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{"sheet":"Cover","index":0,"n_rows":21,"n_cols":1,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Part 4 IM Review 2023"]
["Demonstration model:"]
["Inflation wash-up options to account for the fixed cost of debt"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["2023-09-29"]

{"sheet":"Table of contents","index":1,"n_rows":15,"n_cols":4,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,"Table of Contents"]
[]
[null,"Sheet name","Link","Description"]
[null,"Description and approach","Description and approach","Description of model, general notes, background and glossary"]
[null,"Simplifying assumptions","Simplifying assumptions","List of simplifying assumptions applied to the model for demonstration purposes"]
[null,"Macro","Macro","Macro to goal seek the forecast revenue for each calculation sheet following any updates of the inputs."]
[null,"Inputs - forecast","Inputs - forecast","This sheet shows all the forecast inputs and can be updated for opex, capex and CPI scenarios"]
[null,"Inputs - actual","Inputs - actual","This sheet shows the actual assumptions, and can be updated for different outturn inflation scenarios."]
[null,"Summary tables","Summary tables","This sheets summarises the wash-up accrual and revenue for each of the calculation sheets"]
[null,"1 Starting point excl. CODW","1 Starting point excl CODW","Prior to draft decision: No cost of debt adjustment"]
[null,"2 Incl. CODW","2 Incl CODW","Cost of debt adjustment"]
[null,"2b Incl. CODW smoothed","2b Incl CODW smoothed","Cost of debt adjustment with smoothing"]
[null,"3 Hybrid RAB","3 Hybrid RAB","Indexing only the equity portion of the RAB"]
[null,"4 Debt forecast","4 Debt forecast","Wash-up only the equity portion of the RAB"]
[null,"5 Blended CPI","5 Blended CPI","Revenue and RAB wash-up using blended CPI"]

{"sheet":"Description and approach","index":2,"n_rows":37,"n_cols":3,"rows_kept":37,"cut":false,"hidden":false,"merged":[[1,2,1,4],[12,2,12,4],[13,2,13,4],[10,2,10,4],[2,2,2,4],[7,2,7,4],[8,2,8,4],[15,2,15,4],[16,2,16,4],[17,2,17,4],[4,2,4,4],[5,2,5,4],[6,2,6,4],[14,2,14,4]]}
["Description"]
[null,null,"The model is published alongside the \"Further consultation on IM Review draft decision on the cost of debt wash-up of EDBs and GTBs [29 September 2023]\" document as part of the 2023 IM Review. The purpose of this consultation is to seek feedback on two further changes to the specification of price input methodologies (IMs) for electricity distribution businesses (EDBs) and gas transmission businesses (GTBs). These amendments are intended to better promote the s 52A(1)(a) purpose by mitigating cashflow and revenue volatility concerns about the revenue and cost of debt wash-ups, identified by stakeholders in submissions on our draft decision.\n\nThe two proposed amendments are: \n1) an amendment to clause 3.1.1(5) to ensure all of the most up-to-date CPI forecast information (actual and forecast) is used when determining forecast net allowable revenue at the start of each disclosure year; and \n2) an amendment to clause 3.1.4(9) and related provisions to smooth the accumulation of the cost of debt wash-up.\n\nThe consultation document includes tables to demonstrate the impacts of the first proposed amendment. \n\nThe purpose of this model is to demonstrate the impacts of the second proposed amendment. It includes the following sub-models:\n\n1) The starting point excluding the CODW, prior to the draft decision with revenue fully washed up for outturn inflation and no cost of debt wash-up adjustment (CODW).\n2) Our draft decision which added the CODW to the status quo [Incl. CODW].\n2b) Our draft decision with the CODW impacts spread over 5 years [Incl. CODW smoothed.\n3) Hybrid RAB.\n4) Debt forecast approach.\n5) An alternative where we wash-up the RAB and revenue by a blended CPI, with appropriate adjustments to account for the opex and capex inflators. "]
[null,null,"Refer to the consultation document \"Further consultation on IM Review draft decision on the cost of debt wash-up of EDBs and GTBs [29 September 2023]\" for details on each of these alternative models, as well as the text box at the top of each of the calculation sheets (numbered 1-5)."]
["Background"]
[null,1,"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,{"$f":"B5+1","v":2},"NPV = 0 is achieved when the present value of revenue is equal to the present value of efficiently-incurred costs, when calculated over the life of the assets. The calculation can be done by either using the building blocks or by using cash flows.  If cash flows are used, costs include capital expenditure, operating expenditure and tax and account for the opening and closing values of the asset base."]
[null,{"$f":"B6+1","v":3},"Inflation should be accounted for in a way that achieves NPV = 0."]
[null,{"$f":"B7+1","v":4},"Efficiently-incurred costs in this context means costs that reflect the inflation risks that are placed on suppliers. If the regulatory regime does not impose inflation risks on suppliers, the efficiently incurred costs are those that are indexed for inflation. On the other hand, if some inflation risk is placed on suppliers the efficiently incurred costs include some costs that are indexed for inflation and other costs that are not. "]
[null,{"$f":"B8+1","v":5},"We first assume that suppliers face no inflation risks. Therefore, the efficiently incurred costs are costs indexed for inflation."]
["Model design and structure"]
[null,null,"The model is designed to calculate the forecast and actual regulatory accounts for each scenario based on the forecast and actual inputs and to make it easy to compare the different scenarios:\n\nThe top half of each calculation sheet contains the forecast revenue building blocks, regulatory cash flows, RAB and tax calculations based on the forecast inputs. Forecast NPV=0 is demonstrated.\n\t\nThe bottom half of each sheet contains the actual revenue building blocks, regulatory cash flows, RAB and tax calculations based on the actual inputs (default is high outturn inflation of 5% p.a. compared to 2% forecast inflation). The Draft IM consultation model published during the main IM consultation showed the returns in terms of actual assets, while this updated model shows returns on the actual RAB to better align with the IM drafting. This change is presentational only and has no impact on the calculated NPV/ IRR.\n\nThe actual real IRR and NPV of building blocks and regulatory cash flows are calculated to determine if the real IRR equals the expected real WACC and whether the NPV=0 principal is achieved for the actual inflation scenario input."]
["General notes"]
[null,1,"Financial quantities in this model are expressed in NZD $m"]
[null,{"$f":"B13+1","v":2},"Dummy data is used for illustrative purposes."]
[null,{"$f":"B14+1","v":3},"The macro in the 'Macro' sheet goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for the two 5-years periods. E.g., goal seeks revenue in '1 Starting point excl. CODW'! Cell K68 and P75 to set cells K69 and P76 to zero."]
[null,{"$f":"B15+1","v":4},"A lighter font is used for cells containing a formula linking to another sheet.  A red font is applied to input cells. Grey shading is used to draw attention to certain cells e.g. where formulas differ for the indexed and non-indexed RAB approach."]
[null,{"$f":"B16+1","v":5},"Wherever two horizontally adjacent cells contain numerical formulas which differ, an orange vertical border has been placed between the cells to indicate that the cell formulas are different."]
[null,{"$f":"B17+1","v":6},"This model should not be used for any other purpose than described above. "]
[]
["Glossary"]
[null,null,"ANAR: Actual net allowable revenue"]
[null,null,"FNAR: Forecast net allowable revenue"]
[null,null,"MAR: Maximum allowable revenue per DPP"]
[null,null,"AR: Actual revenue"]
[null,null,"DPP: Default price path"]
[null,null,"CODW: Cost of debt wash-up"]
[null,null,"CPI: Consumers price index"]
[null,null,"FCM: Financial capital maintenance"]
[null,null,"IM: Input methodology"]
[null,null,"IRR: Internal rate of return"]
[null,null,"MAR: Maximum allowable revenue"]
[null,null,"NPV: Net present value"]
[null,null,"RAB: Regulatory asset base"]
[null,null,"WA: Wash-up accrual"]
[null,null,"WD: Wash-up drawdown"]
[null,null,"WAB: Wash-up account balance"]
[null,null,"WACC: Weighted average cost of capital"]

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["Simplifying assumptions"]
[]
[null,null,"The demonstration models use the following simplifying assumptions:"]
[]
[null,1,"The revenue wash-up occurs in the same year as the higher inflation. In practice, there is a delay until the wash-up occurs and we apply a present value adjustment to ensure suppliers are compensated for the delay. The impact of this delay is shown in lines 162-167 of the calculation sheets."]
[null,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 capex inflation will not perfectly follow CPI."]
[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 be entered in the actual inputs (cell E15-25)."]
[null,6,"We have assumed all values are end of year values for the NPV=0 calculations."]
[null,7,"We assume MAR as per the DPP model = FNAR. In reality there will be an intermediate step when setting prices (FNAR), updating for updated forecast CPI. We also assume FNAR = AR (no volume differences). "]
[null,8,"The wash-ups will, under normal circumstances, be smaller than indicated in this model because prices are set annually (FNAR: forecast net allowable revenue) with updated forecast CPI (2-year updated CPI proposed for decision), while this model only shows forecast revenue as set at the DPP reset."]
[]
[null,null,"These assumptions should not affect our findings. They just make it more straightforward to show that NPV=0 is achieved."]

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

{"sheet":"Inputs - forecast","index":5,"n_rows":40,"n_cols":16,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["Inputs - forecast"]
[null,null,null,null,"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30","Average"]
[]
["Predicted inflation rate",null,null,null,1,{"$f":"E4*(1+F5)","v":1.02},{"$f":"F4*(1+G5)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573]
[null,"CPI (end of period)",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"(((1+F5)*(1+G5)*(1+H5)*(1+I5)*(1+J5)*(1+K5)*(1+L5)*(1+M5)*(1+N5)*(1+O5))^0.1)-1","v":2.0000000000000018E-2}]
[]
["Rebased CPI (end of period)",null,null,null,1,{"$f":"E7*(1+F8)","v":1.02},{"$f":"F7*(1+G8)","v":1.0404},{"$f":"G7*(1+H8)","v":1.0612079999999999},{"$f":"H7*(1+I8)","v":1.08243216},{"$f":"I7*(1+J8)","v":1.1040808032},{"$f":"'Inputs - actual'!J5*(1+'Inputs - forecast'!K8)","v":1.3018071937500004},{"$f":"K7*(1+L8)","v":1.3278433376250005},{"$f":"L7*(1+M8)","v":1.3544002043775005},{"$f":"M7*(1+N8)","v":1.3814882084650506},{"$f":"N7*(1+O8)","v":1.4091179726343517}]
[null,"Predicted inflation rate",null,null,{"$f":"E5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,100,100,100,100,100,100,100,100,100,100]
[null,"Capex",null,null,null,200,200,200,200,200,100,100,100,100,0,"Do not enter capex in last year, as depreciation is calculated on opening RAB value and therefore RAB will not be fully depreciated if capex included in last year."]
[null,"Opening RAB",null,null,3000]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F11*F7","v":102},104.03999999999999,106.12079999999999,108.243216,110.40808032,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,140.91179726343518]
[null,"Capex",null,null,null,{"$f":"F12*F7","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Opening RAB",null,null,{"$f":"E13/E4","v":3000}]
[]
["Asset lives"]
[null,"Initial RAB",null,10]
[null,"Capex",null,10]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Cost of debt",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Leverage",null,null,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[null,"Tax rate",null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average"]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$26*E$28+E$25*(1-E$28)","v":6.1800000000000008E-2},6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,6.1800000000000008E-2,{"$f":"(((1+F31)*(1+G31)*(1+H31)*(1+I31)*(1+J31)*(1+K31)*(1+L31)*(1+M31)*(1+N31)*(1+O31))^0.1)-1","v":6.1800000000000077E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$31)/(1+E$5)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F32)*(1+G32)*(1+H32)*(1+I32)*(1+J32)*(1+K32)*(1+L32)*(1+M32)*(1+N32)*(1+O32))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E31","v":1.0618000000000001},1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001,1.0618000000000001]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0618000000000001},{"$f":"F36*G35","v":1.1274192400000003},1.1970937490320004,1.2710741427221781,1.3496265247424089,1.4330334439714898,1.5215949108089279,1.6156294762969199,1.7154753779320697,1.8214917562882718]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E32","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E40*F39","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"Inputs - actual","index":6,"n_rows":44,"n_cols":16,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
["Inputs - actual"]
[null,null,null,null,{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"},"Average"]
[]
["Actual inflation rate",null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,{"$f":"(((1+F4)*(1+G4)*(1+H4)*(1+I4)*(1+J4)*(1+K4)*(1+L4)*(1+M4)*(1+N4)*(1+O4))^0.1)-1","v":5.0000000000000044E-2}]
[null,"CPI (end of period)",null,null,1,{"$f":"E5*(1+F4)","v":1.05},1.1025,1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[]
["Financials ($ of 30 June 2020)"]
[null,"Opex",null,null,null,{"$f":"'Inputs - forecast'!F11","v":100},{"$f":"'Inputs - forecast'!G11","v":100},{"$f":"'Inputs - forecast'!H11","v":100},{"$f":"'Inputs - forecast'!I11","v":100},{"$f":"'Inputs - forecast'!J11","v":100},{"$f":"'Inputs - forecast'!K11","v":100},{"$f":"'Inputs - forecast'!L11","v":100},{"$f":"'Inputs - forecast'!M11","v":100},{"$f":"'Inputs - forecast'!N11","v":100},{"$f":"'Inputs - forecast'!O11","v":100}]
[null,"Capex",null,null,null,{"$f":"'Inputs - forecast'!F12","v":200},{"$f":"'Inputs - forecast'!G12","v":200},{"$f":"'Inputs - forecast'!H12","v":200},{"$f":"'Inputs - forecast'!I12","v":200},{"$f":"'Inputs - forecast'!J12","v":200},{"$f":"'Inputs - forecast'!K12","v":100},{"$f":"'Inputs - forecast'!L12","v":100},{"$f":"'Inputs - forecast'!M12","v":100},{"$f":"'Inputs - forecast'!N12","v":100},{"$f":"'Inputs - forecast'!O12","v":0}]
[null,"Opening RAB",null,null,{"$f":"'Inputs - forecast'!E18","v":3000}]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F8*F$5","v":105},{"$f":"G8*G$5","v":110.25},115.76250000000002,121.55062500000003,127.62815625000003,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,162.88946267774421]
[null,"Capex",null,null,null,{"$f":"F9*F5","v":210},220.5,231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250003,140.71004226562505,147.74554437890629,155.13282159785163,0]
[null,"Opening RAB",null,null,{"$f":"E10*E5","v":3000}]
[]
["WACC (nominal)"]
[null,"Cost of equity",null,null,{"$f":"(1+'Inputs - forecast'!E25)/(1+'Inputs - forecast'!E5)*(1+E4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!F25)/(1+'Inputs - forecast'!F5)*(1+F4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!G25)/(1+'Inputs - forecast'!G5)*(1+G4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!H25)/(1+'Inputs - forecast'!H5)*(1+H4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!I25)/(1+'Inputs - forecast'!I5)*(1+I4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!J25)/(1+'Inputs - forecast'!J5)*(1+J4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!K25)/(1+'Inputs - forecast'!K5)*(1+K4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!L25)/(1+'Inputs - forecast'!L5)*(1+L4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!M25)/(1+'Inputs - forecast'!M5)*(1+M4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!N25)/(1+'Inputs - forecast'!N5)*(1+N4)-1","v":0.1014705882352942},{"$f":"(1+'Inputs - forecast'!O25)/(1+'Inputs - forecast'!O5)*(1+O4)-1","v":0.1014705882352942}]
[null,"Cost of debt",null,null,{"$f":"(1+'Inputs - forecast'!E26)/(1+'Inputs - forecast'!E5)*(1+E4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!F$26)/(1+'Inputs - forecast'!F$5)*(1+F$4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!G26)/(1+'Inputs - forecast'!G5)*(1+G4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!H26)/(1+'Inputs - forecast'!H5)*(1+H4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!I26)/(1+'Inputs - forecast'!I5)*(1+I4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!J26)/(1+'Inputs - forecast'!J5)*(1+J4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!K26)/(1+'Inputs - forecast'!K5)*(1+K4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!L26)/(1+'Inputs - forecast'!L5)*(1+L4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!M26)/(1+'Inputs - forecast'!M5)*(1+M4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!N26)/(1+'Inputs - forecast'!N5)*(1+N4)-1","v":8.0882352941176627E-2},{"$f":"(1+'Inputs - forecast'!O26)/(1+'Inputs - forecast'!O5)*(1+O4)-1","v":8.0882352941176627E-2}]
[null,"Leverage",null,null,{"$f":"'Inputs - forecast'!E28","v":0.41},{"$f":"'Inputs - forecast'!F28","v":0.41},{"$f":"'Inputs - forecast'!G28","v":0.41},{"$f":"'Inputs - forecast'!H28","v":0.41},{"$f":"'Inputs - forecast'!I28","v":0.41},{"$f":"'Inputs - forecast'!J28","v":0.41},{"$f":"'Inputs - forecast'!K28","v":0.41},{"$f":"'Inputs - forecast'!L28","v":0.41},{"$f":"'Inputs - forecast'!M28","v":0.41},{"$f":"'Inputs - forecast'!N28","v":0.41},{"$f":"'Inputs - forecast'!O28","v":0.41}]
[null,"Tax rate",null,null,{"$f":"'Inputs - forecast'!E29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!F29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!G29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!H29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!I29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!J29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!K29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!L29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!M29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!N29","v":0.28000000000000003},{"$f":"'Inputs - forecast'!O29","v":0.28000000000000003}]
[]
[null,"Cost of capital (vanilla, nominal)",null,null,{"$f":"E$19*E$20+E$18*(1-E$20)","v":9.3029411764705999E-2},{"$f":"F$19*F$20+F$18*(1-F$20)","v":9.3029411764705999E-2},9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,{"$f":"(((1+F23)*(1+G23)*(1+H23)*(1+I23)*(1+J23)*(1+K23)*(1+L23)*(1+M23)*(1+N23)*(1+O23))^0.1)-1","v":9.3029411764705916E-2}]
[null,"Cost of capital (vanilla, real)",null,null,{"$f":"(1+E$23)/(1+E$4)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,{"$f":"(((1+F24)*(1+G24)*(1+H24)*(1+I24)*(1+J24)*(1+K24)*(1+L24)*(1+M24)*(1+N24)*(1+O24))^0.1)-1","v":4.0980392156862777E-2}]
[]
["Vanilla (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E23","v":1.0930294117647059},1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059,1.0930294117647059]
[null,"Compounding factor step 2",null,null,1,{"$f":"E28*F27","v":1.0930294117647059},{"$f":"F28*G27","v":1.1947132949826991},1.3058567700424131,1.4273398572084175,1.5601244445128359,1.7052619038656036,1.8639014156869833,2.0372990679757459,2.2268278018583132,2.4339882823664851]
[]
["Vanilla (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E24","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E32*F31","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]
[]
["Blended Cost of capital (nominal)",null,null,"Note on calculation of blended cost of capital",null,{"$f":"'Inputs - forecast'!F26*F20+(F18*(1-F20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!G26*G20+(G18*(1-G20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!H26*H20+(H18*(1-H20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!I26*I20+(I18*(1-I20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!J26*J20+(J18*(1-J20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!K26*K20+(K18*(1-K20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!L26*L20+(L18*(1-L20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!M26*M20+(M18*(1-M20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!N26*N20+(N18*(1-N20))","v":8.0367647058823585E-2},{"$f":"'Inputs - forecast'!O26*O20+(O18*(1-O20))","v":8.0367647058823585E-2}]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F34","v":1.0803676470588235},{"$f":"1+G34","v":1.0803676470588235},1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235,1.0803676470588235]
[null,"Compounding factor step 2",null,null,1,{"$f":"E36*F35","v":1.0803676470588235},{"$f":"F36*G35","v":1.1671942528114185},1.2609989085704538,1.3623424237960058,1.4718306788849054,1.5901182474158759,1.7179123095059901,1.8559768796743759,2.0051373744893826,2.1662855473068015]
[]
["Blended inflation rate",null,null,null,null,{"$f":"(1+F34)/(1+F24)-1","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2]
[null,"Underlying inflation index",null,null,1,{"$f":"E39*(1+F38)","v":1.0378366924091165},{"$f":"F39*(1+G38)","v":1.077105000110695},1.1178590906922048,1.1601551812634603,1.2040516160037686,1.2496089466432028,1.2968900159890218,1.3459600446124524,1.3968867208154145,1.4497402940012867]
[null,"Rebased forecast index",null,null,{"$f":"'Inputs - forecast'!E7","v":1},{"$f":"'Inputs - forecast'!F7","v":1.02},{"$f":"'Inputs - forecast'!G7","v":1.0404},{"$f":"'Inputs - forecast'!H7","v":1.0612079999999999},{"$f":"'Inputs - forecast'!I7","v":1.08243216},{"$f":"'Inputs - forecast'!J7","v":1.1040808032},{"$f":"J39*(1+'Inputs - forecast'!K8)","v":1.2281326483238439},{"$f":"K40*(1+'Inputs - forecast'!L8)","v":1.2526953012903208},{"$f":"L40*(1+'Inputs - forecast'!M8)","v":1.2777492073161272},{"$f":"M40*(1+'Inputs - forecast'!N8)","v":1.3033041914624497},{"$f":"N40*(1+'Inputs - forecast'!O8)","v":1.3293702752916987}]
[]
["Blended Cost of capital (real)",null,null,null,null,{"$f":"(1+F34)/(1+F38)-1","v":4.0980392156862777E-2},4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2,4.0980392156862777E-2]
[null,"Compounding factor step 1",null,null,1,{"$f":"1+F42","v":1.0409803921568628},1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628,1.0409803921568628]
[null,"Compounding factor step 2",null,null,1,{"$f":"E44*F43","v":1.0409803921568628},1.0836401768550559,1.1280481762595083,1.1742760328944568,1.2223983252228767,1.2724926879624026,1.3246399373318423,1.3789242014303433,1.4354330559595476,1.4942576655076938]

{"sheet":"Summary tables","index":7,"n_rows":21,"n_cols":14,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
["Summary tables"]
[]
[null,"Scenario","Description","NPV=0?",2021,{"$f":"E3+1","v":2022},{"$f":"F3+1","v":2023},2024,2025,2026,2027,2028,2029,2030]
[]
[null,"Forecast price path",null,"Y",{"$f":"'1 Starting point excl CODW'!F13","v":603.43115708014705},{"$f":"'1 Starting point excl CODW'!G13","v":615.49978022175003},{"$f":"'1 Starting point excl CODW'!H13","v":627.80977582618505},{"$f":"'1 Starting point excl CODW'!I13","v":640.3659713427088},{"$f":"'1 Starting point excl CODW'!J13","v":653.17329076956298},{"$f":"'1 Starting point excl CODW'!K13","v":967.5871891002995},{"$f":"'1 Starting point excl CODW'!L13","v":986.93893288230549},{"$f":"'1 Starting point excl CODW'!M13","v":1006.6777115399516},{"$f":"'1 Starting point excl CODW'!N13","v":1026.8112657707507},{"$f":"'1 Starting point excl CODW'!O13","v":1047.3474910861657}]
[]
[null,"Wash-up accrual"]
[1,"Starting point excluding the CODW","Prior to draft decision: No cost of debt adjustment","Y",{"$f":"'1 Starting point excl CODW'!F164","v":17.747975208239609},{"$f":"'1 Starting point excl CODW'!G164","v":36.738308681056083},{"$f":"'1 Starting point excl CODW'!H164","v":57.040217521761406},{"$f":"'1 Starting point excl CODW'!I164","v":78.726521672635045},{"$f":"'1 Starting point excl CODW'!J164","v":101.87382689654817},{"$f":"'1 Starting point excl CODW'!K164","v":28.458446738243993},{"$f":"'1 Starting point excl CODW'!L164","v":58.908984748165039},{"$f":"'1 Starting point excl CODW'!M164","v":91.462601972042648},{"$f":"'1 Starting point excl CODW'!N164","v":126.23606341684354},{"$f":"'1 Starting point excl CODW'!O164","v":163.3522045608081}]
[2,"Draft decision: Incl CODW","Cost of debt adjustment","Y",{"$f":"'2 Incl CODW'!F163","v":-20.237318909407641},{"$f":"'2 Incl CODW'!G163","v":-1.8167648483558736},{"$f":"'2 Incl CODW'!H163","v":18.263563109996504},{"$f":"'2 Incl CODW'!I163","v":40.1689553582965},{"$f":"'2 Incl CODW'!J163","v":64.093926386437687},{"$f":"'2 Incl CODW'!K163","v":-7.8309615766687699},{"$f":"'2 Incl CODW'!L163","v":26.729084195141205},{"$f":"'2 Incl CODW'!M163","v":64.339292839614302},{"$f":"'2 Incl CODW'!N163","v":105.37902770487509},{"$f":"'2 Incl CODW'!O163","v":150.43800552679292}]
["2b","Incl CODW with smoothing","Cost of debt adjustment with smoothing","Y",{"$f":"'2b Incl CODW smoothed'!F175","v":10.150916384710159},{"$f":"'2b Incl CODW smoothed'!G175","v":20.819677409429481},{"$f":"'2b Incl CODW smoothed'!H175","v":32.086912428084204},{"$f":"'2b Incl CODW smoothed'!I175","v":44.056264899370383},{"$f":"'2b Incl CODW smoothed'!J175","v":56.861223061468678},{"$f":"'2b Incl CODW smoothed'!K175","v":-16.248011572269981},{"$f":"'2b Incl CODW smoothed'!L175","v":15.522901473747233},{"$f":"'2b Incl CODW smoothed'!M175","v":50.579553360826651},{"$f":"'2b Incl CODW smoothed'!N175","v":89.245975042675454},{"$f":"'2b Incl CODW smoothed'!O175","v":131.92759333590723}]
[3,"Hybrid RAB","Indexing only the equity portion of the RAB","N",{"$f":"'3 Hybrid RAB'!F166","v":18.289560907246596},{"$f":"'3 Hybrid RAB'!G166","v":37.859391078000499},{"$f":"'3 Hybrid RAB'!H166","v":58.780819799800042},{"$f":"'3 Hybrid RAB'!I166","v":81.128889141047466},{"$f":"'3 Hybrid RAB'!J166","v":104.98254251638241},{"$f":"'3 Hybrid RAB'!K166","v":26.514408079295436},{"$f":"'3 Hybrid RAB'!L166","v":54.884824724141708},{"$f":"'3 Hybrid RAB'!M166","v":85.214656126047771},{"$f":"'3 Hybrid RAB'!N166","v":117.61269090136307},{"$f":"'3 Hybrid RAB'!O166","v":152.19337345482472}]
[4,"Debt forecast","Wash-up only the equity portion of the RAB","N",{"$f":"'4 Debt forecast'!F164","v":17.747975208239495},{"$f":"'4 Debt forecast'!G164","v":36.738308681055969},{"$f":"'4 Debt forecast'!H164","v":57.040217521761292},{"$f":"'4 Debt forecast'!I164","v":78.726521672634817},{"$f":"'4 Debt forecast'!J164","v":101.87382689654783},{"$f":"'4 Debt forecast'!K164","v":27.272459508507609},{"$f":"'4 Debt forecast'!L164","v":56.453991182610707},{"$f":"'4 Debt forecast'!M164","v":87.650957614392496},{"$f":"'4 Debt forecast'!N164","v":120.97525770521634},{"$f":"'4 Debt forecast'!O164","v":156.54460784478351}]
[5,"Blended CPI","Revenue and RAB wash-up using blended CPI","Y",{"$f":"'5 Blended CPI'!F164","v":14.201164766398165},{"$f":"'5 Blended CPI'!G164","v":29.333147699559731},{"$f":"'5 Blended CPI'!H164","v":45.444511229838213},{"$f":"'5 Blended CPI'!I164","v":62.586195770741028},{"$f":"'5 Blended CPI'!J164","v":80.811634188497806},{"$f":"'5 Blended CPI'!K164","v":19.327445740805388},{"$f":"'5 Blended CPI'!L164","v":39.865869847279555},{"$f":"'5 Blended CPI'!M164","v":61.67534271184536},{"$f":"'5 Blended CPI'!N164","v":84.818725468495813},{"$f":"'5 Blended CPI'!O164","v":100.14322268825799}]
[]
[null,"Revenue + accrual (i.e. no wash-up lag)"]
[1,"Starting point excluding the CODW","Prior to draft decision: No cost of debt adjustment","Y",{"$f":"'1 Starting point excl CODW'!F179","v":621.17913228838665},{"$f":"'1 Starting point excl CODW'!G179","v":652.23808890280611},{"$f":"'1 Starting point excl CODW'!H179","v":684.84999334794645},{"$f":"'1 Starting point excl CODW'!I179","v":719.09249301534385},{"$f":"'1 Starting point excl CODW'!J179","v":755.04711766611115},{"$f":"'1 Starting point excl CODW'!K179","v":996.04563583854349},{"$f":"'1 Starting point excl CODW'!L179","v":1045.8479176304704},{"$f":"'1 Starting point excl CODW'!M179","v":1098.1403135119942},{"$f":"'1 Starting point excl CODW'!N179","v":1153.0473291875942},{"$f":"'1 Starting point excl CODW'!O179","v":1210.6996956469739}]
[2,"Draft decision: Incl CODW","Cost of debt adjustment","Y",{"$f":"'2 Incl CODW'!F178","v":583.19383817073935},{"$f":"'2 Incl CODW'!G178","v":613.68301537339414},{"$f":"'2 Incl CODW'!H178","v":646.07333893618159},{"$f":"'2 Incl CODW'!I178","v":680.53492670100536},{"$f":"'2 Incl CODW'!J178","v":717.2672171560007},{"$f":"'2 Incl CODW'!K178","v":959.75622752363063},{"$f":"'2 Incl CODW'!L178","v":1013.6680170774466},{"$f":"'2 Incl CODW'!M178","v":1071.0170043795658},{"$f":"'2 Incl CODW'!N178","v":1132.1902934756256},{"$f":"'2 Incl CODW'!O178","v":1197.7854966129585}]
["2b","Incl CODW with smoothing","Cost of debt adjustment with smoothing","Y",{"$f":"'2b Incl CODW smoothed'!F190","v":613.58207346485506},{"$f":"'2b Incl CODW smoothed'!G190","v":636.31945763117722},{"$f":"'2b Incl CODW smoothed'!H190","v":659.89668825426702},{"$f":"'2b Incl CODW smoothed'!I190","v":684.42223624207679},{"$f":"'2b Incl CODW smoothed'!J190","v":710.03451383102924},{"$f":"'2b Incl CODW smoothed'!K190","v":951.3391775280295},{"$f":"'2b Incl CODW smoothed'!L190","v":1002.4618343560527},{"$f":"'2b Incl CODW smoothed'!M190","v":1057.2572649007782},{"$f":"'2b Incl CODW smoothed'!N190","v":1116.057240813426},{"$f":"'2b Incl CODW smoothed'!O190","v":1179.275084422073}]
[3,"Hybrid RAB","Indexing only the equity portion of the RAB","N",{"$f":"'3 Hybrid RAB'!F181","v":640.13463175363188},{"$f":"'3 Hybrid RAB'!G181","v":672.14136334131354},{"$f":"'3 Hybrid RAB'!H181","v":705.74843150837933},{"$f":"'3 Hybrid RAB'!I181","v":741.03585308379832},{"$f":"'3 Hybrid RAB'!J181","v":778.08764573798828},{"$f":"'3 Hybrid RAB'!K181","v":928.00428277534263},{"$f":"'3 Hybrid RAB'!L181","v":974.40449691410981},{"$f":"'3 Hybrid RAB'!M181","v":1023.1247217598152},{"$f":"'3 Hybrid RAB'!N181","v":1074.2809578478059},{"$f":"'3 Hybrid RAB'!O181","v":1127.9950057401966}]
[4,"Debt forecast","Wash-up only the equity portion of the RAB","N",{"$f":"'4 Debt forecast'!F179","v":621.17913228838518},{"$f":"'4 Debt forecast'!G179","v":652.23808890280452},{"$f":"'4 Debt forecast'!H179","v":684.84999334794486},{"$f":"'4 Debt forecast'!I179","v":719.09249301534203},{"$f":"'4 Debt forecast'!J179","v":755.04711766610922},{"$f":"'4 Debt forecast'!K179","v":954.53608279776631},{"$f":"'4 Debt forecast'!L179","v":1002.2628869376546},{"$f":"'4 Debt forecast'!M179","v":1052.3760312845372},{"$f":"'4 Debt forecast'!N179","v":1104.994832848764},{"$f":"'4 Debt forecast'!O179","v":1160.244574491202}]
[5,"Blended CPI","Revenue and RAB wash-up using blended CPI","Y",{"$f":"'5 Blended CPI'!F179","v":617.63232184654373},{"$f":"'5 Blended CPI'!G179","v":644.83292792130817},{"$f":"'5 Blended CPI'!H179","v":673.25428705602167},{"$f":"'5 Blended CPI'!I179","v":702.95216711344813},{"$f":"'5 Blended CPI'!J179","v":733.98492495805908},{"$f":"'5 Blended CPI'!K179","v":947.02962346311824},{"$f":"'5 Blended CPI'!L179","v":986.12209112403866},{"$f":"'5 Blended CPI'!M179","v":1026.8566884141396},{"$f":"'5 Blended CPI'!N179","v":1069.303698084836},{"$f":"'5 Blended CPI'!O179","v":1104.3178947569249}]

{"sheet":"1 Starting point excl CODW","index":8,"n_rows":182,"n_cols":18,"rows_kept":182,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":653.17329076956298},{"$f":"P76","v":967.5871891002995},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":986.93893288230549},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":1006.6777115399516},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":1026.8112657707507},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":1047.3474910861657}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},{"$f":"SUM(G13:G19)","v":16.692228426326665},{"$f":"SUM(H13:H19)","v":0.55712926151988995},-18.187510225440292,-40.511970000071017,43.493243403003362,34.097050932281377,17.185478992754952,-15.685258801605187,-98.82113547364122]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386348032},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212623897},{"$f":"M20/'Inputs - forecast'!M$36","v":10.637017487539705},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590216915},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.252859027489144}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.7037929107318632E-12}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},{"$f":"G13","v":615.49978022175003},627.80977582618505,640.3659713427088,653.17329076956298,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,-85.251586788457303,617.79067308581591,634.07857903558147,653.54782256348324,679.41081276699242,865.58385381477251]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536897836},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422812},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399354},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208177},{"$f":"N31/'Inputs - forecast'!N$36","v":396.0481284120745},{"$f":"O31/'Inputs - forecast'!O$36","v":475.2060232095742}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":3.5242919693700969E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},2890,2791.5666000000001,2657.1132308571432,{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},1510.0487358012006,908.27367610511737]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$5)","v":60},{"$f":"G38*('Inputs - forecast'!G$5)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$5)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$5)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$5)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$5)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$5)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$5)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$5)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$5)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J4*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J125-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014705},{"$f":"G13","v":615.49978022175003},627.80977582618505,640.3659713427088,653.17329076956298,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657]
[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},{"$f":"G18","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,319.41099023029795,311.75602257758521,293.74945750345819,253.93861182410075,145.89942859985035]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264483439},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.291686321723873},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100968308},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.102811310748223},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007958103}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490579},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256537},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386383},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609635},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444553},{"$f":"SUM(F66:J66)","v":2626.4565156318768}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593545},{"$f":"L13/'Inputs - forecast'!L$36","v":648.6213419034226},{"$f":"M13/'Inputs - forecast'!M$36","v":623.08699259888022},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476147},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422178},{"$f":"SUM(K73:O73)","v":3120.4626526872216}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958747},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079862},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134045},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.7012459537832},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171086},{"$f":"SUM(K74:O74)","v":-3120.4626526872207}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.5871891002995]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
[null,"Revenue (no delay in wash-ups)",null,null,null,{"$f":"F$13/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":621.17913228838665},{"$f":"G$13/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":652.23808890280611},{"$f":"H$13/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":684.84999334794645},{"$f":"I$13/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":719.09249301534385},{"$f":"J$13/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":755.04711766611115},{"$f":"K$13/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":996.0456358385436},{"$f":"L$13/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":1045.8479176304706},{"$f":"M$13/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":1098.1403135119942},{"$f":"N$13/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":1153.0473291875942},{"$f":"O$13/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":1210.6996956469739},null,"Note"]
[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F114","v":-210},{"$f":"-G114","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218861},{"$f":"G136+G144","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438829,-92.502003238850989,-89.722731460640546,-79.84418306712648,-47.223400719622958]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J45","v":0},null,null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":9.3029411763932757E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F83)","v":265.84603407116776},283.46312268360748,302.81344626724166,324.28783076851482,348.46462303933265,635.96098700010464,671.92582986036962,712.92649329354117,762.93750292476454,1000.5868322496067]
[]
[]
[null,"Real IRR",null,{"$f":"IRR(E88:O88,0.05)","v":4.0980392156656498E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$5","v":253.18669911539786},{"$f":"G85/'Inputs - actual'!G$5","v":257.1094083298027},{"$f":"H85/'Inputs - actual'!H$5","v":261.58164022653415},{"$f":"I85/'Inputs - actual'!I$5","v":266.79240091814813},{"$f":"J85/'Inputs - actual'!J$5","v":273.03115023988488},{"$f":"K85/'Inputs - actual'!K$5","v":474.56388015970413},{"$f":"L85/'Inputs - actual'!L$5","v":477.52514251395309},{"$f":"M85/'Inputs - actual'!M$5","v":482.53671289414939},{"$f":"N85/'Inputs - actual'!N$5","v":491.79631690224488},{"$f":"O85/'Inputs - actual'!O$5","v":614.27351763639786}]
[null,"check to inputs",null,{"$f":"D88-'Inputs - actual'!P24","v":-2.0627943797535409E-13}]
[]
["Actual return (building blocks)"]
[null,"Revenue",null,null,null,{"$f":"F80","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},{"$f":"G81","v":-110.25},-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (variable)",null,null,null,{"$f":"-F121*'Inputs - actual'!F$19*('Inputs - actual'!F$20)","v":-99.485294117647243},{"$f":"-G121*'Inputs - actual'!G$19*('Inputs - actual'!G$20)","v":-100.97757352941196},{"$f":"-H121*'Inputs - actual'!H$19*('Inputs - actual'!H$20)","v":-101.55790441176489},{"$f":"-I121*'Inputs - actual'!I$19*('Inputs - actual'!I$20)","v":-100.98410225183844},{"$f":"-J121*'Inputs - actual'!J$19*('Inputs - actual'!J$20)","v":-98.94735847886048},{"$f":"-K121*'Inputs - actual'!K$19*('Inputs - actual'!K$20)","v":-95.043688443819136},{"$f":"-L121*'Inputs - actual'!L$19*('Inputs - actual'!L$20)","v":-84.280691924586563},{"$f":"-M121*'Inputs - actual'!M$19*('Inputs - actual'!M$20)","v":-71.037238203979356},{"$f":"-N121*'Inputs - actual'!N$19*('Inputs - actual'!N$20)","v":-54.62556972182135},{"$f":"-O121*'Inputs - actual'!O$19*('Inputs - actual'!O$20)","v":-33.8229022319438}]
[null,"Return on equity",null,null,null,{"$f":"-F121*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G121*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H121*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I121*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J121*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K121*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L121*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M121*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N121*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O121*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F122","v":150},{"$f":"G122","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F124","v":-315},{"$f":"G124","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218861},{"$f":"G136+G144","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438829,-92.502003238850989,-89.722731460640546,-79.84418306712648,-47.223400719622958]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":0},null,null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F92:F98)","v":31.757798777049771},{"$f":"SUM(G92:G98)","v":17.688563860077714},0.6077477378295697,-20.42348072045618,-46.83052202500582,44.772456444267689,36.132255529450163,18.746881025197183,-17.613602783400708,-114.23402419893009]
[null,"Present value",null,{"$f":"SUM(E101:O101)","v":3.1263880373444408E-12},null,{"$f":"F100/'Inputs - actual'!F$28","v":29.054843753725269},{"$f":"G100/'Inputs - actual'!G$28","v":14.805697680240401},{"$f":"H100/'Inputs - actual'!H$28","v":0.46540152930388423},{"$f":"I100/'Inputs - actual'!I$28","v":-14.308772096086701},{"$f":"J100/'Inputs - actual'!J$28","v":-30.017170867179832},{"$f":"K100/'Inputs - actual'!K$28","v":26.255472161064784},{"$f":"L100/'Inputs - actual'!L$28","v":19.385282518352934},{"$f":"M100/'Inputs - actual'!M$28","v":9.2018306589734156},{"$f":"N100/'Inputs - actual'!N$28","v":-7.9097282550100889},{"$f":"O100/'Inputs - actual'!O$28","v":-46.932857083380938}]
[]
[null,"Real return",null,null,null,{"$f":"F100/'Inputs - actual'!F$5","v":30.245522644809306},{"$f":"G100/'Inputs - actual'!G$5","v":16.044048852678198},{"$f":"H100/'Inputs - actual'!H$5","v":0.52499534635963252},{"$f":"I100/'Inputs - actual'!I$5","v":-16.802448132583585},{"$f":"J100/'Inputs - actual'!J$5","v":-36.692939395969539},{"$f":"K100/'Inputs - actual'!K$5","v":33.409896343955339},{"$f":"L100/'Inputs - actual'!L$5","v":25.678519420271073},{"$f":"M100/'Inputs - actual'!M$5","v":12.688626993122158},{"$f":"N100/'Inputs - actual'!N$5","v":-11.353885400898704},{"$f":"O100/'Inputs - actual'!O$5","v":-70.129781461018979}]
[null,"Present value",null,{"$f":"SUM(E104:O104)","v":3.1477043194172438E-12},null,{"$f":"F103/'Inputs - actual'!F$32","v":29.054843753725269},{"$f":"G103/'Inputs - actual'!G$32","v":14.805697680240401},{"$f":"H103/'Inputs - actual'!H$32","v":0.46540152930388407},{"$f":"I103/'Inputs - actual'!I$32","v":-14.308772096086695},{"$f":"J103/'Inputs - actual'!J$32","v":-30.017170867179821},{"$f":"K103/'Inputs - actual'!K$32","v":26.25547216106477},{"$f":"L103/'Inputs - actual'!L$32","v":19.385282518352923},{"$f":"M103/'Inputs - actual'!M$32","v":9.2018306589734085},{"$f":"N103/'Inputs - actual'!N$32","v":-7.9097282550100836},{"$f":"O103/'Inputs - actual'!O$32","v":-46.932857083380902}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F94+F95)/F121","v":9.3029411764706013E-2},9.3029411764705999E-2,9.3029411764706013E-2,9.3029411764706013E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764705999E-2,9.3029411764706013E-2,9.3029411764705999E-2,9.3029411764705999E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F96/F121","v":0.05},{"$f":"G96/G121","v":0.05},{"$f":"H96/H121","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G92/F92-1","v":5.0000000000000266E-2},{"$f":"H92/G92-1","v":5.0000000000000044E-2},5.0000000000000044E-2,5.0000000000000044E-2,0.31918341588717158,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000266E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F121*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F94)","v":0},{"$f":"-(G121*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G94)","v":0},{"$f":"-(H121*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H94)","v":0},{"$f":"-(I121*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I94)","v":0},{"$f":"-(J121*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J94)","v":0},{"$f":"-(K121*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K94)","v":0},{"$f":"-(L121*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L94)","v":0},{"$f":"-(M121*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M94)","v":0},{"$f":"-(N121*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N94)","v":0},{"$f":"-(O121*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O94)","v":0}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F116","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F113/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F113:F115)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E125","v":3000},{"$f":"F125","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F121*'Inputs - actual'!F4","v":150},{"$f":"G121*'Inputs - actual'!G4","v":152.25},{"$f":"H121*'Inputs - actual'!H4","v":153.125},{"$f":"I121*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J121*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K121*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L121*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M121*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N121*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O121*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F114","v":210},{"$f":"G114","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F121:F122)/F119","v":-315},{"$f":"-SUM(G121:G122)/G119","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F121:F124)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F92","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Depreciation",null,null,null,{"$f":"F115","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F93","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F94","v":-99.485294117647243},-100.97757352941196,-101.55790441176489,-100.98410225183844,-98.94735847886048,-95.043688443819136,-84.280691924586563,-71.037238203979356,-54.62556972182135,-33.8229022319438]
[null,"EBT",null,null,null,{"$f":"SUM(F129:F132)","v":116.69383817073941},{"$f":"SUM(G129:G132)","v":117.67718204006084},116.63375560284823,112.58693243017208,103.98389460391732,291.45341249889094,311.81582159130073,323.41282165827516,313.47145640763455,229.03702767914749]
[null,"Calculated tax",null,null,null,{"$f":"-F133*'Inputs - forecast'!F29","v":-32.674274687807035},{"$f":"-G133*'Inputs - forecast'!G29","v":-32.949610971217041},{"$f":"-H133*'Inputs - forecast'!H29","v":-32.657451568797505},{"$f":"-I133*'Inputs - forecast'!I29","v":-31.524341080448185},{"$f":"-J133*'Inputs - forecast'!J29","v":-29.115490489096853},{"$f":"-K133*'Inputs - forecast'!K29","v":-81.606955499689477},{"$f":"-L133*'Inputs - forecast'!L29","v":-87.308430045564208},{"$f":"-M133*'Inputs - forecast'!M29","v":-90.555590064317059},{"$f":"-N133*'Inputs - forecast'!N29","v":-87.772007794137679},{"$f":"-O133*'Inputs - forecast'!O29","v":-64.130367750161298}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F134>0,F134+E135,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F135>0,0,F134+E135)","v":-32.674274687807035},-32.949610971217041,-32.657451568797505,-31.524341080448185,-29.115490489096853,-81.606955499689477,-87.308430045564208,-90.555590064317059,-87.772007794137679,-64.130367750161298]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F136","v":-32.674274687807035},-32.949610971217041,-32.657451568797505,-31.524341080448185,-29.115490489096853,-81.606955499689477,-87.308430045564208,-90.555590064317059,-87.772007794137679,-64.130367750161298]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F140:O140)","v":-328.13978734646491},{"$f":"F139/'Inputs - actual'!F$28","v":-29.893316992315992},{"$f":"G139/'Inputs - actual'!G$28","v":-27.579513101253461},{"$f":"H139/'Inputs - actual'!H$28","v":-25.008448336747392},{"$f":"I139/'Inputs - actual'!I$28","v":-22.086079164147563},{"$f":"J139/'Inputs - actual'!J$28","v":-18.662287224265913},{"$f":"K139/'Inputs - actual'!K$28","v":-47.855965886939295},{"$f":"L139/'Inputs - actual'!L$28","v":-46.841763899505757},{"$f":"M139/'Inputs - actual'!M$28","v":-44.448844790516112},{"$f":"N139/'Inputs - actual'!N$28","v":-39.415714012951938},{"$f":"O139/'Inputs - actual'!O$28","v":-26.347853937821547}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438829},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850989},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.722731460640546},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.84418306712648},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.223400719622958}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F143:O143)","v":-334.56763171141637},{"$f":"F142/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G142/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H142/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I142/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J142/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K142/'Inputs - actual'!K$28","v":-53.98907962743931},{"$f":"L142/'Inputs - actual'!L$28","v":-49.628162981333041},{"$f":"M142/'Inputs - actual'!M$28","v":-44.04003951652949},{"$f":"N142/'Inputs - actual'!N$28","v":-35.855571320106385},{"$f":"O142/'Inputs - actual'!O$28","v":-19.401654914176181}]
[null,"Difference",null,null,{"$f":"E143-E140","v":-6.4278443649514543},{"$f":"F142-F139","v":-7.6588235294118263},{"$f":"G142-G139","v":-5.0753552479815696},-2.0915955119072223,1.3715538336191528,5.41746461231849,-10.458565213749353,-5.193573193286781,0.8328586036765131,7.927824727011199,16.90696703053834]
[]
["Real revenue",null,null,null,null,{"$f":"F92/'Inputs - actual'!F$5","v":591.59917360798727},{"$f":"G92/'Inputs - actual'!G$5","v":591.59917360798738},{"$f":"H92/'Inputs - actual'!H$5","v":591.59917360798738},{"$f":"I92/'Inputs - actual'!I$5","v":591.59917360798738},{"$f":"J92/'Inputs - actual'!J$5","v":591.59917360798738},{"$f":"K92/'Inputs - actual'!K$5","v":743.26458921544054},{"$f":"L92/'Inputs - actual'!L$5","v":743.26458921544042},{"$f":"M92/'Inputs - actual'!M$5","v":743.26458921544042},{"$f":"N92/'Inputs - actual'!N$5","v":743.26458921544065},{"$f":"O92/'Inputs - actual'!O$5","v":743.26458921544054}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O148, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P148, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F92-F110","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F151-F152","v":17.747975208239609},{"$f":"G151-G152","v":36.738308681056083},57.040217521761406,78.726521672635045,101.87382689654817,28.458446738244106,58.908984748165153,91.462601972042648,126.23606341684354,163.3522045608081]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F151-F165","v":621.17913228838665},652.23808890280611,704.85940206875875,760.51196906742553,819.35535635393012,1084.8034310705493,1160.7024301260685,1130.2249139052058,1219.462452001542,1313.8163928507167]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F152-F165","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323053,1101.7934453779035,1038.7623119331631,1093.2263885846985,1150.4641882899086]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F156","v":603.43115708014705},{"$f":"G156","v":615.49978022175003},{"$f":"H156","v":647.81918454699735},{"$f":"I156","v":681.78544739479048},717.48152945738195,1056.3449843323053,1101.7934453779035,1038.7623119331631,1093.2263885846985,1150.4641882899086,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F110","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F166","v":17.747975208239609},55.583108757164901,96.048953679306763,139.29182463724129,185.46564760855205,136.62807613699883,89.126163494832483,154.01216197764427,223.35105419075842,297.38965669681255,173.44737080266603]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F155-F158+F160","v":17.747975208239609},36.738308681056083,57.040217521761406,78.726521672635045,101.87382689654817,28.458446738243993,58.908984748165039,91.462601972042648,126.23606341684354,163.3522045608081,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F164*(1+'Inputs - forecast'!H$31)^2","v":-20.009408720812345},{"$f":"-G164*(1+'Inputs - forecast'!I$31)^2","v":-41.419476052081663},{"$f":"-H164*(1+'Inputs - forecast'!J$31)^2","v":-64.308238687818942},{"$f":"-I164*(1+'Inputs - forecast'!K$31)^2","v":-88.757795232005748},{"$f":"-J164*(1+'Inputs - forecast'!L$31)^2","v":-114.85451249559792},{"$f":"-K164*(1+'Inputs - forecast'!M$31)^2","v":-32.084600393211531},{"$f":"-L164*(1+'Inputs - forecast'!N$31)^2","v":-66.415122813947832},{"$f":"-M164*(1+'Inputs - forecast'!O$31)^2","v":-103.11669720374285},{"$f":"-N164*(1+'Inputs - forecast'!P$31)^2","v":-142.32096667800957},{"$f":"-O164*(1+'Inputs - forecast'!Q$31)^2","v":-163.3522045608081},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F163*(1+'Inputs - forecast'!F$31)+F164+F165","v":17.747975208239609},{"$f":"G163*(1+'Inputs - forecast'!G$31)+G164+G165","v":55.583108757164901},{"$f":"H163*(1+'Inputs - forecast'!H$31)+H164+H165","v":96.048953679306763},{"$f":"I163*(1+'Inputs - forecast'!I$31)+I164+I165","v":139.29182463724129},{"$f":"J163*(1+'Inputs - forecast'!J$31)+J164+J165","v":185.46564760855205},{"$f":"K163*(1+'Inputs - forecast'!K$31)+K164+K165","v":136.62807613699883},{"$f":"L163*(1+'Inputs - forecast'!L$31)+L164+L165","v":89.126163494832483},{"$f":"M163*(1+'Inputs - forecast'!M$31)+M164+M165","v":154.01216197764427},{"$f":"N163*(1+'Inputs - forecast'!N$31)+N164+N165","v":223.35105419075842},{"$f":"O163*(1+'Inputs - forecast'!O$31)+O164+O165","v":297.38965669681255},{"$f":"P163*(1+'Inputs - forecast'!P$31)+P164+P165","v":173.44737080266603},{"$f":"Q163*(1+'Inputs - forecast'!Q$31)+Q164+Q165","v":10.095166241857925}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F170:O170)","v":-6259.7416364398168},{"$f":"F151","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F171:O171)","v":6096.4745474342562},{"$f":"F156","v":603.43115708014705},615.49978022175003,647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323053,1101.7934453779035,1038.7623119331631,1093.2263885846985,1150.4641882899086]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F172:O172)","v":0},{"$f":"F160","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F173:O173)","v":163.26708900556082},0,0,0,0,0,0,0,0,0,{"$f":"O166","v":297.38965669681255}]
[null,null,null,"NPV",{"$f":"SUM(E170:E173)","v":2.2737367544323206E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F176:O176)","v":-6259.7416364398168},{"$f":"F92","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534385,755.04711766611115,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F170+F172-F176","v":0},{"$f":"G170+G172-G176","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F179:O179)","v":6259.7416364398159},{"$f":"F152+F164","v":621.17913228838665},{"$f":"G152+G164","v":652.23808890280611},684.84999334794645,719.09249301534385,755.04711766611115,996.04563583854349,1045.8479176304704,1098.1403135119942,1153.0473291875942,1210.6996956469739,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F180:Q180)","v":6096.4745474342562},{"$f":"F152-F165","v":603.43115708014705},{"$f":"G152-G165","v":615.49978022175003},647.81918454699735,681.78544739479048,717.48152945738195,1056.3449843323053,1101.7934453779035,1038.7623119331631,1093.2263885846985,1150.4641882899086,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F181:Q181)","v":163.26708900556082},0,0,0,0,0,0,0,0,0,{"$f":"+O166","v":297.38965669681255}]
[null,null,null,"NPV",{"$f":"E179-E180-E181","v":-1.1368683772161603E-12}]

{"sheet":"2 Incl CODW","index":9,"n_rows":181,"n_cols":18,"rows_kept":181,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014705},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":615.49978022175003},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":627.80977582618505},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":640.3659713427088},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":653.17329076956298},{"$f":"P76","v":967.58718910029938},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":986.93893288230538},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":1006.6777115399515},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":1026.8112657707504},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":1047.3474910861655}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982441179},{"$f":"G60","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483411,-87.29168632172383,-82.249848100968265,-71.102811310748152,-40.851840007958039]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097705832},16.692228426326665,0.55712926151988995,-18.187510225440292,-40.511970000071017,43.493243403003362,34.097050932281377,17.185478992754952,-15.685258801605301,-98.82113547364122]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753725589},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680240636},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930411544},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096086594},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867179846},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386348032},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212623897},{"$f":"M20/'Inputs - forecast'!M$36","v":10.637017487539705},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590217572},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.252859027489144}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.6398440645134542E-12}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982441179},{"$f":"G17","v":-35.883151795423338},-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483411,-87.29168632172383,-82.249848100968265,-71.102811310748152,-40.851840007958039]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770587},267.49662842632677,277.59252926151987,288.78467479741698,-85.251586788457303,617.7906730858158,634.07857903558136,653.54782256348312,679.41081276699219,865.5838538147724]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033703},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034211},{"$f":"H31/'Inputs - forecast'!H$36","v":231.8887133827138},{"$f":"I31/'Inputs - forecast'!I$36","v":227.1973483615561},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536897836},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422806},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399348},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208171},{"$f":"N31/'Inputs - forecast'!N$36","v":396.04812841207439},{"$f":"O31/'Inputs - forecast'!O$36","v":475.20602320957414}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":3.2400748750660568E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},2890,2791.5666000000001,2657.1132308571432,{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},1510.0487358012006,908.27367610511737]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$5)","v":60},{"$f":"G38*('Inputs - forecast'!G$5)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$5)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$5)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$5)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$5)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$5)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$5)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$5)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$5)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J4*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J124-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},{"$f":"G18","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014705},{"$f":"SUM(G55:G58)","v":128.15411355508334},113.76730915951839,95.898744804613585,73.216421978896292,319.41099023029784,311.7560225775851,293.74945750345807,253.93861182410052,145.89942859985013]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982441179},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795423338},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564665152},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291805},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090962},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264483411},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.29168632172383},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100968265},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.102811310748152},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007958039}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982441179},-35.883151795423338,-31.854846564665152,-26.851648545291805,-20.500598154090962,-89.435077264483411,-87.29168632172383,-82.249848100968265,-71.102811310748152,-40.851840007958039]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866118024},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232471},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.9795522045597},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218285},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162528},{"$f":"SUM(F67:J67)","v":-2626.4565156318727}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":4.0927261579781771E-12}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014705]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593533},{"$f":"L13/'Inputs - forecast'!L$36","v":648.62134190342249},{"$f":"M13/'Inputs - forecast'!M$36","v":623.0869925988801},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476136},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422167},{"$f":"SUM(K73:O73)","v":3120.4626526872207}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958736},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079862},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134045},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.70124595378309},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171086},{"$f":"SUM(K74:O74)","v":-3120.4626526872207}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.58718910029938]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F113","v":-210},{"$f":"-G113","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F135+F143","v":-40.333098217218861},{"$f":"G135+G143","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438801,-92.502003238850946,-89.722731460640503,-79.844183067126409,-47.22340071962288]
[null,"Other",null,null,null,{"$f":"-NPV('Inputs - actual'!F34,'2 Incl CODW'!F99:O99)","v":4.0039798315663395},null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.093)","v":8.0350597459625916E-2},{"$f":"-E42+SUM(E80:E84)","v":-3000},{"$f":"SUM(F80:F84)","v":231.86471978508683},{"$f":"SUM(G80:G84)","v":244.90804915419554},264.03679185547679,285.73026445417622,310.6847225292222,599.67157868519155,639.74592930734559,685.80318416111254,742.08046721279595,987.67263321559142]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.08)","v":4.09639641425108E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":223.41156511518432},{"$f":"G85/'Inputs - actual'!G$39","v":227.37620671060495},{"$f":"H85/'Inputs - actual'!H$39","v":236.19863545769348},{"$f":"I85/'Inputs - actual'!I$39","v":246.28624607184301},{"$f":"J85/'Inputs - actual'!J$39","v":258.03272750081982},{"$f":"K85/'Inputs - actual'!K$39","v":479.88739220863954},{"$f":"L85/'Inputs - actual'!L$39","v":493.29235434006233},{"$f":"M85/'Inputs - actual'!M$39","v":509.52714897163128},{"$f":"N85/'Inputs - actual'!N$39","v":531.23883000306284},{"$f":"O85/'Inputs - actual'!O$39","v":681.27556176948951}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":-1.6428014351976827E-5}]
[]
["Actual return (building blocks)"]
[null,"Revenue",null,null,null,{"$f":"F80","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752363051,1013.6680170774466,1071.0170043795656,1132.1902934756256,1197.7854966129585]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F120*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G120*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-62.422499999999999},{"$f":"-H120*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-62.781249999999993},{"$f":"-I120*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-62.426535937500006},{"$f":"-J120*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-61.16745796875},{"$f":"-K120*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-58.75428012890626},{"$f":"-L120*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-52.100791371562501},{"$f":"-M120*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-43.91392907155079},{"$f":"-N120*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-33.768534009853134},{"$f":"-O120*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-20.908703197928855}]
[null,"Return on equity",null,null,null,{"$f":"-F120*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G120*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H120*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I120*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J120*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K120*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L120*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M120*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N120*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O120*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F121","v":150},{"$f":"G121","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F123","v":-315},{"$f":"G123","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F135+F143","v":-40.333098217218861},{"$f":"G135+G143","v":-38.02496621919861},-34.749047080704727,-30.152787246829032,-23.698025876778363,-92.065520713438801,-92.502003238850946,-89.722731460640503,-79.844183067126409,-47.22340071962288]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":0},null,null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F97)","v":31.757798777049771},{"$f":"SUM(G91:G97)","v":17.688563860077714},0.6077477378295697,-20.423480720456407,-46.83052202500582,44.77245644426749,36.132255529450205,18.746881025197226,-17.613602783401092,-114.23402419893046]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":2.5650592760939617E-12},null,{"$f":"F99/'Inputs - actual'!F$28","v":29.054843753725269},{"$f":"G99/'Inputs - actual'!G$28","v":14.805697680240401},{"$f":"H99/'Inputs - actual'!H$28","v":0.46540152930388423},{"$f":"I99/'Inputs - actual'!I$28","v":-14.308772096086861},{"$f":"J99/'Inputs - actual'!J$28","v":-30.017170867179832},{"$f":"K99/'Inputs - actual'!K$28","v":26.255472161064667},{"$f":"L99/'Inputs - actual'!L$28","v":19.385282518352955},{"$f":"M99/'Inputs - actual'!M$28","v":9.2018306589734369},{"$f":"N99/'Inputs - actual'!N$28","v":-7.9097282550102612},{"$f":"O99/'Inputs - actual'!O$28","v":-46.932857083381087}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F$5","v":30.245522644809306},{"$f":"G99/'Inputs - actual'!G$5","v":16.044048852678198},{"$f":"H99/'Inputs - actual'!H$5","v":0.52499534635963252},{"$f":"I99/'Inputs - actual'!I$5","v":-16.802448132583773},{"$f":"J99/'Inputs - actual'!J$5","v":-36.692939395969539},{"$f":"K99/'Inputs - actual'!K$5","v":33.409896343955189},{"$f":"L99/'Inputs - actual'!L$5","v":25.678519420271105},{"$f":"M99/'Inputs - actual'!M$5","v":12.688626993122188},{"$f":"N99/'Inputs - actual'!N$5","v":-11.353885400898951},{"$f":"O99/'Inputs - actual'!O$5","v":-70.129781461019206}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":2.6005864128819667E-12},null,{"$f":"F102/'Inputs - actual'!F$32","v":29.054843753725269},{"$f":"G102/'Inputs - actual'!G$32","v":14.805697680240401},{"$f":"H102/'Inputs - actual'!H$32","v":0.46540152930388407},{"$f":"I102/'Inputs - actual'!I$32","v":-14.308772096086855},{"$f":"J102/'Inputs - actual'!J$32","v":-30.017170867179821},{"$f":"K102/'Inputs - actual'!K$32","v":26.255472161064652},{"$f":"L102/'Inputs - actual'!L$32","v":19.385282518352948},{"$f":"M102/'Inputs - actual'!M$32","v":9.2018306589734316},{"$f":"N102/'Inputs - actual'!N$32","v":-7.9097282550102559},{"$f":"O102/'Inputs - actual'!O$32","v":-46.932857083381059}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F120","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F120","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.2279662793228265E-2},5.2780218372313392E-2,5.3340055513771745E-2,5.3975613908694653E-2,0.33807346072375988,5.6172377951555053E-2,5.6575709537985075E-2,5.7117010137012203E-2,5.79365531707281E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F120*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F93)","v":-37.98529411764725},{"$f":"-(G120*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G93)","v":-38.555073529411956},{"$f":"-(H120*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H93)","v":-38.776654411764902},{"$f":"-(I120*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I93)","v":-38.55756631433843},{"$f":"-(J120*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J93)","v":-37.77990051011048},{"$f":"-(K120*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K93)","v":-36.289408314912876},{"$f":"-(L120*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L93)","v":-32.179900553024062},{"$f":"-(M120*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M93)","v":-27.123309132428567},{"$f":"-(N120*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N93)","v":-20.857035711968216},{"$f":"-(O120*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O93)","v":-12.914199034014946}]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F115","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F112/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F112:F114)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E124","v":3000},{"$f":"F124","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F120*'Inputs - actual'!F4","v":150},{"$f":"G120*'Inputs - actual'!G4","v":152.25},{"$f":"H120*'Inputs - actual'!H4","v":153.125},{"$f":"I120*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J120*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K120*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L120*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M120*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N120*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O120*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F113","v":210},{"$f":"G113","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F120:F121)/F118","v":-315},{"$f":"-SUM(G120:G121)/G118","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F120:F123)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752363051,1013.6680170774466,1071.0170043795656,1132.1902934756256,1197.7854966129585]
[null,"Depreciation",null,null,null,{"$f":"F114","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-62.422499999999999,-62.781249999999993,-62.426535937500006,-61.16745796875,-58.75428012890626,-52.100791371562501,-43.91392907155079,-33.768534009853134,-20.908703197928855]
[null,"EBT",null,null,null,{"$f":"SUM(F128:F131)","v":116.69383817073935},{"$f":"SUM(G128:G131)","v":117.67718204006083},116.63375560284825,112.58693243017203,103.98389460391735,291.45341249889083,311.81582159130073,323.41282165827511,313.47145640763421,229.03702767914703]
[null,"Calculated tax",null,null,null,{"$f":"-F132*'Inputs - forecast'!F29","v":-32.674274687807021},{"$f":"-G132*'Inputs - forecast'!G29","v":-32.949610971217034},{"$f":"-H132*'Inputs - forecast'!H29","v":-32.657451568797512},{"$f":"-I132*'Inputs - forecast'!I29","v":-31.524341080448171},{"$f":"-J132*'Inputs - forecast'!J29","v":-29.11549048909686},{"$f":"-K132*'Inputs - forecast'!K29","v":-81.606955499689434},{"$f":"-L132*'Inputs - forecast'!L29","v":-87.308430045564208},{"$f":"-M132*'Inputs - forecast'!M29","v":-90.555590064317045},{"$f":"-N132*'Inputs - forecast'!N29","v":-87.772007794137593},{"$f":"-O132*'Inputs - forecast'!O29","v":-64.13036775016117}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F133>0,F133+E134,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F134>0,0,F133+E134)","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499689434,-87.308430045564208,-90.555590064317045,-87.772007794137593,-64.13036775016117]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F135","v":-32.674274687807021},-32.949610971217034,-32.657451568797512,-31.524341080448171,-29.11549048909686,-81.606955499689434,-87.308430045564208,-90.555590064317045,-87.772007794137593,-64.13036775016117]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F139:O139)","v":-328.1397873464648},{"$f":"F138/'Inputs - actual'!F$28","v":-29.893316992315977},{"$f":"G138/'Inputs - actual'!G$28","v":-27.579513101253458},{"$f":"H138/'Inputs - actual'!H$28","v":-25.008448336747396},{"$f":"I138/'Inputs - actual'!I$28","v":-22.086079164147552},{"$f":"J138/'Inputs - actual'!J$28","v":-18.662287224265917},{"$f":"K138/'Inputs - actual'!K$28","v":-47.855965886939266},{"$f":"L138/'Inputs - actual'!L$28","v":-46.841763899505757},{"$f":"M138/'Inputs - actual'!M$28","v":-44.448844790516105},{"$f":"N138/'Inputs - actual'!N$28","v":-39.415714012951902},{"$f":"O138/'Inputs - actual'!O$28","v":-26.347853937821494}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-40.333098217218861},{"$f":"G$17/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-38.02496621919861},{"$f":"H$17/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-34.749047080704727},{"$f":"I$17/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-30.152787246829032},{"$f":"J$17/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-23.698025876778363},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438801},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850946},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.722731460640503},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.844183067126409},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.22340071962288}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F142:O142)","v":-334.56763171141631},{"$f":"F141/'Inputs - actual'!F$28","v":-36.900286289735526},{"$f":"G141/'Inputs - actual'!G$28","v":-31.827691529748364},{"$f":"H141/'Inputs - actual'!H$28","v":-26.610151953782886},{"$f":"I141/'Inputs - actual'!I$28","v":-21.12516307489771},{"$f":"J141/'Inputs - actual'!J$28","v":-15.189830503667483},{"$f":"K141/'Inputs - actual'!K$28","v":-53.989079627439295},{"$f":"L141/'Inputs - actual'!L$28","v":-49.628162981333013},{"$f":"M141/'Inputs - actual'!M$28","v":-44.040039516529468},{"$f":"N141/'Inputs - actual'!N$28","v":-35.855571320106357},{"$f":"O141/'Inputs - actual'!O$28","v":-19.401654914176149}]
[null,"Difference",null,null,{"$f":"E142-E139","v":-6.4278443649515111},{"$f":"F141-F138","v":-7.6588235294118405},{"$f":"G141-G138","v":-5.0753552479815767},-2.0915955119072152,1.3715538336191386,5.4174646123184971,-10.458565213749367,-5.1935731932867384,0.83285860367654152,7.9278247270111848,16.90696703053829]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":555.42270301975179},{"$f":"G91/'Inputs - actual'!G$5","v":556.62858537269312},{"$f":"H91/'Inputs - actual'!H$5","v":558.10244158184344},{"$f":"I91/'Inputs - actual'!I$5","v":559.877768379229},{"$f":"J91/'Inputs - actual'!J$5","v":561.99763299174083},{"$f":"K91/'Inputs - actual'!K$5","v":716.18487399601918},{"$f":"L91/'Inputs - actual'!L$5","v":720.3949346869623},{"$f":"M91/'Inputs - actual'!M$5","v":724.90646596614067},{"$f":"N91/'Inputs - actual'!N$5","v":729.81995802963263},{"$f":"O91/'Inputs - actual'!O$5","v":735.33639126959531}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O147, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P147, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854338,1045.8479176304706,1098.1403135119942,1153.0473291875937,1210.6996956469734]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014705},615.49978022175003,627.80977582618505,640.3659713427088,653.17329076956298,967.58718910029938,986.93893288230538,1006.6777115399515,1026.8112657707504,1047.3474910861655,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F150-F151","v":17.747975208239609},{"$f":"G150-G151","v":36.738308681056083},57.040217521761406,78.726521672634931,101.87382689654817,28.458446738243993,58.908984748165267,91.462601972042762,126.23606341684331,163.35220456080788]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F150-F164","v":621.17913228838665},652.23808890280611,662.03405064346441,717.0442373707516,775.63781010727541,1041.332888960188,1118.1086434056842,1089.3115367627572,1183.1822129767759,1283.2370522823487]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F151-F164","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.8744422219439,1059.199658657519,997.84893479071434,1056.9461495599326,1119.8848477215408]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F155","v":603.43115708014705},{"$f":"G155","v":615.49978022175003},{"$f":"H155","v":604.99383312170301},{"$f":"I155","v":638.31771569811667},673.76398321072725,1012.8744422219439,1059.199658657519,997.84893479071434,1056.9461495599326,1119.8848477215408,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F109","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F165","v":-20.237318909407641},-23.304750066364907,16.334522194012241,59.56120666849079,106.74532318587691,60.22396946045076,18.414169193034283,92.720234438015211,173.69448884197752,262.32945714382925,159.73507426834868]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F154-F157+F159","v":-20.237318909407641},-1.8167648483558736,18.263563109996504,40.1689553582965,64.093926386437687,-7.8309615766687699,26.729084195141205,64.339292839614302,105.37902770487509,150.43800552679292,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F163*(1+'Inputs - forecast'!H$31)^2","v":22.815942704481998},{"$f":"-G163*(1+'Inputs - forecast'!I$31)^2","v":2.0482556445920945},{"$f":"-H163*(1+'Inputs - forecast'!J$31)^2","v":-20.5906924411643},{"$f":"-I163*(1+'Inputs - forecast'!K$31)^2","v":-45.287253121644582},{"$f":"-J163*(1+'Inputs - forecast'!L$31)^2","v":-72.260725775213544},{"$f":"-K163*(1+'Inputs - forecast'!M$31)^2","v":8.8287767492371092},{"$f":"-L163*(1+'Inputs - forecast'!N$31)^2","v":-30.134883789182116},{"$f":"-M163*(1+'Inputs - forecast'!O$31)^2","v":-72.537356635375417},{"$f":"-N163*(1+'Inputs - forecast'!P$31)^2","v":-118.80634332696924},{"$f":"-O163*(1+'Inputs - forecast'!Q$31)^2","v":-150.43800552679292},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F162*(1+'Inputs - forecast'!F$31)+F163+F164","v":-20.237318909407641},{"$f":"G162*(1+'Inputs - forecast'!G$31)+G163+G164","v":-23.304750066364907},{"$f":"H162*(1+'Inputs - forecast'!H$31)+H163+H164","v":16.334522194012241},{"$f":"I162*(1+'Inputs - forecast'!I$31)+I163+I164","v":59.56120666849079},{"$f":"J162*(1+'Inputs - forecast'!J$31)+J163+J164","v":106.74532318587691},{"$f":"K162*(1+'Inputs - forecast'!K$31)+K163+K164","v":60.22396946045076},{"$f":"L162*(1+'Inputs - forecast'!L$31)+L163+L164","v":18.414169193034283},{"$f":"M162*(1+'Inputs - forecast'!M$31)+M163+M164","v":92.720234438015211},{"$f":"N162*(1+'Inputs - forecast'!N$31)+N163+N164","v":173.69448884197752},{"$f":"O162*(1+'Inputs - forecast'!O$31)+O163+O164","v":262.32945714382925},{"$f":"P162*(1+'Inputs - forecast'!P$31)+P163+P164","v":159.73507426834868},{"$f":"Q162*(1+'Inputs - forecast'!Q$31)+Q163+Q164","v":9.297068741555762}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F169:O169)","v":-6259.7416364398168},{"$f":"F150","v":621.17913228838665},652.23808890280611,684.84999334794645,719.09249301534373,755.04711766611115,996.04563583854338,1045.8479176304706,1098.1403135119942,1153.0473291875937,1210.6996956469734]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F170:O170)","v":5872.5222987095958},{"$f":"F155","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.8744422219439,1059.199658657519,997.84893479071434,1056.9461495599326,1119.8848477215408]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F171:O171)","v":243.20031802387405},{"$f":"F159","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F172:O172)","v":144.01901970634702},0,0,0,0,0,0,0,0,0,{"$f":"O165","v":262.32945714382925}]
[null,null,null,"NPV",{"$f":"SUM(E169:E172)","v":0}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F175:O175)","v":-6016.5413184159424},{"$f":"F91","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752363051,1013.6680170774466,1071.0170043795656,1132.1902934756256,1197.7854966129585]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F169+F171-F175","v":0},{"$f":"G169+G171-G175","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F178:O178)","v":6016.5413184159424},{"$f":"F151+F163","v":583.19383817073935},613.68301537339414,646.07333893618159,680.53492670100536,717.2672171560007,959.75622752363063,1013.6680170774466,1071.0170043795658,1132.1902934756256,1197.7854966129585,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F179:Q179)","v":5872.5222987095958},{"$f":"F151-F164","v":603.43115708014705},615.49978022175003,604.99383312170301,638.31771569811667,673.76398321072725,1012.8744422219439,1059.199658657519,997.84893479071434,1056.9461495599326,1119.8848477215408,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F180:Q180)","v":144.01901970634702},0,0,0,0,0,0,0,0,0,{"$f":"+O165","v":262.32945714382925}]
[null,null,null,"NPV",{"$f":"E178-E179-E180","v":-3.979039320256561E-13}]

{"sheet":"2b Incl CODW smoothed","index":10,"n_rows":193,"n_cols":20,"rows_kept":193,"cut":false,"hidden":false,"merged":[[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014489},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":615.49978022174776},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":627.80977582618277},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":640.36597134270642},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":653.17329076956059},{"$f":"P76","v":967.5871891002995},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":986.93893288230549},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":1006.6777115399516},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":1026.8112657707507},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":1047.3474910861657}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-58.75428012890626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-50.612197332375004},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-41.440409801398125},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-30.95599908392461},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.619610360154905}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-118.3683789914063},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-101.96506096717503},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-83.487264624280158},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-62.365012788589603},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-37.511702823141363}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,57.321248906250013,49.377753495000007,40.429668098925006,30.20097471602401,18.165473522102349]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982440568},{"$f":"G60","v":-35.883151795422705},-31.854846564664516,-26.851648545291138,-20.500598154090294,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097704297},16.692228426325073,0.55712926151824149,-18.187510225441997,-40.511970000072722,43.493243403003362,34.097050932281377,17.185478992754952,-15.685258801605187,-98.82113547364122]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753724143},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680239224},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930273837},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096087937},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867181111},{"$f":"K20/'Inputs - forecast'!K$36","v":30.350473386348032},{"$f":"L20/'Inputs - forecast'!L$36","v":22.408757212623897},{"$f":"M20/'Inputs - forecast'!M$36","v":10.637017487539705},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.1433890590216915},{"$f":"O20/'Inputs - forecast'!O$36","v":-54.252859027489144}]
[null,"Sum of present values",null,null,null,{"$f":"F16/F39-1","v":0},null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":-2.1458390619955026E-12}]
[null,null,null,null,null,{"$f":"-(F14+F15)/SUM(F38:F39)","v":6.0588235294117658E-2}]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014489},{"$f":"G13","v":615.49978022174776},627.80977582618277,640.36597134270642,653.17329076956059,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982440568},{"$f":"G17","v":-35.883151795422705},-31.854846564664516,-26.851648545291138,-20.500598154090294,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44-J42)","v":-386.70003844392932},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.25043309770433},267.49662842632512,277.59252926151828,288.78467479741528,-85.251586788459008,617.79067308581591,634.07857903558147,653.54782256348324,679.41081276699242,865.58385381477251]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033558},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034066},{"$f":"H31/'Inputs - forecast'!H$36","v":231.88871338271247},{"$f":"I31/'Inputs - forecast'!I$36","v":227.19734836155476},{"$f":"J31/'Inputs - forecast'!J$36","v":-63.166798536899101},{"$f":"K31/'Inputs - forecast'!K$36","v":431.10694707422812},{"$f":"L31/'Inputs - forecast'!L$36","v":416.71970281399354},{"$f":"M31/'Inputs - forecast'!M$36","v":404.51590674208177},{"$f":"N31/'Inputs - forecast'!N$36","v":396.0481284120745},{"$f":"O31/'Inputs - forecast'!O$36","v":475.2060232095742}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-3.2969182939268649E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},2890,2791.5666000000001,2657.1132308571432,{"$f":"J44","v":2866.0624453125006},{"$f":"K42","v":2468.8876747500003},{"$f":"L42","v":2021.4834049462502},1510.0487358012006,908.27367610511737]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$5)","v":60},{"$f":"G38*('Inputs - forecast'!G$5)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$5)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$5)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$5)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$5)","v":57.321248906250013},{"$f":"L38*('Inputs - forecast'!L$5)","v":49.377753495000007},{"$f":"M38*('Inputs - forecast'!M$5)","v":40.429668098925006},{"$f":"N38*('Inputs - forecast'!N$5)","v":30.20097471602401},{"$f":"O38*('Inputs - forecast'!O$5)","v":18.165473522102349}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},{"$f":"-G28","v":208.07999999999998},212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-584.67673884375006,-629.56635706125007,-687.30435768172504,-770.12485525861234,-926.43914962721976]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2468.8876747500003,2021.4834049462502,1510.0487358012006,908.27367610511737,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - forecast'!J4*'Inputs - actual'!J5","v":2866.0624453125006},null,null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J125-J44","v":0}]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014489},{"$f":"G13","v":615.49978022174776},627.80977582618277,640.36597134270642,653.17329076956059,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657]
[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},{"$f":"G18","v":-104.03999999999999},-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-58.754280128906267},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-50.612197332375011},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-41.440409801398133},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-30.955999083924613},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.619610360154908}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014489},{"$f":"SUM(G55:G58)","v":128.15411355508107},113.76730915951612,95.898744804611198,73.216421978893905,319.41099023029795,311.75602257758521,293.74945750345819,253.93861182410075,145.89942859985035]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982440568},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795422705},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564664516},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291138},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090294},{"$f":"-K59*'Inputs - forecast'!K29","v":-89.435077264483439},{"$f":"-L59*'Inputs - forecast'!L29","v":-87.291686321723873},{"$f":"-M59*'Inputs - forecast'!M29","v":-82.249848100968308},{"$f":"-N59*'Inputs - forecast'!N29","v":-71.102811310748223},{"$f":"-O59*'Inputs - forecast'!O29","v":-40.851840007958103}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982440568},-35.883151795422705,-31.854846564664516,-26.851648545291138,-20.500598154090294,-89.435077264483439,-87.291686321723873,-82.249848100968308,-71.102811310748223,-40.851840007958103]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490374},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256332},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386189},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609447},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444371},{"$f":"SUM(F66:J66)","v":2626.4565156318672}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866117956},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232426},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.97955220455913},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218228},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162482},{"$f":"SUM(F67:J67)","v":-2626.4565156318704}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014489]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":675.20209885593545},{"$f":"L13/'Inputs - forecast'!L$36","v":648.6213419034226},{"$f":"M13/'Inputs - forecast'!M$36","v":623.08699259888022},{"$f":"N13/'Inputs - forecast'!N$36","v":598.55785689476147},{"$f":"O13/'Inputs - forecast'!O$36","v":574.99436243422178},{"$f":"SUM(K73:O73)","v":3120.4626526872216}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-644.85162546958747},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-626.21258469079862},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-612.44997511134045},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-607.7012459537832},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-629.24722146171086},{"$f":"SUM(K74:O74)","v":-3120.4626526872207}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,967.5871891002995]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F114","v":-210},{"$f":"-G114","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218236},-38.024966219197935,-34.749047080704031,-30.152787246828286,-23.698025876777585,-92.065520713438829,-92.502003238850989,-89.722731460640546,-79.84418306712648,-47.223400719622958]
[null,"Other",null,null,null,{"$f":"-NPV('Inputs - actual'!F34,F99:O99)","v":4.003979831573008},null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.08)","v":8.0350597462066187E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":231.86471978509198},{"$f":"SUM(G80:G84)","v":244.90804915419369},264.03679185547497,285.73026445417446,310.68472252922015,599.67157868519178,639.74592930734559,685.80318416111254,742.08046721279641,987.67263321559176]
[]
[null,"Real IRR",null,{"$f":"IRR(E87:O87,0.08)","v":4.09639641425108E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":223.41156511518926},{"$f":"G85/'Inputs - actual'!G$39","v":227.37620671060321},{"$f":"H85/'Inputs - actual'!H$39","v":236.19863545769186},{"$f":"I85/'Inputs - actual'!I$39","v":246.2862460718415},{"$f":"J85/'Inputs - actual'!J$39","v":258.03272750081811},{"$f":"K85/'Inputs - actual'!K$39","v":479.88739220863971},{"$f":"L85/'Inputs - actual'!L$39","v":493.29235434006233},{"$f":"M85/'Inputs - actual'!M$39","v":509.52714897163128},{"$f":"N85/'Inputs - actual'!N$39","v":531.23883000306319},{"$f":"O85/'Inputs - actual'!O$39","v":681.27556176948974}]
[null,"check to inputs",null,{"$f":"D87-'Inputs - actual'!P24","v":-1.6428014351976827E-5}]
[]
["Actual return (building blocks)"]
[null,"Revenue",null,null,null,{"$f":"F80","v":583.19383817073719},613.68301537339164,646.07333893617908,680.53492670100286,717.26721715599786,959.75622752363074,1013.6680170774466,1071.0170043795656,1132.190293475626,1197.7854966129589]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F121*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G121*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-62.422499999999999},{"$f":"-H121*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-62.781249999999993},{"$f":"-I121*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-62.426535937500006},{"$f":"-J121*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-61.16745796875},{"$f":"-K121*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-58.75428012890626},{"$f":"-L121*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-52.100791371562501},{"$f":"-M121*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-43.91392907155079},{"$f":"-N121*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-33.768534009853134},{"$f":"-O121*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-20.908703197928855}]
[null,"Return on equity",null,null,null,{"$f":"-F121*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G121*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-182.29698529411783},{"$f":"-H121*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-183.34466911764724},{"$f":"-I121*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-182.30877173713256},{"$f":"-J121*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-178.6317943979781},{"$f":"-K121*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-171.58441492451766},{"$f":"-L121*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-152.15374582039536},{"$f":"-M121*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-128.24505398155196},{"$f":"-N121*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-98.616715892476506},{"$f":"-O121*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-61.061212854209799}]
[null,"Revaluation",null,null,null,{"$f":"F122","v":150},{"$f":"G122","v":152.25},153.125,152.25984375000002,149.18892187500001,143.30312226562503,127.07510090625001,107.10714407695315,82.362278072812529,50.996837068119163]
[null,"Depreciation",null,null,null,{"$f":"F124","v":-315},{"$f":"G124","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218236},-38.024966219197935,-34.749047080704031,-30.152787246828286,-23.698025876777585,-92.065520713438829,-92.502003238850989,-89.722731460640546,-79.84418306712648,-47.223400719622958]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":0}]
[null,"Nominal return",null,null,null,{"$f":"SUM(F91:F97)","v":31.757798777048237},17.688563860075888,0.60774773782776492,-20.423480720458162,-46.830522025007888,44.772456444267689,36.132255529450163,18.746881025197183,-17.613602783400708,-114.23402419893009]
[null,"Present value",null,{"$f":"SUM(E100:O100)","v":-3.90087961932295E-12},null,{"$f":"F99/'Inputs - actual'!F$28","v":29.054843753723866},{"$f":"G99/'Inputs - actual'!G$28","v":14.805697680238874},{"$f":"H99/'Inputs - actual'!H$28","v":0.46540152930250217},{"$f":"I99/'Inputs - actual'!I$28","v":-14.30877209608809},{"$f":"J99/'Inputs - actual'!J$28","v":-30.017170867181157},{"$f":"K99/'Inputs - actual'!K$28","v":26.255472161064784},{"$f":"L99/'Inputs - actual'!L$28","v":19.385282518352934},{"$f":"M99/'Inputs - actual'!M$28","v":9.2018306589734156},{"$f":"N99/'Inputs - actual'!N$28","v":-7.9097282550100889},{"$f":"O99/'Inputs - actual'!O$28","v":-46.932857083380938}]
[]
[null,"Real return",null,null,null,{"$f":"F99/'Inputs - actual'!F$5","v":30.245522644807842},{"$f":"G99/'Inputs - actual'!G$5","v":16.044048852676543},{"$f":"H99/'Inputs - actual'!H$5","v":0.52499534635807354},{"$f":"I99/'Inputs - actual'!I$5","v":-16.802448132585216},{"$f":"J99/'Inputs - actual'!J$5","v":-36.692939395971159},{"$f":"K99/'Inputs - actual'!K$5","v":33.409896343955339},{"$f":"L99/'Inputs - actual'!L$5","v":25.678519420271073},{"$f":"M99/'Inputs - actual'!M$5","v":12.688626993122158},{"$f":"N99/'Inputs - actual'!N$5","v":-11.353885400898704},{"$f":"O99/'Inputs - actual'!O$5","v":-70.129781461018979}]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":-3.872457909892546E-12},null,{"$f":"F102/'Inputs - actual'!F$32","v":29.054843753723862},{"$f":"G102/'Inputs - actual'!G$32","v":14.805697680238874},{"$f":"H102/'Inputs - actual'!H$32","v":0.46540152930250206},{"$f":"I102/'Inputs - actual'!I$32","v":-14.308772096088083},{"$f":"J102/'Inputs - actual'!J$32","v":-30.017170867181147},{"$f":"K102/'Inputs - actual'!K$32","v":26.25547216106477},{"$f":"L102/'Inputs - actual'!L$32","v":19.385282518352923},{"$f":"M102/'Inputs - actual'!M$32","v":9.2018306589734085},{"$f":"N102/'Inputs - actual'!N$32","v":-7.9097282550100836},{"$f":"O102/'Inputs - actual'!O$32","v":-46.932857083380902}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F93+F94)/F121","v":8.0367647058823585E-2},{"$f":"-(G93+G94)/G121","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F95/F121","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G91/F91-1","v":5.2279662793227821E-2},{"$f":"H91/G91-1","v":5.2780218372313614E-2},5.3340055513771967E-2,5.3975613908694431E-2,0.33807346072376565,5.617237795155483E-2,5.6575709537985075E-2,5.7117010137012425E-2,5.79365531707281E-2]
[]
["Adjustment for fixed cost of debt",null,null,null,null,{"$f":"-(F121*'Inputs - actual'!F$19*'Inputs - actual'!F$20+F93)","v":-37.98529411764725},{"$f":"-(G121*'Inputs - actual'!G$19*'Inputs - actual'!G$20+G93)","v":-38.555073529411956},{"$f":"-(H121*'Inputs - actual'!H$19*'Inputs - actual'!H$20+H93)","v":-38.776654411764902},{"$f":"-(I121*'Inputs - actual'!I$19*'Inputs - actual'!I$20+I93)","v":-38.55756631433843},{"$f":"-(J121*'Inputs - actual'!J$19*'Inputs - actual'!J$20+J93)","v":-37.77990051011048},{"$f":"-(K121*'Inputs - actual'!K$19*'Inputs - actual'!K$20+K93)","v":-36.289408314912876},{"$f":"-(L121*'Inputs - actual'!L$19*'Inputs - actual'!L$20+L93)","v":-32.179900553024062},{"$f":"-(M121*'Inputs - actual'!M$19*'Inputs - actual'!M$20+M93)","v":-27.123309132428567},{"$f":"-(N121*'Inputs - actual'!N$19*'Inputs - actual'!N$20+N93)","v":-20.857035711968216},{"$f":"-(O121*'Inputs - actual'!O$19*'Inputs - actual'!O$20+O93)","v":-12.914199034014946}]
[]
[null,null,null,null,null,{"$f":"F121*'Inputs - actual'!F$19*'Inputs - actual'!F$20","v":99.485294117647243},{"$f":"F111/-F93","v":1.6176470588235325},{"$f":"1*5/3","v":1.6666666666666667}]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F116","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F113/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F113:F115)","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E125","v":3000},{"$f":"F125","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833]
[null,"Revaluation",null,null,null,{"$f":"F121*'Inputs - actual'!F4","v":150},{"$f":"G121*'Inputs - actual'!G4","v":152.25},{"$f":"H121*'Inputs - actual'!H4","v":153.125},{"$f":"I121*'Inputs - actual'!I4","v":152.25984375000002},{"$f":"J121*'Inputs - actual'!J4","v":149.18892187500001},{"$f":"K121*'Inputs - actual'!K4","v":143.30312226562503},{"$f":"L121*'Inputs - actual'!L4","v":127.07510090625001},{"$f":"M121*'Inputs - actual'!M4","v":107.10714407695315},{"$f":"N121*'Inputs - actual'!N4","v":82.362278072812529},{"$f":"O121*'Inputs - actual'!O4","v":50.996837068119163}]
[null,"Capex",null,null,null,{"$f":"F114","v":210},{"$f":"G114","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F121:F122)/F119","v":-315},{"$f":"-SUM(G121:G122)/G119","v":-355.25},-401.953125,-456.77953125000005,-522.16122656250002,-601.87311351562516,-667.14427975781257,-749.75000853867198,-864.80391976453154,-1070.9335784305024]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F121:F124)","v":3045},3062.5,3045.1968750000001,2983.7784375000001,2866.0624453125006,2541.5020181250002,2142.1428815390627,1647.2455614562505,1019.9367413623833,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F91","v":583.19383817073719},613.68301537339164,646.07333893617908,680.53492670100286,717.26721715599786,959.75622752363074,1013.6680170774466,1071.0170043795656,1132.190293475626,1197.7854966129589]
[null,"Depreciation",null,null,null,{"$f":"F115","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F92","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F93","v":-61.499999999999993},-62.422499999999999,-62.781249999999993,-62.426535937500006,-61.16745796875,-58.75428012890626,-52.100791371562501,-43.91392907155079,-33.768534009853134,-20.908703197928855]
[null,"EBT",null,null,null,{"$f":"SUM(F129:F132)","v":116.69383817073719},{"$f":"SUM(G129:G132)","v":117.67718204005833},116.63375560284575,112.58693243016953,103.98389460391451,291.45341249889105,311.81582159130073,323.41282165827511,313.47145640763466,229.03702767914749]
[null,"Calculated tax",null,null,null,{"$f":"-F133*'Inputs - forecast'!F29","v":-32.674274687806417},{"$f":"-G133*'Inputs - forecast'!G29","v":-32.949610971216337},{"$f":"-H133*'Inputs - forecast'!H29","v":-32.657451568796816},{"$f":"-I133*'Inputs - forecast'!I29","v":-31.524341080447471},{"$f":"-J133*'Inputs - forecast'!J29","v":-29.115490489096064},{"$f":"-K133*'Inputs - forecast'!K29","v":-81.606955499689505},{"$f":"-L133*'Inputs - forecast'!L29","v":-87.308430045564208},{"$f":"-M133*'Inputs - forecast'!M29","v":-90.555590064317045},{"$f":"-N133*'Inputs - forecast'!N29","v":-87.772007794137707},{"$f":"-O133*'Inputs - forecast'!O29","v":-64.130367750161298}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F134>0,F134+E135,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F135>0,0,F134+E135)","v":-32.674274687806417},-32.949610971216337,-32.657451568796816,-31.524341080447471,-29.115490489096064,-81.606955499689505,-87.308430045564208,-90.555590064317045,-87.772007794137707,-64.130367750161298]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F136","v":-32.674274687806417},-32.949610971216337,-32.657451568796816,-31.524341080447471,-29.115490489096064,-81.606955499689505,-87.308430045564208,-90.555590064317045,-87.772007794137707,-64.130367750161298]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F140:O140)","v":-328.13978734646224},{"$f":"F139/'Inputs - actual'!F$28","v":-29.893316992315423},{"$f":"G139/'Inputs - actual'!G$28","v":-27.579513101252871},{"$f":"H139/'Inputs - actual'!H$28","v":-25.008448336746863},{"$f":"I139/'Inputs - actual'!I$28","v":-22.086079164147062},{"$f":"J139/'Inputs - actual'!J$28","v":-18.662287224265409},{"$f":"K139/'Inputs - actual'!K$28","v":-47.855965886939309},{"$f":"L139/'Inputs - actual'!L$28","v":-46.841763899505757},{"$f":"M139/'Inputs - actual'!M$28","v":-44.448844790516105},{"$f":"N139/'Inputs - actual'!N$28","v":-39.415714012951952},{"$f":"O139/'Inputs - actual'!O$28","v":-26.347853937821547}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$7*'Inputs - actual'!F$5","v":-40.333098217218236},{"$f":"G$17/'Inputs - forecast'!G$7*'Inputs - actual'!G$5","v":-38.024966219197935},{"$f":"H$17/'Inputs - forecast'!H$7*'Inputs - actual'!H$5","v":-34.749047080704031},{"$f":"I$17/'Inputs - forecast'!I$7*'Inputs - actual'!I$5","v":-30.152787246828286},{"$f":"J$17/'Inputs - forecast'!J$7*'Inputs - actual'!J$5","v":-23.698025876777585},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-92.065520713438829},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-92.502003238850989},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-89.722731460640546},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-79.84418306712648},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-47.223400719622958}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F143:O143)","v":-334.56763171141364},{"$f":"F142/'Inputs - actual'!F$28","v":-36.90028628973495},{"$f":"G142/'Inputs - actual'!G$28","v":-31.827691529747799},{"$f":"H142/'Inputs - actual'!H$28","v":-26.610151953782353},{"$f":"I142/'Inputs - actual'!I$28","v":-21.125163074897188},{"$f":"J142/'Inputs - actual'!J$28","v":-15.189830503666984},{"$f":"K142/'Inputs - actual'!K$28","v":-53.98907962743931},{"$f":"L142/'Inputs - actual'!L$28","v":-49.628162981333041},{"$f":"M142/'Inputs - actual'!M$28","v":-44.04003951652949},{"$f":"N142/'Inputs - actual'!N$28","v":-35.855571320106385},{"$f":"O142/'Inputs - actual'!O$28","v":-19.401654914176181}]
[null,"Difference",null,null,{"$f":"E143-E140","v":-6.4278443649513974},{"$f":"F142-F139","v":-7.6588235294118192},-5.075355247981598,-2.0915955119072152,1.3715538336191848,5.4174646123184793,-10.458565213749324,-5.193573193286781,0.83285860367649889,7.9278247270112274,16.90696703053834]
[]
["Real revenue",null,null,null,null,{"$f":"F91/'Inputs - actual'!F$5","v":555.42270301974963},{"$f":"G91/'Inputs - actual'!G$5","v":556.62858537269085},{"$f":"H91/'Inputs - actual'!H$5","v":558.10244158184128},{"$f":"I91/'Inputs - actual'!I$5","v":559.87776837922695},{"$f":"J91/'Inputs - actual'!J$5","v":561.99763299173856},{"$f":"K91/'Inputs - actual'!K$5","v":716.18487399601929},{"$f":"L91/'Inputs - actual'!L$5","v":720.3949346869623},{"$f":"M91/'Inputs - actual'!M$5","v":724.90646596614067},{"$f":"N91/'Inputs - actual'!N$5","v":729.81995802963297},{"$f":"O91/'Inputs - actual'!O$5","v":735.33639126959554}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O148, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P148, 12)","v":"2032-06-30"},{"$f":"Q148+365","v":"2033-06-30"},{"$f":"R148+366","v":"2034-07-01"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F91-F109","v":621.17913228838449},652.23808890280361,684.84999334794395,719.09249301534123,755.04711766610831,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014489},615.49978022174776,627.80977582618277,640.36597134270642,653.17329076956059,967.5871891002995,986.93893288230549,1006.6777115399516,1026.8112657707507,1047.3474910861657,null,null,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F151-F152","v":17.747975208239609},{"$f":"G151-G152","v":36.738308681055855},57.040217521761178,78.726521672634817,101.87382689654771,28.458446738244106,58.908984748165153,91.462601972042648,126.23606341684354,163.3522045608081]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F151-F176","v":621.17913228838449},652.23808890280361,696.29433178369743,742.56499789732538,791.22252008972555,1045.7155165286304,1109.9543545199022,1079.8219926536744,1170.5481469697211,1267.7240572565765]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F152-F176","v":603.43115708014489},615.49978022174776,639.25411426193625,663.83847622469057,689.34869319317784,1017.2570697903864,1051.0453697717371,988.35939068163179,1044.3120835528775,1104.3718526957684]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F156","v":603.43115708014489},{"$f":"G156","v":615.49978022174776},{"$f":"H156","v":639.25411426193625},{"$f":"I156","v":663.83847622469057},689.34869319317784,1017.2570697903864,1051.0453697717371,988.35939068163179,1044.3120835528775,1104.3718526957684,null,null,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - actual'!$F$34,F160:O160)","v":225.44475405676795},{"$f":"F109","v":-37.98529411764725},-38.555073529411956,-38.776654411764902,-38.55756631433843,-37.77990051011048,-36.289408314912876,-32.179900553024062,-27.123309132428567,-20.857035711968216,-12.914199034014946]
[null,null,null,"Smoothing Y1",null,{"$f":"F160/5","v":-7.5970588235294496},{"$f":"F161*(1+'Inputs - actual'!$F$34)","v":-8.2076165657439848},{"$f":"G161*(1+'Inputs - actual'!$F$34)","v":-8.8672433970938496},{"$f":"H161*(1+'Inputs - actual'!$F$34)","v":-9.5798828848161719},{"$f":"I161*(1+'Inputs - actual'!$F$34)","v":-10.349795531367942}]
[null,null,null,"Smoothing Y2",null,null,{"$f":"G160/5","v":-7.7110147058823912},{"$f":"G162*(1+'Inputs - actual'!$F$34)","v":-8.3307308142301455},{"$f":"H162*(1+'Inputs - actual'!$F$34)","v":-9.0002520480502586},{"$f":"I162*(1+'Inputs - actual'!$F$34)","v":-9.7235811280884157},{"$f":"J162*(1+'Inputs - actual'!$F$34)","v":-10.505042464338462}]
[null,null,null,"Smoothing Y3",null,null,null,{"$f":"H160/5","v":-7.7553308823529807},{"$f":"H163*(1+'Inputs - actual'!$F$34)","v":-8.3786085775303185},{"$f":"I163*(1+'Inputs - actual'!$F$34)","v":-9.0519776345333067},{"$f":"J163*(1+'Inputs - actual'!$F$34)","v":-9.779463778249843},{"$f":"K163*(1+'Inputs - actual'!$F$34)","v":-10.565416271604775}]
[null,null,null,"Smoothing Y4",null,null,null,null,{"$f":"I160/5","v":-7.7115132628676859},{"$f":"I164*(1+'Inputs - actual'!$F$34)","v":-8.3312694390672721},{"$f":"J164*(1+'Inputs - actual'!$F$34)","v":-9.0008339608981931},{"$f":"K164*(1+'Inputs - actual'!$F$34)","v":-9.7242098079027315},{"$f":"L164*(1+'Inputs - actual'!$F$34)","v":-10.505721669670208}]
[null,null,null,"Smoothing Y5",null,null,null,null,null,{"$f":"J160/5","v":-7.5559801020220956},{"$f":"J165*(1+'Inputs - actual'!$F$34)","v":-8.1632364440448999},{"$f":"K165*(1+'Inputs - actual'!$F$34)","v":-8.8192965494376256},{"$f":"L165*(1+'Inputs - actual'!$F$34)","v":-9.528082661829929},{"$f":"M165*(1+'Inputs - actual'!$F$34)","v":-10.293832246343172}]
[null,null,null,"Smoothing Y6",null,null,null,null,null,null,{"$f":"K160/5","v":-7.2578816629825749},{"$f":"K166*(1+'Inputs - actual'!$F$34)","v":-7.8411805348678651},{"$f":"L166*(1+'Inputs - actual'!$F$34)","v":-8.4713577646186433},{"$f":"M166*(1+'Inputs - actual'!$F$34)","v":-9.1521808555545388},{"$f":"N166*(1+'Inputs - actual'!$F$34)","v":-9.8877200963722665}]
[null,null,null,"Smoothing Y7",null,null,null,null,null,null,null,{"$f":"L160/5","v":-6.4359801106048122},{"$f":"L167*(1+'Inputs - actual'!$F$34)","v":-6.9532246886115079},{"$f":"M167*(1+'Inputs - actual'!$F$34)","v":-7.5120389963065355},{"$f":"N167*(1+'Inputs - actual'!$F$34)","v":-8.1157638950538171},{"$f":"O167*(1+'Inputs - actual'!$F$34)","v":-8.7680087433842449}]
[null,null,null,"Smoothing Y8",null,null,null,null,null,null,null,null,{"$f":"M160/5","v":-5.4246618264857132},{"$f":"M168*(1+'Inputs - actual'!$F$34)","v":-5.8606291335701899},{"$f":"N168*(1+'Inputs - actual'!$F$34)","v":-6.3316341073196174},{"$f":"O168*(1+'Inputs - actual'!$F$34)","v":-6.8404926425622889},{"$f":"P168*(1+'Inputs - actual'!$F$34)","v":-7.3902469409682139}]
[null,null,null,"Smoothing Y9",null,null,null,null,null,null,null,null,null,{"$f":"N160/5","v":-4.171407142393643},{"$f":"N169*(1+'Inputs - actual'!$F$34)","v":-4.5066533193521909},{"$f":"O169*(1+'Inputs - actual'!$F$34)","v":-4.8688424427383632},{"$f":"P169*(1+'Inputs - actual'!$F$34)","v":-5.2601398537613804},{"$f":"Q169*(1+'Inputs - actual'!$F$34)","v":-5.6828849170085265}]
[null,null,null,"Smoothing Y10",null,null,null,null,null,null,null,null,null,null,{"$f":"O160/5","v":-2.5828398068029892},{"$f":"O170*(1+'Inputs - actual'!$F$34)","v":-2.7904165648056116},{"$f":"P170*(1+'Inputs - actual'!$F$34)","v":-3.0146757784330038},{"$f":"Q170*(1+'Inputs - actual'!$F$34)","v":-3.2569581773908913},{"$f":"R170*(1+'Inputs - actual'!$F$34)","v":-3.5187122426767914}]
[null,null,null,"Total CODW",{"$f":"-NPV('Inputs - actual'!$F$34,F171:S171)","v":225.44475405676792},{"$f":"SUM(F161:F170)","v":-7.5970588235294496},{"$f":"SUM(G161:G170)","v":-15.918631271626376},-24.953305093676974,-34.670256773264434,-45.012603835079034,-44.706458310513973,-43.386083274417807,-40.883048611215997,-36.990088374168081,-31.424611224900882,-23.267760393490509,-15.665062573162599,-8.9398430943994178,-3.5187122426767914]
[null,null,null,null,{"$f":"E160-E171","v":0}]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F177","v":10.150916384710159},31.59792042671473,54.193245901416418,78.126148515510167,103.64016513162012,44.127235074397412,-1.7292372136890961,67.061770145651394,142.95134480120112,226.68896963621995,140.08071860406619]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F155-F158+F171","v":10.150916384710159},{"$f":"G155-G158+G171","v":20.819677409429481},32.086912428084204,44.056264899370383,56.861223061468678,-16.248011572269981,15.522901473747233,50.579553360826651,89.245975042675454,131.92759333590723]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F175*(1+'Inputs - forecast'!H$31)^2","v":-11.444338435753478},{"$f":"-G175*(1+'Inputs - forecast'!I$31)^2","v":-23.472504881984161},{"$f":"-H175*(1+'Inputs - forecast'!J$31)^2","v":-36.175402423617257},{"$f":"-I175*(1+'Inputs - forecast'!K$31)^2","v":-49.669880690086849},{"$f":"-J175*(1+'Inputs - forecast'!L$31)^2","v":-64.106436889431507},{"$f":"-K175*(1+'Inputs - forecast'!M$31)^2","v":18.318320858319829},{"$f":"-L175*(1+'Inputs - forecast'!N$31)^2","v":-17.50081778212699},{"$f":"-M175*(1+'Inputs - forecast'!O$31)^2","v":-57.024361609602643},{"$f":"-N175*(1+'Inputs - forecast'!P$31)^2","v":-100.61762935567215},{"$f":"-O175*(1+'Inputs - forecast'!Q$31)^2","v":-131.92759333590723},null,null,"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F174*(1+'Inputs - forecast'!F$31)+F175+F176","v":10.150916384710159},{"$f":"G174*(1+'Inputs - forecast'!G$31)+G175+G176","v":31.59792042671473},{"$f":"H174*(1+'Inputs - forecast'!H$31)+H175+H176","v":54.193245901416418},{"$f":"I174*(1+'Inputs - forecast'!I$31)+I175+I176","v":78.126148515510167},{"$f":"J174*(1+'Inputs - forecast'!J$31)+J175+J176","v":103.64016513162012},{"$f":"K174*(1+'Inputs - forecast'!K$31)+K175+K176","v":44.127235074397412},{"$f":"L174*(1+'Inputs - forecast'!L$31)+L175+L176","v":-1.7292372136890961},{"$f":"M174*(1+'Inputs - forecast'!M$31)+M175+M176","v":67.061770145651394},{"$f":"N174*(1+'Inputs - forecast'!N$31)+N175+N176","v":142.95134480120112},{"$f":"O174*(1+'Inputs - forecast'!O$31)+O175+O176","v":226.68896963621995},{"$f":"P174*(1+'Inputs - forecast'!P$31)+P175+P176","v":140.08071860406619},{"$f":"Q174*(1+'Inputs - forecast'!Q$31)+Q175+Q176","v":8.1531252681589592}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F181:O181)","v":-6259.7416364398068},{"$f":"F151","v":621.17913228838449},652.23808890280361,684.84999334794395,719.09249301534123,755.04711766610831,996.0456358385436,1045.8479176304706,1098.1403135119942,1153.0473291875942,1210.6996956469739]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F182:O182)","v":5908.7116286520304},{"$f":"F156","v":603.43115708014489},615.49978022174776,639.25411426193625,663.83847622469057,689.34869319317784,1017.2570697903864,1051.0453697717371,988.35939068163179,1044.3120835528775,1104.3718526957684]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F183:O183)","v":226.5776357945297},{"$f":"F171","v":-7.5970588235294496},-15.918631271626376,-24.953305093676974,-34.670256773264434,-45.012603835079034,-44.706458310513973,-43.386083274417807,-40.883048611215997,-36.990088374168081,-31.424611224900882]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F184:O184)","v":124.45237199324654},0,0,0,0,0,0,0,0,0,{"$f":"O177","v":226.68896963621995}]
[null,null,null,"NPV",{"$f":"SUM(E181:E184)","v":-1.7053025658242404E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F187:O187)","v":-6016.5413184159324},{"$f":"F91","v":583.19383817073719},613.68301537339164,646.07333893617908,680.53492670100286,717.26721715599786,959.75622752363074,1013.6680170774466,1071.0170043795656,1132.190293475626,1197.7854966129589]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F181-F187+F160","v":0},0,0,-5.6843418860808015E-14,0,0,0,6.3948846218409017E-14,-7.815970093361102E-14,-1.7763568394002505E-14]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F190:O190)","v":6033.1640006452762},{"$f":"F152+F175","v":613.58207346485506},{"$f":"G152+G175","v":636.31945763117722},659.89668825426702,684.42223624207679,710.03451383102924,951.3391775280295,1002.4618343560527,1057.2572649007782,1116.057240813426,1179.275084422073,null,null,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F191:Q191)","v":5908.7116286520304},{"$f":"F152-F176","v":603.43115708014489},{"$f":"G152-G176","v":615.49978022174776},639.25411426193625,663.83847622469057,689.34869319317784,1017.2570697903864,1051.0453697717371,988.35939068163179,1044.3120835528775,{"$f":"O152-O176","v":1104.3718526957684},null,null,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F192:Q192)","v":124.45237199324654},0,0,0,0,0,0,0,0,0,{"$f":"+O177","v":226.68896963621995}]
[null,null,null,"NPV",{"$f":"E190-E191-E192","v":-7.1054273576010019E-13}]

{"sheet":"3 Hybrid RAB","index":11,"n_rows":184,"n_cols":18,"rows_kept":184,"cut":false,"hidden":false,"merged":[[8,0,8,14],[1,0,1,14],[3,0,3,14],[4,0,4,14],[5,0,5,14],[6,0,6,14],[7,0,7,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K71","v":621.84507084638528},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":634.28197226331304},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":646.96761170857928},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":659.90696394275085},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":673.10510322160587},{"$f":"P78","v":901.4898746960472},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":919.51967218996811},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":937.91006563376743},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":956.66826694644283},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":975.80163228537174}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.185130000000008},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-58.394808474666675},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-56.049336612834274},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-53.047159385884896},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-54.431893839734954},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-46.679180673866739},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-38.144575096495025},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-28.506307807396322},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-17.253391947115151}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-121.25101800000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-117.64417512213338},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-112.91890742000272},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-106.87061866522178},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-109.66035197956361},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-94.041471308814465},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-76.847363487085119},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-57.429781094900896},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-34.759272556871018}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":35.400000000000006},{"$f":"G39","v":34.643148000000004},33.612621463466674,32.262544977143634,30.534462475777651,28.351271639711854,26.868991802518419,21.956389567738601,16.408508884257397,9.9312207305345765]
[null,"Tax",null,null,null,{"$f":"F62","v":-44.336619836987886},{"$f":"G62","v":-41.269249167060977},-37.457094238828873,-32.652904505709984,-26.480130957735202,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-303.54000000000002},{"$f":"G41","v":-330.05590533333338},-360.26748301626674,-395.19664658443008,-436.36679566372635,-536.71312105706386,-575.97554885144348,-627.55578996152303,-703.48005462252672,-851.56009619956637]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":21.96845100939737},12.123817762918634,0.69587232015032896,-12.891502203082609,-29.533219295184722,26.71696269213578,27.392591403610027,17.960965254043231,-6.6368737379987124,-79.953245650468148]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":20.689820125633233},{"$f":"G20/'Inputs - forecast'!G$36","v":10.753601972340503},{"$f":"H20/'Inputs - forecast'!H$36","v":0.581301440019237},{"$f":"I20/'Inputs - forecast'!I$36","v":-10.142211040084337},{"$f":"J20/'Inputs - forecast'!J$36","v":-21.882512497908607},{"$f":"K20/'Inputs - forecast'!K$36","v":18.643642131681691},{"$f":"L20/'Inputs - forecast'!L$36","v":18.002551933515115},{"$f":"M20/'Inputs - forecast'!M$36","v":11.11700765401384},{"$f":"N20/'Inputs - forecast'!N$36","v":-3.8688248303506243},{"$f":"O20/'Inputs - forecast'!O$36","v":-43.894376888859568}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":4.8316906031686813E-13}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":621.84507084638528},{"$f":"G13","v":634.28197226331304},646.96761170857928,659.90696394275085,673.10510322160587,901.4898746960472,919.51967218996811,937.91006563376743,956.66826694644283,975.80163228537174]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-44.336619836987886},{"$f":"G17","v":-41.269249167060977},-37.457094238828873,-32.652904505709984,-26.480130957735202,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J45+J46-J42)","v":-252.56419468697595},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":271.50845100939739},280.8927230962521,291.14811746975045,302.52441143704084,62.836536616894705,568.99033855378627,584.4354666727163,603.11228379365775,628.22194005606286,813.68829432254961]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":255.70583067375907},{"$f":"G31/'Inputs - forecast'!G$36","v":249.14664672234264},{"$f":"H31/'Inputs - forecast'!H$36","v":243.21246160142431},{"$f":"I31/'Inputs - forecast'!I$36","v":238.00689611161761},{"$f":"J31/'Inputs - forecast'!J$36","v":46.558463000634752},{"$f":"K31/'Inputs - forecast'!K$36","v":397.05307712630491},{"$f":"L31/'Inputs - forecast'!L$36","v":384.09399408546386},{"$f":"M31/'Inputs - forecast'!M$36","v":373.29863848239046},{"$f":"N31/'Inputs - forecast'!N$36","v":366.20866037340437},{"$f":"O31/'Inputs - forecast'!O$36","v":446.71533182265699}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-9.0949470177292824E-13}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,"Effective reval rate",{"$f":"(1-'Inputs - forecast'!F$28)*(1+'Inputs - forecast'!F$5)+'Inputs - forecast'!F$28-1","v":1.1800000000000033E-2},{"$f":"E42","v":3000},{"$f":"F42","v":2935.86},2848.527242666667,2734.1139811138669,2587.6663115065803,{"$f":"J45+J46","v":2655.2143336456074},2277.0332036032555,1860.7109803168305,1390.5516003607961,841.62887546903175]
[null,"Revaluation",null,null,null,{"$f":"E42*(1-'Inputs - forecast'!F$28)*('Inputs - forecast'!F$5)","v":35.400000000000006},{"$f":"F42*(1-'Inputs - forecast'!G$28)*('Inputs - forecast'!G$5)","v":34.643148000000004},{"$f":"G42*(1-'Inputs - forecast'!H$28)*('Inputs - forecast'!H$5)","v":33.612621463466674},{"$f":"H42*(1-'Inputs - forecast'!I$28)*('Inputs - forecast'!I$5)","v":32.262544977143634},{"$f":"I42*(1-'Inputs - forecast'!J$28)*('Inputs - forecast'!J$5)","v":30.534462475777651},{"$f":"J42*(1-'Inputs - forecast'!K$28)*('Inputs - forecast'!K$5)","v":28.351271639711854},{"$f":"K42*(1-'Inputs - forecast'!L$28)*('Inputs - forecast'!L$5)","v":26.868991802518419},{"$f":"L42*(1-'Inputs - forecast'!M$28)*('Inputs - forecast'!M$5)","v":21.956389567738601},{"$f":"M42*(1-'Inputs - forecast'!N$28)*('Inputs - forecast'!N$5)","v":16.408508884257397},{"$f":"N42*(1-'Inputs - forecast'!O$28)*('Inputs - forecast'!O$5)","v":9.9312207305345765}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-303.54000000000002},{"$f":"-SUM(G38:G39)/G36","v":-330.05590533333338},-360.26748301626674,-395.19664658443008,-436.36679566372635,-536.71312105706386,-575.97554885144348,-627.55578996152303,-703.48005462252672,-851.56009619956637]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2935.86},2848.527242666667,2734.1139811138669,2587.6663115065803,2402.6501389586315,2277.0332036032555,1860.7109803168305,1390.5516003607961,841.62887546903175,0]
[]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/J47*J48","v":2620.2873196856876},null,null,null,null,null,"Note"]
[null,null,null,null,null,null,null,null,null,{"$f":"J127-J45","v":34.927013959919805},null,null,null,null,null,"Note"]
[null,null,null,"forecast index equity wash-up",1,{"$f":"E47*(1+$E$38)","v":1.0118},{"$f":"F47*(1+$E$38)","v":1.0237392400000001},1.0358193630320001,1.0480420315157777,1.0604089274876638]
[null,null,null,"actual index equity wash-up",1,{"$f":"E48*(1+$E$123)","v":1.0295000000000001},{"$f":"F48*(1+$E$123)","v":1.0598702500000001},{"$f":"G48*(1+$E$123)","v":1.0911364223750002},{"$f":"H48*(1+$E$123)","v":1.1233249468350628},{"$f":"I48*(1+$E$123)","v":1.1564630327666972}]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E54","v":3000},{"$f":"F54","v":2904},{"$f":"G54","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F51/F50","v":-300},{"$f":"-G51/G50","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F51:F53)","v":2904},{"$f":"SUM(G51:G53)","v":2789.4133333333334},{"$f":"SUM(H51:H53)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F53","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.185130000000008},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-58.394808474666675},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-56.049336612834274},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-53.047159385884896},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-54.431893839734954},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-46.679180673866739},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-38.144575096495025},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-28.506307807396322},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-17.253391947115151}]
[null,"EBT",null,null,null,{"$f":"SUM(F57:F60)","v":158.34507084638528},{"$f":"SUM(G57:G60)","v":147.39017559664634},133.77533656724597,116.61751609182136,94.571896277625711,257.63606211521699,248.26977854375608,228.27764630217712,186.24530427632118,75.71978821209612]
[null,"Calculated tax",null,null,null,{"$f":"-F61*'Inputs - forecast'!F29","v":-44.336619836987886},{"$f":"-G61*'Inputs - forecast'!G29","v":-41.269249167060977},{"$f":"-H61*'Inputs - forecast'!H29","v":-37.457094238828873},{"$f":"-I61*'Inputs - forecast'!I29","v":-32.652904505709984},{"$f":"-J61*'Inputs - forecast'!J29","v":-26.480130957735202},{"$f":"-K61*'Inputs - forecast'!K29","v":-72.138097392260761},{"$f":"-L61*'Inputs - forecast'!L29","v":-69.515537992251708},{"$f":"-M61*'Inputs - forecast'!M29","v":-63.9177409646096},{"$f":"-N61*'Inputs - forecast'!N29","v":-52.148685197369936},{"$f":"-O61*'Inputs - forecast'!O29","v":-21.201540699386914}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F62>0,F62,0)","v":0},{"$f":"IF(G62>0,G62,0)","v":0},{"$f":"IF(H62>0,H62,0)","v":0},{"$f":"IF(I62>0,I62,0)","v":0},{"$f":"IF(J62>0,J62,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F63>0,0,F62+E63)","v":-44.336619836987886},-41.269249167060977,-37.457094238828873,-32.652904505709984,-26.480130957735202,-72.138097392260761,-69.515537992251708,-63.9177409646096,-52.148685197369936,-21.201540699386914]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":585.65179021132531},{"$f":"G13/'Inputs - forecast'!G$36","v":562.59637032920682},{"$f":"H13/'Inputs - forecast'!H$36","v":540.44857575418246},{"$f":"I13/'Inputs - forecast'!I$36","v":519.17267589872483},{"$f":"J13/'Inputs - forecast'!J$36","v":498.73434678536375},{"$f":"SUM(F68:J68)","v":2706.6037589788034}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-564.96197008569209},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-551.84276835686626},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-539.86727431416318},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-529.31488693880908},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-520.61685928327233},{"$f":"SUM(F69:J69)","v":-2706.6037589788029}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K68:K69)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,621.84507084638528]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":629.07804314578323},{"$f":"L13/'Inputs - forecast'!L$36","v":604.31305708108766},{"$f":"M13/'Inputs - forecast'!M$36","v":580.52299700763729},{"$f":"N13/'Inputs - forecast'!N$36","v":557.669482904304},{"$f":"O13/'Inputs - forecast'!O$36","v":535.71564566056702},{"$f":"SUM(K75:O75)","v":2907.2992257993792}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-610.43440101410158},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-586.31050514757248},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-569.40598935362357},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-561.53830773465461},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-579.61002254942673},{"$f":"SUM(K76:O76)","v":-2907.2992257993792}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P75:P76)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,901.4898746960472]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F116","v":-210},{"$f":"-G116","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F138+F146","v":-45.640638067487529},{"$f":"G138+G146","v":-43.732552101773095},-40.860291967478837,-36.667248973223096,-30.610171661340697,-74.259806139091964,-73.664821834349766,-69.725044368451975,-58.559838786280736,-24.508292701760897]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J46","v":-34.927013959919805},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E87:O87,0.05)","v":8.6774415337998567E-2},{"$f":"-E42+SUM(E82:E85)","v":-3000},{"$f":"SUM(F82:F86)","v":279.49399368614434},297.65881123954046,317.60063954090043,339.71672911057522,{"$f":"SUM(J82:J86)","v":329.66599136672767},{"$f":"SUM(K82:K86)","v":585.72534851125044},619.31959054850995,657.90858863355061,705.455475865822,940.59725036069131]
[]
[]
[null,"Real IRR",null,{"$f":"IRR(E90:O90,0.05)","v":4.7153587155788879E-2},{"$f":"E87","v":-3000},{"$f":"F87/'Inputs - actual'!F39","v":269.30440572240576},{"$f":"G87/'Inputs - actual'!G39","v":276.35078400801206},{"$f":"H87/'Inputs - actual'!H39","v":284.11509302503822},{"$f":"I87/'Inputs - actual'!I39","v":292.82007665613207},{"$f":"J87/'Inputs - actual'!J39","v":273.79722512302646},{"$f":"K87/'Inputs - actual'!K39","v":468.72691659632534},{"$f":"L87/'Inputs - actual'!L39","v":477.54210681945176},{"$f":"M87/'Inputs - actual'!M39","v":488.80246576931995},{"$f":"N87/'Inputs - actual'!N39","v":505.01981682095271},{"$f":"O87/'Inputs - actual'!O39","v":648.8039645808841}]
[null,"check to inputs",null,{"$f":"D90-'Inputs - actual'!P24","v":6.1731949989261015E-3}]
[]
["Actual return (building blocks) with fixed cost of debt"]
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[null,"Opex",null,null,null,{"$f":"F83","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F123*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G123*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.287825000000005},{"$f":"-H123*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-60.605419633333341},{"$f":"-I123*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-59.340382073452083},{"$f":"-J123*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-57.347224206101941},{"$f":"-K123*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-54.431893839734954},{"$f":"-L123*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-47.577303829686961},{"$f":"-M123*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-39.620181585942355},{"$f":"-N123*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-30.221434954919346},{"$f":"-O123*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-18.736706485800696}]
[null,"Return on equity",null,null,null,{"$f":"-F123*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G123*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-178.98331102941194},{"$f":"-H123*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-176.99043280294137},{"$f":"-I123*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-173.29605123459376},{"$f":"-J123*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-167.47528675971392},{"$f":"-K123*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-158.96143459222469},{"$f":"-L123*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-138.94347481395681},{"$f":"-M123*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-115.70570963871698},{"$f":"-N123*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-88.257863487429546},{"$f":"-O123*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-54.718172240813985}]
[null,"Revaluation",null,null,null,{"$f":"F124","v":88.500000000000014},{"$f":"G124","v":88.194675000000018},87.212677033333364,85.392257130089604,82.52405434536621,78.328822842545435,68.464900632964174,57.01440764806339,43.489382008298577,26.96257762590832]
[null,"Depreciation",null,null,null,{"$f":"F126","v":-308.85000000000002},{"$f":"G126","v":-341.9827416666667},-380.44682629583338,-425.72072017156046,-479.99160422912149,-546.70863129763052,-597.32724747149666,-663.23539744272603,-758.8528606363285,-940.94825986008857]
[null,"Tax",null,null,null,{"$f":"F138+F146","v":-45.640638067487529},{"$f":"G138+G146","v":-43.732552101773095},-40.860291967478837,-36.667248973223096,-30.610171661340697,-74.259806139091964,-73.664821834349766,-69.725044368451975,-58.559838786280736,-24.508292701760897]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J86","v":-34.927013959919805},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F94:F101)","v":28.041052509673605},24.099608543461827,18.295637842125736,9.8530827610585305,{"$f":"SUM(J94:J101)","v":-37.367756982843446},{"$f":"SUM(K94:K101)","v":37.96177568670582},44.646507331958844,44.10725199313508,26.74552039329474,-46.843310600103592]
[null,"Present value",null,{"$f":"SUM(E103:O103)","v":108.29730451514632},null,{"$f":"F102/'Inputs - actual'!F$36","v":25.955102030324717},{"$f":"G102/'Inputs - actual'!G$36","v":20.647470192226482},{"$f":"H102/'Inputs - actual'!H$36","v":14.508845105081653},{"$f":"I102/'Inputs - actual'!I$36","v":7.2324568250646433},{"$f":"J102/'Inputs - actual'!J$36","v":-25.388624873041895},{"$f":"K102/'Inputs - actual'!K$36","v":23.873555157547589},{"$f":"L102/'Inputs - actual'!L$36","v":25.988816242196656},{"$f":"M102/'Inputs - actual'!M$36","v":23.764979228013623},{"$f":"N102/'Inputs - actual'!N$36","v":13.338497767568473},{"$f":"O102/'Inputs - actual'!O$36","v":-21.623793159835628}]
[]
[null,"Real return",null,null,null,{"$f":"F102/'Inputs - actual'!F39","v":27.018752289998808},{"$f":"G102/'Inputs - actual'!G39","v":22.374428250713802},{"$f":"H102/'Inputs - actual'!H39","v":16.366676260419052},{"$f":"I102/'Inputs - actual'!I39","v":8.4929007086173485},{"$f":"J102/'Inputs - actual'!J39","v":-31.03501252451829},{"$f":"K102/'Inputs - actual'!K39","v":30.37892437364642},{"$f":"L102/'Inputs - actual'!L39","v":34.425823918392148},{"$f":"M102/'Inputs - actual'!M39","v":32.770105003997394},{"$f":"N102/'Inputs - actual'!N39","v":19.146520612410423},{"$f":"O102/'Inputs - actual'!O39","v":-32.311518686437239}]
[null,"Present value",null,{"$f":"SUM(E106:O106)","v":108.29730451514631},null,{"$f":"F105/'Inputs - actual'!F$44","v":25.955102030324717},{"$f":"G105/'Inputs - actual'!G$44","v":20.647470192226486},{"$f":"H105/'Inputs - actual'!H$44","v":14.508845105081653},{"$f":"I105/'Inputs - actual'!I$44","v":7.2324568250646442},{"$f":"J105/'Inputs - actual'!J$44","v":-25.388624873041902},{"$f":"K105/'Inputs - actual'!K$44","v":23.873555157547596},{"$f":"L105/'Inputs - actual'!L$44","v":25.988816242196659},{"$f":"M105/'Inputs - actual'!M$44","v":23.76497922801363},{"$f":"N105/'Inputs - actual'!N$44","v":13.338497767568478},{"$f":"O105/'Inputs - actual'!O$44","v":-21.623793159835639}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F96+F97)/F123","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F98/F123","v":2.9500000000000005E-2},2.9500000000000005E-2,2.9500000000000009E-2,2.9500000000000005E-2,2.9500000000000002E-2,2.9500000000000005E-2,2.9500000000000005E-2,2.9500000000000002E-2,2.9500000000000005E-2,2.9500000000000005E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G94/F94-1","v":5.0000000000000044E-2},5.0000000000000266E-2,5.0000000000000044E-2,5.0000000000000044E-2,0.19267320058161808,5.0000000000000044E-2,4.9999999999999822E-2,4.9999999999999822E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F118","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F115/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F115:F117)","v":2910},{"$f":"SUM(G115:G117)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,"Effective reval rate",{"$f":"(1-'Inputs - actual'!E20)*(1+'Inputs - actual'!F4)+'Inputs - actual'!E20-1","v":2.9500000000000082E-2},{"$f":"E127","v":3000},{"$f":"F127","v":2989.65},2956.3619333333336,2894.6527840708336,2797.4255710293628,2655.2143336456074,2320.8440892530225,1932.6917846801148,1474.2163392643583,913.98568223418022]
[null,"Revaluation",null,null,null,{"$f":"E127*(1-'Inputs - actual'!F20)*('Inputs - actual'!F4)","v":88.500000000000014},{"$f":"F127*(1-'Inputs - actual'!G20)*('Inputs - actual'!G4)","v":88.194675000000018},{"$f":"G127*(1-'Inputs - actual'!H20)*('Inputs - actual'!H4)","v":87.212677033333364},{"$f":"H127*(1-'Inputs - actual'!I20)*('Inputs - actual'!I4)","v":85.392257130089604},{"$f":"I127*(1-'Inputs - actual'!J20)*('Inputs - actual'!J4)","v":82.52405434536621},{"$f":"J127*(1-'Inputs - actual'!K20)*('Inputs - actual'!K4)","v":78.328822842545435},{"$f":"K127*(1-'Inputs - actual'!L20)*('Inputs - actual'!L4)","v":68.464900632964174},{"$f":"L127*(1-'Inputs - actual'!M20)*('Inputs - actual'!M4)","v":57.01440764806339},{"$f":"M127*(1-'Inputs - actual'!N20)*('Inputs - actual'!N4)","v":43.489382008298577},{"$f":"N127*(1-'Inputs - actual'!O20)*('Inputs - actual'!O4)","v":26.96257762590832}]
[null,"Capex",null,null,null,{"$f":"F116","v":210},{"$f":"G116","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F123+F124)/F121","v":-308.85000000000002},{"$f":"-SUM(G123+G124)/G121","v":-341.9827416666667},-380.44682629583338,-425.72072017156046,-479.99160422912149,-546.70863129763052,-597.32724747149666,-663.23539744272603,-758.8528606363285,-940.94825986008857]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F123:F126)","v":2989.65},2956.3619333333336,2894.6527840708336,2797.4255710293628,{"$f":"SUM(J123:J126)","v":2655.2143336456074},2320.8440892530225,1932.6917846801148,1474.2163392643583,913.98568223418022,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F94","v":640.13463175363188},672.14136334131354,705.74843150837933,741.03585308379832,778.08764573798828,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Depreciation",null,null,null,{"$f":"F117","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F95","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F96","v":-61.499999999999993},-61.287825000000005,-60.605419633333341,-59.340382073452083,-57.347224206101941,-54.431893839734954,-47.577303829686961,-39.620181585942355,-30.221434954919346,-18.736706485800696]
[null,"EBT",null,null,null,{"$f":"SUM(F131:F134)","v":173.63463175363188},{"$f":"SUM(G131:G134)","v":177.27020500798022},178.48467854171264,176.17401267701291,168.62455694855299,264.02385403977428,277.07578896983944,279.81428652413314,259.10921983474827,161.41853351851307]
[null,"Calculated tax",null,null,null,{"$f":"-F135*'Inputs - forecast'!F29","v":-48.617696891016934},{"$f":"-G135*'Inputs - forecast'!G29","v":-49.635657402234465},{"$f":"-H135*'Inputs - forecast'!H29","v":-49.975709991679544},{"$f":"-I135*'Inputs - forecast'!I29","v":-49.32872354956362},{"$f":"-J135*'Inputs - forecast'!J29","v":-47.214875945594841},{"$f":"-K135*'Inputs - forecast'!K29","v":-73.926679131136808},{"$f":"-L135*'Inputs - forecast'!L29","v":-77.58122091155505},{"$f":"-M135*'Inputs - forecast'!M29","v":-78.348000226757293},{"$f":"-N135*'Inputs - forecast'!N29","v":-72.550581553729529},{"$f":"-O135*'Inputs - forecast'!O29","v":-45.197189385183663}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F136>0,F136+E137,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F137>0,0,F136+E137)","v":-48.617696891016934},-49.635657402234465,-49.975709991679544,-49.32872354956362,-47.214875945594841,-73.926679131136808,-77.58122091155505,-78.348000226757293,-72.550581553729529,-45.197189385183663]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F138","v":-48.617696891016934},{"$f":"G138","v":-49.635657402234465},-49.975709991679544,-49.32872354956362,-47.214875945594841,-73.926679131136808,-77.58122091155505,-78.348000226757293,-72.550581553729529,-45.197189385183663]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F142:O142)","v":-363.70107464501984},{"$f":"F141/'Inputs - actual'!F$28","v":-44.479770048020228},{"$f":"G141/'Inputs - actual'!G$28","v":-41.546082738581433},{"$f":"H141/'Inputs - actual'!H$28","v":-38.27043756878205},{"$f":"I141/'Inputs - actual'!I$28","v":-34.559900573392824},{"$f":"J141/'Inputs - actual'!J$28","v":-30.263531932760753},{"$f":"K141/'Inputs - actual'!K$28","v":-43.352096803168351},{"$f":"L141/'Inputs - actual'!L$28","v":-41.623028052135858},{"$f":"M141/'Inputs - actual'!M$28","v":-38.456798738244956},{"$f":"N141/'Inputs - actual'!N$28","v":-32.580238801215451},{"$f":"O141/'Inputs - actual'!O$28","v":-18.569189388717991}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":-45.640638067487529},{"$f":"G$17/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":-43.732552101773095},{"$f":"H$17/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":-40.860291967478837},{"$f":"I$17/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":-36.667248973223096},{"$f":"J$17/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":-30.610171661340697},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-74.259806139091964},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-73.664821834349766},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-69.725044368451975},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-58.559838786280736},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-24.508292701760897}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F145:O145)","v":-308.6209060495745},{"$f":"F144/'Inputs - actual'!F$28","v":-41.756093272732983},{"$f":"G144/'Inputs - actual'!G$28","v":-36.605060214389255},{"$f":"H144/'Inputs - actual'!H$28","v":-31.290025755391021},{"$f":"I144/'Inputs - actual'!I$28","v":-25.689220957464663},{"$f":"J144/'Inputs - actual'!J$28","v":-19.620339754947576},{"$f":"K144/'Inputs - actual'!K$28","v":-43.547449204579536},{"$f":"L144/'Inputs - actual'!L$28","v":-39.521844457207472},{"$f":"M144/'Inputs - actual'!M$28","v":-34.224255763161253},{"$f":"N144/'Inputs - actual'!N$28","v":-26.297425753985955},{"$f":"O144/'Inputs - actual'!O$28","v":-10.069190915714806}]
[null,"Difference",null,null,{"$f":"E145-E142","v":55.080168595445343},{"$f":"F144-F141","v":2.9770588235294042},{"$f":"G144-G141","v":5.9031053004613696},9.1154180242007072,12.661474576340524,16.604704284254144,-0.33312700795515582,3.9163990772052841,8.6229558583053176,13.990742767448793,20.688896683422765]
[]
["Real revenue",null,null,null,null,{"$f":"F94/'Inputs - actual'!F$5","v":609.65203024155414},{"$f":"G94/'Inputs - actual'!G$5","v":609.65203024155426},{"$f":"H94/'Inputs - actual'!H$5","v":609.65203024155426},{"$f":"I94/'Inputs - actual'!I$5","v":609.65203024155426},{"$f":"J94/'Inputs - actual'!J$5","v":609.65203024155426},{"$f":"K94/'Inputs - actual'!K$5","v":692.49108395169128},{"$f":"L94/'Inputs - actual'!L$5","v":692.49108395169128},{"$f":"M94/'Inputs - actual'!M$5","v":692.49108395169117},{"$f":"N94/'Inputs - actual'!N$5","v":692.49108395169117},{"$f":"O94/'Inputs - actual'!O$5","v":692.49108395169128}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F80","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O150, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P150, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F94-F112","v":640.13463175363188},672.14136334131354,705.74843150837933,741.03585308379832,778.08764573798828,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":621.84507084638528},634.28197226331304,646.96761170857928,659.90696394275085,673.10510322160587,901.4898746960472,919.51967218996811,937.91006563376743,956.66826694644283,975.80163228537174,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F153-F154","v":18.289560907246596},{"$f":"G153-G154","v":37.859391078000499},58.780819799800042,81.128889141047466,104.98254251638241,26.514408079295436,54.884824724141708,85.214656126047771,117.61269090136307,152.19337345482461]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F153-F167","v":640.13463175363188},672.14136334131354,726.36843436636104,783.71925899982045,844.35827292325575,1019.4705533127866,1092.7638352111974,1053.0175755656244,1136.159165225831,1224.0676485866866]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F154-F167","v":621.84507084638528},634.28197226331304,667.587614566561,702.59036985877299,739.37573040687334,992.95614523349116,1037.8790104870557,967.80291943957661,1018.5464743244679,1071.8742751318619]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F158","v":621.84507084638528},{"$f":"G158","v":634.28197226331304},{"$f":"H158","v":667.587614566561},{"$f":"I158","v":702.59036985877299},739.37573040687334,992.95614523349116,1037.8790104870557,967.80291943957661,1018.5464743244679,1071.8742751318619,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F112","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F168","v":18.289560907246596},57.279246849314937,98.979921246420972,143.54236360447516,191.12519700634658,137.98487172319022,83.037823222737515,143.49136301814133,208.09361277600044,277.07452865389189,161.5989239343327]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F157-F160+F162","v":18.289560907246596},37.859391078000499,58.780819799800042,81.128889141047466,104.98254251638241,26.514408079295436,54.884824724141708,85.214656126047771,117.61269090136307,152.19337345482472,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F166*(1+'Inputs - forecast'!H$31)^2","v":-20.620002857981671},{"$f":"-G166*(1+'Inputs - forecast'!I$31)^2","v":-42.68340591602211},{"$f":"-H166*(1+'Inputs - forecast'!J$31)^2","v":-66.270627185267529},{"$f":"-I166*(1+'Inputs - forecast'!K$31)^2","v":-91.466270537444004},{"$f":"-J166*(1+'Inputs - forecast'!L$31)^2","v":-118.35933829708758},{"$f":"-K166*(1+'Inputs - forecast'!M$31)^2","v":-29.892853805809128},{"$f":"-L166*(1+'Inputs - forecast'!N$31)^2","v":-61.878207378025067},{"$f":"-M166*(1+'Inputs - forecast'!O$31)^2","v":-96.07264284649014},{"$f":"-N166*(1+'Inputs - forecast'!P$31)^2","v":-132.59881059036971},{"$f":"-O166*(1+'Inputs - forecast'!Q$31)^2","v":-152.19337345482472},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F165*(1+'Inputs - forecast'!F$31)+F166+F167","v":18.289560907246596},{"$f":"G165*(1+'Inputs - forecast'!G$31)+G166+G167","v":57.279246849314937},{"$f":"H165*(1+'Inputs - forecast'!H$31)+H166+H167","v":98.979921246420972},{"$f":"I165*(1+'Inputs - forecast'!I$31)+I166+I167","v":143.54236360447516},{"$f":"J165*(1+'Inputs - forecast'!J$31)+J166+J167","v":191.12519700634658},{"$f":"K165*(1+'Inputs - forecast'!K$31)+K166+K167","v":137.98487172319022},{"$f":"L165*(1+'Inputs - forecast'!L$31)+L166+L167","v":83.037823222737515},{"$f":"M165*(1+'Inputs - forecast'!M$31)+M166+M167","v":143.49136301814133},{"$f":"N165*(1+'Inputs - forecast'!N$31)+N166+N167","v":208.09361277600044},{"$f":"O165*(1+'Inputs - forecast'!O$31)+O166+O167","v":277.07452865389189},{"$f":"P165*(1+'Inputs - forecast'!P$31)+P166+P167","v":161.5989239343327},{"$f":"Q165*(1+'Inputs - forecast'!Q$31)+Q166+Q167","v":9.4055504795079798}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F172:O172)","v":-6114.8558431922793},{"$f":"F153","v":640.13463175363188},672.14136334131354,705.74843150837933,741.03585308379832,778.08764573798828,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F173:O173)","v":5962.7417709230203},{"$f":"F158","v":621.84507084638528},634.28197226331304,667.587614566561,702.59036985877299,739.37573040687334,992.95614523349116,1037.8790104870557,967.80291943957661,1018.5464743244679,1071.8742751318619]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F174:O174)","v":0},{"$f":"F162","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F175:O175)","v":152.11407226925803},0,0,0,0,0,0,0,0,0,{"$f":"O168","v":277.07452865389189}]
[null,null,null,"NPV",{"$f":"SUM(E172:E175)","v":-9.0949470177292824E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F178:O178)","v":-6114.8558431922793},{"$f":"F94","v":640.13463175363188},672.14136334131354,705.74843150837933,741.03585308379832,778.08764573798828,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401963]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F172+F174-F178","v":0},{"$f":"G172+G174-G178","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F181:O181)","v":6114.8558431922793},{"$f":"F154+F166","v":640.13463175363188},672.14136334131354,705.74843150837933,741.03585308379832,778.08764573798828,928.00428277534263,974.40449691410981,1023.1247217598152,1074.2809578478059,1127.9950057401966,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F182:Q182)","v":5962.7417709230203},{"$f":"F154-F167","v":621.84507084638528},634.28197226331304,667.587614566561,702.59036985877299,739.37573040687334,992.95614523349116,1037.8790104870557,967.80291943957661,1018.5464743244679,1071.8742751318619,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F183:Q183)","v":152.11407226925803},0,0,0,0,0,0,0,0,0,{"$f":"+O168","v":277.07452865389189}]
[null,null,null,"NPV",{"$f":"E181-E182-E183","v":9.0949470177292824E-13}]

{"sheet":"4 Debt forecast","index":12,"n_rows":182,"n_cols":18,"rows_kept":182,"cut":false,"hidden":false,"merged":[[3,0,3,14],[1,0,1,14],[8,0,8,14],[7,0,7,14],[6,0,6,14],[5,0,5,14],[4,0,4,14]]}
["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014568},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":615.49978022174855},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":627.80977582618357},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":640.36597134270721},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":653.17329076956139},{"$f":"P76","v":927.2636232892587},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":945.80889575504386},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":964.72507367014475},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":984.01957514354763},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":1003.6999666464186}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-56.123260616730626},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-48.465285410439698},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-39.798022181117616},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-29.839175502133855},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.050030333441622}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-113.06783724248662},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-97.639818900056582},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-80.178454442934537},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-60.115021865274564},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-36.364207452250696}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,54.754400601688424,47.283205278477752,38.827338713285478,29.111390733789133,17.609785691162557]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.180723982440796},{"$f":"G60","v":-35.883151795422926},-31.85484656466474,-26.851648545291361,-20.500598154090518,-78.881164300801188,-76.376411264232487,-70.962978031100917,-59.43384853803277,-28.790015572308626]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},{"$f":"G41","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.4948861372219,-602.86086730059139,-660.06475812585313,-742.34046371162287,-898.09907024929043]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097704865},16.692228426325642,0.55712926151880993,-18.187510225441429,-40.511970000072154,45.270156218706802,34.965384395701335,17.10817916467397,-16.746364586232403,-100.90536853314552]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753724679},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680239728},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930321327},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096087489},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867180688},{"$f":"K20/'Inputs - forecast'!K$36","v":31.590439434020251},{"$f":"L20/'Inputs - forecast'!L$36","v":22.979430430082491},{"$f":"M20/'Inputs - forecast'!M$36","v":10.589172465388861},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.7619381785703094},{"$f":"O20/'Inputs - forecast'!O$36","v":-55.397104150921066}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":-3.3395508580724709E-13}]
[]
["Regulatory cashflows"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014568},{"$f":"G13","v":615.49978022174855},627.80977582618357,640.36597134270721,653.17329076956139,927.2636232892587,945.80889575504386,964.72507367014475,984.01957514354763,1003.6999666464186]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.180723982440796},{"$f":"G17","v":-35.883151795422926},-31.85484656466474,-26.851648545291361,-20.500598154090518,-78.881164300801188,-76.376411264232487,-70.962978031100917,-59.43384853803277,-28.790015572308626]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J45+J46-J42)","v":-258.3576232158498},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},{"$f":"SUM(F25:F30)","v":258.2504330977049},267.49662842632569,277.59252926151885,288.78467479741585,43.090828439621077,588.02102023845737,603.86381696581122,622.88205476354381,648.28808491250481,833.99815381067469]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033612},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034114},{"$f":"H31/'Inputs - forecast'!H$36","v":231.88871338271295},{"$f":"I31/'Inputs - forecast'!I$36","v":227.19734836155521},{"$f":"J31/'Inputs - forecast'!J$36","v":31.92796499597949},{"$f":"K31/'Inputs - forecast'!K$36","v":410.33307541575846},{"$f":"L31/'Inputs - forecast'!L$36","v":396.86240580600924},{"$f":"M31/'Inputs - forecast'!M$36","v":385.53521330349309},{"$f":"N31/'Inputs - forecast'!N$36","v":377.90579407440265},{"$f":"O31/'Inputs - forecast'!O$36","v":457.86545611941}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-1.8189894035458565E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},{"$f":"G36-1","v":8},7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},2890,2791.5666000000001,2657.1132308571432,{"$f":"J45+J46","v":2737.7200300844211},{"$f":"K42","v":2364.1602639238877},{"$f":"L42","v":1941.366935664274},1455.5695366894565,880.48928455812791]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$5)","v":60},{"$f":"G38*('Inputs - forecast'!G$5)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$5)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$5)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$5)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$5)","v":54.754400601688424},{"$f":"L38*('Inputs - forecast'!L$5)","v":47.283205278477752},{"$f":"M38*('Inputs - forecast'!M$5)","v":38.827338713285478},{"$f":"N38*('Inputs - forecast'!N$5)","v":29.111390733789133},{"$f":"O38*('Inputs - forecast'!O$5)","v":17.609785691162557}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.4948861372219,-602.86086730059139,-660.06475812585313,-742.34046371162287,-898.09907024929043]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2364.1602639238877,1941.366935664274,1455.5695366894565,880.48928455812791,0]
[]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42*(1-'Inputs - forecast'!J$28)/'Inputs - forecast'!J4*'Inputs - actual'!J5+J42*'Inputs - forecast'!J$28","v":2707.5154295504894},null,null,null,null,null,"Note"]
[null,"Check to actual RAB",null,null,null,null,null,null,null,{"$f":"J125-J45","v":30.204600533931625},null,null,null,null,null,"Note"]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},{"$f":"F52","v":2904},{"$f":"G52","v":2789.4133333333334},2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},{"$f":"-G49/G48","v":-322.66666666666669},-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},{"$f":"SUM(G49:G51)","v":2789.4133333333334},{"$f":"SUM(H49:H51)","v":2652.9782666666665},2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
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[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-56.123260616730633},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-48.465285410439698},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-39.798022181117616},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-29.839175502133859},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.050030333441622}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014568},{"$f":"SUM(G55:G58)","v":128.15411355508186},113.76730915951691,95.898744804611994,73.216421978894701,281.71844393143277,272.77289737225885,253.43920725393184,212.26374477868845,102.82148418681651]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.180723982440796},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.883151795422926},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.85484656466474},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291361},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090518},{"$f":"-K59*'Inputs - forecast'!K29","v":-78.881164300801188},{"$f":"-L59*'Inputs - forecast'!L29","v":-76.376411264232487},{"$f":"-M59*'Inputs - forecast'!M29","v":-70.962978031100917},{"$f":"-N59*'Inputs - forecast'!N29","v":-59.43384853803277},{"$f":"-O59*'Inputs - forecast'!O29","v":-28.790015572308626}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.180723982440796},-35.883151795422926,-31.85484656466474,-26.851648545291361,-20.500598154090518,-78.881164300801188,-76.376411264232487,-70.962978031100917,-59.43384853803277,-28.790015572308626]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490454},{"$f":"G13/'Inputs - forecast'!G$36","v":545.936913602564},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386258},{"$f":"I13/'Inputs - forecast'!I$36","v":503.7990702660951},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444434},{"$f":"SUM(F66:J66)","v":2626.4565156318704}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866117978},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232437},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.97955220455935},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218251},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162494},{"$f":"SUM(F67:J67)","v":-2626.4565156318708}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014568]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":647.06349121863661},{"$f":"L13/'Inputs - forecast'!L$36","v":621.59046999718339},{"$f":"M13/'Inputs - forecast'!M$36","v":597.12024806661043},{"$f":"N13/'Inputs - forecast'!N$36","v":573.61334811446841},{"$f":"O13/'Inputs - forecast'!O$36","v":551.03184693610638},{"$f":"SUM(K73:O73)","v":2990.4194043330053}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-615.47305178461647},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-598.61103956710087},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-586.53107560122157},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-583.3752862930387},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-606.42895108702737},{"$f":"SUM(K74:O74)","v":-2990.4194043330053}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,927.2636232892587]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":-105},{"$f":"G$18/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F114","v":-210},{"$f":"-G114","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218463},{"$f":"G136+G144","v":-38.02496621919817},-34.74904708070428,-30.152787246828535,-23.698025876777844,-81.2011985449424,-80.93521089851626,-77.41038273670496,-66.74063930208078,-33.28032328116597]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J46","v":-30.204600533931625},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":8.6813856819743851E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":265.84603407116674},283.46312268360634,302.81344626724052,324.28783076851346,{"$f":"SUM(J80:J84)","v":318.26002250539966},{"$f":"SUM(K80:K84)","v":605.31575612782376},639.90759150788824,679.47455979001973,727.98855035097995,964.07478853229213]
[]
[]
[null,"Real IRR",null,{"$f":"IRR(E88:O88,0.05)","v":4.7191590708799636E-2},{"$f":"E85","v":-3000},{"$f":"F85/'Inputs - actual'!F$39","v":256.1540134547198},{"$f":"G85/'Inputs - actual'!G$39","v":263.17129959890133},{"$f":"H85/'Inputs - actual'!H$39","v":270.88695595768809},{"$f":"I85/'Inputs - actual'!I$39","v":279.52108132237072},{"$f":"J85/'Inputs - actual'!J$39","v":264.3242351700008},{"$f":"K85/'Inputs - actual'!K$39","v":484.40414719650516},{"$f":"L85/'Inputs - actual'!L$39","v":493.41700808752705},{"$f":"M85/'Inputs - actual'!M$39","v":504.82520822946384},{"$f":"N85/'Inputs - actual'!N$39","v":521.15074150466978},{"$f":"O85/'Inputs - actual'!O$39","v":664.99827073954293}]
[null,"check to inputs",null,{"$f":"D88-'Inputs - actual'!P24","v":6.2111985519368584E-3}]
[]
["Actual return (building blocks) with fixed cost of debt"]
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[null,"Opex",null,null,null,{"$f":"F81","v":-105},{"$f":"G81","v":-110.25},-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F121*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G121*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.741695},{"$f":"-H121*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-61.470789468},{"$f":"-I121*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-60.56097095207565},{"$f":"-J121*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-58.849963816687634},{"$f":"-K121*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-56.123260616730633},{"$f":"-L121*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-49.338482096866358},{"$f":"-M121*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-41.283463020383977},{"$f":"-N121*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-31.588683377269209},{"$f":"-O121*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-19.570011213052091}]
[null,"Return on equity",null,null,null,{"$f":"-F121*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G121*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-180.30878073529428},{"$f":"-H121*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-179.51763552670607},{"$f":"-I121*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-176.86062607309916},{"$f":"-J121*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-171.86384698546311},{"$f":"-K121*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-163.90085650696599},{"$f":"-L121*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-144.08677232162347},{"$f":"-M121*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-120.56311187660209},{"$f":"-N121*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-92.250738901623436},{"$f":"-O121*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-57.151732889766954}]
[null,"Revaluation",null,null,null,{"$f":"F122","v":113.10000000000002},{"$f":"G122","v":113.54448300000001},{"$f":"H122","v":113.04628111920002},111.37310267771963,108.22651882385972,103.21204513418269,90.734671953749341,75.921295408218342,58.092359186490214,35.989727938149464]
[null,"Depreciation",null,null,null,{"$f":"F124","v":-311.31},{"$f":"G124","v":-347.259387},-388.95267213990002,-437.93811537957424,-496.49274351688422,-568.18641504372067,-624.37247404778316,-696.58291993906414,-799.50187172176243,-990.62442125776363]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-40.333098217218463},{"$f":"G136+G144","v":-38.02496621919817},-34.74904708070428,-30.152787246828535,-23.698025876777844,-81.2011985449424,-80.93521089851626,-77.41038273670496,-66.74063930208078,-33.28032328116597]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":-30.204600533931625},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F92:F99)","v":36.533092894696011},28.197742948312062,17.443630251834442,3.4024710414841088,{"$f":"SUM(J92:J99)","v":-45.463700489775505},{"$f":"SUM(K92:K99)","v":54.326833157089339},53.55457726098976,44.711904741094131,17.872437134666626,-67.281648890141184]
[null,"Present value",null,{"$f":"SUM(E101:O101)","v":110.70053241539927},null,{"$f":"F100/'Inputs - actual'!F$36","v":33.815426622736389},{"$f":"G100/'Inputs - actual'!G$36","v":24.158569047433375},{"$f":"H100/'Inputs - actual'!H$36","v":13.83318425835088},{"$f":"I100/'Inputs - actual'!I$36","v":2.4975152957532707},{"$f":"J100/'Inputs - actual'!J$36","v":-30.889219216588085},{"$f":"K100/'Inputs - actual'!K$36","v":34.165278742871266},{"$f":"L100/'Inputs - actual'!L$36","v":31.174220572638038},{"$f":"M100/'Inputs - actual'!M$36","v":24.090766016944492},{"$f":"N100/'Inputs - actual'!N$36","v":8.9133230281630578},{"$f":"O100/'Inputs - actual'!O$36","v":-31.058531952903429}]
[]
[null,"Real return",null,null,null,{"$f":"F100/'Inputs - actual'!F39","v":35.20119606668775},{"$f":"G100/'Inputs - actual'!G39","v":26.179196035125781},{"$f":"H100/'Inputs - actual'!H39","v":15.604498274494448},{"$f":"I100/'Inputs - actual'!I39","v":2.9327723535903769},{"$f":"J100/'Inputs - actual'!J39","v":-37.758929837799585},{"$f":"K100/'Inputs - actual'!K39","v":43.475067382501003},{"$f":"L100/'Inputs - actual'!L39","v":41.294617585708288},{"$f":"M100/'Inputs - actual'!M39","v":33.219340291760446},{"$f":"N100/'Inputs - actual'!N39","v":12.794478513070711},{"$f":"O100/'Inputs - actual'!O39","v":-46.409449450041613}]
[null,"Present value",null,{"$f":"SUM(E104:O104)","v":110.70053241539927},null,{"$f":"F103/'Inputs - actual'!F$44","v":33.815426622736396},{"$f":"G103/'Inputs - actual'!G$44","v":24.158569047433375},{"$f":"H103/'Inputs - actual'!H$44","v":13.83318425835088},{"$f":"I103/'Inputs - actual'!I$44","v":2.4975152957532707},{"$f":"J103/'Inputs - actual'!J$44","v":-30.889219216588092},{"$f":"K103/'Inputs - actual'!K$44","v":34.165278742871273},{"$f":"L103/'Inputs - actual'!L$44","v":31.174220572638045},{"$f":"M103/'Inputs - actual'!M$44","v":24.090766016944499},{"$f":"N103/'Inputs - actual'!N$44","v":8.9133230281630613},{"$f":"O103/'Inputs - actual'!O$44","v":-31.058531952903444}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F94+F95)/F121","v":8.0367647058823585E-2},8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F96/F121","v":3.7700000000000004E-2},{"$f":"G96/G121","v":3.7700000000000004E-2},3.7700000000000004E-2,3.7700000000000004E-2,3.7700000000000011E-2,3.7700000000000004E-2,3.7699999999999997E-2,3.7700000000000004E-2,3.7700000000000004E-2,3.7700000000000011E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G92/F92-1","v":5.0000000000000044E-2},5.0000000000000266E-2,4.9999999999999822E-2,5.0000000000000044E-2,0.26420730635763245,5.0000000000000044E-2,5.0000000000000044E-2,4.9999999999999822E-2,5.0000000000000044E-2]
[]
["Adjustment for fixed cost of debt"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F116","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":210},{"$f":"G$40/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F113/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F113:F115)","v":2910},{"$f":"SUM(G113:G115)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E125","v":3000},{"$f":"F125","v":3011.79},2998.575096,2954.1937049793,2870.7299422774454,2737.7200300844211,2406.7552242373831,2013.8274644089743,1540.9113842570346,954.63469331961414]
[null,"Revaluation",null,null,null,{"$f":"E125*(1-'Inputs - actual'!F20)*('Inputs - actual'!F4)+E125*'Inputs - actual'!F20*('Inputs - forecast'!F5)","v":113.10000000000002},{"$f":"F125*(1-'Inputs - actual'!G20)*('Inputs - actual'!G4)+F125*'Inputs - actual'!G20*('Inputs - forecast'!G5)","v":113.54448300000001},{"$f":"G125*(1-'Inputs - actual'!H20)*('Inputs - actual'!H4)+G125*'Inputs - actual'!H20*('Inputs - forecast'!H5)","v":113.04628111920002},{"$f":"H125*(1-'Inputs - actual'!I20)*('Inputs - actual'!I4)+H125*'Inputs - actual'!I20*('Inputs - forecast'!I5)","v":111.37310267771963},{"$f":"I125*(1-'Inputs - actual'!J20)*('Inputs - actual'!J4)+I125*'Inputs - actual'!J20*('Inputs - forecast'!J5)","v":108.22651882385972},{"$f":"J125*(1-'Inputs - actual'!K20)*('Inputs - actual'!K4)+J125*'Inputs - actual'!K20*('Inputs - forecast'!K5)","v":103.21204513418269},{"$f":"K125*(1-'Inputs - actual'!L20)*('Inputs - actual'!L4)+K125*'Inputs - actual'!L20*('Inputs - forecast'!L5)","v":90.734671953749341},{"$f":"L125*(1-'Inputs - actual'!M20)*('Inputs - actual'!M4)+L125*'Inputs - actual'!M20*('Inputs - forecast'!M5)","v":75.921295408218342},{"$f":"M125*(1-'Inputs - actual'!N20)*('Inputs - actual'!N4)+M125*'Inputs - actual'!N20*('Inputs - forecast'!N5)","v":58.092359186490214},{"$f":"N125*(1-'Inputs - actual'!O20)*('Inputs - actual'!O4)+N125*'Inputs - actual'!O20*('Inputs - forecast'!O5)","v":35.989727938149464}]
[null,"Capex",null,null,null,{"$f":"F114","v":210},{"$f":"G114","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F121:F122)/F119","v":-311.31},{"$f":"-SUM(G121:G122)/G119","v":-347.259387},-388.95267213990002,-437.93811537957424,-496.49274351688422,-568.18641504372067,-624.37247404778316,-696.58291993906414,-799.50187172176243,-990.62442125776363]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F121:F124)","v":3011.79},2998.575096,2954.1937049793,2870.7299422774454,{"$f":"SUM(J121:J124)","v":2737.7200300844211},2406.7552242373831,2013.8274644089743,1540.9113842570346,954.63469331961414,0]
[]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F92","v":621.17913228838518},652.23808890280452,684.84999334794486,719.09249301534203,755.04711766610922,954.53608279776631,1002.2628869376546,1052.3760312845372,1104.994832848764,1160.2445744912022]
[null,"Depreciation",null,null,null,{"$f":"F115","v":-300},{"$f":"G115","v":-323.33333333333331},-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F93","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F94","v":-61.499999999999993},-61.741695,-61.470789468,-60.56097095207565,-58.849963816687634,-56.123260616730633,-49.338482096866358,-41.283463020383977,-31.588683377269209,-19.570011213052091]
[null,"EBT",null,null,null,{"$f":"SUM(F129:F132)","v":154.67913228838518},{"$f":"SUM(G129:G132)","v":156.91306056947121},156.72087054661154,153.01006372993305,144.08128926608822,288.86428728520224,303.1730007262048,307.40231461441357,288.45584641335648,192.83479754226755]
[null,"Calculated tax",null,null,null,{"$f":"-F133*'Inputs - forecast'!F29","v":-43.310157040747853},{"$f":"-G133*'Inputs - forecast'!G29","v":-43.935656959451947},{"$f":"-H133*'Inputs - forecast'!H29","v":-43.881843753051236},{"$f":"-I133*'Inputs - forecast'!I29","v":-42.842817844381258},{"$f":"-J133*'Inputs - forecast'!J29","v":-40.342760994504708},{"$f":"-K133*'Inputs - forecast'!K29","v":-80.88200043985664},{"$f":"-L133*'Inputs - forecast'!L29","v":-84.888440203337353},{"$f":"-M133*'Inputs - forecast'!M29","v":-86.072648092035806},{"$f":"-N133*'Inputs - forecast'!N29","v":-80.767636995739821},{"$f":"-O133*'Inputs - forecast'!O29","v":-53.993743311834919}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F134>0,F134+E135,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F135>0,0,F134+E135)","v":-43.310157040747853},-43.935656959451947,-43.881843753051236,-42.842817844381258,-40.342760994504708,-80.88200043985664,-84.888440203337353,-86.072648092035806,-80.767636995739821,-53.993743311834919]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F136","v":-43.310157040747853},-43.935656959451947,-43.881843753051236,-42.842817844381258,-40.342760994504708,-80.88200043985664,-84.888440203337353,-86.072648092035806,-80.767636995739821,-53.993743311834919]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F140:O140)","v":-359.55359970064148},{"$f":"F139/'Inputs - actual'!F$28","v":-39.623963065022387},{"$f":"G139/'Inputs - actual'!G$28","v":-36.775063225598565},{"$f":"H139/'Inputs - actual'!H$28","v":-33.603872001694327},{"$f":"I139/'Inputs - actual'!I$28","v":-30.0158491532444},{"$f":"J139/'Inputs - actual'!J$28","v":-25.858681425315485},{"$f":"K139/'Inputs - actual'!K$28","v":-47.430837607119365},{"$f":"L139/'Inputs - actual'!L$28","v":-45.543417419450691},{"$f":"M139/'Inputs - actual'!M$28","v":-42.248410871535576},{"$f":"N139/'Inputs - actual'!N$28","v":-36.270266128498264},{"$f":"O139/'Inputs - actual'!O$28","v":-22.183238803162443}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - forecast'!F$4*'Inputs - actual'!F$5","v":-40.333098217218463},{"$f":"G$17/'Inputs - forecast'!G$4*'Inputs - actual'!G$5","v":-38.02496621919817},{"$f":"H$17/'Inputs - forecast'!H$4*'Inputs - actual'!H$5","v":-34.74904708070428},{"$f":"I$17/'Inputs - forecast'!I$4*'Inputs - actual'!I$5","v":-30.152787246828535},{"$f":"J$17/'Inputs - forecast'!J$4*'Inputs - actual'!J$5","v":-23.698025876777844},{"$f":"K$17/'Inputs - forecast'!K$7*'Inputs - actual'!K$5","v":-81.2011985449424},{"$f":"L$17/'Inputs - forecast'!L$7*'Inputs - actual'!L$5","v":-80.93521089851626},{"$f":"M$17/'Inputs - forecast'!M$7*'Inputs - actual'!M$5","v":-77.41038273670496},{"$f":"N$17/'Inputs - forecast'!N$7*'Inputs - actual'!N$5","v":-66.74063930208078},{"$f":"O$17/'Inputs - forecast'!O$7*'Inputs - actual'!O$5","v":-33.28032328116597}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F143:O143)","v":-304.33452929427813},{"$f":"F142/'Inputs - actual'!F$28","v":-36.900286289735156},{"$f":"G142/'Inputs - actual'!G$28","v":-31.827691529747995},{"$f":"H142/'Inputs - actual'!H$28","v":-26.610151953782545},{"$f":"I142/'Inputs - actual'!I$28","v":-21.125163074897362},{"$f":"J142/'Inputs - actual'!J$28","v":-15.189830503667151},{"$f":"K142/'Inputs - actual'!K$28","v":-47.618021818742328},{"$f":"L142/'Inputs - actual'!L$28","v":-43.422474073654662},{"$f":"M142/'Inputs - actual'!M$28","v":-37.996572988971955},{"$f":"N142/'Inputs - actual'!N$28","v":-29.971172106969814},{"$f":"O142/'Inputs - actual'!O$28","v":-13.673164954109239}]
[null,"Difference",null,null,{"$f":"E143-E140","v":55.219070406363358},{"$f":"F142-F139","v":2.97705882352939},{"$f":"G142-G139","v":5.9106907402537772},9.1327966723469558,12.690030597552724,16.644735117726864,-0.31919810508576063,3.9532293048210931,8.6622653553308453,14.026997693659041,20.713420030668949]
[]
["Real revenue",null,null,null,null,{"$f":"F92/'Inputs - actual'!F$5","v":591.5991736079859},{"$f":"G92/'Inputs - actual'!G$5","v":591.5991736079859},{"$f":"H92/'Inputs - actual'!H$5","v":591.59917360798602},{"$f":"I92/'Inputs - actual'!I$5","v":591.5991736079859},{"$f":"J92/'Inputs - actual'!J$5","v":591.5991736079859},{"$f":"K92/'Inputs - actual'!K$5","v":712.28952162890778},{"$f":"L92/'Inputs - actual'!L$5","v":712.28952162890778},{"$f":"M92/'Inputs - actual'!M$5","v":712.28952162890766},{"$f":"N92/'Inputs - actual'!N$5","v":712.28952162890755},{"$f":"O92/'Inputs - actual'!O$5","v":712.28952162890766}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O148, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P148, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F92-F110","v":621.17913228838518},652.23808890280452,684.84999334794486,719.09249301534203,755.04711766610922,954.53608279776631,1002.2628869376546,1052.3760312845372,1104.994832848764,1160.2445744912022]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014568},615.49978022174855,627.80977582618357,640.36597134270721,653.17329076956139,927.2636232892587,945.80889575504386,964.72507367014475,984.01957514354763,1003.6999666464186,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F151-F152","v":17.747975208239495},{"$f":"G151-G152","v":36.738308681055969},57.040217521761292,78.726521672634817,101.87382689654783,27.272459508507609,56.453991182610707,87.650957614392496,120.97525770521634,156.54460784478363]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F151-F165","v":621.17913228838518},652.23808890280452,704.85940206875705,760.51196906742359,819.35535635392807,1043.2938780297718,1117.1173994332521,1083.1235268565497,1168.6421486828297,1259.0639505100928]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F152-F165","v":603.43115708014568},615.49978022174855,647.81918454699576,681.78544739478878,717.48152945738025,1016.0214185212642,1060.6634082506414,995.47256924215719,1047.6668909776133,1102.5193426653093]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F156","v":603.43115708014568},{"$f":"G156","v":615.49978022174855},{"$f":"H156","v":647.81918454699576},{"$f":"I156","v":681.78544739478878},717.48152945738025,1016.0214185212642,1060.6634082506414,995.47256924215719,1047.6668909776133,1102.5193426653093,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F110","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F166","v":17.747975208239495},55.583108757164666,96.048953679306521,139.29182463724095,185.46564760855148,135.4420889072621,85.411888688744085,147.59380545208853,214.04304450017827,284.99613647618219,166.21906460959107]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F155-F158+F160","v":17.747975208239495},36.738308681055969,57.040217521761292,78.726521672634817,101.87382689654783,27.272459508507609,56.453991182610707,87.650957614392496,120.97525770521634,156.54460784478351,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F164*(1+'Inputs - forecast'!H$31)^2","v":-20.009408720812218},{"$f":"-G164*(1+'Inputs - forecast'!I$31)^2","v":-41.419476052081535},{"$f":"-H164*(1+'Inputs - forecast'!J$31)^2","v":-64.308238687818815},{"$f":"-I164*(1+'Inputs - forecast'!K$31)^2","v":-88.757795232005492},{"$f":"-J164*(1+'Inputs - forecast'!L$31)^2","v":-114.85451249559753},{"$f":"-K164*(1+'Inputs - forecast'!M$31)^2","v":-30.747495572012429},{"$f":"-L164*(1+'Inputs - forecast'!N$31)^2","v":-63.647315834065679},{"$f":"-M164*(1+'Inputs - forecast'!O$31)^2","v":-98.819376018890623},{"$f":"-N164*(1+'Inputs - forecast'!P$31)^2","v":-136.38983310081917},{"$f":"-O164*(1+'Inputs - forecast'!Q$31)^2","v":-156.54460784478351},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F163*(1+'Inputs - forecast'!F$31)+F164+F165","v":17.747975208239495},{"$f":"G163*(1+'Inputs - forecast'!G$31)+G164+G165","v":55.583108757164666},{"$f":"H163*(1+'Inputs - forecast'!H$31)+H164+H165","v":96.048953679306521},{"$f":"I163*(1+'Inputs - forecast'!I$31)+I164+I165","v":139.29182463724095},{"$f":"J163*(1+'Inputs - forecast'!J$31)+J164+J165","v":185.46564760855148},{"$f":"K163*(1+'Inputs - forecast'!K$31)+K164+K165","v":135.4420889072621},{"$f":"L163*(1+'Inputs - forecast'!L$31)+L164+L165","v":85.411888688744085},{"$f":"M163*(1+'Inputs - forecast'!M$31)+M164+M165","v":147.59380545208853},{"$f":"N163*(1+'Inputs - forecast'!N$31)+N164+N165","v":214.04304450017827},{"$f":"O163*(1+'Inputs - forecast'!O$31)+O164+O165","v":284.99613647618219},{"$f":"P163*(1+'Inputs - forecast'!P$31)+P164+P165","v":166.21906460959107},{"$f":"Q163*(1+'Inputs - forecast'!Q$31)+Q164+Q165","v":9.6744567648075588}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F170:O170)","v":-6118.0940662515441},{"$f":"F151","v":621.17913228838518},652.23808890280452,684.84999334794486,719.09249301534203,755.04711766610922,954.53608279776631,1002.2628869376546,1052.3760312845372,1104.994832848764,1160.2445744912022]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F171:O171)","v":5961.631026826687},{"$f":"F156","v":603.43115708014568},615.49978022174855,647.81918454699576,681.78544739478878,717.48152945738025,1016.0214185212642,1060.6634082506414,995.47256924215719,1047.6668909776133,1102.5193426653093]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F172:O172)","v":0},{"$f":"F160","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F173:O173)","v":156.46303942485605},0,0,0,0,0,0,0,0,0,{"$f":"O166","v":284.99613647618219}]
[null,null,null,"NPV",{"$f":"SUM(E170:E173)","v":-9.6633812063373625E-13}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F176:O176)","v":-6118.0940662515441},{"$f":"F92","v":621.17913228838518},652.23808890280452,684.84999334794486,719.09249301534203,755.04711766610922,954.53608279776631,1002.2628869376546,1052.3760312845372,1104.994832848764,1160.2445744912022]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F170+F172-F176","v":0},{"$f":"G170+G172-G176","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F179:O179)","v":6118.0940662515432},{"$f":"F152+F164","v":621.17913228838518},652.23808890280452,684.84999334794486,719.09249301534203,755.04711766610922,954.53608279776631,1002.2628869376546,1052.3760312845372,1104.994832848764,1160.244574491202,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F180:Q180)","v":5961.631026826687},{"$f":"F152-F165","v":603.43115708014568},615.49978022174855,647.81918454699576,681.78544739478878,717.48152945738025,1016.0214185212642,1060.6634082506414,995.47256924215719,1047.6668909776133,1102.5193426653093,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F181:Q181)","v":156.46303942485605},0,0,0,0,0,0,0,0,0,{"$f":"+O166","v":284.99613647618219}]
[null,null,null,"NPV",{"$f":"E179-E180-E181","v":0}]

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["Calculation"]
[]
["Analysis"]
[]
[]
[]
[]
[]
[]
["Calculation"]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"}]
["Building blocks"]
[null,"Revenue",null,null,null,{"$f":"K69","v":603.43115708014557},{"$f":"F13*(1+'Inputs - forecast'!G5)","v":615.49978022174844},{"$f":"G13*(1+'Inputs - forecast'!H5)","v":627.80977582618345},{"$f":"H13*(1+'Inputs - forecast'!I5)","v":640.3659713427071},{"$f":"I13*(1+'Inputs - forecast'!J5)","v":653.17329076956128},{"$f":"P76","v":927.70217772231285},{"$f":"K13*(1+'Inputs - forecast'!L5)","v":946.25622127675911},{"$f":"L13*(1+'Inputs - forecast'!M5)","v":965.18134570229427},{"$f":"M13*(1+'Inputs - forecast'!N5)","v":984.4849726163402},{"$f":"N13*(1+'Inputs - forecast'!O5)","v":1004.1746720686671}]
[null,"Return on debt",null,null,null,{"$f":"-SUM(F$38)*'Inputs - forecast'!F$28*'Inputs - forecast'!F$26","v":-61.5},{"$f":"-SUM(G$38)*'Inputs - forecast'!G$28*'Inputs - forecast'!G$26","v":-60.639000000000003},{"$f":"-SUM(H$38)*'Inputs - forecast'!H$28*'Inputs - forecast'!H$26","v":-59.244999999999997},{"$f":"-SUM(I$38)*'Inputs - forecast'!I$28*'Inputs - forecast'!I$26","v":-57.227115300000008},{"$f":"-SUM(J$38)*'Inputs - forecast'!J$28*'Inputs - forecast'!J$26","v":-54.470821232571431},{"$f":"-SUM(K$38)*'Inputs - forecast'!K$28*'Inputs - forecast'!K$26","v":-56.151875280322749},{"$f":"-SUM(L$38)*'Inputs - forecast'!L$28*'Inputs - forecast'!L$26","v":-48.488634975930864},{"$f":"-SUM(M$38)*'Inputs - forecast'!M$28*'Inputs - forecast'!M$26","v":-39.815884598718362},{"$f":"-SUM(N$38)*'Inputs - forecast'!N$28*'Inputs - forecast'!N$26","v":-29.85132194610236},{"$f":"-SUM(O$38)*'Inputs - forecast'!O$28*'Inputs - forecast'!O$26","v":-18.056225019865561}]
[null,"Return on equity",null,null,null,{"$f":"-SUM(F$38)*(1-'Inputs - forecast'!F$28)*'Inputs - forecast'!F$25","v":-123.90000000000003},{"$f":"-SUM(G$38)*(1-'Inputs - forecast'!G$28)*'Inputs - forecast'!G$25","v":-122.16540000000003},{"$f":"-SUM(H$38)*(1-'Inputs - forecast'!H$28)*'Inputs - forecast'!H$25","v":-119.35700000000003},{"$f":"-SUM(I$38)*(1-'Inputs - forecast'!I$28)*'Inputs - forecast'!I$25","v":-115.29170058000003},{"$f":"-SUM(J$38)*(1-'Inputs - forecast'!J$28)*'Inputs - forecast'!J$25","v":-109.73877643440004},{"$f":"-SUM(K$38)*(1-'Inputs - forecast'!K$28)*'Inputs - forecast'!K$25","v":-113.12548532084537},{"$f":"-SUM(L$38)*(1-'Inputs - forecast'!L$28)*'Inputs - forecast'!L$25","v":-97.68685973199733},{"$f":"-SUM(M$38)*(1-'Inputs - forecast'!M$28)*'Inputs - forecast'!M$25","v":-80.214440679369204},{"$f":"-SUM(N$38)*(1-'Inputs - forecast'!N$28)*'Inputs - forecast'!N$25","v":-60.139492506050139},{"$f":"-SUM(O$38)*(1-'Inputs - forecast'!O$28)*'Inputs - forecast'!O$25","v":-36.37668747904624}]
[null,"Revaluation",null,null,null,{"$f":"F39","v":60},{"$f":"G39","v":59.160000000000004},57.800000000000004,55.831332000000003,53.142264617142864,54.782317346656349,47.305985342371578,38.844765462164254,29.123240923026696,17.615829287673716]
[null,"Tax",null,null,null,{"$f":"F60","v":-39.18072398244076},-35.88315179542289,-31.854846564664708,-26.851648545291329,-20.500598154090486,-78.995947436250546,-76.495124531975222,-71.085732723174587,-59.560758826103509,-28.921198578339492]
[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F16","v":-102},{"$f":"-'Inputs - forecast'!G16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I16","v":-108.243216},{"$f":"-'Inputs - forecast'!J16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O16","v":-140.91179726343518}]
[null,"Depreciation",null,null,null,{"$f":"F41","v":-306},-335.24,-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.7796369358947,-603.1513131152376,-660.3610128567924,-742.64264353718079,-898.40729367135953]
[null,"Net revenue",null,null,null,{"$f":"SUM(F13:F19)","v":30.850433097704752},16.692228426325528,0.55712926151875308,-18.187510225441486,-40.511970000072267,45.250830720655813,34.955940501489749,17.109019868653832,-16.734824122574992,-100.88270065570521]
[null,"Present value",null,null,null,{"$f":"F20/'Inputs - forecast'!F$36","v":29.054843753724573},{"$f":"G20/'Inputs - forecast'!G$36","v":14.805697680239627},{"$f":"H20/'Inputs - forecast'!H$36","v":0.46540152930316575},{"$f":"I20/'Inputs - forecast'!I$36","v":-14.308772096087534},{"$f":"J20/'Inputs - forecast'!J$36","v":-30.017170867180774},{"$f":"K20/'Inputs - forecast'!K$36","v":31.57695370685018},{"$f":"L20/'Inputs - forecast'!L$36","v":22.973223854242562},{"$f":"M20/'Inputs - forecast'!M$36","v":10.589692822309923},{"$f":"N20/'Inputs - forecast'!N$36","v":-9.7552109099625124},{"$f":"O20/'Inputs - forecast'!O$36","v":-55.384659473440614}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(F21:O21)","v":-1.3997691894473974E-12}]
[]
["Regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"-'Inputs - forecast'!F$16","v":-102},{"$f":"-'Inputs - forecast'!G$16","v":-104.03999999999999},{"$f":"-'Inputs - forecast'!H$16","v":-106.12079999999999},{"$f":"-'Inputs - forecast'!I$16","v":-108.243216},{"$f":"-'Inputs - forecast'!J$16","v":-110.40808032},{"$f":"-'Inputs - forecast'!K$16","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$16","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$16","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$16","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$16","v":-140.91179726343518}]
[null,"Tax",null,null,null,{"$f":"F17","v":-39.18072398244076},-35.88315179542289,-31.854846564664708,-26.851648545291329,-20.500598154090486,-78.995947436250546,-76.495124531975222,-71.085732723174587,-59.560758826103509,-28.921198578339492]
[null,"Capex",null,null,null,{"$f":"-'Inputs - forecast'!F$17","v":-204},{"$f":"-'Inputs - forecast'!G$17","v":-208.07999999999998},{"$f":"-'Inputs - forecast'!H$17","v":-212.24159999999998},{"$f":"-'Inputs - forecast'!I$17","v":-216.48643200000001},{"$f":"-'Inputs - forecast'!J$17","v":-220.81616063999999},{"$f":"-'Inputs - forecast'!K$17","v":-130.18071937500005},{"$f":"-'Inputs - forecast'!L$17","v":-132.78433376250004},{"$f":"-'Inputs - forecast'!M$17","v":-135.44002043775006},{"$f":"-'Inputs - forecast'!N$17","v":-138.14882084650506},{"$f":"-'Inputs - forecast'!O$17","v":0}]
[null,"Opening RAB",null,null,{"$f":"-'Inputs - forecast'!E$18","v":-3000}]
[null,"Closing RAB",null,null,null,null,null,null,null,{"$f":"-(J44+J45-J42)","v":-259.75346046424602},null,null,null,null,{"$f":"O42","v":0}]
[null,"Sum",null,null,{"$f":"SUM(E25:E30)","v":-3000},258.25043309770479,267.49662842632557,277.59252926151873,288.78467479741585,41.694991191224744,588.34479153606219,604.19242921978378,623.21557210361959,648.62657209722659,834.34167622689233]
[null,"Present value",null,null,{"$f":"E31/'Inputs - forecast'!E$36","v":-3000},{"$f":"F31/'Inputs - forecast'!F$36","v":243.21946986033601},{"$f":"G31/'Inputs - forecast'!G$36","v":237.26455868034105},{"$f":"H31/'Inputs - forecast'!H$36","v":231.88871338271287},{"$f":"I31/'Inputs - forecast'!I$36","v":227.19734836155521},{"$f":"J31/'Inputs - forecast'!J$36","v":30.893725357970936},{"$f":"K31/'Inputs - forecast'!K$36","v":410.55900963869431},{"$f":"L31/'Inputs - forecast'!L$36","v":397.07837146916847},{"$f":"M31/'Inputs - forecast'!M$36","v":385.74164512772558},{"$f":"N31/'Inputs - forecast'!N$36","v":378.10310800211977},{"$f":"O31/'Inputs - forecast'!O$36","v":458.05405011937273}]
[null,"Sum of present values",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(E32:O32)","v":-3.0127011996228248E-12}]
[]
["Regulatory Asset Base"]
[null,"Useful lives",null,null,null,10,{"$f":"F36-1","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E42","v":3000},{"$f":"F42","v":2958},2890,2791.5666000000001,2657.1132308571432,{"$f":"J44+J45","v":2739.1158673328173},{"$f":"K42","v":2365.2992671185789},{"$f":"L42","v":1942.2382731082128},1456.1620461513348,880.79146438368582]
[null,"Revaluation",null,null,null,{"$f":"F38*('Inputs - forecast'!F$5)","v":60},{"$f":"G38*('Inputs - forecast'!G$5)","v":59.160000000000004},{"$f":"H38*('Inputs - forecast'!H$5)","v":57.800000000000004},{"$f":"I38*('Inputs - forecast'!I$5)","v":55.831332000000003},{"$f":"J38*('Inputs - forecast'!J$5)","v":53.142264617142864},{"$f":"K38*('Inputs - forecast'!K$5)","v":54.782317346656349},{"$f":"L38*('Inputs - forecast'!L$5)","v":47.305985342371578},{"$f":"M38*('Inputs - forecast'!M$5)","v":38.844765462164254},{"$f":"N38*('Inputs - forecast'!N$5)","v":29.123240923026696},{"$f":"O38*('Inputs - forecast'!O$5)","v":17.615829287673716}]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F38:F39)/F36","v":-306},{"$f":"-SUM(G38:G39)/G36","v":-335.24},-368.47500000000002,-406.7711331428572,-451.70924924571432,-558.7796369358947,-603.1513131152376,-660.3610128567924,-742.64264353718079,-898.40729367135953]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F38:F41)","v":2958},2890,2791.5666000000001,2657.1132308571432,2479.3624068685713,2365.2992671185789,1942.2382731082128,1456.1620461513348,880.79146438368582,0]
[]
[null,"RAB adjusted for actual inflation",null,null,null,null,null,null,null,{"$f":"J42/'Inputs - actual'!J40*'Inputs - actual'!J39","v":2703.860355144971},null,null,null,null,null,"Note"]
[null,"Difference to actual RAB",null,null,null,null,null,null,null,{"$f":"J125-J44","v":35.255512187846307},null,null,null,null,null,"Note"]
[]
[]
["Tax asset base",null,null,null,null,{"$f":"F36","v":10},9,8,7,6,5,4,3,2,1]
[null,"Opening balance",null,null,null,{"$f":"E52","v":3000},2904,2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253]
[null,"Capex",null,null,null,{"$f":"-F28","v":204},208.07999999999998,212.24159999999998,216.48643200000001,220.81616063999999,130.18071937500005,132.78433376250004,135.44002043775006,138.14882084650506,0]
[null,"Depreciation",null,null,null,{"$f":"-F49/F48","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Closing balance",null,null,{"$f":"E42","v":3000},{"$f":"SUM(F49:F51)","v":2904},2789.4133333333334,2652.9782666666665,2490.4678034285716,2296.2059968304761,1967.1455168393809,1608.1434713920357,1207.5356680324405,741.9166548627253,0]
[]
["Regulatory tax"]
[null,"Revenue",null,null,null,{"$f":"F13","v":603.43115708014557},615.49978022174844,627.80977582618345,640.3659713427071,653.17329076956128,927.70217772231285,946.25622127675911,965.18134570229427,984.4849726163402,1004.1746720686671]
[null,"Depreciation",null,null,null,{"$f":"F51","v":-300},-322.66666666666669,-348.67666666666668,-378.99689523809519,-415.07796723809525,-459.2411993660952,-491.78637920984522,-536.04782379734525,-603.76783401622026,-741.9166548627253]
[null,"Opex",null,null,null,{"$f":"F18","v":-102},-104.03999999999999,-106.12079999999999,-108.243216,-110.40808032,-130.18071937500005,-132.78433376250004,-135.44002043775006,-138.14882084650506,-140.91179726343518]
[null,"Notional interest",null,null,null,{"$f":"-'Inputs - forecast'!F$26*'Inputs - forecast'!F28*F38","v":-61.5},{"$f":"-'Inputs - forecast'!G$26*'Inputs - forecast'!G28*G38","v":-60.639000000000003},{"$f":"-'Inputs - forecast'!H$26*'Inputs - forecast'!H28*H38","v":-59.245000000000005},{"$f":"-'Inputs - forecast'!I$26*'Inputs - forecast'!I28*I38","v":-57.227115300000001},{"$f":"-'Inputs - forecast'!J$26*'Inputs - forecast'!J28*J38","v":-54.470821232571438},{"$f":"-'Inputs - forecast'!K$26*'Inputs - forecast'!K28*K38","v":-56.151875280322756},{"$f":"-'Inputs - forecast'!L$26*'Inputs - forecast'!L28*L38","v":-48.488634975930871},{"$f":"-'Inputs - forecast'!M$26*'Inputs - forecast'!M28*M38","v":-39.815884598718362},{"$f":"-'Inputs - forecast'!N$26*'Inputs - forecast'!N28*N38","v":-29.851321946102367},{"$f":"-'Inputs - forecast'!O$26*'Inputs - forecast'!O28*O38","v":-18.056225019865561}]
[null,"EBT",null,null,null,{"$f":"SUM(F55:F58)","v":139.93115708014557},128.15411355508175,113.7673091595168,95.89874480461188,73.216421978894587,282.1283837008948,273.19687332848292,253.87761686848063,212.71699580751252,103.28999492264103]
[null,"Calculated tax",null,null,null,{"$f":"-F59*'Inputs - forecast'!F29","v":-39.18072398244076},{"$f":"-G59*'Inputs - forecast'!G29","v":-35.88315179542289},{"$f":"-H59*'Inputs - forecast'!H29","v":-31.854846564664708},{"$f":"-I59*'Inputs - forecast'!I29","v":-26.851648545291329},{"$f":"-J59*'Inputs - forecast'!J29","v":-20.500598154090486},{"$f":"-K59*'Inputs - forecast'!K29","v":-78.995947436250546},{"$f":"-L59*'Inputs - forecast'!L29","v":-76.495124531975222},{"$f":"-M59*'Inputs - forecast'!M29","v":-71.085732723174587},{"$f":"-N59*'Inputs - forecast'!N29","v":-59.560758826103509},{"$f":"-O59*'Inputs - forecast'!O29","v":-28.921198578339492}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F60>0,F60,0)","v":0},{"$f":"IF(G60>0,G60,0)","v":0},{"$f":"IF(H60>0,H60,0)","v":0},{"$f":"IF(I60>0,I60,0)","v":0},{"$f":"IF(J60>0,J60,0)","v":0},0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F61>0,0,F60+E61)","v":-39.18072398244076},-35.88315179542289,-31.854846564664708,-26.851648545291329,-20.500598154090486,-78.995947436250546,-76.495124531975222,-71.085732723174587,-59.560758826103509,-28.921198578339492]
[]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F13/'Inputs - forecast'!F$36","v":568.30962241490442},{"$f":"G13/'Inputs - forecast'!G$36","v":545.93691360256389},{"$f":"H13/'Inputs - forecast'!H$36","v":524.44495373386246},{"$f":"I13/'Inputs - forecast'!I$36","v":503.79907026609504},{"$f":"J13/'Inputs - forecast'!J$36","v":483.96595561444423},{"$f":"SUM(F66:J66)","v":2626.4565156318699}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F14:F19)/'Inputs - forecast'!F$36","v":-539.25477866117978},{"$f":"SUM(G14:G19)/'Inputs - forecast'!G$36","v":-531.13121592232426},{"$f":"SUM(H14:H19)/'Inputs - forecast'!H$36","v":-523.97955220455935},{"$f":"SUM(I14:I19)/'Inputs - forecast'!I$36","v":-518.10784236218251},{"$f":"SUM(J14:J19)/'Inputs - forecast'!J$36","v":-513.98312648162494},{"$f":"SUM(F67:J67)","v":-2626.4565156318708}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K66:K67)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,603.43115708014557]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K13/'Inputs - forecast'!K$36","v":647.36952345738098},{"$f":"L13/'Inputs - forecast'!L$36","v":621.88445463037158},{"$f":"M13/'Inputs - forecast'!M$36","v":597.4026593736852},{"$f":"N13/'Inputs - forecast'!N$36","v":573.88464170386032},{"$f":"O13/'Inputs - forecast'!O$36","v":551.29246048025755},{"$f":"SUM(K73:O73)","v":2991.8337396455554}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K14:K19)/'Inputs - forecast'!K$36","v":-615.79256975053079},{"$f":"SUM(L14:L19)/'Inputs - forecast'!L$36","v":-598.91123077612917},{"$f":"SUM(M14:M19)/'Inputs - forecast'!M$36","v":-586.81296655137521},{"$f":"SUM(N14:N19)/'Inputs - forecast'!N$36","v":-583.63985261382288},{"$f":"SUM(O14:O19)/'Inputs - forecast'!O$36","v":-606.67711995369825},{"$f":"SUM(K74:O74)","v":-2991.8337396455563}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P73:P74)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,927.70217772231285]
[]
["Actual",null,null,{"$f":"D11","v":"Return over forecast period"},{"$f":"E11","v":"2020-06-30"},"2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30"]
["Actual regulatory cashflows"]
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[null,"Opex",null,null,null,{"$f":"F$18/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":-105},{"$f":"G$18/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":-110.25},{"$f":"H$18/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":-115.76250000000002},{"$f":"I$18/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":-121.55062500000003},{"$f":"J$18/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":-127.62815625000003},{"$f":"K$18/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":-134.00956406250006},{"$f":"L$18/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":-140.71004226562502},{"$f":"M$18/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":-147.74554437890632},{"$f":"N$18/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":-155.13282159785163},{"$f":"O$18/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":-162.88946267774421}]
[null,"Capex",null,null,null,{"$f":"-F114","v":-210},{"$f":"-G114","v":-220.5},-231.52500000000003,-243.10125000000005,-255.25631250000006,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,0]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-39.865875474638095},{"$f":"G136+G144","v":-37.149098633776482},-33.555372570613677,-28.779705866541505,-22.356858542359017,-80.377345883296741,-79.193849593887734,-74.880544194085473,-63.837462988985259,-31.539916085931239]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"-J45","v":-35.255512187846307},null,null,null,null,null,"Note"]
[null,"Nominal IRR",null,{"$f":"IRR(E85:O85,0.05)","v":8.0367647058811942E-2},{"$f":"-E42+SUM(E80:E83)","v":-3000},{"$f":"SUM(F80:F84)","v":262.76644637190566},276.93382928753169,292.41141448540793,309.52058624690659,{"$f":"SUM(J80:J84)","v":293.48808547785364},{"$f":"SUM(K80:K84)","v":598.63314945482136},625.50815699890074,656.48505546224158,695.20059190014751,909.88851599324948]
[]
[]
[null,"Real IRR",null,{"$f":"IRR(E88:O88,0.05)","v":4.098039215664917E-2},{"$f":"E85/'Inputs - actual'!E44","v":-3000},{"$f":"F85/'Inputs - actual'!F39","v":253.18669911539686},{"$f":"G85/'Inputs - actual'!G39","v":257.10940832980162},{"$f":"H85/'Inputs - actual'!H39","v":261.58164022653324},{"$f":"I85/'Inputs - actual'!I39","v":266.792400918147},{"$f":"J85/'Inputs - actual'!J39","v":243.75041865060297},{"$f":"K85/'Inputs - actual'!K39","v":479.05638885102138},{"$f":"L85/'Inputs - actual'!L39","v":482.31395822866426},{"$f":"M85/'Inputs - actual'!M39","v":487.74483172066664},{"$f":"N85/'Inputs - actual'!N39","v":497.67857446188134},{"$f":"O85/'Inputs - actual'!O39","v":627.62173318778014}]
[null,"check to inputs",null,{"$f":"D88-'Inputs - actual'!F42","v":-2.1360690993788012E-13}]
[]
["Actual return (building blocks)"]
[null,"Revenue",null,null,null,{"$f":"F80","v":617.63232184654373},{"$f":"G80","v":644.83292792130817},673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403855,1026.8566884141396,1069.303698084836,1104.3178947569249]
[null,"Opex",null,null,null,{"$f":"F81","v":-105},{"$f":"G81","v":-110.25},-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Return on debt (fixed)",null,null,null,{"$f":"-F121*'Inputs - forecast'!F$26*('Inputs - actual'!F$20)","v":-61.499999999999993},{"$f":"-G121*'Inputs - forecast'!G$26*('Inputs - actual'!G$20)","v":-61.749260924844592},{"$f":"-H121*'Inputs - forecast'!H$26*('Inputs - actual'!H$20)","v":-61.485271081731739},{"$f":"-I121*'Inputs - forecast'!I$26*('Inputs - actual'!I$20)","v":-60.581474074924579},{"$f":"-J121*'Inputs - forecast'!J$26*('Inputs - actual'!J$20)","v":-58.875298489447168},{"$f":"-K121*'Inputs - forecast'!K$26*('Inputs - actual'!K$20)","v":-56.151875280322756},{"$f":"-L121*'Inputs - forecast'!L$26*('Inputs - actual'!L$20)","v":-49.368377274080764},{"$f":"-M121*'Inputs - forecast'!M$26*('Inputs - actual'!M$20)","v":-41.311790901248344},{"$f":"-N121*'Inputs - forecast'!N$26*('Inputs - actual'!N$20)","v":-31.612045277399996},{"$f":"-O121*'Inputs - forecast'!O$26*('Inputs - actual'!O$20)","v":-19.584293098247979}]
[null,"Return on equity",null,null,null,{"$f":"-F121*'Inputs - actual'!F$18*(1-'Inputs - actual'!F$20)","v":-179.60294117647075},{"$f":"-G121*'Inputs - actual'!G$18*(1-'Inputs - actual'!G$20)","v":-180.33087605813674},{"$f":"-H121*'Inputs - actual'!H$18*(1-'Inputs - actual'!H$20)","v":-179.55992724083941},{"$f":"-I121*'Inputs - actual'!I$18*(1-'Inputs - actual'!I$20)","v":-176.92050284004173},{"$f":"-J121*'Inputs - actual'!J$18*(1-'Inputs - actual'!J$20)","v":-171.93783368044453},{"$f":"-K121*'Inputs - actual'!K$18*(1-'Inputs - actual'!K$20)","v":-163.98442199870456},{"$f":"-L121*'Inputs - actual'!L$18*(1-'Inputs - actual'!L$20)","v":-144.17407739080559},{"$f":"-M121*'Inputs - actual'!M$18*(1-'Inputs - actual'!M$20)","v":-120.64583985579783},{"$f":"-N121*'Inputs - actual'!N$18*(1-'Inputs - actual'!N$20)","v":-92.318964364630929},{"$f":"-O121*'Inputs - actual'!O$18*(1-'Inputs - actual'!O$20)","v":-57.19344132207145}]
[null,"Revaluation",null,null,null,{"$f":"F122","v":113.5100772273494},{"$f":"G122","v":113.97013620017657},113.48289217612819,111.8147609884773,108.6656858263479,103.63908454520208,91.11883442227365,76.248854887818055,58.346108955319337,36.146579219921534]
[null,"Depreciation",null,null,null,{"$f":"F124","v":-311.35100772273495},{"$f":"G124","v":-347.34768952275454},-389.09555104477056,-438.14408832883873,-496.77191096656338,-568.55099037560387,-624.8330899967973,-697.15272238127829,-800.19854904839121,-991.47794986616441]
[null,"Tax",null,null,null,{"$f":"F136+F144","v":-39.865875474638095},{"$f":"G136+G144","v":-37.149098633776482},-33.555372570613677,-28.779705866541505,-22.356858542359017,-80.377345883296741,-79.193849593887734,-74.880544194085473,-63.837462988985259,-31.539916085931239]
[null,"Gain on RAB",null,null,null,null,null,null,null,{"$f":"J84","v":-35.255512187846307},null,null,null,null,null,"Note"]
[null,"Nominal return",null,null,null,{"$f":"SUM(F92:F99)","v":33.822574700049337},21.976138981972376,7.2785572941943784,-11.209468008421126,{"$f":"SUM(J92:J99)","v":-70.174959332253479},{"$f":"SUM(K92:K99)","v":47.594510407892315},38.961489025115753,21.369101590641549,-15.450036237103596,-122.22058907331275]
[null,"Present value",null,{"$f":"SUM(E101:O101)","v":-3.886668764607748E-12},null,{"$f":"F100/'Inputs - actual'!F$36","v":31.306541613058666},{"$f":"G100/'Inputs - actual'!G$36","v":18.828176140379799},{"$f":"H100/'Inputs - actual'!H$36","v":5.7720567755651748},{"$f":"I100/'Inputs - actual'!I$36","v":-8.2280840797626134},{"$f":"J100/'Inputs - actual'!J$36","v":-47.678690449243611},{"$f":"K100/'Inputs - actual'!K$36","v":29.931428360902618},{"$f":"L100/'Inputs - actual'!L$36","v":22.679556348437647},{"$f":"M100/'Inputs - actual'!M$36","v":11.513667990514341},{"$f":"N100/'Inputs - actual'!N$36","v":-7.7052258033133612},{"$f":"O100/'Inputs - actual'!O$36","v":-56.419426896542547}]
[null,null,null,{"$f":"IRR(F100:O100,0.09)","v":8.0367647058191327E-2}]
[null,"Real return",null,null,null,{"$f":"F100/'Inputs - actual'!F39","v":32.58949596543696},{"$f":"G100/'Inputs - actual'!G39","v":20.402968122619306},{"$f":"H100/'Inputs - actual'!H39","v":6.5111581189426326},{"$f":"I100/'Inputs - actual'!I39","v":-9.66204193150568},{"$f":"J100/'Inputs - actual'!J39","v":-58.282351353975372},{"$f":"K100/'Inputs - actual'!K39","v":38.08752372951907},{"$f":"L100/'Inputs - actual'!L39","v":30.042246100108432},{"$f":"M100/'Inputs - actual'!M39","v":15.876475439354099},{"$f":"N100/'Inputs - actual'!N39","v":-11.060335821708462},{"$f":"O100/'Inputs - actual'!O39","v":-84.305161123709709}]
[null,"Present value",null,{"$f":"SUM(E104:O104)","v":-3.922195901395753E-12},null,{"$f":"F103/'Inputs - actual'!F$44","v":31.306541613058673},{"$f":"G103/'Inputs - actual'!G$44","v":18.828176140379796},{"$f":"H103/'Inputs - actual'!H$44","v":5.7720567755651739},{"$f":"I103/'Inputs - actual'!I$44","v":-8.2280840797626151},{"$f":"J103/'Inputs - actual'!J$44","v":-47.678690449243625},{"$f":"K103/'Inputs - actual'!K$44","v":29.931428360902625},{"$f":"L103/'Inputs - actual'!L$44","v":22.67955634843765},{"$f":"M103/'Inputs - actual'!M$44","v":11.513667990514344},{"$f":"N103/'Inputs - actual'!N$44","v":-7.7052258033133638},{"$f":"O103/'Inputs - actual'!O$44","v":-56.419426896542582}]
[]
[null,"Actual return on RAB",null,null,null,{"$f":"-(F94+F95)/F121","v":8.0367647058823585E-2},8.0367647058823599E-2,8.0367647058823571E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823585E-2,8.0367647058823599E-2,8.0367647058823585E-2]
[null,"Actual Rab revaluation",null,null,null,{"$f":"F96/F121","v":3.7836692409116468E-2},3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116468E-2,3.7836692409116475E-2]
[null,"Annual change in revenue",null,null,null,null,{"$f":"G92/F92-1","v":4.4040127293601516E-2},4.4075539421246646E-2,4.4110940885780492E-2,4.4146329290144504E-2,0.2902575942104435,4.127903361456231E-2,4.1307864063434119E-2,4.1336839063931041E-2,3.2744856989460169E-2]
[]
["Adjustment for fixed cost of debt"]
[]
["Actual Asset Base"]
[null,"Opening Asset Base",null,null,null,{"$f":"E42","v":3000},{"$f":"F116","v":2910},2807.1666666666665,2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839]
[null,"Capex",null,null,null,{"$f":"F$40/'Inputs - forecast'!F7*'Inputs - actual'!F5","v":210},{"$f":"G$40/'Inputs - forecast'!G7*'Inputs - actual'!G5","v":220.5},{"$f":"H$40/'Inputs - forecast'!H7*'Inputs - actual'!H5","v":231.52500000000003},{"$f":"I$40/'Inputs - forecast'!I7*'Inputs - actual'!I5","v":243.10125000000005},{"$f":"J$40/'Inputs - forecast'!J7*'Inputs - actual'!J5","v":255.25631250000006},{"$f":"K$40/'Inputs - forecast'!K7*'Inputs - actual'!K5","v":134.00956406250006},{"$f":"L$40/'Inputs - forecast'!L7*'Inputs - actual'!L5","v":140.71004226562502},{"$f":"M$40/'Inputs - forecast'!M7*'Inputs - actual'!M5","v":147.74554437890632},{"$f":"N$40/'Inputs - forecast'!N7*'Inputs - actual'!N5","v":155.13282159785163},{"$f":"O$40/'Inputs - forecast'!O7*'Inputs - actual'!O5","v":0}]
[null,"Depreciation",null,null,null,{"$f":"-F113/F36","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Closing Asset Base",null,null,null,{"$f":"SUM(F113:F115)","v":2910},{"$f":"SUM(G113:G115)","v":2807.1666666666665},2687.7958333333331,2546.92625,2377.694854166667,2036.1654473958336,1667.8341278125004,1259.6349629205733,784.95030305813839,0]
[]
["Actual RAB"]
[null,"Useful lives",null,null,null,{"$f":"F36","v":10},{"$f":"G36","v":9},8,7,6,5,4,3,2,1]
[]
[null,"Opening RAB",null,null,null,{"$f":"E125","v":3000},{"$f":"F125","v":3012.1590695046143},{"$f":"G125","v":2999.2815161820363},2955.1938573133939,2871.9657799730326,2739.1158673328173,2408.2135255649155,2015.2093122560168,1542.0509891414631,955.33137064624293]
[null,"Revaluation",null,null,null,{"$f":"F121*('Inputs - actual'!F38)","v":113.5100772273494},{"$f":"G121*('Inputs - actual'!G38)","v":113.97013620017657},{"$f":"H121*('Inputs - actual'!H38)","v":113.48289217612819},{"$f":"I121*('Inputs - actual'!I38)","v":111.8147609884773},{"$f":"J121*('Inputs - actual'!J38)","v":108.6656858263479},{"$f":"K121*('Inputs - actual'!K38)","v":103.63908454520208},{"$f":"L121*('Inputs - actual'!L38)","v":91.11883442227365},{"$f":"M121*('Inputs - actual'!M38)","v":76.248854887818055},{"$f":"N121*('Inputs - actual'!N38)","v":58.346108955319337},{"$f":"O121*('Inputs - actual'!O38)","v":36.146579219921534}]
[null,"Capex",null,null,null,{"$f":"F114","v":210},{"$f":"G114","v":220.5},231.52500000000003,243.10125000000005,255.25631250000006,134.00956406250006,140.71004226562502,147.74554437890632,155.13282159785163,0]
[null,"Depreciation",null,null,null,{"$f":"-SUM(F121:F122)/F119","v":-311.35100772273495},{"$f":"-SUM(G121:G122)/G119","v":-347.34768952275454},-389.09555104477056,-438.14408832883873,-496.77191096656338,-568.55099037560387,-624.8330899967973,-697.15272238127829,-800.19854904839121,-991.47794986616441]
[null,"Closing RAB",null,null,{"$f":"-E29","v":3000},{"$f":"SUM(F121:F124)","v":3012.1590695046143},2999.2815161820363,2955.1938573133939,2871.9657799730326,{"$f":"SUM(J121:J124)","v":2739.1158673328173},2408.2135255649155,2015.2093122560168,1542.0509891414631,955.33137064624293,0]
[null,null,null,null,null,{"$f":"F121-E125","v":0},{"$f":"G121-F125","v":0},{"$f":"H121-G125","v":0},{"$f":"I121-H125","v":0},0,0,0,0,0,0]
[]
["Actual tax"]
[null,"Revenue",null,null,null,{"$f":"F92","v":617.63232184654373},644.83292792130817,673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403855,1026.8566884141396,1069.303698084836,1104.3178947569249]
[null,"Depreciation",null,null,null,{"$f":"F115","v":-300},-323.33333333333331,-350.89583333333331,-383.9708333333333,-424.48770833333333,-475.53897083333339,-509.04136184895839,-555.94470927083341,-629.81748146028667,-784.95030305813839]
[null,"Opex",null,null,null,{"$f":"F93","v":-105},-110.25,-115.76250000000002,-121.55062500000003,-127.62815625000003,-134.00956406250006,-140.71004226562502,-147.74554437890632,-155.13282159785163,-162.88946267774421]
[null,"Interest",null,null,null,{"$f":"F94","v":-61.499999999999993},-61.749260924844592,-61.485271081731739,-60.581474074924579,-58.875298489447168,-56.151875280322756,-49.368377274080764,-41.311790901248344,-31.612045277399996,-19.584293098247979]
[null,"EBT",null,null,null,{"$f":"SUM(F129:F132)","v":151.13232184654373},{"$f":"SUM(G129:G132)","v":149.50033366313028},145.11068264095661,136.84923470519021,122.99376188527856,281.32921328696204,287.00230973537435,281.85464386315158,252.74134974929774,136.89383592279438]
[null,"Calculated tax",null,null,null,{"$f":"-F133*'Inputs - forecast'!F29","v":-42.317050117032252},{"$f":"-G133*'Inputs - forecast'!G29","v":-41.860093425676482},{"$f":"-H133*'Inputs - forecast'!H29","v":-40.630991139467852},{"$f":"-I133*'Inputs - forecast'!I29","v":-38.317785717453262},{"$f":"-J133*'Inputs - forecast'!J29","v":-34.438253327878002},{"$f":"-K133*'Inputs - forecast'!K29","v":-78.772179720349385},{"$f":"-L133*'Inputs - forecast'!L29","v":-80.360646725904829},{"$f":"-M133*'Inputs - forecast'!M29","v":-78.919300281682453},{"$f":"-N133*'Inputs - forecast'!N29","v":-70.76757792980338},{"$f":"-O133*'Inputs - forecast'!O29","v":-38.330274058382429}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F134>0,F134+E135,0)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F135>0,0,F134+E135)","v":-42.317050117032252},-41.860093425676482,-40.630991139467852,-38.317785717453262,-34.438253327878002,-78.772179720349385,-80.360646725904829,-78.919300281682453,-70.76757792980338,-38.330274058382429]
[]
["Tax adjustment",null,null,null,"NPV",null,null,null,null,null,null,null,null,null,null,"Note"]
[null,"Tax",null,null,null,{"$f":"F136","v":-42.317050117032252},-41.860093425676482,-40.630991139467852,-38.317785717453262,-34.438253327878002,-78.772179720349385,-80.360646725904829,-78.919300281682453,-70.76757792980338,-38.330274058382429]
[null,"NPV of actual tax",null,null,{"$f":"SUM(F140:O140)","v":-350.60439408024536},{"$f":"F139/'Inputs - actual'!F$36","v":-39.169120097436782},{"$f":"G139/'Inputs - actual'!G$36","v":-35.863861842061127},{"$f":"H139/'Inputs - actual'!H$36","v":-32.221273835621041},{"$f":"I139/'Inputs - actual'!I$36","v":-28.126398362230614},{"$f":"J139/'Inputs - actual'!J$36","v":-23.398243984130875},{"$f":"K139/'Inputs - actual'!K$36","v":-49.538567240746524},{"$f":"L139/'Inputs - actual'!L$36","v":-46.778084237031671},{"$f":"M139/'Inputs - actual'!M$36","v":-42.521704416667383},{"$f":"N139/'Inputs - actual'!N$36","v":-35.29313194704411},{"$f":"O139/'Inputs - actual'!O$36","v":-17.694008117275171}]
[]
[null,"Forecast tax adjusted for inflation",null,null,null,{"$f":"F$17/'Inputs - actual'!F$40*'Inputs - actual'!F39","v":-39.865875474638095},{"$f":"G$17/'Inputs - actual'!G$40*'Inputs - actual'!G39","v":-37.149098633776482},{"$f":"H$17/'Inputs - actual'!H$40*'Inputs - actual'!H39","v":-33.555372570613677},{"$f":"I$17/'Inputs - actual'!I$40*'Inputs - actual'!I39","v":-28.779705866541505},{"$f":"J$17/'Inputs - actual'!J$40*'Inputs - actual'!J39","v":-22.356858542359017},{"$f":"K$17/'Inputs - actual'!K$40*'Inputs - actual'!K39","v":-80.377345883296741},{"$f":"L$17/'Inputs - actual'!L$40*'Inputs - actual'!L39","v":-79.193849593887734},{"$f":"M$17/'Inputs - actual'!M$40*'Inputs - actual'!M39","v":-74.880544194085473},{"$f":"N$17/'Inputs - actual'!N$40*'Inputs - actual'!N39","v":-63.837462988985259},{"$f":"O$17/'Inputs - actual'!O$40*'Inputs - actual'!O39","v":-31.539916085931239}]
[null,"NPV of forecast tax adjusted for inflation",null,null,{"$f":"SUM(F143:O143)","v":-315.04206448496103},{"$f":"F142/'Inputs - actual'!F$36","v":-36.900286289735121},{"$f":"G142/'Inputs - actual'!G$36","v":-31.827691529747959},{"$f":"H142/'Inputs - actual'!H$36","v":-26.610151953782513},{"$f":"I142/'Inputs - actual'!I$36","v":-21.125163074897326},{"$f":"J142/'Inputs - actual'!J$36","v":-15.189830503667118},{"$f":"K142/'Inputs - actual'!K$36","v":-50.54803063477771},{"$f":"L142/'Inputs - actual'!L$36","v":-46.098889422744193},{"$f":"M142/'Inputs - actual'!M$36","v":-40.34562338256228},{"$f":"N142/'Inputs - actual'!N$36","v":-31.836952321155433},{"$f":"O142/'Inputs - actual'!O$36","v":-14.5594453718914}]
[null,"Difference",null,null,{"$f":"E143-E140","v":35.562329595284325},{"$f":"F142-F139","v":2.4511746423941574},{"$f":"G142-G139","v":4.7109947918999993},7.0756185688541748,9.5380798509117568,12.081394785518984,-1.6051661629473557,1.1667971320170949,4.0387560875969797,6.9301149408181217,6.79035797245119]
[]
["Real revenue",null,null,null,null,{"$f":"F92/'Inputs - actual'!F39","v":595.11513358892921},{"$f":"G92/'Inputs - actual'!G39","v":598.67230015183122},{"$f":"H92/'Inputs - actual'!H39","v":602.27115623233578},{"$f":"I92/'Inputs - actual'!I39","v":605.91219042602745},{"$f":"J92/'Inputs - actual'!J39","v":609.59589705476685},{"$f":"K92/'Inputs - actual'!K39","v":757.86078997521849},{"$f":"L92/'Inputs - actual'!L39","v":760.37449511245688},{"$f":"M92/'Inputs - actual'!M39","v":762.91766053858339},{"$f":"N92/'Inputs - actual'!N39","v":765.49063152425401},{"$f":"O92/'Inputs - actual'!O39","v":761.73498062125657}]
[]
["Wash-up account",null,null,null,"NPV",{"$f":"F78","v":"2021-06-30"},"2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30",{"$f":"EOMONTH(O148, 12)","v":"2031-06-30"},{"$f":"EOMONTH(P148, 12)","v":"2032-06-30"}]
[null,"Wash-up drawdowns will usually have a 2 year delay from when the revenue is set to allow for actual CPI information to be released."]
[]
[null,"Actual net allowable revenue",null,"ANAR",null,{"$f":"F92-F110","v":617.63232184654373},644.83292792130817,673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403855,1026.8566884141396,1069.303698084836,1104.3178947569249]
[null,"Forecast net allowable revenue",null,"FNAR",null,{"$f":"F13","v":603.43115708014557},615.49978022174844,627.80977582618345,640.3659713427071,653.17329076956128,927.70217772231285,946.25622127675911,965.18134570229427,984.4849726163402,1004.1746720686671,null,null,"Note"]
[null,"Wash-up amount",null,null,null,{"$f":"F151-F152","v":14.201164766398165},{"$f":"G151-G152","v":29.333147699559731},45.444511229838213,62.586195770741028,80.811634188497806,19.327445740805388,39.865869847279441,61.67534271184536,84.818725468495813,100.14322268825788]
[]
[null,"Actual allowable revenue",null,"AAR",null,{"$f":"F151-F165","v":617.63232184654373},644.83292792130817,689.26495344406908,736.02292219969354,785.2199412709748,1017.5905047334584,1077.2306823239928,1048.6468226023796,1114.2492467699949,1173.8518627638532]
[null,"Forecast allowable revenue",null,"FAR",null,{"$f":"F152-F165","v":603.43115708014557},615.49978022174844,643.82044221423087,673.43672642895251,704.40830708247699,998.26305899265299,1037.3648124767133,986.97147989053428,1029.4305213014991,1073.7086400755952]
[]
[null,"Actual revenue",null,"AR",null,{"$f":"F156","v":603.43115708014557},{"$f":"G156","v":615.49978022174844},{"$f":"H156","v":643.82044221423087},{"$f":"I156","v":673.43672642895251},704.40830708247699,998.26305899265299,1037.3648124767133,986.97147989053428,1029.4305213014991,1073.7086400755952,null,null,"Note"]
[]
[null,"Cost of debt wash-up adjustment",null,"CODW",null,{"$f":"F110","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Wash-up account balance",null,"WAB"]
[null,"Wash-up account opening balance",null,"WABt-1",null,0,{"$f":"F166","v":14.201164766398165},44.411944448521304,76.590447457230738,110.83917779458326,147.26565685787068,105.1332389221524,60.38775173486674,104.00492331568682,150.30560435993328,190.2037453907069,106.33207385039238]
[null,"Wash-up accrual",null,"WA",null,{"$f":"F155-F158+F160","v":14.201164766398165},29.333147699559731,45.444511229838213,62.586195770741028,80.811634188497806,19.327445740805388,39.865869847279555,61.67534271184536,84.818725468495813,100.14322268825799,0,0]
[null,"Wash-up (draw-down)/ draw-up",null,"WD",null,0,0,{"$f":"-F164*(1+'Inputs - forecast'!H$31)^2","v":-16.010666388047401},{"$f":"-G164*(1+'Inputs - forecast'!I$31)^2","v":-33.070755086245391},{"$f":"-H164*(1+'Inputs - forecast'!J$31)^2","v":-51.235016312915675},{"$f":"-I164*(1+'Inputs - forecast'!K$31)^2","v":-70.560881270340076},{"$f":"-J164*(1+'Inputs - forecast'!L$31)^2","v":-91.108591199954233},{"$f":"-K164*(1+'Inputs - forecast'!M$31)^2","v":-21.790134188240053},{"$f":"-L164*(1+'Inputs - forecast'!N$31)^2","v":-44.94554868515884},{"$f":"-M164*(1+'Inputs - forecast'!O$31)^2","v":-69.533968006928248},{"$f":"-N164*(1+'Inputs - forecast'!P$31)^2","v":-95.626263005460217},{"$f":"-O164*(1+'Inputs - forecast'!Q$31)^2","v":-100.14322268825799},"Note"]
[null,"Wash-up account balance",null,"WABt",null,{"$f":"F163*(1+'Inputs - forecast'!F$31)+F164+F165","v":14.201164766398165},{"$f":"G163*(1+'Inputs - forecast'!G$31)+G164+G165","v":44.411944448521304},{"$f":"H163*(1+'Inputs - forecast'!H$31)+H164+H165","v":76.590447457230738},{"$f":"I163*(1+'Inputs - forecast'!I$31)+I164+I165","v":110.83917779458326},{"$f":"J163*(1+'Inputs - forecast'!J$31)+J164+J165","v":147.26565685787068},{"$f":"K163*(1+'Inputs - forecast'!K$31)+K164+K165","v":105.1332389221524},{"$f":"L163*(1+'Inputs - forecast'!L$31)+L164+L165","v":60.38775173486674},{"$f":"M163*(1+'Inputs - forecast'!M$31)+M164+M165","v":104.00492331568682},{"$f":"N163*(1+'Inputs - forecast'!N$31)+N164+N165","v":150.30560435993328},{"$f":"O163*(1+'Inputs - forecast'!O$31)+O164+O165","v":190.2037453907069},{"$f":"P163*(1+'Inputs - forecast'!P$31)+P164+P165","v":106.33207385039238},{"$f":"Q163*(1+'Inputs - forecast'!Q$31)+Q164+Q165","v":6.1888511621343838}]
[]
[null,"Test NPV=0"]
[null,"Confirm Net Present Value (NPV) of ANAR equal AR plus CODW plus the wash-up account balance remaining at end of model period"]
[null,"Actual net allowable revenue",null,"ANAR",{"$f":"-NPV('Inputs - forecast'!$F$31,F170:O170)","v":-5987.0443445780902},{"$f":"F151","v":617.63232184654373},644.83292792130817,673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403855,1026.8566884141396,1069.303698084836,1104.3178947569249]
[null,"Actual revenue",null,"AR",{"$f":"NPV('Inputs - forecast'!$F$31,F171:O171)","v":5882.6223812427797},{"$f":"F156","v":603.43115708014557},615.49978022174844,643.82044221423087,673.43672642895251,704.40830708247699,998.26305899265299,1037.3648124767133,986.97147989053428,1029.4305213014991,1073.7086400755952]
[null,"Cost of debt wash-up adjustment",null,"CODW",{"$f":"-NPV('Inputs - forecast'!$F$31,F172:O172)","v":0},{"$f":"F160","v":0},0,0,0,0,0,0,0,0,0]
[null,"Wash-up account balance",null,"WAB",{"$f":"NPV('Inputs - forecast'!$F$31,F173:O173)","v":104.42196333531196},0,0,0,0,0,0,0,0,0,{"$f":"O166","v":190.2037453907069}]
[null,null,null,"NPV",{"$f":"SUM(E170:E173)","v":1.4921397450962104E-12}]
[]
[null,"Actual revenue per model",null,null,{"$f":"-NPV('Inputs - forecast'!$F$31,F176:O176)","v":-5987.0443445780902},{"$f":"F92","v":617.63232184654373},644.83292792130817,673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403855,1026.8566884141396,1069.303698084836,1104.3178947569249]
[null,"Check to ANAR less CODW",null,null,null,{"$f":"F170+F172-F176","v":0},{"$f":"G170+G172-G176","v":0},0,0,0,0,0,0,0,0]
[]
[null,"FNAR + accrual",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F179:O179)","v":5987.0443445780902},{"$f":"F152+F164","v":617.63232184654373},644.83292792130817,673.25428705602167,702.95216711344813,733.98492495805908,947.02962346311824,986.12209112403866,1026.8566884141396,1069.303698084836,1104.3178947569249,null,null,"Note"]
[null,"FNAR + draw-down",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F180:Q180)","v":5882.6223812427797},{"$f":"F152-F165","v":603.43115708014557},615.49978022174844,643.82044221423087,673.43672642895251,704.40830708247699,998.26305899265299,1037.3648124767133,986.97147989053428,1029.4305213014991,1073.7086400755952,null,null,"Note"]
[null,"Closing WAB yet to receive",null,null,{"$f":"NPV('Inputs - forecast'!$F$31,F181:Q181)","v":104.42196333531196},0,0,0,0,0,0,0,0,0,{"$f":"+O166","v":190.2037453907069}]
[null,null,null,"NPV",{"$f":"E179-E180-E181","v":-1.4921397450962104E-12}]