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{"sheet":"Cover","index":0,"n_rows":21,"n_cols":1,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["2023 Draft IM Review"]
["Demonstration model:"]
["Stylised impacts of different RAB indexation approaches"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["2023-06-14"]

{"sheet":"Table of contents","index":1,"n_rows":16,"n_cols":4,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[null,"Table of Contents"]
[]
[null,"Sheet name","Link","Description"]
[null,"Description and approach","Description and approach","Explains the purpose of the model, as well as the approach taken"]
[null,"Simplifying assumptions","Simplifying assumptions","Lists the simplifying assumptions we have made for demonstration of the NPV=0 principal"]
[null,"Inputs - forecast","Inputs - forecast","Contains the 'forecast' assumptions we have used to set the forecast revenue and IRR"]
[null,"Inputs - actual","Inputs - actual","Contains the 'actual' assumptions we have used to determine the actual revenue and IRR"]
[null,"Macro","Macro","Goal seeks revenue to set PV of expenditure equal to PV of revenue"]
[]
[null,"The following models/ calculations are included in the light green tabs:"]
[null,"Transpower current (non-indexed RAB)","Transpower (TP) current","Demonstrates the current Transpower approach. This is not an exact replica of Transpower's models, but demonstrates the principles of non-indexed RAB and inflation without wash-ups"]
[null,"Transpower (non-indexed RAB) with inflation wash-ups (excl. cost of debt adjustment)","TP with wash-up (excl. CoD adj)","Demonstrates that to achieve NPV=0 for a high inflation scenario, Transpower's revenue and RAB needs to be washed up"]
[null,"Transpower (non-indexed RAB) with inflation wash-ups (incl. cost of debt adjustment)","TP with wash-up (incl. CoD adj)","Demonstrates that to achieve NPV=0 for a high inflation scenario, Transpower's revenue and RAB needs to be washed up. This also adds an adjustment to revenue to reflect a fixed cost of debt"]
[null,"EDB, GTB and GDB current","EDB & GDB current","Demonstrates the current EDB, GTB and GDB approach which indexes the RAB"]
[null,"EDB, GTB and GDB with Y1 inflation wash-up (excl. revenue adjustment)","EDB & GDB with Y1 (ex. CoD adj)","Demonstrates that to achieve NPV=0 for a high inflation scenario, EDB and GPB revenue needs to be washed up in year 1. This shows the indexed RAB approach."]
[null,"EDB, GTB and GDB with Y1 inflation wash-up (incl. revenue adjustment)","EDB & GDB (incl. CoD adj)","Demonstrates that to achieve NPV=0 for a high inflation scenario, EDB and GPB revenue needs to be washed up in year 1 and an adjustment needs to be made to revenue to reflect a fixed cost of debt."]

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["Description"]
[null,null,"The purpose of the model is to 1) demonstrate the differences between an indexed RAB and an non-indexed RAB when outturn inflation differs from expectations; and 2) identify the relevant changes required by comparing the demonstration model to current practice. "]
[]
[null,null,"This model was produced to support the draft decisions in the following paper:\nFinancing and incentivising efficient expenditure during the energy transition topic paper, Part 4 Input Methodologies Review 2023 – Draft decision. \nDraft decisions related to Transpower, EDBs and GPBs exposure to inflation risk and associated compensation are discussed in Chapter 5, topic 5b.\n\nA second demonstration model is also published alongside this model:\nDemonstration model: Financial impacts of indexation of Transpower's RAB\nDraft decisions related to Transpower RAB indexation are discussed in Chapter 3, topic 3a of the topic paper."]
[]
["General notes"]
[null,1,"Financial quantities in this model are expressed in NZD $m"]
[null,{"$f":"B7+1","v":2},"Dummy data is used for illustrative purposes."]
[null,{"$f":"B8+1","v":3},"The macro in the 'Macro' sheet goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for the two 5-years periods. E.g., goal seeks revenue in 'Transpower (TP) current'! Cell K57 and P64 to set cells K56 and P63 to zero."]
[null,4,"A lighter font is used for cells containing a formula linking to another sheet.  A red font is applied to input cells. Grey shading is used to draw attention to certain cells e.g. where formulas differ for the indexed and non-indexed RAB approach."]
[null,5,"Wherever two horizontally adjacent cells contain numerical formulas which differ, an orange vertical border has been placed between the cells to indicate that the cell formulas are different."]
[null,6,"This model should not be used for any other purpose than describe above. "]
["Background"]
[null,{"$f":"B12+1","v":7},"The regulatory accounting treatment of suppliers should be consistent with the s 52A(1)(a) and (d) limbs of the Part 4 purpose such that suppliers (a) have “incentives to innovate and to invest, including in replacement, upgraded, and new assets and (d) are “limited in their ability to extract excessive profits”. The principle NPV=0 is consistent with promoting s 52A(1)(a) and (d) and is achieved when the present value of revenue is equal to the present value of efficiently incurred costs."]
[null,{"$f":"B14+1","v":8},"NPV = 0 is achieved when the present value of revenue is equal to the present value of efficiently-incurred costs, when calculated over the life of the assets. The calculation can be done by either using the building blocks or by using cash flows.  If cash flows are used, costs include capital expenditure, operating expenditure and tax and account for the opening and closing values of the asset base."]
[null,{"$f":"B15+1","v":9},"Inflation should be accounted for in a way that achieves NPV = 0."]
[null,10,"Efficiently-incurred costs in this context means costs that reflect the inflation-risks that are placed on suppliers. If the regulatory regime does not impose inflation risks on suppliers, the efficiently incurred costs are those that are indexed for inflation. On the other hand, if some inflation risk is placed on suppliers the efficiently incurred costs include some costs that are indexed for inflation and other costs that are not. "]
[null,11,"We first assume that suppliers face no inflation risks. Therefore, the efficiently incurred costs are costs indexed for inflation."]
[]
["Modelling principles: The different ways to account for inflation to achieve NPV = 0",null,null,"Model reference","Notes"]
[null,{"$f":"B18+1","v":12},"There are two common methods of regulatory accounting."]
[null,{"$f":"B21+1","v":13},"The simplest is nominal modelling where a forecast of inflation is included in the maximum allowable revenue calculation.  If actual inflation differs from expected inflation there is a wash-up to allowable revenue.  The asset base is not adjusted for inflation until it is washed-up, along with other costs, at the reset. It can be demonstrated that this method achieves NPV = 0. In the relevant model NPV does not equal zero though due to the overcompensation for fixed cost of debt in the revenue wash-up.","TP with wash-up (excl. CoD adj)","This takes the current Transpower (TP) treatment and adds revenue wash-ups and RAB rebasing. It excludes the revenue adjustment for the debt compensation issue (refer to row 4 above) topic 5b Finding 1)."]
[null,{"$f":"B22+1","v":14},"The more complex method is referred to here as the indexation method which adjusts the asset base for inflation and treats this same amount as revenue.  Adding inflation to the asset base and removing the same amount from revenue can be understood intuitively as offsetting adjustments to both sides of the ledger that have no net effect over the life of an asset.  This method also washes-up revenue annually for actual inflation and the RAB at the reset. By making these adjustments this method achieves NPV = 0. In the relevant model NPV does not equal zero though due to the overcompensation for fixed cost of debt in the revenue wash-up.","EDB & GDB with Y1 (ex. CoD adj)","This is the same as current EDB treatment with an adjustment to wash-up year 1 revenue. It excludes the revenue adjustment for the debt compensation issue discussed later."]
[null,15,"Another intuitive way of understanding this method is to recognise that if a nominal (inflated) asset base is multiplied by a nominal WACC then inflation would be accounted for twice.  This is corrected by making the negative adjustment to revenue.  "]
[null,16,"There are two adjustments for inflation.  These are the same in both the nominal and the indexation methods. The first is to adjust revenue if inflation differs from expected inflation. The second is to rebase costs, including the asset base, if inflation differs from expectation. The second adjustment occurs when resetting a price-quality path.","Refer to the actual revenue calc. (row 68) and RAB adjustment (row 23) in the models referenced above."]
[null,17,"As discussed in the topic paper (refer to row 4 above), under the assumption that regulated businesses have fixed cost of debt, the revenue wash-up overcompensates regulated entities for inflation. An adjustment to the revenue wash-up is therefore proposed to remove this overcompensation. ","Refer to the real IRR calculation and check (row 74-75) in the models referenced above. This shows that the real IRR achieved is higher than forecast when setting the price path."]
[null,18,"The models demonstrate that these adjustments for inflation are necessary to achieve NPV=0.","Refer to the real IRR calculation and check (row 74-75) in the TP and EDD/GDB models labelled \"incl. CoD adj\"."]
[null,19,"The model also demonstrates that when the same assumptions are used in the nominal and indexation methods, the same internal rate of return is achieved over the life of the assets.  When inflation is as expected, the nominal IRR is the same as the nominal WACC set at the outset and the real IRR is the same as real WACC at the outset. When inflation is higher, the real IRR remains equal to real WACC.","Refer to rows 72 and 74 in the models.","RAB useful lives of 10 years assumed to be able to fully depreciate assets for demonstration purposes."]
[null,20,"The indexation method is more commonly applied to economic regulation because it delivers a relatively constant real revenue path over the life of the assets, which more likely supports an efficient pricing profile, whereas the nominal method produces a revenue path that is tilted forward (i.e. revenue is higher early in the asset life and lower later in the asset life).","Refer to row 118 in the models referenced above."]
[null,21,"Both the nominal and indexation methods maintain revenue, in real terms, as expected at the reset, if the inflation adjustment to revenue occurs immediately.  If the inflation adjustment to revenue is delayed, which it needs to be in practice, the maintenance of real revenue is delayed for a few years. An appropriate compensation for the delay should be applied.",null,"There is a two year lag on the EDB & GTB wash-up, with a time value adjustment to compensate for the delay. GDBs use a 18 month lagged CPI index when setting their price paths to achieve the wash-up. "]
["Notes related to Transpower"]
[null,{"$f":"B30+1","v":22},"The current Transpower approach with a non-indexed RAB is demonstrated in the \"Transpower (TP) current\" model. In this model there is no annual revenue wash-up and the RAB is not washed up at the Y6 price reset. This shows that Transpower is exposed to inflation risk as it is not achieving the expected real IRR.","Transpower (TP) current"]
[null,{"$f":"B32+1","v":23},"The second Transpower model shows that by washing-up the RAB and washing-up revenue for inflation, the real IRR is higher than the expected real IRR.","TP with wash-up (excl. CoD adj)"]
[null,{"$f":"B33+1","v":24},"The third Transpower model adjusts the revenue wash-up for the debt compensation issue (refer to topic paper in row 4 above, topic 5b Finding 1). This shows that with an assumption that the nominal cost of debt is fixed (actual = forecast), NPV=0 is achieved after making the cost of debt adjustment to revenue.","TP with wash-up (incl. CoD adj)'"]
["Notes related to EDBs"]
[null,{"$f":"B34+1","v":25},"The current EDB approach is demonstrated in the \"EDB & GDB current\" model. In this model, revenue is washed up from year 2, RAB is indexed and washed up for actual inflation at the year 6 price-quality path reset. This model shows that, despite not washing up revenue in year 1 (refer issue 2 in the \"Findings & issues\" sheet), the EDBs achieve a real IRR higher than the expected real WACC. This is due to the assumption that EDBs have a fixed nominal cost of debt, and therefore are overcompensated by the revenue-wash-up when inflation is higher than forecast.","EDB & GDB current"]
[null,{"$f":"B36+1","v":26},"The second EDB model is similar to the one above in para 18, but adds the year 1 revenue wash-up. As with the current approach, this would over-compensate the EDBs when inflation is higher than forecast, and vice versa when inflation is lower than forecast, as their cost of borrowings is assumed to be fixed.","EDB & GDB with Y1 (ex. CoD adj)","Note actual cost of debt on row 80 is set as if the nominal cost of debt is fixed."]
[null,{"$f":"B37+1","v":27},"The third EDB model adjusts the revenue wash-up for the debt compensation issue. This shows that with an assumption that the nominal cost of debt is fixed (actual = forecast), NPV=0 is achieved after making the cost of debt adjustment to revenue.","EDB & GDB (incl. CoD adj)"]
["Notes related to GPBs"]
[null,{"$f":"B38+1","v":28},"GTB treatment is the same as for EDBs above.","EDB & GDB current"]
[null,{"$f":"B40+1","v":29},"GDB treatment is the same as for EDBs, with the exception that they do not have a revenue wash-up as such, but rather they use an 18-month lagged CPI to set actual prices at the start of a year. This effectively washes up their revenue. The year 1 revenue wash-up issue will therefore not apply to GDBs.","EDB & GDB with Y1 (ex. CoD adj)"]
[null,30,"For both GTB and GDBs, the debt compensation issue will, however, be similar to EDBs.","EDB & GDB (incl. CoD adj)"]
["Findings"]
[null,{"$f":"B42+1","v":31},"Refer to our findings in the topic paper (refer to row 4 above) on RAB indexation (topic 3a) and exposure to inflation risk and associated compensation (topic 5b)."]
[]
["Glossary"]
[null,null,"NPV: Net present value"]
[null,null,"IRR: Internal rate of return"]
[null,null,"RAB: Regulatory asset base"]
[null,null,"WACC: Weighted average cost of capital"]
[null,null,"EBT: Earnings before tax"]

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["Simplifying assumptions"]
[]
[null,null,"The demonstration models, which shows the proposed amendments achieve NPV=0 across the suppliers, uses 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."]
[null,2,"There is only one deflator, which is CPI. In practice, there are separate deflators used for capital expenditure and operating expenditure."]
[null,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 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 revaluation and actual depreciation will not perfectly follow CPI due to timing differences."]
[null,5,"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 however be entered in the actual inputs (cell F15-25)."]
[null,6,"We have assumed all values are end of year values for the NPV=0 calculations. As RAB indexation is carried out on opening RAB values, the corresponding revenue offset is adjusted to year-end timing in the building blocks."]
[]
[null,null,"These assumptions should not affect our findings. They just make it more straightforward to show that NPV=0 is achieved across the suppliers."]

{"sheet":"Inputs - forecast","index":4,"n_rows":46,"n_cols":16,"rows_kept":46,"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"]
[]
["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,{"$f":"E12/E18","v":3000}]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F5*F27","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,{"$f":"F6*F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Opening RAB",null,null,3000]
[]
["Asset lives"]
[null,"Initial RAB",null,10]
[null,"Capex",null,10]
[]
["CPI (end of period)",null,null,null,1,{"$f":"E18*(1+F19)","v":1.02},{"$f":"F18*(1+G19)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573]
[null,"Predicted inflation rate",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"(((1+F19)*(1+G19)*(1+H19)*(1+I19)*(1+J19)*(1+K19)*(1+L19)*(1+M19)*(1+N19)*(1+O19))^0.1)-1","v":2.0000000000000018E-2}]
[]
["Rebased CPI (end of period)",null,"The simplest is nominal modelling where a forecast of inflation is included in the maximum allowable revenue calculation.  If actual inflation differs from expected inflation there is a wash-up to allowable revenue.  The asset base is not adjusted for inflation until it is washed, along with other costs, at the reset. It can be demonstrated that this method achieves NPV = 0. In the relevant model NPV does not equal zero though due to the overcompensation in the revenue wash-up due to the cost of debt being fixed and therefore not affected if outturn inflation differs from forecast. ",null,1,{"$f":"E21*(1+F22)","v":1.02},{"$f":"F21*(1+G22)","v":1.0404},{"$f":"G21*(1+H22)","v":1.0612079999999999},{"$f":"H21*(1+I22)","v":1.08243216},{"$f":"I21*(1+J22)","v":1.1040808032},{"$f":"'Inputs - actual'!J14*(1+'Inputs - forecast'!K22)","v":1.3018071937500004},{"$f":"K21*(1+L22)","v":1.3278433376250005},{"$f":"L21*(1+M22)","v":1.3544002043775005},{"$f":"M21*(1+N22)","v":1.3814882084650506},{"$f":"N21*(1+O22)","v":1.4091179726343517}]
[null,"Predicted inflation rate",null,null,{"$f":"E19","v":0.02},{"$f":"F19","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Opex index",null,null,null,1,{"$f":"E24*(1+F25)","v":1.02},{"$f":"F24*(1+G25)","v":1.0404},{"$f":"G24*(1+H25)","v":1.0612079999999999},{"$f":"H24*(1+I25)","v":1.08243216},{"$f":"I24*(1+J25)","v":1.1040808032},{"$f":"J24*(1+K25)","v":1.1261624192640001},{"$f":"K24*(1+L25)","v":1.14868566764928},{"$f":"L24*(1+M25)","v":1.1716593810022657},{"$f":"M24*(1+N25)","v":1.1950925686223111},{"$f":"N24*(1+O25)","v":1.2189944199947573}]
[null,"Predicted inflation rate",null,null,{"$f":"E19","v":0.02},{"$f":"F19","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Rebased opex index",null,null,null,{"$f":"E24","v":1},1.02,1.0404,1.0612079999999999,1.08243216,{"$f":"J24","v":1.1040808032},{"$f":"'Inputs - actual'!J17*(1+K28)","v":1.3018071937500004},{"$f":"K27*(1+L28)","v":1.3278433376250005},{"$f":"L27*(1+M28)","v":1.3544002043775005},1.3814882084650506,1.4091179726343517]
[null,"Predicted inflation rate",null,null,null,null,null,null,null,null,{"$f":"K25","v":0.02},{"$f":"L25","v":0.02},0.02,0.02,0.02]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Cost of debt",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Leverage",null,null,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[null,"Tax rate",null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average"]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$32*E$34+E$31*(1-E$34)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,{"$f":"K$32*K$34+K$31*(1-K$34)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,{"$f":"(((1+F37)*(1+G37)*(1+H37)*(1+I37)*(1+J37)*(1+K37)*(1+L37)*(1+M37)*(1+N37)*(1+O37))^0.1)-1","v":6.1800000000000077E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$37)/(1+E$19)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F38)*(1+G38)*(1+H38)*(1+I38)*(1+J38)*(1+K38)*(1+L38)*(1+M38)*(1+N38)*(1+O38))^0.1)-1","v":4.0980392156862777E-2}]
[null,null,null,null,null,null,null,null,null,{"$f":"(((1+F38)*(1+G38)*(1+H38)*(1+I38)*(1+J38))^0.2)-1","v":4.0980392156862777E-2}]
[null,"Vanilla (nominal)"]
[null,null,"Compounding factor step 1",null,{"$f":"1+E37","v":1.0618000000000001},1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001]
[null,null,"Compounding factor step 2",null,1,{"$f":"E42*F41","v":1.0618000000000001},{"$f":"F42*G41","v":1.1274192400000003},1.1970937490320004,1.2710741427221781,1.3496265247424089,1.4330334439714898,1.5215949108089279,1.6156294762969199,1.7154753779320697,1.8214917562882718]
[]
[null,"Vanilla (real)"]
[null,null,"Compounding factor step 1",null,{"$f":"1+E38","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,null,"Compounding factor step 2",null,1,{"$f":"E46*F45","v":1.0409803921568628},{"$f":"F46*G45","v":1.0836401768550559},{"$f":"G46*H45","v":1.1280481762595083},{"$f":"H46*I45","v":1.1742760328944568},{"$f":"I46*J45","v":1.2223983252228767},{"$f":"J46*K45","v":1.2724926879624026},{"$f":"K46*L45","v":1.3246399373318423},{"$f":"L46*M45","v":1.3789242014303433},{"$f":"M46*N45","v":1.4354330559595476},{"$f":"N46*O45","v":1.4942576655076938}]

{"sheet":"Inputs - actual","index":5,"n_rows":36,"n_cols":16,"rows_kept":36,"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"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"},"Average"]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,{"$f":"'Inputs - forecast'!F5","v":100},{"$f":"'Inputs - forecast'!G5","v":100},{"$f":"'Inputs - forecast'!H5","v":100},{"$f":"'Inputs - forecast'!I5","v":100},{"$f":"'Inputs - forecast'!J5","v":100},{"$f":"'Inputs - forecast'!K5","v":100},{"$f":"'Inputs - forecast'!L5","v":100},{"$f":"'Inputs - forecast'!M5","v":100},{"$f":"'Inputs - forecast'!N5","v":100},{"$f":"'Inputs - forecast'!O5","v":100}]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F6","v":200},{"$f":"'Inputs - forecast'!G6","v":200},{"$f":"'Inputs - forecast'!H6","v":200},{"$f":"'Inputs - forecast'!I6","v":200},{"$f":"'Inputs - forecast'!J6","v":200},{"$f":"'Inputs - forecast'!K6","v":100},{"$f":"'Inputs - forecast'!L6","v":100},{"$f":"'Inputs - forecast'!M6","v":100},{"$f":"'Inputs - forecast'!N6","v":100},{"$f":"'Inputs - forecast'!O6","v":0}]
[null,"Opening RAB",null,null,{"$f":"'Inputs - forecast'!E7","v":3000}]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F5*F$17","v":105},110.25,115.76250000000002,121.55062500000003,127.62815625000003,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,162.88946267774421]
[null,"Capex",null,null,null,{"$f":"F6*F14","v":210},220.5,231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,0]
[null,"Opening RAB",null,null,{"$f":"E7*E14","v":3000}]
[]
["CPI (end of period) 10 years",null,null,null,1,{"$f":"E14*(1+F15)","v":1.05},{"$f":"F14*(1+G15)","v":1.1025},{"$f":"G14*(1+H15)","v":1.1576250000000001},{"$f":"H14*(1+I15)","v":1.2155062500000002},{"$f":"I14*(1+J15)","v":1.2762815625000004},{"$f":"J14*(1+K15)","v":1.3400956406250004},{"$f":"K14*(1+L15)","v":1.4071004226562505},{"$f":"L14*(1+M15)","v":1.477455443789063},{"$f":"M14*(1+N15)","v":1.5513282159785162},1.628894626777442]
[null,"Actual inflation rate",null,null,0.02,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
["Opex index",null,null,null,1,{"$f":"E17*(1+F18)","v":1.05},{"$f":"F17*(1+G18)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[null,"Actual inflation rate",null,null,{"$f":"E15","v":0.02},{"$f":"F15","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,{"$f":"(1+'Inputs - forecast'!E31)/(1+'Inputs - forecast'!E19)*(1+'Inputs - actual'!E15)-1","v":7.0000000000000062E-2},{"$f":"(1+'Inputs - forecast'!F31)/(1+'Inputs - forecast'!F19)*(1+'Inputs - actual'!F15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!G31)/(1+'Inputs - forecast'!G19)*(1+'Inputs - actual'!G15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!H31)/(1+'Inputs - forecast'!H19)*(1+'Inputs - actual'!H15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!I31)/(1+'Inputs - forecast'!I19)*(1+'Inputs - actual'!I15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!J31)/(1+'Inputs - forecast'!J19)*(1+'Inputs - actual'!J15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!K31)/(1+'Inputs - forecast'!K19)*(1+'Inputs - actual'!K15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!L31)/(1+'Inputs - forecast'!L19)*(1+'Inputs - actual'!L15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!M31)/(1+'Inputs - forecast'!M19)*(1+'Inputs - actual'!M15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!N31)/(1+'Inputs - forecast'!N19)*(1+'Inputs - actual'!N15)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!O31)/(1+'Inputs - forecast'!O19)*(1+'Inputs - actual'!O15)-1","v":0.1014705882352942}]
[null,"Cost of debt",null,null,{"$f":"(1+'Inputs - forecast'!E32)/(1+'Inputs - forecast'!E19)*(1+'Inputs - actual'!E15)-1","v":5.0000000000000044E-2},{"$f":"(1+'Inputs - forecast'!F32)/(1+'Inputs - forecast'!F19)*(1+'Inputs - actual'!F15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!G32)/(1+'Inputs - forecast'!G19)*(1+'Inputs - actual'!G15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!H32)/(1+'Inputs - forecast'!H19)*(1+'Inputs - actual'!H15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!I32)/(1+'Inputs - forecast'!I19)*(1+'Inputs - actual'!I15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!J32)/(1+'Inputs - forecast'!J19)*(1+'Inputs - actual'!J15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!K32)/(1+'Inputs - forecast'!K19)*(1+'Inputs - actual'!K15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!L32)/(1+'Inputs - forecast'!L19)*(1+'Inputs - actual'!L15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!M32)/(1+'Inputs - forecast'!M19)*(1+'Inputs - actual'!M15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!N32)/(1+'Inputs - forecast'!N19)*(1+'Inputs - actual'!N15)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!O32)/(1+'Inputs - forecast'!O19)*(1+'Inputs - actual'!O15)-1","v":8.0882352941176627E-2}]
[]
[null,"Leverage",null,null,{"$f":"'Inputs - forecast'!E34","v":0.41},{"$f":"'Inputs - forecast'!F34","v":0.41},{"$f":"'Inputs - forecast'!G34","v":0.41},{"$f":"'Inputs - forecast'!H34","v":0.41},{"$f":"'Inputs - forecast'!I34","v":0.41},{"$f":"'Inputs - forecast'!J34","v":0.41},{"$f":"'Inputs - forecast'!K34","v":0.41},{"$f":"'Inputs - forecast'!L34","v":0.41},{"$f":"'Inputs - forecast'!M34","v":0.41},{"$f":"'Inputs - forecast'!N34","v":0.41},{"$f":"'Inputs - forecast'!O34","v":0.41}]
[null,"Tax rate",null,null,{"$f":"'Inputs - forecast'!E35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!F35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!G35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!H35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!I35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!J35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!K35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!L35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!M35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!N35","v":0.28000000000000003},{"$f":"'Inputs - forecast'!O35","v":0.28000000000000003}]
[]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$22*E$24+E$21*(1-E$24)","v":6.1800000000000063E-2},9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,{"$f":"(((1+F27)*(1+G27)*(1+H27)*(1+I27)*(1+J27)*(1+K27)*(1+L27)*(1+M27)*(1+N27)*(1+O27))^0.1)-1","v":9.3029411764705916E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$27)/(1+E$15)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F28)*(1+G28)*(1+H28)*(1+I28)*(1+J28)*(1+K28)*(1+L28)*(1+M28)*(1+N28)*(1+O28))^0.1)-1","v":4.0980392156862777E-2}]
[null,null,null,null,null,null,null,null,null,{"$f":"(((1+F28)*(1+G28)*(1+H28)*(1+I28)*(1+J28))^0.2)-1","v":4.0980392156862777E-2}]
[null,"Vanilla (nominal)"]
[null,null,"Compounding factor step 1",null,{"$f":"1+E27","v":1.0618000000000001},1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059]
[null,null,"Compounding factor step 2",null,1,{"$f":"E32*F31","v":1.0930294117647059},{"$f":"F32*G31","v":1.1947132949826991},1.3058567700424131,1.4273398572084175,1.5601244445128359,1.7052619038656036,1.8639014156869833,2.0372990679757459,2.2268278018583132,2.4339882823664851]
[]
[null,"Vanilla (real)"]
[null,null,"Compounding factor step 1",null,{"$f":"1+E28","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,null,"Compounding factor step 2",null,1,{"$f":"E36*F35","v":1.0409803921568628},{"$f":"F36*G35","v":1.0836401768550559},{"$f":"G36*H35","v":1.1280481762595083},{"$f":"H36*I35","v":1.1742760328944568},{"$f":"I36*J35","v":1.2223983252228767},{"$f":"J36*K35","v":1.2724926879624026},{"$f":"K36*L35","v":1.3246399373318423},{"$f":"L36*M35","v":1.3789242014303433},{"$f":"M36*N35","v":1.4354330559595476},{"$f":"N36*O35","v":1.4942576655076938}]

{"sheet":"Macro","index":6,"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 K57 and P64 to set cells K56 and P63 to zero."]

{"sheet":"Transpower (TP) current","index":7,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model does not wash-up revenue, the RAB is not indexed or washed up (similar to Transpower's current treatment)."]
[]
["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":"K59","v":647.403208097684},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":660.35127225963765},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":673.55829770483047},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":687.02946365892706},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":700.77005293210561},{"$f":"P66","v":788.83902521376262},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":804.6158057180379},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":820.70812183239866},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":837.12228426904665},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":853.86472995442762}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-61.5},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-59.531999999999996},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-57.182973333333337},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-54.386054466666657},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-51.054589970285718},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-47.072222935024762},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-40.326483095207308},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-32.966941163536731},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-24.754481194665033},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-15.209291424685867}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-123.90000000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-119.93520000000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-115.20277066666669},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-109.56800241333335},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-102.85632028160002},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-94.833307669098687},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-81.243109845466449},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-66.416325368491087},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-49.871223089739807},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-30.641157845830559}]
[null,"Revaluation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Asset base not indexed and therefore no revaluation gains."]
[null,"Tax",null,null,null,{"$f":"F50","v":-51.492898267351528},{"$f":"G50","v":-48.751529566031877},-45.241800157352536,-40.712923427166253,-34.784236313042896,-42.656567390539934,-39.121210702135905,-32.550934201454659,-19.726321499263761,12.368443806997245]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-300},{"$f":"G33","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":8.51030983033246},{"$f":"SUM(G6:G12)","v":5.4258760269390791},1.1332868808111698,-4.8776278863344373,-13.411141190918329,14.855008478003924,19.354289102882944,17.286076863820881,0.85360362265271306,-62.445727635251956]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":8.0149838296595028},{"$f":"G13/'Inputs - forecast'!G$42","v":4.8126516156838672},{"$f":"H13/'Inputs - forecast'!H$42","v":0.94669852025171264},{"$f":"I13/'Inputs - forecast'!I$42","v":-3.8374062711151797},{"$f":"J13/'Inputs - forecast'!J$42","v":-9.9369276944805112},{"$f":"K13/'Inputs - forecast'!K$42","v":10.366128257854855},{"$f":"L13/'Inputs - forecast'!L$42","v":12.719738325487427},{"$f":"M13/'Inputs - forecast'!M$42","v":10.699282921874627},{"$f":"N13/'Inputs - forecast'!N$42","v":0.49759013369325927},{"$f":"O13/'Inputs - forecast'!O$42","v":-34.282739638910122}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":-5.6132876125047915E-13}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F6","v":647.403208097684},660.35127225963765,673.55829770483047,687.02946365892706,700.77005293210561,788.83902521376262,804.6158057180379,820.70812183239866,837.12228426904665,853.86472995442762]
[null,"Opex",null,null,null,{"$f":"F11","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Tax",null,null,null,{"$f":"F10","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-42.656567390539934,-39.121210702135905,-32.550934201454659,-19.726321499263761,12.368443806997245]
[null,"Capex",null,null,null,{"$f":"-F32","v":-204},-208.07999999999998,-212.24159999999998,-216.48643200000001,-220.81616063999999,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,{"$f":"-O32","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,0,null,null,null,null,{"$f":"O34","v":0},null,"No inflation wash-up of RAB at reset"]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":289.91030983033249},299.47974269360583,309.954097547478,321.58689223176077,334.76157565906271,485.82101907322249,499.92592749090181,517.27714675544394,541.09832107677278,725.3213764979896]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E42","v":-3000},{"$f":"F24/'Inputs - forecast'!F42","v":273.03664515947679},{"$f":"G24/'Inputs - forecast'!G42","v":265.63298910315365},{"$f":"H24/'Inputs - forecast'!H42","v":258.9221586012913},{"$f":"I24/'Inputs - forecast'!I42","v":253.00403920029299},{"$f":"J24/'Inputs - forecast'!J42","v":248.04015742277713},{"$f":"K24/'Inputs - forecast'!K42","v":339.01582766053565},{"$f":"L24/'Inputs - forecast'!L42","v":328.55389035517044},{"$f":"M24/'Inputs - forecast'!M42","v":320.17065443808411},{"$f":"N24/'Inputs - forecast'!N42","v":315.42179388726817},{"$f":"O24/'Inputs - forecast'!O42","v":398.20184417194764}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":-1.8758328224066645E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,{"$f":"'Inputs - forecast'!D15","v":10},{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34","v":3000},{"$f":"F34","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,null,"No inflation wash-up of RAB at reset"]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F$11","v":204},{"$f":"'Inputs - forecast'!G$11","v":208.07999999999998},{"$f":"'Inputs - forecast'!H$11","v":212.24159999999998},{"$f":"'Inputs - forecast'!I$11","v":216.48643200000001},{"$f":"'Inputs - forecast'!J$11","v":220.81616063999999},{"$f":"'Inputs - forecast'!K$11","v":130.18071937500005},{"$f":"'Inputs - forecast'!L$11","v":132.78433376250004},{"$f":"'Inputs - forecast'!M$11","v":135.44002043775006},{"$f":"'Inputs - forecast'!N$11","v":138.14882084650506},{"$f":"'Inputs - forecast'!O$11","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2904},{"$f":"SUM(G31:G33)","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F6","v":647.403208097684},660.35127225963765,673.55829770483047,687.02946365892706,700.77005293210561,788.83902521376262,804.6158057180379,820.70812183239866,837.12228426904665,853.86472995442762]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-300},{"$f":"G41","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F11","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$32*'Inputs - forecast'!F34*F31","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-59.532000000000004},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-57.182973333333337},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-54.386054466666664},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-51.054589970285718},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-47.072222935024762},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-40.326483095207308},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-32.966941163536731},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-24.754481194665033},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-15.209291424685869}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":183.903208097684},{"$f":"SUM(G45:G48)","v":174.11260559297097},161.57785770483048,145.40329795416517,124.22941540372463,152.3448835376426,139.71860965048535,116.25333643376662,70.451148211656289,-44.173013596418727]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!F35","v":-51.492898267351528},{"$f":"-G49*'Inputs - forecast'!G35","v":-48.751529566031877},{"$f":"-H49*'Inputs - forecast'!H35","v":-45.241800157352536},{"$f":"-I49*'Inputs - forecast'!I35","v":-40.712923427166253},{"$f":"-J49*'Inputs - forecast'!J35","v":-34.784236313042896},{"$f":"-K49*'Inputs - forecast'!K35","v":-42.656567390539934},{"$f":"-L49*'Inputs - forecast'!L35","v":-39.121210702135905},{"$f":"-M49*'Inputs - forecast'!M35","v":-32.550934201454659},{"$f":"-N49*'Inputs - forecast'!N35","v":-19.726321499263761},{"$f":"-O49*'Inputs - forecast'!O35","v":12.368443806997245}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,12.368443806997245]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-42.656567390539934,-39.121210702135905,-32.550934201454659,-19.726321499263761,0]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":609.7223658859333},{"$f":"G6/'Inputs - forecast'!G$42","v":585.7193569444828},{"$f":"H6/'Inputs - forecast'!H$42","v":562.66127715518223},{"$f":"I6/'Inputs - forecast'!I$42","v":540.51092738584077},{"$f":"J6/'Inputs - forecast'!J$42","v":519.23257292668825},{"$f":"SUM(F56:J56)","v":2817.846500298127}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-601.70738205627379},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-580.90670532879892},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-561.71457863493038},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-544.3483336569559},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-529.16950062116871},{"$f":"SUM(F57:J57)","v":-2817.8465002981275}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,647.403208097684]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":550.46798002674984},{"$f":"L6/'Inputs - forecast'!L$42","v":528.79764515660656},{"$f":"M6/'Inputs - forecast'!M$42","v":507.98040879613734},{"$f":"N6/'Inputs - forecast'!N$42","v":487.9826869203805},{"$f":"O6/'Inputs - forecast'!O$42","v":468.77221761046161},{"$f":"SUM(K63:O63)","v":2544.0009385103358}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-540.1018517688949},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-516.07790683111909},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-497.28112587426273},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-487.48509678668728},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-503.0549572493718},{"$f":"SUM(K64:O64)","v":-2544.0009385103358}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,788.83902521376262]
[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F$6","v":647.403208097684},{"$f":"G$6","v":660.35127225963765},673.55829770483047,687.02946365892706,700.77005293210561,788.83902521376262,804.6158057180379,820.70812183239866,837.12228426904665,853.86472995442762,null,"Revenue not washed up or adjusted for fixed cost of debt"]
[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F96-F92","v":-172.01470588235276},{"$f":"-G96-G92","v":-183.65426470588216},-195.98131617647044,-209.06901158088223,-223.00773159926462,{"$f":"-K96-K92","v":-124.8048924052211},{"$f":"-L96-L92","v":-136.61014732239195},-149.19496758245083,-162.76995770625285,10.549889031871366,null,"Capex adjusted for fixed cost of debt"]
[null,"Tax",null,null,{"$f":"E116","v":-49.893847165209024},{"$f":"F108","v":-50.652898267351524},{"$f":"G108","v":-46.791622899365223},-41.818853357352531,-35.394293407832912,-27.003816062656234,-36.553368826103501,-30.091390351837504,-19.46429289776113,-0.36413041254217565,0]
[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":5.96637852971178E-2},{"$f":"-E34+SUM(E70:E73)","v":-3049.8938471652091},{"$f":"SUM(F70:F73)","v":319.73560394797971},319.65538465439028,319.99562817100747,321.01553367021194,323.13034902018467,493.47119991993799,497.2042257781834,504.30331697328035,518.85537455240001,701.52515630855476]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":9.2036050459483043E-3},{"$f":"E74","v":-3049.8938471652091},{"$f":"F74/'Inputs - actual'!F$14","v":304.51009899807588},{"$f":"G74/'Inputs - actual'!G$14","v":289.93685682937894},{"$f":"H74/'Inputs - actual'!H$14","v":276.42425497981424},{"$f":"I74/'Inputs - actual'!I$14","v":264.10027399712004},{"$f":"J74/'Inputs - actual'!J$14","v":253.18108363740041},{"$f":"K74/'Inputs - actual'!K$14","v":368.23580717700901},{"$f":"L74/'Inputs - actual'!L$14","v":353.35376052235654},{"$f":"M74/'Inputs - actual'!M$14","v":341.33233532914579},{"$f":"N74/'Inputs - actual'!N$14","v":334.45880066400173},{"$f":"O74/'Inputs - actual'!O$14","v":430.67559115007447}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":-3.1776787110914473E-2},"Return lower due to not having any revenue or RAB wash-ups for inflation"]
[]
["Actual return (building blocks) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F70","v":647.403208097684},{"$f":"G70","v":660.35127225963765},673.55829770483047,687.02946365892706,700.77005293210561,788.83902521376262,804.6158057180379,820.70812183239866,837.12228426904665,853.86472995442762]
[null,"Opex",null,null,null,{"$f":"F71","v":-105},{"$f":"G71","v":-110.25},-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-42.169865064750219},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.961851727800379},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-26.809076727566524},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-17.080772718267841},null,"Assumes fixed cost of debt"]
[null,"Return on equity",null,null,null,{"$f":"-F95*'Inputs - actual'!F$21*(1-'Inputs - actual'!F$24)","v":-179.60294117647075},{"$f":"-G95*'Inputs - actual'!G$21*(1-'Inputs - actual'!G$24)","v":-174.21485294117664},{"$f":"-H95*'Inputs - actual'!H$21*(1-'Inputs - actual'!H$24)","v":-168.05846323529425},{"$f":"-I95*'Inputs - actual'!I$21*(1-'Inputs - actual'!I$24)","v":-160.9120123161766},{"$f":"-J95*'Inputs - actual'!J$21*(1-'Inputs - actual'!J$24)","v":-152.47848181985307},{"$f":"-K95*'Inputs - actual'!K$21*(1-'Inputs - actual'!K$24)","v":-142.34699634283103},{"$f":"-L95*'Inputs - actual'!L$21*(1-'Inputs - actual'!L$24)","v":-123.15173649827712},{"$f":"-M95*'Inputs - actual'!M$21*(1-'Inputs - actual'!M$24)","v":-102.10164876892071},{"$f":"-N95*'Inputs - actual'!N$21*(1-'Inputs - actual'!N$24)","v":-78.292504560920662},{"$f":"-O95*'Inputs - actual'!O$21*(1-'Inputs - actual'!O$24)","v":-49.882227931182534}]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-514.26664713110017,-568.48539394797365,-653.87992018454929,-833.20842528135813]
[null,"Tax",null,null,{"$f":"E73","v":-49.893847165209024},{"$f":"F108","v":-50.652898267351524},{"$f":"G108","v":-46.791622899365223},-41.818853357352531,-35.394293407832912,-27.003816062656234,-36.553368826103501,-30.091390351837504,-19.46429289776113,-0.36413041254217565,0]
[null,"Nominal return",null,null,null,{"$f":"SUM(F80:F85)","v":-49.352631346138246},-53.893536914237529,-60.524268887816355,-69.898114981749103,-83.040097658737039,-48.35261936142205,-45.773875593552077,-52.050609888963479,-77.356169214383613,-209.19615865412516]
[null,"Present value",null,{"$f":"SUM(E87:O87)","v":-487.84987585009867},{"$f":"E85","v":-49.893847165209024},{"$f":"F86/'Inputs - actual'!F$32","v":-45.152153103051432},{"$f":"G86/'Inputs - actual'!G$32","v":-45.11001688904615},{"$f":"H86/'Inputs - actual'!H$32","v":-46.348321099449961},{"$f":"I86/'Inputs - actual'!I$32","v":-48.97089829639831},{"$f":"J86/'Inputs - actual'!J$32","v":-53.226585834739048},{"$f":"K86/'Inputs - actual'!K$32","v":-28.354951958882705},{"$f":"L86/'Inputs - actual'!L$32","v":-24.558099054118198},{"$f":"M86/'Inputs - actual'!M$32","v":-25.548831149606723},{"$f":"N86/'Inputs - actual'!N$32","v":-34.738280683324056},{"$f":"O86/'Inputs - actual'!O$32","v":-85.947890616273114}]
[]
[null,"Real return",null,null,null,{"$f":"F86/'Inputs - actual'!F14","v":-47.002506043941182},{"$f":"G86/'Inputs - actual'!G14","v":-48.883026679580524},{"$f":"H86/'Inputs - actual'!H14","v":-52.283139088924607},{"$f":"I86/'Inputs - actual'!I14","v":-57.505352178772497},{"$f":"J86/'Inputs - actual'!J14","v":-65.06408938171667},{"$f":"K86/'Inputs - actual'!K14","v":-36.081469035203426},{"$f":"L86/'Inputs - actual'!L14","v":-32.530638792036285},{"$f":"M86/'Inputs - actual'!M14","v":-35.229901590450105},{"$f":"N86/'Inputs - actual'!N14","v":-49.864476400044339},{"$f":"O86/'Inputs - actual'!O14","v":-128.42829438758281}]
[null,"Present value",null,{"$f":"SUM(E90:O90)","v":-487.84987585009856},{"$f":"E87","v":-49.893847165209024},{"$f":"F89/'Inputs - actual'!F$36","v":-45.152153103051425},{"$f":"G89/'Inputs - actual'!G$36","v":-45.11001688904615},{"$f":"H89/'Inputs - actual'!H$36","v":-46.348321099449954},{"$f":"I89/'Inputs - actual'!I$36","v":-48.970898296398289},{"$f":"J89/'Inputs - actual'!J$36","v":-53.226585834739019},{"$f":"K89/'Inputs - actual'!K$36","v":-28.35495195888269},{"$f":"L89/'Inputs - actual'!L$36","v":-24.558099054118184},{"$f":"M89/'Inputs - actual'!M$36","v":-25.548831149606706},{"$f":"N89/'Inputs - actual'!N$36","v":-34.738280683324035},{"$f":"O89/'Inputs - actual'!O$36","v":-85.947890616273071}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F24*'Inputs - actual'!F22+F82)","v":-37.985294117647257},{"$f":"-(G95*'Inputs - actual'!G24*'Inputs - actual'!G22+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H24*'Inputs - actual'!H22+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I24*'Inputs - actual'!I22+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J24*'Inputs - actual'!J22+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K24*'Inputs - actual'!K22+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L24*'Inputs - actual'!L22+L82)","v":-26.0460931282282},{"$f":"-(M95*'Inputs - actual'!M24*'Inputs - actual'!M22+M82)","v":-21.594084890700337},{"$f":"-(N95*'Inputs - actual'!N24*'Inputs - actual'!N22+N82)","v":-16.558547390555869},{"$f":"-(O95*'Inputs - actual'!O24*'Inputs - actual'!O22+O82)","v":-10.549889031871366}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"F31","v":3000},{"$f":"F98","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2057.0665885244007,1705.4561818439208,1307.7598403690986,833.20842528135813]
[null,"Capex",null,null,null,{"$f":"F$32/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":210},{"$f":"G$32/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":220.5},{"$f":"H$32/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":231.52500000000003},{"$f":"I$32/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":243.10125000000005},{"$f":"J$32/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":255.25631250000006},{"$f":"K$32/'Inputs - forecast'!K$18*'Inputs - actual'!K$14","v":154.91070519106682},{"$f":"L$32/'Inputs - forecast'!L$18*'Inputs - actual'!L$14","v":162.65624045062015},{"$f":"M$32/'Inputs - forecast'!M$18*'Inputs - actual'!M$14","v":170.78905247315117},{"$f":"N$32/'Inputs - forecast'!N$18*'Inputs - actual'!N$14","v":179.32850509680873},{"$f":"O$32/'Inputs - forecast'!O$18*'Inputs - actual'!O$14","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F95/F29","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-514.26664713110017,-568.48539394797365,-653.87992018454929,-833.20842528135813]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2057.0665885244007,1705.4561818439208,1307.7598403690986,833.20842528135813,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F80","v":647.403208097684},{"$f":"G80","v":660.35127225963765},673.55829770483047,687.02946365892706,700.77005293210561,788.83902521376262,804.6158057180379,820.70812183239866,837.12228426904665,853.86472995442762]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-514.26664713110017,-568.48539394797365,-653.87992018454929,-833.20842528135813]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-42.169865064750219,-34.961851727800379,-26.809076727566524,-17.080772718267841]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":180.903208097684},{"$f":"SUM(G101:G104)","v":167.11293892630434},149.35304770483046,126.40819074226039,96.442200223772261,130.54774580751248,107.4692512565625,69.515331777718316,1.3004657590791986,-159.31393072294256]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-50.652898267351524},{"$f":"-G105*'Inputs - forecast'!G35","v":-46.791622899365223},{"$f":"-H105*'Inputs - forecast'!H35","v":-41.818853357352531},{"$f":"-I105*'Inputs - forecast'!I35","v":-35.394293407832912},{"$f":"-J105*'Inputs - forecast'!J35","v":-27.003816062656234},{"$f":"-K105*'Inputs - forecast'!K35","v":-36.553368826103501},{"$f":"-L105*'Inputs - forecast'!L35","v":-30.091390351837504},{"$f":"-M105*'Inputs - forecast'!M35","v":-19.46429289776113},{"$f":"-N105*'Inputs - forecast'!N35","v":-0.36413041254217565},{"$f":"-O105*'Inputs - forecast'!O35","v":44.607900602423918}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},{"$f":"IF(G106>0,G106+F107,0)","v":0},{"$f":"IF(H106>0,H106+G107,0)","v":0},{"$f":"IF(I106>0,I106+H107,0)","v":0},{"$f":"IF(J106>0,J106+I107,0)","v":0},0,0,0,0,44.607900602423918]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-50.652898267351524},-46.791622899365223,-41.818853357352531,-35.394293407832912,-27.003816062656234,-36.553368826103501,-30.091390351837504,-19.46429289776113,-0.36413041254217565,0]
[]
["Tax adjustment",null,null,null,"NPV"]
[null,"Tax",null,null,null,{"$f":"F108","v":-50.652898267351524},-46.791622899365223,-41.818853357352531,-35.394293407832912,-27.003816062656234,-36.553368826103501,-30.091390351837504,-19.46429289776113,-0.36413041254217565,0]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-206.93495936457236},{"$f":"F111/'Inputs - actual'!F$32","v":-46.341752309822994},{"$f":"G111/'Inputs - actual'!G32","v":-39.165566413189389},{"$f":"H111/'Inputs - actual'!H32","v":-32.024073632512},{"$f":"I111/'Inputs - actual'!I32","v":-24.797383208408998},{"$f":"J111/'Inputs - actual'!J32","v":-17.308757745340269},{"$f":"K111/'Inputs - actual'!K32","v":-21.435633284976248},{"$f":"L111/'Inputs - actual'!L32","v":-16.144303608861541},{"$f":"M111/'Inputs - actual'!M32","v":-9.5539693723517924},{"$f":"N111/'Inputs - actual'!N32","v":-0.16351978910911058},{"$f":"O111/'Inputs - actual'!O32","v":0}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$10/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-53.007395275214812},{"$f":"G$10/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-51.661439202758693},{"$f":"H$10/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-49.352284290313719},{"$f":"I$10/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-45.718165729196379},{"$f":"J$10/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-40.209447844133692},{"$f":"K$10/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-43.911172313791113},{"$f":"L$10/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-41.456300268266851},{"$f":"M$10/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-35.508378381013856},{"$f":"N$10/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-22.151473282043348},{"$f":"O$10/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":14.297519476777268}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F115:O115)","v":-256.82880652978139},{"$f":"F114/'Inputs - actual'!F$32","v":-48.495854461623217},{"$f":"G114/'Inputs - actual'!G$32","v":-43.241704448854243},{"$f":"H114/'Inputs - actual'!H$32","v":-37.793030156523827},{"$f":"I114/'Inputs - actual'!I$32","v":-32.030329355905245},{"$f":"J114/'Inputs - actual'!J$32","v":-25.773231094196131},{"$f":"K114/'Inputs - actual'!K$32","v":-25.750397762508083},{"$f":"L114/'Inputs - actual'!L$32","v":-22.241680766676808},{"$f":"M114/'Inputs - actual'!M$32","v":-17.429143781180283},{"$f":"N114/'Inputs - actual'!N$32","v":-9.9475465788408481},{"$f":"O114/'Inputs - actual'!O$32","v":5.8741118765273059}]
[null,"Difference",null,null,{"$f":"E115-E112","v":-49.893847165209024}]
[]
["Real revenue",null,null,null,null,{"$f":"F80/'Inputs - actual'!F$14","v":616.57448390255615},{"$f":"G80/'Inputs - actual'!G$14","v":598.95807007676888},{"$f":"H80/'Inputs - actual'!H$14","v":581.84498236028969},{"$f":"I80/'Inputs - actual'!I$14","v":565.22084000713858},{"$f":"J80/'Inputs - actual'!J$14","v":549.07167314979165},{"$f":"K80/'Inputs - actual'!K$14","v":588.64382608233836},{"$f":"L80/'Inputs - actual'!L$14","v":571.82543105141451},{"$f":"M80/'Inputs - actual'!M$14","v":555.48756159280265},{"$f":"N80/'Inputs - actual'!N$14","v":539.61648840443684},{"$f":"O80/'Inputs - actual'!O$14","v":524.19887445002439}]

{"sheet":"TP with wash-up (excl. CoD adj)","index":8,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model washes up revenue for inflation annually and RAB is washed up after Y5 (i.e. 2 regulatory periods). RAB is not indexed. No adjustment is made to actual revenue for the overcompensation for inflation on fixed cost of debt."]
[]
["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":"K59","v":647.403208097684},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":660.35127225963765},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":673.55829770483047},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":687.02946365892706},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":700.77005293210561},{"$f":"P66","v":901.4033142458095},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":919.43138053072573},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":937.82000814134028},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":956.5764083041671},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":975.7079364702505}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-61.5},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-59.531999999999996},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-57.182973333333337},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-54.386054466666657},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-51.054589970285718},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-54.413961427222596},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-46.199873888965584},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-37.371984258855427},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-27.691176591544167},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-16.677639123125438}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-123.90000000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-119.93520000000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-115.20277066666669},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-109.56800241333335},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-102.85632028160002},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-109.62422472898993},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-93.075843493379466},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-75.29087560442585},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-55.787589913696308},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-33.59934125780881}]
[null,"Revaluation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Asset base not indexed and therefore no revaluation gains."]
[null,"Tax",null,null,null,{"$f":"F50","v":-51.492898267351528},{"$f":"G50","v":-48.751529566031877},-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-300},{"$f":"G33","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-530.86791636314729,-563.41309620689731,-607.67454079439733,-675.39455101327235,-813.54337185977738]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":8.51030983033246},{"$f":"SUM(G6:G12)","v":5.4258760269390791},1.1332868808111698,-4.8776278863344373,-13.411141190918329,4.19761080975195,14.33321095154713,17.933736744642601,7.2030684211779317,-50.360729695766395]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":8.0149838296595028},{"$f":"G13/'Inputs - forecast'!G$42","v":4.8126516156838672},{"$f":"H13/'Inputs - forecast'!H$42","v":0.94669852025171264},{"$f":"I13/'Inputs - forecast'!I$42","v":-3.8374062711151797},{"$f":"J13/'Inputs - forecast'!J$42","v":-9.9369276944805112},{"$f":"K13/'Inputs - forecast'!K$42","v":2.9291785390009792},{"$f":"L13/'Inputs - forecast'!L$42","v":9.4198599441471202},{"$f":"M13/'Inputs - forecast'!M$42","v":11.100154464715118},{"$f":"N13/'Inputs - forecast'!N$42","v":4.1988760164316172},{"$f":"O13/'Inputs - forecast'!O$42","v":-27.648068964302375}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":-8.1499251791683491E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F6","v":647.403208097684},660.35127225963765,673.55829770483047,687.02946365892706,700.77005293210561,901.4033142458095,919.43138053072573,937.82000814134028,956.5764083041671,975.7079364702505]
[null,"Opex",null,null,null,{"$f":"F11","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Tax",null,null,null,{"$f":"F10","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[null,"Capex",null,null,null,{"$f":"-F32","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":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(K31-J34)","v":-358.13358498526031},null,null,null,null,{"$f":"O34","v":0},null,"RAB washed up for inflation at reset"]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":289.91030983033249},299.47974269360583,309.954097547478,321.58689223176077,{"$f":"SUM(J18:J23)","v":-23.372009326197599},568.92299395411169,584.23769077828945,602.83111696457115,627.92756509318565,813.4596225449452]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E42","v":-3000},{"$f":"F24/'Inputs - forecast'!F42","v":273.03664515947679},{"$f":"G24/'Inputs - forecast'!G42","v":265.63298910315365},{"$f":"H24/'Inputs - forecast'!H42","v":258.9221586012913},{"$f":"I24/'Inputs - forecast'!I42","v":253.00403920029299},{"$f":"J24/'Inputs - forecast'!J42","v":-17.317390328156456},{"$f":"K24/'Inputs - forecast'!K42","v":397.00608268946331},{"$f":"L24/'Inputs - forecast'!L42","v":383.9640147506081},{"$f":"M24/'Inputs - forecast'!M42","v":373.12460920574529},{"$f":"N24/'Inputs - forecast'!N42","v":366.0370607301428},{"$f":"O24/'Inputs - forecast'!O42","v":446.58979088797258}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":-9.6065377874765545E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,{"$f":"'Inputs - forecast'!D15","v":10},{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34","v":3000},{"$f":"F34","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,{"$f":"J36","v":2654.3395818157364},2253.6523848275892,1823.0236223831919,1350.7891020265447,813.54337185977738,null,"RAB not indexed, washed up for inflation at reset"]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F$11","v":204},{"$f":"'Inputs - forecast'!G$11","v":208.07999999999998},{"$f":"'Inputs - forecast'!H$11","v":212.24159999999998},{"$f":"'Inputs - forecast'!I$11","v":216.48643200000001},{"$f":"'Inputs - forecast'!J$11","v":220.81616063999999},{"$f":"'Inputs - forecast'!K$11","v":130.18071937500005},{"$f":"'Inputs - forecast'!L$11","v":132.78433376250004},{"$f":"'Inputs - forecast'!M$11","v":135.44002043775006},{"$f":"'Inputs - forecast'!N$11","v":138.14882084650506},{"$f":"'Inputs - forecast'!O$11","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-530.86791636314729,-563.41309620689731,-607.67454079439733,-675.39455101327235,-813.54337185977738]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2904},{"$f":"SUM(G31:G33)","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,2253.6523848275892,1823.0236223831919,1350.7891020265447,813.54337185977738,0]
[]
[null,"RAB inflation wash-up for actual inflation",null,null,null,null,null,null,null,{"$f":"J34/'Inputs - forecast'!J18*'Inputs - actual'!J14","v":2654.3395818157364}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F6","v":647.403208097684},660.35127225963765,673.55829770483047,687.02946365892706,700.77005293210561,901.4033142458095,919.43138053072573,937.82000814134028,956.5764083041671,975.7079364702505]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F11","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$32*'Inputs - forecast'!F34*F31","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-59.532000000000004},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-57.182973333333337},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-54.386054466666664},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-51.054589970285718},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-54.413961427222603},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-46.199873888965584},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-37.371984258855434},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-27.691176591544167},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-16.677639123125438}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":183.903208097684},{"$f":"SUM(G45:G48)","v":174.11260559297097},161.57785770483048,145.40329795416517,124.22941540372463,257.56743407749161,248.66079366941486,228.96017964738957,186.9685768498976,76.2018452209646]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!F35","v":-51.492898267351528},{"$f":"-G49*'Inputs - forecast'!G35","v":-48.751529566031877},{"$f":"-H49*'Inputs - forecast'!H35","v":-45.241800157352536},{"$f":"-I49*'Inputs - forecast'!I35","v":-40.712923427166253},{"$f":"-J49*'Inputs - forecast'!J35","v":-34.784236313042896},{"$f":"-K49*'Inputs - forecast'!K35","v":-72.118881541697661},{"$f":"-L49*'Inputs - forecast'!L35","v":-69.625022227436162},{"$f":"-M49*'Inputs - forecast'!M35","v":-64.108850301269086},{"$f":"-N49*'Inputs - forecast'!N35","v":-52.351201517971333},{"$f":"-O49*'Inputs - forecast'!O35","v":-21.336516661870089}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":609.7223658859333},{"$f":"G6/'Inputs - forecast'!G$42","v":585.7193569444828},{"$f":"H6/'Inputs - forecast'!H$42","v":562.66127715518223},{"$f":"I6/'Inputs - forecast'!I$42","v":540.51092738584077},{"$f":"J6/'Inputs - forecast'!J$42","v":519.23257292668825},{"$f":"SUM(F56:J56)","v":2817.846500298127}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-601.70738205627379},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-580.90670532879892},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-561.71457863493038},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-544.3483336569559},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-529.16950062116871},{"$f":"SUM(F57:J57)","v":-2817.8465002981275}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,647.403208097684]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":629.01763949602764},{"$f":"L6/'Inputs - forecast'!L$42","v":604.25503134860446},{"$f":"M6/'Inputs - forecast'!M$42","v":580.46725558068988},{"$f":"N6/'Inputs - forecast'!N$42","v":557.61593585637934},{"$f":"O6/'Inputs - forecast'!O$42","v":535.66420660529946},{"$f":"SUM(K63:O63)","v":2907.0200688870009}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-626.08846095702665},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-594.83517140445736},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-569.36710111597483},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-553.41705983994768},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-563.31227556960187},{"$f":"SUM(K64:O64)","v":-2907.0200688870086}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":-7.73070496506989E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,901.4033142458095]
[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F$6/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":666.44447892408641},{"$f":"G$6/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":699.76670287029083},{"$f":"H$6/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":734.75503801380546},{"$f":"I$6/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":771.4927899144958},{"$f":"J$6/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":810.0674294102206},{"$f":"K$6/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":927.91517642950976},{"$f":"L$6/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":974.31093525098527},{"$f":"M$6/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":1023.0264820135345},{"$f":"N$6/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":1074.1778061142113},{"$f":"O$6/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":1127.8866964199219},null,"Revenue wash-up with no adjustment for the overcompensation for inflation on fixed cost of debt."]
[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F96-F92","v":-172.01470588235276},{"$f":"-G96-G92","v":-183.65426470588216},-195.98131617647044,-209.06901158088223,-223.00773159926462,{"$f":"-K96-K92","v":-103.90375127665433},{"$f":"-L96-L92","v":-114.92859446845117},-126.62782108410381,-139.18362008204841,9.9388560431332387]
[null,"Tax",null,null,{"$f":"E116","v":59.674362271233463},{"$f":"F108","v":-55.984454098744202},{"$f":"G108","v":-57.82794347034811},-58.953940643865543,-59.044024759392165,-57.607081476528435,-75.494691166512709,-79.18907905014045,-79.8407760482188,-73.753396168536369,-45.907525851977304]
[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":0.10516275338883263},{"$f":"-E34+SUM(E70:E73)","v":-2940.3256377287667},{"$f":"SUM(F70:F73)","v":333.44531894298945},348.03449469406058,364.05728119346941,381.82912857422139,401.82446008442747,614.50716992384264,639.48321946676867,668.81234050230557,706.10796826577496,929.02856393333366]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":5.2535955608412177E-2},{"$f":"E74","v":-2940.3256377287667},{"$f":"F74/'Inputs - actual'!F$14","v":317.56697042189472},{"$f":"G74/'Inputs - actual'!G$14","v":315.67754620776469},{"$f":"H74/'Inputs - actual'!H$14","v":314.48636751406491},{"$f":"I74/'Inputs - actual'!I$14","v":314.13176902563958},{"$f":"J74/'Inputs - actual'!J$14","v":314.8399788032097},{"$f":"K74/'Inputs - actual'!K$14","v":458.55471154077162},{"$f":"L74/'Inputs - actual'!L$14","v":454.46878500653548},{"$f":"M74/'Inputs - actual'!M$14","v":452.67851786249349},{"$f":"N74/'Inputs - actual'!N$14","v":455.16349215655185},{"$f":"O74/'Inputs - actual'!O$14","v":570.34294831661202}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":1.15555634515494E-2},"Overcompensation for inflation on fixed cost of debt."]
[]
["Actual return (building blocks) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F70","v":666.44447892408641},{"$f":"G70","v":699.76670287029083},734.75503801380546,771.4927899144958,810.0674294102206,927.91517642950976,974.31093525098527,1023.0264820135345,1074.1778061142113,1127.8866964199219]
[null,"Opex",null,null,null,{"$f":"F71","v":-105},{"$f":"G71","v":-110.25},-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-41.741391671614586},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.190599620156256},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-25.822516739871755},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-16.091481212691839},null,"Assumes fixed cost of debt"]
[null,"Return on equity",null,null,null,{"$f":"-F95*'Inputs - actual'!F$21*(1-'Inputs - actual'!F$24)","v":-179.60294117647075},{"$f":"-G95*'Inputs - actual'!G$21*(1-'Inputs - actual'!G$24)","v":-174.21485294117664},{"$f":"-H95*'Inputs - actual'!H$21*(1-'Inputs - actual'!H$24)","v":-168.05846323529425},{"$f":"-I95*'Inputs - actual'!I$21*(1-'Inputs - actual'!I$24)","v":-160.9120123161766},{"$f":"-J95*'Inputs - actual'!J$21*(1-'Inputs - actual'!J$24)","v":-152.47848181985307},{"$f":"-K95*'Inputs - actual'!K$21*(1-'Inputs - actual'!K$24)","v":-142.34699634283103},{"$f":"-L95*'Inputs - actual'!L$21*(1-'Inputs - actual'!L$24)","v":-121.90043435806538},{"$f":"-M95*'Inputs - actual'!M$21*(1-'Inputs - actual'!M$24)","v":-99.849304916539637},{"$f":"-N95*'Inputs - actual'!N$21*(1-'Inputs - actual'!N$24)","v":-75.411381383083224},{"$f":"-O95*'Inputs - actual'!O$21*(1-'Inputs - actual'!O$24)","v":-46.993127702201242}]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},{"$f":"H97","v":-350.89583333333331},-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,{"$f":"E73","v":59.674362271233463},{"$f":"F108","v":-55.984454098744202},{"$f":"G108","v":-57.82794347034811},-58.953940643865543,-59.044024759392165,-57.607081476528435,-75.494691166512709,-79.18907905014045,-79.8407760482188,-73.753396168536369,-45.907525851977304]
[null,"Nominal return",null,null,null,{"$f":"SUM(F80:F85)","v":-35.642916351128513},-25.514426874567242,-16.462615865354373,-9.0845200777396045,-4.3459865944942635,51.782209513915873,81.72862605658149,105.45554777888015,114.24020876458167,71.054795917168917]
[null,"Present value",null,{"$f":"SUM(E87:O87)","v":190.42311255961505},{"$f":"E85","v":59.674362271233463},{"$f":"F86/'Inputs - actual'!F$32","v":-32.609293004826561},{"$f":"G86/'Inputs - actual'!G$32","v":-21.356108600881289},{"$f":"H86/'Inputs - actual'!H$32","v":-12.606754617368704},{"$f":"I86/'Inputs - actual'!I$32","v":-6.3646510197697781},{"$f":"J86/'Inputs - actual'!J$32","v":-2.7856666240822476},{"$f":"K86/'Inputs - actual'!K$32","v":30.366132848292946},{"$f":"L86/'Inputs - actual'!L$32","v":43.848148495803649},{"$f":"M86/'Inputs - actual'!M$32","v":51.762428715809726},{"$f":"N86/'Inputs - actual'!N$32","v":51.301770468846719},{"$f":"O86/'Inputs - actual'!O$32","v":29.192743626557117}]
[]
[null,"Real return",null,null,null,{"$f":"F86/'Inputs - actual'!F$14","v":-33.945634620122391},{"$f":"G86/'Inputs - actual'!G$14","v":-23.142337301194775},{"$f":"H86/'Inputs - actual'!H$14","v":-14.221026554673898},{"$f":"I86/'Inputs - actual'!I$14","v":-7.4738571502529112},{"$f":"J86/'Inputs - actual'!J$14","v":-3.4051942159074029},{"$f":"K86/'Inputs - actual'!K$14","v":38.640682011147675},{"$f":"L86/'Inputs - actual'!L$14","v":58.083008675598627},{"$f":"M86/'Inputs - actual'!M$14","v":71.376465681042959},{"$f":"N86/'Inputs - actual'!N$14","v":73.640257160231869},{"$f":"O86/'Inputs - actual'!O$14","v":43.621480941183819}]
[null,"Present value",null,{"$f":"SUM(E90:O90)","v":190.42311255961494},{"$f":"E87","v":59.674362271233463},{"$f":"F89/'Inputs - actual'!F$36","v":-32.609293004826554},{"$f":"G89/'Inputs - actual'!G$36","v":-21.356108600881285},{"$f":"H89/'Inputs - actual'!H$36","v":-12.606754617368701},{"$f":"I89/'Inputs - actual'!I$36","v":-6.3646510197697754},{"$f":"J89/'Inputs - actual'!J$36","v":-2.7856666240822463},{"$f":"K89/'Inputs - actual'!K$36","v":30.366132848292928},{"$f":"L89/'Inputs - actual'!L$36","v":43.848148495803628},{"$f":"M89/'Inputs - actual'!M$36","v":51.762428715809698},{"$f":"N89/'Inputs - actual'!N$36","v":51.301770468846684},{"$f":"O89/'Inputs - actual'!O$36","v":29.1927436265571}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F24*'Inputs - actual'!F22+F82)","v":-37.985294117647257},{"$f":"-(G95*'Inputs - actual'!G24*'Inputs - actual'!G22+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H24*'Inputs - actual'!H22+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I24*'Inputs - actual'!I22+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J24*'Inputs - actual'!J22+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K24*'Inputs - actual'!K22+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L24*'Inputs - actual'!L22+L82)","v":-25.781447797173847},{"$f":"-(M95*'Inputs - actual'!M24*'Inputs - actual'!M22+M82)","v":-21.117723294802502},{"$f":"-(N95*'Inputs - actual'!N24*'Inputs - actual'!N22+N82)","v":-15.949201515803221},{"$f":"-(O95*'Inputs - actual'!O24*'Inputs - actual'!O22+O82)","v":-9.9388560431332387}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"F31","v":3000},{"$f":"F98","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$32/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":210},{"$f":"G$32/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":220.5},{"$f":"H$32/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":231.52500000000003},{"$f":"I$32/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":243.10125000000005},{"$f":"J$32/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":255.25631250000006},{"$f":"K$32/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":134.00956406250006},{"$f":"L$32/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":140.71004226562502},{"$f":"M$32/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":147.74554437890632},{"$f":"N$32/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":155.13282159785163},{"$f":"O$32/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F95/F29","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,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F80","v":666.44447892408641},{"$f":"G80","v":699.76670287029083},734.75503801380546,771.4927899144958,810.0674294102206,927.91517642950976,974.31093525098527,1023.0264820135345,1074.1778061142113,1127.8866964199219]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-41.741391671614586,-34.190599620156256,-25.822516739871755,-16.091481212691839]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":199.94447892408641},{"$f":"SUM(G101:G104)","v":206.52836953695751},210.54978801380548,210.87151699782913,205.73957670188724,269.62389702325964,282.81813946478729,285.14562874363855,263.4049863162013,163.95544947134749]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-55.984454098744202},{"$f":"-G105*'Inputs - forecast'!G35","v":-57.82794347034811},{"$f":"-H105*'Inputs - forecast'!H35","v":-58.953940643865543},{"$f":"-I105*'Inputs - forecast'!I35","v":-59.044024759392165},{"$f":"-J105*'Inputs - forecast'!J35","v":-57.607081476528435},{"$f":"-K105*'Inputs - forecast'!K35","v":-75.494691166512709},{"$f":"-L105*'Inputs - forecast'!L35","v":-79.18907905014045},{"$f":"-M105*'Inputs - forecast'!M35","v":-79.8407760482188},{"$f":"-N105*'Inputs - forecast'!N35","v":-73.753396168536369},{"$f":"-O105*'Inputs - forecast'!O35","v":-45.907525851977304}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},{"$f":"IF(G106>0,G106+F107,0)","v":0},{"$f":"IF(H106>0,H106+G107,0)","v":0},{"$f":"IF(I106>0,I106+H107,0)","v":0},{"$f":"IF(J106>0,J106+I107,0)","v":0},{"$f":"IF(K106>0,K106+J107,0)","v":0},{"$f":"IF(L106>0,L106+K107,0)","v":0},0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-55.984454098744202},-57.82794347034811,-58.953940643865543,-59.044024759392165,-57.607081476528435,-75.494691166512709,-79.18907905014045,-79.8407760482188,-73.753396168536369,-45.907525851977304]
[]
["Tax adjustment",null,null,null,"NPV"]
[null,"Tax",null,null,null,{"$f":"F108","v":-55.984454098744202},-57.82794347034811,-58.953940643865543,-59.044024759392165,-57.607081476528435,-75.494691166512709,-79.18907905014045,-79.8407760482188,-73.753396168536369,-45.907525851977304]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-400.98787950701075},{"$f":"F111/'Inputs - actual'!F$32","v":-51.219531236910441},{"$f":"G111/'Inputs - actual'!G32","v":-48.40319741414239},{"$f":"H111/'Inputs - actual'!H32","v":-45.145793931099178},{"$f":"I111/'Inputs - actual'!I32","v":-41.366479371542319},{"$f":"J111/'Inputs - actual'!J32","v":-36.924670771706808},{"$f":"K111/'Inputs - actual'!K32","v":-44.271610709989012},{"$f":"L111/'Inputs - actual'!L32","v":-42.485658513732879},{"$f":"M111/'Inputs - actual'!M32","v":-39.189521707065005},{"$f":"N111/'Inputs - actual'!N32","v":-33.120385917127635},{"$f":"O111/'Inputs - actual'!O32","v":-18.861029933695061}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$10/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-53.007395275214812},{"$f":"G$10/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-51.661439202758693},{"$f":"H$10/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-49.352284290313719},{"$f":"I$10/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-45.718165729196379},{"$f":"J$10/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-40.209447844133692},{"$f":"K$10/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-74.240025116453481},{"$f":"L$10/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-73.780841028208727},{"$f":"M$10/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-69.933517114464479},{"$f":"N$10/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-58.787252440932313},{"$f":"O$10/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-24.664320532150374}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F115:O115)","v":-341.31351723577728},{"$f":"F114/'Inputs - actual'!F$32","v":-48.495854461623217},{"$f":"G114/'Inputs - actual'!G$32","v":-43.241704448854243},{"$f":"H114/'Inputs - actual'!H$32","v":-37.793030156523827},{"$f":"I114/'Inputs - actual'!I$32","v":-32.030329355905245},{"$f":"J114/'Inputs - actual'!J$32","v":-25.773231094196131},{"$f":"K114/'Inputs - actual'!K$32","v":-43.53584921363759},{"$f":"L114/'Inputs - actual'!L$32","v":-39.584089806066871},{"$f":"M114/'Inputs - actual'!M$32","v":-34.326583766589657},{"$f":"N114/'Inputs - actual'!N$32","v":-26.399550244465999},{"$f":"O114/'Inputs - actual'!O$32","v":-10.133294687914471}]
[null,"Difference",null,null,{"$f":"E115-E112","v":59.674362271233463}]
[]
["Real revenue",null,null,null,null,{"$f":"F80/'Inputs - actual'!F$14","v":634.70902754674898},{"$f":"G80/'Inputs - actual'!G$14","v":634.70902754674898},{"$f":"H80/'Inputs - actual'!H$14","v":634.7090275467491},{"$f":"I80/'Inputs - actual'!I$14","v":634.7090275467491},{"$f":"J80/'Inputs - actual'!J$14","v":634.70902754674898},{"$f":"K80/'Inputs - actual'!K$14","v":692.42459142449275},{"$f":"L80/'Inputs - actual'!L$14","v":692.42459142449275},{"$f":"M80/'Inputs - actual'!M$14","v":692.42459142449275},{"$f":"N80/'Inputs - actual'!N$14","v":692.42459142449275},{"$f":"O80/'Inputs - actual'!O$14","v":692.42459142449275}]

{"sheet":"TP with wash-up (incl. CoD adj)","index":9,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model washes up revenue for inflation annually and RAB is washed up after Y5 (i.e. 2 regulatory periods). RAB is not indexed. An adjustment is made to actual revenue for the overcompensation for inflation on fixed cost of debt."]
[]
["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":"K59","v":647.403208097684},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":660.35127225963765},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":673.55829770483047},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":687.02946365892706},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":700.77005293210561},{"$f":"P66","v":901.4033142458095},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":919.43138053072573},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":937.82000814134028},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":956.5764083041671},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":975.7079364702505}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-61.5},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-59.531999999999996},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-57.182973333333337},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-54.386054466666657},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-51.054589970285718},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-54.413961427222596},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-46.199873888965584},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-37.371984258855427},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-27.691176591544167},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-16.677639123125438}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-123.90000000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-119.93520000000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-115.20277066666669},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-109.56800241333335},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-102.85632028160002},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-109.62422472898993},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-93.075843493379466},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-75.29087560442585},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-55.787589913696308},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-33.59934125780881}]
[null,"Revaluation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Asset base not indexed and therefore no revaluation gains."]
[null,"Tax",null,null,null,{"$f":"F50","v":-51.492898267351528},{"$f":"G50","v":-48.751529566031877},-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-300},{"$f":"G33","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-530.86791636314729,-563.41309620689731,-607.67454079439733,-675.39455101327235,-813.54337185977738]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":8.51030983033246},{"$f":"SUM(G6:G12)","v":5.4258760269390791},1.1332868808111698,-4.8776278863344373,-13.411141190918329,4.19761080975195,14.33321095154713,17.933736744642601,7.2030684211779317,-50.360729695766395]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":8.0149838296595028},{"$f":"G13/'Inputs - forecast'!G$42","v":4.8126516156838672},{"$f":"H13/'Inputs - forecast'!H$42","v":0.94669852025171264},{"$f":"I13/'Inputs - forecast'!I$42","v":-3.8374062711151797},{"$f":"J13/'Inputs - forecast'!J$42","v":-9.9369276944805112},{"$f":"K13/'Inputs - forecast'!K$42","v":2.9291785390009792},{"$f":"L13/'Inputs - forecast'!L$42","v":9.4198599441471202},{"$f":"M13/'Inputs - forecast'!M$42","v":11.100154464715118},{"$f":"N13/'Inputs - forecast'!N$42","v":4.1988760164316172},{"$f":"O13/'Inputs - forecast'!O$42","v":-27.648068964302375}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":-8.1499251791683491E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F6","v":647.403208097684},660.35127225963765,673.55829770483047,687.02946365892706,700.77005293210561,901.4033142458095,919.43138053072573,937.82000814134028,956.5764083041671,975.7079364702505]
[null,"Opex",null,null,null,{"$f":"F11","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Tax",null,null,null,{"$f":"F10","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[null,"Capex",null,null,null,{"$f":"-F32","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":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(K31-J34)","v":-358.13358498526031},null,null,null,null,{"$f":"O34","v":0},null,"RAB washed up for inflation at reset"]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":289.91030983033249},299.47974269360583,309.954097547478,321.58689223176077,{"$f":"SUM(J18:J23)","v":-23.372009326197599},568.92299395411169,584.23769077828945,602.83111696457115,627.92756509318565,813.4596225449452]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E42","v":-3000},{"$f":"F24/'Inputs - forecast'!F42","v":273.03664515947679},{"$f":"G24/'Inputs - forecast'!G42","v":265.63298910315365},{"$f":"H24/'Inputs - forecast'!H42","v":258.9221586012913},{"$f":"I24/'Inputs - forecast'!I42","v":253.00403920029299},{"$f":"J24/'Inputs - forecast'!J42","v":-17.317390328156456},{"$f":"K24/'Inputs - forecast'!K42","v":397.00608268946331},{"$f":"L24/'Inputs - forecast'!L42","v":383.9640147506081},{"$f":"M24/'Inputs - forecast'!M42","v":373.12460920574529},{"$f":"N24/'Inputs - forecast'!N42","v":366.0370607301428},{"$f":"O24/'Inputs - forecast'!O42","v":446.58979088797258}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":-9.6065377874765545E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,{"$f":"'Inputs - forecast'!D15","v":10},{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34","v":3000},{"$f":"F34","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,{"$f":"J36","v":2654.3395818157364},2253.6523848275892,1823.0236223831919,1350.7891020265447,813.54337185977738,null,"RAB not indexed, washed up for inflation at reset"]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F$11","v":204},{"$f":"'Inputs - forecast'!G$11","v":208.07999999999998},{"$f":"'Inputs - forecast'!H$11","v":212.24159999999998},{"$f":"'Inputs - forecast'!I$11","v":216.48643200000001},{"$f":"'Inputs - forecast'!J$11","v":220.81616063999999},{"$f":"'Inputs - forecast'!K$11","v":130.18071937500005},{"$f":"'Inputs - forecast'!L$11","v":132.78433376250004},{"$f":"'Inputs - forecast'!M$11","v":135.44002043775006},{"$f":"'Inputs - forecast'!N$11","v":138.14882084650506},{"$f":"'Inputs - forecast'!O$11","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-530.86791636314729,-563.41309620689731,-607.67454079439733,-675.39455101327235,-813.54337185977738]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2904},{"$f":"SUM(G31:G33)","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,2253.6523848275892,1823.0236223831919,1350.7891020265447,813.54337185977738,0]
[]
[null,"RAB inflation wash-up for actual inflation",null,null,null,null,null,null,null,{"$f":"J34/'Inputs - forecast'!J18*'Inputs - actual'!J14","v":2654.3395818157364}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F41","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,{"$f":"F11","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F34*F31","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-59.532000000000004},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-57.182973333333337},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-54.386054466666664},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-51.054589970285718},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-54.413961427222603},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-46.199873888965584},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-37.371984258855434},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-27.691176591544167},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-16.677639123125438}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":183.903208097684},{"$f":"SUM(G45:G48)","v":174.11260559297097},161.57785770483048,145.40329795416517,124.22941540372463,257.56743407749161,248.66079366941486,228.96017964738957,186.9685768498976,76.2018452209646]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!E35","v":-51.492898267351528},{"$f":"-G49*'Inputs - forecast'!F35","v":-48.751529566031877},{"$f":"-H49*'Inputs - forecast'!G35","v":-45.241800157352536},{"$f":"-I49*'Inputs - forecast'!H35","v":-40.712923427166253},{"$f":"-J49*'Inputs - forecast'!I35","v":-34.784236313042896},{"$f":"-K49*'Inputs - forecast'!J35","v":-72.118881541697661},{"$f":"-L49*'Inputs - forecast'!K35","v":-69.625022227436162},{"$f":"-M49*'Inputs - forecast'!L35","v":-64.108850301269086},{"$f":"-N49*'Inputs - forecast'!M35","v":-52.351201517971333},{"$f":"-O49*'Inputs - forecast'!N35","v":-21.336516661870089}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-51.492898267351528},-48.751529566031877,-45.241800157352536,-40.712923427166253,-34.784236313042896,-72.118881541697661,-69.625022227436162,-64.108850301269086,-52.351201517971333,-21.336516661870089]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":609.7223658859333},{"$f":"G6/'Inputs - forecast'!G$42","v":585.7193569444828},{"$f":"H6/'Inputs - forecast'!H$42","v":562.66127715518223},{"$f":"I6/'Inputs - forecast'!I$42","v":540.51092738584077},{"$f":"J6/'Inputs - forecast'!J$42","v":519.23257292668825},{"$f":"SUM(F56:J56)","v":2817.846500298127}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-601.70738205627379},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-580.90670532879892},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-561.71457863493038},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-544.3483336569559},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-529.16950062116871},{"$f":"SUM(F57:J57)","v":-2817.8465002981275}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,647.403208097684]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":629.01763949602764},{"$f":"L6/'Inputs - forecast'!L$42","v":604.25503134860446},{"$f":"M6/'Inputs - forecast'!M$42","v":580.46725558068988},{"$f":"N6/'Inputs - forecast'!N$42","v":557.61593585637934},{"$f":"O6/'Inputs - forecast'!O$42","v":535.66420660529946},{"$f":"SUM(K63:O63)","v":2907.0200688870009}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-626.08846095702665},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-594.83517140445736},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-569.36710111597483},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-553.41705983994768},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-563.31227556960187},{"$f":"SUM(K64:O64)","v":-2907.0200688870086}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":-7.73070496506989E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,901.4033142458095]
[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F$6/'Inputs - forecast'!F$18*'Inputs - actual'!F$14+F92","v":628.45918480643911},{"$f":"G$6/'Inputs - forecast'!G$18*'Inputs - actual'!G$14+G92","v":662.92096757617298},{"$f":"H$6/'Inputs - forecast'!H$18*'Inputs - actual'!H$14+H92","v":699.21135419027587},{"$f":"I$6/'Inputs - forecast'!I$18*'Inputs - actual'!I$14+I92","v":737.46055149537801},{"$f":"J$6/'Inputs - forecast'!J$18*'Inputs - actual'!J$14+J92","v":777.81884850948518},{"$f":"K$6/'Inputs - forecast'!K$21*'Inputs - actual'!K$14+K92","v":897.80936364366403},{"$f":"L$6/'Inputs - forecast'!L$21*'Inputs - actual'!L$14+L92","v":948.52948745381138},{"$f":"M$6/'Inputs - forecast'!M$21*'Inputs - actual'!M$14+M92","v":1001.908758718732},{"$f":"N$6/'Inputs - forecast'!N$21*'Inputs - actual'!N$14+N92","v":1058.2286045984081},{"$f":"O$6/'Inputs - forecast'!O$21*'Inputs - actual'!O$14+O92","v":1117.9478403767887},null,"Revenue wash-up with adjustment for the overcompensation for inflation on fixed cost of debt."]
[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F96-F92","v":-172.01470588235276},{"$f":"-G96-G92","v":-183.65426470588216},-195.98131617647044,-209.06901158088223,-223.00773159926462,{"$f":"-K96-K92","v":-103.90375127665433},{"$f":"-L96-L92","v":-114.92859446845117},-126.62782108410381,-139.18362008204841,9.9388560431332387]
[null,"Tax",null,null,{"$f":"E116","v":6.355890754538791},{"$f":"F108","v":-45.348571745802957},{"$f":"G108","v":-47.511137587995108},-49.001709173277249,-49.514998002039178,-48.577478824322519,-67.065063586475901,-71.97027366693176,-73.927813525674082,-69.287619744111467,-43.124646159899996]
[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":9.3029411764106174E-2},{"$f":"-E34+SUM(E70:E73)","v":-2993.6441092454611},{"$f":"SUM(F70:F73)","v":306.09590717828337},321.50556528229572,338.46582884052816,357.32591691245648,378.60548183589799,592.83098471803373,620.92057705280342,653.60757973004775,694.62454317439665,921.87258758227779]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":4.0980392156687806E-2},{"$f":"E74","v":-2993.6441092454611},{"$f":"F74/'Inputs - actual'!F$14","v":291.51991159836513},{"$f":"G74/'Inputs - actual'!G$14","v":291.61502519936118},{"$f":"H74/'Inputs - actual'!H$14","v":292.37950877056744},{"$f":"I74/'Inputs - actual'!I$14","v":293.97291615115631},{"$f":"J74/'Inputs - actual'!J$14","v":296.64730178682487},{"$f":"K74/'Inputs - actual'!K$14","v":442.37960839984993},{"$f":"L74/'Inputs - actual'!L$14","v":441.27666160504884},{"$f":"M74/'Inputs - actual'!M$14","v":442.38733728159968},{"$f":"N74/'Inputs - actual'!N$14","v":447.76117395393021},{"$f":"O74/'Inputs - actual'!O$14","v":565.94979959267459}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":-1.7497114868092467E-13}]
[]
["Actual return (building blocks) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F70","v":628.45918480643911},{"$f":"G70","v":662.92096757617298},699.21135419027587,737.46055149537801,777.81884850948518,897.80936364366403,948.52948745381138,1001.908758718732,1058.2286045984081,1117.9478403767887]
[null,"Opex",null,null,null,{"$f":"F71","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-41.741391671614586},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.190599620156256},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-25.822516739871755},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-16.091481212691839},null,"Assumes fixed cost of debt"]
[null,"Return on equity",null,null,null,{"$f":"-F95*'Inputs - actual'!F$21*(1-'Inputs - actual'!F$24)","v":-179.60294117647075},{"$f":"-G95*'Inputs - actual'!G$21*(1-'Inputs - actual'!G$24)","v":-174.21485294117664},{"$f":"-H95*'Inputs - actual'!H$21*(1-'Inputs - actual'!H$24)","v":-168.05846323529425},{"$f":"-I95*'Inputs - actual'!I$21*(1-'Inputs - actual'!I$24)","v":-160.9120123161766},{"$f":"-J95*'Inputs - actual'!J$21*(1-'Inputs - actual'!J$24)","v":-152.47848181985307},{"$f":"-K95*'Inputs - actual'!K$21*(1-'Inputs - actual'!K$24)","v":-142.34699634283103},{"$f":"-L95*'Inputs - actual'!L$21*(1-'Inputs - actual'!L$24)","v":-121.90043435806538},{"$f":"-M95*'Inputs - actual'!M$21*(1-'Inputs - actual'!M$24)","v":-99.849304916539637},{"$f":"-N95*'Inputs - actual'!N$21*(1-'Inputs - actual'!N$24)","v":-75.411381383083224},{"$f":"-O95*'Inputs - actual'!O$21*(1-'Inputs - actual'!O$24)","v":-46.993127702201242}]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},{"$f":"H97","v":-350.89583333333331},-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,{"$f":"E73","v":6.355890754538791},{"$f":"F108","v":-45.348571745802957},{"$f":"G108","v":-47.511137587995108},-49.001709173277249,-49.514998002039178,-48.577478824322519,-67.065063586475901,-71.97027366693176,-73.927813525674082,-69.287619744111467,-43.124646159899996]
[null,"Nominal return",null,null,null,{"$f":"SUM(F80:F85)","v":-62.992328115834567},-52.043356286332084,-42.054068218295669,-33.58773173950452,-27.56496484302388,30.106024308106953,63.165983642616297,90.250787006622318,102.75678367320334,63.898819566113005]
[null,"Present value",null,{"$f":"SUM(E87:O87)","v":-8.8782314833224518E-12},{"$f":"E85","v":6.355890754538791},{"$f":"F86/'Inputs - actual'!F$32","v":-57.630954334644009},{"$f":"G86/'Inputs - actual'!G$32","v":-43.56137703070069},{"$f":"H86/'Inputs - actual'!H$32","v":-32.204196649323023},{"$f":"I86/'Inputs - actual'!I$32","v":-23.531698894189923},{"$f":"J86/'Inputs - actual'!J$32","v":-17.668439809384122},{"$f":"K86/'Inputs - actual'!K$32","v":17.654780324277795},{"$f":"L86/'Inputs - actual'!L$32","v":33.889122627944907},{"$f":"M86/'Inputs - actual'!M$32","v":44.29923344356861},{"$f":"N86/'Inputs - actual'!N$32","v":46.14491681280952},{"$f":"O86/'Inputs - actual'!O$32","v":26.25272275509327}]
[]
[null,"Real return",null,null,null,{"$f":"F86/'Inputs - actual'!F$14","v":-59.992693443651966},{"$f":"G86/'Inputs - actual'!G$14","v":-47.204858309598258},{"$f":"H86/'Inputs - actual'!H$14","v":-36.327885298171395},{"$f":"I86/'Inputs - actual'!I$14","v":-27.632710024736205},{"$f":"J86/'Inputs - actual'!J$14","v":-21.597871232292341},{"$f":"K86/'Inputs - actual'!K$14","v":22.465578870225976},{"$f":"L86/'Inputs - actual'!L$14","v":44.890885274112037},{"$f":"M86/'Inputs - actual'!M$14","v":61.085285100149164},{"$f":"N86/'Inputs - actual'!N$14","v":66.23793895761024},{"$f":"O86/'Inputs - actual'!O$14","v":39.228332217246354}]
[null,"Present value",null,{"$f":"SUM(E90:O90)","v":-8.8959950517164543E-12},{"$f":"E87","v":6.355890754538791},{"$f":"F89/'Inputs - actual'!F$36","v":-57.630954334644002},{"$f":"G89/'Inputs - actual'!G$36","v":-43.561377030700683},{"$f":"H89/'Inputs - actual'!H$36","v":-32.204196649323016},{"$f":"I89/'Inputs - actual'!I$36","v":-23.531698894189912},{"$f":"J89/'Inputs - actual'!J$36","v":-17.668439809384111},{"$f":"K89/'Inputs - actual'!K$36","v":17.654780324277784},{"$f":"L89/'Inputs - actual'!L$36","v":33.889122627944893},{"$f":"M89/'Inputs - actual'!M$36","v":44.299233443568582},{"$f":"N89/'Inputs - actual'!N$36","v":46.144916812809491},{"$f":"O89/'Inputs - actual'!O$36","v":26.252722755093252}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F24*'Inputs - actual'!F22+F82)","v":-37.985294117647257},{"$f":"-(G95*'Inputs - actual'!G24*'Inputs - actual'!G22+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H24*'Inputs - actual'!H22+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I24*'Inputs - actual'!I22+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J24*'Inputs - actual'!J22+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K24*'Inputs - actual'!K22+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L24*'Inputs - actual'!L22+L82)","v":-25.781447797173847},{"$f":"-(M95*'Inputs - actual'!M24*'Inputs - actual'!M22+M82)","v":-21.117723294802502},{"$f":"-(N95*'Inputs - actual'!N24*'Inputs - actual'!N22+N82)","v":-15.949201515803221},{"$f":"-(O95*'Inputs - actual'!O24*'Inputs - actual'!O22+O82)","v":-9.9388560431332387}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"F31","v":3000},{"$f":"F98","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$32/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":210},{"$f":"G$32/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":220.5},{"$f":"H$32/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":231.52500000000003},{"$f":"I$32/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":243.10125000000005},{"$f":"J$32/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":255.25631250000006},{"$f":"K$32/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":134.00956406250006},{"$f":"L$32/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":140.71004226562502},{"$f":"M$32/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":147.74554437890632},{"$f":"N$32/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":155.13282159785163},{"$f":"O$32/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F95/F29","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,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F80","v":628.45918480643911},{"$f":"G80","v":662.92096757617298},699.21135419027587,737.46055149537801,777.81884850948518,897.80936364366403,948.52948745381138,1001.908758718732,1058.2286045984081,1117.9478403767887]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-41.741391671614586,-34.190599620156256,-25.822516739871755,-16.091481212691839]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":161.95918480643911},{"$f":"SUM(G101:G104)","v":169.68263424283967},175.00610419027586,176.83927857871134,173.49099580115183,239.51808423741392,257.03669166761341,264.02790544883601,247.45578480039805,154.01659342821426]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-45.348571745802957},{"$f":"-G105*'Inputs - forecast'!G35","v":-47.511137587995108},{"$f":"-H105*'Inputs - forecast'!H35","v":-49.001709173277249},{"$f":"-I105*'Inputs - forecast'!I35","v":-49.514998002039178},{"$f":"-J105*'Inputs - forecast'!J35","v":-48.577478824322519},{"$f":"-K105*'Inputs - forecast'!K35","v":-67.065063586475901},{"$f":"-L105*'Inputs - forecast'!L35","v":-71.97027366693176},{"$f":"-M105*'Inputs - forecast'!M35","v":-73.927813525674082},{"$f":"-N105*'Inputs - forecast'!N35","v":-69.287619744111467},{"$f":"-O105*'Inputs - forecast'!O35","v":-43.124646159899996}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-45.348571745802957},-47.511137587995108,-49.001709173277249,-49.514998002039178,-48.577478824322519,-67.065063586475901,-71.97027366693176,-73.927813525674082,-69.287619744111467,-43.124646159899996]
[]
["Tax adjustment",null,null,null,"NPV"]
[null,"Tax",null,null,null,{"$f":"F108","v":-45.348571745802957},-47.511137587995108,-49.001709173277249,-49.514998002039178,-48.577478824322519,-67.065063586475901,-71.97027366693176,-73.927813525674082,-69.287619744111467,-43.124646159899996]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-347.66940799031607},{"$f":"F111/'Inputs - actual'!F$32","v":-41.488885164203658},{"$f":"G111/'Inputs - actual'!G32","v":-39.767815246990388},{"$f":"H111/'Inputs - actual'!H32","v":-37.524566474228038},{"$f":"I111/'Inputs - actual'!I32","v":-34.690405198156732},{"$f":"J111/'Inputs - actual'!J32","v":-31.136925644089445},{"$f":"K111/'Inputs - actual'!K32","v":-39.328306950649782},{"$f":"L111/'Inputs - actual'!L32","v":-38.61270400956559},{"$f":"M111/'Inputs - actual'!M32","v":-36.287167990082345},{"$f":"N111/'Inputs - actual'!N32","v":-31.114942828668728},{"$f":"O111/'Inputs - actual'!O32","v":-17.717688483681339}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$10/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-53.007395275214812},{"$f":"G$10/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-51.661439202758693},{"$f":"H$10/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-49.352284290313719},{"$f":"I$10/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-45.718165729196379},{"$f":"J$10/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-40.209447844133692},{"$f":"K$10/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-74.240025116453481},{"$f":"L$10/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-73.780841028208727},{"$f":"M$10/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-69.933517114464479},{"$f":"N$10/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-58.787252440932313},{"$f":"O$10/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-24.664320532150374}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F115:O115)","v":-341.31351723577728},{"$f":"F114/'Inputs - actual'!F$32","v":-48.495854461623217},{"$f":"G114/'Inputs - actual'!G$32","v":-43.241704448854243},{"$f":"H114/'Inputs - actual'!H$32","v":-37.793030156523827},{"$f":"I114/'Inputs - actual'!I$32","v":-32.030329355905245},{"$f":"J114/'Inputs - actual'!J$32","v":-25.773231094196131},{"$f":"K114/'Inputs - actual'!K$32","v":-43.53584921363759},{"$f":"L114/'Inputs - actual'!L$32","v":-39.584089806066871},{"$f":"M114/'Inputs - actual'!M$32","v":-34.326583766589657},{"$f":"N114/'Inputs - actual'!N$32","v":-26.399550244465999},{"$f":"O114/'Inputs - actual'!O$32","v":-10.133294687914471}]
[null,"Difference",null,null,{"$f":"E115-E112","v":6.355890754538791}]
[]
["Real revenue",null,null,null,null,{"$f":"F80/'Inputs - actual'!F$14","v":598.5325569585134},{"$f":"G80/'Inputs - actual'!G$14","v":601.28885947952199},{"$f":"H80/'Inputs - actual'!H$14","v":604.00505706966919},{"$f":"I80/'Inputs - actual'!I$14","v":606.7106207766335},{"$f":"J80/'Inputs - actual'!J$14","v":609.44142057954787},{"$f":"K80/'Inputs - actual'!K$14","v":669.95917039543485},{"$f":"L80/'Inputs - actual'!L$14","v":674.10219781131696},{"$f":"M80/'Inputs - actual'!M$14","v":678.13128506214025},{"$f":"N80/'Inputs - actual'!N$14","v":682.14359392085157},{"$f":"O80/'Inputs - actual'!O$14","v":686.32299597457961}]

{"sheet":"EDB & GDB current","index":10,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model washes-up revenue, except for the first year of a regulatory period, and the RAB is indexed (similar to the GDBs and EDBs, except that it has no revenue wash-up lag/ lagged  in CPI index used). No adjustment is made to revenue wash-up for the overcompensation for inflation on fixed cost of debt."]
[]
["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":"K59","v":602.99053129505808},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":615.05034192095923},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":627.35134875937842},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":639.898375734566},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":652.69634324925732},{"$f":"P66","v":967.27805607820653},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":986.62361719977071},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":1006.3560895437662},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":1026.4832113346415},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":1047.0128755613343}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-62.73},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-61.851779999999998},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-60.429900000000004},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-58.371657606000014},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-55.560237657222856},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-59.929365731484395},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-51.62444127902252},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-42.269217997426097},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-31.575119065603104},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-18.992002567358004}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-126.37800000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-124.60870800000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-121.74414000000004},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-117.59753459160004},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-111.93355196308804},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-120.73574657123444},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-104.00436218651855},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-85.157009916765773},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-63.612313044361393},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-38.261936879604185}]
[null,"Revaluation",null,null,null,{"$f":"('Inputs - forecast'!F37-'Inputs - forecast'!F38)*F31","v":63.707999999999927},{"$f":"('Inputs - forecast'!G37-'Inputs - forecast'!G38)*G31","v":62.816087999999922},{"$f":"('Inputs - forecast'!H37-'Inputs - forecast'!H38)*H31","v":61.372039999999934},{"$f":"('Inputs - forecast'!I37-'Inputs - forecast'!I38)*I31","v":59.281708317599936},{"$f":"('Inputs - forecast'!J37-'Inputs - forecast'!J38)*J31","v":56.426456570482223},{"$f":"('Inputs - forecast'!K37-'Inputs - forecast'!K38)*K31","v":60.863702088656197},{"$f":"('Inputs - forecast'!L37-'Inputs - forecast'!L38)*L31","v":52.429298660990952},{"$f":"('Inputs - forecast'!M37-'Inputs - forecast'!M38)*M31","v":42.928221587438529},{"$f":"('Inputs - forecast'!N37-'Inputs - forecast'!N38)*N31","v":32.067394953474263},{"$f":"('Inputs - forecast'!O37-'Inputs - forecast'!O38)*O31","v":19.288099785768249},null,"RAB indexation is performed on opening RAB. The corresponding revenue offsets are therefore adjusted to year-end values for building blocks."]
[null,"Tax",null,null,null,{"$f":"F50","v":-38.712948762616257},{"$f":"G50","v":-35.417730671201923},-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-306},{"$f":"G33","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":30.877582532441693},16.708211249757255,0.55883377341905316,-18.203707217623105,-40.550335615788697,43.599691595818058,34.153451945917595,17.185977450388918,-15.748104400733723,-98.957788833502832]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":29.080413008515436},{"$f":"G13/'Inputs - forecast'!G$42","v":14.819874148819078},{"$f":"H13/'Inputs - forecast'!H$42","v":0.46682540433524106},{"$f":"I13/'Inputs - forecast'!I$42","v":-14.321514855645942},{"$f":"J13/'Inputs - forecast'!J$42","v":-30.045597706023283},{"$f":"K13/'Inputs - forecast'!K$42","v":30.424755108985071},{"$f":"L13/'Inputs - forecast'!L$42","v":22.445824248820955},{"$f":"M13/'Inputs - forecast'!M$42","v":10.637326009785232},{"$f":"N13/'Inputs - forecast'!N$42","v":-9.1800235685792071},{"$f":"O13/'Inputs - forecast'!O$42","v":-54.327881799011358}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":1.2221335055073723E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F6","v":602.99053129505808},{"$f":"G6","v":615.05034192095923},627.35134875937842,639.898375734566,652.69634324925732,967.27805607820653,986.62361719977071,1006.3560895437662,1026.4832113346415,1047.0128755613343]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$10","v":-102},{"$f":"-'Inputs - forecast'!G$10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$10","v":-108.243216},{"$f":"-'Inputs - forecast'!J$10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$10","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F10","v":-38.712948762616257},{"$f":"G10","v":-35.417730671201923},-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$11","v":-204},{"$f":"-'Inputs - forecast'!G$11","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$11","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$11","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$11","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$11","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$11","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$11","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$11","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$11","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J36-J34)","v":-386.70003844392932},null,null,null,null,{"$f":"O34","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":258.27758253244184},267.51261124975736,277.59423377341909,288.76847780523417,-85.289952404174983,617.89712127863083,634.13498004921769,653.54832102111754,679.34796716786377,865.44720045491079]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E$42","v":-3000},{"$f":"F24/'Inputs - forecast'!F$42","v":243.24503911512699},{"$f":"G24/'Inputs - forecast'!G$42","v":237.27873514892056},{"$f":"H24/'Inputs - forecast'!H$42","v":231.89013725774498},{"$f":"I24/'Inputs - forecast'!I$42","v":227.18460560199676},{"$f":"J24/'Inputs - forecast'!J$42","v":-63.195225375741273},{"$f":"K24/'Inputs - forecast'!K$42","v":431.18122879686535},{"$f":"L24/'Inputs - forecast'!L$42","v":416.75676985019061},{"$f":"M24/'Inputs - forecast'!M$42","v":404.51621526432751},{"$f":"N24/'Inputs - forecast'!N$42","v":396.01149390251692},{"$f":"O24/'Inputs - forecast'!O$42","v":475.1310004380519}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":0}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34*(1+'Inputs - forecast'!F$19)","v":3060},{"$f":"F34*(1+'Inputs - forecast'!G$19)","v":3017.16},{"$f":"G34*(1+'Inputs - forecast'!H$19)","v":2947.8},{"$f":"H34*(1+'Inputs - forecast'!I$19)","v":2847.3979320000003},{"$f":"I34*(1+'Inputs - forecast'!J$19)","v":2710.2554954742859},{"$f":"J36*(1+'Inputs - forecast'!K$19)","v":2923.3836942187509},{"$f":"K34*(1+'Inputs - forecast'!L$19)","v":2518.2654282450007},{"$f":"L34*(1+'Inputs - forecast'!M$19)","v":2061.9130730451757},{"$f":"M34*(1+'Inputs - forecast'!N$19)","v":1540.2497105172247},{"$f":"N34*(1+'Inputs - forecast'!O$19)","v":926.43914962721976},null,"Opening RAB balance indexed"]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500008,2021.4834049462506,1510.0487358012006,908.27367610511737,0]
[null,null,null,null,null,{"$f":"F31-E34","v":60},{"$f":"G31-F34","v":59.159999999999854},{"$f":"H31-G34","v":57.800000000000182},{"$f":"I31-H34","v":55.831332000000202},{"$f":"J31-I34","v":53.1422646171427},{"$f":"K31-J34+J23","v":57.321248906250275},{"$f":"L31-K34","v":49.377753494999979},{"$f":"M31-L34","v":40.429668098925049},{"$f":"N31-M34","v":30.20097471602412},{"$f":"O31-N34","v":18.165473522102388}]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J34/'Inputs - forecast'!J18*'Inputs - actual'!J14","v":2866.0624453125006}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F6","v":602.99053129505808},615.05034192095923,627.35134875937842,639.898375734566,652.69634324925732,967.27805607820653,986.62361719977071,1006.3560895437662,1026.4832113346415,1047.0128755613343]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F11","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$32*'Inputs - forecast'!F34*F31","v":-62.730000000000004},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-61.851779999999998},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-60.429900000000004},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-58.371657606000007},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-55.560237657222864},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-59.929365731484395},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-51.62444127902252},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-42.269217997426104},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-31.575119065603108},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-18.992002567358007}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":138.26053129505806},{"$f":"SUM(G45:G48)","v":126.49189525429256},112.12398209271177,94.286606890470779,71.650058033939217,317.92677160562687,310.42846294840291,292.59902731124481,252.99143740631311,145.19242086781585]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!E35","v":-38.712948762616257},{"$f":"-G49*'Inputs - forecast'!F35","v":-35.417730671201923},{"$f":"-H49*'Inputs - forecast'!G35","v":-31.3947149859593},{"$f":"-I49*'Inputs - forecast'!H35","v":-26.400249929331821},{"$f":"-J49*'Inputs - forecast'!I35","v":-20.062016249502982},{"$f":"-K49*'Inputs - forecast'!J35","v":-89.019496049575537},{"$f":"-L49*'Inputs - forecast'!K35","v":-86.919969625552824},{"$f":"-M49*'Inputs - forecast'!L35","v":-81.927727647148558},{"$f":"-N49*'Inputs - forecast'!M35","v":-70.837602473767674},{"$f":"-O49*'Inputs - forecast'!N35","v":-40.653877842988443}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-38.712948762616257},-35.417730671201923,-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":567.89464239504434},{"$f":"G6/'Inputs - forecast'!G$42","v":545.53827014781041},{"$f":"H6/'Inputs - forecast'!H$42","v":524.06200372081992},{"$f":"I6/'Inputs - forecast'!I$42","v":503.43119588927885},{"$f":"J6/'Inputs - forecast'!J$42","v":483.61256338958782},{"$f":"SUM(F56:J56)","v":2624.5386755425416}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-538.81422938652884},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-530.71839599899147},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-523.59517831648475},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-517.75271074492491},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-513.65816109561104},{"$f":"SUM(F57:J57)","v":-2624.5386755425411}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,602.99053129505808]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":674.98637952056788},{"$f":"L6/'Inputs - forecast'!L$42","v":648.4141148153883},{"$f":"M6/'Inputs - forecast'!M$42","v":622.88792344292335},{"$f":"N6/'Inputs - forecast'!N$42","v":598.36662451665256},{"$f":"O6/'Inputs - forecast'!O$42","v":574.81065832264608},{"$f":"SUM(K63:O63)","v":3119.4657006181787}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-644.56162441158278},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-625.96829056656736},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-612.25059743313807},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-607.54664808523194},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-629.13854012165757},{"$f":"SUM(K64:O64)","v":-3119.4657006181778}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.27805607820653]
[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F$6","v":602.99053129505808},{"$f":"G$6/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":651.76182426745243},{"$f":"H$6/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":684.3499154808253},{"$f":"I$6/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":718.56741125486644},{"$f":"J$6/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":754.4957818176099},{"$f":"K$6","v":967.27805607820653},{"$f":"L$6/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":1045.5137812021792},{"$f":"M$6/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":1097.7894702622882},{"$f":"N$6/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":1152.6789437754026},{"$f":"O$6/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":1210.3128909641725},null,"Revenue wash-up, except for year 1 of each regulatory period, with no adjustment for the overcompensation for inflation on fixed cost of debt."]
[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F96-F92","v":-172.01470588235276},{"$f":"-G96-G92","v":-183.65426470588216},-195.98131617647044,-209.06901158088223,-223.00773159926462,-103.90375127665433,-114.92859446845117,-126.62782108410383,-139.18362008204841,9.9388560431332422]
[null,"Tax",null,null,{"$f":"E116","v":57.318726805067172},{"$f":"F108","v":-38.217348762616268},{"$f":"G108","v":-44.386577461553358},-44.840506334631087,-44.22491873469594,-42.047020150597433,-86.516297468147812,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":0.10268119327614267},{"$f":"-E34+SUM(E70:E73)","v":-2942.6812731949331},{"$f":"SUM(F70:F73)","v":287.75847665008905},313.4709821000169,327.76559296972374,343.72285593928825,361.8128738177478,642.84844327090423,690.74926855162823,722.64169204140819,762.62878738183269,988.37542400519408]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":5.0172565024892535E-2},{"$f":"E74","v":-2942.6812731949331},{"$f":"F74/'Inputs - actual'!F$14","v":274.05569204770387},{"$f":"G74/'Inputs - actual'!G$14","v":284.32742140591102},{"$f":"H74/'Inputs - actual'!H$14","v":283.13624271221141},{"$f":"I74/'Inputs - actual'!I$14","v":282.78164422378592},{"$f":"J74/'Inputs - actual'!J$14","v":283.48985400135615},{"$f":"K74/'Inputs - actual'!K$14","v":479.70340607263626},{"$f":"L74/'Inputs - actual'!L$14","v":490.90260896067957},{"$f":"M74/'Inputs - actual'!M$14","v":489.11234181663758},{"$f":"N74/'Inputs - actual'!N$14","v":491.597316110696},{"$f":"O74/'Inputs - actual'!O$14","v":606.77677227075606}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":9.1921728680297576E-3},"Overcompensation for inflation on fixed cost of debt, despite not having a wash-up in year 1."]
[]
["Actual return (building blocks) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F70","v":602.99053129505808},{"$f":"G70","v":651.76182426745243},684.3499154808253,718.56741125486644,754.4957818176099,967.27805607820653,1045.5137812021792,1097.7894702622882,1152.6789437754026,1210.3128909641725]
[null,"Opex",null,null,null,{"$f":"F71","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-41.741391671614586},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.190599620156256},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-25.822516739871755},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-16.091481212691839},null,"Assumes fixed cost of debt"]
[null,"Return on equity",null,null,null,{"$f":"-F95*'Inputs - actual'!F$21*(1-'Inputs - actual'!F$24)","v":-179.60294117647075},{"$f":"-G95*'Inputs - actual'!G$21*(1-'Inputs - actual'!G$24)","v":-174.21485294117664},{"$f":"-H95*'Inputs - actual'!H$21*(1-'Inputs - actual'!H$24)","v":-168.05846323529425},{"$f":"-I95*'Inputs - actual'!I$21*(1-'Inputs - actual'!I$24)","v":-160.9120123161766},{"$f":"-J95*'Inputs - actual'!J$21*(1-'Inputs - actual'!J$24)","v":-152.47848181985307},{"$f":"-K95*'Inputs - actual'!K$21*(1-'Inputs - actual'!K$24)","v":-142.34699634283103},{"$f":"-L95*'Inputs - actual'!L$21*(1-'Inputs - actual'!L$24)","v":-121.90043435806538},{"$f":"-M95*'Inputs - actual'!M$21*(1-'Inputs - actual'!M$24)","v":-99.849304916539637},{"$f":"-N95*'Inputs - actual'!N$21*(1-'Inputs - actual'!N$24)","v":-75.411381383083224},{"$f":"-O95*'Inputs - actual'!O$21*(1-'Inputs - actual'!O$24)","v":-46.993127702201242}]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Tax",null,null,{"$f":"E73","v":57.318726805067172},{"$f":"F108","v":-38.217348762616268},{"$f":"G108","v":-44.386577461553358},-44.840506334631087,-44.22491873469594,-42.047020150597433,-86.516297468147812,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
[null,"Nominal return",null,null,null,{"$f":"SUM(F80:F85)","v":-81.329758644028914},-60.077939468610893,-52.754304089100074,-47.190792712672739,-44.357572861174077,80.123482860977546,132.99467514144109,159.28489931798279,170.76102788063935,130.40165598902936]
[null,"Present value",null,{"$f":"SUM(F87:O87)","v":100.19554878014856},{"$f":"E85","v":57.318726805067172},{"$f":"F86/'Inputs - actual'!F$32","v":-74.407657990393218},{"$f":"G86/'Inputs - actual'!G$32","v":-50.28649109448547},{"$f":"H86/'Inputs - actual'!H$32","v":-40.398231490109488},{"$f":"I86/'Inputs - actual'!I$32","v":-33.062057697294463},{"$f":"J86/'Inputs - actual'!J$32","v":-28.432073490794615},{"$f":"K86/'Inputs - actual'!K$32","v":46.986027588693673},{"$f":"L86/'Inputs - actual'!L$32","v":71.352848397522607},{"$f":"M86/'Inputs - actual'!M$32","v":78.184348003578961},{"$f":"N86/'Inputs - actual'!N$32","v":76.683535088854796},{"$f":"O86/'Inputs - actual'!O$32","v":53.575301464575752}]
[]
[null,"Real return",null,null,null,{"$f":"F86/'Inputs - actual'!F$14","v":-77.456912994313242},{"$f":"G86/'Inputs - actual'!G$14","v":-54.492462103048425},{"$f":"H86/'Inputs - actual'!H$14","v":-45.57115135652743},{"$f":"I86/'Inputs - actual'!I$14","v":-38.823981952106564},{"$f":"J86/'Inputs - actual'!J$14","v":-34.755319017761067},{"$f":"K86/'Inputs - actual'!K$14","v":59.789376543012381},{"$f":"L86/'Inputs - actual'!L$14","v":94.516832629742737},{"$f":"M86/'Inputs - actual'!M$14","v":107.8102896351871},{"$f":"N86/'Inputs - actual'!N$14","v":110.07408111437596},{"$f":"O86/'Inputs - actual'!O$14","v":80.055304895327836}]
[null,"Present value",null,{"$f":"SUM(F90:O90)","v":100.19554878014837},{"$f":"E87","v":57.318726805067172},{"$f":"F89/'Inputs - actual'!F$36","v":-74.407657990393204},{"$f":"G89/'Inputs - actual'!G$36","v":-50.28649109448547},{"$f":"H89/'Inputs - actual'!H$36","v":-40.398231490109474},{"$f":"I89/'Inputs - actual'!I$36","v":-33.062057697294449},{"$f":"J89/'Inputs - actual'!J$36","v":-28.432073490794597},{"$f":"K89/'Inputs - actual'!K$36","v":46.986027588693645},{"$f":"L89/'Inputs - actual'!L$36","v":71.352848397522564},{"$f":"M89/'Inputs - actual'!M$36","v":78.184348003578904},{"$f":"N89/'Inputs - actual'!N$36","v":76.68353508885474},{"$f":"O89/'Inputs - actual'!O$36","v":53.575301464575716}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F$22*'Inputs - actual'!F$24+F82)","v":-37.985294117647243},{"$f":"-(G95*'Inputs - actual'!G$22*'Inputs - actual'!G$24+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H$22*'Inputs - actual'!H$24+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I$22*'Inputs - actual'!I$24+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J$22*'Inputs - actual'!J$24+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K$22*'Inputs - actual'!K$24+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L$22*'Inputs - actual'!L$24+L82)","v":-25.781447797173847},{"$f":"-(M95*'Inputs - actual'!M$22*'Inputs - actual'!M$24+M82)","v":-21.117723294802495},{"$f":"-(N95*'Inputs - actual'!N$22*'Inputs - actual'!N$24+N82)","v":-15.949201515803221},{"$f":"-(O95*'Inputs - actual'!O$22*'Inputs - actual'!O$24+O82)","v":-9.9388560431332422},null,"Only applied to capex/ return on debt, not to revenue wash-up"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E34","v":3000},{"$f":"F98","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$32/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":210},{"$f":"G$32/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":220.5},{"$f":"H$32/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":231.52500000000003},{"$f":"I$32/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":243.10125000000005},{"$f":"J$32/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":255.25631250000006},{"$f":"K$32/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":134.00956406250006},{"$f":"L$32/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":140.71004226562502},{"$f":"M$32/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":147.74554437890632},{"$f":"N$32/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":155.13282159785163},{"$f":"O$32/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F95/F29","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,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F80","v":602.99053129505808},{"$f":"G80","v":651.76182426745243},684.3499154808253,718.56741125486644,754.4957818176099,967.27805607820653,1045.5137812021792,1097.7894702622882,1152.6789437754026,1210.3128909641725]
[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-41.741391671614586,-34.190599620156256,-25.822516739871755,-16.091481212691839]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":136.49053129505808},{"$f":"SUM(G101:G104)","v":158.52349093411911},160.1446654808253,157.94613833819977,150.16792910927654,308.98677667195642,354.02098541598127,359.90861699239224,341.90612397739255,246.38164401559814]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-38.217348762616268},{"$f":"-G105*'Inputs - forecast'!G35","v":-44.386577461553358},{"$f":"-H105*'Inputs - forecast'!H35","v":-44.840506334631087},{"$f":"-I105*'Inputs - forecast'!I35","v":-44.22491873469594},{"$f":"-J105*'Inputs - forecast'!J35","v":-42.047020150597433},{"$f":"-K105*'Inputs - forecast'!K35","v":-86.516297468147812},{"$f":"-L105*'Inputs - forecast'!L35","v":-99.125875916474769},{"$f":"-M105*'Inputs - forecast'!M35","v":-100.77441275786984},{"$f":"-N105*'Inputs - forecast'!N35","v":-95.733714713669926},{"$f":"-O105*'Inputs - forecast'!O35","v":-68.986860324367484}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-38.217348762616268},-44.386577461553358,-44.840506334631087,-44.22491873469594,-42.047020150597433,-86.516297468147812,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
[]
["Tax adjustment",null,null,null,"NPV"]
[null,"Tax",null,null,null,{"$f":"F108","v":-38.217348762616268},-44.386577461553358,-44.840506334631087,-44.22491873469594,-42.047020150597433,-86.516297468147812,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-389.10607892047574},{"$f":"F111/'Inputs - actual'!F$32","v":-34.96461152030119},{"$f":"G111/'Inputs - actual'!G32","v":-37.152493111074094},{"$f":"H111/'Inputs - actual'!H32","v":-34.337997369477748},{"$f":"I111/'Inputs - actual'!I32","v":-30.98415455250494},{"$f":"J111/'Inputs - actual'!J32","v":-26.95106810131869},{"$f":"K111/'Inputs - actual'!K32","v":-50.734903109033745},{"$f":"L111/'Inputs - actual'!L32","v":-53.181930697734714},{"$f":"M111/'Inputs - actual'!M32","v":-49.464712541197493},{"$f":"N111/'Inputs - actual'!N32","v":-42.991072158241892},{"$f":"O111/'Inputs - actual'!O32","v":-28.343135759591199}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$10/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-39.851564902693205},{"$f":"G$10/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-37.531764768358443},{"$f":"H$10/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-34.24710983673431},{"$f":"I$10/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-29.645893734961547},{"$f":"J$10/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-23.191039434436988},{"$f":"K$10/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-91.637716521621883},{"$f":"L$10/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-92.108099300434446},{"$f":"M$10/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-89.371344465486828},{"$f":"N$10/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-79.546369485067842},{"$f":"O$10/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-46.994562884121173}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F115:O115)","v":-331.78735211540857},{"$f":"F114/'Inputs - actual'!F$32","v":-36.459737015084059},{"$f":"G114/'Inputs - actual'!G$32","v":-31.414871606414952},{"$f":"H114/'Inputs - actual'!H$32","v":-26.225778065707768},{"$f":"I114/'Inputs - actual'!I$32","v":-20.770031457639529},{"$f":"J114/'Inputs - actual'!J$32","v":-14.864865117653236},{"$f":"K114/'Inputs - actual'!K$32","v":-53.738206614415816},{"$f":"L114/'Inputs - actual'!L$32","v":-49.416829948855373},{"$f":"M114/'Inputs - actual'!M$32","v":-43.867562632464129},{"$f":"N114/'Inputs - actual'!N$32","v":-35.72183238357519},{"$f":"O114/'Inputs - actual'!O$32","v":-19.307637273598512}]
[null,"Difference",null,null,{"$f":"E115-E112","v":57.318726805067172}]
[]
["Real revenue",null,null,null,null,{"$f":"F80/'Inputs - actual'!F$14","v":574.27669647148389},{"$f":"G80/'Inputs - actual'!G$14","v":591.16718754417457},{"$f":"H80/'Inputs - actual'!H$14","v":591.16718754417468},{"$f":"I80/'Inputs - actual'!I$14","v":591.16718754417457},{"$f":"J80/'Inputs - actual'!J$14","v":591.16718754417457},{"$f":"K80/'Inputs - actual'!K$14","v":721.79777827430485},{"$f":"L80/'Inputs - actual'!L$14","v":743.02712469413734},{"$f":"M80/'Inputs - actual'!M$14","v":743.02712469413734},{"$f":"N80/'Inputs - actual'!N$14","v":743.02712469413734},{"$f":"O80/'Inputs - actual'!O$14","v":743.02712469413723}]

{"sheet":"EDB & GDB with Y1 (ex. CoD adj)","index":11,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model washes-up revenue, including for the first year of a regulatory period, and the RAB is indexed (similar to the GDBs and EDBs, except that it has no wash-up lag/ lag in CPI index used). No adjustment is made to revenue wash-up for the overcompensation for inflation on fixed cost of debt."]
[]
["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":"K59","v":602.99053129505808},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":615.05034192095923},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":627.35134875937842},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":639.898375734566},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":652.69634324925732},{"$f":"P66","v":967.27805607820653},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":986.62361719977071},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":1006.3560895437662},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":1026.4832113346415},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":1047.0128755613343}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-62.73},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-61.851779999999998},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-60.429900000000004},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-58.371657606000014},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-55.560237657222856},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-59.929365731484395},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-51.62444127902252},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-42.269217997426097},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-31.575119065603104},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-18.992002567358004}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-126.37800000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-124.60870800000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-121.74414000000004},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-117.59753459160004},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-111.93355196308804},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-120.73574657123444},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-104.00436218651855},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-85.157009916765773},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-63.612313044361393},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-38.261936879604185}]
[null,"Inflationary gain",null,null,null,{"$f":"('Inputs - forecast'!F37-'Inputs - forecast'!F38)*F31","v":63.707999999999927},{"$f":"('Inputs - forecast'!G37-'Inputs - forecast'!G38)*G31","v":62.816087999999922},{"$f":"('Inputs - forecast'!H37-'Inputs - forecast'!H38)*H31","v":61.372039999999934},{"$f":"('Inputs - forecast'!I37-'Inputs - forecast'!I38)*I31","v":59.281708317599936},{"$f":"('Inputs - forecast'!J37-'Inputs - forecast'!J38)*J31","v":56.426456570482223},{"$f":"('Inputs - forecast'!K37-'Inputs - forecast'!K38)*K31","v":60.863702088656197},{"$f":"('Inputs - forecast'!L37-'Inputs - forecast'!L38)*L31","v":52.429298660990952},{"$f":"('Inputs - forecast'!M37-'Inputs - forecast'!M38)*M31","v":42.928221587438529},{"$f":"('Inputs - forecast'!N37-'Inputs - forecast'!N38)*N31","v":32.067394953474263},{"$f":"('Inputs - forecast'!O37-'Inputs - forecast'!O38)*O31","v":19.288099785768249},null,"RAB indexation is performed on opening RAB. The corresponding revenue offsets are therefore adjusted to year-end values for building blocks."]
[null,"Tax",null,null,null,{"$f":"F50","v":-38.712948762616257},{"$f":"G50","v":-35.417730671201923},-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-306},{"$f":"G33","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":30.877582532441693},16.708211249757255,0.55883377341905316,-18.203707217623105,-40.550335615788697,43.599691595818058,34.153451945917595,17.185977450388918,-15.748104400733723,-98.957788833502832]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":29.080413008515436},{"$f":"G13/'Inputs - forecast'!G$42","v":14.819874148819078},{"$f":"H13/'Inputs - forecast'!H$42","v":0.46682540433524106},{"$f":"I13/'Inputs - forecast'!I$42","v":-14.321514855645942},{"$f":"J13/'Inputs - forecast'!J$42","v":-30.045597706023283},{"$f":"K13/'Inputs - forecast'!K$42","v":30.424755108985071},{"$f":"L13/'Inputs - forecast'!L$42","v":22.445824248820955},{"$f":"M13/'Inputs - forecast'!M$42","v":10.637326009785232},{"$f":"N13/'Inputs - forecast'!N$42","v":-9.1800235685792071},{"$f":"O13/'Inputs - forecast'!O$42","v":-54.327881799011358}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":1.2221335055073723E-12}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$10","v":-102},{"$f":"-'Inputs - forecast'!G$10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$10","v":-108.243216},{"$f":"-'Inputs - forecast'!J$10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$10","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F10","v":-38.712948762616257},{"$f":"G10","v":-35.417730671201923},-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$11","v":-204},{"$f":"-'Inputs - forecast'!G$11","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$11","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$11","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$11","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$11","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$11","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$11","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$11","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$11","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J36-J34)","v":-386.70003844392932},null,null,null,null,{"$f":"O34","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":258.27758253244184},267.51261124975736,277.59423377341909,288.76847780523417,-85.289952404174983,617.89712127863083,634.13498004921769,653.54832102111754,679.34796716786377,865.44720045491079]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E$42","v":-3000},{"$f":"F24/'Inputs - forecast'!F$42","v":243.24503911512699},{"$f":"G24/'Inputs - forecast'!G$42","v":237.27873514892056},{"$f":"H24/'Inputs - forecast'!H$42","v":231.89013725774498},{"$f":"I24/'Inputs - forecast'!I$42","v":227.18460560199676},{"$f":"J24/'Inputs - forecast'!J$42","v":-63.195225375741273},{"$f":"K24/'Inputs - forecast'!K$42","v":431.18122879686535},{"$f":"L24/'Inputs - forecast'!L$42","v":416.75676985019061},{"$f":"M24/'Inputs - forecast'!M$42","v":404.51621526432751},{"$f":"N24/'Inputs - forecast'!N$42","v":396.01149390251692},{"$f":"O24/'Inputs - forecast'!O$42","v":475.1310004380519}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":0}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34*(1+'Inputs - forecast'!F$19)","v":3060},{"$f":"F34*(1+'Inputs - forecast'!G$19)","v":3017.16},{"$f":"G34*(1+'Inputs - forecast'!H$19)","v":2947.8},{"$f":"H34*(1+'Inputs - forecast'!I$19)","v":2847.3979320000003},{"$f":"I34*(1+'Inputs - forecast'!J$19)","v":2710.2554954742859},{"$f":"J36*(1+'Inputs - forecast'!K$19)","v":2923.3836942187509},{"$f":"K34*(1+'Inputs - forecast'!L$19)","v":2518.2654282450007},{"$f":"L34*(1+'Inputs - forecast'!M$19)","v":2061.9130730451757},{"$f":"M34*(1+'Inputs - forecast'!N$19)","v":1540.2497105172247},{"$f":"N34*(1+'Inputs - forecast'!O$19)","v":926.43914962721976},null,"Opening RAB balance indexed"]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500008,2021.4834049462506,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J34/'Inputs - forecast'!J18*'Inputs - actual'!J14","v":2866.0624453125006}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F6","v":602.99053129505808},{"$f":"G6","v":615.05034192095923},627.35134875937842,639.898375734566,652.69634324925732,967.27805607820653,986.62361719977071,1006.3560895437662,1026.4832113346415,1047.0128755613343]
[null,"Depreciation",null,null,null,{"$f":"F41","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,{"$f":"F11","v":-102},{"$f":"G11","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$32*'Inputs - forecast'!F34*F31","v":-62.730000000000004},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-61.851779999999998},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-60.429900000000004},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-58.371657606000007},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-55.560237657222864},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-59.929365731484395},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-51.62444127902252},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-42.269217997426104},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-31.575119065603108},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-18.992002567358007}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":138.26053129505806},{"$f":"SUM(G45:G48)","v":126.49189525429256},112.12398209271177,94.286606890470779,71.650058033939217,317.92677160562687,310.42846294840291,292.59902731124481,252.99143740631311,145.19242086781585]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!E35","v":-38.712948762616257},{"$f":"-G49*'Inputs - forecast'!F35","v":-35.417730671201923},{"$f":"-H49*'Inputs - forecast'!G35","v":-31.3947149859593},{"$f":"-I49*'Inputs - forecast'!H35","v":-26.400249929331821},{"$f":"-J49*'Inputs - forecast'!I35","v":-20.062016249502982},{"$f":"-K49*'Inputs - forecast'!J35","v":-89.019496049575537},{"$f":"-L49*'Inputs - forecast'!K35","v":-86.919969625552824},{"$f":"-M49*'Inputs - forecast'!L35","v":-81.927727647148558},{"$f":"-N49*'Inputs - forecast'!M35","v":-70.837602473767674},{"$f":"-O49*'Inputs - forecast'!N35","v":-40.653877842988443}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-38.712948762616257},-35.417730671201923,-31.3947149859593,-26.400249929331821,-20.062016249502982,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":567.89464239504434},{"$f":"G6/'Inputs - forecast'!G$42","v":545.53827014781041},{"$f":"H6/'Inputs - forecast'!H$42","v":524.06200372081992},{"$f":"I6/'Inputs - forecast'!I$42","v":503.43119588927885},{"$f":"J6/'Inputs - forecast'!J$42","v":483.61256338958782},{"$f":"SUM(F56:J56)","v":2624.5386755425416}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-538.81422938652884},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-530.71839599899147},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-523.59517831648475},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-517.75271074492491},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-513.65816109561104},{"$f":"SUM(F57:J57)","v":-2624.5386755425411}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,602.99053129505808]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":674.98637952056788},{"$f":"L6/'Inputs - forecast'!L$42","v":648.4141148153883},{"$f":"M6/'Inputs - forecast'!M$42","v":622.88792344292335},{"$f":"N6/'Inputs - forecast'!N$42","v":598.36662451665256},{"$f":"O6/'Inputs - forecast'!O$42","v":574.81065832264608},{"$f":"SUM(K63:O63)","v":3119.4657006181787}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-644.56162441158278},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-625.96829056656736},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-612.25059743313807},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-607.54664808523194},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-629.13854012165757},{"$f":"SUM(K64:O64)","v":-3119.4657006181778}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.27805607820653]
[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
[null,"Revenue",null,null,null,{"$f":"F$6/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":620.72554692138328},{"$f":"G$6/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":651.76182426745243},{"$f":"H$6/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":684.3499154808253},{"$f":"I$6/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":718.56741125486644},{"$f":"J$6/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":754.4957818176099},{"$f":"K$6/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":995.7274106687421},{"$f":"L$6/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":1045.5137812021792},{"$f":"M$6/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":1097.7894702622882},{"$f":"N$6/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":1152.6789437754026},{"$f":"O$6/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":1210.3128909641725},null,"Revenue wash-up with no adjustment for the overcompensation for inflation on fixed cost of debt."]
[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
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[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":0.10473379215328138},{"$f":"-E34+SUM(E70:E73)","v":-2933.4667988420983},{"$f":"SUM(F70:F73)","v":300.52768790104318},313.4709821000169,327.76559296972374,343.72285593928825,361.8128738177478,663.33197857608991,690.74926855162823,722.64169204140819,762.62878738183269,988.37542400519408]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":5.2127421098363103E-2},{"$f":"E74","v":-2933.4667988420983},{"$f":"F74/'Inputs - actual'!F$14","v":286.21684562004111},{"$f":"G74/'Inputs - actual'!G$14","v":284.32742140591102},{"$f":"H74/'Inputs - actual'!H$14","v":283.13624271221141},{"$f":"I74/'Inputs - actual'!I$14","v":282.78164422378592},{"$f":"J74/'Inputs - actual'!J$14","v":283.48985400135615},{"$f":"K74/'Inputs - actual'!K$14","v":494.98853549491577},{"$f":"L74/'Inputs - actual'!L$14","v":490.90260896067957},{"$f":"M74/'Inputs - actual'!M$14","v":489.11234181663758},{"$f":"N74/'Inputs - actual'!N$14","v":491.597316110696},{"$f":"O74/'Inputs - actual'!O$14","v":606.77677227075606}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":1.1147028941500325E-2},"Overcompensation for inflation on fixed cost of debt."]
[]
["Actual return (building blocks) with fixed cost of debt"]
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[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-41.741391671614586},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.190599620156256},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-25.822516739871755},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-16.091481212691839},null,"Assumes fixed cost of debt"]
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[null,"Tax",null,null,{"$f":"E73","v":66.533201157901487},{"$f":"F108","v":-43.183153137987325},{"$f":"G108","v":-44.386577461553358},-44.840506334631087,-44.22491873469594,-42.047020150597433,-94.482116753497735,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
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[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F$22*'Inputs - actual'!F$24+F82)","v":-37.985294117647243},{"$f":"-(G95*'Inputs - actual'!G$22*'Inputs - actual'!G$24+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H$22*'Inputs - actual'!H$24+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I$22*'Inputs - actual'!I$24+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J$22*'Inputs - actual'!J$24+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K$22*'Inputs - actual'!K$24+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L$22*'Inputs - actual'!L$24+L82)","v":-25.781447797173847},{"$f":"-(M95*'Inputs - actual'!M$22*'Inputs - actual'!M$24+M82)","v":-21.117723294802495},{"$f":"-(N95*'Inputs - actual'!N$22*'Inputs - actual'!N$24+N82)","v":-15.949201515803221},{"$f":"-(O95*'Inputs - actual'!O$22*'Inputs - actual'!O$24+O82)","v":-9.9388560431332422}]
[]
["Actual Asset Base"]
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[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual tax"]
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[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-41.741391671614586,-34.190599620156256,-25.822516739871755,-16.091481212691839]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":154.22554692138328},{"$f":"SUM(G101:G104)","v":158.52349093411911},160.1446654808253,157.94613833819977,150.16792910927654,337.43613126249187,354.02098541598127,359.90861699239224,341.90612397739255,246.38164401559814]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-43.183153137987325},{"$f":"-G105*'Inputs - forecast'!G35","v":-44.386577461553358},{"$f":"-H105*'Inputs - forecast'!H35","v":-44.840506334631087},{"$f":"-I105*'Inputs - forecast'!I35","v":-44.22491873469594},{"$f":"-J105*'Inputs - forecast'!J35","v":-42.047020150597433},{"$f":"-K105*'Inputs - forecast'!K35","v":-94.482116753497735},{"$f":"-L105*'Inputs - forecast'!L35","v":-99.125875916474769},{"$f":"-M105*'Inputs - forecast'!M35","v":-100.77441275786984},{"$f":"-N105*'Inputs - forecast'!N35","v":-95.733714713669926},{"$f":"-O105*'Inputs - forecast'!O35","v":-68.986860324367484}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-43.183153137987325},-44.386577461553358,-44.840506334631087,-44.22491873469594,-42.047020150597433,-94.482116753497735,-99.125875916474769,-100.77441275786984,-95.733714713669926,-68.986860324367484]
[]
["Tax adjustment",null,null,null,"NPV"]
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[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-398.32055327331005},{"$f":"F111/'Inputs - actual'!F$32","v":-39.507768659461533},{"$f":"G111/'Inputs - actual'!G32","v":-37.152493111074094},{"$f":"H111/'Inputs - actual'!H32","v":-34.337997369477748},{"$f":"I111/'Inputs - actual'!I32","v":-30.98415455250494},{"$f":"J111/'Inputs - actual'!J32","v":-26.95106810131869},{"$f":"K111/'Inputs - actual'!K32","v":-55.40622032270776},{"$f":"L111/'Inputs - actual'!L32","v":-53.181930697734714},{"$f":"M111/'Inputs - actual'!M32","v":-49.464712541197493},{"$f":"N111/'Inputs - actual'!N32","v":-42.991072158241892},{"$f":"O111/'Inputs - actual'!O32","v":-28.343135759591199}]
[]
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[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F115:O115)","v":-331.78735211540857},{"$f":"F114/'Inputs - actual'!F$32","v":-36.459737015084059},{"$f":"G114/'Inputs - actual'!G$32","v":-31.414871606414952},{"$f":"H114/'Inputs - actual'!H$32","v":-26.225778065707768},{"$f":"I114/'Inputs - actual'!I$32","v":-20.770031457639529},{"$f":"J114/'Inputs - actual'!J$32","v":-14.864865117653236},{"$f":"K114/'Inputs - actual'!K$32","v":-53.738206614415816},{"$f":"L114/'Inputs - actual'!L$32","v":-49.416829948855373},{"$f":"M114/'Inputs - actual'!M$32","v":-43.867562632464129},{"$f":"N114/'Inputs - actual'!N$32","v":-35.72183238357519},{"$f":"O114/'Inputs - actual'!O$32","v":-19.307637273598512}]
[null,"Difference",null,null,{"$f":"E115-E112","v":66.533201157901487}]
[]
["Real revenue",null,null,null,null,{"$f":"F80/'Inputs - actual'!F$14","v":591.16718754417457},{"$f":"G80/'Inputs - actual'!G$14","v":591.16718754417457},{"$f":"H80/'Inputs - actual'!H$14","v":591.16718754417468},{"$f":"I80/'Inputs - actual'!I$14","v":591.16718754417457},{"$f":"J80/'Inputs - actual'!J$14","v":591.16718754417457},{"$f":"K80/'Inputs - actual'!K$14","v":743.02712469413734},{"$f":"L80/'Inputs - actual'!L$14","v":743.02712469413734},{"$f":"M80/'Inputs - actual'!M$14","v":743.02712469413734},{"$f":"N80/'Inputs - actual'!N$14","v":743.02712469413734},{"$f":"O80/'Inputs - actual'!O$14","v":743.02712469413723}]

{"sheet":"EDB & GDB (incl. CoD adj)","index":12,"n_rows":118,"n_cols":17,"rows_kept":118,"cut":false,"hidden":false,"merged":[[1,0,1,14]]}
["Calculation"]
["This model washes-up revenue, including for the first year of a regulatory period, and the RAB is indexed (similar to the GDBs and EDBs, except that it has no wash-up lag/ lag in CPI index used). An adjustment is made to revenue wash-up for the overcompensation for inflation on fixed cost of debt."]
[]
["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":"K59","v":602.99053129505796},{"$f":"F6*(1+'Inputs - forecast'!G19)","v":615.05034192095911},{"$f":"G6*(1+'Inputs - forecast'!H19)","v":627.35134875937831},{"$f":"H6*(1+'Inputs - forecast'!I19)","v":639.89837573456589},{"$f":"I6*(1+'Inputs - forecast'!J19)","v":652.69634324925721},{"$f":"P66","v":967.27805607820653},{"$f":"K6*(1+'Inputs - forecast'!L19)","v":986.62361719977071},{"$f":"L6*(1+'Inputs - forecast'!M19)","v":1006.3560895437662},{"$f":"M6*(1+'Inputs - forecast'!N19)","v":1026.4832113346415},{"$f":"N6*(1+'Inputs - forecast'!O19)","v":1047.0128755613343}]
[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$34*'Inputs - forecast'!F$32","v":-62.73},{"$f":"-G$31*'Inputs - forecast'!G$34*'Inputs - forecast'!G$32","v":-61.851779999999998},{"$f":"-H$31*'Inputs - forecast'!H$34*'Inputs - forecast'!H$32","v":-60.429900000000004},{"$f":"-I$31*'Inputs - forecast'!I$34*'Inputs - forecast'!I$32","v":-58.371657606000014},{"$f":"-J$31*'Inputs - forecast'!J$34*'Inputs - forecast'!J$32","v":-55.560237657222856},{"$f":"-K$31*'Inputs - forecast'!K$34*'Inputs - forecast'!K$32","v":-59.929365731484395},{"$f":"-L$31*'Inputs - forecast'!L$34*'Inputs - forecast'!L$32","v":-51.62444127902252},{"$f":"-M$31*'Inputs - forecast'!M$34*'Inputs - forecast'!M$32","v":-42.269217997426097},{"$f":"-N$31*'Inputs - forecast'!N$34*'Inputs - forecast'!N$32","v":-31.575119065603104},{"$f":"-O$31*'Inputs - forecast'!O$34*'Inputs - forecast'!O$32","v":-18.992002567358004}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$34)*'Inputs - forecast'!F$31","v":-126.37800000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$34)*'Inputs - forecast'!G$31","v":-124.60870800000002},{"$f":"-H$31*(1-'Inputs - forecast'!H$34)*'Inputs - forecast'!H$31","v":-121.74414000000004},{"$f":"-I$31*(1-'Inputs - forecast'!I$34)*'Inputs - forecast'!I$31","v":-117.59753459160004},{"$f":"-J$31*(1-'Inputs - forecast'!J$34)*'Inputs - forecast'!J$31","v":-111.93355196308804},{"$f":"-K$31*(1-'Inputs - forecast'!K$34)*'Inputs - forecast'!K$31","v":-120.73574657123444},{"$f":"-L$31*(1-'Inputs - forecast'!L$34)*'Inputs - forecast'!L$31","v":-104.00436218651855},{"$f":"-M$31*(1-'Inputs - forecast'!M$34)*'Inputs - forecast'!M$31","v":-85.157009916765773},{"$f":"-N$31*(1-'Inputs - forecast'!N$34)*'Inputs - forecast'!N$31","v":-63.612313044361393},{"$f":"-O$31*(1-'Inputs - forecast'!O$34)*'Inputs - forecast'!O$31","v":-38.261936879604185}]
[null,"Inflationary gain",null,null,null,{"$f":"('Inputs - forecast'!F37-'Inputs - forecast'!F38)*F31","v":63.707999999999927},{"$f":"('Inputs - forecast'!G37-'Inputs - forecast'!G38)*G31","v":62.816087999999922},{"$f":"('Inputs - forecast'!H37-'Inputs - forecast'!H38)*H31","v":61.372039999999934},{"$f":"('Inputs - forecast'!I37-'Inputs - forecast'!I38)*I31","v":59.281708317599936},{"$f":"('Inputs - forecast'!J37-'Inputs - forecast'!J38)*J31","v":56.426456570482223},{"$f":"('Inputs - forecast'!K37-'Inputs - forecast'!K38)*K31","v":60.863702088656197},{"$f":"('Inputs - forecast'!L37-'Inputs - forecast'!L38)*L31","v":52.429298660990952},{"$f":"('Inputs - forecast'!M37-'Inputs - forecast'!M38)*M31","v":42.928221587438529},{"$f":"('Inputs - forecast'!N37-'Inputs - forecast'!N38)*N31","v":32.067394953474263},{"$f":"('Inputs - forecast'!O37-'Inputs - forecast'!O38)*O31","v":19.288099785768249},null,"RAB indexation is performed on opening RAB. The corresponding revenue offsets are therefore adjusted to year-end values for building blocks."]
[null,"Tax",null,null,null,{"$f":"F50","v":-38.712948762616229},{"$f":"G50","v":-35.417730671201888},-31.394714985959268,-26.400249929331789,-20.06201624950295,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F10","v":-102},{"$f":"-'Inputs - forecast'!G10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I10","v":-108.243216},{"$f":"-'Inputs - forecast'!J10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O10","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F33","v":-306},{"$f":"G33","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F6:F12)","v":30.877582532441579},16.708211249757142,0.55883377341893947,-18.203707217623162,-40.550335615788697,43.599691595818058,34.153451945917595,17.185977450388918,-15.748104400733723,-98.957788833502832]
[null,"Present value",null,null,null,{"$f":"F13/'Inputs - forecast'!F$42","v":29.080413008515329},{"$f":"G13/'Inputs - forecast'!G$42","v":14.819874148818977},{"$f":"H13/'Inputs - forecast'!H$42","v":0.46682540433514608},{"$f":"I13/'Inputs - forecast'!I$42","v":-14.321514855645987},{"$f":"J13/'Inputs - forecast'!J$42","v":-30.045597706023283},{"$f":"K13/'Inputs - forecast'!K$42","v":30.424755108985071},{"$f":"L13/'Inputs - forecast'!L$42","v":22.445824248820955},{"$f":"M13/'Inputs - forecast'!M$42","v":10.637326009785232},{"$f":"N13/'Inputs - forecast'!N$42","v":-9.1800235685792071},{"$f":"O13/'Inputs - forecast'!O$42","v":-54.327881799011358}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F14:O14)","v":8.7396756498492323E-13}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F6","v":602.99053129505796},{"$f":"G6","v":615.05034192095911},627.35134875937831,639.89837573456589,652.69634324925721,967.27805607820653,986.62361719977071,1006.3560895437662,1026.4832113346415,1047.0128755613343]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$10","v":-102},{"$f":"-'Inputs - forecast'!G$10","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$10","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$10","v":-108.243216},{"$f":"-'Inputs - forecast'!J$10","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$10","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$10","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$10","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$10","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$10","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F10","v":-38.712948762616229},{"$f":"G10","v":-35.417730671201888},-31.394714985959268,-26.400249929331789,-20.06201624950295,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$11","v":-204},{"$f":"-'Inputs - forecast'!G$11","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$11","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$11","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$11","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$11","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$11","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$11","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$11","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$11","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$12","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J36-J34)","v":-386.70003844392932},null,null,null,null,{"$f":"O34","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E18:E23)","v":-3000},{"$f":"SUM(F18:F23)","v":258.27758253244173},267.5126112497573,277.59423377341909,288.76847780523417,-85.289952404174983,617.89712127863083,634.13498004921769,653.54832102111754,679.34796716786377,865.44720045491079]
[null,"Present value",null,null,{"$f":"E24/'Inputs - forecast'!E$42","v":-3000},{"$f":"F24/'Inputs - forecast'!F$42","v":243.24503911512687},{"$f":"G24/'Inputs - forecast'!G$42","v":237.2787351489205},{"$f":"H24/'Inputs - forecast'!H$42","v":231.89013725774498},{"$f":"I24/'Inputs - forecast'!I$42","v":227.18460560199676},{"$f":"J24/'Inputs - forecast'!J$42","v":-63.195225375741273},{"$f":"K24/'Inputs - forecast'!K$42","v":431.18122879686535},{"$f":"L24/'Inputs - forecast'!L$42","v":416.75676985019061},{"$f":"M24/'Inputs - forecast'!M$42","v":404.51621526432751},{"$f":"N24/'Inputs - forecast'!N$42","v":396.01149390251692},{"$f":"O24/'Inputs - forecast'!O$42","v":475.1310004380519}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E25:O25)","v":0}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F29-1","v":9},{"$f":"G29-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E34*(1+'Inputs - forecast'!F$19)","v":3060},{"$f":"F34*(1+'Inputs - forecast'!G$19)","v":3017.16},{"$f":"G34*(1+'Inputs - forecast'!H$19)","v":2947.8},{"$f":"H34*(1+'Inputs - forecast'!I$19)","v":2847.3979320000003},{"$f":"I34*(1+'Inputs - forecast'!J$19)","v":2710.2554954742859},{"$f":"J36*(1+'Inputs - forecast'!K$19)","v":2923.3836942187509},{"$f":"K34*(1+'Inputs - forecast'!L$19)","v":2518.2654282450007},{"$f":"L34*(1+'Inputs - forecast'!M$19)","v":2061.9130730451757},{"$f":"M34*(1+'Inputs - forecast'!N$19)","v":1540.2497105172247},{"$f":"N34*(1+'Inputs - forecast'!O$19)","v":926.43914962721976},null,"Opening RAB balance indexed"]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375017,-629.56635706125019,-687.30435768172526,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E22","v":3000},{"$f":"SUM(F31:F33)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500008,2021.4834049462506,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J34/'Inputs - forecast'!J18*'Inputs - actual'!J14","v":2866.0624453125006}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2904},{"$f":"G42","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F21","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F39/F38","v":-300},{"$f":"-G39/G38","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E34","v":3000},{"$f":"SUM(F39:F41)","v":2904},{"$f":"SUM(G39:G41)","v":2789.4133333333334},{"$f":"SUM(H39:H41)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F6","v":602.99053129505796},{"$f":"G6","v":615.05034192095911},627.35134875937831,639.89837573456589,652.69634324925721,967.27805607820653,986.62361719977071,1006.3560895437662,1026.4832113346415,1047.0128755613343]
[null,"Depreciation",null,null,null,{"$f":"F41","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,{"$f":"F11","v":-102},{"$f":"G11","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$32*'Inputs - forecast'!F34*F31","v":-62.730000000000004},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G34*G31","v":-61.851779999999998},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H34*H31","v":-60.429900000000004},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I34*I31","v":-58.371657606000007},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J34*J31","v":-55.560237657222864},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K34*K31","v":-59.929365731484395},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L34*L31","v":-51.62444127902252},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M34*M31","v":-42.269217997426104},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N34*N31","v":-31.575119065603108},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O34*O31","v":-18.992002567358007}]
[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":138.26053129505794},{"$f":"SUM(G45:G48)","v":126.49189525429244},112.12398209271166,94.286606890470665,71.650058033939104,317.92677160562687,310.42846294840291,292.59902731124481,252.99143740631311,145.19242086781585]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!E35","v":-38.712948762616229},{"$f":"-G49*'Inputs - forecast'!F35","v":-35.417730671201888},{"$f":"-H49*'Inputs - forecast'!G35","v":-31.394714985959268},{"$f":"-I49*'Inputs - forecast'!H35","v":-26.400249929331789},{"$f":"-J49*'Inputs - forecast'!I35","v":-20.06201624950295},{"$f":"-K49*'Inputs - forecast'!J35","v":-89.019496049575537},{"$f":"-L49*'Inputs - forecast'!K35","v":-86.919969625552824},{"$f":"-M49*'Inputs - forecast'!L35","v":-81.927727647148558},{"$f":"-N49*'Inputs - forecast'!M35","v":-70.837602473767674},{"$f":"-O49*'Inputs - forecast'!N35","v":-40.653877842988443}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50,0)","v":0},{"$f":"IF(G50>0,G50,0)","v":0},{"$f":"IF(H50>0,H50,0)","v":0},{"$f":"IF(I50>0,I50,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-38.712948762616229},-35.417730671201888,-31.394714985959268,-26.400249929331789,-20.06201624950295,-89.019496049575537,-86.919969625552824,-81.927727647148558,-70.837602473767674,-40.653877842988443]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$42","v":567.89464239504423},{"$f":"G6/'Inputs - forecast'!G$42","v":545.53827014781029},{"$f":"H6/'Inputs - forecast'!H$42","v":524.0620037208198},{"$f":"I6/'Inputs - forecast'!I$42","v":503.43119588927874},{"$f":"J6/'Inputs - forecast'!J$42","v":483.61256338958776},{"$f":"SUM(F56:J56)","v":2624.5386755425407}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$42","v":-538.81422938652872},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$42","v":-530.71839599899135},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$42","v":-523.59517831648463},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$42","v":-517.7527107449248},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$42","v":-513.65816109561104},{"$f":"SUM(F57:J57)","v":-2624.5386755425407}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K56:K57)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,602.99053129505796]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$42","v":674.98637952056788},{"$f":"L6/'Inputs - forecast'!L$42","v":648.4141148153883},{"$f":"M6/'Inputs - forecast'!M$42","v":622.88792344292335},{"$f":"N6/'Inputs - forecast'!N$42","v":598.36662451665256},{"$f":"O6/'Inputs - forecast'!O$42","v":574.81065832264608},{"$f":"SUM(K63:O63)","v":3119.4657006181787}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$42","v":-644.56162441158278},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$42","v":-625.96829056656736},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$42","v":-612.25059743313807},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$42","v":-607.54664808523194},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$42","v":-629.13854012165757},{"$f":"SUM(K64:O64)","v":-3119.4657006181778}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P63:P64)","v":0}]
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[]
["Actual"]
["Actual return (cashflows) with fixed cost of debt"]
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[null,"Opex",null,null,null,{"$f":"F$11/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":-105},{"$f":"G$11/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":-110.25},{"$f":"H$11/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":-115.76250000000002},{"$f":"I$11/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":-121.55062500000003},{"$f":"J$11/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":-127.62815625000003},{"$f":"K$11/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":-134.00956406250006},{"$f":"L$11/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":-140.71004226562502},{"$f":"M$11/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":-147.74554437890632},{"$f":"N$11/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":-155.13282159785163},{"$f":"O$11/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":-162.88946267774421}]
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[null,"Nominal IRR",null,{"$f":"IRR(E74:O74,0.05)","v":9.3029411763951853E-2},{"$f":"-E34+SUM(E70:E73)","v":-2986.7852703587932},{"$f":"SUM(F70:F73)","v":273.17827613633716},286.94205268825198,302.17414061678232,319.2196442775234,338.59389556921809,641.655793370281,672.1866261376631,707.43693126915036,751.14536229045439,981.21944765413821]
[]
[null,"Real IRR",null,{"$f":"IRR(E76:O76,0.05)","v":4.0980392156659606E-2},{"$f":"E74","v":-2986.7852703587932},{"$f":"F74/'Inputs - actual'!F$14","v":260.16978679651157},{"$f":"G74/'Inputs - actual'!G$14","v":260.26490039750746},{"$f":"H74/'Inputs - actual'!H$14","v":261.02938396871377},{"$f":"I74/'Inputs - actual'!I$14","v":262.6227913493027},{"$f":"J74/'Inputs - actual'!J$14","v":265.29717698497114},{"$f":"K74/'Inputs - actual'!K$14","v":478.81343235399407},{"$f":"L74/'Inputs - actual'!L$14","v":477.71048555919299},{"$f":"M74/'Inputs - actual'!M$14","v":478.82116123574383},{"$f":"N74/'Inputs - actual'!N$14","v":484.19499790807436},{"$f":"O74/'Inputs - actual'!O$14","v":602.38362354681863}]
[null,"check to inputs",null,{"$f":"D76-'Inputs - actual'!P28","v":-2.0317081350640365E-13}]
[]
["Actual return (building blocks) with fixed cost of debt"]
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[null,"Opex",null,null,null,{"$f":"F71","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt",null,null,null,{"$f":"-'Inputs - forecast'!F$32*'Inputs - forecast'!F$34*F95","v":-61.5},{"$f":"-'Inputs - forecast'!G$32*'Inputs - forecast'!G$34*G95","v":-59.655000000000001},{"$f":"-'Inputs - forecast'!H$32*'Inputs - forecast'!H$34*H95","v":-57.546916666666668},{"$f":"-'Inputs - forecast'!I$32*'Inputs - forecast'!I$34*I95","v":-55.099814583333334},{"$f":"-'Inputs - forecast'!J$32*'Inputs - forecast'!J$34*J95","v":-52.211988125000005},{"$f":"-'Inputs - forecast'!K$32*'Inputs - forecast'!K$34*K95","v":-48.742744510416678},{"$f":"-'Inputs - forecast'!L$32*'Inputs - forecast'!L$34*L95","v":-41.741391671614586},{"$f":"-'Inputs - forecast'!M$32*'Inputs - forecast'!M$34*M95","v":-34.190599620156256},{"$f":"-'Inputs - forecast'!N$32*'Inputs - forecast'!N$34*N95","v":-25.822516739871755},{"$f":"-'Inputs - forecast'!O$32*'Inputs - forecast'!O$34*O95","v":-16.091481212691839},null,"Assumes fixed cost of debt"]
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[null,"Tax",null,null,{"$f":"E73","v":13.214729641206873},{"$f":"F108","v":-32.547270785046081},{"$f":"G108","v":-34.069771579200328},-34.888274864042771,-34.695891977342924,-33.017417498391453,-86.052489173460955,-91.907070533266065,-94.861450235325123,-91.267938289245023,-66.203980632290168]
[null,"Nominal return",null,null,null,{"$f":"SUM(F80:F85)","v":-95.909959157780847},-86.606868880375828,-78.345756442041463,-71.694004374437625,-67.57655110970363,78.930832960354238,114.43203272747591,144.08013854572496,159.27760278926104,123.24567963797345]
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[]
[null,"Real return",null,null,null,{"$f":"F86/'Inputs - actual'!F$14","v":-91.342818245505569},{"$f":"G86/'Inputs - actual'!G$14","v":-78.554983111451989},{"$f":"H86/'Inputs - actual'!H$14","v":-67.678010100025006},{"$f":"I86/'Inputs - actual'!I$14","v":-58.982834826589837},{"$f":"J86/'Inputs - actual'!J$14","v":-52.947996034145959},{"$f":"K86/'Inputs - actual'!K$14","v":58.899402824370121},{"$f":"L86/'Inputs - actual'!L$14","v":81.324709228256154},{"$f":"M86/'Inputs - actual'!M$14","v":97.51910905429331},{"$f":"N86/'Inputs - actual'!N$14","v":102.67176291175433},{"$f":"O86/'Inputs - actual'!O$14","v":75.662156171390379}]
[null,"Present value",null,{"$f":"SUM(E90:O90)","v":1.2789769243681803E-13},{"$f":"E87","v":13.214729641206873},{"$f":"F89/'Inputs - actual'!F$36","v":-87.746915248084079},{"$f":"G89/'Inputs - actual'!G$36","v":-72.491759524304939},{"$f":"H89/'Inputs - actual'!H$36","v":-59.995673522063861},{"$f":"I89/'Inputs - actual'!I$36","v":-50.229105571714562},{"$f":"J89/'Inputs - actual'!J$36","v":-43.314846676096423},{"$f":"K89/'Inputs - actual'!K$36","v":46.286633614126025},{"$f":"L89/'Inputs - actual'!L$36","v":61.393822529663836},{"$f":"M89/'Inputs - actual'!M$36","v":70.721152731337796},{"$f":"N89/'Inputs - actual'!N$36","v":71.526681432817554},{"$f":"O89/'Inputs - actual'!O$36","v":50.635280593111872}]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F95*'Inputs - actual'!F$22*'Inputs - actual'!F$24+F82)","v":-37.985294117647243},{"$f":"-(G95*'Inputs - actual'!G$22*'Inputs - actual'!G$24+G82)","v":-36.84573529411783},{"$f":"-(H95*'Inputs - actual'!H$22*'Inputs - actual'!H$24+H82)","v":-35.543683823529584},{"$f":"-(I95*'Inputs - actual'!I$22*'Inputs - actual'!I$24+I82)","v":-34.03223841911781},{"$f":"-(J95*'Inputs - actual'!J$22*'Inputs - actual'!J$24+J82)","v":-32.248580900735448},{"$f":"-(K95*'Inputs - actual'!K$22*'Inputs - actual'!K$24+K82)","v":-30.105812785845735},{"$f":"-(L95*'Inputs - actual'!L$22*'Inputs - actual'!L$24+L82)","v":-25.781447797173847},{"$f":"-(M95*'Inputs - actual'!M$22*'Inputs - actual'!M$24+M82)","v":-21.117723294802495},{"$f":"-(N95*'Inputs - actual'!N$22*'Inputs - actual'!N$24+N82)","v":-15.949201515803221},{"$f":"-(O95*'Inputs - actual'!O$22*'Inputs - actual'!O$24+O82)","v":-9.9388560431332422}]
[]
["Actual Asset Base"]
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[null,"Capex",null,null,null,{"$f":"F$32/'Inputs - forecast'!F$18*'Inputs - actual'!F$14","v":210},{"$f":"G$32/'Inputs - forecast'!G$18*'Inputs - actual'!G$14","v":220.5},{"$f":"H$32/'Inputs - forecast'!H$18*'Inputs - actual'!H$14","v":231.52500000000003},{"$f":"I$32/'Inputs - forecast'!I$18*'Inputs - actual'!I$14","v":243.10125000000005},{"$f":"J$32/'Inputs - forecast'!J$18*'Inputs - actual'!J$14","v":255.25631250000006},{"$f":"K$32/'Inputs - forecast'!K$21*'Inputs - actual'!K$14","v":134.00956406250006},{"$f":"L$32/'Inputs - forecast'!L$21*'Inputs - actual'!L$14","v":140.71004226562502},{"$f":"M$32/'Inputs - forecast'!M$21*'Inputs - actual'!M$14","v":147.74554437890632},{"$f":"N$32/'Inputs - forecast'!N$21*'Inputs - actual'!N$14","v":155.13282159785163},{"$f":"O$32/'Inputs - forecast'!O$21*'Inputs - actual'!O$14","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F95/F29","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,{"$f":"SUM(F95:F97)","v":2910},{"$f":"SUM(G95:G97)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual tax"]
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[null,"Depreciation",null,null,null,{"$f":"F97","v":-300},{"$f":"G97","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,-61.5,-59.655000000000001,-57.546916666666668,-55.099814583333334,-52.211988125000005,-48.742744510416678,-41.741391671614586,-34.190599620156256,-25.822516739871755,-16.091481212691839]
[null,"EBT",null,null,null,{"$f":"SUM(F101:F104)","v":116.24025280373598},{"$f":"SUM(G101:G104)","v":121.67775564000115},124.60098165729559,123.91389991908187,117.9193482085409,307.33031847664626,328.23953761880733,338.79089369758969,325.95692246158933,236.44278797246488]
[null,"Calculated tax",null,null,null,{"$f":"-F105*'Inputs - forecast'!F35","v":-32.547270785046081},{"$f":"-G105*'Inputs - forecast'!G35","v":-34.069771579200328},{"$f":"-H105*'Inputs - forecast'!H35","v":-34.888274864042771},{"$f":"-I105*'Inputs - forecast'!I35","v":-34.695891977342924},{"$f":"-J105*'Inputs - forecast'!J35","v":-33.017417498391453},{"$f":"-K105*'Inputs - forecast'!K35","v":-86.052489173460955},{"$f":"-L105*'Inputs - forecast'!L35","v":-91.907070533266065},{"$f":"-M105*'Inputs - forecast'!M35","v":-94.861450235325123},{"$f":"-N105*'Inputs - forecast'!N35","v":-91.267938289245023},{"$f":"-O105*'Inputs - forecast'!O35","v":-66.203980632290168}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F106>0,F106+E107,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F107>0,0,F106+E107)","v":-32.547270785046081},-34.069771579200328,-34.888274864042771,-34.695891977342924,-33.017417498391453,-86.052489173460955,-91.907070533266065,-94.861450235325123,-91.267938289245023,-66.203980632290168]
[]
["Tax adjustment",null,null,null,"NPV"]
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[null,"NPV of actual tax",null,null,{"$f":"SUM(F112:O112)","v":-345.00208175661533},{"$f":"F111/'Inputs - actual'!F$32","v":-29.77712258675475},{"$f":"G111/'Inputs - actual'!G32","v":-28.517110943922074},{"$f":"H111/'Inputs - actual'!H32","v":-26.716769912606594},{"$f":"I111/'Inputs - actual'!I32","v":-24.308080379119332},{"$f":"J111/'Inputs - actual'!J32","v":-21.163322973701284},{"$f":"K111/'Inputs - actual'!K32","v":-50.462916563368552},{"$f":"L111/'Inputs - actual'!L32","v":-49.308976193567418},{"$f":"M111/'Inputs - actual'!M32","v":-46.562358824214833},{"$f":"N111/'Inputs - actual'!N32","v":-40.985629069782981},{"$f":"O111/'Inputs - actual'!O32","v":-27.199794309577474}]
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[]
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