93783368044453},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-163.98442199870456},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-144.17407739080559},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-120.64583985579783},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-92.318964364630929},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-57.19344132207145}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":113.5100772273494},{"$f":"G149","v":113.97013620017657},113.48289217612819,111.8147609884773,108.6656858263479,103.63908454520208,91.11883442227365,76.248854887818055,58.346108955319337,36.146579219921534]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-311.35100772273495},{"$f":"G151","v":-347.34768952275454},-389.09555104477056,-438.14408832883873,-496.77191096656338,-568.55099037560387,-624.8330899967973,-697.15272238127829,-800.19854904839121,-991.47794986616441]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638528},{"$f":"G163+G171","v":-37.149098633776951},-33.555372570614146,-28.779705866542013,-22.356858542359539,-80.377345883296925,-79.193849593887904,-74.88054419408563,-63.837462988985436,-31.539916085931409]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":-35.255512187846307},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F98)","v":33.822574700050382},21.976138981973612,7.278557294195501,-11.209468008419815,-70.174959332252172,47.594510407892813,38.961489025116265,21.369101590642074,-15.450036237103092,-122.22058907331247]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":2.1458390619955026E-12},0,{"$f":"F99/'Inputs - actual'!F$36","v":31.306541613059633},{"$f":"G99/'Inputs - actual'!G$36","v":18.828176140380858},{"$f":"H99/'Inputs - actual'!H$36","v":5.7720567755660648},{"$f":"I99/'Inputs - actual'!I$36","v":-8.2280840797616506},{"$f":"J99/'Inputs - actual'!J$36","v":-47.678690449242723},{"$f":"K99/'Inputs - actual'!K$36","v":29.931428360902931},{"$f":"L99/'Inputs - actual'!L$36","v":22.679556348437941},{"$f":"M99/'Inputs - actual'!M$36","v":11.513667990514625},{"$f":"N99/'Inputs - actual'!N$36","v":-7.7052258033131089},{"$f":"O99/'Inputs - actual'!O$36","v":-56.419426896542419}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F39","v":32.589495965437962},{"$f":"G99/'Inputs - actual'!G39","v":20.402968122620457},{"$f":"H99/'Inputs - actual'!H39","v":6.5111581189436372},{"$f":"I99/'Inputs - actual'!I39","v":-9.6620419315045503},{"$f":"J99/'Inputs - actual'!J39","v":-58.282351353974285},{"$f":"K99/'Inputs - actual'!K39","v":38.087523729519468},{"$f":"L99/'Inputs - actual'!L39","v":30.042246100108827},{"$f":"M99/'Inputs - actual'!M39","v":15.87647543935449},{"$f":"N99/'Inputs - actual'!N39","v":-11.060335821708101},{"$f":"O99/'Inputs - actual'!O39","v":-84.30516112370951}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":2.1316282072803006E-12},null,{"$f":"F102/'Inputs - actual'!F$44","v":31.306541613059636},{"$f":"G102/'Inputs - actual'!G$44","v":18.828176140380858},{"$f":"H102/'Inputs - actual'!H$44","v":5.7720567755660648},{"$f":"I102/'Inputs - actual'!I$44","v":-8.2280840797616523},{"$f":"J102/'Inputs - actual'!J$44","v":-47.67869044924273},{"$f":"K102/'Inputs - actual'!K$44","v":29.931428360902938},{"$f":"L102/'Inputs - actual'!L$44","v":22.679556348437945},{"$f":"M102/'Inputs - actual'!M$44","v":11.513667990514628},{"$f":"N102/'Inputs - actual'!N$44","v":-7.7052258033131125},{"$f":"O102/'Inputs - actual'!O$44","v":-56.419426896542447}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823599E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116475E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":4.4040127293601739E-2},4.4075539421246424E-2,4.4110940885780714E-2,4.4146329290144282E-2,0.29025759421044128,4.127903361456231E-2,4.1307864063433897E-2,4.1336839063931041E-2,3.2744856989459947E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F80","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F133*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G133*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-59.654999999999994},{"$f":"-H133*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-57.546916666666661},{"$f":"-I133*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-55.099814583333327},{"$f":"-J133*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-52.211988124999998},{"$f":"-K133*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-48.742744510416678},{"$f":"-L133*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-41.741391671614586},{"$f":"-M133*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-34.190599620156256},{"$f":"-N133*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-25.822516739871755},{"$f":"-O133*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-16.091481212691836}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},{"$f":"G135","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638528},{"$f":"G163+G171","v":-37.149098633776951},-33.555372570614146,-28.779705866542013,-22.356858542359539,-80.377345883296925,-79.193849593887904,-74.88054419408563,-63.837462988985436,-31.539916085931409]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,{"$f":"J98","v":-35.255512187846307},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-68.33649480456404},-59.769356986977037,-52.564798749885178,-47.360823985935312,{"$f":"SUM(J112:J119)","v":-80.433780300331364},{"$f":"SUM(K112:K119)","v":66.014001830740824},93.535011385887998,114.2459860336191,119.28203391475799,61.853604020218299]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":2.1991297671775101E-12},null,{"$f":"F120/'Inputs - actual'!F$36","v":-63.253000023281224},{"$f":"G120/'Inputs - actual'!G$36","v":-51.207720431291278},{"$f":"H120/'Inputs - actual'!H$36","v":-41.685046983486984},{"$f":"I120/'Inputs - actual'!I$36","v":-34.76425835288164},{"$f":"J120/'Inputs - actual'!J$36","v":-54.648799929398095},{"$f":"K120/'Inputs - actual'!K$36","v":41.515152686299352},{"$f":"L120/'Inputs - actual'!L$36","v":54.446906788149924},{"$f":"M120/'Inputs - actual'!M$36","v":61.555716175550167},{"$f":"N120/'Inputs - actual'!N$36","v":59.488210350242817},{"$f":"O120/'Inputs - actual'!O$36","v":28.552839720099119}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$39","v":-65.845132769333333},{"$f":"G120/'Inputs - actual'!G$39","v":-55.490743224508741},{"$f":"H120/'Inputs - actual'!H$39","v":-47.022741227014407},{"$f":"I120/'Inputs - actual'!I$39","v":-40.82283538513984},{"$f":"J120/'Inputs - actual'!J$39","v":-66.802601509136309},{"$f":"K120/'Inputs - actual'!K$39","v":52.827728232958634},{"$f":"L120/'Inputs - actual'!L$39","v":72.122547195767581},{"$f":"M120/'Inputs - actual'!M$39","v":84.880666770843405},{"$f":"N120/'Inputs - actual'!N$39","v":85.391343576613465},{"$f":"O120/'Inputs - actual'!O$39","v":42.665299623770686}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":2.2097879082139116E-12},null,{"$f":"F123/'Inputs - actual'!F$44","v":-63.253000023281217},{"$f":"G123/'Inputs - actual'!G$44","v":-51.207720431291278},{"$f":"H123/'Inputs - actual'!H$44","v":-41.685046983486984},{"$f":"I123/'Inputs - actual'!I$44","v":-34.76425835288164},{"$f":"J123/'Inputs - actual'!J$44","v":-54.648799929398109},{"$f":"K123/'Inputs - actual'!K$44","v":41.515152686299366},{"$f":"L123/'Inputs - actual'!L$44","v":54.446906788149931},{"$f":"M123/'Inputs - actual'!M$44","v":61.555716175550181},{"$f":"N123/'Inputs - actual'!N$44","v":59.488210350242838},{"$f":"O123/'Inputs - actual'!O$44","v":28.552839720099136}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},{"$f":"-(G114+G115)/G133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},{"$f":"G116/G133","v":0},0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":4.4040127293601739E-2},{"$f":"H112/G112-1","v":4.4075539421246424E-2},4.4110940885780714E-2,4.4146329290144282E-2,0.29025759421044128,4.127903361456231E-2,4.1307864063433897E-2,4.1336839063931041E-2,3.2744856989459947E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F136","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":210},{"$f":"G$40/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},{"$f":"SUM(G133:G135)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual'!F$20","v":1230},{"$f":"G133*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H133*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I133*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J133*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K133*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L133*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M133*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N133*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O133*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},{"$f":"IFERROR(H142/H136,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3012.1590695046143},{"$f":"G152","v":2999.2815161820363},2955.1938573133939,2871.9657799730326,2739.1158673328173,2408.2135255649155,2015.2093122560168,1542.0509891414631,955.33137064624293]
[null,"Revaluation",null,null,null,{"$f":"F148*('Inputs - actual'!F38)","v":113.5100772273494},{"$f":"G148*('Inputs - actual'!G38)","v":113.97013620017657},{"$f":"H148*('Inputs - actual'!H38)","v":113.48289217612819},{"$f":"I148*('Inputs - actual'!I38)","v":111.8147609884773},{"$f":"J148*('Inputs - actual'!J38)","v":108.6656858263479},{"$f":"K148*('Inputs - actual'!K38)","v":103.63908454520208},{"$f":"L148*('Inputs - actual'!L38)","v":91.11883442227365},{"$f":"M148*('Inputs - actual'!M38)","v":76.248854887818055},{"$f":"N148*('Inputs - actual'!N38)","v":58.346108955319337},{"$f":"O148*('Inputs - actual'!O38)","v":36.146579219921534}]
[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-311.35100772273495},{"$f":"-SUM(G148:G149)/G146","v":-347.34768952275454},-389.09555104477056,-438.14408832883873,-496.77191096656338,-568.55099037560387,-624.8330899967973,-697.15272238127829,-800.19854904839121,-991.47794986616441]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3012.1590695046143},2999.2815161820363,2955.1938573133939,2871.9657799730326,{"$f":"SUM(J148:J151)","v":2739.1158673328173},2408.2135255649155,2015.2093122560168,1542.0509891414631,955.33137064624293,0]
[null,null,null,null,null,{"$f":"F148-E152","v":0},{"$f":"G148-F152","v":0},{"$f":"H148-G152","v":0},{"$f":"I148-H152","v":0},0,0,0,0,0,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-61.749260924844592,-61.485271081731739,-60.581474074924579,-58.875298489447168,-56.151875280322756,-49.368377274080764,-41.311790901248344,-31.612045277399996,-19.584293098247979]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":151.13232184654521},{"$f":"SUM(G156:G159)","v":149.50033366313198},145.1106826409582,136.84923470519203,122.99376188528038,281.32921328696273,287.00230973537504,281.85464386315226,252.74134974929842,136.89383592279484]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast'!F29","v":-42.317050117032665},{"$f":"-G160*'Inputs - forecast'!G29","v":-41.860093425676958},{"$f":"-H160*'Inputs - forecast'!H29","v":-40.6309911394683},{"$f":"-I160*'Inputs - forecast'!I29","v":-38.317785717453773},{"$f":"-J160*'Inputs - forecast'!J29","v":-34.438253327878506},{"$f":"-K160*'Inputs - forecast'!K29","v":-78.77217972034957},{"$f":"-L160*'Inputs - forecast'!L29","v":-80.360646725905013},{"$f":"-M160*'Inputs - forecast'!M29","v":-78.919300281682638},{"$f":"-N160*'Inputs - forecast'!N29","v":-70.767577929803565},{"$f":"-O160*'Inputs - forecast'!O29","v":-38.330274058382557}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":-42.317050117032665},-41.860093425676958,-40.6309911394683,-38.317785717453773,-34.438253327878506,-78.77217972034957,-80.360646725905013,-78.919300281682638,-70.767577929803565,-38.330274058382557]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F163","v":-42.317050117032665},-41.860093425676958,-40.6309911394683,-38.317785717453773,-34.438253327878506,-78.77217972034957,-80.360646725905013,-78.919300281682638,-70.767577929803565,-38.330274058382557]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":-350.60439408024769},{"$f":"F166/'Inputs - actual'!F$36","v":-39.169120097437165},{"$f":"G166/'Inputs - actual'!G$36","v":-35.863861842061532},{"$f":"H166/'Inputs - actual'!H$36","v":-32.221273835621396},{"$f":"I166/'Inputs - actual'!I$36","v":-28.12639836223099},{"$f":"J166/'Inputs - actual'!J$36","v":-23.39824398413122},{"$f":"K166/'Inputs - actual'!K$36","v":-49.538567240746637},{"$f":"L166/'Inputs - actual'!L$36","v":-46.778084237031777},{"$f":"M166/'Inputs - actual'!M$36","v":-42.521704416667482},{"$f":"N166/'Inputs - actual'!N$36","v":-35.293131947044202},{"$f":"O166/'Inputs - actual'!O$36","v":-17.694008117275228}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - actual'!F$40*'Inputs - actual'!F39","v":-39.865875474638528},{"$f":"G$17/'Inputs - actual'!G$40*'Inputs - actual'!G39","v":-37.149098633776951},{"$f":"H$17/'Inputs - actual'!H$40*'Inputs - actual'!H39","v":-33.555372570614146},{"$f":"I$17/'Inputs - actual'!I$40*'Inputs - actual'!I39","v":-28.779705866542013},{"$f":"J$17/'Inputs - actual'!J$40*'Inputs - actual'!J39","v":-22.356858542359539},{"$f":"K$17/'Inputs - actual'!K$40*'Inputs - actual'!K39","v":-80.377345883296925},{"$f":"L$17/'Inputs - actual'!L$40*'Inputs - actual'!L39","v":-79.193849593887904},{"$f":"M$17/'Inputs - actual'!M$40*'Inputs - actual'!M39","v":-74.88054419408563},{"$f":"N$17/'Inputs - actual'!N$40*'Inputs - actual'!N39","v":-63.837462988985436},{"$f":"O$17/'Inputs - actual'!O$40*'Inputs - actual'!O39","v":-31.539916085931409}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":-315.04206448496342},{"$f":"F169/'Inputs - actual'!F$36","v":-36.900286289735519},{"$f":"G169/'Inputs - actual'!G$36","v":-31.82769152974836},{"$f":"H169/'Inputs - actual'!H$36","v":-26.610151953782886},{"$f":"I169/'Inputs - actual'!I$36","v":-21.125163074897699},{"$f":"J169/'Inputs - actual'!J$36","v":-15.189830503667473},{"$f":"K169/'Inputs - actual'!K$36","v":-50.548030634777831},{"$f":"L169/'Inputs - actual'!L$36","v":-46.098889422744293},{"$f":"M169/'Inputs - actual'!M$36","v":-40.345623382562358},{"$f":"N169/'Inputs - actual'!N$36","v":-31.836952321155522},{"$f":"O169/'Inputs - actual'!O$36","v":-14.55944537189148}]
[null,"Difference",null,null,{"$f":"E170-E167","v":35.562329595284268},{"$f":"F169-F166","v":2.4511746423941361},{"$f":"G169-G166","v":4.7109947919000064},7.0756185688541535,9.5380798509117604,12.081394785518967,-1.6051661629473557,1.1667971320171091,4.0387560875970081,6.9301149408181288,6.7903579724511474]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F39","v":595.11513358893058},{"$f":"G91/'Inputs - actual'!G39","v":598.67230015183281},{"$f":"H91/'Inputs - actual'!H39","v":602.27115623233715},{"$f":"I91/'Inputs - actual'!I39","v":605.91219042602904},{"$f":"J91/'Inputs - actual'!J39","v":609.59589705476844},{"$f":"K91/'Inputs - actual'!K39","v":757.86078997521895},{"$f":"L91/'Inputs - actual'!L39","v":760.37449511245745},{"$f":"M91/'Inputs - actual'!M39","v":762.91766053858396},{"$f":"N91/'Inputs - actual'!N39","v":765.49063152425458},{"$f":"O91/'Inputs - actual'!O39","v":761.73498062125691}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O175, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P175, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,927.70217772231342,946.25622127675967,965.18134570229483,984.48497261634077,1004.1746720686676,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F178-F179","v":14.201164766398165},{"$f":"G178-G179","v":29.333147699559845},45.444511229838213,62.586195770741142,80.811634188497919,19.327445740805501,39.865869847279555,61.675342711845474,84.818725468495927,100.14322268825777]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F178-F192","v":617.63232184654521},644.83292792130987,689.26495344407067,736.02292219969547,785.21994127097662,1017.5905047334592,1077.2306823239935,1048.6468226023806,1114.2492467699956,1173.8518627638539]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,643.82044221423246,673.43672642895433,704.4083070824787,998.26305899265367,1037.364812476714,986.97147989053497,1029.4305213014995,1073.7086400755961]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F183","v":603.43115708014705},{"$f":"G183","v":615.49978022175003},{"$f":"H183","v":643.82044221423246},{"$f":"I183","v":673.43672642895433},704.4083070824787,998.26305899265367,1037.364812476714,986.97147989053497,1029.4305213014995,1073.7086400755961,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F109","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F193","v":14.201164766398165},44.411944448521417,76.590447457230866,110.83917779458335,147.26565685787085,105.13323892215259,60.387751734866811,104.00492331568699,150.30560435993368,190.2037453907069,106.33207385039212]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F182-F185+F187","v":14.201164766398165},29.333147699559845,45.444511229838213,62.586195770741142,80.811634188497919,19.327445740805501,39.865869847279555,61.675342711845587,84.818725468496041,100.14322268825777,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F191*(1+'Inputs - forecast'!$P$31)^2","v":-16.010666388047401},{"$f":"-G191*(1+'Inputs - forecast'!$P$31)^2","v":-33.070755086245519},{"$f":"-H191*(1+'Inputs - forecast'!$P$31)^2","v":-51.235016312915675},{"$f":"-I191*(1+'Inputs - forecast'!$P$31)^2","v":-70.560881270340204},{"$f":"-J191*(1+'Inputs - forecast'!$P$31)^2","v":-91.108591199954361},{"$f":"-K191*(1+'Inputs - forecast'!$P$31)^2","v":-21.790134188240181},{"$f":"-L191*(1+'Inputs - forecast'!$P$31)^2","v":-44.94554868515884},{"$f":"-M191*(1+'Inputs - forecast'!$P$31)^2","v":-69.533968006928504},{"$f":"-N191*(1+'Inputs - forecast'!$P$31)^2","v":-95.626263005460473},{"$f":"-O191*(1+'Inputs - forecast'!$P$31)^2","v":-112.90339601434636},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F190*(1+'Inputs - forecast'!$P$31)+F191+F192","v":14.201164766398165},{"$f":"G190*(1+'Inputs - forecast'!$P$31)+G191+G192","v":44.411944448521417},{"$f":"H190*(1+'Inputs - forecast'!$P$31)+H191+H192","v":76.590447457230866},{"$f":"I190*(1+'Inputs - forecast'!$P$31)+I191+I192","v":110.83917779458335},{"$f":"J190*(1+'Inputs - forecast'!$P$31)+J191+J192","v":147.26565685787085},{"$f":"K190*(1+'Inputs - forecast'!$P$31)+K191+K192","v":105.13323892215259},{"$f":"L190*(1+'Inputs - forecast'!$P$31)+L191+L192","v":60.387751734866811},{"$f":"M190*(1+'Inputs - forecast'!$P$31)+M191+M192","v":104.00492331568699},{"$f":"N190*(1+'Inputs - forecast'!$P$31)+N191+N192","v":150.30560435993368},{"$f":"O190*(1+'Inputs - forecast'!$P$31)+O191+O192","v":190.2037453907069},{"$f":"P190*(1+'Inputs - forecast'!$P$31)+P191+P192","v":106.33207385039212},{"$f":"Q190*(1+'Inputs - forecast'!$P$31)+Q191+Q192","v":0}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$P$31,F197:O197)","v":-5987.0443445780984},{"$f":"F178","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$P$31,F198:O198)","v":5882.622381242787},{"$f":"F183","v":603.43115708014705},615.49978022175003,643.82044221423246,673.43672642895433,704.4083070824787,998.26305899265367,1037.364812476714,986.97147989053497,1029.4305213014995,1073.7086400755961]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$P$31,F199:O199)","v":0},{"$f":"F187","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$P$31,F200:O200)","v":104.42196333531196},0,0,0,0,0,0,0,0,0,{"$f":"O193","v":190.2037453907069}]
[null,null,null,"NPV",{"$f":"SUM(E197:E200)","v":5.8264504332328215E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$P$31,F203:O203)","v":-5987.0443445780984},{"$f":"F91","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141403,1069.3036980848367,1104.3178947569254]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F197+F199-F203","v":0},{"$f":"G197+G199-G203","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F206:O206)","v":5987.0443445780984},{"$f":"F179+F191","v":617.63232184654521},644.83292792130987,673.25428705602326,702.95216711344995,733.9849249580609,947.02962346311892,986.12209112403923,1026.8566884141405,1069.3036980848369,1104.3178947569254,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F207:Q207)","v":5882.622381242787},{"$f":"F179-F192","v":603.43115708014705},615.49978022175003,643.82044221423246,673.43672642895433,704.4083070824787,998.26305899265367,1037.364812476714,986.97147989053497,1029.4305213014995,1073.7086400755961,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$P$31,F208:Q208)","v":104.42196333531196},0,0,0,0,0,0,0,0,0,{"$f":"+O193","v":190.2037453907069}]
[null,null,null,"NPV",{"$f":"E206-E207-E208","v":-5.8264504332328215E-13}]

{"sheet":"Inputs - forecast (CEG)","index":13,"n_rows":40,"n_cols":16,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["Inputs - forecast"]
[null,null,null,null,"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30","Average"]
[]
["Predicted inflation rate",null,null,null,1,{"$f":"E4*(1+F5)","v":1.02},{"$f":"F4*(1+G5)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573]
[null,"CPI (end of period)",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"(((1+F5)*(1+G5)*(1+H5)*(1+I5)*(1+J5)*(1+K5)*(1+L5)*(1+M5)*(1+N5)*(1+O5))^0.1)-1","v":2.0000000000000018E-2}]
[]
["Rebased CPI (end of period)",null,null,null,1,{"$f":"E7*(1+F8)","v":1.02},{"$f":"F7*(1+G8)","v":1.0404},{"$f":"G7*(1+H8)","v":1.0612079999999999},{"$f":"H7*(1+I8)","v":1.08243216},{"$f":"I7*(1+J8)","v":1.1040808032},{"$f":"'Inputs - actual (CEG)'!J5*(1+'Inputs - forecast (CEG)'!K8)","v":1.3018071937500004},{"$f":"K7*(1+L8)","v":1.3278433376250005},{"$f":"L7*(1+M8)","v":1.3544002043775005},{"$f":"M7*(1+N8)","v":1.3814882084650506},{"$f":"N7*(1+O8)","v":1.4091179726343517}]
[null,"Predicted inflation rate",null,null,{"$f":"E5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,"Capex",null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,"Opening RAB",null,null,100]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F11*F7","v":0},0,0,0,0,0,0,0,0,0]
[null,"Capex",null,null,null,{"$f":"F12*F7","v":0},0,0,0,0,0,0,0,0,0]
[null,"Opening RAB",null,null,{"$f":"E13/E4","v":100}]
[]
["Asset lives"]
[null,"Initial RAB",null,10]
[null,"Capex",null,10]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Cost of debt",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Leverage",null,null,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[null,"Tax rate",null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average"]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$26*E$28+E$25*(1-E$28)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,{"$f":"(((1+F31)*(1+G31)*(1+H31)*(1+I31)*(1+J31)*(1+K31)*(1+L31)*(1+M31)*(1+N31)*(1+O31))^0.1)-1","v":6.1800000000000077E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$31)/(1+E$5)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F32)*(1+G32)*(1+H32)*(1+I32)*(1+J32)*(1+K32)*(1+L32)*(1+M32)*(1+N32)*(1+O32))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E31","v":1.0618000000000001},1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0618000000000001},{"$f":"F36*G35","v":1.1274192400000003},1.1970937490320004,1.2710741427221781,1.3496265247424089,1.4330334439714898,1.5215949108089279,1.6156294762969199,1.7154753779320697,1.8214917562882718]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E32","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E40*F39","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"Inputs - actual (CEG)","index":14,"n_rows":44,"n_cols":16,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
["Inputs - actual"]
[null,null,null,null,{"$f":"'Inputs - forecast (CEG)'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast (CEG)'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast (CEG)'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast (CEG)'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast (CEG)'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast (CEG)'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast (CEG)'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast (CEG)'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast (CEG)'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast (CEG)'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast (CEG)'!O2","v":"2030-06-30"},"Average"]
[]
["Actual inflation rate",null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,{"$f":"(((1+F4)*(1+G4)*(1+H4)*(1+I4)*(1+J4)*(1+K4)*(1+L4)*(1+M4)*(1+N4)*(1+O4))^0.1)-1","v":5.0000000000000044E-2}]
[null,"CPI (end of period)",null,null,1,{"$f":"E5*(1+F4)","v":1.05},1.1025,1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,{"$f":"'Inputs - forecast (CEG)'!F11","v":0},{"$f":"'Inputs - forecast (CEG)'!G11","v":0},{"$f":"'Inputs - forecast (CEG)'!H11","v":0},{"$f":"'Inputs - forecast (CEG)'!I11","v":0},{"$f":"'Inputs - forecast (CEG)'!J11","v":0},{"$f":"'Inputs - forecast (CEG)'!K11","v":0},{"$f":"'Inputs - forecast (CEG)'!L11","v":0},{"$f":"'Inputs - forecast (CEG)'!M11","v":0},{"$f":"'Inputs - forecast (CEG)'!N11","v":0},{"$f":"'Inputs - forecast (CEG)'!O11","v":0}]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast (CEG)'!F12","v":0},{"$f":"'Inputs - forecast (CEG)'!G12","v":0},{"$f":"'Inputs - forecast (CEG)'!H12","v":0},{"$f":"'Inputs - forecast (CEG)'!I12","v":0},{"$f":"'Inputs - forecast (CEG)'!J12","v":0},{"$f":"'Inputs - forecast (CEG)'!K12","v":0},{"$f":"'Inputs - forecast (CEG)'!L12","v":0},{"$f":"'Inputs - forecast (CEG)'!M12","v":0},{"$f":"'Inputs - forecast (CEG)'!N12","v":0},{"$f":"'Inputs - forecast (CEG)'!O12","v":0}]
[null,"Opening RAB",null,null,{"$f":"'Inputs - forecast (CEG)'!E18","v":100}]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F8*F$5","v":0},{"$f":"G8*G$5","v":0},0,0,0,0,0,0,0,0]
[null,"Capex",null,null,null,{"$f":"F9*F5","v":0},0,0,0,0,0,0,0,0,0]
[null,"Opening RAB",null,null,{"$f":"E10*E5","v":100}]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,{"$f":"(1+'Inputs - forecast (CEG)'!E25)/(1+'Inputs - forecast (CEG)'!E5)*(1+E4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!F25)/(1+'Inputs - forecast (CEG)'!F5)*(1+F4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!G25)/(1+'Inputs - forecast (CEG)'!G5)*(1+G4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!H25)/(1+'Inputs - forecast (CEG)'!H5)*(1+H4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!I25)/(1+'Inputs - forecast (CEG)'!I5)*(1+I4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!J25)/(1+'Inputs - forecast (CEG)'!J5)*(1+J4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!K25)/(1+'Inputs - forecast (CEG)'!K5)*(1+K4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!L25)/(1+'Inputs - forecast (CEG)'!L5)*(1+L4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!M25)/(1+'Inputs - forecast (CEG)'!M5)*(1+M4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!N25)/(1+'Inputs - forecast (CEG)'!N5)*(1+N4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast (CEG)'!O25)/(1+'Inputs - forecast (CEG)'!O5)*(1+O4)-1","v":0.1014705882352942}]
[null,"Cost of debt",null,null,{"$f":"(1+'Inputs - forecast (CEG)'!E26)/(1+'Inputs - forecast (CEG)'!E5)*(1+E4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!F$26)/(1+'Inputs - forecast (CEG)'!F$5)*(1+F$4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!G26)/(1+'Inputs - forecast (CEG)'!G5)*(1+G4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!H26)/(1+'Inputs - forecast (CEG)'!H5)*(1+H4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!I26)/(1+'Inputs - forecast (CEG)'!I5)*(1+I4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!J26)/(1+'Inputs - forecast (CEG)'!J5)*(1+J4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!K26)/(1+'Inputs - forecast (CEG)'!K5)*(1+K4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!L26)/(1+'Inputs - forecast (CEG)'!L5)*(1+L4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!M26)/(1+'Inputs - forecast (CEG)'!M5)*(1+M4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!N26)/(1+'Inputs - forecast (CEG)'!N5)*(1+N4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast (CEG)'!O26)/(1+'Inputs - forecast (CEG)'!O5)*(1+O4)-1","v":8.0882352941176627E-2}]
[null,"Leverage",null,null,{"$f":"'Inputs - forecast (CEG)'!E28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!F28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!G28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!H28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!I28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!J28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!K28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!L28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!M28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!N28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!O28","v":0.41}]
[null,"Tax rate",null,null,{"$f":"'Inputs - forecast (CEG)'!E29","v":0},{"$f":"'Inputs - forecast (CEG)'!F29","v":0},{"$f":"'Inputs - forecast (CEG)'!G29","v":0},{"$f":"'Inputs - forecast (CEG)'!H29","v":0},{"$f":"'Inputs - forecast (CEG)'!I29","v":0},{"$f":"'Inputs - forecast (CEG)'!J29","v":0},{"$f":"'Inputs - forecast (CEG)'!K29","v":0},{"$f":"'Inputs - forecast (CEG)'!L29","v":0},{"$f":"'Inputs - forecast (CEG)'!M29","v":0},{"$f":"'Inputs - forecast (CEG)'!N29","v":0},{"$f":"'Inputs - forecast (CEG)'!O29","v":0}]
[]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$19*E$20+E$18*(1-E$20)","v":9.3029411764705999E-2},{"$f":"F$19*F$20+F$18*(1-F$20)","v":9.3029411764705999E-2},9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,{"$f":"(((1+F23)*(1+G23)*(1+H23)*(1+I23)*(1+J23)*(1+K23)*(1+L23)*(1+M23)*(1+N23)*(1+O23))^0.1)-1","v":9.3029411764705916E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$23)/(1+E$4)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F24)*(1+G24)*(1+H24)*(1+I24)*(1+J24)*(1+K24)*(1+L24)*(1+M24)*(1+N24)*(1+O24))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E23","v":1.0930294117647059},1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059]
[null,"Compounding factor step 2",null,null,1,{"$f":"E28*F27","v":1.0930294117647059},{"$f":"F28*G27","v":1.1947132949826991},1.3058567700424131,1.4273398572084175,1.5601244445128359,1.7052619038656036,1.8639014156869833,2.0372990679757459,2.2268278018583132,2.4339882823664851]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E24","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E32*F31","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]
[]
["Blended Cost of capital (nominal)",null,null,"Note on calculation of blended cost of capital",null,{"$f":"'Inputs - forecast (CEG)'!F26*F20+(F18*(1-F20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!G26*G20+(G18*(1-G20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!H26*H20+(H18*(1-H20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!I26*I20+(I18*(1-I20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!J26*J20+(J18*(1-J20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!K26*K20+(K18*(1-K20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!L26*L20+(L18*(1-L20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!M26*M20+(M18*(1-M20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!N26*N20+(N18*(1-N20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast (CEG)'!O26*O20+(O18*(1-O20))","v":8.0367647058823585E-2}]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F34","v":1.0803676470588235},{"$f":"1+G34","v":1.0803676470588235},1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0803676470588235},{"$f":"F36*G35","v":1.1671942528114185},1.2609989085704538,1.3623424237960058,1.4718306788849054,1.5901182474158759,1.7179123095059901,1.8559768796743759,2.0051373744893826,2.1662855473068015]
[]
["Blended inflation rate",null,null,null,null,{"$f":"(1+F34)/(1+F24)-1","v":3.7836692409116468E-2},{"$f":"(1+G34)/(1+G24)-1","v":3.7836692409116468E-2},{"$f":"(1+H34)/(1+H24)-1","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2]
[null,"Underlying inflation index",null,null,1,{"$f":"E39*(1+F38)","v":1.0378366924091165},{"$f":"F39*(1+G38)","v":1.077105000110695},1.1178590906922048,1.1601551812634603,1.2040516160037686,1.2496089466432028,1.2968900159890218,1.3459600446124524,1.3968867208154145,1.4497402940012867]
[null,"Rebased forecast index",null,null,{"$f":"'Inputs - forecast (CEG)'!E7","v":1},{"$f":"'Inputs - forecast (CEG)'!F7","v":1.02},{"$f":"'Inputs - forecast (CEG)'!G7","v":1.0404},{"$f":"'Inputs - forecast (CEG)'!H7","v":1.0612079999999999},{"$f":"'Inputs - forecast (CEG)'!I7","v":1.08243216},{"$f":"'Inputs - forecast (CEG)'!J7","v":1.1040808032},{"$f":"J39*(1+'Inputs - forecast (CEG)'!K8)","v":1.2281326483238439},{"$f":"K40*(1+'Inputs - forecast (CEG)'!L8)","v":1.2526953012903208},{"$f":"L40*(1+'Inputs - forecast (CEG)'!M8)","v":1.2777492073161272},{"$f":"M40*(1+'Inputs - forecast (CEG)'!N8)","v":1.3033041914624497},{"$f":"N40*(1+'Inputs - forecast (CEG)'!O8)","v":1.3293702752916987}]
[]
["Blended Cost of capital (real)",null,null,null,null,{"$f":"(1+F34)/(1+F38)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,{"$f":"(1+H34)/(1+H38)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F42","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E44*F43","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"6 CEG submission recalculation","index":15,"n_rows":221,"n_cols":16,"rows_kept":221,"cut":false,"hidden":false,"merged":[[8,0,8,14],[187,3,187,4],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast (CEG)'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast (CEG)'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast (CEG)'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast (CEG)'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast (CEG)'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast (CEG)'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast (CEG)'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast (CEG)'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast (CEG)'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast (CEG)'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast (CEG)'!O2","v":"2030-06-30"}]
["Building blocks"]
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[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast (CEG)'!F$28*'Inputs - forecast (CEG)'!F$26","v":-2.0500000000000003},{"$f":"-SUM(G$38)*'Inputs - forecast (CEG)'!G$28*'Inputs - forecast (CEG)'!G$26","v":-2.0909999790899998},{"$f":"-SUM(H$38)*'Inputs - forecast (CEG)'!H$28*'Inputs - forecast (CEG)'!H$26","v":-2.1328199573436},{"$f":"-SUM(I$38)*'Inputs - forecast (CEG)'!I$28*'Inputs - forecast (CEG)'!I$26","v":-2.1754763347357082},{"$f":"-SUM(J$38)*'Inputs - forecast (CEG)'!J$28*'Inputs - forecast (CEG)'!J$26","v":-2.2189858392405628},{"$f":"-SUM(K$38)*'Inputs - forecast (CEG)'!K$28*'Inputs - forecast (CEG)'!K$26","v":-2.4492322909947077},{"$f":"-SUM(L$38)*'Inputs - forecast (CEG)'!L$28*'Inputs - forecast (CEG)'!L$26","v":-2.4982169118324316},{"$f":"-SUM(M$38)*'Inputs - forecast (CEG)'!M$28*'Inputs - forecast (CEG)'!M$26","v":-2.5481812245872661},{"$f":"-SUM(N$38)*'Inputs - forecast (CEG)'!N$28*'Inputs - forecast (CEG)'!N$26","v":-2.5991448230875616},{"$f":"-SUM(O$38)*'Inputs - forecast (CEG)'!O$28*'Inputs - forecast (CEG)'!O$26","v":-2.651127693038033}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast (CEG)'!F$28)*'Inputs - forecast (CEG)'!F$25","v":-4.1300000000000008},{"$f":"-SUM(G$38)*(1-'Inputs - forecast (CEG)'!G$28)*'Inputs - forecast (CEG)'!G$25","v":-4.2125999578740014},{"$f":"-SUM(H$38)*(1-'Inputs - forecast (CEG)'!H$28)*'Inputs - forecast (CEG)'!H$25","v":-4.2968519140629615},{"$f":"-SUM(I$38)*(1-'Inputs - forecast (CEG)'!I$28)*'Inputs - forecast (CEG)'!I$25","v":-4.3827889085163303},{"$f":"-SUM(J$38)*(1-'Inputs - forecast (CEG)'!J$28)*'Inputs - forecast (CEG)'!J$25","v":-4.4704446419822084},{"$f":"-SUM(K$38)*(1-'Inputs - forecast (CEG)'!K$28)*'Inputs - forecast (CEG)'!K$25","v":-4.934307005760072},{"$f":"-SUM(L$38)*(1-'Inputs - forecast (CEG)'!L$28)*'Inputs - forecast (CEG)'!L$25","v":-5.032993095545339},{"$f":"-SUM(M$38)*(1-'Inputs - forecast (CEG)'!M$28)*'Inputs - forecast (CEG)'!M$25","v":-5.1336529061197131},{"$f":"-SUM(N$38)*(1-'Inputs - forecast (CEG)'!N$28)*'Inputs - forecast (CEG)'!N$25","v":-5.2363259118788443},{"$f":"-SUM(O$38)*(1-'Inputs - forecast (CEG)'!O$28)*'Inputs - forecast (CEG)'!O$25","v":-5.3410523767058926}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":2},{"$f":"G39","v":2.0399999796000001},2.080799958384,2.1224159363275201,2.1648642334054276,2.3894949180436176,2.4372847920316407,2.4860304630119674,2.5357510469146942,2.586466041988325]
[null,"Tax",null,null,null,{"$f":"F60","v":0},0,0,0,0,0,0,0,0,0]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast (CEG)'!F16","v":0},{"$f":"-'Inputs - forecast (CEG)'!G16","v":0},{"$f":"-'Inputs - forecast (CEG)'!H16","v":0},{"$f":"-'Inputs - forecast (CEG)'!I16","v":0},{"$f":"-'Inputs - forecast (CEG)'!J16","v":0},{"$f":"-'Inputs - forecast (CEG)'!K16","v":0},{"$f":"-'Inputs - forecast (CEG)'!L16","v":0},{"$f":"-'Inputs - forecast (CEG)'!M16","v":0},{"$f":"-'Inputs - forecast (CEG)'!N16","v":0},{"$f":"-'Inputs - forecast (CEG)'!O16","v":0}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-1.02E-6},-1.0404E-6,-1.0612080000000001E-6,-1.08243216E-6,-1.1040808032E-6,-1.2186424691343685E-6,-1.2430153185170559E-6,-1.2678756248873971E-6,-1.293233137385145E-6,-1.3190978001328479E-6]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":9.2955527823086935E-5},9.4857274379674664E-5,9.6797908586995749E-5,9.8778225252964564E-5,1.0079903542295412E-4,-9.5872183057155879E-8,-4.6850370980340572E-8,4.1706620834655508E-9,5.7251276246247019E-8,1.1245344674481247E-7]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast (CEG)'!F$36","v":8.7545232457230104E-5},{"$f":"G20/'Inputs - forecast (CEG)'!G$36","v":8.413664678959589E-5},{"$f":"H20/'Inputs - forecast (CEG)'!H$36","v":8.0860758537306651E-5},{"$f":"I20/'Inputs - forecast (CEG)'!I$36","v":7.7712402394889074E-5},{"$f":"J20/'Inputs - forecast (CEG)'!J$36","v":7.4686614092882268E-5},{"$f":"K20/'Inputs - forecast (CEG)'!K$36","v":-6.6901567064238916E-8},{"$f":"L20/'Inputs - forecast (CEG)'!L$36","v":-3.0790304730602337E-8},{"$f":"M20/'Inputs - forecast (CEG)'!M$36","v":2.5814471354068485E-9},{"$f":"N20/'Inputs - forecast (CEG)'!N$36","v":3.3373417644303891E-8},{"$f":"O20/'Inputs - forecast (CEG)'!O$36","v":6.1737005592582778E-8}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.049416542704814E-4}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast (CEG)'!F$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!G$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!H$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!I$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!J$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!K$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!L$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!M$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!N$16","v":0},{"$f":"-'Inputs - forecast (CEG)'!O$16","v":0}]
[null,"Tax",null,null,null,{"$f":"F17","v":0},0,0,0,0,0,0,0,0,0]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast (CEG)'!F$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!G$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!H$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!I$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!J$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!K$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!L$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!M$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!N$17","v":0},{"$f":"-'Inputs - forecast (CEG)'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast (CEG)'!E$18","v":-100}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44+J45-J42)","v":-9.0666711025848912},null,null,null,null,{"$f":"-(O44+O45-O42)+O44","v":131.90976682230678}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-100},4.1800939755278241,4.2636958550383808,4.3489697721391485,4.4359491675819314,-4.5420029516513214,4.9940455014814482,5.0939264115110774,5.1958049397412989,5.2997210385361253,137.31548228161364]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast (CEG)'!E$36","v":-100},{"$f":"F31/'Inputs - forecast (CEG)'!F$36","v":3.9367997509209114},{"$f":"G31/'Inputs - forecast (CEG)'!G$36","v":3.7818193124310882},{"$f":"H31/'Inputs - forecast (CEG)'!H$36","v":3.6329400062909301},{"$f":"I31/'Inputs - forecast (CEG)'!I$36","v":3.4899216485371523},{"$f":"J31/'Inputs - forecast (CEG)'!J$36","v":-3.3653776569915985},{"$f":"K31/'Inputs - forecast (CEG)'!K$36","v":3.4849469302272644},{"$f":"L31/'Inputs - forecast (CEG)'!L$36","v":3.3477546325407892},{"$f":"M31/'Inputs - forecast (CEG)'!M$36","v":3.2159631994646869},{"$f":"N31/'Inputs - forecast (CEG)'!N$36","v":3.0893600145545115},{"$f":"O31/'Inputs - forecast (CEG)'!O$36","v":75.386277103678481}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":4.0494165419602268E-4}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,100000000,{"$f":"F36-1","v":99999999},99999998,99999997,99999996,99999995,99999994,99999993,99999992,99999991]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":100},{"$f":"F42","v":101.99999898},{"$f":"G42","v":104.0399979192},{"$f":"H42","v":106.12079681637601},{"$f":"I42","v":108.24321167027136},{"$f":"J44+J45","v":119.47474590218087},{"$f":"K42","v":121.86423960158203},{"$f":"L42","v":124.30152315059836},{"$f":"M42","v":126.78755234573471},{"$f":"N42","v":129.32330209941625}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast (CEG)'!F$5)","v":2},{"$f":"G38*('Inputs - forecast (CEG)'!G$5)","v":2.0399999796000001},{"$f":"H38*('Inputs - forecast (CEG)'!H$5)","v":2.080799958384},{"$f":"I38*('Inputs - forecast (CEG)'!I$5)","v":2.1224159363275201},{"$f":"J38*('Inputs - forecast (CEG)'!J$5)","v":2.1648642334054276},{"$f":"K38*('Inputs - forecast (CEG)'!K$5)","v":2.3894949180436176},{"$f":"L38*('Inputs - forecast (CEG)'!L$5)","v":2.4372847920316407},{"$f":"M38*('Inputs - forecast (CEG)'!M$5)","v":2.4860304630119674},{"$f":"N38*('Inputs - forecast (CEG)'!N$5)","v":2.5357510469146942},{"$f":"O38*('Inputs - forecast (CEG)'!O$5)","v":2.586466041988325}]
[null,"Capex",null,null,null,{"$f":"-F28","v":0},0,0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-1.02E-6},{"$f":"-SUM(G38:G39)/G36","v":-1.0404E-6},-1.0612080000000001E-6,-1.08243216E-6,-1.1040808032E-6,-1.2186424691343685E-6,-1.2430153185170559E-6,-1.2678756248873971E-6,-1.293233137385145E-6,-1.3190978001328479E-6]
[null,"Closing RAB",null,null,{"$f":"-E29","v":100},{"$f":"SUM(F38:F41)","v":101.99999898},104.0399979192,106.12079681637601,108.24321167027136,110.40807479959598,121.86423960158203,124.30152315059836,126.78755234573471,129.32330209941625,131.90976682230678]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J152","v":119.47474590218087},null,null,null,null,{"$f":"O152","v":142.74214908390644},"Note"]
[null,"Difference to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":0},null,null,null,null,{"$f":"O152-O44","v":0},"Note"]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":100000000},99999999,99999998,99999997,99999996,99999995,99999994,99999993,99999992,99999991]
[null,"Opening balance",null,null,null,{"$f":"E52","v":100},99.999999000000003,99.999998000000005,99.999997000000008,99.99999600000001,99.999995000000013,99.999994000000015,99.999993000000018,99.99999200000002,99.999991000000023]
[null,"Capex",null,null,null,{"$f":"-F28","v":0},0,0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-9.9999999999999995E-7},-9.9999999999999995E-7,-9.9999999999999995E-7,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6]
[null,"Closing balance",null,null,{"$f":"E42","v":100},{"$f":"SUM(F49:F51)","v":99.999999000000003},99.999998000000005,99.999997000000008,99.99999600000001,99.999995000000013,99.999994000000015,99.999993000000018,99.99999200000002,99.999991000000023,99.999990000000025]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":4.1800939755278241},4.2636958550383808,4.3489697721391485,4.4359491675819314,4.5246681509335698,4.9940455014814482,5.0939264115110774,5.1958049397412989,5.2997210385361253,5.4057154593068475]
[null,"Depreciation",null,null,null,{"$f":"F51","v":-9.9999999999999995E-7},-9.9999999999999995E-7,-9.9999999999999995E-7,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6]
[null,"Opex",null,null,null,{"$f":"F18","v":0},0,0,0,0,0,0,0,0,0]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast (CEG)'!F$26*'Inputs - forecast (CEG)'!F28*F38","v":-2.0500000000000003},{"$f":"-'Inputs - forecast (CEG)'!G$26*'Inputs - forecast (CEG)'!G28*G38","v":-2.0909999790900002},{"$f":"-'Inputs - forecast (CEG)'!H$26*'Inputs - forecast (CEG)'!H28*H38","v":-2.1328199573436},{"$f":"-'Inputs - forecast (CEG)'!I$26*'Inputs - forecast (CEG)'!I28*I38","v":-2.1754763347357082},{"$f":"-'Inputs - forecast (CEG)'!J$26*'Inputs - forecast (CEG)'!J28*J38","v":-2.2189858392405633},{"$f":"-'Inputs - forecast (CEG)'!K$26*'Inputs - forecast (CEG)'!K28*K38","v":-2.4492322909947077},{"$f":"-'Inputs - forecast (CEG)'!L$26*'Inputs - forecast (CEG)'!L28*L38","v":-2.4982169118324316},{"$f":"-'Inputs - forecast (CEG)'!M$26*'Inputs - forecast (CEG)'!M28*M38","v":-2.5481812245872666},{"$f":"-'Inputs - forecast (CEG)'!N$26*'Inputs - forecast (CEG)'!N28*N38","v":-2.5991448230875616},{"$f":"-'Inputs - forecast (CEG)'!O$26*'Inputs - forecast (CEG)'!O28*O38","v":-2.6511276930380334}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":2.1300929755278237},2.1726948759483804,2.2161488147955484,2.260471832846223,2.3056813116930064,2.5448122104867403,2.5957084996786457,2.6476227151540321,2.7005752154485636,2.7545867662688139]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast (CEG)'!F29","v":0},{"$f":"-G59*'Inputs - forecast (CEG)'!G29","v":0},{"$f":"-H59*'Inputs - forecast (CEG)'!H29","v":0},{"$f":"-I59*'Inputs - forecast (CEG)'!I29","v":0},{"$f":"-J59*'Inputs - forecast (CEG)'!J29","v":0},{"$f":"-K59*'Inputs - forecast (CEG)'!K29","v":0},{"$f":"-L59*'Inputs - forecast (CEG)'!L29","v":0},{"$f":"-M59*'Inputs - forecast (CEG)'!M29","v":0},{"$f":"-N59*'Inputs - forecast (CEG)'!N29","v":0},{"$f":"-O59*'Inputs - forecast (CEG)'!O29","v":0}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":0},0,0,0,0,0,0,0,0,0]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast (CEG)'!F$36","v":3.9367997509209114},{"$f":"G13/'Inputs - forecast (CEG)'!G$36","v":3.7818193124310882},{"$f":"H13/'Inputs - forecast (CEG)'!H$36","v":3.6329400062909301},{"$f":"I13/'Inputs - forecast (CEG)'!I$36","v":3.4899216485371523},{"$f":"J13/'Inputs - forecast (CEG)'!J$36","v":3.3525335105555611},{"$f":"SUM(F66:J66)","v":18.194014228735643}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast (CEG)'!F$36","v":-3.9367122056884547},{"$f":"SUM(G14:G19)/'Inputs - forecast (CEG)'!G$36","v":-3.7817351757842985},{"$f":"SUM(H14:H19)/'Inputs - forecast (CEG)'!H$36","v":-3.6328591455323926},{"$f":"SUM(I14:I19)/'Inputs - forecast (CEG)'!I$36","v":-3.4898439361347577},{"$f":"SUM(J14:J19)/'Inputs - forecast (CEG)'!J$36","v":-3.3524588239414679},{"$f":"SUM(F67:J67)","v":-18.193609287081372}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0494165427062967E-4}]
[null,"Revenue",null,null,null,null,null,null,null,null,4.1800939755278241]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast (CEG)'!K$36","v":3.4849469302272644},{"$f":"L13/'Inputs - forecast (CEG)'!L$36","v":3.3477546325407892},{"$f":"M13/'Inputs - forecast (CEG)'!M$36","v":3.2159631994646869},{"$f":"N13/'Inputs - forecast (CEG)'!N$36","v":3.0893600145545115},{"$f":"O13/'Inputs - forecast (CEG)'!O$36","v":2.9677408314612936},{"$f":"SUM(K73:O73)","v":16.105765608248547}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast (CEG)'!K$36","v":-3.4849469971288318},{"$f":"SUM(L14:L19)/'Inputs - forecast (CEG)'!L$36","v":-3.3477546633310942},{"$f":"SUM(M14:M19)/'Inputs - forecast (CEG)'!M$36","v":-3.2159631968832398},{"$f":"SUM(N14:N19)/'Inputs - forecast (CEG)'!N$36","v":-3.0893599811810937},{"$f":"SUM(O14:O19)/'Inputs - forecast (CEG)'!O$36","v":-2.9677407697242875},{"$f":"SUM(K74:O74)","v":-16.105765608248547}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,4.9940455014814482]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
[null,"Revenue (no delay in wash-ups)",null,null,null,{"$f":"F$13/'Inputs - forecast (CEG)'!F7*'Inputs - actual (CEG)'!F5","v":4.3030379159845253},{"$f":"G$13/'Inputs - forecast (CEG)'!G7*'Inputs - actual (CEG)'!G5","v":4.5181898117837518},{"$f":"H$13/'Inputs - forecast (CEG)'!H7*'Inputs - actual (CEG)'!H5","v":4.7440993023729394},{"$f":"I$13/'Inputs - forecast (CEG)'!I7*'Inputs - actual (CEG)'!I5","v":4.9813042674915868},{"$f":"J$13/'Inputs - forecast (CEG)'!J7*'Inputs - actual (CEG)'!J5","v":5.2303694808661669},{"$f":"K$13/'Inputs - forecast (CEG)'!K7*'Inputs - actual (CEG)'!K5","v":5.1409291927014902},{"$f":"L$13/'Inputs - forecast (CEG)'!L7*'Inputs - actual (CEG)'!L5","v":5.397975652336565},{"$f":"M$13/'Inputs - forecast (CEG)'!M7*'Inputs - actual (CEG)'!M5","v":5.6678744349533936},{"$f":"N$13/'Inputs - forecast (CEG)'!N7*'Inputs - actual (CEG)'!N5","v":5.9512681567010635},{"$f":"O$13/'Inputs - forecast (CEG)'!O7*'Inputs - actual (CEG)'!O5","v":6.2488315645361165},"Note"]
[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast (CEG)'!F7*'Inputs - actual (CEG)'!F5","v":0},{"$f":"G$18/'Inputs - forecast (CEG)'!G7*'Inputs - actual (CEG)'!G5","v":0},{"$f":"H$18/'Inputs - forecast (CEG)'!H7*'Inputs - actual (CEG)'!H5","v":0},{"$f":"I$18/'Inputs - forecast (CEG)'!I7*'Inputs - actual (CEG)'!I5","v":0},{"$f":"J$18/'Inputs - forecast (CEG)'!J7*'Inputs - actual (CEG)'!J5","v":0},{"$f":"K$18/'Inputs - forecast (CEG)'!K7*'Inputs - actual (CEG)'!K5","v":0},{"$f":"L$18/'Inputs - forecast (CEG)'!L7*'Inputs - actual (CEG)'!L5","v":0},{"$f":"M$18/'Inputs - forecast (CEG)'!M7*'Inputs - actual (CEG)'!M5","v":0},{"$f":"N$18/'Inputs - forecast (CEG)'!N7*'Inputs - actual (CEG)'!N5","v":0},{"$f":"O$18/'Inputs - forecast (CEG)'!O7*'Inputs - actual (CEG)'!O5","v":0}]
[null,"Capex",null,null,null,{"$f":"-F134","v":0},{"$f":"-G134","v":0},0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":0},{"$f":"G163+G171","v":0},0,0,0,0,0,0,0,0]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J45","v":0},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.08)","v":8.0368188286988884E-2},{"$f":"-E42+SUM(E80:E83)","v":-100},{"$f":"SUM(F80:F84)","v":4.3030379159845253},4.5181898117837518,4.7440993023729394,4.9813042674915868,5.2303694808661669,5.1409291927014902,5.397975652336565,5.6678744349533936,5.9512681567010635,{"$f":"SUM(O80:O84)+O152","v":148.99098064844256}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.05)","v":4.0980913652111317E-2},{"$f":"E85/'Inputs - actual (CEG)'!E44","v":-100},{"$f":"F85/'Inputs - actual (CEG)'!F39","v":4.14616090128394},{"$f":"G85/'Inputs - actual (CEG)'!G39","v":4.1947533539621613},{"$f":"H85/'Inputs - actual (CEG)'!H39","v":4.2439153037036901},{"$f":"I85/'Inputs - actual (CEG)'!I39","v":4.2936534249381415},{"$f":"J85/'Inputs - actual (CEG)'!J39","v":4.3439744703185514},{"$f":"K85/'Inputs - actual (CEG)'!K39","v":4.1140303984790254},{"$f":"L85/'Inputs - actual (CEG)'!L39","v":4.1622462859504807},{"$f":"M85/'Inputs - actual (CEG)'!M39","v":4.2110272571912537},{"$f":"N85/'Inputs - actual (CEG)'!N39","v":4.2603799349077409},{"$f":"O85/'Inputs - actual (CEG)'!O39","v":102.77080747837056}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual (CEG)'!F42","v":5.2149524853994933E-7}]
[]
["Actual return (building blocks) using RAB"]
[null,"Revenue",null,null,null,{"$f":"F80","v":4.3030379159845253},4.5181898117837518,4.7440993023729394,4.9813042674915868,5.2303694808661669,5.1409291927014902,5.397975652336565,5.6678744349533936,5.9512681567010635,6.2488315645361165]
[null,"Opex",null,null,null,{"$f":"F81","v":0},0,0,0,0,0,0,0,0,0]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast (CEG)'!F$26*('Inputs - actual (CEG)'!F$20)","v":-2.0499999999999998},{"$f":"-G148*'Inputs - forecast (CEG)'!G$26*('Inputs - actual (CEG)'!G$20)","v":-2.1265433610875073},{"$f":"-H148*'Inputs - forecast (CEG)'!H$26*('Inputs - actual (CEG)'!H$20)","v":-2.2048278165148645},{"$f":"-I148*'Inputs - forecast (CEG)'!I$26*('Inputs - actual (CEG)'!I$20)","v":-2.2847727681855732},{"$f":"-J148*'Inputs - forecast (CEG)'!J$26*('Inputs - actual (CEG)'!J$20)","v":-2.3662801142379797},{"$f":"-K148*'Inputs - forecast (CEG)'!K$26*('Inputs - actual (CEG)'!K$20)","v":-2.4492322909947077},{"$f":"-L148*'Inputs - forecast (CEG)'!L$26*('Inputs - actual (CEG)'!L$20)","v":-2.5406822771589948},{"$f":"-M148*'Inputs - forecast (CEG)'!M$26*('Inputs - actual (CEG)'!M$20)","v":-2.6342124313617341},{"$f":"-N148*'Inputs - forecast (CEG)'!N$26*('Inputs - actual (CEG)'!N$20)","v":-2.7297264592319337},{"$f":"-O148*'Inputs - forecast (CEG)'!O$26*('Inputs - actual (CEG)'!O$20)","v":-2.8271071538196555}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual (CEG)'!F$18*(1-'Inputs - actual (CEG)'!F$20)","v":-5.9867647058823588},{"$f":"-G148*'Inputs - actual (CEG)'!G$18*(1-'Inputs - actual (CEG)'!G$20)","v":-6.2102998730181138},{"$f":"-H148*'Inputs - actual (CEG)'!H$18*(1-'Inputs - actual (CEG)'!H$20)","v":-6.4389196851018804},{"$f":"-I148*'Inputs - actual (CEG)'!I$18*(1-'Inputs - actual (CEG)'!I$20)","v":-6.6723887656265983},{"$f":"-J148*'Inputs - actual (CEG)'!J$18*(1-'Inputs - actual (CEG)'!J$20)","v":-6.9104206205615668},{"$f":"-K148*'Inputs - actual (CEG)'!K$18*(1-'Inputs - actual (CEG)'!K$20)","v":-7.1526719201143942},{"$f":"-L148*'Inputs - actual (CEG)'!L$18*(1-'Inputs - actual (CEG)'!L$20)","v":-7.4197399930518495},{"$f":"-M148*'Inputs - actual (CEG)'!M$18*(1-'Inputs - actual (CEG)'!M$20)","v":-7.6928829326209698},{"$f":"-N148*'Inputs - actual (CEG)'!N$18*(1-'Inputs - actual (CEG)'!N$20)","v":-7.971819523338028},{"$f":"-O148*'Inputs - actual (CEG)'!O$18*(1-'Inputs - actual (CEG)'!O$20)","v":-8.2562074771878251}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":3.7338235294117696},{"$f":"G149","v":3.818754998811503},{"$f":"H149","v":3.8997548545579193},3.9759692544004066,4.0464488414171935,4.4609761742005549,4.5624478314568675,4.6592222032910282,4.7502791638437012,4.8344844713449078]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-1.0373382352941177E-6},{"$f":"G151","v":-1.0755257856641081E-6},-1.1145233349896382E-6,-1.1542830287264332E-6,-1.1947475187591848E-6,-1.2393572827316783E-6,-1.284981763783716E-6,-1.3315739890780819E-6,-1.3790767845167425E-6,-1.4274216335812278E-6]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":0},{"$f":"G163+G171","v":0},0,0,0,0,0,0,0,0]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":0},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F98)","v":9.5702175701111673E-5},1.0050096384805046E-4,1.0554079077881195E-4,1.1083379679320772E-4,1.1639273629520426E-4,-8.3564339601171316E-8,-7.1399175583902946E-8,-5.7312270713326577E-8,-4.1101981566017065E-8,-2.2548089861241134E-8]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":4.1866355833614842E-4},null,{"$f":"F99/'Inputs - actual (CEG)'!F$36","v":8.8582970770783285E-5},{"$f":"G99/'Inputs - actual (CEG)'!G$36","v":8.6104745294944684E-5},{"$f":"H99/'Inputs - actual (CEG)'!H$36","v":8.3696179323786648E-5},{"$f":"I99/'Inputs - actual (CEG)'!I$36","v":8.1355314829279464E-5},{"$f":"J99/'Inputs - actual (CEG)'!J$36","v":7.9080248811898814E-5},{"$f":"K99/'Inputs - actual (CEG)'!K$36","v":-5.2552280144557127E-8},{"$f":"L99/'Inputs - actual (CEG)'!L$36","v":-4.1561594959660537E-8},{"$f":"M99/'Inputs - actual (CEG)'!M$36","v":-3.0879840875701966E-8},{"$f":"N99/'Inputs - actual (CEG)'!N$36","v":-2.0498336966305798E-8},{"$f":"O99/'Inputs - actual (CEG)'!O$36","v":-1.0408641598183431E-8}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual (CEG)'!F39","v":9.2213135651389908E-5},{"$f":"G99/'Inputs - actual (CEG)'!G39","v":9.3306561419473401E-5},{"$f":"H99/'Inputs - actual (CEG)'!H39","v":9.441332244608629E-5},{"$f":"I99/'Inputs - actual (CEG)'!I39","v":9.5533596352605883E-5},{"$f":"J99/'Inputs - actual (CEG)'!J39","v":9.6667563705873512E-5},{"$f":"K99/'Inputs - actual (CEG)'!K39","v":-6.6872392219700717E-8},{"$f":"L99/'Inputs - actual (CEG)'!L39","v":-5.5054148542776157E-8},{"$f":"M99/'Inputs - actual (CEG)'!M39","v":-4.2580959919823418E-8},{"$f":"N99/'Inputs - actual (CEG)'!N39","v":-2.9423990473632905E-8},{"$f":"O99/'Inputs - actual (CEG)'!O39","v":-1.5553192495607853E-8}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":4.1866355833614853E-4},null,{"$f":"F102/'Inputs - actual (CEG)'!F$44","v":8.8582970770783299E-5},{"$f":"G102/'Inputs - actual (CEG)'!G$44","v":8.6104745294944684E-5},{"$f":"H102/'Inputs - actual (CEG)'!H$44","v":8.3696179323786648E-5},{"$f":"I102/'Inputs - actual (CEG)'!I$44","v":8.1355314829279477E-5},{"$f":"J102/'Inputs - actual (CEG)'!J$44","v":7.9080248811898827E-5},{"$f":"K102/'Inputs - actual (CEG)'!K$44","v":-5.255228014455714E-8},{"$f":"L102/'Inputs - actual (CEG)'!L$44","v":-4.1561594959660544E-8},{"$f":"M102/'Inputs - actual (CEG)'!M$44","v":-3.0879840875701973E-8},{"$f":"N102/'Inputs - actual (CEG)'!N$44","v":-2.0498336966305804E-8},{"$f":"O102/'Inputs - actual (CEG)'!O$44","v":-1.0408641598183438E-8}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823599E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":3.73382352941177E-2},3.6813017269302889E-2,3.6259055659414292E-2,3.5674168937130886E-2,3.5055951638999348E-2,3.7338235294117707E-2,3.6813017269302854E-2,3.6259055659414258E-2,3.5674168937130796E-2,3.5055951638999237E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,-1.710018546335379E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F80","v":4.3030379159845253},{"$f":"G80","v":4.5181898117837518},4.7440993023729394,4.9813042674915868,5.2303694808661669,5.1409291927014902,5.397975652336565,5.6678744349533936,5.9512681567010635,6.2488315645361165]
[null,"Opex",null,null,null,{"$f":"F81","v":0},0,0,0,0,0,0,0,0,0]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F133*'Inputs - forecast (CEG)'!F$26*('Inputs - actual (CEG)'!F$20)","v":-2.0499999999999998},{"$f":"-G133*'Inputs - forecast (CEG)'!G$26*('Inputs - actual (CEG)'!G$20)","v":-2.0499999794999999},{"$f":"-H133*'Inputs - forecast (CEG)'!H$26*('Inputs - actual (CEG)'!H$20)","v":-2.049999959},{"$f":"-I133*'Inputs - forecast (CEG)'!I$26*('Inputs - actual (CEG)'!I$20)","v":-2.0499999385000001},{"$f":"-J133*'Inputs - forecast (CEG)'!J$26*('Inputs - actual (CEG)'!J$20)","v":-2.0499999180000006},{"$f":"-K133*'Inputs - forecast (CEG)'!K$26*('Inputs - actual (CEG)'!K$20)","v":-2.0499998975000002},{"$f":"-L133*'Inputs - forecast (CEG)'!L$26*('Inputs - actual (CEG)'!L$20)","v":-2.0499998770000003},{"$f":"-M133*'Inputs - forecast (CEG)'!M$26*('Inputs - actual (CEG)'!M$20)","v":-2.0499998565000004},{"$f":"-N133*'Inputs - forecast (CEG)'!N$26*('Inputs - actual (CEG)'!N$20)","v":-2.0499998360000005},{"$f":"-O133*'Inputs - forecast (CEG)'!O$26*('Inputs - actual (CEG)'!O$20)","v":-2.0499998155000005}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual (CEG)'!F$18*(1-'Inputs - actual (CEG)'!F$20)","v":-5.9867647058823588},{"$f":"-G133*'Inputs - actual (CEG)'!G$18*(1-'Inputs - actual (CEG)'!G$20)","v":-5.9867646460147119},{"$f":"-H133*'Inputs - actual (CEG)'!H$18*(1-'Inputs - actual (CEG)'!H$20)","v":-5.9867645861470642},{"$f":"-I133*'Inputs - actual (CEG)'!I$18*(1-'Inputs - actual (CEG)'!I$20)","v":-5.9867645262794182},{"$f":"-J133*'Inputs - actual (CEG)'!J$18*(1-'Inputs - actual (CEG)'!J$20)","v":-5.9867644664117714},{"$f":"-K133*'Inputs - actual (CEG)'!K$18*(1-'Inputs - actual (CEG)'!K$20)","v":-5.9867644065441237},{"$f":"-L133*'Inputs - actual (CEG)'!L$18*(1-'Inputs - actual (CEG)'!L$20)","v":-5.9867643466764768},{"$f":"-M133*'Inputs - actual (CEG)'!M$18*(1-'Inputs - actual (CEG)'!M$20)","v":-5.9867642868088309},{"$f":"-N133*'Inputs - actual (CEG)'!N$18*(1-'Inputs - actual (CEG)'!N$20)","v":-5.986764226941184},{"$f":"-O133*'Inputs - actual (CEG)'!O$18*(1-'Inputs - actual (CEG)'!O$20)","v":-5.9867641670735363}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-9.9999999999999995E-7},{"$f":"G135","v":-9.9999999999999995E-7},-9.9999999999999995E-7,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":0},{"$f":"G163+G171","v":0},{"$f":"H163+H171","v":0},0,0,0,0,0,0,0]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,0,null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F118)","v":-3.7337277898978334},{"$f":"SUM(G112:G118)","v":-3.5185758137309602},-3.2926662427741249,-3.0554611972878316,{"$f":"SUM(J112:J119)","v":-2.8063959035456052},-2.8958361113426339,-2.6387895713399123,-2.3688907083554378,-2.0854969062401212,-1.7879334180374202]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":-19.730202323617146},null,{"$f":"F120/'Inputs - actual (CEG)'!F$36","v":-3.4559788976118244},{"$f":"G120/'Inputs - actual (CEG)'!G$36","v":-3.0145588921944855},{"$f":"H120/'Inputs - actual (CEG)'!H$36","v":-2.6111570917272995},{"$f":"I120/'Inputs - actual (CEG)'!I$36","v":-2.2427997131397781},{"$f":"J120/'Inputs - actual (CEG)'!J$36","v":-1.9067382843737153},{"$f":"K120/'Inputs - actual (CEG)'!K$36","v":-1.8211451356203847},{"$f":"L120/'Inputs - actual (CEG)'!L$36","v":-1.5360443933827643},{"$f":"M120/'Inputs - actual (CEG)'!M$36","v":-1.2763578761665666},{"$f":"N120/'Inputs - actual (CEG)'!N$36","v":-1.0400768210563143},{"$f":"O120/'Inputs - actual (CEG)'!O$36","v":-0.82534521834401686}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual (CEG)'!F$39","v":-3.5976062681217993},{"$f":"G120/'Inputs - actual (CEG)'!G$39","v":-3.2666971310776138},{"$f":"H120/'Inputs - actual (CEG)'!H$39","v":-2.9455109952500615},{"$f":"I120/'Inputs - actual (CEG)'!I$39","v":-2.6336659497226047},{"$f":"J120/'Inputs - actual (CEG)'!J$39","v":-2.3307936854567712},{"$f":"K120/'Inputs - actual (CEG)'!K$39","v":-2.317393868795238},{"$f":"L120/'Inputs - actual (CEG)'!L$39","v":-2.0347057489894733},{"$f":"M120/'Inputs - actual (CEG)'!M$39","v":-1.7600007651323126},{"$f":"N120/'Inputs - actual (CEG)'!N$39","v":-1.4929606496815571},{"$f":"O120/'Inputs - actual (CEG)'!O$39","v":-1.2332784192006692}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":-19.730202323617153},null,{"$f":"F123/'Inputs - actual (CEG)'!F$44","v":-3.4559788976118244},{"$f":"G123/'Inputs - actual (CEG)'!G$44","v":-3.0145588921944859},{"$f":"H123/'Inputs - actual (CEG)'!H$44","v":-2.6111570917272995},{"$f":"I123/'Inputs - actual (CEG)'!I$44","v":-2.2427997131397786},{"$f":"J123/'Inputs - actual (CEG)'!J$44","v":-1.9067382843737157},{"$f":"K123/'Inputs - actual (CEG)'!K$44","v":-1.8211451356203852},{"$f":"L123/'Inputs - actual (CEG)'!L$44","v":-1.5360443933827648},{"$f":"M123/'Inputs - actual (CEG)'!M$44","v":-1.276357876166567},{"$f":"N123/'Inputs - actual (CEG)'!N$44","v":-1.0400768210563145},{"$f":"O123/'Inputs - actual (CEG)'!O$44","v":-0.82534521834401731}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},{"$f":"-(G114+G115)/G133","v":8.0367647058823585E-2},{"$f":"-(H114+H115)/H133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823599E-2,8.0367647058823571E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F133","v":0},{"$f":"G116/G133","v":0},0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.0000000000000044E-2},{"$f":"H112/G112-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,-1.710018546335379E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":100},{"$f":"F136","v":99.999999000000003},99.999998000000005,99.999997000000008,99.99999600000001,99.999995000000013,99.999994000000015,99.999993000000018,99.99999200000002,99.999991000000023]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast (CEG)'!F7*'Inputs - actual (CEG)'!F5","v":0},{"$f":"G$40/'Inputs - forecast (CEG)'!G7*'Inputs - actual (CEG)'!G5","v":0},{"$f":"H$40/'Inputs - forecast (CEG)'!H7*'Inputs - actual (CEG)'!H5","v":0},{"$f":"I$40/'Inputs - forecast (CEG)'!I7*'Inputs - actual (CEG)'!I5","v":0},{"$f":"J$40/'Inputs - forecast (CEG)'!J7*'Inputs - actual (CEG)'!J5","v":0},{"$f":"K$40/'Inputs - forecast (CEG)'!K7*'Inputs - actual (CEG)'!K5","v":0},{"$f":"L$40/'Inputs - forecast (CEG)'!L7*'Inputs - actual (CEG)'!L5","v":0},{"$f":"M$40/'Inputs - forecast (CEG)'!M7*'Inputs - actual (CEG)'!M5","v":0},{"$f":"N$40/'Inputs - forecast (CEG)'!N7*'Inputs - actual (CEG)'!N5","v":0},{"$f":"O$40/'Inputs - forecast (CEG)'!O7*'Inputs - actual (CEG)'!O5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-9.9999999999999995E-7},-9.9999999999999995E-7,-9.9999999999999995E-7,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":99.999999000000003},{"$f":"SUM(G133:G135)","v":99.999998000000005},99.999997000000008,99.99999600000001,99.999995000000013,99.999994000000015,99.999993000000018,99.99999200000002,99.999991000000023,99.999990000000025]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual (CEG)'!F$20","v":41},{"$f":"G133*'Inputs - actual (CEG)'!G$20","v":40.999999590000002},{"$f":"H133*'Inputs - actual (CEG)'!H$20","v":40.999999179999996},{"$f":"I133*'Inputs - actual (CEG)'!I$20","v":40.999998769999998},{"$f":"J133*'Inputs - actual (CEG)'!J$20","v":40.999998359999999},{"$f":"K133*'Inputs - actual (CEG)'!K$20","v":40.999997950000001},{"$f":"L133*'Inputs - actual (CEG)'!L$20","v":40.999997540000003},{"$f":"M133*'Inputs - actual (CEG)'!M$20","v":40.999997130000004},{"$f":"N133*'Inputs - actual (CEG)'!N$20","v":40.999996720000006},{"$f":"O133*'Inputs - actual (CEG)'!O$20","v":40.999996310000007}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual (CEG)'!F$20","v":0},{"$f":"G134*'Inputs - actual (CEG)'!G$20","v":0},{"$f":"H134*'Inputs - actual (CEG)'!H$20","v":0},{"$f":"I134*'Inputs - actual (CEG)'!I$20","v":0},{"$f":"J134*'Inputs - actual (CEG)'!J$20","v":0},{"$f":"K134*'Inputs - actual (CEG)'!K$20","v":0},{"$f":"L134*'Inputs - actual (CEG)'!L$20","v":0},{"$f":"M134*'Inputs - actual (CEG)'!M$20","v":0},{"$f":"N134*'Inputs - actual (CEG)'!N$20","v":0},{"$f":"O134*'Inputs - actual (CEG)'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual (CEG)'!F$20","v":-4.0999999999999994E-7},{"$f":"G135*'Inputs - actual (CEG)'!G$20","v":-4.0999999999999994E-7},{"$f":"H135*'Inputs - actual (CEG)'!H$20","v":-4.0999999999999994E-7},{"$f":"I135*'Inputs - actual (CEG)'!I$20","v":-4.1000000000000004E-7},{"$f":"J135*'Inputs - actual (CEG)'!J$20","v":-4.1000000000000004E-7},{"$f":"K135*'Inputs - actual (CEG)'!K$20","v":-4.1000000000000004E-7},{"$f":"L135*'Inputs - actual (CEG)'!L$20","v":-4.1000000000000004E-7},{"$f":"M135*'Inputs - actual (CEG)'!M$20","v":-4.1000000000000004E-7},{"$f":"N135*'Inputs - actual (CEG)'!N$20","v":-4.1000000000000004E-7},{"$f":"O135*'Inputs - actual (CEG)'!O$20","v":-4.1000000000000004E-7}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":40.999999590000002},40.999999180000003,40.999998769999998,40.999998359999999,40.999997950000001,40.999997540000003,40.999997130000004,40.999996720000006,40.999996310000007,40.999995900000009]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41000000000000003},{"$f":"IFERROR(G142/G136,0)","v":0.41000000000000003},{"$f":"IFERROR(H142/H136,0)","v":0.40999999999999992},0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":100000000},99999999,99999998,99999997,99999996,99999995,99999994,99999993,99999992,99999991]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":100},{"$f":"F152","v":103.73382249207353},{"$f":"G152","v":107.55257641535924},111.45233015539382,115.42829825551121,119.47474590218087,123.93572083702414,128.49816738349924,133.15738825521626,137.90766603998318]
[null,"Revaluation","See CEG calculation below",null,null,{"$f":"F189","v":3.7338235294117696},3.818754998811503,3.8997548545579193,3.9759692544004066,4.0464488414171935,4.4609761742005549,4.5624478314568675,4.6592222032910282,4.7502791638437012,4.8344844713449078]
[null,"Capex",null,null,null,{"$f":"F134","v":0},{"$f":"G134","v":0},0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-1.0373382352941177E-6},{"$f":"-SUM(G148:G149)/G146","v":-1.0755257856641081E-6},-1.1145233349896382E-6,-1.1542830287264332E-6,-1.1947475187591848E-6,-1.2393572827316783E-6,-1.284981763783716E-6,-1.3315739890780819E-6,-1.3790767845167425E-6,-1.4274216335812278E-6]
[null,"Closing RAB",null,null,{"$f":"-E29","v":100},{"$f":"SUM(F148:F151)","v":103.73382249207353},107.55257641535924,111.45233015539382,115.42829825551121,{"$f":"SUM(J148:J151)","v":119.47474590218087},123.93572083702414,128.49816738349924,133.15738825521626,137.90766603998318,142.74214908390644]
[null,null,null,null,null,{"$f":"F148-E152","v":0},{"$f":"G148-F152","v":0},{"$f":"H148-G152","v":0},{"$f":"I148-H152","v":0},0,0,0,0,0,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":4.3030379159845253},4.5181898117837518,4.7440993023729394,4.9813042674915868,5.2303694808661669,5.1409291927014902,5.397975652336565,5.6678744349533936,5.9512681567010635,6.2488315645361165]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-9.9999999999999995E-7},-9.9999999999999995E-7,-9.9999999999999995E-7,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6,-1.0000000000000002E-6]
[null,"Opex",null,null,null,{"$f":"F92","v":0},0,0,0,0,0,0,0,0,0]
[null,"Interest",null,null,null,{"$f":"F93","v":-2.0499999999999998},-2.1265433610875073,-2.2048278165148645,-2.2847727681855732,-2.3662801142379797,-2.4492322909947077,-2.5406822771589948,-2.6342124313617341,-2.7297264592319337,-2.8271071538196555]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":2.2530369159845254},{"$f":"SUM(G156:G159)","v":2.3916454506962443},2.5392704858580748,2.6965304993060135,2.8640883666281871,2.6916959017067823,2.8572923751775701,3.0336610035916594,3.2215406974691296,3.4217234107164609]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast (CEG)'!F29","v":0},{"$f":"-G160*'Inputs - forecast (CEG)'!G29","v":0},{"$f":"-H160*'Inputs - forecast (CEG)'!H29","v":0},{"$f":"-I160*'Inputs - forecast (CEG)'!I29","v":0},{"$f":"-J160*'Inputs - forecast (CEG)'!J29","v":0},{"$f":"-K160*'Inputs - forecast (CEG)'!K29","v":0},{"$f":"-L160*'Inputs - forecast (CEG)'!L29","v":0},{"$f":"-M160*'Inputs - forecast (CEG)'!M29","v":0},{"$f":"-N160*'Inputs - forecast (CEG)'!N29","v":0},{"$f":"-O160*'Inputs - forecast (CEG)'!O29","v":0}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":0},0,0,0,0,0,0,0,0,0]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F163","v":0},0,0,0,0,0,0,0,0,0]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":0},{"$f":"F166/'Inputs - actual (CEG)'!F$36","v":0},{"$f":"G166/'Inputs - actual (CEG)'!G$36","v":0},{"$f":"H166/'Inputs - actual (CEG)'!H$36","v":0},{"$f":"I166/'Inputs - actual (CEG)'!I$36","v":0},{"$f":"J166/'Inputs - actual (CEG)'!J$36","v":0},{"$f":"K166/'Inputs - actual (CEG)'!K$36","v":0},{"$f":"L166/'Inputs - actual (CEG)'!L$36","v":0},{"$f":"M166/'Inputs - actual (CEG)'!M$36","v":0},{"$f":"N166/'Inputs - actual (CEG)'!N$36","v":0},{"$f":"O166/'Inputs - actual (CEG)'!O$36","v":0}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - actual (CEG)'!F$40*'Inputs - actual (CEG)'!F39","v":0},{"$f":"G$17/'Inputs - actual (CEG)'!G$40*'Inputs - actual (CEG)'!G39","v":0},{"$f":"H$17/'Inputs - actual (CEG)'!H$40*'Inputs - actual (CEG)'!H39","v":0},{"$f":"I$17/'Inputs - actual (CEG)'!I$40*'Inputs - actual (CEG)'!I39","v":0},{"$f":"J$17/'Inputs - actual (CEG)'!J$40*'Inputs - actual (CEG)'!J39","v":0},{"$f":"K$17/'Inputs - actual (CEG)'!K$40*'Inputs - actual (CEG)'!K39","v":0},{"$f":"L$17/'Inputs - actual (CEG)'!L$40*'Inputs - actual (CEG)'!L39","v":0},{"$f":"M$17/'Inputs - actual (CEG)'!M$40*'Inputs - actual (CEG)'!M39","v":0},{"$f":"N$17/'Inputs - actual (CEG)'!N$40*'Inputs - actual (CEG)'!N39","v":0},{"$f":"O$17/'Inputs - actual (CEG)'!O$40*'Inputs - actual (CEG)'!O39","v":0}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":0},{"$f":"F169/'Inputs - actual (CEG)'!F$36","v":0},{"$f":"G169/'Inputs - actual (CEG)'!G$36","v":0},{"$f":"H169/'Inputs - actual (CEG)'!H$36","v":0},{"$f":"I169/'Inputs - actual (CEG)'!I$36","v":0},{"$f":"J169/'Inputs - actual (CEG)'!J$36","v":0},{"$f":"K169/'Inputs - actual (CEG)'!K$36","v":0},{"$f":"L169/'Inputs - actual (CEG)'!L$36","v":0},{"$f":"M169/'Inputs - actual (CEG)'!M$36","v":0},{"$f":"N169/'Inputs - actual (CEG)'!N$36","v":0},{"$f":"O169/'Inputs - actual (CEG)'!O$36","v":0}]
[null,"Difference",null,null,{"$f":"E170-E167","v":0},{"$f":"F169-F166","v":0},{"$f":"G169-G166","v":0},0,0,0,0,0,0,0,0]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual (CEG)'!F39","v":4.14616090128394},{"$f":"G91/'Inputs - actual (CEG)'!G39","v":4.1947533539621613},{"$f":"H91/'Inputs - actual (CEG)'!H39","v":4.2439153037036901},{"$f":"I91/'Inputs - actual (CEG)'!I39","v":4.2936534249381415},{"$f":"J91/'Inputs - actual (CEG)'!J39","v":4.3439744703185514},{"$f":"K91/'Inputs - actual (CEG)'!K39","v":4.1140303984790254},{"$f":"L91/'Inputs - actual (CEG)'!L39","v":4.1622462859504807},{"$f":"M91/'Inputs - actual (CEG)'!M39","v":4.2110272571912537},{"$f":"N91/'Inputs - actual (CEG)'!N39","v":4.2603799349077409},{"$f":"O91/'Inputs - actual (CEG)'!O39","v":4.3103110194235734}]
[]
[]
["CEG calculation as per submission"]
[null,"Leverage","A",null,null,{"$f":"'Inputs - forecast (CEG)'!F28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!G28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!H28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!I28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!J28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!K28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!L28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!M28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!N28","v":0.41},{"$f":"'Inputs - forecast (CEG)'!O28","v":0.41}]
[null,"Forecast nominal cost of debt","B",null,null,{"$f":"'Inputs - forecast (CEG)'!F26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!G26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!H26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!I26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!J26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!K26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!L26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!M26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!N26","v":0.05},{"$f":"'Inputs - forecast (CEG)'!O26","v":0.05}]
[null,"Forecast cost of equity","C",null,null,{"$f":"'Inputs - forecast (CEG)'!F25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!G25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!H25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!I25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!J25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!K25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!L25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!M25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!N25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast (CEG)'!O25","v":7.0000000000000007E-2}]
[null,"Forecast nominal WACC","D","D=B*A*(1-A)",null,{"$f":"F178*F177+F179*(1-F177)","v":6.1800000000000008E-2},{"$f":"G178*G177+G179*(1-G177)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2]
[null,"Forecast inflation","E",null,null,{"$f":"'Inputs - forecast (CEG)'!F5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!G5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!H5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!I5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!J5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!K5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!L5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!M5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!N5","v":0.02},{"$f":"'Inputs - forecast (CEG)'!O5","v":0.02}]
[null,"Actual inflation","F",null,null,{"$f":"'Inputs - actual (CEG)'!F4","v":0.05},{"$f":"'Inputs - actual (CEG)'!G4","v":0.05},{"$f":"'Inputs - actual (CEG)'!H4","v":0.05},{"$f":"'Inputs - actual (CEG)'!I4","v":0.05},{"$f":"'Inputs - actual (CEG)'!J4","v":0.05},{"$f":"'Inputs - actual (CEG)'!K4","v":0.05},{"$f":"'Inputs - actual (CEG)'!L4","v":0.05},{"$f":"'Inputs - actual (CEG)'!M4","v":0.05},{"$f":"'Inputs - actual (CEG)'!N4","v":0.05},{"$f":"'Inputs - actual (CEG)'!O4","v":0.05}]
[null,"Actual cost of equity","G","G=[1+(C-E)/(1+E)]*(1+F)-1",null,{"$f":"(1+(F179-F181)/(1+F181))*(1+F182)-1","v":0.1014705882352942},{"$f":"(1+(G179-G181)/(1+G181))*(1+G182)-1","v":0.1014705882352942},0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942]
[null,"Opening RAB","H",null,null,{"$f":"F148","v":100},103.73382249207353,107.55257641535924,111.45233015539382,115.42829825551121,119.47474590218087,123.93572083702414,128.49816738349924,133.15738825521626,137.90766603998318]
[null,"Total required return on debt if all debt is fixed before DPP ","I","I=H*A*B",null,{"$f":"F184*F177*F178","v":2.0500000000000003},2.1265433610875073,2.204827816514864,2.2847727681855736,2.3662801142379797,2.4492322909947077,2.5406822771589948,2.6342124313617341,2.7297264592319337,2.8271071538196555]
[null,"Total required return on equity ","J","J=H*(1-A)*G ",null,{"$f":"F184*(1-F177)*F183","v":5.9867647058823588},6.2102998730181138,6.4389196851018804,6.6723887656265983,6.9104206205615677,7.1526719201143951,7.4197399930518486,7.6928829326209689,7.971819523338028,8.2562074771878251]
[null,"Total required return on capital","J2","J2=I+J",null,{"$f":"F185+F186","v":8.0367647058823586},{"$f":"G185+G186","v":8.336843234105622},8.643747501616744,8.9571615338121724,9.2767007347995474,9.6019042111091029,9.9604222702108434,10.327095363982703,10.701545982569961,11.083314631007481]
[null,"Actual return on capital in revenues based on forecast nominal WACC, forecast inflation and indexation to actual inflation","K","K=[(D-E)*ORAB/(1+E)]*(1+F) in Y1 then indexed to F in subs years ",null,{"$f":"((F180-F181)*F184/(1+F181))*(1+F182)","v":4.3029411764705889},{"$f":"F188*(1+G182)","v":4.518088235294119},{"$f":"G188*(1+H182)","v":4.7439926470588247},{"$f":"H188*(1+I182)","v":4.9811922794117658},{"$f":"I188*(1+J182)","v":5.2302518933823539},{"$f":"((K180-K181)*K184/(1+K181))*(1+K182)","v":5.1409280369085479},{"$f":"K188*(1+L182)","v":5.3979744387539759},{"$f":"L188*(1+M182)","v":5.6678731606916752},{"$f":"M188*(1+N182)","v":5.9512668187262596},{"$f":"N188*(1+O182)","v":6.2488301596625728}]
[null,"Required revaluation","L","L=I+J-K",null,{"$f":"F185+F186-F188","v":3.7338235294117696},{"$f":"G185+G186-G188","v":3.818754998811503},{"$f":"H185+H186-H188","v":3.8997548545579193},3.9759692544004066,{"$f":"J185+J186-J188","v":4.0464488414171935},4.4609761742005549,4.5624478314568675,4.6592222032910282,4.7502791638437012,4.8344844713449078]
[]
[]
[null,"Closing RAB","M","M=H+L",null,{"$f":"F184+F189","v":103.73382352941177},{"$f":"G184+G189","v":107.55257749088503},{"$f":"H184+H189","v":111.45233126991715},115.42829940979423,119.4747470969284,123.93572207638142,128.49816866848101,133.15738958679026,137.90766741905998,142.74215051132808]
[null,"Average RAB indexation rate Y1-5","N","N=(M Y5/100)^(1/5)",null,{"$f":"(J192/100)^(1/5)-1","v":3.6227763215235909E-2}]
[null,"Average RAB indexation rate Y1-10","O","O=(M Y10/100)^(1/10)",null,{"$f":"(O192/100)^(1/10)-1","v":3.6227762179007916E-2}]
[]
[]
[null,"Actual inflation index",null,null,null,{"$f":"'Inputs - actual (CEG)'!F5","v":1.05},{"$f":"'Inputs - actual (CEG)'!G5","v":1.1025},{"$f":"'Inputs - actual (CEG)'!H5","v":1.1576250000000001},{"$f":"'Inputs - actual (CEG)'!I5","v":1.2155062500000002},{"$f":"'Inputs - actual (CEG)'!J5","v":1.2762815625000004},{"$f":"'Inputs - actual (CEG)'!K5","v":1.3400956406250004},{"$f":"'Inputs - actual (CEG)'!L5","v":1.4071004226562505},{"$f":"'Inputs - actual (CEG)'!M5","v":1.477455443789063},{"$f":"'Inputs - actual (CEG)'!N5","v":1.5513282159785162},{"$f":"'Inputs - actual (CEG)'!O5","v":1.628894626777442}]
[null,"Forecast inflation index",null,null,null,{"$f":"'Inputs - forecast (CEG)'!F4","v":1.02},{"$f":"'Inputs - forecast (CEG)'!G4","v":1.0404},{"$f":"'Inputs - forecast (CEG)'!H4","v":1.0612079999999999},{"$f":"'Inputs - forecast (CEG)'!I4","v":1.08243216},{"$f":"'Inputs - forecast (CEG)'!J4","v":1.1040808032},{"$f":"'Inputs - forecast (CEG)'!K4","v":1.1261624192640001},{"$f":"'Inputs - forecast (CEG)'!L4","v":1.14868566764928},{"$f":"'Inputs - forecast (CEG)'!M4","v":1.1716593810022657},{"$f":"'Inputs - forecast (CEG)'!N4","v":1.1950925686223111},{"$f":"'Inputs - forecast (CEG)'!O4","v":1.2189944199947573}]
[null,"Rebased forecast inflation index",null,null,null,{"$f":"'Inputs - forecast (CEG)'!F7","v":1.02},{"$f":"'Inputs - forecast (CEG)'!G7","v":1.0404},{"$f":"'Inputs - forecast (CEG)'!H7","v":1.0612079999999999},{"$f":"'Inputs - forecast (CEG)'!I7","v":1.08243216},{"$f":"'Inputs - forecast (CEG)'!J7","v":1.1040808032},{"$f":"'Inputs - forecast (CEG)'!K7","v":1.3018071937500004},{"$f":"'Inputs - forecast (CEG)'!L7","v":1.3278433376250005},{"$f":"'Inputs - forecast (CEG)'!M7","v":1.3544002043775005},{"$f":"'Inputs - forecast (CEG)'!N7","v":1.3814882084650506},{"$f":"'Inputs - forecast (CEG)'!O7","v":1.4091179726343517}]
[null,"Cost of capital (real)",null,null,null,{"$f":"'Inputs - actual (CEG)'!F24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!G24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!H24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!I24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!J24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!K24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!L24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!M24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!N24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual (CEG)'!O24","v":4.0980392156862777E-2}]
[null,"Blended cost of capital",null,null,null,{"$f":"F183*(1-F177)+F178*F177","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Blended inflation rate",null,null,null,{"$f":"(1+F201)/(1+F200)-1","v":3.7836692409116468E-2},{"$f":"(1+G201)/(1+G200)-1","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2]
[null,"Blended inflation index",null,null,null,{"$f":"1*(1+F202)","v":1.0378366924091165},{"$f":"F203*(1+G202)","v":1.077105000110695},{"$f":"G203*(1+H202)","v":1.1178590906922048},1.1601551812634603,1.2040516160037686,1.2496089466432028,1.2968900159890218,1.3459600446124524,1.3968867208154145,1.4497402940012867]
[]
[null,"IRR",null,{"$f":"IRR(E205:O205,0.08)","v":8.0367637547791082E-2},{"$f":"-F184","v":-100},{"$f":"F188","v":4.3029411764705889},4.518088235294119,4.7439926470588247,4.9811922794117658,5.2302518933823539,5.1409280369085479,5.3979744387539759,5.6678731606916752,5.9512668187262596,{"$f":"O188+O192","v":148.99098067099064}]
[null,"Real IRR",null,{"$f":"IRR(E206:O206,0.04)","v":4.0980382990549069E-2},{"$f":"E205","v":-100},{"$f":"F205/F203","v":4.1460676886285732},{"$f":"G205/G203","v":4.1946590488669084},4.2438198933653011,4.2935568964033131,4.343876810482171,4.1140294735553153,4.1622453501867884,4.2110263104605368,4.2603789770814666,102.77080749392374]
[null,null,null,{"$f":"D206-'Inputs - actual (CEG)'!F42","v":-9.1663137080644219E-9}]
[]
[null,"Difference to ComCom model",null,{"$f":"NPV(D205,F209:O209)","v":-4.2602069175032569E-4},{"$f":"E205-E85","v":0},-9.6739513936405785E-5,-1.0157648963282639E-4,-1.0665531411468976E-4,-1.1198807982104597E-4,-1.1758748381307527E-4,-1.1557929422423285E-6,-1.2135825890879914E-6,-1.2742617183647553E-6,-1.3379748038389039E-6,2.2548078959516715E-8]
[]
[]
[null,"Average rates over the first 5 years in the demonstration model"]
[null,"CEG proposal*",null,"NPV=0?","Ave",2021,{"$f":"F213+1","v":2022},{"$f":"G213+1","v":2023},{"$f":"H213+1","v":2024},{"$f":"I213+1","v":2025}]
[null,"RAB indexation rate",null,"Y",{"$f":"F193","v":3.6227763215235909E-2},{"$f":"F106","v":3.73382352941177E-2},{"$f":"G106","v":3.6813017269302889E-2},{"$f":"H106","v":3.6259055659414292E-2},{"$f":"I106","v":3.5674168937130886E-2},{"$f":"J106","v":3.5055951638999348E-2}]
[null,"Revenue increase",null,null,{"$f":"AVERAGE(G215:J215)","v":5.0000000000000044E-2},null,{"$f":"G107","v":5.0000000000000044E-2},{"$f":"H107","v":5.0000000000000044E-2},{"$f":"I107","v":5.0000000000000044E-2},{"$f":"J107","v":5.0000000000000044E-2}]
[]
[null,"ComCom model"]
[null,"RAB indexation rate",null,"Y",{"$f":"AVERAGE(G218:J218)","v":3.7836692409116468E-2},{"$f":"'5 Blended CPI'!F106","v":3.7836692409116468E-2},{"$f":"'5 Blended CPI'!G106","v":3.7836692409116468E-2},{"$f":"'5 Blended CPI'!H106","v":3.7836692409116468E-2},{"$f":"'5 Blended CPI'!I106","v":3.7836692409116468E-2},{"$f":"'5 Blended CPI'!J106","v":3.7836692409116468E-2}]
[null,"Revenue increase",null,null,{"$f":"AVERAGE(G219:J219)","v":4.4093234222693289E-2},null,{"$f":"'5 Blended CPI'!G107","v":4.4040127293601739E-2},{"$f":"'5 Blended CPI'!H107","v":4.4075539421246424E-2},{"$f":"'5 Blended CPI'!I107","v":4.4110940885780714E-2},{"$f":"'5 Blended CPI'!J107","v":4.4146329290144282E-2}]
[]
[null,"*Based on CEG modelling, ignoring tax, capex, depreciation and opex impacts."]

{"sheet":"7 CEG alt","index":16,"n_rows":210,"n_cols":16,"rows_kept":210,"cut":false,"hidden":false,"merged":[[187,3,187,4],[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014614},{"$f":"F13*(1+'Inputs - forecast'!G4)","v":615.49978022174912},{"$f":"G13*(1+'Inputs - forecast'!H4)","v":627.80977582618414},{"$f":"H13*(1+'Inputs - forecast'!I4)","v":640.36597134270778},{"$f":"I13*(1+'Inputs - forecast'!J4)","v":653.17329076956196},{"$f":"P76","v":907.50482746531395},{"$f":"K13*(1+'Inputs - forecast'!L4)","v":925.65492401462029},{"$f":"L13*(1+'Inputs - forecast'!M4)","v":944.16802249491275},{"$f":"M13*(1+'Inputs - forecast'!N4)","v":963.05138294481105},{"$f":"N13*(1+'Inputs - forecast'!O4)","v":982.31241060370724}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-54.834044836720004},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-47.413285333951023},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-38.993242122603789},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-29.29192506234445},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-17.770932609149025}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-110.47053911007495},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-95.520423624008671},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-78.557117056757889},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-59.012512442674442},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-35.801927646724629}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,53.496629108995123,46.256863740440025,38.042187436686618,28.577487865701904,17.337495228438073]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982440924},-35.883151795423082,-31.854846564664896,-26.851648545291521,-20.500598154090678,-73.709681888499631,-71.027859198330717,-65.432342118419839,-53.715984845527558,-22.879647243151368]
[null,"Opex",null,null,null,{"$f":"F26","v":-102},{"$f":"G26","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-545.66561691175025,-589.77501269061031,-646.7171864236725,-728.72594057539857,-884.21225665034171]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.85043309770515},16.692228426325983,0.55712926151920783,-18.187510225441031,-40.511970000071699,46.140854452264193,35.390873145659498,17.070301772395396,-17.26631296193716,-101.92665558065642]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753724946},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240032},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930354561},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096087177},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867180354},{"$f":"K20/'Inputs - forecast'!K$36","v":32.198030441208715},{"$f":"L20/'Inputs - forecast'!L$36","v":23.259063824579034},{"$f":"M20/'Inputs - forecast'!M$36","v":10.56572810959177},{"$f":"N20/'Inputs - forecast'!N$36","v":-10.065031060224801},{"$f":"O20/'Inputs - forecast'!O$36","v":-55.957791315156172}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":-4.5474735088646412E-13}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014614},615.49978022174912,627.80977582618414,640.36597134270778,653.17329076956196,907.50482746531395,925.65492401462029,944.16802249491275,963.05138294481105,982.31241060370724]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982440924},-35.883151795423082,-31.854846564664896,-26.851648545291521,-20.500598154090678,-73.709681888499631,-71.027859198330717,-65.432342118419839,-53.715984845527558,-22.879647243151368]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44+J45-J42)","v":-195.46904858118478},null,null,null,null,{"$f":"-(O44+O45-O42)+O44","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},258.25043309770524,267.49662842632608,277.59252926151919,288.7846747974163,105.97940307428655,573.43370682681416,589.05839729128945,607.85563950099288,633.03775640627339,818.52096609712066]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033643},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034151},{"$f":"H31/'Inputs - forecast'!H$36","v":231.88871338271323},{"$f":"I31/'Inputs - forecast'!I$36","v":227.19734836155556},{"$f":"J31/'Inputs - forecast'!J$36","v":78.524985343270345},{"$f":"K31/'Inputs - forecast'!K$36","v":400.15375024159073},{"$f":"L31/'Inputs - forecast'!L$36","v":387.13220786084742},{"$f":"M31/'Inputs - forecast'!M$36","v":376.23455651119934},{"$f":"N31/'Inputs - forecast'!N$36","v":369.01593840966262},{"$f":"O31/'Inputs - forecast'!O$36","v":449.36847134848102}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-1.5916157281026244E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},{"$f":"G42","v":2890},{"$f":"H42","v":2791.5666000000001},{"$f":"I42","v":2657.1132308571432},{"$f":"J44+J45","v":2674.831455449756},{"$f":"K42","v":2312.8431870220011},{"$f":"L42","v":1902.1093718343309},{"$f":"M42","v":1428.8743932850953},{"$f":"N42","v":866.8747614219036}]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$4)","v":60},{"$f":"G38*('Inputs - forecast'!G$4)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$4)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$4)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$4)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$4)","v":53.496629108995123},{"$f":"L38*('Inputs - forecast'!L$4)","v":46.256863740440025},{"$f":"M38*('Inputs - forecast'!M$4)","v":38.042187436686618},{"$f":"N38*('Inputs - forecast'!N$4)","v":28.577487865701904},{"$f":"O38*('Inputs - forecast'!O$4)","v":17.337495228438073}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-545.66561691175025,-589.77501269061031,-646.7171864236725,-728.72594057539857,-884.21225665034171,"Note"]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2312.8431870220011,1902.1093718343309,1428.8743932850953,866.8747614219036,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - actual'!J40*'Inputs - actual'!J39","v":2703.860355144971},null,null,null,null,null,"Note"]
[null,"Difference to actual RAB",null,null,null,null,null,null,null,{"$f":"J152-J44","v":-29.028899695214932},null,null,null,null,null,"Note"]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},2904,2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-54.834044836720004},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-47.413285333951023},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-38.993242122603782},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-29.291925062344454},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-17.770932609149025}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014614},128.15411355508243,113.76730915951748,95.898744804612562,73.216421978895269,263.24886388749866,253.67092570832398,233.68693613721368,191.84280301974127,81.713025868397736]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982440924},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423082},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564664896},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291521},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090678},{"$f":"-K59*'Inputs - forecast'!K29","v":-73.709681888499631},{"$f":"-L59*'Inputs - forecast'!L29","v":-71.027859198330717},{"$f":"-M59*'Inputs - forecast'!M29","v":-65.432342118419839},{"$f":"-N59*'Inputs - forecast'!N29","v":-53.715984845527558},{"$f":"-O59*'Inputs - forecast'!O29","v":-22.879647243151368}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982440924},-35.883151795423082,-31.854846564664896,-26.851648545291521,-20.500598154090678,-73.709681888499631,-71.027859198330717,-65.432342118419839,-53.715984845527558,-22.879647243151368]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118001},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232449},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.97955220455958},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218274},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162505},{"$f":"SUM(F67:J67)","v":-2626.4565156318713}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014614]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":633.27540001457828},{"$f":"L13/'Inputs - forecast'!L$36","v":608.34517613003379},{"$f":"M13/'Inputs - forecast'!M$36","v":584.39638317256959},{"$f":"N13/'Inputs - forecast'!N$36","v":561.390385040517},{"$f":"O13/'Inputs - forecast'!O$36","v":539.29006662396614},{"$f":"SUM(K73:O73)","v":2926.6974109816651}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-601.07736957336954},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-585.08611230545478},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-573.83065506297794},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-571.45541610074179},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-595.24785793912235},{"$f":"SUM(K74:O74)","v":-2926.6974109816661}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,907.50482746531395]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":-105},{"$f":"G$18/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F134","v":-210},{"$f":"-G134","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638266},{"$f":"G163+G171","v":-37.149098633776681},-33.555372570613876,-28.779705866541708,{"$f":"J163+J171","v":-22.356858542359227},-74.998639656557472,-73.533700778239563,-68.925355314281518,-57.573010520315954,-24.951322545295909]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J45","v":29.028899695214932},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":8.7148793812758418E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":266.3132568137475},284.33899026902839,304.00712077733158,325.660912148801,378.83469006896547,591.17837813861843,625.95216790669531,665.53480680490009,713.61015970482492,{"$f":"SUM(O80:O84)+O152","v":947.68046886884599}]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.05)","v":4.7514316813464408E-2},{"$f":"E85/'Inputs - actual'!E44","v":-3000},{"$f":"F85/'Inputs - actual'!F39","v":256.60420253167007},{"$f":"G85/'Inputs - actual'!G39","v":263.98446784650207},{"$f":"H85/'Inputs - actual'!H39","v":271.95477793993086},{"$f":"I85/'Inputs - actual'!I39","v":280.70461383807452},{"$f":"J85/'Inputs - actual'!J39","v":314.63326408407039},{"$f":"K85/'Inputs - actual'!K39","v":473.09070547765202},{"$f":"L85/'Inputs - actual'!L39","v":482.65632412116128},{"$f":"M85/'Inputs - actual'!M39","v":494.46847212803419},{"$f":"N85/'Inputs - actual'!N39","v":510.85757282327393},{"$f":"O85/'Inputs - actual'!O39","v":653.68981795577031}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!F42","v":6.5339246566016307E-3}]
[]
["Actual return (building blocks)"]
[null,"Revenue",null,null,null,{"$f":"F80","v":621.17913228838574},652.23808890280509,684.84999334794554,719.09249301534271,755.0471176661099,934.19614592017604,980.90595321618491,1029.9512508769942,1081.4488134208441,1135.521254091886]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F148*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G148*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.721671323529414},{"$f":"-H148*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-61.323336716118817},{"$f":"-I148*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-60.163681829867059},{"$f":"-J148*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-58.071114589363674},{"$f":"-K148*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-54.834044836720004},{"$f":"-L148*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-48.252357107250575},{"$f":"-M148*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-40.124182104669302},{"$f":"-N148*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-30.193813763395845},{"$f":"-O148*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-18.124738004454162}]
[null,"Return on equity",null,null,null,{"$f":"-F148*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G148*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-180.25030413062302},{"$f":"-H148*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-179.08701848731704},{"$f":"-I148*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-175.7003936365775},{"$f":"-J148*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-169.58931670968417},{"$f":"-K148*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-160.13586551670539},{"$f":"-L148*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-140.91488219771685},{"$f":"-M148*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-117.17757915933205},{"$f":"-N148*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-88.17719930472353},{"$f":"-O148*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-52.930995994356508}]
[null,"Revaluation",null,null,null,{"$f":"F149","v":112.0147058823531},{"$f":"G149","v":106.42932839532889},98.090575791671085,86.428307084091614,70.75287449757721,99.873486255690295,68.315994002345562,30.407953696248384,-14.867484878021259,-68.844688844637005]
[null,"Depreciation",null,null,null,{"$f":"F151","v":-311.20147058823534},{"$f":"G151","v":-346.360284854383},-386.1841068283419,-431.60600784035495,-483.91502858995119,-554.94098834108922,-605.52237785730074,-662.56170984459175,-729.00073959503436,-815.28887234824901]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638266},{"$f":"G163+G171","v":-37.149098633776681},-33.555372570613876,-28.779705866541708,-22.356858542359227,-74.998639656557472,-73.533700778239563,-68.925355314281518,-57.573010520315954,-24.951322545295909]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":29.028899695214932},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F98)","v":36.023550931394517},22.93605835582192,7.0282345372249395,-12.279614073906846,-6.7315828224562679,55.150529762294198,40.288587012397784,23.824833771461641,6.5037437615014895,-7.5088263228506662]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":115.7301965476194},null,{"$f":"F99/'Inputs - actual'!F$36","v":33.343789060570714},{"$f":"G99/'Inputs - actual'!G$36","v":19.650592264805862},{"$f":"H99/'Inputs - actual'!H$36","v":5.5735452976661017},{"$f":"I99/'Inputs - actual'!I$36","v":-9.0136032317713166},{"$f":"J99/'Inputs - actual'!J$36","v":-4.5736122497163043},{"$f":"K99/'Inputs - actual'!K$36","v":34.683288398155369},{"$f":"L99/'Inputs - actual'!L$36","v":23.452062593336521},{"$f":"M99/'Inputs - actual'!M$36","v":12.836816036006665},{"$f":"N99/'Inputs - actual'!N$36","v":3.2435402403078233},{"$f":"O99/'Inputs - actual'!O$36","v":-3.4662218617420448}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F39","v":34.71023061226861},{"$f":"G99/'Inputs - actual'!G39","v":21.294171277140819},{"$f":"H99/'Inputs - actual'!H39","v":6.287227608332004},{"$f":"I99/'Inputs - actual'!I39","v":-10.584458245089078},{"$f":"J99/'Inputs - actual'!J39","v":-5.5907759542720452},{"$f":"K99/'Inputs - actual'!K39","v":44.134230881143949},{"$f":"L99/'Inputs - actual'!L39","v":31.065538723939738},{"$f":"M99/'Inputs - actual'!M39","v":17.700996301358721},{"$f":"N99/'Inputs - actual'!N39","v":4.6558848792728256},{"$f":"O99/'Inputs - actual'!O39","v":-5.1794285872584034}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":115.73019654761941},null,{"$f":"F102/'Inputs - actual'!F$44","v":33.343789060570714},{"$f":"G102/'Inputs - actual'!G$44","v":19.650592264805862},{"$f":"H102/'Inputs - actual'!H$44","v":5.5735452976661017},{"$f":"I102/'Inputs - actual'!I$44","v":-9.0136032317713166},{"$f":"J102/'Inputs - actual'!J$44","v":-4.5736122497163052},{"$f":"K102/'Inputs - actual'!K$44","v":34.683288398155376},{"$f":"L102/'Inputs - actual'!L$44","v":23.452062593336528},{"$f":"M102/'Inputs - actual'!M$44","v":12.836816036006669},{"$f":"N102/'Inputs - actual'!N$44","v":3.2435402403078242},{"$f":"O102/'Inputs - actual'!O$44","v":-3.4662218617420471}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F148","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823571E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F148","v":3.73382352941177E-2},3.5349030337623086E-2,3.2791053315282245E-2,2.944933290875016E-2,2.4976857039110369E-2,3.73382352941177E-2,2.9024030348097609E-2,1.5535844422871122E-2,-1.0094234613347412E-2,-7.786684259757172E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.0000000000000044E-2},5.0000000000000266E-2,4.9999999999999822E-2,5.0000000000000044E-2,0.23726867378531979,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000266E-2,4.9999999999999822E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual return (building blocks) using actual asset base"]
[null,"Revenue",null,null,null,{"$f":"F80","v":621.17913228838574},{"$f":"G80","v":652.23808890280509},684.84999334794554,719.09249301534271,755.0471176661099,934.19614592017604,980.90595321618491,1029.9512508769942,1081.4488134208441,1135.521254091886]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F133*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G133*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-59.654999999999994},{"$f":"-H133*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-57.546916666666661},{"$f":"-I133*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-55.099814583333327},{"$f":"-J133*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-52.211988124999998},{"$f":"-K133*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-48.742744510416678},{"$f":"-L133*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-41.741391671614586},{"$f":"-M133*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-34.190599620156256},{"$f":"-N133*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-25.822516739871755},{"$f":"-O133*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-16.091481212691836}]
[null,"Return on equity",null,null,null,{"$f":"-F133*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G133*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-174.21485294117664},{"$f":"-H133*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-168.05846323529425},{"$f":"-I133*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-160.9120123161766},{"$f":"-J133*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-152.47848181985307},{"$f":"-K133*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-142.34699634283103},{"$f":"-L133*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-121.90043435806538},{"$f":"-M133*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-99.849304916539637},{"$f":"-N133*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-75.411381383083224},{"$f":"-O133*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-46.993127702201242}]
[null,"Revaluation",null,null,null,0,0,0,0,0,0,0,0,0,0,"Note"]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},{"$f":"G135","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,null,{"$f":"F163+F171","v":-39.865875474638266},{"$f":"G163+G171","v":-37.149098633776681},-33.555372570613876,-28.779705866541708,-22.356858542359227,-74.998639656557472,-73.533700778239563,-68.925355314281518,-57.573010520315954,-24.951322545295909]
[null,"Gain on actual asset base",null,null,null,null,null,null,null,{"$f":"J98","v":29.028899695214932},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F112:F119)","v":-64.78968436272325},{"$f":"SUM(G112:G119)","v":-52.364196005481553},-40.969092457962624,-31.220498084042237,4.9128242907791773,58.55923051453739,93.979022293682021,123.29573737627712,137.69160171943486,99.645556895814423]
[null,"Present value",null,{"$f":"SUM(E121:O121)","v":115.73019654761963},null,{"$f":"F120/'Inputs - actual'!F$36","v":-59.970033848297575},{"$f":"G120/'Inputs - actual'!G$36","v":-44.863308638945071},{"$f":"H120/'Inputs - actual'!H$36","v":-32.489395652536857},{"$f":"I120/'Inputs - actual'!I$36","v":-22.916777411254667},{"$f":"J120/'Inputs - actual'!J$36","v":3.3379004536726007},{"$f":"K120/'Inputs - actual'!K$36","v":36.826965925146034},{"$f":"L120/'Inputs - actual'!L$36","v":54.705366376184251},{"$f":"M120/'Inputs - actual'!M$36","v":66.431720527633345},{"$f":"N120/'Inputs - actual'!N$36","v":68.669410620555936},{"$f":"O120/'Inputs - actual'!O$36","v":45.998348195461631}]
[]
[null,"Real return",null,null,null,{"$f":"F120/'Inputs - actual'!F$39","v":-62.427629353061143},{"$f":"G120/'Inputs - actual'!G$39","v":-48.615683707809396},{"$f":"H120/'Inputs - actual'!H$39","v":-36.649603513617798},{"$f":"I120/'Inputs - actual'!I$39","v":-26.910622465213432},{"$f":"J120/'Inputs - actual'!J$39","v":4.0802439243300679},{"$f":"K120/'Inputs - actual'!K$39","v":46.862044859588892},{"$f":"L120/'Inputs - actual'!L$39","v":72.464913088264197},{"$f":"M120/'Inputs - actual'!M$39","v":91.60430717821059},{"$f":"N120/'Inputs - actual'!N$39","v":98.570341938005654},{"$f":"O120/'Inputs - actual'!O$39","v":68.73338439176058}]
[null,"Present value",null,{"$f":"SUM(E124:O124)","v":115.73019654761974},null,{"$f":"F123/'Inputs - actual'!F$44","v":-59.970033848297575},{"$f":"G123/'Inputs - actual'!G$44","v":-44.863308638945071},{"$f":"H123/'Inputs - actual'!H$44","v":-32.489395652536857},{"$f":"I123/'Inputs - actual'!I$44","v":-22.916777411254667},{"$f":"J123/'Inputs - actual'!J$44","v":3.3379004536726011},{"$f":"K123/'Inputs - actual'!K$44","v":36.826965925146041},{"$f":"L123/'Inputs - actual'!L$44","v":54.705366376184266},{"$f":"M123/'Inputs - actual'!M$44","v":66.431720527633374},{"$f":"N123/'Inputs - actual'!N$44","v":68.669410620555965},{"$f":"O123/'Inputs - actual'!O$44","v":45.998348195461659}]
[]
[null,"Actual return on actual asset base",null,null,null,{"$f":"-(F114+F115)/F133","v":8.0367647058823585E-2},{"$f":"-(G114+G115)/G133","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F116/F135","v":0},{"$f":"G116/G135","v":0},0,0,0,0,0,0,0,0]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G112/F112-1","v":5.0000000000000044E-2},{"$f":"H112/G112-1","v":5.0000000000000266E-2},4.9999999999999822E-2,5.0000000000000044E-2,0.23726867378531979,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000266E-2,4.9999999999999822E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F136","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":210},{"$f":"G$40/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F133/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F133:F135)","v":2910},{"$f":"SUM(G133:G135)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual debt"]
[null,"Opening debt",null,null,null,{"$f":"F133*'Inputs - actual'!F$20","v":1230},{"$f":"G133*'Inputs - actual'!G$20","v":1193.0999999999999},{"$f":"H133*'Inputs - actual'!H$20","v":1150.9383333333333},{"$f":"I133*'Inputs - actual'!I$20","v":1101.9962916666666},{"$f":"J133*'Inputs - actual'!J$20","v":1044.2397624999999},{"$f":"K133*'Inputs - actual'!K$20","v":974.85489020833347},{"$f":"L133*'Inputs - actual'!L$20","v":834.82783343229175},{"$f":"M133*'Inputs - actual'!M$20","v":683.81199240312515},{"$f":"N133*'Inputs - actual'!N$20","v":516.45033479743506},{"$f":"O133*'Inputs - actual'!O$20","v":321.8296242538367}]
[null,"Additional borrowings for capex",null,null,null,{"$f":"F134*'Inputs - actual'!F$20","v":86.1},{"$f":"G134*'Inputs - actual'!G$20","v":90.405000000000001},{"$f":"H134*'Inputs - actual'!H$20","v":94.925250000000005},{"$f":"I134*'Inputs - actual'!I$20","v":99.67151250000002},{"$f":"J134*'Inputs - actual'!J$20","v":104.65508812500002},{"$f":"K134*'Inputs - actual'!K$20","v":54.943921265625022},{"$f":"L134*'Inputs - actual'!L$20","v":57.691117328906252},{"$f":"M134*'Inputs - actual'!M$20","v":60.575673195351584},{"$f":"N134*'Inputs - actual'!N$20","v":63.604456855119167},{"$f":"O134*'Inputs - actual'!O$20","v":0}]
[null,"Repayments",null,null,null,{"$f":"F135*'Inputs - actual'!F$20","v":-122.99999999999999},{"$f":"G135*'Inputs - actual'!G$20","v":-132.56666666666666},{"$f":"H135*'Inputs - actual'!H$20","v":-143.86729166666666},{"$f":"I135*'Inputs - actual'!I$20","v":-157.42804166666664},{"$f":"J135*'Inputs - actual'!J$20","v":-174.03996041666664},{"$f":"K135*'Inputs - actual'!K$20","v":-194.97097804166668},{"$f":"L135*'Inputs - actual'!L$20","v":-208.70695835807294},{"$f":"M135*'Inputs - actual'!M$20","v":-227.9373308010417},{"$f":"N135*'Inputs - actual'!N$20","v":-258.22516739871753},{"$f":"O135*'Inputs - actual'!O$20","v":-321.8296242538367}]
[null,"Closing debt",null,null,null,{"$f":"SUM(F139:F141)","v":1193.0999999999999},1150.9383333333333,1101.9962916666666,1044.2397625000001,974.85489020833325,834.82783343229175,683.81199240312503,516.45033479743506,321.82962425383676,0]
[null,"Leverage on actual asset base",null,null,null,{"$f":"IFERROR(F142/F136,0)","v":0.41},{"$f":"IFERROR(G142/G136,0)","v":0.41},{"$f":"IFERROR(H142/H136,0)","v":0.41000000000000003},0.41000000000000003,0.40999999999999992,0.41,0.40999999999999992,0.41,0.41000000000000003,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E152","v":3000},{"$f":"F152","v":3010.8132352941179},{"$f":"G152","v":2991.382278835064},2934.8137477983933,2832.7372970421302,2674.831455449756,2353.7735174268573,1957.277175837527,1472.86896406809,884.13356119288608]
[null,"Revaluation","See CEG calculation below",null,null,{"$f":"F189","v":112.0147058823531},106.42932839532889,98.090575791671085,86.428307084091614,70.75287449757721,99.873486255690295,68.315994002345562,30.407953696248384,-14.867484878021259,-68.844688844637005]
[null,"Capex",null,null,null,{"$f":"F134","v":210},{"$f":"G134","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F148:F149)/F146","v":-311.20147058823534},{"$f":"-SUM(G148:G149)/G146","v":-346.360284854383},-386.1841068283419,-431.60600784035495,-483.91502858995119,-554.94098834108922,-605.52237785730074,-662.56170984459175,-729.00073959503436,-815.28887234824901]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F148:F151)","v":3010.8132352941179},2991.382278835064,2934.8137477983933,2832.7372970421302,{"$f":"SUM(J148:J151)","v":2674.831455449756},2353.7735174268573,1957.277175837527,1472.86896406809,884.13356119288608,0]
[null,null,null,null,null,{"$f":"F148-E152","v":0},{"$f":"G148-F152","v":0},{"$f":"H148-G152","v":0},{"$f":"I148-H152","v":0},0,0,0,0,0,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":621.17913228838574},652.23808890280509,684.84999334794554,719.09249301534271,755.0471176661099,934.19614592017604,980.90595321618491,1029.9512508769942,1081.4488134208441,1135.521254091886]
[null,"Depreciation",null,null,null,{"$f":"F135","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-61.721671323529414,-61.323336716118817,-60.163681829867059,-58.071114589363674,-54.834044836720004,-48.252357107250575,-40.124182104669302,-30.193813763395845,-18.124738004454162]
[null,"EBT",null,null,null,{"$f":"SUM(F156:F159)","v":154.67913228838574},{"$f":"SUM(G156:G159)","v":156.93308424594235},156.86832329849341,153.40735285214231,144.86013849341288,269.8135661876226,282.90219199435091,286.13681512258518,266.30469659930998,169.55675035154925]
[null,"Calculated tax",null,null,null,{"$f":"-F160*'Inputs - forecast'!F29","v":-43.31015704074801},{"$f":"-G160*'Inputs - forecast'!G29","v":-43.941263588863862},{"$f":"-H160*'Inputs - forecast'!H29","v":-43.923130523578159},{"$f":"-I160*'Inputs - forecast'!I29","v":-42.954058798599853},{"$f":"-J160*'Inputs - forecast'!J29","v":-40.560838778155606},{"$f":"-K160*'Inputs - forecast'!K29","v":-75.54779853253433},{"$f":"-L160*'Inputs - forecast'!L29","v":-79.212613758418257},{"$f":"-M160*'Inputs - forecast'!M29","v":-80.118308234323862},{"$f":"-N160*'Inputs - forecast'!N29","v":-74.565315047806806},{"$f":"-O160*'Inputs - forecast'!O29","v":-47.475890098433794}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F161>0,F161+E162,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F162>0,0,F161+E162)","v":-43.31015704074801},-43.941263588863862,-43.923130523578159,-42.954058798599853,-40.560838778155606,-75.54779853253433,-79.212613758418257,-80.118308234323862,-74.565315047806806,-47.475890098433794]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F163","v":-43.31015704074801},{"$f":"G163","v":-43.941263588863862},-43.923130523578159,-42.954058798599853,-40.560838778155606,-75.54779853253433,-79.212613758418257,-80.118308234323862,-74.565315047806806,-47.475890098433794]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F167:O167)","v":-367.54621497898097},{"$f":"F166/'Inputs - actual'!F$36","v":-40.088350626432515},{"$f":"G166/'Inputs - actual'!G$36","v":-37.646915655232732},{"$f":"H166/'Inputs - actual'!H$36","v":-34.832013116785433},{"$f":"I166/'Inputs - actual'!I$36","v":-31.529561179570006},{"$f":"J166/'Inputs - actual'!J$36","v":-27.558087598014659},{"$f":"K166/'Inputs - actual'!K$36","v":-47.510805347531949},{"$f":"L166/'Inputs - actual'!L$36","v":-46.109812078357457},{"$f":"M166/'Inputs - actual'!M$36","v":-43.167729680113425},{"$f":"N166/'Inputs - actual'!N$36","v":-37.187135403525758},{"$f":"O166/'Inputs - actual'!O$36","v":-21.915804293417093}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - actual'!F$40*'Inputs - actual'!F39","v":-39.865875474638266},{"$f":"G$17/'Inputs - actual'!G$40*'Inputs - actual'!G39","v":-37.149098633776681},{"$f":"H$17/'Inputs - actual'!H$40*'Inputs - actual'!H39","v":-33.555372570613876},{"$f":"I$17/'Inputs - actual'!I$40*'Inputs - actual'!I39","v":-28.779705866541708},{"$f":"J$17/'Inputs - actual'!J$40*'Inputs - actual'!J39","v":-22.356858542359227},{"$f":"K$17/'Inputs - actual'!K$40*'Inputs - actual'!K39","v":-74.998639656557472},{"$f":"L$17/'Inputs - actual'!L$40*'Inputs - actual'!L39","v":-73.533700778239563},{"$f":"M$17/'Inputs - actual'!M$40*'Inputs - actual'!M39","v":-68.925355314281518},{"$f":"N$17/'Inputs - actual'!N$40*'Inputs - actual'!N39","v":-57.573010520315954},{"$f":"O$17/'Inputs - actual'!O$40*'Inputs - actual'!O39","v":-24.951322545295909}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F170:O170)","v":-298.99041850081693},{"$f":"F169/'Inputs - actual'!F$36","v":-36.900286289735277},{"$f":"G169/'Inputs - actual'!G$36","v":-31.82769152974813},{"$f":"H169/'Inputs - actual'!H$36","v":-26.610151953782669},{"$f":"I169/'Inputs - actual'!I$36","v":-21.125163074897475},{"$f":"J169/'Inputs - actual'!J$36","v":-15.18983050366726},{"$f":"K169/'Inputs - actual'!K$36","v":-47.165448090693154},{"$f":"L169/'Inputs - actual'!L$36","v":-42.804106106780978},{"$f":"M169/'Inputs - actual'!M$36","v":-37.136968713949827},{"$f":"N169/'Inputs - actual'!N$36","v":-28.71275118243566},{"$f":"O169/'Inputs - actual'!O$36","v":-11.518021055126471}]
[null,"Difference",null,null,{"$f":"E170-E167","v":68.555796478164041},{"$f":"F169-F166","v":3.4442815661097441},{"$f":"G169-G166","v":6.7921649550871805},10.367757952964283,14.174352932058145,18.203980235796379,0.54915887597685753,5.6789129801786942,11.192952920042345,16.992304527490852,22.524567553137885]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F39","v":598.53263700520256},{"$f":"G91/'Inputs - actual'!G39","v":605.54735966853184},{"$f":"H91/'Inputs - actual'!H39","v":612.64429394573358},{"$f":"I91/'Inputs - actual'!I39","v":619.82440334595515},{"$f":"J91/'Inputs - actual'!J39","v":627.08866267054339},{"$f":"K91/'Inputs - actual'!K39","v":747.59079504807221},{"$f":"L91/'Inputs - actual'!L39","v":756.35245943977441},{"$f":"M91/'Inputs - actual'!M39","v":765.21680936936889},{"$f":"N91/'Inputs - actual'!N39","v":774.18504829766175},{"$f":"O91/'Inputs - actual'!O39","v":783.25839378985916}]
[]
[]
["CEG calculation as per submission"]
[null,"Leverage","A",null,null,{"$f":"'Inputs - forecast'!F28","v":0.41},{"$f":"'Inputs - forecast'!G28","v":0.41},{"$f":"'Inputs - forecast'!H28","v":0.41},{"$f":"'Inputs - forecast'!I28","v":0.41},{"$f":"'Inputs - forecast'!J28","v":0.41},{"$f":"'Inputs - forecast'!K28","v":0.41},{"$f":"'Inputs - forecast'!L28","v":0.41},{"$f":"'Inputs - forecast'!M28","v":0.41},{"$f":"'Inputs - forecast'!N28","v":0.41},{"$f":"'Inputs - forecast'!O28","v":0.41}]
[null,"Forecast nominal cost of debt","B",null,null,{"$f":"'Inputs - forecast'!F26","v":0.05},{"$f":"'Inputs - forecast'!G26","v":0.05},{"$f":"'Inputs - forecast'!H26","v":0.05},{"$f":"'Inputs - forecast'!I26","v":0.05},{"$f":"'Inputs - forecast'!J26","v":0.05},{"$f":"'Inputs - forecast'!K26","v":0.05},{"$f":"'Inputs - forecast'!L26","v":0.05},{"$f":"'Inputs - forecast'!M26","v":0.05},{"$f":"'Inputs - forecast'!N26","v":0.05},{"$f":"'Inputs - forecast'!O26","v":0.05}]
[null,"Forecast cost of equity","C",null,null,{"$f":"'Inputs - forecast'!F25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!G25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!H25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!I25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!J25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!K25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!L25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!M25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!N25","v":7.0000000000000007E-2},{"$f":"'Inputs - forecast'!O25","v":7.0000000000000007E-2}]
[null,"Forecast nominal WACC","D","D=B*A*(1-A)",null,{"$f":"F178*F177+F179*(1-F177)","v":6.1800000000000008E-2},{"$f":"G178*G177+G179*(1-G177)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2]
[null,"Forecast inflation","E",null,null,{"$f":"'Inputs - forecast'!F4","v":0.02},{"$f":"'Inputs - forecast'!G4","v":0.02},{"$f":"'Inputs - forecast'!H4","v":0.02},{"$f":"'Inputs - forecast'!I4","v":0.02},{"$f":"'Inputs - forecast'!J4","v":0.02},{"$f":"'Inputs - forecast'!K4","v":0.02},{"$f":"'Inputs - forecast'!L4","v":0.02},{"$f":"'Inputs - forecast'!M4","v":0.02},{"$f":"'Inputs - forecast'!N4","v":0.02},{"$f":"'Inputs - forecast'!O4","v":0.02}]
[null,"Actual inflation","F",null,null,{"$f":"'Inputs - actual'!F4","v":0.05},{"$f":"'Inputs - actual'!G4","v":0.05},{"$f":"'Inputs - actual'!H4","v":0.05},{"$f":"'Inputs - actual'!I4","v":0.05},{"$f":"'Inputs - actual'!J4","v":0.05},{"$f":"'Inputs - actual'!K4","v":0.05},{"$f":"'Inputs - actual'!L4","v":0.05},{"$f":"'Inputs - actual'!M4","v":0.05},{"$f":"'Inputs - actual'!N4","v":0.05},{"$f":"'Inputs - actual'!O4","v":0.05}]
[null,"Actual cost of equity","G","G=[1+(C-E)/(1+E)]*(1+F)-1",null,{"$f":"(1+(F179-F181)/(1+F181))*(1+F182)-1","v":0.1014705882352942},{"$f":"(1+(G179-G181)/(1+G181))*(1+G182)-1","v":0.1014705882352942},0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942,0.1014705882352942]
[null,"Opening RAB","H",null,null,{"$f":"F148","v":3000},3010.8132352941179,2991.382278835064,2934.8137477983933,2832.7372970421302,2674.831455449756,2353.7735174268573,1957.277175837527,1472.86896406809,884.13356119288608]
[null,"Total required return on debt if all debt is fixed before DPP ","I","I=H*A*B",null,{"$f":"F184*F177*F178","v":61.5},61.721671323529421,61.32333671611881,60.163681829867066,58.071114589363667,54.834044836720004,48.252357107250575,40.124182104669302,30.193813763395845,18.124738004454166]
[null,"Total required return on equity ","J","J=H*(1-A)*G ",null,{"$f":"F184*(1-F177)*F183","v":179.60294117647075},180.25030413062302,179.08701848731701,175.7003936365775,169.58931670968414,160.13586551670539,140.91488219771685,117.17757915933205,88.17719930472353,52.930995994356508]
[null,"Total required return on capital","J2","J2=I+J",null,{"$f":"F185+F186","v":241.10294117647075},241.97197545415244,240.41035520343581,235.86407546644458,227.66043129904781,214.9699103534254,189.16723930496744,157.30176126400136,118.37101306811937,71.055733998810666]
[null,"Actual return on capital in revenues based on forecast nominal WACC, forecast inflation and indexation to actual inflation","K","K=[(D-E)*ORAB/(1+E)]*(1+F) in Y1 then indexed to F in subs years ",null,{"$f":"((F180-F181)*F184/(1+F181))*(1+F182)","v":129.08823529411765},{"$f":"F188*(1+G182)","v":135.54264705882355},{"$f":"G188*(1+H182)","v":142.31977941176473},{"$f":"H188*(1+I182)","v":149.43576838235296},{"$f":"I188*(1+J182)","v":156.90755680147061},{"$f":"((K180-K181)*K184/(1+K181))*(1+K182)","v":115.09642409773511},{"$f":"K188*(1+L182)","v":120.85124530262188},{"$f":"L188*(1+M182)","v":126.89380756775297},{"$f":"M188*(1+N182)","v":133.23849794614063},{"$f":"N188*(1+O182)","v":139.90042284344767},"Note"]
[null,"Required revaluation","L","L=I+J-K",null,{"$f":"F185+F186-F188","v":112.0147058823531},106.42932839532889,98.090575791671085,86.428307084091614,70.75287449757721,99.873486255690295,68.315994002345562,30.407953696248384,-14.867484878021259,-68.844688844637005]
[null,"Capex",null,null,null,{"$f":"F150","v":210},220.5,231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"F96","v":-311.20147058823534},-346.360284854383,-386.1841068283419,-431.60600784035495,-483.91502858995119,-554.94098834108922,-605.52237785730074,-662.56170984459175,-729.00073959503436,-815.28887234824901]
[null,"Closing RAB","M","M=H+L",null,{"$f":"F184+F189+F190+F191","v":3010.8132352941179},2991.382278835064,2934.8137477983933,2832.7372970421302,2674.831455449756,2353.7735174268573,1957.277175837527,1472.86896406809,884.13356119288608,0]
[null,"Average RAB indexation rate Y1-5","N","N=(M Y5/100)^(1/5)",null,{"$f":"(J192/100)^(1/5)-1","v":0.9295644286515734}]
[null,"Average RAB indexation rate Y1-10","O","O=(M Y10/100)^(1/10)",null,{"$f":"(O192/100)^(1/10)-1","v":-1}]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Depreciation",null,null,null,{"$f":"F96","v":-311.20147058823534},-346.360284854383,-386.1841068283419,-431.60600784035495,-483.91502858995119,-554.94098834108922,-605.52237785730074,-662.56170984459175,-729.00073959503436,-815.28887234824901]
[null,"Tax",null,null,null,{"$f":"F97","v":-39.865875474638266},-37.149098633776681,-33.555372570613876,-28.779705866541708,-22.356858542359227,-74.998639656557472,-73.533700778239563,-68.925355314281518,-57.573010520315954,-24.951322545295909]
[null,"Total revenue"]
[]
[null,"Actual inflation index",null,null,null,{"$f":"'Inputs - actual'!F5","v":1.05},{"$f":"'Inputs - actual'!G5","v":1.1025},{"$f":"'Inputs - actual'!H5","v":1.1576250000000001},{"$f":"'Inputs - actual'!I5","v":1.2155062500000002},{"$f":"'Inputs - actual'!J5","v":1.2762815625000004},{"$f":"'Inputs - actual'!K5","v":1.3400956406250004},{"$f":"'Inputs - actual'!L5","v":1.4071004226562505},{"$f":"'Inputs - actual'!M5","v":1.477455443789063},{"$f":"'Inputs - actual'!N5","v":1.5513282159785162},{"$f":"'Inputs - actual'!O5","v":1.628894626777442}]
[null,"Forecast inflation index",null,null,null,{"$f":"'Inputs - forecast'!F5","v":1.02},{"$f":"'Inputs - forecast'!G5","v":1.0404},{"$f":"'Inputs - forecast'!H5","v":1.0612079999999999},{"$f":"'Inputs - forecast'!I5","v":1.08243216},{"$f":"'Inputs - forecast'!J5","v":1.1040808032},{"$f":"'Inputs - forecast'!K5","v":1.1261624192640001},{"$f":"'Inputs - forecast'!L5","v":1.14868566764928},{"$f":"'Inputs - forecast'!M5","v":1.1716593810022657},{"$f":"'Inputs - forecast'!N5","v":1.1950925686223111},{"$f":"'Inputs - forecast'!O5","v":1.2189944199947573}]
[null,"Rebased forecast inflation index",null,null,null,{"$f":"'Inputs - forecast'!F7","v":1.02},{"$f":"'Inputs - forecast'!G7","v":1.0404},{"$f":"'Inputs - forecast'!H7","v":1.0612079999999999},{"$f":"'Inputs - forecast'!I7","v":1.08243216},{"$f":"'Inputs - forecast'!J7","v":1.1040808032},{"$f":"'Inputs - forecast'!K7","v":1.3018071937500004},{"$f":"'Inputs - forecast'!L7","v":1.3278433376250005},{"$f":"'Inputs - forecast'!M7","v":1.3544002043775005},{"$f":"'Inputs - forecast'!N7","v":1.3814882084650506},{"$f":"'Inputs - forecast'!O7","v":1.4091179726343517}]
[null,"Cost of capital (real)",null,null,null,{"$f":"'Inputs - actual'!F24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!G24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!H24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!I24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!J24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!K24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!L24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!M24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!N24","v":4.0980392156862777E-2},{"$f":"'Inputs - actual'!O24","v":4.0980392156862777E-2}]
[null,"Blended cost of capital",null,null,null,{"$f":"F183*(1-F177)+F178*F177","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Blended inflation rate",null,null,null,{"$f":"(1+F204)/(1+F203)-1","v":3.7836692409116468E-2},{"$f":"(1+G204)/(1+G203)-1","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2]
[null,"Blended inflation index",null,null,null,{"$f":"1*(1+F205)","v":1.0378366924091165},{"$f":"F206*(1+G205)","v":1.077105000110695},{"$f":"G206*(1+H205)","v":1.1178590906922048},1.1601551812634603,1.2040516160037686,1.2496089466432028,1.2968900159890218,1.3459600446124524,1.3968867208154145,1.4497402940012867]
[]
[null,"IRR (return on capital only)",null,{"$f":"IRR(E208:O208,0.08)","v":-0.12471892589815603},{"$f":"-F184","v":-3000},{"$f":"F188","v":129.08823529411765},135.54264705882355,142.31977941176473,149.43576838235296,156.90755680147061,115.09642409773511,120.85124530262188,126.89380756775297,133.23849794614063,{"$f":"O188+O192","v":139.90042284344767}]
[null,"Real IRR",null,{"$f":"IRR(E209:O209,0.04)","v":-0.15662928425668898},{"$f":"E208","v":-3000},{"$f":"F208/F206","v":124.38203065885718},125.83977146600722,127.31459680095901,128.80670689209938,130.3163043144651,92.105953952167297,93.185423445842062,94.277544177984865,95.382464419422917,96.500334178697742]
[null,null,null,{"$f":"D209-'Inputs - actual'!F42","v":-0.19760967641355176}]