{"text_format":"1","workbook":"xlsx","n_sheets":24,"sheets":["Journal","Cover","IPART policies","Instructions","Contents","RAB & tax inputs","Cost  inputs","Pricing & financial inputs","WACC","Scenario","Financials actual","Financials benchmark","Calculations--->","Selected costs","RAB historical","RAB projected ","Return on RAB","Working capital","Tax","NRR","Implied return","Bills","Checks","Examples"],"not_rendered":{"charts":15,"images":1,"macros":1,"external_links":1,"defined_names":16,"comments":15,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Journal","index":0,"n_rows":20,"n_cols":6,"rows_kept":20,"cut":false,"hidden":false,"merged":[[4,1,4,5]]}
[]
[null,"Journal of changes made to the IPART cost building block model template"]
[null,"Changes made since the November 2019 update"]
[]
[null,"IPART cost building block model template.xlsm, developed by Bee Thompson "]
[]
[null,"Description of changes:","Worksheets:","Made by:","Date","Notes"]
[null,"Changes to reflect 2022 changes in policy"]
[null,"Working capital: standardised all parameters for 'receivables'","RAB& tax inputs","Bee","Dec 2022"]
[null,"Disposals - simplified to reflect 2022 policy","Cost inputs, Cost building blocks, Implied return","Bee","Dec 2022"]
[null,"Non-regulatory revenue: changes to reflect 2022 policy","Cost inputs, Cost building blocks, Implied return, Financials","Bee","Dec 2022"]
[null,"Asset lives: changed to reflect 2022 policy","RAB& tax inputs, RAB projected","Bee","Dec 2022"]
[null,"Other changes"]
[null,"WACC - simplification, rounding and notes","WACC","Bee","Dec 2022"]
[null,"Moved selected costs","Scenario, Selected costs","Bee","Dec 2022"]
[null,"Deleted option to calculate forecasts in nominal $","All worksheets from Scenario","Bee","Dec 2022"]
[null,"Added revenue adjustments","Cost inputs, NRR, Scenario, Implied return","Bee","Dec 2022"]
[null,"Re-organised inputs worksheets","RAB & tax inputs, Cost inputs","Bee","Dec 2022","In the previous version, all the tables were in the' RAB & cost inputs' worksheet "]
[null,"Deleted some historical calcs, added some historical inputs","Various","Bee","Dec 2022"]
[null,"Updated IPART policies, Instructions and  Contents","Cover, Instructions, IPART policies","Bee","Dec 2022"]

{"sheet":"Cover","index":1,"n_rows":129,"n_cols":4,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
[null,"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"]
[]
[null,"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"]
[]
[null,"February 2023"]
[]
[null,"Purpose of the model template"]
[]
[null,"This model template is a simplified version of how IPART’s calculates a regulated business' notional revenue requirement (NRR) using a cost building block methodology, "]
[null,"for businesses that have a regulatory asset base (RAB)."]
[null,"It also provides a simple example of how we might set maximum prices, and shows how we calculate financial ratios for purposes of assessing a business' financeability."]
[]
[null,"The model is for illustrative purposes only, and should not be considered to represent the basis of pricing for any particular determination. Please refer to IPART's pricing reports"]
[null,"for detailed information on how prices are set for a particular business."]
[]
[null,"What the model does"]
[]
[null,"1.","The model calculates a business' notional revenue requirement (NRR) by determining the following cost building blocks:"]
[null,null,"◦","operating costs (opex)"]
[null,null,"◦","return of the Regulatory Asset Base (RAB), or depreciation"]
[null,null,"◦","return on the RAB"]
[null,null,"◦","return on working capital"]
[null,null,"◦","tax allowance (IPART uses a post-tax WACC)"]
[null,null,"◦","revenue adjustments (for example true-ups, incentive payments)"]
[null,"It subtracts any other revenue that is allocated to customers to determine the amount of revenue required from (regulated) prices."]
[]
[null,"2.","The model then illustrates how we might set maximum prices, using a simple pricing structure. In practice, there are many ways to recover the revenue required from prices,"]
[null,null," for example by setting the maximum prices (this model), a weighted average price cap (WAPC) or a revenue cap. "]
[]
[null,"3.","Using costs and revenue from prices, the model shows how we:"]
[null,null,"◦","construct simple regulatory financial statements and calculate financial ratios for the 'actual' business and a benchmark business, for purposes of assessing the business' financeability."]
[null,null,null," (See IPART, Review of our financeability test, Final Report Research, November 2018.)"]
[]
[null,"The model template is a simplified version of a typical IPART model, and will need to be adapted for actual reviews. The method for calculating building block costs (i.e. the NRR)"]
[null,"is not sector specific, however the template uses water prices in the example of how to set prices."]
[]
[null,"Target audience"]
[]
[null,"The primary audiences for this model template are IPART staff who wish to understand, build and/or check cost building block models, and external parties who wish to"]
[null," understand our cost building block methodology and our approach to financial ratio analysis."]
[]
[null,"Model structure"]
[]
[null,"As set out below, the model consists of two sections, namely the user interface and the calculation worksheets"]
[null,null,"◦","User interface, which contains all the inputs, key outputs and financial ratio calculations (light blue, dark blue tabs and 'Finanicals' tabs)"]
[null,null,"◦","Calculation worksheets, which the user should not need to access. "]
[null,"Given its function, for clarity and ease of reference the main calculations are set out in separate worksheets and a number of the calculations are annotated."]
[]
[null,"The user interface:"]
[null,null,"Inputs and WACC calculations (light blue tabs)"]
[null,null,"◦","The 'RAB & tax  inputs' and 'Cost inputs' worksheets capture  information required to roll forward the RAB and calculate the NRR."]
[null,null,null,"Note: The 'Cost inputs' worksheet can store two sets of operating expenditure, capital expenditure and cash capital contributions. The user selects which set of costs to use on the 'Scenario' worksheet."]
[null,null,"◦","The 'Pricing & financial inputs' worksheet captures inputs that are required to set prices, calculate bills and produce financial statements and ratios."]
[null,null,"◦","The 'WACC' worksheet captures the WACC input parameters and performs the WACC calculations."]
[null,null,"Decisions and key outputs (dark blue tab)"]
[null,null,null,"The 'Scenario' worksheet is the 'operational' part of the model where the user:"]
[null,null,null,"   -  sets the length of the determination period and select costs and other modelling options,"]
[null,null,null,"   -  sets prices, and"]
[null,null,null,"   -  can find the key outputs. "]
[null,null,null,"Users should find all the important outputs in this worksheet, including the rolled-forward RAB, NRR, expected revenue from prices (target revenue), prices, bills and financial ratios."]
[null,null,"Financial statements and ratios "]
[null,null,"The 'Financials' worksheets contains financial statements and calculates the financial ratios (actual and benchmark)."]
[]
[]
[null,"The calculation worksheets:"]
[null,null,"◦","The first worksheet in this section shows the selected costs and the next 7 worksheets  contain the building block cost calculations.  They calculate:"]
[null,null,null,"  - the RAB roll forward to the start of the new determination period"]
[null,null,null,"  - the forecast RAB roll forward"]
[null,null,null,"  - the return on the RAB"]
[null,null,null,"  - the value of net working capital and the return on working capital"]
[null,null,null,"  - the tax allowance and, if required, tax depreciation"]
[null,null,null,"  - the NRR (i.e. total building block costs) and revenue required from prices (i.e. NRR minus less revenue allocated to customers)."]
[null,null,"◦","The 'Implied return' worksheet shows how IPART calculates the rate of return from  target revenue each year."]
[null,null,"◦","The 'Bills' worksheet constructs consumer bills using the prices set on the 'Scenario' worksheet. "]
[null,null,"◦","The 'Checks' worksheets draws together all the error checks in the model for easy reference."]
[]
[]
[null,"Regulatory policies and conventions"]
[]
[null,"Notional revenue requirement "]
[null,"IPART applies a consistent set of regulatory policies and conventions to calculate the NRR in its cost building block models. These policies and conventions are built into the"]
[null,"template's calculations or, where they concern inputs, may be provided as comments and/or explanations on the relevant worksheets. "]
[null,"The template also provides some alternative options that depart from IPART policy, for the purposes of sensitivity analysis, for example using pre-tax WACC or forecasting costs"]
[null,"in nominal dollars."]
[null,"IPART's polices and conventions are summarised in the 'IPART policies' worksheet.  "]
[]
[null,"Revenue  required from regulated prices"]
[null,"Revenue required  from regulated prices is the NRR less any other revenue that is allocated to customers, for example "]
[null,null,"◦","A share of the profits from non-regulatoryr activities. A non-regulatory activitiy is an activity that uses a regulated asset, for example renting out land  that is included in the RAB for use by telecommunication towers."]
[null,null,"◦","Regulatory profit/loss on asset disposals.  IPART's policy is to allow the business (shareholders) to retain 100% of regulatory profit/loss from the sale of assets."]
[null,"The 'IPART policies' worksheet provides more information."]
[]
[null,"Price paths and Target revenue"]
[null,"Prices may be set in a number of ways to recover the NRR on an NPV neutral basis over the determination period. For example:"]
[null,null,"◦","All prices change at the same constant (real) rate each year"]
[null,null,"◦","All prices change in year 1 then remain unchanged in real terms over the determination period"]
[null,null,"◦","Some prices change at diffirent rate to others"]
[null,null,"◦","Prices change so that revenue recovers costs each year."]
[null,"Prices can also be set so that revenue recovers costs each year, or to move to full cost recovery by the last year of the determination period (referred to as the 'price glide path')."]
[]
[null,"The revenue expected from the prices is Target revenue."]
[]
[null,"Regulatory financial statements, financial ratios and financeability"]
[null,"When making our price determinations for regulated businesses, we may use a financeability test to assess how our pricing decisions are likely to affect the business’ "]
[null,"financial sustainability and ability to raise funds to manage its activities, over the regulatory period. "]
[null,"For purposes of conducting the test, we construct simple regulatory financial statements and calculate financial ratios for "]
[null,null,"◦","the 'actual' business, based on the business' actual gearing ratio and cost of debt, and"]
[null,null,"◦","a benchmark business, based on the benchmark gearing ratio and real cost of debt that are consistent with the real WACC that we use to calculate the return on the RAB."]
[]
[null,"In November 2018 we completed a review of how we conduct this financeability test. The 2018 test will apply to pricing decisions that take effect on or after 1 July 2019."]
[null,"Our 2018 financeability test is explained in IPART, Review of our financeability test, Final Report Research, November 2018.  "]
[null,"The report is available on our website at"]
[null,null,"https://www.ipart.nsw.gov.au/Home/Industries/Special-Reviews/Reviews/Financeability-Tests/Review-of-financeability-test-2018"]
[]
[]
[null,"Colour code"]
[]
[null,"This model uses standard IPART colour coding:"]
[null,"Blue cells indicate inputs"]
[null,"Light blue cells indicate inputs with default values"]
[null,null,null,"default values are shown in italics next to or below the light blue cells"]
[null,"Blue font indicates IPART hard-coded inputs that should not be changed"]
[null,"Pink font indicates error checks"]
[null,"Red indicates error warning or unusual calculation"]
[null,"red double line means formula changes across row"]
[]
[]
[null,"Developed by Bee Thompson"]
[null,"email",null,"Bee_Thompson@IPART.nsw.gov.au"]

{"sheet":"IPART policies","index":2,"n_rows":132,"n_cols":8,"rows_kept":132,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"}]
[]
[]
[null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"How IPART calculates the NRR  and revenue required from prices  - policies and conventions"]
[]
[null,{"$f":"Cover!B81","v":"IPART applies a consistent set of regulatory policies and conventions to calculate the NRR in its cost building block models. These policies and conventions are built into the"}]
[null,{"$f":"Cover!B82","v":"template's calculations or, where they concern inputs, may be provided as comments and/or explanations on the relevant worksheets. "}]
[null,{"$f":"Cover!B83&\" \"&Cover!B84","v":"The template also provides some alternative options that depart from IPART policy, for the purposes of sensitivity analysis, for example using pre-tax WACC or forecasting costs in nominal dollars."}]
[]
[null,"The table below provides guidance on how we:"]
[null,"◦ calculate the notional revenue requirement (i.e. building block costs), and"]
[null,"◦ take into account 'other regulatory revenue' to calculate the revenue that is required from regulated prices ."]
[null,"It also indicates where the template provides options that depart from IPART policy."]
[]
[null,"Item","Calculation or model input?","IPART Policy/convention","Alternative calculation option provided in this model?",null,"Reference","IPART internal reference document"]
[]
[null,"Inflation"]
[null,"Costs and revenue forecasts","Calculation","Real dollars, denominated in dollars of year prior to the first year of the new determination period (i.e. Yr 0 dollars, where Yr 1 is the first year of the new determination period)","No"]
[null,"Actual inflation rate used to roll forward historical RAB","Input","Quarter on quarter to June","na - input",null,"Measuring inflation for industry price determinations - change in calculation method, July 2009","(see IPART intranet - Quick Link to CPI database)"]
[null,"Forecast inflation rate","Input","Refinitiv mean forecast for Yr 0 and Yr 1 (quarter on quarter), then 2.5%","na - input",null,null,"D12/21495 and CPI database"]
[null,"Inflation policy for the tax allowance","Calculation","We calculate the tax allowance in nominal dollars, using the WACC point estimate of inflation (for consistency with the WACC). We use the same point estimate to convert the nominal allowance to real (Yr 0) dollars for the NRR.","No",null,"The-incorporation-of-company-tax-in-price-determinations","W11/68"]
[null,"Inflation to convert prices  from Yr0 dollar to Yr1 dollars, as applied in determinations.","na","Latest available actual inflation, quarter on quarter. For example, March 2021 to March 2022 for prices from 1 July 2023.",null,null,"See various price determinations on our website"]
[null,"Customer bills in reports","na","Shown in Yr 1 or nominal dollars","This models shows bills in Yr0 and nominal dollars",null,"See various reports on our website"]
[null,"WACC"]
[null,"WACC for the return on the RAB","Calculation","Real post-tax WACC","Yes, option to use a pre-tax WACC",null,"The-incorporation-of-company-tax-in-price-determinations",{"$f":"H23","v":"W11/68"}]
[null,"WACC for the return on working capital","Calculation","Nominal post-tax WACC","Yes, option to use a pre-tax WACC",null,"2018 Working Capital Allowance Policy Paper ","W18/2817"]
[null,"WACC for NPV calculations","Calculation","Pre-tax WACC (real if costs and revenue are forecast in real dollars, nominal if costs and revenue are forecast in nominal dollars)","No"]
[]
[null,"WACC methodology","Calculation","In December 2013 we made a final decision on the methodology we would use to determine the WACC.","No",null,"Review of WACC Methodology, December 2013","W13/2258"]
[null,null,null,"In 2017 we reviewed our 2013 WACC methodology and made incremental improvements.","No",null,"IPART, Review of our WACC method, February 2018","W18/418"]
[]
[null,"Market update","na","We release financial market updates biannually in February and August. In conjunction with the update, we also released a WACC spreadsheet with a working copy of our full WACC model. ","na",null,"https://www.ipart.nsw.gov.au/Home/Industries/Special-Reviews/Regulatory-policy/WACC/Market-Update"]
[]
[null,"Timing assumptions",null,null,null,null,null,"D03/5518, D07/2652"]
[null,"Capex and disposals for RAB roll forward","Calculation","Half of capex and disposals occurs at the beginning of the year, and half at the end of the year (a proxy for evenly throughout the year).a","No"]
[null,"Depreciation for RAB roll forward","Calculation","Depreciation occurs at the end of the year.","No"]
[null,"Revenue from customers","Calculation","Revenue is received mid-year (a proxy evenly for throughout the year).a","No"]
[null,"Notes",null," a. Half at the beginning and half at the end of the year is mathematically equivalent to a mid-year assumption.","na"]
[]
[null,"Notional Revenue Requirement (NRR)"]
[null,"Our timing assumptions for depreciation and revenue mean that we calculate the NRR as follows:"]
[null,"  +  operating expenditure ","Input","Prudent and efficient opex","na - input"]
[]
[null,"  +  mid-year value of depreciation","Calculation","RAB depreciation discounted by 6 months of real post-tax WACC","No"]
[null,"  +  mid-year value of return on RAB","Calculation","Year-end return on fixed assets discounted by 6 months of real post-tax WACC,","No"]
[null,null,null,"where year end return  = (Opening RAB + 50% net capex - 50% disposals + indexationc) x real post-tax WACCd"]
[null,"  +  mid-year value of return on working capital","Calculation","Year-end return on working capital discounted by 6 months of nominal post-tax WACCd, ","No"]
[null,null,null,"where year end return  = net working capital x nominal post-tax WACCd",null,null,"2018 Working Capital Allowance Policy Paper ","W18/2817"]
[null,"  +   tax allowanceb","Calculation",{"$f":"\"Calculated as explained below - see row \"&ROW(B95)","v":"Calculated as explained below - see row 95"},"No"]
[null," + revenue adjustments","Inputs","Revenue adjustments may be carry-overs from the previous determination period, for example true-ups or incentive scheme payments (positive or negative). ","na - input",null,"IPART, Our water regulatory framework Technical Paper, November 2022, Chapter 3 and Chapter 4","W22/1913"]
[null,null,null,"They may also be forward looking incentive payments.",null,null,"IPART, Review of our WACC method, February 2018","W18/418"]
[]
[]
[null,"Notes",null,"c. Indexation is zero under our policy of forecasting costs in real (Yr 0) dollars.","No  "]
[null,"b. No tax allowance if a pre-tax WACC is used to calculate the return on assets.",null,"d. To discount a return to its mid-year value, we use the same WACC that we use to calculate the year-end return.  For example, if we used a pre-tax WACC to calculate the return on assets, we would use a real pre-tax WACC to discount the return on the RAB and a nominal pre-tax WACC to discount the return on working capital. ","No  "]
[]
[null,"RAB roll forward to the start of the new determination period (historical)"]
[null,"Opening RAB ","Input","Closing RAB in the last year for which actual net capex, disposals and inflation were known when the RAB was previously rolled forward (usually the penultimate year of the previous determination period).","na - input"]
[null,"  + capex","Input","Prudent capex,e normally included as it occurs (excluding holding costs). Very large additions may be included when commissioned, including holding costs.","na - input"]
[null,"  - cash capital contributions","Input/Calculation","Actual cash capital contributionse, either before tax or net of tax depending on how they were treated historically. (Our policy since 2016 has been to include them net of tax.)","Yes, option to include before or net of tax",null,"IPART, Review of prices for Sydney Water Corporation from 1 July 2016 to 30 June 2020, Water – Final Report, June 2016, pp131-133","W16/2239"]
[null,"  - disposals","Input","Remove the regulatory value, which is usually 50% of the revenue from asset sales net of sales and remediation costs and capital gains tax. We allow for exceptions on a case-by base basis, subject to materiality.","na - input",null,"IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A","W22/1913"]
[null,null,null,"(This replaces our 2018 asset disposals policy.)",null,null,"Also see IPART Draft Handbook, December 2022, Appendix A","W22/2043"]
[null,"  - depreciation ","Input/Calculation","Depreciation allowance provided in historical NRR, adjusted for actual inflation (IPART policy since 2004).","Yes, option to use actual (i.e. calculated) depreciation",null,"See IPART,  NSW Electricity Distribution Pricing 2004/05 to 2008/09 - Final Report, June 2004, pp 45-51.","D04/5033"]
[null,"  + indexation","Calculation","Inflation rate x (opening RAB + 50% capex - 50% disposals)f ","No  "]
[null,"Closing RAB","Calculation","Opening RAB + capex - cash capital contributions - disposals - depreciation + indexation","No  "]
[null,"Notes",null,"e. Yr0 capex and cash capital contributions will be forecasts.","na"]
[null,null,null,"f. See inflation policy and timing assumptions above.","na"]
[]
[null,"RAB roll forward for the upcoming determination period (projected)"]
[null,"Opening RAB ","Input","Closing RAB in the last year of the current determination period (Yr 0)","No. "]
[null,"  + Capex","Input","Prudent and efficient capex, normally included as it occurs (excluding holding costs). Very large additions may be included when commissioned, including holding costs.","na - input"]
[null,"  - Cash capital contributions","Input/Calculation","Deducted net of tax payable (IPART policy since 2016).g","Yes, option to include before or net of tax",null,"IPART, Review of prices for Sydney Water Corporation from 1 July 2016 to 30 June 2020, Water – Final Report, June 2016, pp 131-133","W16/2239"]
[null,"  - Disposals","Input",{"$f":"\"Remove the regulatory value  - see row \"&ROW(B63)&\" above.\"","v":"Remove the regulatory value  - see row 63 above."},"na - input",null,"As for depreciation (see below)"]
[null,"  - Depreciation "]
[null,"       (i) depreciation method","Calculation","Straight line","No"]
["  ","      (ii) asset lives of existing assets","Input","Expected useful remaining lives","Yes. IPART models usually calculate the remaining lives of the existing assets at the start of the new determination period, but these are default remaining lives that can be over-ridden.",null,"IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A","W22/1913"]
[null,null,null,null,"Under our 2022 water regulatory framework, we encourage the businesses to propose alternative asset lives.",null,"Also see IPART Draft Handbook, December 2022, Appendix A","W22/2043"]
[null,"      (iii) asset lives of new assets (i.e. \n            capex net of cash cap cons)","Input","Expected useful lives, which may vary from year to year depending on the mix of assets","na - inputs  "]
[null,"      (iv) number of asset categories","Calculation","For urban retail water businesses, 2 asset categories per service (depreciating and non-depreciating). Varies for other businesses.h \nThis model uses a single asset category for all depreciating assets, which is depreciated on the basis of a weighted average asset life. ","No",null,"As for depreciation (see above)"]
[null,"  + indexation","Calculation",{"$f":"\"Value will be zero under our policy to forecast costs in real (Yr 0) dollars - see row \"&ROW(B20)&\".\"","v":"Value will be zero under our policy to forecast costs in real (Yr 0) dollars - see row 20."},"No"]
[null,"Closing RAB","Calculation","Opening RAB + (capex - cash capital contributions) - disposals - depreciation ","No  "]
[null,"Adjustments to the RAB","Input/Calculation","The Tribunal may decide to make an adjustment to the opening (or closing) RAB. ","Not shown in this model",null,"For example, see IPART, Review of prices for Sydney Water Corporation from 1 July 2016 to 30 June 2020, Water – Final Report, June 2016, pp 115-120","W16/2239"]
[null,"Notes",null,"g. Tax on cash capital contributions is therefore excluded from the tax allowance. If contributions are not taxable, we deduct their full value from the RAB and exclude them from the tax allowance.","No"]
[null,null,null,"h. In principle, we group assets into categories that have similar expected useful lives. ","na"]
[]
[null,"Net working  capital"]
[null,"Net working capital = "]
[null,"       + receivables","Input/Calculation","For a water business, depends on length of billing cycle, whether fixed charges are billed in advance and the number of days between invoice date (or issue date) and the due date as it appears on a standard customer's bill. For a non-water business, depends on business practice.","No for calculation method",null,"IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A","W22/1913"]
[null,"       - payables","Input/Calculation","Set in days of opex and net capex (usually 30)","No for calculation method",null,"Also see IPART Draft Handbook, December 2022, Appendix A","W22/2043"]
[null,"       + inventory","Input/Calculation","Fixed real (Yr 0) dollar value.","No for calculation method",null,"2018 Working Capital Allowance Policy Paper ","W18/2817"]
[null,"       + prepayments","Input/Calculation","Fixed real (Yr 0) dollar value. Set to zero unless a business can reasonably demonstrate prudency and efficiency","No for calculation method"]
[]
[null,"Tax allowance"]
[null,"Tax allowance =  taxable income x statutory tax rate adjusted for franking credits (gamma)",null,null,"No",null,"The-incorporation-of-company-tax-in-price-determinations","W11/68"]
[null," where taxable income = "]
[null,"  +  revenue ","Calculation","NRR + non-cash asset contributionsk + profit/loss on sale of assets shared with customersl","No"]
[null,"  -  operating expenditure ","Calculation","Allowed operating expenditure","No"]
[null,"  -  interest deductable","Calculation","WACC gearing ratio x (average of opening and closing RAB  + net working capital) x WACC nominal cost of debt. ","No"]
[null,"  -  tax depreciation"]
[null,"      > for businesses that can provide forecasts","Input","Provided by the business and included in the model as an input","na - input"]
[null,"      > for other businessesi","Calculation",{"$f":"\"Calculated using a Tax Asset Base (TAB) - see row \"&ROW(B105)","v":"Calculated using a Tax Asset Base (TAB) - see row 105"},"No"]
[null,"  - accumulated tax losses","Input/Calculation","We carry forward expected tax losses (which we calculate).  We do not use a business' actual tax losses and we start from a zero base. ","No for calculation method within a determination period."]
[null,"We calculate a TAB as follows:"]
[null,"Opening TABj"]
[null,"        + nominal capex ","Calculation","RAB capex, converted to nominal dollars using forecast inflation (not WACC point estimate inflation).","No"]
[null,"        + nominal non-cash asset contributions","Input","Expected contributions, converted to nominal dollars using forecast inflation.","na - input"]
[null,"        + nominal tax depreciation ","Input/Calculation","Straight line using tax asset lives.m","No for calculation method"]
[null,"Closing TAB"]
[null,"Notes"]
[null,"i. Businesses that do not pay tax or tax equivalents, or who cannot provide a forecast for the regulated part of their businesses.",null,{"$f":"\"k. Plus (taxable) cash capital contributions if they are taxable and we deduct their full value from the RAB - see row \"&ROW(B74)","v":"k. Plus (taxable) cash capital contributions if they are taxable and we deduct their full value from the RAB - see row 74"},"No"]
[null,"j. The initial opening TAB is based on the RAB. We usually use the opening RAB of the first year in which we used a post-tax WACC.",null,"l. Under our asset disposals policy for application to water businesses, the businesses do not share profits or losses with customers.  This value will therefore be zero.","Yes",null,"Asset disposals policy for application to water businesses, 2017","W18/431"]
[null,null,null,"m. To date we have not considered using diminishing value instead of straight line depreciation."]
[]
[null," Revenue required from regulated prices "]
[null,"Revenue required from regulated prices  ="]
[null,"  +  NRR ","Calculation",{"$f":"\"See rows \"&ROW(B42)&\" to \"&ROW(A51)&\" above.\"","v":"See rows 42 to 51 above."},"No"]
[]
[null," - profit/-loss on sale of assets shared with customers (regulatory values)","Calculation","Zero under our asset disposals policy - the businesses bears any profits or losses.","na - input"]
[null," - other regulatory revenue shared allocated to customersn","Input","Half (50%) of the profits from non-regulatory activities ","na - input",null,"IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A","W22/1913"]
[null,null,null,"We may consider exceptions on a case-by-case basis, subject to materiality and a very strong case.",null,null,"Also see IPART Draft Handbook, December 2022, Appendix A","W22/2043"]
[null,"Notes"]
[null,"n. Revenue that is not derived from regulated prices is regarded as regulatory revenue if the activity involves the use of regulated assets."]
[]
[]
[]
[null,"Other documents available our website"]
[]
[null,"Financeability test",null,"In November 2018 we completed a review of how we conduct our financeability test. "]
[null,"Finance leases",null,"This Fact Sheet explains how we treat finance leases in our regulatory decisions."]
[null,"Draft handbook for water agency pricing submissions",null,"IPART Draft Handbook, December 2022, Appendix A"]

{"sheet":"Instructions","index":3,"n_rows":48,"n_cols":4,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"}]
[]
[null,{"$f":"Cover!B3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[]
[]
[null,"Using the model"]
[]
[null,"Only blue cells may be changed by the model user; these are input cells."]
[null,"Light blue cells are also input cells. Override a default value by entering a number in the associated light blue cell."]
[null,"Any blue cell may be changed, even if it contains a formula. The function of that formula will be to calculate an input value specific to the scenario"]
[null,"and/or business being modelled."]
[]
[null,"'RAB & tax inputs ' worksheet"]
[null,"Enter the inputs in the blue cells only. "]
[null,"The input tables are fairly self-explanatory.  Please note:"]
[null,"g",null,"For tax depreciation, you need to enter information only for the type of businsses with regard to tax. Leave the other input cells blank and make sure you select the appropriate option on the Scenario worksheet"]
[]
[null,"'Cost inputs' worksheet"]
[null,"Enter the inputs in the blue cells only. "]
[null,"The input tables are fairly self-explanatory.  Please note:"]
[null,null,"g","This worksheet can store two sets of operating costs, capital expenditure and cash capital contributions. However, only one set of costs is required for each input. Simply leave Option 2 blank if you have only one set of costs, and make sure that Option 1 is selected on the Scenario worksheet for the corresponding set of costs."]
[null,null,"g","Describe each option in the relevant blue cell in column D.  This descriptor is used on the Scenario worksheet to make it easier to select the appropriate option."]
[]
[null,"'Pricing & financial inputs ' worksheet"]
[null,"Enter the inputs in the blue cells only. "]
[null,"The input tables are fairly self-explanatory. "]
[]
[null," 'WACC' worksheet"]
[null,"Enter the inputs in the blue cells only."]
[null,{"$f":"\"The value entered in cell C\"&ROW(WACC!$D$28)&\" will determine the final WACC point estimate.\"","v":"The value entered in cell C28 will determine the final WACC point estimate."}]
[null,"For example, 50% will give the midpoint of the final WACC range, (i.e. 50% will assign equal weights to the WACC based on current market data and "]
[null,"the WACC based on long-term averages)."]
[]
[null,"'Scenario' worksheet"]
[null,"Enter a scenario number and name ."]
[null,"In the 'Decisions' section select the required options in the blue input cells. "]
[null,"Next, set the prices in the SETTING PRICES section. Instructions on how to do this are provided in the worksheet."]
[]
[null,"To see how changes in cost or other inputs affect prices, change an input or selection and see how this affects the prices and/or the gap between cost "]
[null,"and revenue. You may wish to split the screen to immediately see, for example, what happens when you select a different set of operating costs."]
[]
[null,"You should be able to find all the important outputs in the 'Output Tables' section of this worksheet, including the financial ratios. "]
[null,"However, to see the full set of regulatory financial statements, go the the 'Financials' worksheets"]
[]
[null,"Calculations"]
[]
[null,"The remaining worksheets contain the calculations. Most are self-explanatory, and further explanations are provided in the worksheets."]

{"sheet":"Contents","index":4,"n_rows":46,"n_cols":5,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"}]
[]
[null,{"$f":"Cover!B3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[]
[]
[]
[null,"CONTENTS",null,"Tab name","hyperlink"]
[]
[null,"INPUTS AND KEY OUTPUTS"]
[null,{"$f":"'RAB & tax inputs'!B3","v":"1  RAB, WORKING CAPITAL AND TAX INPUTS"},null,"RAB & tax inputs","RAB & tax inputs'!A1"]
[]
[null,{"$f":"'Cost  inputs'!B5","v":"2   COST AND NON-REGULATORY REVENUE INPUTS"},null,"Cost inputs","Cost  inputs'!A1"]
[]
[null,{"$f":"'Pricing & financial inputs'!B3","v":"3   PRICING AND FINANCIAL INPUTS"},null,"Pricing & financial inputs","Pricing & financial inputs'!A1"]
[]
[null,{"$f":"WACC!B3","v":"4   WACC "},null,"WACC","WACC!A1"]
[]
[null,{"$f":"Scenario!B3","v":"5   SCENARIO INPUTS, PRICES AND OUTPUT TABLES"},null,"Scenario","Scenario!B3"]
[]
[null,{"$f":"'Financials actual'!B3","v":"6a  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - ACTUAL"},null,"Financials actual","Financials actual'!B3"]
[null,{"$f":"'Financials benchmark'!B3","v":"6b  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - BENCHMARK"},null,"Financials benchmark","Financials benchmark"]
[]
[null,"CALCULATION OF COST BUILDING BLOCKS "]
[]
[null,{"$f":"'Selected costs'!B3","v":"7  Selected costs"},null,"Selected costs","Selected costs'!A1"]
[]
[null,{"$f":"'RAB historical'!B3","v":"8 Regulatory Asset Base roll forward to start of new determination period "},null,"RAB historical","RAB historical'!B3"]
[]
[null,{"$f":"'RAB projected '!B3","v":"9 Regulatory Asset Base roll forward for new determination period "},null,"RAB projected","RAB projected '!B3"]
[]
[null,{"$f":"'Return on RAB'!B3","v":"10 Return on Regulatory Asset Base1 (year end and mid-year values)"},null,"Return on RAB","Return on RAB'!B3"]
[]
[null,{"$f":"'Working capital'!B3","v":"11 Working capital and return on working capital"},null,"Working capital","Working capital'!B3"]
[]
[null,{"$f":"Tax!B3","v":"12 Tax allowance in building block revenue and calculation of tax depreciation (if required)"},null,"Tax","Tax!B3"]
[]
[null,{"$f":"NRR!B3","v":"13  Notional revenue requirment (NRR) and revenue required from prices"},null,"Cost building blocks","NRR!A1"]
[]
[null,"CALCULATION OF IMPLIED RATE OF RETURN"]
[null,{"$f":"'Implied return'!B3","v":"14  Calculation of implied real return on assets from actual historical then target revenue from prices "},null,"Implied return","Implied return'!B3"]
[]
[null,"CALCULATION OF BILLS"]
[null,{"$f":"Bills!B3","v":"15  Customer bills"},null,"Bills","Bills!B3"]
[]
[null,{"$f":"Checks!B3","v":"16  Summary of error checks"},null,"Checks","Checks!B3"]

{"sheet":"RAB & tax inputs","index":5,"n_rows":143,"n_cols":20,"rows_kept":143,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"1  RAB, WORKING CAPITAL AND TAX INPUTS"]
[]
[]
[null,"Colour code"]
[null,{"$f":"Cover!B119","v":"Blue cells indicate inputs"}]
[null,{"$f":"Cover!B120","v":"Light blue cells indicate inputs with default values"}]
[null,{"$f":"Cover!D121","v":"default values are shown in italics next to or below the light blue cells"}]
[null,{"$f":"Cover!B122","v":"Blue font indicates IPART hard-coded inputs that should not be changed"}]
[null,{"$f":"Cover!B123","v":"Pink font indicates error checks"}]
[null,{"$f":"Cover!B124","v":"Red indicates error warning or unusual calculation"}]
[null,{"$f":"Cover!B125","v":"red double line means formula changes across row"}]
[]
[]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B30","v":"TABLE 1 - INPUTS FOR RAB ROLL FORWARD TO START OF NEW DETERMINATION PERIOD AND HISTORICAL WORKING CAPITAL ALLOWANCE"},null,null,null,null,{"$f":"ROW(B30)","v":30}]
[null,{"$f":"B60","v":"TABLE 2 - ASSET LIVES"},null,null,null,null,{"$f":"ROW(B60)","v":60}]
[null,{"$f":"B82","v":"TABLE 3 - WORKING CAPITAL"},null,null,null,null,{"$f":"ROW(B82)","v":82}]
[null,{"$f":"B106","v":"TABLE 4 - TAX DEPRECIATION, TAX LOSSES AND TAX ALLOWANCE - enter forecasts in nominal $'000"},null,null,null,null,{"$f":"ROW(B106)","v":106}]
[]
[]
[]
[null,"Name of regulated business",null,"Regulated Business X"]
[]
[null,"New determination effective from 1 July ","year",2023]
[]
[]
[null,"TABLE 1 - INPUTS FOR RAB ROLL FORWARD TO START OF NEW DETERMINATION PERIOD AND HISTORICAL WORKING CAPITAL ALLOWANCE"]
[null,"Financial year ending 30 June","Units","Constants",null,{"$f":"G31-1","v":2019},{"$f":"H31-1","v":2020},{"$f":"I31-1","v":2021},{"$f":"J31-1","v":2022},{"$f":"'RAB & tax inputs'!D27","v":2023},{"$f":"J31+1","v":2024},2025,2026,2027,2028,2029,2030,2031,2032,2033]
[null,"Financial year",null,null,null,{"$f":"F31-1&\"-\"&RIGHT(F31,2)","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,"Previous determinations",{"$f":"\"Determination period is \"&K32& \" to \"&OFFSET(K32,0,Scenario!D31-1)","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,{"$f":"\"RAB opening value on 1 July \"&F31-1","v":"RAB opening value on 1 July 2018"}]
[null,"Depreciating assets","$'000",null,null,620000,"The year for the opening value of the RAB must be such that the opening value includes only actual (not forecast) capital expenditure, cash capital contributions"]
[null,"Non-depreciating assets (e.g. land)",{"$f":"C36","v":"$'000"},null,null,40000," and disposals. This will usually be the penultimate year of the previous determination period, and should be the first year of the model."]
[null,"Total RAB",{"$f":"C37","v":"$'000"},null,null,{"$f":"SUM(F36:F37)","v":660000}]
[null,"Note: under our 2022 policy, we will roll forward the RAB for an urban retail water business using only 2 asset categories per service (i.e. depreciating and non-depreciating assets)",null,null,null,null,null,null,null,null,null,null,"See IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A"]
[]
[null,"Allowed RAB depreciation from previous Determination (year end value)"]
[null,{"$f":"\"Allowed RAB depreciation may be entered in nominal or real dollars. In the row below, select the year from the drop-down box. For example, if you select \"&$G$32&\" the model will assume you have entered allowed depreciation in $\"&G32","v":"Allowed RAB depreciation may be entered in nominal or real dollars. In the row below, select the year from the drop-down box. For example, if you select 2019-20 the model will assume you have entered allowed depreciation in $2019-20"}]
[null,"Select the year ","year",null,null,"2018-19","2019-20","2019-20","2019-20","2019-20"]
[null,"Financial year ending 30 June",null,null,null,{"$f":"LEFT(F43,4)+1","v":2019},{"$f":"LEFT(G43,4)+1","v":2020},{"$f":"LEFT(H43,4)+1","v":2020},2020,2020]
[null,{"$f":"\"For the years in which you enter allowed depreciation in nominal dollars in row \"&ROW(B50)&\" below, enter the actual or forecast inflation rate embedded in the depreciation.  (Enter 0% or leave blank the years in which you enter depreciation in real dollars.)\"","v":"For the years in which you enter allowed depreciation in nominal dollars in row 50 below, enter the actual or forecast inflation rate embedded in the depreciation.  (Enter 0% or leave blank the years in which you enter depreciation in real dollars.)"}]
[null,{"$f":"\"Actual/forecast inflation from previous determination/s embedded in allowed depreciation entered in row \"&ROW(B50)","v":"Actual/forecast inflation from previous determination/s embedded in allowed depreciation entered in row 50"},"%",null,null,1.2E-2,0.02,null,null,null,"na","na","na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"\"Enter the value of depreciation in the RAB that was used to set prices at the last determination. Depreciation may be entered in real or nominal dollars - see instructions in rows \"&ROW(B45)&\" to \"&ROW(B46)","v":"Enter the value of depreciation in the RAB that was used to set prices at the last determination. Depreciation may be entered in real or nominal dollars - see instructions in rows 45 to 46"}]
[null,"Enter in dollars of year","$year",null,null,{"$f":"\"$\"&F43","v":"$2018-19"},{"$f":"\"$\"&G43","v":"$2019-20"},"$2019-20","$2019-20","$2019-20"]
[null,{"$f":"\"Allowed depreciation (nominal or real - see rows \"&ROW(B45)&\" to \"&(ROW(B46)&\")\")","v":"Allowed depreciation (nominal or real - see rows 45 to 46)"},{"$f":"C36","v":"$'000"},null,null,16717,17990,18783,19653,20817,"na","na","na","na","na","na","na","na","na","na"]
[null,"Allowed depreciation used in model (adjusted for actual inflation - for information and guidance)",{"$f":"C36&\" nominal\"","v":"$'000 nominal"},null,null,{"$f":"'RAB historical'!F70","v":16783.075098814228},{"$f":"'RAB historical'!G70","v":17653.846469813223},{"$f":"'RAB historical'!H70","v":19132.445901929786},{"$f":"'RAB historical'!I70","v":21239.768238757082},{"$f":"'RAB historical'!J70","v":23667.631644449648},"na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Working capital allowance from previous determination",{"$f":"\" (Used to calculated the working capital allowance in \"&K32&\", to avoid circular referencing.)\"","v":" (Used to calculated the working capital allowance in 2023-24, to avoid circular referencing.)"}]
[null,{"$f":"\"Enter the allowance \"&$J$49&\" (which is dollars of the same year as for allowed depreciation, specified in row\"&ROW(B43)&\")\"","v":"Enter the allowance $2019-20 (which is dollars of the same year as for allowed depreciation, specified in row43)"}]
[null,"Working capital allowance",{"$f":"$C$36&\", \"&J$49","v":"$'000, $2019-20"},null,null,"na","na","na","na",700]
[null,"Working capital allowance, nominal",{"$f":"C51","v":"$'000 nominal"},null,null,"na","na","na","na",{"$f":"J55/'RAB historical'!J$68*'RAB historical'!J$69","v":795.85637465123466},"na","na","na","na","na","na","na","na","na","na"]
[]
[]
[]
[null,"TABLE 2 - ASSET LIVES"]
[null,{"$f":"B$32","v":"Financial year"},null,null,null,{"$f":"F$32","v":"2018-19"},{"$f":"G$32","v":"2019-20"},"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K33","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,"Asset lives used in previous determination "]
[null,{"$f":"\"These asset lives are used to calculate the remaining life of depreciating assets on 30 June \"&$K$31-1","v":"These asset lives are used to calculate the remaining life of depreciating assets on 30 June 2023"}]
[]
[null,{"$f":"\"Ave remaining life of depreciating assets on 1 July \"&$F$31-1","v":"Ave remaining life of depreciating assets on 1 July 2018"},"years",null,null,40,"na","na","na","na","na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Expected average life of new (depreciating) assets ","years",null,null,50,45,60,40,50,"na","na","na","na","na","na","na","na","na","na"]
[null,"Note: the average expected life of new assets may differ from year to year depending on the mix of assets"]
[]
[null,"Asset lives of depreciating assets for new determination period "]
[]
[null,{"$f":"\"Av remaining life of assets on 1 July \"&'RAB & tax inputs'!$K$31-1","v":"Av remaining life of assets on 1 July 2023"},"years",null,null,null,null,null,null,null,null,"Note: Enter a value in the light blue cell to overwrite the default value. We encourage the business to propose the remaining life of depreciating assets rather than use the default value."]
[null,"              default = calculated remaining life","years",null,null,null,null,null,null,null,{"$f":"IF(ISBLANK(K74),'RAB historical'!J145,K74)","v":37.10545764510497}," (The default value is calculated from the historical RAB.)"]
[]
[null,"Expected average life of new assets ","years",null,null,"na","na","na","na","na",40,35,50,55,50,50,50,50,50,50]
[null,"Note: the average expected life of new assets may differ from year to year depending on the mix of assets"]
[]
[]
[]
[null,"TABLE 3 - WORKING CAPITAL"]
[]
[null,"Specification of working capital","See our 2018 Working Capital Allowance Policy Paper",null,null,null,null,"and our 2022 simplifications in IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A"]
[null,null,null,null,null,null,null,"Also see the Draft Handbook, December 2022 Appendix A"]
[null,"Receivables"]
[null,"Do you bill fixed charges in advance? ",null,"Yes",null,null,null,null,null,null,null,null,null,null,null,null,"DO NOT DELETE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Yes"]
[null,"  -  length of billing cycle","days",90,"  for simplicity, assume a month has 30 days",null,null,null,null,null,null,null,null,null,null,null,"No"]
[null,"  -  days fixed charges billed in advance",{"$f":"C89","v":"days"},{"$f":"D89/2*Q90","v":45},"  half the number of days in the billing cycle (updated 2022 policy)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Q88=D87,1,0)","v":1}]
[null,"  -  days fixed charges billed in arrears",{"$f":"C90","v":"days"},{"$f":"D89-D90","v":45}]
[null,"  -  net days fixed charges billed in arrears",{"$f":"C90","v":"days"},{"$f":"D91-D90","v":0}]
[null,"  -  proportion of revenue from fixed charges ","%",null,"  required only if fixed charges are billed in advance"]
[null,"           default % revenue from fixed charges","%",{"$f":"IF(ISBLANK(D93),SUM(Scenario!I133:J133)/SUM(Scenario!I136:J136),D93)","v":9.2632610778176305E-2},"  default = historical proportion of revenue from fixed charges"]
[null,"  -  days to pay","days",30,"  number of days between invoice date (or issue date) and the due date as they appear on the bill of a standard customer (usually 21 or 30, updated 2022 policy)"]
[null,"Receivables @ no of days of sales","days",{"$f":"(D92*D94+D89*(1-D94))/2+D95","v":70.831532514982058},"  50% net number of days billed in arrears + days of delay"]
[]
[null,"Inventory (fixed real $ value)",{"$f":"Scenario!$Y$41","v":"2022-23 $'000"},200,"  based on efficient business practice"]
[]
[null,"Prepayments (fixed real $ value)",{"$f":"C98","v":"2022-23 $'000"},0,"  zero unless the business can reasonably demonstrate that the amount is prudent and efficient"]
[]
[null,"Accounts payable @ no. of days opex + net capex ","days",30,"  30 days normally used by IPART, standard contract payment period"]
[]
[]
[]
[null,{"$f":"\"TABLE 4 - TAX DEPRECIATION, TAX LOSSES AND TAX ALLOWANCE - enter forecasts in nominal \"&$C$36","v":"TABLE 4 - TAX DEPRECIATION, TAX LOSSES AND TAX ALLOWANCE - enter forecasts in nominal $'000"}]
[null,"The model will calculate notional tax depreciation if the regulated entity does not pay tax or tax equivalents, or cannot provide forecast tax depreciation."]
[null,{"$f":"B$32","v":"Financial year"},{"$f":"C$31","v":"Units"},{"$f":"D$31","v":"Constants"},null,{"$f":"F$32","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$33","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,{"$f":"'Cost  inputs'!F$22","v":"nominal"},{"$f":"F110","v":"nominal"},"nominal","nominal","nominal",{"$f":"\"Enter forecasts in nominal \"&$C$36","v":"Enter forecasts in nominal $'000"}]
[]
[null,"Tax depreciation or tax asset base (TAB)"]
[null,{"$f":"\"Note: Inputs are required only for the type of businesses you are modelling with regard to tax. Make sure you select the correct option in Scenario D\"&ROW(Scenario!D29)","v":"Note: Inputs are required only for the type of businesses you are modelling with regard to tax. Make sure you select the correct option in Scenario D29"}]
[null,"No inputs are required for businesses that do not have a previously established regulatory TAB and cannot provide forecast tax depreciation."]
[null,{"$f":"\"The model will use the closing value of the RAB in \"&J108&\" and RAB asset lives to calculate tax depreciation (straight line method)\"","v":"The model will use the closing value of the RAB in 2022-23 and RAB asset lives to calculate tax depreciation (straight line method)"}]
[]
[null,"1.  For businesses that pay tax or tax equivalents and can provide forecast tax depreciation:"]
[null,"Tax depreciation for "]
[null,{"$f":"\" - assets existing on 30 June \"&$I$31&\" (including all contributed assets)\"","v":" - assets existing on 30 June 2022 (including all contributed assets)"},{"$f":"C$36&\" nominal\"","v":"$'000 nominal"},null,null,"na","na","na",19430,19430,19430,19430,19430,19425,19425,19425,19425,19420,19420,19420]
[null,{"$f":"\" - capex from 1 July \"&$I$31","v":" - capex from 1 July 2022"},{"$f":"C119","v":"$'000 nominal"},null,null,"na","na","na",0,9,18,27,33,39,45,55,64,73,75,77]
[null,{"$f":"\"  - non-cash contributed assets from 1 July \"&$I$31","v":"  - non-cash contributed assets from 1 July 2022"},{"$f":"C120","v":"$'000 nominal"},null,null,"na","na","na",0,1,2,3,5,6,8,9,10,11,12,13]
[null,"Total tax depreciation","$'000 nominal",null,null,"na","na","na",{"$f":"SUM(I119:I121)","v":19430},19440,19450,19460,19468,19470,19478,19489,19499,19504,19507,19510]
[null,"Note: Enter forecast tax depreciation for regulated assets only, as supplied by the regulated entity. Enter all forecasts in nominal dollars (i.e. do not make any adjustments for inflation)"]
[]
[null,"2. For businesses that pay tax or tax equivalents and can provide the tax value of assets but cannot provide forecast tax depreciation:"]
[null,{"$f":"\"Closing value of tax asset base on 30 June \"&$J$31","v":"Closing value of tax asset base on 30 June 2023"},{"$f":"C119","v":"$'000 nominal"},null,null,"na","na","na","na",580000,"na","na","na","na","na","na","na","na","na","na"]
[null,"Average remaining tax life of assets","years",null,null,"na","na","na","na",30,"na","na","na","na","na","na","na","na","na","na"]
[null,"Average expected tax life of new assets","years",null,null,"na","na","na","na",40,"na","na","na","na","na","na","na","na","na","na"]
[null,"Note: The model calculates straight-line tax depreciation. Please include only depreciating assets."]
[]
[null,"3. For businesses that have a previously established regulatory tax asset base (TAB) and cannot provide forecast tax depreciation."]
[null,{"$f":"\"Opening value of tax asset base on 1 July \"&$F$31-1","v":"Opening value of tax asset base on 1 July 2018"},{"$f":"$C$119","v":"$'000 nominal"},null,null,620000,"na","na","na","na","na","na","na","na","na","na","na","na","na","na"]
[]
[]
[null,"Accumulated tax loss carried over",{"$f":"$C$119","v":"$'000 nominal"},null,null,"na","na","na","na","na",0,"na","na","na","na","na","na","na","na","na"]
[null,"Note: IPART sets the accumulated tax loss to zero in the first year in which a post-tax WACC is applied."]
[]
[null,"Tax allowance from previous determination"]
[null,{"$f":"\"Enter the allowance \"&$J$49&\" (which is dollars of the same year as for allowed depreciation, specified in row\"&ROW(B128)&\")\"","v":"Enter the allowance $2019-20 (which is dollars of the same year as for allowed depreciation, specified in row128)"}]
[null,"Tax allowance from previous determination before adjustment for franking credits (gamma)",{"$f":"$C$36&\", \"&J$49","v":"$'000, $2019-20"},null,null,"na","na","na","na",2770.2970705504381,null,"Enter zero or leave blank if a pre-tax WACC was used in the previous determination"]
[null,"Adjustment for franking credits (enter as a +ve number)",{"$f":"C140","v":"$'000, $2019-20"},null,null,"na","na","na","na",692.57426763760952]
[null,"Total tax allowance",{"$f":"C141","v":"$'000, $2019-20"},null,null,"na","na","na","na",{"$f":"J140-J141","v":2077.7228029128287}]
[null,"Total tax allowance, nominal",{"$f":"$C$119","v":"$'000 nominal"},null,null,"na","na","na","na",{"$f":"J142/'RAB historical'!J$68*'RAB historical'!J$69","v":2362.2413392234366}]

{"sheet":"Cost  inputs","index":6,"n_rows":121,"n_cols":22,"rows_kept":121,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,{"$f":"Cover!B3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"2   COST AND NON-REGULATORY REVENUE INPUTS"]
[]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B19","v":"TABLE 1 - OPERATING EXPENDITURE - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B19)","v":19}]
[null,{"$f":"B40","v":"TABLE 2 - CAPITAL EXPENDITURE - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B40)","v":40}]
[null,{"$f":"B56","v":"TABLE 3 - CAPITAL CONTRIBUTIONS (CASH AND NON-CASH) - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B56)","v":56}]
[null,{"$f":"B72","v":"TABLE 4 - ASSET DISPOSALS - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B72)","v":72}]
[null,{"$f":"B96","v":"TABLE 5 - ADJUSTMENTS TO THE NOTIONAL REVENUE REQUIREMENT (NRR)  - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B96)","v":96}]
[null,{"$f":"B109","v":"TABLE 6 - NON-REGULATORY REVENUE - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,{"$f":"ROW(B109)","v":109}]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 1 - OPERATING EXPENDITURE - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 1 - OPERATING EXPENDITURE - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,null,null,null,null,"Note: Dates in headings will change with the start date (formula used)"]
[null,{"$f":"Scenario!B$115","v":"Financial year"},{"$f":"'RAB & tax inputs'!C$31","v":"Units"},{"$f":"'RAB & tax inputs'!D$31","v":"Constants"},null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K$33","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,"nominal","nominal","nominal","nominal","nominal",{"$f":"\"Enter all forcasts in \"&Scenario!$Y$41","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Option 1 (describe in column D)",null,"Agency opex"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",64940,64950,{"$f":"ROUND(J25*'Pricing & financial inputs'!K33/'Pricing & financial inputs'!J33,-1)","v":65920},{"$f":"ROUND(K25*'Pricing & financial inputs'!L33/'Pricing & financial inputs'!K33,-1)","v":66910},{"$f":"ROUND(L25*'Pricing & financial inputs'!M33/'Pricing & financial inputs'!L33,-1)","v":67920},{"$f":"ROUND(M25*'Pricing & financial inputs'!N33/'Pricing & financial inputs'!M33,-1)","v":68940},{"$f":"ROUND(N25*'Pricing & financial inputs'!O33/'Pricing & financial inputs'!N33,-1)","v":69970},{"$f":"ROUND(O25*'Pricing & financial inputs'!P33/'Pricing & financial inputs'!O33,-1)","v":71020},{"$f":"ROUND(P25*'Pricing & financial inputs'!Q33/'Pricing & financial inputs'!P33,-1)","v":72080},{"$f":"ROUND(Q25*'Pricing & financial inputs'!R33/'Pricing & financial inputs'!Q33,-1)","v":73160},{"$f":"ROUND(R25*'Pricing & financial inputs'!S33/'Pricing & financial inputs'!R33,-1)","v":74260},{"$f":"ROUND(S25*'Pricing & financial inputs'!T33/'Pricing & financial inputs'!S33,-1)","v":75370}]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"Total",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",{"$f":"SUM(I25:I28)","v":64940},{"$f":"SUM(J25:J28)","v":64950},65920,66910,67920,68940,69970,71020,72080,73160,74260,75370]
[]
[null,"Option 2 (describe in column D)",null,"Regulator opex"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",64940,63650,63700,63850,63990,64140,64290,64440,64580,64730,64880,65020]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"<item>",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na"]
[null,"Total",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I32:I35)","v":64940},{"$f":"SUM(J32:J35)","v":63650},{"$f":"SUM(K32:K35)","v":63700},{"$f":"SUM(L32:L35)","v":63850},{"$f":"SUM(M32:M35)","v":63990},{"$f":"SUM(N32:N35)","v":64140},{"$f":"SUM(O32:O35)","v":64290},{"$f":"SUM(P32:P35)","v":64440},{"$f":"SUM(Q32:Q35)","v":64580},{"$f":"SUM(R32:R35)","v":64730},{"$f":"SUM(S32:S35)","v":64880},{"$f":"SUM(T32:T35)","v":65020}]
[]
[]
[]
[null,{"$f":"\"TABLE 2 - CAPITAL EXPENDITURE - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 2 - CAPITAL EXPENDITURE - enter forecasts in real 2022-23 $'000"}]
[null,{"$f":"B$20","v":"Financial year"},"Units","Constants",null,"2018-19","2019-20","2020-21","2021-22","2022-23",{"$f":"K$20","v":"2023-24"},{"$f":"L$20","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,{"$f":"F$22","v":"nominal"},"nominal","nominal","nominal","nominal",{"$f":"K$22","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Option 1 (describe in column D)",null,"Agency capex"]
[null," - depreciating assets",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,34000,33000,21000,35000,65000,95000,120000,70000,44000,54000,43000,32000,32500,33000,33500]
[null," - non-depreciating assets",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,2000,null,null,200,4000,null,null,5000]
[null,"Total",null,null,null,{"$f":"SUM(F45:F46)","v":34000},{"$f":"SUM(G45:G46)","v":35000},{"$f":"SUM(H45:H46)","v":21000},35000,65200,99000,120000,70000,49000,54000,43000,32000,32500,33000,33500]
[]
[null,"Option 2 (describe in column D)",null,"Regulator capex"]
[null,{"$f":"B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,33900,32900,20900,34900,64900,{"$f":"ROUND(K45*95%,-1)","v":90250},{"$f":"ROUND(L45*95%,-1)","v":114000},66500,41800,51300,40850,30400,30880,31350,31830]
[null,{"$f":"B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,1900,null,null,190,2000,2000,null,4990]
[null,{"$f":"B$46","v":" - non-depreciating assets"},null,null,null,{"$f":"SUM(F50:F51)","v":33900},{"$f":"SUM(G50:G51)","v":34800},{"$f":"SUM(H50:H51)","v":20900},{"$f":"SUM(I50:I51)","v":34900},{"$f":"SUM(J50:J51)","v":65090},{"$f":"SUM(K50:K51)","v":92250},{"$f":"SUM(L50:L51)","v":116000},{"$f":"SUM(M50:M51)","v":66500},{"$f":"SUM(N50:N51)","v":46790},{"$f":"SUM(O50:O51)","v":51300},{"$f":"SUM(P50:P51)","v":40850},{"$f":"SUM(Q50:Q51)","v":30400},{"$f":"SUM(R50:R51)","v":30880},{"$f":"SUM(S50:S51)","v":31350},{"$f":"SUM(T50:T51)","v":31830}]
[]
[]
[]
[null,{"$f":"\"TABLE 3 - CAPITAL CONTRIBUTIONS (CASH AND NON-CASH) - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 3 - CAPITAL CONTRIBUTIONS (CASH AND NON-CASH) - enter forecasts in real 2022-23 $'000"}]
[null,{"$f":"B$20","v":"Financial year"},"Units","Constants",null,"2018-19","2019-20","2020-21","2021-22","2022-23",{"$f":"K$20","v":"2023-24"},{"$f":"L$20","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,{"$f":"F$22","v":"nominal"},"nominal","nominal","nominal","nominal",{"$f":"K$22","v":"Enter all forcasts in 2022-23 $'000"}]
[null,"Cash capital contributions (before tax)"]
[null,"Option 1 (describe in column D)",null,"Agency cap cons"]
[null,{"$f":"B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,null,3000,200,350,1000,200,500,400]
[null,{"$f":"B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"}]
[]
[null,"Option 2 (describe in column D)",null,"Regulator cap cons"]
[null,{"$f":"B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,null,2990,210,340,1010,210,510,410]
[null,{"$f":"B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,null,8,9,19,20,21,22,23]
[]
[null,"Non-cash asset contributions",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,60,70,64,900,900,950,1200,1100,1200,1200,1200,1200,1200,1200,1200]
[]
[]
[]
[null,{"$f":"\"TABLE 4 - ASSET DISPOSALS - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 4 - ASSET DISPOSALS - enter forecasts in real 2022-23 $'000"},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O19","v":"Note: Dates in headings will change with the start date (formula used)"}]
[null,{"$f":"B$20","v":"Financial year"},"Units","Constants",null,"2018-19","2019-20","2020-21","2021-22","2022-23",{"$f":"K$20","v":"2023-24"},{"$f":"L$20","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,{"$f":"F$22","v":"nominal"},"nominal","nominal","nominal","nominal",{"$f":"K$22","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Asset disposals - Regulatory values removed from RAB",null,null,null,null,null,"See our 2022 asset disposals policy",null,null,"IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A"]
[null,"Note: IPART regulatory values differ from book (accounting) values. ",null,null,null,null,null,null,null,null,"Also see the Draft Handbook, December 2022 Appendix A"]
[null,"Revenue from asset sales (net of sales and remediation costs and capital gains tax)"]
[null,{"$f":"\"Revenue from asset sales\"&$B$45","v":"Revenue from asset sales - depreciating assets"},{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,1100,1000,1000,1000,1000,1200,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,{"$f":"\"Revenue from asset sales\"&$B$46","v":"Revenue from asset sales - non-depreciating assets"},{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,770.00000000000011,null,null,500,null,300,350]
[null,null,null,null,null,{"$f":"SUM(F79:F80)","v":1870},1000,1000,1500,1000,1500,1350,1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Regulatory values removed from RAB"]
[null,{"$f":"$B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!C$36","v":"$'000"}]
[null,"  default = 50% net revenue from sales ",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},0.5,null,{"$f":"IF(ISBLANK(F83),F79*$D84,F83)","v":550},500,500,500,500,600,500,500,500,500,500,500,500,500,500]
[null,{"$f":"$B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!C$36","v":"$'000"}]
[null,{"$f":"B84","v":"  default = 50% net revenue from sales "},{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},{"$f":"D84","v":0.5},null,{"$f":"IF(ISBLANK(F85),F80*$D86,F85)","v":385.00000000000006},0,0,250,0,150,175,0,0,0,0,0,0,0,0]
[null,"Total regulatory value of assets removed from the RAB",{"$f":"C86","v":"$'000"},null,null,{"$f":"F86+F84","v":935},500,500,750,500,750,675,500,500,500,500,500,500,500,500]
[]
[null," Regulatory profit/loss on asset disposals (regulatory)"]
[null,"Regulatory profit/loss",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,{"$f":"SUM(F79:F80)-F87","v":935},500,500,750,500,750,675,500,500,500,500,500,500,500,500]
[null,"Share of profit/loss allocated to shareholders","%",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Customers' share of profit is used to offset costs (or their share of the loss is added to costs) before prices are set"]
[null,"                  default = 100% (IPART's 2022 policy)","%",null,null,{"$f":"IF(ISBLANK(F91),1,F91)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[]
[]
[null,{"$f":"\"TABLE 5 - ADJUSTMENTS TO THE NOTIONAL REVENUE REQUIREMENT (NRR)  - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 5 - ADJUSTMENTS TO THE NOTIONAL REVENUE REQUIREMENT (NRR)  - enter forecasts in real 2022-23 $'000"}]
[null,{"$f":"B$20","v":"Financial year"},"Units","Constants",null,{"$f":"F$20","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23",{"$f":"K$20","v":"2023-24"},{"$f":"L$20","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,{"$f":"F$22","v":"nominal"},"nominal","nominal","nominal","nominal",{"$f":"K$22","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Name of adjustment"]
[null,"Cost of debt true-up",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,"na","na","na","na","na",-20]
[null,"Demand volatility adjustment",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,"na","na","na","na","na",25]
[null,"Incentive scheme adjustment",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,"na","na","na","na","na",1000]
[null,null,{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,"na","na","na","na","na"]
[null,"Total adjustments",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,"na","na","na","na","na",{"$f":"SUM(K101:K104)","v":1005},0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,{"$f":"\"TABLE 6 - NON-REGULATORY REVENUE - enter forecasts in real \"&Scenario!$Y$41","v":"TABLE 6 - NON-REGULATORY REVENUE - enter forecasts in real 2022-23 $'000"}]
[null,"Non-regulatory revenue to be deducted from costs before prices are set (excluding developer charges and profit/loss on the asset sales)"]
[null,{"$f":"B$20","v":"Financial year"},"Units","Constants",null,"2018-19","2019-20","2020-21","2021-22","2022-23",{"$f":"K$20","v":"2023-24"},{"$f":"L$20","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,{"$f":"F$22","v":"nominal"},"nominal","nominal","nominal","nominal",{"$f":"K$22","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Our 2022 policy is to share the profits from non-regulatory activities 50:50 between customers and shareholders. Non-regulatory activities are activities that use regulated assets to produce unregulated goods and services. "]
[null,"See our 2022 policy on non-regulatory activities ","IPART, Our water regulatory framework Technical Paper, November 2022, Appendix A",null,null,null,null,null,null,null,"Also see the Draft Handbook, Appendix A"]
[]
[null,"Total  profit from non-regulatory activities",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,2000,2000,2000,2000,2000,-2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,null,"To mitigate the impact of early losses, the business may combine the profits and losses from non-regulatory activities and share the net profits between customers and shareholders. "]
[]
[null,"Share of non-regulatory revenue allocated to customers","%",null,null,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,null,"The revenue allocated to customers is used to offset costs before prices are set"]
[]
[null,"Customers' share (must be >0, shareholders bear losses)",{"$f":"C117","v":"$'000"},null,null,{"$f":"MAX(0,F117*F119)","v":1000},1000,1000,1000,1000,0,1000,1000,1000,1000,1000,1000,1000,1000,1000,null,"Shareholders bear 100% of the program's losses to protect customers from the risk of loss for activities over which they have no control and from which they do not directly benefit. "]

{"sheet":"Pricing & financial inputs","index":7,"n_rows":110,"n_cols":22,"rows_kept":110,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"3   PRICING AND FINANCIAL INPUTS"]
[]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B14","v":"TABLE 1 - INFLATION "},null,null,null,null,{"$f":"ROW(B14)","v":14}]
[null,{"$f":"B28","v":"TABLE 2  - SALES VOLUMES AND CUSTOMER NUMBERS"},null,null,null,null,{"$f":"ROW(B28)","v":28}]
[null,{"$f":"B41","v":"TABLE 3 -  PRICES and BILLS"},null,null,null,null,{"$f":"ROW(B41)","v":41}]
[null,{"$f":"B62","v":"TABLE 4 - FINANCIAL STATEMENTS AND RATIOS "},null,null,null,null,{"$f":"ROW(B62)","v":62}]
[]
[]
[]
[null,"TABLE 1 - INFLATION "]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J$33","v":"Previous determinations"},{"$f":"'RAB & tax inputs'!K$33","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,"Inflation rates and indices"]
[null,{"$f":"\"Inflation for costs (actual to June \"&LEFT(J15,4)&\", then forecast)\"","v":"Inflation for costs (actual to June 2022, then forecast)"},"see comment",null,null,1.6E-2,-3.0000000000000001E-3,3.7999999999999999E-2,6.0999999999999999E-2,5.1999999999999998E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Inflation applied to costs",null,null,null,{"$f":"F19","v":1.6E-2},{"$f":"G19","v":-3.0000000000000001E-3},{"$f":"H19","v":3.7999999999999999E-2},{"$f":"I19","v":6.0999999999999999E-2},{"$f":"J19","v":5.1999999999999998E-2},0,0,0,0,0,0,0,0,0,0]
[null,"Index applied to forecast costs",null,null,null,1,1,1,1,1,{"$f":"J21*(1+K20)","v":1},1,1,1,1,1,1,1,1,1]
[null,{"$f":"\"Index for historical prices and costs to \"&$J$15&\" prices\"","v":"Index for historical prices and costs to 2022-23 prices"},null,null,null,{"$f":"G22*(1+G20)","v":1.1551107763920001},{"$f":"H22*(1+H20)","v":1.1585865360000001},{"$f":"I22*(1+I20)","v":1.1161719999999999},{"$f":"J22*(1+J20)","v":1.052},1]
[]
[null,"Inflation for prices (actual to March, lagged by 1 year, rounded)",null,null,null,1.9E-2,1.2999999999999999E-2,2.1999999999999999E-2,1.0999999999999999E-2,5.0999999999999997E-2,6.3E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[]
[]
[]
[null,"TABLE 2  - SALES VOLUMES AND CUSTOMER NUMBERS"]
[null,{"$f":"B$15","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$15","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$16","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,"Number of customers"]
[null,"Number of customers paying access charge","no.",null,"   ",null,null,null,205800,210000,213150,216350,219600,222890,226230,229620,233060,236560,240110,243710]
[]
[null,"Sales volumes"]
[null,"Volumes sold at Tier 1 price","ML per year",null,"beware of units",null,null,null,39985,40800,41400,42010,42630,43260,43690,44350,45020,45700,46390,47090]
[null,"Volumes sold at Tier 2 price",{"$f":"C36","v":"ML per year"},null,null,null,null,null,8330,8500,8600,8600,8600,8600,8690,8780,8870,8960,9050,9140]
[]
[]
[]
[null,"TABLE 3 -  PRICES and BILLS"]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},{"$f":"'RAB & tax inputs'!C$31","v":"Units"},{"$f":"'RAB & tax inputs'!D$31","v":"Constants"},null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$16","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,{"$f":"'Cost  inputs'!F$22","v":"nominal"},{"$f":"'Cost  inputs'!G$22","v":"nominal"},{"$f":"'Cost  inputs'!H$22","v":"nominal"},{"$f":"'Cost  inputs'!I$22","v":"nominal"},{"$f":"'Cost  inputs'!J$22","v":"nominal"},{"$f":"\"Enter all forecasts in real $ \"&J42","v":"Enter all forecasts in real $ 2022-23"}]
[]
[null,"Current prices"]
[null,"Access charge","$/year","beware of units",null,null,null,null,50,50]
[null,"Usage charge for Tier 1 consumption","$/kL","beware of units",null,null,null,null,2,2]
[null,"Usage charge for Tier 2 consumption",{"$f":"C48","v":"$/kL"},null,null,null,null,null,2.5,2.5]
[]
[null,"Tier 1 price for annual consumption up to","kL per year","Leave blank for a one-tier price structure",null,null,null,null,150,150,150,150,150,150,150,150,150,150,150,150]
[]
[null,"Consumption volumes for calculation of bills"]
[null,"Small customer","kL per year",100]
[null,"Medium customer",{"$f":"C54","v":"kL per year"},200]
[null,"Large customer",{"$f":"C55","v":"kL per year"},400]
[]
[null,"Pensioner rebates",{"$f":"'RAB & tax inputs'!$J$32&\" $ per year\"","v":"2022-23 $ per year"},null,null,null,null,null,90,90,90,90,90,90,90,90,90,90,90,90]
[]
[]
[]
[null,"TABLE 4 - FINANCIAL STATEMENTS AND RATIOS "]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},{"$f":"'RAB & tax inputs'!C$31","v":"Units"},{"$f":"'RAB & tax inputs'!D$31","v":"Constants"},null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$16","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,{"$f":"'Cost  inputs'!F$22","v":"nominal"},{"$f":"'Cost  inputs'!G$22","v":"nominal"},{"$f":"'Cost  inputs'!H$22","v":"nominal"},{"$f":"'Cost  inputs'!I$22","v":"nominal"},{"$f":"'Cost  inputs'!J$22","v":"nominal"},{"$f":"'Cost  inputs'!$K$74","v":"Enter all forcasts in 2022-23 $'000"}]
[]
[null,"Corporate tax rate"]
[null,"Tax rate","%"]
[null,"      default = tax rate used for WACC","%",null,null,{"$f":"IF(ISBLANK(F68),WACC!$F$40,F68)","v":0.3},{"$f":"IF(ISBLANK(G68),WACC!$F$40,G68)","v":0.3},{"$f":"IF(ISBLANK(H68),WACC!$F$40,H68)","v":0.3},{"$f":"IF(ISBLANK(I68),WACC!$F$40,I68)","v":0.3},{"$f":"IF(ISBLANK(J68),WACC!$F$40,J68)","v":0.3},{"$f":"IF(ISBLANK(K68),WACC!K14,K68)","v":0.3},{"$f":"IF(ISBLANK(L68),WACC!L14,L68)","v":0.3},{"$f":"IF(ISBLANK(M68),WACC!M14,M68)","v":0.3},{"$f":"IF(ISBLANK(N68),WACC!N14,N68)","v":0.3},{"$f":"IF(ISBLANK(O68),WACC!O14,O68)","v":0.3},{"$f":"IF(ISBLANK(P68),WACC!P14,P68)","v":0.3},{"$f":"IF(ISBLANK(Q68),WACC!Q14,Q68)","v":0.3},{"$f":"IF(ISBLANK(R68),WACC!R14,R68)","v":0.3},{"$f":"IF(ISBLANK(S68),WACC!S14,S68)","v":0.3},{"$f":"IF(ISBLANK(T68),WACC!T14,T68)","v":0.3}]
[]
[null,"Dividends"]
[null,"Expected dividend payments",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",4000,4090,6140,6630,8500,9420,9520,9540,9940,10720,11550,12490]
[]
[null,"Expected dividend payout rate","%",null,null,"na","na","na",0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,"Cost of debt"]
[null,"Actual cost of debt"]
[null,"  - expected share of debt paid at nominal cost of debt","%",null,null,"na","na","na",1,1,1,1,1,1,1,1,1,1,1,1]
[null,"  - expected cost of nominal debt","%",null,null,"na","na","na",0.05,0.05,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,"  - expected cost of real debt (e.g. inflation linked and low coupon bonds) %",null,null,null,"na","na","na"]
[null,"     - default = nominal cost of debt with inflation removed","%",null,null,"na","na","na",{"$f":"IF(ISBLANK(I80),(1+I79)/(1+I19)-1,I80)","v":-1.0367577756833057E-2},-1.9011406844106071E-3,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2,3.0243902439024417E-2]
[null,"Expected actual average cost of debt","%",null,null,"na","na","na",{"$f":"I78*I79+(1-I78)*I81","v":0.05},{"$f":"J78*J79+(1-J78)*J81","v":0.05},{"$f":"K78*K79+(1-K78)*K81","v":5.6000000000000001E-2},5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,null,null,null,null,"na","na","na"]
[null,"Benchmark real cost of debt (from WACC)","%",null,null,"na","na","na",3.2000000000000001E-2,3.2000000000000001E-2,{"$f":"WACC!$F$49","v":1.6034985422740622E-2},{"$f":"$K84","v":1.6034985422740622E-2},{"$f":"$K84","v":1.6034985422740622E-2},1.6034985422740622E-2,1.6034985422740622E-2,1.6034985422740622E-2,1.6034985422740622E-2,1.6034985422740622E-2,1.6034985422740622E-2,1.6034985422740622E-2]
[]
[null,"Financial statement opening values (nominal $'000)"]
[null,"Retained earnings ",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na",4000,"na","na","na","na","na","na","na","na","na","na","na","na"]
[null,"Closing cash assets",{"$f":"C90","v":"$'000"},null,null,"na","na","na",10000,10000,"na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Closing debt (excluding operating lease debt obligation)",{"$f":"C87","v":"$'000"},null,null,"na","na","na",400000,450000,"na","na","na","na","na","na","na","na","na","na"]
[null,"Net Debt/(RAB + net working capital) (for guidance, if you wish to set an opening gearing ratio)",null,null,null,null,null,null,{"$f":"(I90-I88)/(SUM('Financials actual'!I69:I71)-'Financials actual'!I73)","v":0.49589746962841669},{"$f":"(J90-J88)/(SUM('Financials actual'!J69:J71)-'Financials actual'!J73)","v":0.49949394306562322},null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[]
[null,"Asset revaluation reserve",{"$f":"C90","v":"$'000"},null,null,"na","na","na",null,null,"na","na","na","na","na","na","na","na","na","na"]
[null,"       default = sum of indexation over historical period",{"$f":"C93","v":"$'000"},null,null,"na","na","na",{"$f":"IF(ISBLANK(I93),SUM('RAB historical'!$F62:I62),I93)","v":76413.148889826713},{"$f":"IF(ISBLANK(J93),SUM('RAB historical'!$F62:J62),J93)","v":116580.10757521336},"na","na","na","na","na","na","na","na","na","na"]
[null,null,null,null,null,"na","na","na"]
[null,"Ratio adjustments "]
[null,"Operating leases",{"$f":"\"Note: The operating lease expense in \"&'RAB & tax inputs'!I32&\" should be based on the business' statutory financial statements.\"","v":"Note: The operating lease expense in 2021-22 should be based on the business' statutory financial statements."},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Operating lease expense ",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",340]
[null,"  Default = previous year value. ",{"$f":"C98","v":"$'000"},null,null,"na","na","na",{"$f":"I98","v":340},{"$f":"I98","v":340},{"$f":"J100","v":340},340,340,340,340,340,340,340,340,340]
[null,"  Operating lease expense used in model",{"$f":"C99","v":"$'000"},null,null,"na","na","na",{"$f":"I99","v":340},{"$f":"IF(ISBLANK(J98),J99,J98)","v":340},340,340,340,340,340,340,340,340,340,340,null,"Note: IPART will use the latest actual data from the financial statements "]
[null,null,null,null,null,"Note:  Please estimate the debt, interest and depreciation obligations for lease before and after 1 January 2019 on a consistent basis."]
[null,"  Operating lease debt obligation",{"$f":"C98","v":"$'000"},null,null,"na","na","na",1360,1360,1360,1360,1360,1360,1360,1360,1360,1360,1360,1360,null,"Note: IPART will use the latest actual data from the financial statements "]
[null,"  Operating lease expense allocated to interest expense",{"$f":"C102","v":"$'000"},null,null,"na","na","na",136,136,136,136,136,136,136,136,136,136,136,136]
[null,"  Operating lease expense allocated to depreciation",{"$f":"C103","v":"$'000"},null,null,"na","na","na"]
[null,"      default = lease expense less interest component",{"$f":"C104","v":"$'000"},null,null,"na","na","na",{"$f":"IF(ISBLANK(I104),I100-I103,I104)","v":204},{"$f":"IF(ISBLANK(J104),J100-J103,J104)","v":204},204,204,204,204,204,204,204,204,204,204]
[]
[null,"Superannuation adjustment ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Value of unfunded defined benefit liability",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",2500,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"                      default = previous year's value ",{"$f":"C108","v":"$'000"},null,null,"na","na","na",{"$f":"I108","v":2500},{"$f":"I108","v":2500},{"$f":"J110","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500]
[null,"  Superannuation adjustment used in model",{"$f":"C109","v":"$'000"},null,null,"na","na","na",{"$f":"I109","v":2500},{"$f":"IF(ISBLANK(J108),J109,J108)","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,null,{"$f":"V100","v":"Note: IPART will use the latest actual data from the financial statements "}]

{"sheet":"WACC","index":8,"n_rows":61,"n_cols":20,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"4   WACC "]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - CORPORATE TAX RATE AND WACC, BY YEAR"},null,null,null,null,{"$f":"ROW(B11)","v":11}]
[null,{"$f":"B25","v":"TABLE 2 - WACC PARAMETERS, POINT ESTIMATES, RANGES AND MIDPOINTS"},null,null,null,null,{"$f":"ROW(B25)","v":25}]
[]
[]
[]
[null,"TABLE 1 - CORPORATE TAX RATE AND WACC, BY YEAR"]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[]
[null,"Corporate tax rate",null,null,null,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"WACC point estimates (unrounded)",{"$f":"\"Note: select which option to use in Scenario row \"&ROW(Scenario!J60)","v":"Note: select which option to use in Scenario row 60"}]
[null,"Forecast inflation rate for WACC calculations (mid-point estimate)",null,null,null,"na","na","na","na","na",{"$f":"$F$32","v":2.9000000000000001E-2},2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2,2.9000000000000001E-2]
[null,{"$f":"B52","v":"Post-tax real WACC"},{"$f":"CHOOSE(Scenario!$W$61,\"not selected\",\"selected option\")","v":"selected option"},null,null,"na","na","na","na","na",{"$f":"$H$52","v":2.5999999999999999E-2},2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2]
[null,"Pre-tax nominal WACC (unrounded)",null,null,null,"na","na","na","na","na",{"$f":"$F$45*$F$37/(1-K14*(1-$F$39))+$F$36*$F$48","v":6.4409677419354827E-2},6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2,6.4409677419354827E-2]
[null,"Pre-tax real WACC  (rounded)",{"$f":"CHOOSE(Scenario!$W$61,\"selected option\",\"not selected\")","v":"not selected"},null,null,"na","na","na","na","na",{"$f":"ROUND((1+K19)/(1+K$17)-1,3)","v":3.4000000000000002E-2},3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2]
[]
[null,"See the ATO website for the tax rate applicable to small businesses",null,"here"]
[]
[]
[null,"TABLE 2 - WACC PARAMETERS, POINT ESTIMATES, RANGES AND MIDPOINTS"]
[null,null,null,"Current market data","Long term averages","Point estimates",null,"Final WACC range4"]
[]
[null,"Weights for current and long-term WACC range1",null,0.5,{"$f":"1-D28","v":0.5}]
[null,"Based on the level of market uncertainty, using IPART's 'uncertainty index' (see notes on WACC calculation methodology below)."]
[null,null,null,"midpt","midpt","Final WACC","lower","midpt","upper"]
[null,"Nominal risk free rate",null,1.7999999999999999E-2,2.5000000000000001E-2,{"$f":"D31*$D$28+E31*$E$28","v":2.1499999999999998E-2}]
[null,"Inflation",null,2.9000000000000001E-2,2.9000000000000001E-2,{"$f":"D32*$D$28+E32*$E$28","v":2.9000000000000001E-2}]
[null,"Debt margin",null,2.4000000000000004E-2,2.4E-2,{"$f":"D33*$D$28+E33*$E$28","v":2.4E-2}]
[]
[null,"Market risk premium",null,8.4000000000000005E-2,0.06,{"$f":"D35*$D$28+E35*$E$28","v":7.2000000000000008E-2}]
[null,"Debt funding ",null,0.6,0.6,{"$f":"D36*$D$28+E36*$E$28","v":0.6}]
[null,"Equity funding ",null,{"$f":"1-D36","v":0.4},{"$f":"1-E36","v":0.4},{"$f":"1-F36","v":0.4}]
[null,"Total funding (debt+equity)",null,{"$f":"D36+D37","v":1},{"$f":"E36+E37","v":1},{"$f":"SUM(F36:F37)","v":1}]
[null,"Gamma",null,0.25,{"$f":"D39","v":0.25},{"$f":"D39*$D$28+E39*$E$28","v":0.25}]
[null,"Corporate tax rate",null,0.3,{"$f":"D40","v":0.3},{"$f":"D40*$D$28+E40*$E$28","v":0.3}]
[null,"Effective tax rate for equity",null,0.3,{"$f":"D41","v":0.3},{"$f":"D41*$D$28+E41*$E$28","v":0.3}]
[null,"Effective tax rate for debt",null,0.3,{"$f":"D42","v":0.3},{"$f":"D42*$D$28+E42*$E$28","v":0.3}]
[null,"Equity beta",null,0.7,{"$f":"D43","v":0.7},{"$f":"D43*$D$28+E43*$E$28","v":0.7}]
[null," "]
[null,"Cost of equity (nominal post-tax)",null,{"$f":"D31+D43*D35","v":7.6799999999999993E-2},{"$f":"E31+E43*E35","v":6.7000000000000004E-2},{"$f":"F31+F43*F35","v":7.1899999999999992E-2}]
[null,"Cost of equity (real post-tax)",null,{"$f":"(1+D45)/(1+D32)-1","v":4.6452866861030229E-2},{"$f":"(1+E45)/(1+E32)-1","v":3.6929057337220739E-2},{"$f":"(1+F45)/(1+F32)-1","v":4.1690962099125484E-2}]
[]
[null,"Cost of debt (nominal)",null,{"$f":"D31+D33","v":4.2000000000000003E-2},{"$f":"E31+E33","v":4.9000000000000002E-2},{"$f":"F31+F33","v":4.5499999999999999E-2}]
[null,"Cost of debt (real)",null,{"$f":"(1+D48)/(1+D32)-1","v":1.2633624878523042E-2},{"$f":"(1+E48)/(1+E32)-1","v":1.9436345966958202E-2},{"$f":"(1+F48)/(1+F32)-1","v":1.6034985422740622E-2}]
[]
[null,"Nominal Vanilla (Post-tax nominal) WACC ",null,{"$f":"D45*D37+D48*D36","v":5.5919999999999997E-2},{"$f":"E45*E37+E48*E36","v":5.62E-2},{"$f":"F45*F37+F48*F36","v":5.6059999999999999E-2},{"$f":"ROUND(MIN(D51,E51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(AVERAGE(G51,I51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(MAX(D51,E51),3)","v":5.6000000000000001E-2}]
[null,"Post-tax real WACC",null,{"$f":"D46*D37+D49*D36","v":2.6161321671525916E-2},{"$f":"E46*E37+E49*E36","v":2.6433430515063215E-2},{"$f":"F46*F37+F49*F36","v":2.6297376093294571E-2},{"$f":"MIN(D52,E52)","v":2.6161321671525916E-2},{"$f":"ROUND(AVERAGE(G52,I52),3)","v":2.5999999999999999E-2},{"$f":"MAX(D52,E52)","v":2.6433430515063215E-2}]
[null,"Pre-tax nominal WACC",null,{"$f":"D45*D37/(1-D41*(1-D39))+D36*D48","v":6.4838709677419351E-2},{"$f":"E45*E37/(1-E41*(1-E39))+E36*E48","v":6.3980645161290331E-2},{"$f":"F45*F37/(1-F41*(1-F39))+F36*F48","v":6.4409677419354827E-2},{"$f":"MIN(D53,E53)","v":6.3980645161290331E-2},6.4000000000000001E-2,{"$f":"MAX(D53,E53)","v":6.4838709677419351E-2}]
[null,"Pre-tax real WACC ",null,{"$f":"(1+D53)/(1+D32)-1","v":3.4828678014984904E-2},{"$f":"(1+E53)/(1+E32)-1","v":3.3994796075112133E-2},{"$f":"(1+F53)/(1+F32)-1","v":3.4411737045048518E-2},{"$f":"MIN(D54,E54)","v":3.3994796075112133E-2},3.4000000000000002E-2,{"$f":"MAX(D54,E54)","v":3.4828678014984904E-2}]
[null,"Notes:"]
[null,"          1. We use a standard method to determine the WACC in our pricing reviews, which we last reviewed in 2018. ",null,null,null,null,null,null,null,null,null,"Review of WACC Method, February 2018"]
[null,"          2. We release financial market updates biannually in February and August. We also released a WACC spreadsheet with a working copy of our full WACC model. ",null,null,null,null,null,null,null,null,null,"WACC market update"]
[null,"          3. We apply a weight of 50% to the current WACC range unless the 'uncertainty index'  exceeds one standard deviation from the long-term average of zero. For more information, see",null,null,null,null,null,null,null,null,null,"Review of WACC Methodology, December 2013"]
[null,"          4. The final WACC range is given by the midpoints of the WACCs using current market data and long-term averages."]
[null,"              That is, the minimum of the two midpoints will be the lower bound of the final WACC range, and the maximum of the two midpoints will be the upper bound of the final WACC range."]
[null,"              However, the individual WACC parameters used to estimate the lower bound may not always be  lower than those used to estimate the upper bound."]

{"sheet":"Scenario","index":9,"n_rows":284,"n_cols":25,"rows_kept":284,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"5   SCENARIO INPUTS, PRICES AND OUTPUT TABLES"]
[]
[null,"Enter your key decisions about costs and other inputs, then set the prices. The worksheet also contains the key output tables for easy reference."]
[]
[]
[null,"List of tables",null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B24","v":"TABLE 1   BUSINESS INFORMATION AND LENGTH OF DETERMINATION PERIOD"},null,null,null,null,null,null,null,{"$f":"ROW(B24)","v":24}]
[null,{"$f":"B35","v":"DECISIONS"}]
[null,{"$f":"B37","v":"TABLE 2   SELECT COST OPTIONS"},null,null,null,null,null,null,null,{"$f":"ROW(B37)","v":37}]
[null,{"$f":"B58","v":"TABLE 3 -  SELECT WACC AND DIVIDENDS"},null,null,null,null,null,null,null,{"$f":"ROW(B58)","v":58}]
[null,{"$f":"B112","v":"SETTING PRICES "}]
[null,{"$f":"B114","v":"TABLE 4 - SETTING PRICES"},null,null,null,null,null,null,null,{"$f":"ROW(B114)","v":114}]
[]
[null,{"$f":"B148","v":"OUTPUT TABLES"}]
[null,{"$f":"B152","v":"TABLE 5 - REGULATORY ASSET BASE "},null,null,null,null,null,null,null,{"$f":"ROW(B152)","v":152}]
[null,{"$f":"B168","v":"TABLE 6 - NOTIONAL REVENUE REQUIREMENT AND TARGET REVENUE"},null,null,null,null,null,null,null,{"$f":"ROW(B168)","v":168}]
[null,{"$f":"B196","v":"TABLE 7 - FINANCIAL INDICATORS"},null,null,null,null,null,null,null,{"$f":"ROW(B196)","v":196}]
[null,{"$f":"B224","v":"TABLE 8 - PRICES"},null,null,null,null,null,null,null,{"$f":"ROW(B224)","v":224}]
[null,{"$f":"B248","v":"TABLE 9 - ANNUAL BILLS"},null,null,null,null,null,null,null,{"$f":"ROW(B248)","v":248}]
[]
[]
[null,"TABLE 1   BUSINESS INFORMATION AND LENGTH OF DETERMINATION PERIOD"]
[null,{"$f":"'RAB & tax inputs'!B25","v":"Name of regulated business"},null,{"$f":"'RAB & tax inputs'!D25","v":"Regulated Business X"}]
[null,"Scenario number",null,1,null,null,null,null,null,null,"These are useful for keeping track of model runs."]
[null,"Scenario description",null,"A Scenario",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"DATA FOR SELECTIONS - DO NOT DELETE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1. Pays tax and can provide forecast tax depreciation"]
[null,"Type of business with regard to tax (select option)",null,"1. Pays tax and can provide forecast tax depreciation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2. Pays tax or tax equivalent and can provide tax value of assets but not forecast tax depreciation"]
[null,null,null,{"$f":"IF(Tax!$D$18=\"err\",\"Please select an option\",IF(AND(D29=W28,SUM('RAB & tax inputs'!K122:N122)=0),\"Please enter tax depreciation on 'Fixed inputs' worksheet\",\"ok\"))","v":"ok"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"3. Has a previously established regulatory TAB and cannot provide forecast tax depreciation "]
[null,"Length of determination period (years)",null,5,null,null,null,null,null,{"$f":"'RAB & tax inputs'!$K$33","v":"Determination period is 2023-24 to 2027-28"},null,null,null,null,null,null,null,null,null,null,null,null,"4. Does not  have a previously established regulatory TAB and cannot provide forecast tax depreciation"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W28=D29,1,IF(W29=D29,2,IF(W30=D29,3,IF(W31=D29,4,\"err\"))))","v":1}]
[]
[]
[null,"DECISIONS"]
[]
[null,"TABLE 2   SELECT COST OPTIONS",null,null,"beware hidden columns"]
[null,null,null,null,null,null,null,null,null,"Select option (view options by clicking arrow on right hand side of blue input cell)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'Cost  inputs'!D24","v":"Option 1 - Agency opex"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'Cost  inputs'!D31","v":"Option 2 - Regulator opex"}]
[null,{"$f":"\"Select operating expenditure from \"&$J$115","v":"Select operating expenditure from 2022-23"},null,null,null,null,null,null,null,"Option 1 - Agency opex",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W38=J40,1,2)","v":1},null,"DO NOT DELETE"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'Cost  inputs'!D44","v":"Option 1 - Agency capex"},null,{"$f":"'RAB & tax inputs'!$J$32&\" \"&'RAB & tax inputs'!$C$36","v":"2022-23 $'000"}]
[null,"Select capital expenditure",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'Cost  inputs'!D49","v":"Option 2 - Regulator capex"}]
[null,{"$f":"\"  - historical capex up to and including \"&$I$115","v":"  - historical capex up to and including 2021-22"},null,null,null,null,null,null,null,"Option 1 - Agency capex",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W41=J43,1,2)","v":1},null,1]
[null,{"$f":"\"  - forecast capex from \"&$J$115","v":"  - forecast capex from 2022-23"},null,null,null,null,null,null,null,"Option 1 - Agency capex",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W41=J44,1,2)","v":1},null,{"$f":"Y43+1","v":2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'Cost  inputs'!D60","v":"Option 1 - Agency cap cons"},null,{"$f":"Y46+1","v":4}]
[null,"Select cash capital contributions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'Cost  inputs'!D64","v":"Option 2 - Regulator cap cons"},null,{"$f":"Y44+1","v":3}]
[null,{"$f":"\"  - historical cash cap cons up to and including \"&$I$115","v":"  - historical cash cap cons up to and including 2021-22"},null,null,null,null,null,null,null,"Option 1 - Agency cap cons",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W45=J47,1,2)","v":1},null,{"$f":"Y45+1","v":5}]
[null,{"$f":"\"  - forecast cash cap cons from \"&$J$115","v":"  - forecast cash cap cons from 2022-23"},null,null,null,null,null,null,null,"Option 1 - Agency cap cons",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W45=J48,1,2)","v":1},null,{"$f":"Y47+1","v":6}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Allowed depreciation",null,{"$f":"Y48+1","v":7}]
[null,"Use allowed or actual depreciation to roll forward historical RAB?",null,null,null,null,null,null,null,"Allowed depreciation",null,null,null,{"$f":"\"Note: IPART's policy is to use allowed RAB depreciation. \"&IF(W32=3, \"The tax value of assets is always rolled forward using actual depreciation.\", \"\")","v":"Note: IPART's policy is to use allowed RAB depreciation. "},null,null,null,null,null,null,null,null,"Actual (calculated) depreciation",null,{"$f":"Y49+1","v":8}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W49=J50,1,2)","v":1},null,{"$f":"Y50+1","v":9}]
[null,"Tax treatment of cash capital contributions (see comment)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Use net of tax & do not include tax in tax allowance",null,{"$f":"Y51+1","v":10}]
[null,{"$f":"\"  - historical period, up to and including \"&$J$115","v":"  - historical period, up to and including 2022-23"},null,null,null,null,null,null,null,"Use net of tax & do not include tax in tax allowance",null,null,null,null,null,null,null,null,null,null,null,null,"Use gross amount & include tax in tax allowance"]
[null,{"$f":"\"  - forecast period, from \"&$K$115","v":"  - forecast period, from 2023-24"},null,null,null,null,null,null,null,"Use net of tax & do not include tax in tax allowance",null,null,null,"Note: IPART's policy since 2016 is net of tax & not included tax in tax allowance",null,null,null,null,null,null,null,null,{"$f":"IF(W53=J53,2,1)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W52=J54,1,2)","v":1}]
[]
[]
[null,"TABLE 3 -  SELECT WACC AND DIVIDENDS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Post-tax WACC"]
[null,"Pre-tax or post-tax WACC for forecast period?",null,null,null,null,null,null,null,"Post-tax WACC",null,null,null,"Note: IPART's policy is to use a post-tax WACC",null,null,null,null,null,null,null,null,"Pre-tax WACC"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W59=J60,2,1)","v":2}]
[null,{"$f":"\"Use expected dividend payments (\"&'RAB & tax inputs'!$C$36&\") or dividend payout rate (%)?\"","v":"Use expected dividend payments ($'000) or dividend payout rate (%)?"},null,null,null,null,null,null,null,"Dividend payout rate",null,null,null,null,null,null,null,null,null,null,null,null,"Expected dividend payments"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Dividend payout rate"]
[null,{"$f":"WACC!B12","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"WACC!K12","v":"2023-24"},{"$f":"WACC!L12","v":"2024-25"},{"$f":"WACC!M12","v":"2025-26"},{"$f":"WACC!N12","v":"2026-27"},{"$f":"WACC!O12","v":"2027-28"},{"$f":"WACC!P12","v":"2028-29"},{"$f":"WACC!Q12","v":"2029-30"},{"$f":"WACC!R12","v":"2030-31"},{"$f":"WACC!S12","v":"2031-32"},{"$f":"WACC!T12","v":"2032-33"}]
[null,"Selected options",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W62=J62,1,2)","v":2}]
[null,"WACC used for forecast return on RAB",{"$f":"CHOOSE($W$61,W60,W59)&\" (rounded)\"","v":"Post-tax WACC (rounded)"},null,null,null,null,null,null,null,{"$f":"ROUND(CHOOSE($W$61,WACC!K20,WACC!K18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!L20,WACC!L18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!M20,WACC!M18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!N20,WACC!N18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!O20,WACC!O18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!P20,WACC!P18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!Q20,WACC!Q18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!R20,WACC!R18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!S20,WACC!S18),3)","v":2.5999999999999999E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!T20,WACC!T18),3)","v":2.5999999999999999E-2}]
[null,"WACC used for forecast return on working capital",{"$f":"CHOOSE($W$61,\"Nominal pre-tax WACC (rounded)\", \"Nominal post-tax WACC (rounded)\")","v":"Nominal post-tax WACC (rounded)"},null,null,null,null,null,null,null,{"$f":"ROUND(CHOOSE($W$61,WACC!K19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!L19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!M19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!N19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!O19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!P19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!Q19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!R19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!S19,WACC!$H$51),3)","v":5.6000000000000001E-2},{"$f":"ROUND(CHOOSE($W$61,WACC!T19,WACC!$H$51),3)","v":5.6000000000000001E-2}]
[]
[null,"Pre-tax WACC for NPV calculations (rounded)",null,null,"rounded",null,null,null,null,null,{"$f":"WACC!K20","v":3.4000000000000002E-2},{"$f":"WACC!L20","v":3.4000000000000002E-2},{"$f":"WACC!M20","v":3.4000000000000002E-2},{"$f":"WACC!N20","v":3.4000000000000002E-2},{"$f":"WACC!O20","v":3.4000000000000002E-2},{"$f":"WACC!P20","v":3.4000000000000002E-2},{"$f":"WACC!Q20","v":3.4000000000000002E-2},{"$f":"WACC!R20","v":3.4000000000000002E-2},{"$f":"WACC!S20","v":3.4000000000000002E-2},{"$f":"WACC!T20","v":3.4000000000000002E-2}]
[null,"Index for NPV calculations",null,null,null,null,null,null,null,null,{"$f":"1/(1+K69)^0.5","v":0.98342157206082492},{"$f":"IF(COUNT($K69:L69)>$D$31,0,K70/(1+L69))","v":0.95108469251530459},{"$f":"IF(COUNT($K69:M69)>$D$31,0,L70/(1+M69))","v":0.91981111461828291},{"$f":"IF(COUNT($K69:N69)>$D$31,0,M70/(1+N69))","v":0.88956587487261396},{"$f":"IF(COUNT($K69:O69)>$D$31,0,N70/(1+O69))","v":0.86031515945127068},{"$f":"IF(COUNT($K69:P69)>$D$31,0,O70/(1+P69))","v":0},{"$f":"IF(COUNT($K69:Q69)>$D$31,0,P70/(1+Q69))","v":0},{"$f":"IF(COUNT($K69:R69)>$D$31,0,Q70/(1+R69))","v":0},{"$f":"IF(COUNT($K69:S69)>$D$31,0,R70/(1+S69))","v":0},{"$f":"IF(COUNT($K69:T69)>$D$31,0,S70/(1+T69))","v":0}]
[]
[]
[]
[]
[]
[null,"Spare rows for additional inputs  or outputs"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"SETTING PRICES "]
[]
[null,"TABLE 4 - SETTING PRICES"]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,{"$f":"J117","v":"nominal"},{"$f":"'Cost  inputs'!J22","v":"nominal"},{"$f":"\"$\"&J115","v":"$2022-23"}]
[null,"This model uses a very simple pricing structure. Most models will require more tariffs and a more complicated tariff structure."]
[null,"Instructions:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This macro increases the prices by a constant % each year, and sets the increase so that NPV cost = NPV revenue for the first 4 year period"]
[null,"Step 1. Enter the usage charges"]
[null,"Step 2. The model calculates the default access charges such that required revenue from prices = expected revenue from prices each year",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This macro keeps usage charges unchanged in real terms"]
[null,"Step 3. If you wish to change the access charges, enter alternative charges in the light blue cells. You can use Goal seek or Solver to set the prices, eg for NPV neutrality or a glide-path approach."]
[null,"              If you use Goal seek or Solver, consider developing a macro to automate the calculations. Remember to describe what the macros do. The model provides two examples of a tariff-setting macro."]
[null,null,null,null,null,null,null,null,null,null,1.945969526600249E-2]
[null,{"$f":"'Pricing & financial inputs'!B$47","v":"Access charge"},{"$f":"'Pricing & financial inputs'!C47","v":"$/year"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$47","v":50},{"$f":"'Pricing & financial inputs'!J$47","v":50},{"$f":"J125*(1+$K$124)","v":50.972984763300119},{"$f":"K125*(1+$K$124)","v":51.964903513592525},52.976124700494253,54.007023943539615,55.057984171704589,56.129395765646343,57.221656702710668,58.33517270476122,59.470357388885496,60.627632421033468]
[null," default = the tariff that equates required revenue with expected revenue each year",null,null,null,null,null,null,null,null,{"$f":"(K138-SUM(K134:K135))/'Pricing & financial inputs'!K33*1000","v":41.668723247301081},{"$f":"(L138-SUM(L134:L135))/'Pricing & financial inputs'!L33*1000","v":48.477080686480072},{"$f":"(M138-SUM(M134:M135))/'Pricing & financial inputs'!M33*1000","v":60.422637738725307},{"$f":"(N138-SUM(N134:N135))/'Pricing & financial inputs'!N33*1000","v":59.181305258768134},{"$f":"(O138-SUM(O134:O135))/'Pricing & financial inputs'!O33*1000","v":55.766752649299725},{"$f":"(P138-SUM(P134:P135))/'Pricing & financial inputs'!P33*1000","v":49.978315401097888},{"$f":"(Q138-SUM(Q134:Q135))/'Pricing & financial inputs'!Q33*1000","v":41.272417487461496},{"$f":"(R138-SUM(R134:R135))/'Pricing & financial inputs'!R33*1000","v":30.823232400591703},{"$f":"(S138-SUM(S134:S135))/'Pricing & financial inputs'!S33*1000","v":20.178830655977158},{"$f":"(T138-SUM(T134:T135))/'Pricing & financial inputs'!T33*1000","v":9.296758209406379}]
[null,"Applicable access charge  ",{"$f":"C125","v":"$/year"},null,null,null,null,null,{"$f":"IF(ISBLANK(I125),I126,I125)","v":50},{"$f":"IF(ISBLANK(J125),J126,J125)","v":50},50.972984763300119,51.964903513592525,52.976124700494253,54.007023943539615,55.057984171704589,56.129395765646343,57.221656702710668,58.33517270476122,59.470357388885496,60.627632421033468]
[]
[null,{"$f":"'Pricing & financial inputs'!B48","v":"Usage charge for Tier 1 consumption"},{"$f":"'Pricing & financial inputs'!C48","v":"$/kL"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I48","v":2},{"$f":"'Pricing & financial inputs'!J48","v":2},{"$f":"J129*(1+$K$124)","v":2.0389193905320049},2.0785961405437012,2.1190449880197706,2.1602809577415849,2.202319366868184,2.2451758306258545,2.2888662681084275,2.3334069081904496,2.3788142955554208,2.4251052968413394]
[null,{"$f":"'Pricing & financial inputs'!B49","v":"Usage charge for Tier 2 consumption"},{"$f":"'Pricing & financial inputs'!C49","v":"$/kL"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I49","v":2.5},{"$f":"'Pricing & financial inputs'!J49","v":2.5},{"$f":"J130*(1+$K$124)","v":2.5486492381650061},2.5982451756796263,2.648806235024713,2.7003511971769814,2.7528992085852302,2.806469788282318,2.8610828351355342,2.9167586352380619,2.9735178694442759,3.0313816210516742]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(K129+K130=0,\"ok\",IF(AND(SUM(K130:N130)=0,SUM('Pricing & financial inputs'!K51:N51)>0),\"The model assumes Tier 2 price = Tier 1 price\",\"ok\"))","v":"ok"},null,null,null,{"$f":"IF(O129+O130=0,\"ok\",IF(AND(SUM(O130:R130)=0,SUM('Pricing & financial inputs'!O51:R51)>0),\"The model assumes Tier 2 price = Tier 1 price\",\"ok\"))","v":"ok"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(K131=\"ok\",\"ok\",\"Two consumption tiers have been defined on the Fixed Inputs worksheet,Table 3\")","v":"ok"}]
[null,"Expected revenue from access charges",{"$f":"'RAB & tax inputs'!C$36","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$33*I127/1000","v":10290},{"$f":"'Pricing & financial inputs'!J$33*J127/1000","v":10500},{"$f":"'Pricing & financial inputs'!K$33*K127/1000","v":10864.891702297422},{"$f":"'Pricing & financial inputs'!L$33*L127/1000","v":11242.606875165742},{"$f":"'Pricing & financial inputs'!M$33*M127/1000","v":11633.556984228539},{"$f":"'Pricing & financial inputs'!N$33*N127/1000","v":12037.625566775545},{"$f":"'Pricing & financial inputs'!O$33*O127/1000","v":12455.76775916473},{"$f":"'Pricing & financial inputs'!P$33*P127/1000","v":12888.431855707713},{"$f":"'Pricing & financial inputs'!Q$33*Q127/1000","v":13336.079311133748},{"$f":"'Pricing & financial inputs'!R$33*R127/1000","v":13799.768455038315},{"$f":"'Pricing & financial inputs'!S$33*S127/1000","v":14279.427512645298},{"$f":"'Pricing & financial inputs'!T$33*T127/1000","v":14775.560297330067}]
[null,"Expected revenue from Tier 1 sales",{"$f":"C133","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$36*I129","v":79970},{"$f":"'Pricing & financial inputs'!J$36*J129","v":81600},{"$f":"'Pricing & financial inputs'!K$36*K129","v":84411.262768025001},{"$f":"'Pricing & financial inputs'!L$36*L129","v":87321.823864240883},{"$f":"'Pricing & financial inputs'!M$36*M129","v":90334.887839282819},{"$f":"'Pricing & financial inputs'!N$36*N129","v":93453.754231900966},{"$f":"'Pricing & financial inputs'!O$36*O129","v":96219.33313847096},{"$f":"'Pricing & financial inputs'!P$36*P129","v":99573.548088256648},{"$f":"'Pricing & financial inputs'!Q$36*Q129","v":103044.75939024141},{"$f":"'Pricing & financial inputs'!R$36*R129","v":106636.69570430355},{"$f":"'Pricing & financial inputs'!S$36*S129","v":110353.19517081598},{"$f":"'Pricing & financial inputs'!T$36*T129","v":114198.20842825867}]
[null,"Expected revenue from Tier 2 sales",{"$f":"C134","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$37*I130","v":20825},{"$f":"'Pricing & financial inputs'!J$37*J130","v":21250},{"$f":"'Pricing & financial inputs'!K$37*K130","v":21918.383448219054},{"$f":"'Pricing & financial inputs'!L$37*L130","v":22344.908510844787},{"$f":"'Pricing & financial inputs'!M$37*M130","v":22779.733621212534},{"$f":"'Pricing & financial inputs'!N$37*N130","v":23223.020295722039},{"$f":"'Pricing & financial inputs'!O$37*O130","v":23922.694122605652},{"$f":"'Pricing & financial inputs'!P$37*P130","v":24640.804741118751},{"$f":"'Pricing & financial inputs'!Q$37*Q130","v":25377.80474765219},{"$f":"'Pricing & financial inputs'!R$37*R130","v":26134.157371733036},{"$f":"'Pricing & financial inputs'!S$37*S130","v":26910.336718470695},{"$f":"'Pricing & financial inputs'!T$37*T130","v":27706.828016412303}]
[null,"Total expected revenue from prices",null,null,null,null,null,null,{"$f":"SUM(I133:I135)","v":111085},{"$f":"SUM(J133:J135)","v":113350},{"$f":"SUM(K133:K135)","v":117194.53791854148},{"$f":"SUM(L133:L135)","v":120909.33925025142},124748.17844472389,128714.40009439856,132597.79502024135,137102.78468508311,141758.64344902732,146570.6215310749,151542.95940193196,156680.59674200104]
[]
[null,{"$f":"NRR!B25","v":"Revenue required from prices"},null,null,null,null,null,null,null,null,{"$f":"NRR!K$25","v":115211.33457640628},{"$f":"NRR!L$25","v":120154.74878160564},{"$f":"NRR!M$25","v":126383.43270791943},{"$f":"NRR!N$25","v":129867.69565674983},{"$f":"NRR!O$25","v":132758.13971292769},{"$f":"NRR!P$25","v":135690.37361177549},{"$f":"NRR!Q$25","v":138041.51375752137},{"$f":"NRR!R$25","v":140062.39693272056},{"$f":"NRR!S$25","v":142108.67091809335},{"$f":"NRR!T$25","v":144170.74938788541}]
[]
[null,"Difference between required and expected revenue",null,null,null,null,null,null,null,null,{"$f":"IF(COUNT($K136:K136)>$D$31,\"na\",K136-K138)","v":1983.2033421351953},{"$f":"IF(COUNT($K136:L136)>$D$31,\"na\",L136-L138)","v":754.59046864577977},{"$f":"IF(COUNT($K136:M136)>$D$31,\"na\",M136-M138)","v":-1635.2542631955439},{"$f":"IF(COUNT($K136:N136)>$D$31,\"na\",N136-N138)","v":-1153.295562351268},{"$f":"IF(COUNT($K136:O136)>$D$31,\"na\",O136-O138)","v":-160.34469268633984},{"$f":"IF(COUNT($K136:P136)>$D$31,\"na\",P136-P138)","v":"na"},{"$f":"IF(COUNT($K136:Q136)>$D$31,\"na\",Q136-Q138)","v":"na"},{"$f":"IF(COUNT($K136:R136)>$D$31,\"na\",R136-R138)","v":"na"},{"$f":"IF(COUNT($K136:S136)>$D$31,\"na\",S136-S138)","v":"na"},{"$f":"IF(COUNT($K136:T136)>$D$31,\"na\",T136-T138)","v":"na"}]
[null,"WACC (for NPV calculations)"]
[null,"NPV of difference between required and revenue expected from prices",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(K140:T140,$K$70:$T$70)","v":6.312035338851274E-9},{"$f":"\" (NPV over the \"&$D$31&\" year determination period)\"","v":" (NPV over the 5 year determination period)"}]
[]
[]
[]
[]
[]
[null,"OUTPUT TABLES"]
[]
[]
[]
[null,"TABLE 5 - REGULATORY ASSET BASE "]
[null,{"$f":"B$115","v":"Financial year"},null,null,null,{"$f":"F$115","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K$33","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,{"$f":"'RAB historical'!F15","v":"nominal"},{"$f":"'RAB historical'!G15","v":"nominal"},{"$f":"'RAB historical'!H15","v":"nominal"},{"$f":"'RAB historical'!I15","v":"nominal"},{"$f":"'RAB historical'!J15","v":"nominal"},{"$f":"'RAB projected '!K16","v":"2022-23 $'000"}]
[]
[null,{"$f":"'RAB historical'!B58","v":"Opening value"},{"$f":"'RAB historical'!C58","v":"$'000"},null,null,{"$f":"'RAB historical'!F115","v":660000},{"$f":"'RAB historical'!G115","v":687106.44490118581},{"$f":"'RAB historical'!H115","v":701839.52909666894},{"$f":"'RAB historical'!I115","v":728126.58530041261},{"$f":"'RAB historical'!J115","v":786452.89376498084},{"$f":"'RAB projected '!K114","v":869811.64259631012},{"$f":"'RAB projected '!L114","v":944063.01071608416},{"$f":"'RAB projected '!M114","v":1037073.1657389152},{"$f":"'RAB projected '!N114","v":1077653.0101541358},{"$f":"'RAB projected '!O114","v":1096222.375130577},{"$f":"'RAB projected '!P114","v":1119147.7606682389},{"$f":"'RAB projected '!Q114","v":1130116.6213125759},{"$f":"'RAB projected '!R114","v":1129348.9570635881},{"$f":"'RAB projected '!S114","v":1128449.7679212755},{"$f":"'RAB projected '!T114","v":1127409.053885638}]
[null,{"$f":"'RAB historical'!B59","v":"  capex net of cash capital contributions "},{"$f":"'RAB historical'!C59","v":"$'000"},null,null,{"$f":"'RAB historical'!F116","v":34000},{"$f":"'RAB historical'!G116","v":35000},{"$f":"'RAB historical'!H116","v":18900},{"$f":"'RAB historical'!I116","v":34860},{"$f":"'RAB historical'!J116","v":64955},{"$f":"'RAB projected '!K115","v":98300},{"$f":"'RAB projected '!L115","v":119860},{"$f":"'RAB projected '!M115","v":69650},{"$f":"'RAB projected '!N115","v":48720},{"$f":"'RAB projected '!O115","v":54000},{"$f":"'RAB projected '!P115","v":43000},{"$f":"'RAB projected '!Q115","v":32000},{"$f":"'RAB projected '!R115","v":32500},{"$f":"'RAB projected '!S115","v":33000},{"$f":"'RAB projected '!T115","v":33500}]
[null,{"$f":"'RAB historical'!B60","v":"  disposals "},{"$f":"'RAB historical'!C60","v":"$'000"},null,null,{"$f":"'RAB historical'!F117","v":935},{"$f":"'RAB historical'!G117","v":500},{"$f":"'RAB historical'!H117","v":500},{"$f":"'RAB historical'!I117","v":750},{"$f":"'RAB historical'!J117","v":500},{"$f":"'RAB projected '!K116","v":750},{"$f":"'RAB projected '!L116","v":675},{"$f":"'RAB projected '!M116","v":500},{"$f":"'RAB projected '!N116","v":500},{"$f":"'RAB projected '!O116","v":500},{"$f":"'RAB projected '!P116","v":500},{"$f":"'RAB projected '!Q116","v":500},{"$f":"'RAB projected '!R116","v":500},{"$f":"'RAB projected '!S116","v":500},{"$f":"'RAB projected '!T116","v":500}]
[null,{"$f":"'RAB historical'!B61","v":"  depreciation"},{"$f":"'RAB historical'!C61","v":"$'000"},null,null,{"$f":"'RAB historical'!F118","v":16783.075098814228},{"$f":"'RAB historical'!G118","v":17653.846469813223},{"$f":"'RAB historical'!H118","v":19132.445901929786},{"$f":"'RAB historical'!I118","v":21239.768238757082},{"$f":"'RAB historical'!J118","v":23667.631644449648},{"$f":"'RAB projected '!K117","v":23298.631880225967},{"$f":"'RAB projected '!L117","v":26174.844977168959},{"$f":"'RAB projected '!M117","v":28570.15558477947},{"$f":"'RAB projected '!N117","v":29650.635023558811},{"$f":"'RAB projected '!O117","v":30574.614462338155},{"$f":"'RAB projected '!P117","v":31531.139355662955},{"$f":"'RAB projected '!Q117","v":32267.664248987752},{"$f":"'RAB projected '!R117","v":32899.189142312549},{"$f":"'RAB projected '!S117","v":33540.714035637342},{"$f":"'RAB projected '!T117","v":34192.238928962142}]
[null,{"$f":"'RAB historical'!B62","v":"  indexation"},{"$f":"'RAB historical'!C62","v":"$'000"},null,null,{"$f":"'RAB historical'!F119","v":10824.52},{"$f":"'RAB historical'!G119","v":-2113.0693347035572},{"$f":"'RAB historical'!H119","v":27019.502105673419},{"$f":"'RAB historical'!I119","v":45456.076703325169},{"$f":"'RAB historical'!J119","v":42571.380475778999},{"$f":"'RAB projected '!K118","v":0},{"$f":"'RAB projected '!L118","v":0},{"$f":"'RAB projected '!M118","v":0},{"$f":"'RAB projected '!N118","v":0},{"$f":"'RAB projected '!O118","v":0},{"$f":"'RAB projected '!P118","v":0},{"$f":"'RAB projected '!Q118","v":0},{"$f":"'RAB projected '!R118","v":0},{"$f":"'RAB projected '!S118","v":0},{"$f":"'RAB projected '!T118","v":0}]
[null,{"$f":"'RAB historical'!B63","v":"Closing value"},{"$f":"'RAB historical'!C63","v":"$'000"},null,null,{"$f":"'RAB historical'!F120","v":687106.44490118581},{"$f":"'RAB historical'!G120","v":701839.52909666894},{"$f":"'RAB historical'!H120","v":728126.58530041261},{"$f":"'RAB historical'!I120","v":786452.89376498084},{"$f":"'RAB historical'!J120","v":869811.64259631012},{"$f":"'RAB projected '!K119","v":944063.01071608416},{"$f":"'RAB projected '!L119","v":1037073.1657389152},{"$f":"'RAB projected '!M119","v":1077653.0101541358},{"$f":"'RAB projected '!N119","v":1096222.375130577},{"$f":"'RAB projected '!O119","v":1119147.7606682389},{"$f":"'RAB projected '!P119","v":1130116.6213125759},{"$f":"'RAB projected '!Q119","v":1129348.9570635881},{"$f":"'RAB projected '!R119","v":1128449.7679212755},{"$f":"'RAB projected '!S119","v":1127409.053885638},{"$f":"'RAB projected '!T119","v":1126216.814956676}]
[]
[null,"Value of net working capital",{"$f":"C162","v":"$'000"},null,null,null,null,null,null,{"$f":"'Working capital'!J47","v":11079.919971032281},{"$f":"'Working capital'!K47","v":9342.0331499901658},{"$f":"'Working capital'!L47","v":7984.6488282872106},{"$f":"'Working capital'!M47","v":13203.57455789222},{"$f":"'Working capital'!N47","v":15610.107807427516},{"$f":"'Working capital'!O47","v":15695.227945842173},{"$f":"'Working capital'!P47","v":17065.220473939113},{"$f":"'Working capital'!Q47","v":18351.467392258997},{"$f":"'Working capital'!R47","v":18631.809047404793},{"$f":"'Working capital'!S47","v":18897.614625084367},{"$f":"'Working capital'!T47","v":19165.535198144113}]
[null,"check = 0",null,null,null,{"$f":"F157+F158-F159-F160+F161-F162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"TABLE 6 - NOTIONAL REVENUE REQUIREMENT AND TARGET REVENUE",null,null,null,null,null,null,null,null,{"$f":"SUM(K173:K178)","v":115211.33457640628}]
[null,{"$f":"B$115","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"K$115","v":"2023-24"},"2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$154","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$155","v":"2022-23 $'000"}]
[]
[null,{"$f":"NRR!B15","v":"  Operating expenditure"},{"$f":"NRR!C15","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K15","v":65920},{"$f":"NRR!L15","v":66910},{"$f":"NRR!M15","v":67920},{"$f":"NRR!N15","v":68940},{"$f":"NRR!O15","v":69970},{"$f":"NRR!P15","v":71020},{"$f":"NRR!Q15","v":72080},{"$f":"NRR!R15","v":73160},{"$f":"NRR!S15","v":74260},{"$f":"NRR!T15","v":75370}]
[null,{"$f":"NRR!B16","v":"  Depreciation"},{"$f":"NRR!C16","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K16","v":23001.53074595677},{"$f":"NRR!L16","v":25841.066746240413},{"$f":"NRR!M16","v":28205.832663411304},{"$f":"NRR!N16","v":29272.533968415832},{"$f":"NRR!O16","v":30184.730941138198},{"$f":"NRR!P16","v":31129.0583529875},{"$f":"NRR!Q16","v":31856.19117632513},{"$f":"NRR!R16","v":32479.662946054919},{"$f":"NRR!S16","v":33113.007197080689},{"$f":"NRR!T16","v":33756.223929402455}]
[null,{"$f":"NRR!B17","v":"  Return on RAB"},{"$f":"NRR!C17","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K17","v":23578.69656421139},{"$f":"NRR!L17","v":25762.282668607379},{"$f":"NRR!M17","v":27507.548827548228},{"$f":"NRR!N17","v":28280.550246922208},{"$f":"NRR!O17","v":28824.961800399251},{"$f":"NRR!P17","v":29272.244461668568},{"$f":"NRR!Q17","v":29412.621645164643},{"$f":"NRR!R17","v":29399.334005563735},{"$f":"NRR!S17","v":29382.670325634637},{"$f":"NRR!T17","v":29362.373920863647}]
[null,{"$f":"NRR!B18","v":"  Return on working capital"},{"$f":"NRR!C18","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K18","v":509.09340605125027},{"$f":"NRR!L18","v":435.12284776254944},{"$f":"NRR!M18","v":719.52781967339274},{"$f":"NRR!N18","v":850.67167124309071},{"$f":"NRR!O18","v":855.31028689487914},{"$f":"NRR!P18","v":929.96792845916411},{"$f":"NRR!Q18","v":1000.0618592081771},{"$f":"NRR!R18","v":1015.3390569856618},{"$f":"NRR!S18","v":1029.8241122959673},{"$f":"NRR!T18","v":1044.4244241231986}]
[null,{"$f":"NRR!B19","v":"  Tax allowance"},{"$f":"NRR!C19","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K19","v":1197.0138601868641},{"$f":"NRR!L19","v":2206.276518995297},{"$f":"NRR!M19","v":3030.5233972865126},{"$f":"NRR!N19","v":3523.9397701686798},{"$f":"NRR!O19","v":3923.1366844953459},{"$f":"NRR!P19","v":4339.1028686602549},{"$f":"NRR!Q19","v":4692.6390768234241},{"$f":"NRR!R19","v":5008.0609241162538},{"$f":"NRR!S19","v":5323.1692830820593},{"$f":"NRR!T19","v":5637.7271134961311}]
[null,{"$f":"NRR!B20","v":"  Total revenue adjustments"},null,null,null,null,null,null,null,null,{"$f":"NRR!K20","v":1005},{"$f":"NRR!L20","v":0},{"$f":"NRR!M20","v":0},{"$f":"NRR!N20","v":0},{"$f":"NRR!O20","v":0},{"$f":"NRR!P20","v":0},{"$f":"NRR!Q20","v":0},{"$f":"NRR!R20","v":0},{"$f":"NRR!S20","v":0},{"$f":"NRR!T20","v":0}]
[null,{"$f":"NRR!B21","v":"Notional revenue requirement (NRR)"},{"$f":"NRR!C21","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K21","v":115211.33457640628},{"$f":"NRR!L21","v":121154.74878160564},{"$f":"NRR!M21","v":127383.43270791943},{"$f":"NRR!N21","v":130867.69565674983},{"$f":"NRR!O21","v":133758.13971292769},{"$f":"NRR!P21","v":136690.37361177549},{"$f":"NRR!Q21","v":139041.51375752137},{"$f":"NRR!R21","v":141062.39693272056},{"$f":"NRR!S21","v":143108.67091809335},{"$f":"NRR!T21","v":145170.74938788541}]
[null,{"$f":"NRR!B22","v":"   less"}]
[null,{"$f":"NRR!B23","v":"   Profit/loss on asset sales"},{"$f":"NRR!C23","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K23","v":0},{"$f":"NRR!L23","v":0},{"$f":"NRR!M23","v":0},{"$f":"NRR!N23","v":0},{"$f":"NRR!O23","v":0},{"$f":"NRR!P23","v":0},{"$f":"NRR!Q23","v":0},{"$f":"NRR!R23","v":0},{"$f":"NRR!S23","v":0},{"$f":"NRR!T23","v":0}]
[null,{"$f":"NRR!B24","v":"   Other regulatory revenue (customer share)"},{"$f":"NRR!C23","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K24","v":0},{"$f":"NRR!L24","v":1000},{"$f":"NRR!M24","v":1000},{"$f":"NRR!N24","v":1000},{"$f":"NRR!O24","v":1000},{"$f":"NRR!P24","v":1000},{"$f":"NRR!Q24","v":1000},{"$f":"NRR!R24","v":1000},{"$f":"NRR!S24","v":1000},{"$f":"NRR!T24","v":1000}]
[null,{"$f":"NRR!B25","v":"Revenue required from prices"},{"$f":"NRR!C25","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K25","v":115211.33457640628},{"$f":"NRR!L25","v":120154.74878160564},{"$f":"NRR!M25","v":126383.43270791943},{"$f":"NRR!N25","v":129867.69565674983},{"$f":"NRR!O25","v":132758.13971292769},{"$f":"NRR!P25","v":135690.37361177549},{"$f":"NRR!Q25","v":138041.51375752137},{"$f":"NRR!R25","v":140062.39693272056},{"$f":"NRR!S25","v":142108.67091809335},{"$f":"NRR!T25","v":144170.74938788541}]
[]
[]
[null,"Target revenue ",{"$f":"C183","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K136","v":117194.53791854148},120909.33925025142,124748.17844472389,128714.40009439856,132597.79502024135,137102.78468508311,141758.64344902732,146570.6215310749,151542.95940193196,156680.59674200104]
[null,{"$f":"\"Implied real return on RAB (\"&IF($W$61=2,\"post-tax\",\"pre-tax\")&\")\"","v":"Implied real return on RAB (post-tax)"},"%",null,null,null,null,null,null,null,{"$f":"'Implied return'!K30","v":2.818685908930945E-2},{"$f":"'Implied return'!L30","v":2.6761553331168808E-2},{"$f":"'Implied return'!M30","v":2.4454365704860447E-2},{"$f":"'Implied return'!N30","v":2.4939706464007141E-2},{"$f":"'Implied return'!O30","v":2.585536972993363E-2},{"$f":"'Implied return'!P30","v":2.7254522452287037E-2},{"$f":"'Implied return'!Q30","v":2.9285846911067278E-2},{"$f":"'Implied return'!R30","v":3.1755703157261631E-2},{"$f":"'Implied return'!S30","v":3.4348169103126124E-2},{"$f":"'Implied return'!T30","v":3.7077307035310716E-2}]
[]
[null,"NPV of required revenue from prices over next determination period",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT($K$70:$T$70,K183:T183)","v":573567.25061608676}]
[null,"NPV of target revenue from prices over the next determination period",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT($K$70:$T$70,K186:T186)","v":573567.25061609317}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"K190-K189","v":6.4028427004814148E-9}]
[null,"check required revenue = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K173:K177)+K178-SUM(K181:K183)","v":0},0,0,0,0,0,0,0,0,0]
[null,"Check NPVs = 0",null,null,null,null,null,null,null,null,{"$f":"NRR!K26-K189","v":0}]
[]
[]
[null,"TABLE 7 - FINANCIAL INDICATORS"]
[null,{"$f":"B$115","v":"Financial year"},null,{"$f":"'Financials actual'!D109","v":"Target ratios"},null,null,null,null,{"$f":"I$115","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$154","v":"Determination period is 2023-24 to 2027-28"}]
[]
[]
[null,{"$f":"'Financials actual'!B112","v":"1A.  Interest Coverage Ratio (ICR)"},null,{"$f":"'Financials actual'!D112","v":"Higher is better"},null,null,null,null,null,"This is a coverage ratio and measures a business’s ability to service its debt prior to repayment."]
[null,"  -  Actual 1",{"$f":"'Financials actual'!C113","v":">"},{"$f":"'Financials actual'!D113&\" times\"","v":"1.8 times"},null,null,null,null,{"$f":"'Financials actual'!I113","v":2.2886240574869694},{"$f":"'Financials actual'!J113","v":2.1397062126589104},{"$f":"'Financials actual'!K113","v":1.9422792273994398},{"$f":"'Financials actual'!L113","v":1.9028492579822569},{"$f":"'Financials actual'!M113","v":1.7421889295514692},{"$f":"'Financials actual'!N113","v":1.7147065495548495},{"$f":"'Financials actual'!O113","v":1.7440637507225913},{"$f":"'Financials actual'!P113","v":1.7814721197307468},{"$f":"'Financials actual'!Q113","v":1.8468691844702632},{"$f":"'Financials actual'!R113","v":1.9463436439195947},{"$f":"'Financials actual'!S113","v":2.0575285810447994},{"$f":"'Financials actual'!T113","v":2.1796733808124529},null,{"$f":"'Financials actual'!V113","v":"= (FFO + net interest payments) / net interest payments, after adjustment for operating leases and superannuation"}]
[null,{"$f":"'Financials benchmark'!B104","v":"1B. Real Interest Coverage Ratio (RICR)"}]
[null,"  -  Benchmark",{"$f":"'Financials benchmark'!C105","v":">"},{"$f":"'Financials benchmark'!D105&\" times\"","v":"2.2 times"},null,null,null,null,"na",{"$f":"'Financials benchmark'!J105","v":2.6754584741604783},{"$f":"'Financials benchmark'!K105","v":5.5098793211733881},{"$f":"'Financials benchmark'!L105","v":5.1775501677065314},{"$f":"'Financials benchmark'!M105","v":5.1249982917434211},{"$f":"'Financials benchmark'!N105","v":5.242234044814567},{"$f":"'Financials benchmark'!O105","v":5.3485312481385652},{"$f":"'Financials benchmark'!P105","v":5.5537888199718957},{"$f":"'Financials benchmark'!Q105","v":5.834241938378625},{"$f":"'Financials benchmark'!R105","v":6.1374435985443281},{"$f":"'Financials benchmark'!S105","v":6.4546142614156299},{"$f":"'Financials benchmark'!T105","v":6.7872569248216141},null,{"$f":"'Financials benchmark'!V105","v":"= (FFO + net interest payments) / net interest payments, assuming a real cost of debt"}]
[]
[]
[null,{"$f":"'Financials actual'!B115","v":"2A. FFO / Net Debt"},null,{"$f":"'Financials actual'!D115","v":"Higher is better"},null,null,null,null,null,"This is a more dynamic measure of leverage than debt gearing and a useful indicator of a business’s ability to generate cash flows."]
[null,"  -  Actual 1",{"$f":"'Financials actual'!C116","v":">"},{"$f":"'Financials actual'!D116","v":0.06},null,null,null,null,{"$f":"'Financials actual'!I116","v":6.4653684050170107E-2},{"$f":"'Financials actual'!J116","v":5.7159915288604514E-2},{"$f":"'Financials actual'!K116","v":4.5242978062426248E-2},{"$f":"'Financials actual'!L116","v":4.262223414555491E-2},{"$f":"'Financials actual'!M116","v":3.8283376286181961E-2},{"$f":"'Financials actual'!N116","v":3.8443225214751305E-2},{"$f":"'Financials actual'!O116","v":3.995261736647835E-2},{"$f":"'Financials actual'!P116","v":4.2710062268936574E-2},{"$f":"'Financials actual'!Q116","v":4.7189959919664279E-2},{"$f":"'Financials actual'!R116","v":5.2906227386491166E-2},{"$f":"'Financials actual'!S116","v":5.9239039954295199E-2},{"$f":"'Financials actual'!T116","v":6.6224919697184248E-2},null,{"$f":"'Financials actual'!V116","v":"= FFO / Net Debt, after adjustment for operating leases and superannuation"}]
[null,{"$f":"'Financials benchmark'!B107","v":"2B. Real FFO / Net Debt"}]
[null,{"$f":"B204","v":"  -  Benchmark"},{"$f":"'Financials benchmark'!C108","v":">"},{"$f":"'Financials benchmark'!D108","v":7.0000000000000007E-2},null,null,null,null,"na",{"$f":"'Financials benchmark'!J108","v":5.3614671173135307E-2},{"$f":"'Financials benchmark'!K108","v":7.1082514533667832E-2},{"$f":"'Financials benchmark'!L108","v":6.6986956041941881E-2},{"$f":"'Financials benchmark'!M108","v":6.6144287476935737E-2},{"$f":"'Financials benchmark'!N108","v":6.8024161068455574E-2},{"$f":"'Financials benchmark'!O108","v":6.9728635174233985E-2},{"$f":"'Financials benchmark'!P108","v":7.3019937346488567E-2},{"$f":"'Financials benchmark'!Q108","v":7.7516999011902621E-2},{"$f":"'Financials benchmark'!R108","v":8.2378833212810421E-2},{"$f":"'Financials benchmark'!S108","v":8.7464660168472722E-2},{"$f":"'Financials benchmark'!T108","v":9.2798580427169305E-2},null,{"$f":"'Financials benchmark'!V108","v":"= FFO / Net Debt, assuming a real cost of debt"}]
[]
[]
[null,{"$f":"'Financials benchmark'!B110","v":"3. Net Debt / RAB"},null,{"$f":"'Financials actual'!D118","v":"Lower is better"},null,null,null,null,null,"The gearing ratio can provide useful information by assessing the business' leverage over the determination period and as a comparison to the gearing level assumed in the WACC."]
[null,"  -  Actual 1",{"$f":"'Financials actual'!C119","v":"<"},{"$f":"'Financials actual'!D119","v":0.7},null,null,null,null,{"$f":"'Financials actual'!I119","v":0.50080558304576461},{"$f":"'Financials actual'!J119","v":0.50387586720251709},{"$f":"'Financials actual'!K119","v":0.53116040999644765},{"$f":"'Financials actual'!L119","v":0.56211721800946801},{"$f":"'Financials actual'!M119","v":0.57154198239269205},{"$f":"'Financials actual'!N119","v":0.57066064226937818},{"$f":"'Financials actual'!O119","v":0.56993532140192615},{"$f":"'Financials actual'!P119","v":0.5646457171587318},{"$f":"'Financials actual'!Q119","v":0.5543817943952809},{"$f":"'Financials actual'!R119","v":0.54307792494193674},{"$f":"'Financials actual'!S119","v":0.53104822565467613},{"$f":"'Financials actual'!T119","v":0.51824869395395778},null,{"$f":"'Financials actual'!V119","v":"= Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"}]
[null,{"$f":"B204","v":"  -  Benchmark"},{"$f":"'Financials benchmark'!C111","v":"<"},{"$f":"'Financials benchmark'!D111","v":0.7},null,null,null,null,"na",{"$f":"'Financials benchmark'!J111","v":0.6},{"$f":"'Financials benchmark'!K111","v":0.6},{"$f":"'Financials benchmark'!L111","v":0.6},{"$f":"'Financials benchmark'!M111","v":0.6},{"$f":"'Financials benchmark'!N111","v":0.59999999999999987},{"$f":"'Financials benchmark'!O111","v":0.6},{"$f":"'Financials benchmark'!P111","v":0.6},{"$f":"'Financials benchmark'!Q111","v":0.6},{"$f":"'Financials benchmark'!R111","v":0.6},{"$f":"'Financials benchmark'!S111","v":0.6},{"$f":"'Financials benchmark'!T111","v":0.6},null,{"$f":"'Financials benchmark'!V111","v":"= Net Debt / (RAB + net working capital)"}]
[]
[null,{"$f":"'Financials benchmark'!B113","v":"4.  Return on capital employed"},{"$f":"'Financials benchmark'!C113","v":"Target = real Post-tax WACC"},null,null,null,null,null,null,"This ratio provides a check against the WACC under our benchmark test."]
[null,{"$f":"B215","v":"  -  Benchmark"},null,null,null,null,null,null,null,null,{"$f":"'Financials benchmark'!K114","v":2.9308181866585323E-2},{"$f":"'Financials benchmark'!L114","v":2.6743228492700159E-2},{"$f":"'Financials benchmark'!M114","v":2.4416181242006629E-2},{"$f":"'Financials benchmark'!N114","v":2.4910843421998039E-2},{"$f":"'Financials benchmark'!O114","v":2.5837802432677439E-2},{"$f":"'Financials benchmark'!P114","v":2.725743416262463E-2},{"$f":"'Financials benchmark'!Q114","v":2.9318744108416051E-2},{"$f":"'Financials benchmark'!R114","v":3.1824212237231662E-2},{"$f":"'Financials benchmark'!S114","v":3.4455538019935325E-2},{"$f":"'Financials benchmark'!T114","v":3.7227153744339617E-2},null,{"$f":"'Financials benchmark'!V114","v":" = EBIT- tax + franking credits - return on working capital / average of opening and closing RAB"}]
[null,{"$f":"B218&\", average over determination period\"","v":"  -  Benchmark, average over determination period"},null,{"$f":"'Financials benchmark'!D114","v":2.6000000000000002E-2},null,null,null,null,null,null,{"$f":"'Financials benchmark'!K115","v":2.6150101606726858E-2}]
[]
[null,"1. Interest expense for Actual ratios is calculated using previous year's closing debt to avoid circular referencing (forecast period only)"]
[]
[]
[null,"TABLE 8 - PRICES"]
[null,{"$f":"B$115","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$115","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$154","v":"Determination period is 2023-24 to 2027-28"}]
[null,{"$f":"\"Base year prices, \"&K227","v":"Base year prices, 2022-23$"},null,null,null,null,null,null,{"$f":"Bills!I14","v":"2022-23$"},{"$f":"Bills!J14","v":"2022-23$"},{"$f":"Bills!K14","v":"2022-23$"}]
[]
[null,{"$f":"Bills!B21","v":"Access charge"},{"$f":"Bills!C21","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I21","v":47.573739295908659},{"$f":"Bills!J21","v":50},{"$f":"Bills!K21","v":50.972984763300119},{"$f":"Bills!L21","v":51.964903513592525},{"$f":"Bills!M21","v":52.976124700494253},{"$f":"Bills!N21","v":54.007023943539615},{"$f":"Bills!O21","v":55.057984171704589},{"$f":"Bills!P21","v":56.129395765646343},{"$f":"Bills!Q21","v":57.221656702710668},{"$f":"Bills!R21","v":58.33517270476122},{"$f":"Bills!S21","v":59.470357388885496},{"$f":"Bills!T21","v":60.627632421033468}]
[null,{"$f":"Bills!B22","v":"Usage charge for Tier 1 consumption"},{"$f":"Bills!C22","v":"$/kL"},null,null,null,null,null,{"$f":"Bills!I22","v":1.9029495718363465},{"$f":"Bills!J22","v":2},{"$f":"Bills!K22","v":2.0389193905320049},{"$f":"Bills!L22","v":2.0785961405437012},{"$f":"Bills!M22","v":2.1190449880197706},{"$f":"Bills!N22","v":2.1602809577415849},{"$f":"Bills!O22","v":2.202319366868184},{"$f":"Bills!P22","v":2.2451758306258545},{"$f":"Bills!Q22","v":2.2888662681084275},{"$f":"Bills!R22","v":2.3334069081904496},{"$f":"Bills!S22","v":2.3788142955554208},{"$f":"Bills!T22","v":2.4251052968413394}]
[null,{"$f":"Bills!B23","v":"Usage charge for Tier 2 consumption"},{"$f":"Bills!C23","v":"$/kL"},null,null,null,null,null,{"$f":"Bills!I23","v":2.378686964795433},{"$f":"Bills!J23","v":2.5},{"$f":"Bills!K23","v":2.5486492381650061},{"$f":"Bills!L23","v":2.5982451756796263},{"$f":"Bills!M23","v":2.648806235024713},{"$f":"Bills!N23","v":2.7003511971769814},{"$f":"Bills!O23","v":2.7528992085852302},{"$f":"Bills!P23","v":2.806469788282318},{"$f":"Bills!Q23","v":2.8610828351355342},{"$f":"Bills!R23","v":2.9167586352380619},{"$f":"Bills!S23","v":2.9735178694442759},{"$f":"Bills!T23","v":3.0313816210516742}]
[]
[]
[null,{"$f":"K234","v":"Determination prices, 2023-24$"},null,"rounding factors",null,null,null,null,null,null,{"$f":"\"Determination prices, \"&K225&\"$\"","v":"Determination prices, 2023-24$"}]
[]
[null,{"$f":"B229","v":"Access charge"},"$/year",2,null,null,null,null,null,null,{"$f":"ROUND(K229*(1+'Pricing & financial inputs'!$K$24),2)","v":54.18},{"$f":"ROUND(L229*(1+'Pricing & financial inputs'!$K$24),2)","v":55.24},{"$f":"ROUND(M229*(1+'Pricing & financial inputs'!$K$24),2)","v":56.31},{"$f":"ROUND(N229*(1+'Pricing & financial inputs'!$K$24),2)","v":57.41},{"$f":"ROUND(O229*(1+'Pricing & financial inputs'!$K$24),2)","v":58.53},{"$f":"ROUND(P229*(1+'Pricing & financial inputs'!$K$24),2)","v":59.67},{"$f":"ROUND(Q229*(1+'Pricing & financial inputs'!$K$24),2)","v":60.83},{"$f":"ROUND(R229*(1+'Pricing & financial inputs'!$K$24),2)","v":62.01},{"$f":"ROUND(S229*(1+'Pricing & financial inputs'!$K$24),2)","v":63.22},{"$f":"ROUND(T229*(1+'Pricing & financial inputs'!$K$24),2)","v":64.45}]
[null,"Usage charge for Tier 1 consumption","$/kL",2,null,null,null,null,null,null,{"$f":"ROUND(K230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.17},{"$f":"ROUND(L230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.21},{"$f":"ROUND(M230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.25},{"$f":"ROUND(N230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.2999999999999998},{"$f":"ROUND(O230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.34},{"$f":"ROUND(P230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.39},{"$f":"ROUND(Q230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.4300000000000002},{"$f":"ROUND(R230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.48},{"$f":"ROUND(S230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.5299999999999998},{"$f":"ROUND(T230*(1+'Pricing & financial inputs'!$K$24),2)","v":2.58}]
[null,"Usage charge for Tier 2 consumption","$/kL",{"$f":"D237","v":2},null,null,null,null,null,null,{"$f":"ROUND(K231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.71},{"$f":"ROUND(L231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.76},{"$f":"ROUND(M231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.82},{"$f":"ROUND(N231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.87},{"$f":"ROUND(O231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.93},{"$f":"ROUND(P231*(1+'Pricing & financial inputs'!$K$24),2)","v":2.98},{"$f":"ROUND(Q231*(1+'Pricing & financial inputs'!$K$24),2)","v":3.04},{"$f":"ROUND(R231*(1+'Pricing & financial inputs'!$K$24),2)","v":3.1},{"$f":"ROUND(S231*(1+'Pricing & financial inputs'!$K$24),2)","v":3.16},{"$f":"ROUND(T231*(1+'Pricing & financial inputs'!$K$24),2)","v":3.22}]
[]
[null,"Nominal prices",null,null,null,null,null,null,null,null,{"$f":"Bills!K69","v":"nominal"}]
[]
[null,{"$f":"B229","v":"Access charge"},"$/year",null,null,null,null,null,{"$f":"Bills!I72","v":50},{"$f":"Bills!J72","v":50},{"$f":"Bills!K72","v":54.18},{"$f":"Bills!L72","v":56.62},{"$f":"Bills!M72","v":59.16},{"$f":"Bills!N72","v":61.82},{"$f":"Bills!O72","v":64.599999999999994},{"$f":"Bills!P72","v":67.510000000000005},{"$f":"Bills!Q72","v":70.540000000000006},{"$f":"Bills!R72","v":73.709999999999994},{"$f":"Bills!S72","v":77.02},{"$f":"Bills!T72","v":80.489999999999995}]
[null,"Usage charge for Tier 1 consumption","$/kL",null,null,null,null,null,{"$f":"Bills!I73","v":2},{"$f":"Bills!J73","v":2},{"$f":"Bills!K73","v":2.17},{"$f":"Bills!L73","v":2.2599999999999998},{"$f":"Bills!M73","v":2.37},{"$f":"Bills!N73","v":2.4700000000000002},{"$f":"Bills!O73","v":2.58},{"$f":"Bills!P73","v":2.7},{"$f":"Bills!Q73","v":2.82},{"$f":"Bills!R73","v":2.95},{"$f":"Bills!S73","v":3.08},{"$f":"Bills!T73","v":3.22}]
[null,"Usage charge for Tier 2 consumption","$/kL",null,null,null,null,null,{"$f":"Bills!I74","v":2.5},{"$f":"Bills!J74","v":2.5},{"$f":"Bills!K74","v":2.71},{"$f":"Bills!L74","v":2.83},{"$f":"Bills!M74","v":2.96},{"$f":"Bills!N74","v":3.09},{"$f":"Bills!O74","v":3.23},{"$f":"Bills!P74","v":3.38},{"$f":"Bills!Q74","v":3.53},{"$f":"Bills!R74","v":3.69},{"$f":"Bills!S74","v":3.85},{"$f":"Bills!T74","v":4.0199999999999996}]
[]
[]
[]
[null,"TABLE 9 - ANNUAL BILLS"]
[null,{"$f":"B$115","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$115","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$154","v":"Determination period is 2023-24 to 2027-28"}]
[null,{"$f":"B227","v":"Base year prices, 2022-23$"},null,null,null,null,null,null,{"$f":"K251","v":"2022-23$"},{"$f":"K251","v":"2022-23$"},{"$f":"K227","v":"2022-23$"}]
[]
[null,{"$f":"Bills!B53","v":"Bills for non-pensioners"}]
[null,{"$f":"Bills!B54&\" (\"&Bills!D28&\" kL pa)\"","v":"Small customer (100 kL pa)"},{"$f":"Bills!C54&\", \"&$K$251","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I54","v":237.8686964795433},{"$f":"Bills!J54","v":250},{"$f":"Bills!K54","v":254.86492381650061},{"$f":"Bills!L54","v":259.82451756796263},{"$f":"Bills!M54","v":264.88062350247134},{"$f":"Bills!N54","v":270.03511971769808},{"$f":"Bills!O54","v":275.28992085852298},{"$f":"Bills!P54","v":280.64697882823179},{"$f":"Bills!Q54","v":286.10828351355343},{"$f":"Bills!R54","v":291.67586352380619},{"$f":"Bills!S54","v":297.35178694442754},{"$f":"Bills!T54","v":303.1381621051674}]
[null," ---- annual percentage change","% ",null,null,null,null,null,null,null,{"$f":"K254/J254-1","v":1.9459695266002441E-2},1.9459695266002441E-2,1.9459695266002663E-2,1.9459695266002219E-2,1.9459695266002441E-2,1.9459695266002663E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002441E-2]
[null,{"$f":"Bills!B55&\" (\"&Bills!D29&\" kL pa)\"","v":"Medium customer (200 kL pa)"},{"$f":"C$254","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I55","v":451.95052331113226},{"$f":"Bills!J55","v":475},{"$f":"Bills!K55","v":484.2433552513512},{"$f":"Bills!L55","v":493.66658337912901},{"$f":"Bills!M55","v":503.27318465469551},{"$f":"Bills!N55","v":513.06672746362642},{"$f":"Bills!O55","v":523.05084963119373},{"$f":"Bills!P55","v":533.22925977364048},{"$f":"Bills!Q55","v":543.60573867575147},{"$f":"Bills!R55","v":554.1841406952318},{"$f":"Bills!S55","v":564.96839519441244},{"$f":"Bills!T55","v":575.96250799981806}]
[null,{"$f":"B255","v":" ---- annual percentage change"},{"$f":"C255","v":"% "},null,null,null,null,null,null,null,{"$f":"K256/J256-1","v":1.9459695266002441E-2},1.9459695266002441E-2,1.9459695266002663E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002219E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002219E-2]
[null,{"$f":"Bills!B56&\" (\"&Bills!D30&\" kL pa)\"","v":"Large customer (400 kL pa)"},{"$f":"C$254","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I56","v":927.68791627021903},{"$f":"Bills!J56","v":975},{"$f":"Bills!K56","v":993.97320288435242},{"$f":"Bills!L56","v":1013.3156185150543},{"$f":"Bills!M56","v":1033.0344316596381},{"$f":"Bills!N56","v":1053.1369668990228},{"$f":"Bills!O56","v":1073.6306913482397},{"$f":"Bills!P56","v":1094.5232174301041},{"$f":"Bills!Q56","v":1115.8223057028581},{"$f":"Bills!R56","v":1137.5358677428439},{"$f":"Bills!S56","v":1159.6719690832676},{"$f":"Bills!T56","v":1182.2388322101529}]
[null,{"$f":"B257","v":" ---- annual percentage change"},{"$f":"C257","v":"% "},null,null,null,null,null,null,null,{"$f":"K258/J258-1","v":1.9459695266002441E-2},1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002441E-2,1.9459695266002219E-2,1.9459695266002663E-2,1.9459695266002219E-2,1.9459695266002441E-2,1.9459695266002663E-2,1.9459695266002219E-2]
[]
[null,{"$f":"Bills!B58","v":"Bills for pensioners"}]
[null,{"$f":"B254","v":"Small customer (100 kL pa)"},{"$f":"C$254","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I59","v":152.23596574690771},{"$f":"Bills!J59","v":160},{"$f":"Bills!K59","v":164.86492381650061},{"$f":"Bills!L59","v":169.82451756796263},{"$f":"Bills!M59","v":174.88062350247134},{"$f":"Bills!N59","v":180.03511971769808},{"$f":"Bills!O59","v":185.28992085852298},{"$f":"Bills!P59","v":190.64697882823179},{"$f":"Bills!Q59","v":196.10828351355343},{"$f":"Bills!R59","v":201.67586352380619},{"$f":"Bills!S59","v":207.35178694442754},{"$f":"Bills!T59","v":213.1381621051674}]
[null,{"$f":"B255","v":" ---- annual percentage change"},{"$f":"C255","v":"% "},null,null,null,null,null,null,null,{"$f":"K262/J262-1","v":3.0405773853128704E-2},3.0082771014301235E-2,2.9772532299320531E-2,2.9474370070243339E-2,2.9187644883201802E-2,2.8911761335357111E-2,2.8646164334144242E-2,2.8390335739530093E-2,2.8143791336494584E-2,2.7906078100453868E-2]
[null,{"$f":"B256","v":"Medium customer (200 kL pa)"},{"$f":"C$254","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I60","v":366.31779257849666},{"$f":"Bills!J60","v":385},{"$f":"Bills!K60","v":394.2433552513512},{"$f":"Bills!L60","v":403.66658337912901},{"$f":"Bills!M60","v":413.27318465469551},{"$f":"Bills!N60","v":423.06672746362642},{"$f":"Bills!O60","v":433.05084963119373},{"$f":"Bills!P60","v":443.22925977364048},{"$f":"Bills!Q60","v":453.60573867575147},{"$f":"Bills!R60","v":464.1841406952318},{"$f":"Bills!S60","v":474.96839519441244},{"$f":"Bills!T60","v":485.96250799981806}]
[null,{"$f":"B263","v":" ---- annual percentage change"},{"$f":"C263","v":"% "},null,null,null,null,null,null,null,{"$f":"K264/J264-1","v":2.4008714938574593E-2},2.390205948244839E-2,2.3798356542542587E-2,2.369750366725043E-2,2.3599402929708635E-2,2.3503960680633984E-2,2.3411087317227963E-2,2.3320697066934626E-2,2.3232707784950346E-2,2.3147040764481819E-2]
[null,{"$f":"B258","v":"Large customer (400 kL pa)"},{"$f":"C$254","v":"$/year, 2022-23$"},null,null,null,null,null,{"$f":"Bills!I61","v":842.05518553758338},{"$f":"Bills!J61","v":885},{"$f":"Bills!K61","v":903.97320288435242},{"$f":"Bills!L61","v":923.31561851505433},{"$f":"Bills!M61","v":943.03443165963813},{"$f":"Bills!N61","v":963.13696689902281},{"$f":"Bills!O61","v":983.63069134823968},{"$f":"Bills!P61","v":1004.5232174301041},{"$f":"Bills!Q61","v":1025.8223057028581},{"$f":"Bills!R61","v":1047.5358677428439},{"$f":"Bills!S61","v":1069.6719690832676},{"$f":"Bills!T61","v":1092.2388322101529}]
[null,{"$f":"B265","v":" ---- annual percentage change"},{"$f":"C265","v":"% "},null,null,null,null,null,null,null,{"$f":"K266/J266-1","v":2.1438647326951887E-2},2.1397111738473029E-2,2.1356525059434306E-2,2.1316862422516625E-2,2.1278099744421297E-2,2.124021369567819E-2,2.1203181671842319E-2,2.1166981766016946E-2,2.1131592742615002E-2,2.1096994012309578E-2]
[null,{"$f":"B240","v":"Nominal prices"},null,null,null,null,null,null,{"$f":"J268","v":"nominal"},{"$f":"K268","v":"nominal"},{"$f":"Bills!K69","v":"nominal"}]
[]
[null,{"$f":"B253","v":"Bills for non-pensioners"}]
[null,{"$f":"B254","v":"Small customer (100 kL pa)"},{"$f":"Bills!C54&\", \"&$K$268","v":"$/year, nominal"},null,null,null,null,null,{"$f":"Bills!I79","v":250},{"$f":"Bills!J79","v":250},{"$f":"Bills!K79","v":271.18},{"$f":"Bills!L79","v":282.61999999999995},{"$f":"Bills!M79","v":296.15999999999997},{"$f":"Bills!N79","v":308.82000000000005},{"$f":"Bills!O79","v":322.60000000000002},{"$f":"Bills!P79","v":337.51},{"$f":"Bills!Q79","v":352.54},{"$f":"Bills!R79","v":368.71},{"$f":"Bills!S79","v":385.02},{"$f":"Bills!T79","v":402.49}]
[null,{"$f":"B255","v":" ---- annual percentage change"},"%",null,null,null,null,null,null,null,{"$f":"K271/J271-1","v":8.4720000000000129E-2},{"$f":"L271/K271-1","v":4.218600191754529E-2},4.7908852876654251E-2,4.2747163695300072E-2,4.4621462340521889E-2,4.6218226906385551E-2,4.4532013866255937E-2,4.5867135644182211E-2,4.4235306880746394E-2,4.5374266271882124E-2]
[null,"Medium customer (200 kL pa)",{"$f":"C271","v":"$/year, nominal"},null,null,null,null,null,{"$f":"Bills!I80","v":475},{"$f":"Bills!J80","v":475},{"$f":"Bills!K80","v":515.17999999999995},{"$f":"Bills!L80","v":537.11999999999989},{"$f":"Bills!M80","v":562.66},{"$f":"Bills!N80","v":586.82000000000005},{"$f":"Bills!O80","v":613.1},{"$f":"Bills!P80","v":641.51},{"$f":"Bills!Q80","v":670.04},{"$f":"Bills!R80","v":700.71},{"$f":"Bills!S80","v":731.52},{"$f":"Bills!T80","v":764.49}]
[null," ---- annual percentage change",{"$f":"C272","v":"%"},null,null,null,null,null,null,null,{"$f":"K273/J273-1","v":8.4589473684210326E-2},{"$f":"L273/K273-1","v":4.2587056950968538E-2},4.7549895740244486E-2,4.2938897380300878E-2,4.4783749701782449E-2,4.6338280867721293E-2,4.4473196053062214E-2,4.5773386663482851E-2,4.3969687887999154E-2,4.5070538057742748E-2]
[null,"Large customer (400 kL pa)",{"$f":"C273","v":"$/year, nominal"},null,null,null,null,null,{"$f":"Bills!I81","v":975},{"$f":"Bills!J81","v":975},{"$f":"Bills!K81","v":1057.18},{"$f":"Bills!L81","v":1103.1199999999999},{"$f":"Bills!M81","v":1154.6600000000001},{"$f":"Bills!N81","v":1204.82},{"$f":"Bills!O81","v":1259.0999999999999},{"$f":"Bills!P81","v":1317.51},{"$f":"Bills!Q81","v":1376.04},{"$f":"Bills!R81","v":1438.71},{"$f":"Bills!S81","v":1501.52},{"$f":"Bills!T81","v":1568.49}]
[null," ---- annual percentage change",{"$f":"C274","v":"%"},null,null,null,null,null,null,null,{"$f":"K275/J275-1","v":8.4287179487179564E-2},{"$f":"L275/K275-1","v":4.3455229951379959E-2},4.672202480237897E-2,4.3441359361197085E-2,4.5052372968576115E-2,4.6390278770550353E-2,4.4424710248878618E-2,4.5543734193773444E-2,4.3657165099290296E-2,4.460147050988339E-2]
[]
[null,"Bills for pensioners"]
[null,"Small customer (100 kL pa)",{"$f":"C271","v":"$/year, nominal"},null,null,null,null,null,{"$f":"Bills!I84","v":160},{"$f":"Bills!J84","v":160},{"$f":"Bills!K84","v":175.51},{"$f":"Bills!L84","v":184.55999999999995},{"$f":"Bills!M84","v":195.64999999999998},{"$f":"Bills!N84","v":205.79000000000005},{"$f":"Bills!O84","v":217.00000000000003},{"$f":"Bills!P84","v":229.26999999999998},{"$f":"Bills!Q84","v":241.59000000000003},{"$f":"Bills!R84","v":254.98999999999998},{"$f":"Bills!S84","v":268.45999999999998},{"$f":"Bills!T84","v":283.01}]
[null," ---- annual percentage change","%",null,null,null,null,null,null,null,{"$f":"K279/J279-1","v":9.6937499999999899E-2},{"$f":"L279/K279-1","v":5.1564013446526946E-2},6.0088859991330956E-2,5.1827242524917327E-2,5.4473006462898876E-2,5.6543778801843025E-2,5.3735770052776521E-2,5.5465871931785093E-2,5.2825601003960942E-2,5.4198018326752528E-2]
[null,"Medium customer (200 kL pa)","$/year, nominal",null,null,null,null,null,{"$f":"Bills!I85","v":385},{"$f":"Bills!J85","v":385},{"$f":"Bills!K85","v":419.50999999999993},{"$f":"Bills!L85","v":439.05999999999989},{"$f":"Bills!M85","v":462.15},{"$f":"Bills!N85","v":483.79000000000008},{"$f":"Bills!O85","v":507.5},{"$f":"Bills!P85","v":533.27},{"$f":"Bills!Q85","v":559.08999999999992},{"$f":"Bills!R85","v":586.99},{"$f":"Bills!S85","v":614.96},{"$f":"Bills!T85","v":645.01}]
[null," ---- annual percentage change","%",null,null,null,null,null,null,null,{"$f":"K281/J281-1","v":8.9636363636363514E-2},{"$f":"L281/K281-1","v":4.6601988033658115E-2},5.2589623286111387E-2,4.6824624039814022E-2,4.900886748382538E-2,5.0778325123152612E-2,4.8418249667147917E-2,4.9902520166699604E-2,4.7649874784919666E-2,4.8864966827110612E-2]
[null,"Large customer (400 kL pa)","$/year, nominal",null,null,null,null,null,{"$f":"Bills!I86","v":885},{"$f":"Bills!J86","v":885},{"$f":"Bills!K86","v":961.5100000000001},{"$f":"Bills!L86","v":1005.06},{"$f":"Bills!M86","v":1054.1500000000001},{"$f":"Bills!N86","v":1101.79},{"$f":"Bills!O86","v":1153.5},{"$f":"Bills!P86","v":1209.27},{"$f":"Bills!Q86","v":1265.0899999999999},{"$f":"Bills!R86","v":1324.99},{"$f":"Bills!S86","v":1384.96},{"$f":"Bills!T86","v":1449.01}]
[null," ---- annual percentage change","%",null,null,null,null,null,null,null,{"$f":"K283/J283-1","v":8.6451977401130087E-2},{"$f":"L283/K283-1","v":4.5293340682884153E-2},4.8842855152926301E-2,4.5192809372480047E-2,4.6932718576135235E-2,4.8348504551365412E-2,4.6160080048293528E-2,4.7348409994545815E-2,4.5260718948822332E-2,4.624682301293892E-2]

{"sheet":"Financials actual","index":10,"n_rows":180,"n_cols":22,"rows_kept":180,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"6a  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - ACTUAL"]
[]
[null,"Index",null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B16","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B16)","v":16}]
[null,{"$f":"B34","v":"TABLE 2 - REGULATORY INCOME STATEMENT (nominal $'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B34)","v":34}]
[null,{"$f":"B64","v":"TABLE 3 - REGULATORY BALANCE SHEET (nominal $'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B64)","v":64}]
[null,{"$f":"B85","v":"TABLE 4 - REGULATORY CASH FLOW (nominal$'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B85)","v":85}]
[null,{"$f":"B108","v":"TABLE 5 - FINANCEABILITY RATIOS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B108)","v":108}]
[null,{"$f":"B127","v":"TABLE 6 - CALCULATION OF TAX PAYABLE (nominal$'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B127)","v":127}]
[null,{"$f":"B149","v":"TABLE 7 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal$'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B149)","v":149}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Pricing & financial inputs'!B63","v":"Financial year"},{"$f":"'Pricing & financial inputs'!C63","v":"Units"},"Selection options",null,null,null,{"$f":"'Pricing & financial inputs'!H63","v":"2020-21"},{"$f":"'Pricing & financial inputs'!I63","v":"2021-22"},{"$f":"'Pricing & financial inputs'!J63","v":"2022-23"},{"$f":"'Pricing & financial inputs'!K63","v":"2023-24"},{"$f":"'Pricing & financial inputs'!L63","v":"2024-25"},{"$f":"'Pricing & financial inputs'!M63","v":"2025-26"},{"$f":"'Pricing & financial inputs'!N63","v":"2026-27"},{"$f":"'Pricing & financial inputs'!O63","v":"2027-28"},{"$f":"'Pricing & financial inputs'!P63","v":"2028-29"},{"$f":"'Pricing & financial inputs'!Q63","v":"2029-30"},{"$f":"'Pricing & financial inputs'!R63","v":"2030-31"},{"$f":"'Pricing & financial inputs'!S63","v":"2031-32"},{"$f":"'Pricing & financial inputs'!T63","v":"2032-33"}]
[null,null,null,"& messages"]
[null,{"$f":"'Pricing & financial inputs'!$B$67","v":"Corporate tax rate"},"%",null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I69","v":0.3},{"$f":"'Pricing & financial inputs'!J69","v":0.3},{"$f":"'Pricing & financial inputs'!K69","v":0.3},{"$f":"'Pricing & financial inputs'!L69","v":0.3},{"$f":"'Pricing & financial inputs'!M69","v":0.3},{"$f":"'Pricing & financial inputs'!N69","v":0.3},{"$f":"'Pricing & financial inputs'!O69","v":0.3},{"$f":"'Pricing & financial inputs'!P69","v":0.3},{"$f":"'Pricing & financial inputs'!Q69","v":0.3},{"$f":"'Pricing & financial inputs'!R69","v":0.3},{"$f":"'Pricing & financial inputs'!S69","v":0.3},{"$f":"'Pricing & financial inputs'!T69","v":0.3}]
[null,{"$f":"CHOOSE($D$20,Scenario!W62,Scenario!W63)","v":"Dividend payout rate"},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!C72,'Pricing & financial inputs'!C74)","v":"%"},{"$f":"Scenario!$W$65","v":2},null,null,null,null,{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!I72*I23,'Pricing & financial inputs'!I74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!J72*J23,'Pricing & financial inputs'!J74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!K72*K23,'Pricing & financial inputs'!K74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!L72*L23,'Pricing & financial inputs'!L74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!M72*M23,'Pricing & financial inputs'!M74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!N72*N23,'Pricing & financial inputs'!N74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!O72*O23,'Pricing & financial inputs'!O74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!P72*P23,'Pricing & financial inputs'!P74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!Q72*Q23,'Pricing & financial inputs'!Q74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!R72*R23,'Pricing & financial inputs'!R74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!S72*S23,'Pricing & financial inputs'!S74)","v":0.5},{"$f":"CHOOSE($D$20,'Pricing & financial inputs'!T72*T23,'Pricing & financial inputs'!T74)","v":0.5}]
[null,{"$f":"'Pricing & financial inputs'!B82","v":"Expected actual average cost of debt"},{"$f":"C19","v":"%"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I82","v":0.05},{"$f":"'Pricing & financial inputs'!J82","v":0.05},{"$f":"'Pricing & financial inputs'!K82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!L82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!M82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!N82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!O82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!P82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!R82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!S82","v":5.6000000000000001E-2},{"$f":"'Pricing & financial inputs'!T82","v":5.6000000000000001E-2}]
[null,"Share of debt paid at nominal cost of debt",{"$f":"C21","v":"%"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I78","v":1},{"$f":"'Pricing & financial inputs'!J78","v":1},{"$f":"'Pricing & financial inputs'!K78","v":1},{"$f":"'Pricing & financial inputs'!L78","v":1},{"$f":"'Pricing & financial inputs'!M78","v":1},{"$f":"'Pricing & financial inputs'!N78","v":1},{"$f":"'Pricing & financial inputs'!O78","v":1},{"$f":"'Pricing & financial inputs'!P78","v":1},{"$f":"'Pricing & financial inputs'!Q78","v":1},{"$f":"'Pricing & financial inputs'!R78","v":1},{"$f":"'Pricing & financial inputs'!S78","v":1},{"$f":"'Pricing & financial inputs'!T78","v":1}]
[null,"Inflator to nominal values","no.",null,null,null,null,null,1,{"$f":"'RAB projected '!J19","v":1},{"$f":"'RAB projected '!K19","v":1.0249999999999999},{"$f":"'RAB projected '!L19","v":1.0506249999999999},{"$f":"'RAB projected '!M19","v":1.0768906249999999},{"$f":"'RAB projected '!N19","v":1.1038128906249998},{"$f":"'RAB projected '!O19","v":1.1314082128906247},{"$f":"'RAB projected '!P19","v":1.1596934182128902},{"$f":"'RAB projected '!Q19","v":1.1886857536682123},{"$f":"'RAB projected '!R19","v":1.2184028975099175},{"$f":"'RAB projected '!S19","v":1.2488629699476652},{"$f":"'RAB projected '!T19","v":1.2800845441963566}]
[]
[null,"Tax treatment of cash capital contributions"]
[null,{"$f":"Scenario!J53&\" up to \"&$J$17","v":"Use net of tax & do not include tax in tax allowance up to 2022-23"},null,{"$f":"Scenario!W54","v":1}]
[null,{"$f":"Scenario!J54&\" from \"&$K$17","v":"Use net of tax & do not include tax in tax allowance from 2023-24"},null,{"$f":"Scenario!W55","v":1}]
[]
[null,{"$f":"'Pricing & financial inputs'!B87","v":"Retained earnings "},{"$f":"'Pricing & financial inputs'!C87","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H87","v":4000},{"$f":"'Pricing & financial inputs'!I87","v":"na"},{"$f":"'Pricing & financial inputs'!J87","v":"na"}]
[null,{"$f":"'Pricing & financial inputs'!B88","v":"Closing cash assets"},{"$f":"'Pricing & financial inputs'!C88","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H88","v":"na"},{"$f":"'Pricing & financial inputs'!I88","v":10000},{"$f":"'Pricing & financial inputs'!J88","v":10000}]
[null,{"$f":"'Pricing & financial inputs'!B90","v":"Closing debt (excluding operating lease debt obligation)"},{"$f":"'Pricing & financial inputs'!C90","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H90","v":"na"},{"$f":"'Pricing & financial inputs'!I90","v":400000},{"$f":"'Pricing & financial inputs'!J90","v":450000}]
[]
[]
[null,{"$f":"\"TABLE 2 - REGULATORY INCOME STATEMENT (nominal \"&'RAB & tax inputs'!$C$36&\")\"","v":"TABLE 2 - REGULATORY INCOME STATEMENT (nominal $'000)"}]
[null,{"$f":"B17","v":"Financial year"},null,null,null,null,null,{"$f":"H17","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"K36","v":"nominal $'000"},{"$f":"\"nominal \"&'RAB & tax inputs'!$C$36","v":"nominal $'000"}]
[]
[null,"Revenue from sales",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"Scenario!I136*I$23","v":111085},{"$f":"Scenario!J136*J$23","v":113350},{"$f":"Scenario!K136*K$23","v":120124.401366505},{"$f":"Scenario!L136*L$23","v":127030.37454979539},{"$f":"Scenario!M136*M$23","v":134340.14385295022},{"$f":"Scenario!N136*N$23","v":142076.61403326082},{"$f":"Scenario!O136*O$23","v":150022.23429708864},{"$f":"Scenario!P136*P$23","v":158997.19701794992},{"$f":"Scenario!Q136*Q$23","v":168506.47992719043},{"$f":"Scenario!R136*R$23","v":178582.06996329114},{"$f":"Scenario!S136*S$23","v":189256.39035335521},{"$f":"Scenario!T136*T$23","v":200564.41026489757}]
[null,"Profit/loss on the asset sales",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Cost  inputs'!I90*I23","v":750},{"$f":"'Cost  inputs'!J90*J23","v":500},{"$f":"'Cost  inputs'!K90*K23","v":768.74999999999989},{"$f":"'Cost  inputs'!L90*L23","v":709.171875},{"$f":"'Cost  inputs'!M90*M23","v":538.44531249999989},{"$f":"'Cost  inputs'!N90*N23","v":551.90644531249984},{"$f":"'Cost  inputs'!O90*O23","v":565.70410644531228},{"$f":"'Cost  inputs'!P90*P23","v":579.84670910644513},{"$f":"'Cost  inputs'!Q90*Q23","v":594.34287683410616},{"$f":"'Cost  inputs'!R90*R23","v":609.20144875495873},{"$f":"'Cost  inputs'!S90*S23","v":624.43148497383265},{"$f":"'Cost  inputs'!T90*T23","v":640.04227209817827},null,"Total profit or loss, not just share of other revenue used to offset costs"]
[null,"Non-regulatory profit",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Cost  inputs'!I117*I23","v":2000},{"$f":"'Cost  inputs'!J117*J23","v":2000},{"$f":"'Cost  inputs'!K117*K23","v":-2050},{"$f":"'Cost  inputs'!L117*L23","v":2101.25},{"$f":"'Cost  inputs'!M117*M23","v":2153.7812499999995},{"$f":"'Cost  inputs'!N117*N23","v":2207.6257812499994},{"$f":"'Cost  inputs'!O117*O23","v":2262.8164257812491},{"$f":"'Cost  inputs'!P117*P23","v":2319.3868364257805},{"$f":"'Cost  inputs'!Q117*Q23","v":2377.3715073364247},{"$f":"'Cost  inputs'!R117*R23","v":2436.8057950198349},{"$f":"'Cost  inputs'!S117*S23","v":2497.7259398953306},{"$f":"'Cost  inputs'!T117*T23","v":2560.1690883927131},null,"Total non-regulatory profit, not just share of other revenue used to offset costs"]
[null,"Total revenue",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I38:I40)","v":113835},{"$f":"SUM(J38:J40)","v":115850},118843.151366505,129840.79642479539,{"$f":"SUM(M38:M40)","v":137032.37041545022},144836.14625982332,152850.75482931521,161896.43056348214,171478.19431136094,181628.07720706594,192378.54777822437,203764.62162538848]
[]
[null,"Operating costs",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Selected costs'!I16*I$23","v":64940},{"$f":"'Selected costs'!J16*J$23","v":64950},{"$f":"'Selected costs'!K16*K$23","v":67568},{"$f":"'Selected costs'!L16*L$23","v":70297.318749999991},{"$f":"'Selected costs'!M16*M$23","v":73142.41124999999},{"$f":"'Selected costs'!N16*N$23","v":76096.860679687481},{"$f":"'Selected costs'!O16*O$23","v":79164.632655957001},{"$f":"'Selected costs'!P16*P$23","v":82361.426561479457},{"$f":"'Selected costs'!Q16*Q$23","v":85680.469124404743},{"$f":"'Selected costs'!R16*R$23","v":89138.35598182556},{"$f":"'Selected costs'!S16*S$23","v":92740.564148313613},{"$f":"'Selected costs'!T16*T$23","v":96479.972096079407}]
[]
[null,"EBITDA",{"$f":"C43","v":"$'000"},null,null,null,null,null,{"$f":"I41-I43","v":48895},50900,51275.151366505001,59543.477674795402,{"$f":"M41-M43","v":63889.959165450229},68739.285580135838,73686.122173358206,79535.004002002679,85797.725186956202,92489.721225240384,99637.983629910756,107284.64952930907]
[null,"Depreciation",{"$f":"C45","v":"$'000"},null,null,null,null,null,{"$f":"'RAB historical'!I118","v":21239.768238757082},{"$f":"'RAB historical'!J118","v":23667.631644449648},{"$f":"'RAB projected '!K135","v":23881.097677231613},{"$f":"'RAB projected '!L135","v":27499.946504138137},{"$f":"'RAB projected '!M135","v":30766.932704040399},{"$f":"'RAB projected '!N135","v":32728.753154221307},{"$f":"'RAB projected '!O135","v":34592.369908653862},{"$f":"'RAB projected '!P135","v":36566.454779515763},{"$f":"'RAB projected '!Q135","v":38356.112796920832},{"$f":"'RAB projected '!R135","v":40084.467376720429},{"$f":"'RAB projected '!S135","v":41887.755744711394},{"$f":"'RAB projected '!T135","v":43768.956584433428},null," Year-end value of depreciation "]
[]
[null,"EBIT",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I45-I46","v":27655.231761242918},27232.368355550352,27394.053689273387,32043.531170657265,{"$f":"M45-M46","v":33123.026461409827},36010.532425914527,39093.752264704344,42968.549222486916,47441.61239003537,52405.253848519955,57750.227885199361,63515.692944875642]
[null,"Interest income 1",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I68*I21","v":500},{"$f":"J68*J21","v":500},{"$f":"J68*K21","v":560},0,-1.6298145055770874E-12,-1.6298145055770874E-12,-2.4447217583656313E-12,-2.0372681319713594E-12,2.8521753847599031E-12,-2.8521753847599031E-12,3.2596290111541749E-12,-1.2223608791828156E-12]
[null,"Interest expense 1,2",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I74*I21+I167","v":20000},{"$f":"J74*J21+J167","v":22500},{"$f":"J74*K21+K167","v":25200},28846.42820317439,34335.222968052352,37366.1434071435,38980.783750233801,40735.128287876491,41816.125042723688,42096.873714054716,42241.178283539404,42303.37336599439,null,"Interest expense includes the indexation on debt that carries a real cost of debt "]
[]
[null,"Pre Tax Profit",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I48+I49-I50","v":8155.2317612429179},5232.3683555503521,2754.0536892733871,3197.1029674828751,{"$f":"M48+M49-M50","v":-1212.1965066425255},-1355.6109812289724,112.9685144705436,2233.4209346104253,5625.4873473116822,10308.380134465238,15509.049601659957,21212.319578881252]
[null,"Tax expense (incl tax on capital contributions)",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"(I52+I133+I134)*I19","v":2716.5695283728751},1839.7105066651056,1118.3411067820161,1337.3558902448624,-8.2850457427576885,-9.3106537436917733,441.19751098178796,1087.515910939768,2115.5730755140612,3531.1390834431413,5102.3055496791467,6824.5263095750643,null,"Including tax on non-cash and cash capital contributions, the latter if cash capital contributions are deducted from capex at full value (see comment)"]
[]
[null,"Profit after tax",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I52-I53","v":5438.6622328700432},3392.6578488852465,1635.712582491371,1859.7470772380127,{"$f":"M52-M53","v":-1203.9114608997679},-1346.3003274852806,-328.22899651124436,1145.9050236706573,3509.914271797621,6777.2410510220971,10406.744051980811,14387.793269306188]
[null,"Retained earnings at the beginning of the year",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"H59","v":4000},6719.3311164350216,8415.6600408776449,9233.5163321233304,{"$f":"L59","v":10163.389870742338},{"$f":"M59","v":8959.4784098425698},{"$f":"N59","v":7613.178082357289},{"$f":"O59","v":7284.9490858460449},{"$f":"P59","v":7857.9015976813735},{"$f":"Q59","v":9612.858733580184},{"$f":"R59","v":13001.479259091231},{"$f":"S59","v":18204.851285081633}]
[null,"Dividends payable",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"MAX(0,CHOOSE($D$20,MIN(I55+I56,I20),I55*I20))","v":2719.3311164350216},1696.3289244426232,817.8562912456855,929.87353861900635,0,0,0,572.95251183532866,1754.9571358988105,3388.6205255110485,5203.3720259904057,7193.8966346530942,null,"Dividend payments cannot exceed profit after tax plus retained earnings "]
[]
[null,"Retained Earnings at year end",{"$f":"$C$29","v":"$'000"},null,null,null,null,{"$f":"H29","v":4000},{"$f":"SUM(I55:I56)-I57","v":6719.3311164350216},{"$f":"SUM(J55:J56)-J57","v":8415.6600408776449},{"$f":"SUM(K55:K56)-K57","v":9233.5163321233304},10163.389870742338,{"$f":"SUM(M55:M56)-M57","v":8959.4784098425698},7613.178082357289,7284.9490858460449,7857.9015976813735,9612.858733580184,13001.479259091231,18204.851285081633,25398.747919734727]
[null,"1. Interest expense and income are calculated on the closing value of debt/cash balance of the previous year to avoid circular referencing. "]
[null,"2. Interest expense includes the indexation on debt that carries a real cost of debt "]
[]
[]
[null,{"$f":"\"TABLE 3 - REGULATORY BALANCE SHEET (nominal \"&C29&\")\"","v":"TABLE 3 - REGULATORY BALANCE SHEET (nominal $'000)"}]
[null,{"$f":"B35","v":"Financial year"},null,null,null,null,null,{"$f":"H35","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25",{"$f":"M35","v":"2025-26"},"2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"K66","v":"nominal $'000"},{"$f":"K36","v":"nominal $'000"}]
[]
[null,"Cash  assets",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I30","v":10000},{"$f":"J30","v":10000},{"$f":"J68+K74-J74+K104-K167","v":0},-2.9103830456733704E-11,-2.9103830456733704E-11,-4.3655745685100555E-11,-3.637978807091713E-11,5.0931703299283981E-11,-5.0931703299283981E-11,5.8207660913467407E-11,-2.1827872842550278E-11,-5.0931703299283981E-11]
[null,"Receivables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I43*I$23","v":0},{"$f":"'Working capital'!J43*J$23","v":21557.043258703514},{"$f":"'Working capital'!K43*K$23","v":23205.556581479643},{"$f":"'Working capital'!L43*L$23","v":24306.847873849383},{"$f":"'Working capital'!M43*M$23","v":26179.962597094978},{"$f":"'Working capital'!N43*N$23","v":27684.502332329645},{"$f":"'Working capital'!O43*O$23","v":29059.702910761505},{"$f":"'Working capital'!P43*P$23","v":30426.559992224174},{"$f":"'Working capital'!Q43*Q$23","v":31745.027402155822},{"$f":"'Working capital'!R43*R$23","v":33038.447644301858},{"$f":"'Working capital'!S43*S$23","v":34360.597612983038},{"$f":"'Working capital'!T43*T$23","v":35731.965547500702}]
[null,"Inventory & prepayments","$'000",null,null,null,null,null,{"$f":"('Working capital'!I44+'Working capital'!I45)*I$23","v":0},{"$f":"('Working capital'!J44+'Working capital'!J45)*J$23","v":200},{"$f":"('Working capital'!K44+'Working capital'!K45)*K$23","v":204.99999999999997},{"$f":"('Working capital'!L44+'Working capital'!L45)*L$23","v":210.12499999999997},{"$f":"('Working capital'!M44+'Working capital'!M45)*M$23","v":215.37812499999998},{"$f":"('Working capital'!N44+'Working capital'!N45)*N$23","v":220.76257812499995},{"$f":"('Working capital'!O44+'Working capital'!O45)*O$23","v":226.28164257812494},{"$f":"('Working capital'!P44+'Working capital'!P45)*P$23","v":231.93868364257804},{"$f":"('Working capital'!Q44+'Working capital'!Q45)*Q$23","v":237.73715073364247},{"$f":"('Working capital'!R44+'Working capital'!R45)*R$23","v":243.68057950198349},{"$f":"('Working capital'!S44+'Working capital'!S45)*S$23","v":249.77259398953305},{"$f":"('Working capital'!T44+'Working capital'!T45)*T$23","v":256.01690883927131}]
[null,"RAB","$'000",null,null,null,null,null,{"$f":"'RAB historical'!I120","v":786452.89376498084},{"$f":"'RAB historical'!J120","v":869811.64259631012},{"$f":"'RAB projected '!K137","v":967664.58598398615},{"$f":"'RAB projected '!L137","v":1089574.9947544476},{"$f":"'RAB projected '!M137","v":1160514.4236380185},{"$f":"'RAB projected '!N137","v":1210024.3886606852},{"$f":"'RAB projected '!O137","v":1266212.9678581967},{"$f":"'RAB projected '!P137","v":1310588.8075491835},{"$f":"'RAB projected '!Q137","v":1342441.0161815407},{"$f":"'RAB projected '!R137","v":1374906.466929676},{"$f":"'RAB projected '!S137","v":1407979.4193815051},{"$f":"'RAB projected '!T137","v":1441652.738240089}]
[null,"Net tax assets/-liabilities","$'000",null,null,null,null,0,{"$f":"H72-I91-I53","v":542.93047162712492},1811.2199649620193,{"$f":"J72-K91-K53","v":3140.5492681315027},{"$f":"K72-L91-L53","v":5552.5332193729473},{"$f":"L72-M91-M53","v":8942.2130305850642},{"$f":"M72-N91-N53","v":12919.838976851461},{"$f":"N72-O91-O53","v":17454.149949447619},{"$f":"O72-P91-P53","v":22577.38638330235},{"$f":"P72-Q91-Q53","v":28234.520222378593},{"$f":"Q72-R91-R53","v":34408.660435394726},{"$f":"R72-S91-S53","v":41122.887158808138},{"$f":"S72-T91-T53","v":48400.574134138165},null,"Difference between tax paid and tax expense"]
[null,"Payables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I46*I$23","v":0},{"$f":"'Working capital'!J46*J$23","v":10677.123287671233},{"$f":"'Working capital'!K46*K$23","v":13834.972602739725},{"$f":"'Working capital'!L46*L$23","v":16128.101198630135},{"$f":"'Working capital'!M46*M$23","v":12176.535064212327},{"$f":"'Working capital'!N46*N$23","v":10674.626688570203},{"$f":"'Working capital'!O46*O$23","v":11528.274752223348},{"$f":"'Working capital'!P46*P$23","v":10868.074811887704},{"$f":"'Working capital'!Q46*Q$23","v":10168.636704804454},{"$f":"'Working capital'!R46*R$23","v":10581.078094594346},{"$f":"'Working capital'!S46*S$23","v":11009.83908136328},{"$f":"'Working capital'!T46*T$23","v":11454.477067944437}]
[null,"Debt","$'000",null,null,null,null,null,{"$f":"I31","v":400000},{"$f":"J31","v":450000},{"$f":"MAX(0,J74-K104-J68)+K167","v":515114.7893423998},613128.98157236341,667252.56084184826,696085.42411131784,727413.0051406516,746716.51862006588,751729.88775097707,754306.75506320363,755417.38153561414,754907.97951312363,null,"Debt includes the indexation on debt that carries a real cost of debt"]
[null,"Net assets employed","$'000",null,null,null,null,null,{"$f":"SUM(I68:I72)-SUM(I73:I74)","v":396995.82423660799},{"$f":"SUM(J68:J72)-SUM(J73:J74)","v":442702.78253230441},{"$f":"SUM(K68:K72)-SUM(K73:K74)","v":465265.92988845776},490387.4180766762,{"$f":"SUM(M68:M72)-SUM(M73:M74)","v":516422.88148463808},544089.44174810313,574011.82246810908,606240.09917639894,640759.77650102717,677709.42243107653,717285.45613030833,759678.83824949909]
[]
[null,"Owner contributions",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I75-I78-I79","v":313863.34423034627},{"$f":"J75-J78-J79","v":317707.0149162134},{"$f":"J77","v":317707.0149162134},317707.0149162134,{"$f":"L77","v":317707.0149162134},{"$f":"M77","v":317707.0149162134},{"$f":"N77","v":317707.0149162134},{"$f":"O77","v":317707.0149162134},{"$f":"P77","v":317707.0149162134},{"$f":"Q77","v":317707.0149162134},{"$f":"R77","v":317707.0149162134},{"$f":"S77","v":317707.0149162134}]
[null,"Retained earnings",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I59","v":6719.3311164350216},{"$f":"J59","v":8415.6600408776449},9233.5163321233304,10163.389870742338,{"$f":"M59","v":8959.4784098425698},7613.178082357289,7284.9490858460449,7857.9015976813735,9612.858733580184,13001.479259091231,18204.851285081633,25398.747919734727]
[null,"Asset revaluation reserve",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I94","v":76413.148889826713},{"$f":"'Pricing & financial inputs'!J94","v":116580.10757521336},{"$f":"J79+'RAB projected '!K136","v":138325.39864012101},{"$f":"K79+'RAB projected '!L136","v":162517.01328972061},{"$f":"L79+'RAB projected '!M136","v":189756.38815858195},{"$f":"M79+'RAB projected '!N136","v":218769.24874953239},{"$f":"N79+'RAB projected '!O136","v":249019.85846604937},{"$f":"O79+'RAB projected '!P136","v":280675.18266250408},{"$f":"P79+'RAB projected '!Q136","v":313439.90285123343},{"$f":"Q79+'RAB projected '!R136","v":347000.92825577187},{"$f":"R79+'RAB projected '!S136","v":381373.58992901328},{"$f":"S79+'RAB projected '!T136","v":416573.07541355083}]
[null,"Total equity",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I77:I79)","v":396995.82423660799},{"$f":"SUM(J77:J79)","v":442702.78253230441},465265.92988845776,490387.41807667632,{"$f":"SUM(M77:M79)","v":516422.88148463797},544089.44174810313,574011.82246810873,606240.09917639894,640759.77650102694,677709.42243107653,717285.45613030833,759678.83824949898]
[null,"check net assets = total equity",null,null,null,null,null,null,{"$f":"I75-SUM(I80)","v":0},{"$f":"J75-SUM(J80)","v":0},0,0,{"$f":"M75-SUM(M80)","v":0},0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"L81-K81","v":0},{"$f":"M81-L81","v":0},0,0,0,0,0,0,0,{"$f":"U81-T81","v":0}]
[]
[]
[null,{"$f":"\"TABLE 4 - REGULATORY CASH FLOW (nominal\"&C29&\")\"","v":"TABLE 4 - REGULATORY CASH FLOW (nominal$'000)"}]
[null,{"$f":"B35","v":"Financial year"},null,null,null,null,null,null,{"$f":"I35","v":"2021-22"},"2022-23","2023-24","2024-25",{"$f":"M35","v":"2025-26"},"2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"K87","v":"nominal $'000"},{"$f":"K36","v":"nominal $'000"}]
[]
[null,"Receipts from customers",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I41-I39","v":113085},115350,118074.401366505,129131.62454979539,{"$f":"M41-M39","v":136493.92510295022},144284.23981451083,152285.0507228699,161316.5838543757,170883.85143452685,181018.87575831098,191754.11629325052,203124.57935329029,null,"Revenue excluding profit/loss on asset sales"]
[null,"Operating costs",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I43","v":-64940},-64950,-67568,-70297.318749999991,{"$f":"-M43","v":-73142.41124999999},-76096.860679687481,-79164.632655957001,-82361.426561479457,-85680.469124404743,-89138.35598182556,-92740.564148313613,-96479.972096079407]
[null,"Tax paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I144","v":-3259.5},-3108,{"$f":"-K144","v":-2447.6704099515},{"$f":"-L144","v":-3749.3398414863068},{"$f":"-M144","v":-3381.3947654693588},-3968.3152925227041,-4975.5084835779444,-6210.7523447944986,-7772.7069145903042,-9705.2792964592772,-11816.53227309256,-14102.213284905092,null,"Including tax on both cash and non-cash capital contributions. Assume tax paid = tax payable"]
[null,"Change in working capital",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,0,{"$f":"(I69+I70-I73)-(J69+J70-J73)","v":-11079.919971032281},1504.3359922923628,1186.7123035206696,{"$f":"(L69+L70-L73)-(M69+M70-M73)","v":-5829.9339826634023},{"$f":"(M69+M70-M73)-(N69+N70-N73)","v":-3011.8325640017902},{"$f":"(N69+N70-N73)-(O69+O70-O73)","v":-527.07157923184059},{"$f":"(O69+O70-O73)-(P69+P70-P73)","v":-2032.7140628627676},{"$f":"(P69+P70-P73)-(Q69+Q70-Q73)","v":-2023.7039841059595},{"$f":"(Q69+Q70-Q73)-(R69+R70-R73)","v":-886.92228112448356},{"$f":"(R69+R70-R73)-(S69+S70-S73)","v":-899.48099639979773},{"$f":"(S69+S70-S73)-(T69+T70-T73)","v":-932.97426278624698}]
[null,"Cash Flow From Operations",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I89:I92)","v":44885.5},{"$f":"SUM(J89:J92)","v":36212.080028967721},49563.066948845866,56271.678261829766,{"$f":"SUM(M89:M92)","v":54140.185104817465},61207.231278298859,67617.83800410312,70711.690885238975,75406.971411425839,81288.318198901659,86297.538875444559,91609.419709519541]
[]
[null,"Sale of assets",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM('Cost  inputs'!I79:I80)*I$23","v":1500},{"$f":"SUM('Cost  inputs'!J79:J80)*J$23","v":1000},{"$f":"SUM('Cost  inputs'!K79:K80)*K$23","v":1537.4999999999998},{"$f":"SUM('Cost  inputs'!L79:L80)*L$23","v":1418.34375},{"$f":"SUM('Cost  inputs'!M79:M80)*M$23","v":1076.8906249999998},{"$f":"SUM('Cost  inputs'!N79:N80)*N$23","v":1103.8128906249997},{"$f":"SUM('Cost  inputs'!O79:O80)*O$23","v":1131.4082128906246},{"$f":"SUM('Cost  inputs'!P79:P80)*P$23","v":1159.6934182128903},{"$f":"SUM('Cost  inputs'!Q79:Q80)*Q$23","v":1188.6857536682123},{"$f":"SUM('Cost  inputs'!R79:R80)*R$23","v":1218.4028975099175},{"$f":"SUM('Cost  inputs'!S79:S80)*S$23","v":1248.8629699476653},{"$f":"SUM('Cost  inputs'!T79:T80)*T$23","v":1280.0845441963565}]
[null,"Purchase of assets ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-SUM('Selected costs'!I20:I21)*I$23","v":-35000},{"$f":"-SUM('Selected costs'!J20:J21)*J$23","v":-65200},{"$f":"-SUM('Selected costs'!K20:K21)*K$23","v":-101474.99999999999},{"$f":"-SUM('Selected costs'!L20:L21)*L$23","v":-126074.99999999999},{"$f":"-SUM('Selected costs'!M20:M21)*M$23","v":-75382.343749999985},{"$f":"-SUM('Selected costs'!N20:N21)*N$23","v":-54086.831640624987},{"$f":"-SUM('Selected costs'!O20:O21)*O$23","v":-61096.043496093735},{"$f":"-SUM('Selected costs'!P20:P21)*P$23","v":-49866.816983154276},{"$f":"-SUM('Selected costs'!Q20:Q21)*Q$23","v":-38037.944117382795},{"$f":"-SUM('Selected costs'!R20:R21)*R$23","v":-39598.094169072319},{"$f":"-SUM('Selected costs'!S20:S21)*S$23","v":-41212.478008272949},{"$f":"-SUM('Selected costs'!T20:T21)*T$23","v":-42882.832230577951}]
[null,"Cash capital contributions",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM('Selected costs'!I25:I26)*I23*'RAB historical'!I38","v":140},{"$f":"SUM('Selected costs'!J25:J26)*J23*'RAB historical'!J38","v":244.99999999999997},{"$f":"SUM('Selected costs'!K25:K26)*K23*'RAB projected '!K30","v":717.5},{"$f":"SUM('Selected costs'!L25:L26)*L23*'RAB projected '!L30","v":147.08749999999998},{"$f":"SUM('Selected costs'!M25:M26)*M23*'RAB projected '!M30","v":376.91171874999992},{"$f":"SUM('Selected costs'!N25:N26)*N23*'RAB projected '!N30","v":309.0676093749999},{"$f":"SUM('Selected costs'!O25:O26)*O23*'RAB projected '!O30","v":0},{"$f":"SUM('Selected costs'!P25:P26)*P23*'RAB projected '!P30","v":0},{"$f":"SUM('Selected costs'!Q25:Q26)*Q23*'RAB projected '!Q30","v":0},{"$f":"SUM('Selected costs'!R25:R26)*R23*'RAB projected '!R30","v":0},{"$f":"SUM('Selected costs'!S25:S26)*S23*'RAB projected '!S30","v":0},{"$f":"SUM('Selected costs'!T25:T26)*T23*'RAB projected '!T30","v":0},null,"Value of cash capital contributions included in the RAB"]
[null,"Cash Flow From Investing",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I95:I97)","v":-33360},{"$f":"SUM(J95:J97)","v":-63955},-99219.999999999985,-124509.56874999999,{"$f":"SUM(M95:M97)","v":-73928.541406249991},-52673.951140624988,-59964.635283203112,-48707.123564941387,-36849.25836371458,-38379.691271562398,-39963.615038325283,-41602.747686381597]
[]
[null,"Interest received",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I49","v":500},500,560,0,{"$f":"M49","v":-1.6298145055770874E-12},-1.6298145055770874E-12,-2.4447217583656313E-12,-2.0372681319713594E-12,2.8521753847599031E-12,-2.8521753847599031E-12,3.2596290111541749E-12,-1.2223608791828156E-12]
[null,"Interest paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I50+I167","v":-20000},-22500,-25200,-28846.42820317439,-34335.222968052352,-37366.1434071435,-38980.783750233801,-40735.128287876491,-41816.125042723688,-42096.873714054716,-42241.178283539404,-42303.37336599439,null,"Interest paid excludes the indexation on debt that carries a real cost of debt"]
[null,"Dividends paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I57","v":-2719.3311164350216},{"$f":"-J57","v":-1696.3289244426232},{"$f":"-K57","v":-817.8562912456855},-929.87353861900635,{"$f":"-M57","v":0},0,0,-572.95251183532866,-1754.9571358988105,-3388.6205255110485,-5203.3720259904057,-7193.8966346530942,null,"Assume dividends paid = dividends payable"]
[null,"Cash Flow from Financing",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I100:I102)","v":-22219.331116435023},-23696.328924442623,-25457.856291245684,-29776.301741793395,{"$f":"SUM(M100:M102)","v":-34335.222968052352},-37366.1434071435,-38980.783750233801,-41308.080799711817,-43571.082178622499,-45485.494239565764,-47444.550309529812,-49497.270000647484]
[null,"NET CASH FLOW",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I93+I98+I103","v":-10693.831116435023},-51439.248895474899,-75114.789342399803,-98014.192229963635,{"$f":"M93+M98+M103","v":-54123.579269484879},-28832.863269469628,-31327.581029333793,-19303.513479414229,-5013.3691309112401,-2576.8673122265027,-1110.6264724105349,509.40202249045979]
[]
[]
[]
[null,"TABLE 5 - FINANCEABILITY RATIOS"]
[null,{"$f":"B35","v":"Financial year"},null,"Target ratios",null,null,null,null,{"$f":"I35","v":"2021-22"},"2022-23","2023-24","2024-25",{"$f":"M35","v":"2025-26"},"2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[]
[]
[null,"1A.  Interest Coverage Ratio (ICR)",null,{"$f":"'Financials benchmark'!D104","v":"Higher is better"}]
[null," - ratio (times)",">",1.8,null,null,null,null,{"$f":"(I178+I172)/I172","v":2.2886240574869694},2.1397062126589104,{"$f":"(K178+K172)/K172","v":1.9422792273994398},1.9028492579822569,1.7421889295514692,1.7147065495548495,1.7440637507225913,1.7814721197307468,1.8468691844702632,1.9463436439195947,2.0575285810447994,2.1796733808124529,null,"= (FFO + net interest payments) / net interest payments, after adjustment for operating leases and superannuation"]
[]
[null,"2A. FFO / Net Debt",null,{"$f":"'Financials benchmark'!D107","v":"Higher is better"}]
[null," - ratio (%)",">",0.06,null,null,null,null,{"$f":"I178/I171","v":6.4653684050170107E-2},5.7159915288604514E-2,4.5242978062426248E-2,4.262223414555491E-2,3.8283376286181961E-2,3.8443225214751305E-2,3.995261736647835E-2,4.2710062268936574E-2,4.7189959919664279E-2,5.2906227386491166E-2,5.9239039954295199E-2,6.6224919697184248E-2,null,"= FFO / Net Debt, after adjustment for operating leases and superannuation"]
[]
[null,"3. Net Debt / RAB",null,{"$f":"'Financials benchmark'!D110","v":"Lower is better"}]
[null," - ratio (%)","<",0.7,null,null,null,null,{"$f":"I171/(I71+I69+I70-I73)","v":0.50080558304576461},0.50387586720251709,0.53116040999644765,0.56211721800946801,0.57154198239269205,0.57066064226937818,0.56993532140192615,0.5646457171587318,0.5543817943952809,0.54307792494193674,0.53104822565467613,0.51824869395395778,null,"= Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"]
[]
[]
[]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 6 - CALCULATION OF TAX PAYABLE (nominal\"&C29&\")\"","v":"TABLE 6 - CALCULATION OF TAX PAYABLE (nominal$'000)"}]
[null,{"$f":"B17","v":"Financial year"},null,null,null,null,null,{"$f":"H17","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[]
[]
[null,"Tax payable with actual cost of debt"]
[null,"Total revenue excl cash and non-cash capital contributions",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I41","v":113835},115850,118843.151366505,129840.79642479539,137032.37041545022,144836.14625982332,152850.75482931521,161896.43056348214,171478.19431136094,181628.07720706594,192378.54777822437,203764.62162538848]
[null,"Cash capital contributions included in taxable income","$'000",null,null,null,null,null,{"$f":"CHOOSE($D$26,0,I97)","v":0},{"$f":"CHOOSE($D$26,0,J97)","v":0},{"$f":"CHOOSE($D$27,0,K97)","v":0},0,0,0,0,0,0,0,0,0,null,"Zero if cash capital contributions are included in the RAB net of tax"]
[null,"Non-cash capital contributions","$'000",null,null,null,null,null,{"$f":"'Cost  inputs'!I68*I23","v":900},{"$f":"'Cost  inputs'!J68*J23","v":900},{"$f":"'Cost  inputs'!K68*K23","v":973.74999999999989},{"$f":"'Cost  inputs'!L68*L23","v":1260.75},{"$f":"'Cost  inputs'!M68*M23","v":1184.5796874999999},{"$f":"'Cost  inputs'!N68*N23","v":1324.5754687499998},{"$f":"'Cost  inputs'!O68*O23","v":1357.6898554687496},{"$f":"'Cost  inputs'!P68*P23","v":1391.6321018554681},{"$f":"'Cost  inputs'!Q68*Q23","v":1426.4229044018548},{"$f":"'Cost  inputs'!R68*R23","v":1462.0834770119009},{"$f":"'Cost  inputs'!S68*S23","v":1498.6355639371982},{"$f":"'Cost  inputs'!T68*T23","v":1536.1014530356281}]
[null,"Total revenue  ",null,null,null,null,null,null,{"$f":"SUM(I132:I134)","v":114735},116750,119816.901366505,131101.54642479541,{"$f":"SUM(M132:M134)","v":138216.95010295021},146160.72172857332,154208.44468478396,163288.06266533761,172904.61721576279,183090.16068407785,193877.18334216156,205300.72307842411]
[null,"less"]
[null,{"$f":"B43","v":"Operating costs"},"$'000",null,null,null,null,null,{"$f":"I43","v":64940},64950,67568,70297.318749999991,73142.41124999999,76096.860679687481,79164.632655957001,82361.426561479457,85680.469124404743,89138.35598182556,92740.564148313613,96479.972096079407]
[null,"Tax depreciation","$'000",null,null,null,null,null,{"$f":"IF(Scenario!$W$32=1,'RAB & tax inputs'!I122,I46*$K138/$K46)","v":19430},{"$f":"IF(Scenario!$W$32=1,'RAB & tax inputs'!J122,J46*$K138/$K46)","v":19440},{"$f":"Tax!K36","v":19450},{"$f":"Tax!L36","v":19460},{"$f":"Tax!M36","v":19468},{"$f":"Tax!N36","v":19470},{"$f":"Tax!O36","v":19478},{"$f":"Tax!P36","v":19489},{"$f":"Tax!Q36","v":19499},{"$f":"Tax!R36","v":19504},{"$f":"Tax!S36","v":19507},{"$f":"Tax!T36","v":19510}]
[null,"Net interest payments (including accruals)","$'000",null,null,null,null,null,{"$f":"I50-I49","v":19500},22000,{"$f":"K50-K49","v":24640},{"$f":"L50-L49","v":28846.42820317439},34335.222968052352,37366.1434071435,38980.783750233801,40735.128287876491,41816.125042723688,42096.873714054716,42241.178283539404,42303.37336599439,null,"Net interest payments from  P&L statement (i.e. including indexation on debt that carries a real cost of debt)"]
[null,"gives"]
[null,"Income before tax","$'000",null,null,null,null,null,{"$f":"I135-SUM(I137:I139)","v":10865},10360,{"$f":"K135-SUM(K137:K139)","v":8158.9013665050006},{"$f":"L135-SUM(L137:L139)","v":12497.799471621023},{"$f":"M135-SUM(M137:M139)","v":11271.315884897864},13227.717641742347,16585.028278593149,20702.507815981662,25909.02304863435,32350.930988197593,39388.440910308535,47007.377616350306]
[null,"Accumulated tax losses","$'000",null,null,null,null,null,0,{"$f":"MAX(0,I142-I141)","v":0},0,0,{"$f":"MAX(0,L142-L141)","v":0},{"$f":"MAX(0,M142-M141)","v":0},{"$f":"MAX(0,N142-N141)","v":0},{"$f":"MAX(0,O142-O141)","v":0},{"$f":"MAX(0,P142-P141)","v":0},{"$f":"MAX(0,Q142-Q141)","v":0},{"$f":"MAX(0,R142-R141)","v":0},{"$f":"MAX(0,S142-S141)","v":0},null,{"$f":"\"Assume zero accumulated tax losses in \"&I128","v":"Assume zero accumulated tax losses in 2021-22"}]
[null,"Taxable income","$'000",null,null,null,null,null,{"$f":"MAX(0,I141-I142)","v":10865},{"$f":"MAX(0,J141-J142)","v":10360},8158.9013665050006,12497.799471621023,11271.315884897864,13227.717641742347,16585.028278593149,20702.507815981662,25909.02304863435,32350.930988197593,39388.440910308535,47007.377616350306]
[null,"Tax payable","$'000",null,null,null,null,null,{"$f":"I143*I$19","v":3259.5},3108,{"$f":"K143*K$19","v":2447.6704099515},{"$f":"L143*L$19","v":3749.3398414863068},{"$f":"M143*M$19","v":3381.3947654693588},{"$f":"N143*N$19","v":3968.3152925227041},{"$f":"O143*O$19","v":4975.5084835779444},{"$f":"P143*P$19","v":6210.7523447944986},{"$f":"Q143*Q$19","v":7772.7069145903042},{"$f":"R143*R$19","v":9705.2792964592772},{"$f":"S143*S$19","v":11816.53227309256},{"$f":"T143*T$19","v":14102.213284905092}]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 7 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal\"&C29&\")\"","v":"TABLE 7 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal$'000)"}]
[null,{"$f":"B$17","v":"Financial year"},null,{"$f":"'Pricing & financial inputs'!D63","v":"Constants"},null,null,null,null,null,{"$f":"J$17","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[]
[null,"Operating lease and superannuation adjustments for calculation of ratios "]
[]
[null,"Operating lease adjustments"]
[null,"Operating lease interest adjustment",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I103*I$23","v":136},{"$f":"'Pricing & financial inputs'!J103*J$23","v":136},{"$f":"'Pricing & financial inputs'!K103*K$23","v":139.39999999999998},{"$f":"'Pricing & financial inputs'!L103*L$23","v":142.88499999999999},{"$f":"'Pricing & financial inputs'!M103*M$23","v":146.45712499999999},{"$f":"'Pricing & financial inputs'!N103*N$23","v":150.11855312499998},{"$f":"'Pricing & financial inputs'!O103*O$23","v":153.87151695312497},{"$f":"'Pricing & financial inputs'!P103*P$23","v":157.71830487695306},{"$f":"'Pricing & financial inputs'!Q103*Q$23","v":161.66126249887688},{"$f":"'Pricing & financial inputs'!R103*R$23","v":165.70279406134878},{"$f":"'Pricing & financial inputs'!S103*S$23","v":169.84536391288248},{"$f":"'Pricing & financial inputs'!T103*T$23","v":174.0914980107045},null,"This is the interest charge on the debt liability (See comment on 'Pricing & financial inputs' worksheet)."]
[null,"Operating lease depreciation adjustment",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I105*I$23","v":204},{"$f":"'Pricing & financial inputs'!J105*J$23","v":204},{"$f":"'Pricing & financial inputs'!K105*K$23","v":209.1},{"$f":"'Pricing & financial inputs'!L105*L$23","v":214.32749999999999},{"$f":"'Pricing & financial inputs'!M105*M$23","v":219.68568749999997},{"$f":"'Pricing & financial inputs'!N105*N$23","v":225.17782968749995},{"$f":"'Pricing & financial inputs'!O105*O$23","v":230.80727542968742},{"$f":"'Pricing & financial inputs'!P105*P$23","v":236.5774573154296},{"$f":"'Pricing & financial inputs'!Q105*Q$23","v":242.49189374831531},{"$f":"'Pricing & financial inputs'!R105*R$23","v":248.55419109202316},{"$f":"'Pricing & financial inputs'!S105*S$23","v":254.76804586932371},{"$f":"'Pricing & financial inputs'!T105*T$23","v":261.13724701605673},null,"This is the depreciation component of the operating lease expense."]
[]
[null,"Operating lease debt adjustment ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I102*I$23","v":1360},{"$f":"'Pricing & financial inputs'!J102*J$23","v":1360},{"$f":"'Pricing & financial inputs'!K102*K$23","v":1393.9999999999998},{"$f":"'Pricing & financial inputs'!L102*L$23","v":1428.85},{"$f":"'Pricing & financial inputs'!M102*M$23","v":1464.5712499999997},{"$f":"'Pricing & financial inputs'!N102*N$23","v":1501.1855312499997},{"$f":"'Pricing & financial inputs'!O102*O$23","v":1538.7151695312496},{"$f":"'Pricing & financial inputs'!P102*P$23","v":1577.1830487695306},{"$f":"'Pricing & financial inputs'!Q102*Q$23","v":1616.6126249887686},{"$f":"'Pricing & financial inputs'!R102*R$23","v":1657.0279406134878},{"$f":"'Pricing & financial inputs'!S102*S$23","v":1698.4536391288248},{"$f":"'Pricing & financial inputs'!T102*T$23","v":1740.914980107045},null,"This is the ‘lease liability’ recognised on the business' balance sheet."]
[]
[null,"Superannuation adjustment",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I110*I23","v":2500},{"$f":"'Pricing & financial inputs'!J110*J23","v":2500},{"$f":"'Pricing & financial inputs'!K110*K23","v":2562.5},{"$f":"'Pricing & financial inputs'!L110*L23","v":2626.5625},{"$f":"'Pricing & financial inputs'!M110*M23","v":2692.2265624999995},{"$f":"'Pricing & financial inputs'!N110*N23","v":2759.5322265624995},{"$f":"'Pricing & financial inputs'!O110*O23","v":2828.5205322265615},{"$f":"'Pricing & financial inputs'!P110*P23","v":2899.2335455322254},{"$f":"'Pricing & financial inputs'!Q110*Q23","v":2971.7143841705306},{"$f":"'Pricing & financial inputs'!R110*R23","v":3046.0072437747936},{"$f":"'Pricing & financial inputs'!S110*S23","v":3122.1574248691632},{"$f":"'Pricing & financial inputs'!T110*T23","v":3200.2113604908918},null,"This is the unfunded defined benefits liability. "]
[null,"Interest on superannuation adjustment",{"$f":"C160","v":"$'000"},null,null,null,null,null,{"$f":"I160*I21","v":125},125,143.5,147.08750000000001,150.76468749999998,154.53380468749998,158.39714980468744,162.35707854980464,166.41600551354972,170.57640565138846,174.84081579267314,179.21183618748995,null,"This is the interest costs of the unfunded defined benefits liability. "]
[]
[null,"Debt portion of RAB inflationary gain"]
[null,"Total RAB inflationary gain",{"$f":"C155","v":"$'000"},null,null,null,null,null,{"$f":"'RAB historical'!I119","v":45456.076703325169},{"$f":"'RAB historical'!J119","v":42571.380475778999},{"$f":"'RAB projected '!K136","v":21745.291064907658},{"$f":"'RAB projected '!L136","v":24191.614649599596},{"$f":"'RAB projected '!M136","v":27239.374868861352},{"$f":"'RAB projected '!N136","v":29012.860590950433},{"$f":"'RAB projected '!O136","v":30250.609716516981},{"$f":"'RAB projected '!P136","v":31655.32419645472},{"$f":"'RAB projected '!Q136","v":32764.72018872933},{"$f":"'RAB projected '!R136","v":33561.025404538406},{"$f":"'RAB projected '!S136","v":34372.661673241382},{"$f":"'RAB projected '!T136","v":35199.485484537581}]
[null,"Share of inflationary gain that is debt1",{"$f":"C164","v":"$'000"},null,null,null,null,null,{"$f":"I164*I119","v":22764.65699638176},{"$f":"J164*J119","v":21450.691255241447},{"$f":"K164*J119","v":10956.927392901493},12849.627955757391,15311.72162160136,16582.067857034621,17262.832369867872,18041.48736998859,18500.458928470252,18605.62148551361,18667.03377623517,18692.624310521209]
[null,"Inflationary gain that represents the inflation component of interest payments ",{"$f":"C165","v":"$'000"},null,null,null,null,null,{"$f":"I165*I22","v":22764.65699638176},21450.691255241447,10956.927392901493,12849.627955757391,15311.72162160136,16582.067857034621,17262.832369867872,18041.48736998859,18500.458928470252,18605.62148551361,18667.03377623517,18692.624310521209,null,"Share of inflationary gain that is debt x share of debt paid at nominal cost of debt"]
[null,"Inflationary gain that is added to interest expense (P&L) and debt (balance sheet)","$'000",null,null,null,null,null,{"$f":"I165-I166","v":0},{"$f":"J165-J166","v":0},{"$f":"K165-K166","v":0},{"$f":"L165-L166","v":0},{"$f":"M165-M166","v":0},0,0,0,0,0,0,0,null,"Represents the indexation on principle for loans that carry a real cost of debt "]
[]
[]
[null,"Adjusted Values for calculation of ratios"]
[null,"Adjusted net debt",{"$f":"C155","v":"$'000"},null,null,null,null,null,{"$f":"I74-I68+I158+I160","v":393860},443860,519071.2893423998,617184.39407236339,671409.3586543483,700346.14186913031,731780.24084240943,751192.93521436758,756318.21476013632,759009.79024759191,760237.9925996121,759849.1058537215,null,"Net debt plus the capitalised value of operating leases plus the unfunded defined benefits superannuation liability."]
[null,"Adjusted net interest payments",{"$f":"C171","v":"$'000"},null,null,null,null,null,{"$f":"-I100-I101+I155+I161","v":19761},22261,24922.9,29136.400703174389,34632.444780552352,37670.795764955998,39293.052416991617,41055.203671303243,42144.202310736116,42433.152913767452,42585.864463244965,42656.676700192584,null,"Net interest expense plus interest portion of operating leases plus interest on unfunded superannuation liabilities"]
[]
[null,"Funds from Operations"]
[null,"Funds From Operations (FFO) ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I93-I92+I100+I101+I133*I19","v":25385.5},25292,23418.730956553503,26238.537755134708,25634.896119428515,26852.920435157146,29164.125833101156,32009.276660225252,35614.55035280811,40078.366765971427,44955.841588304953,50239.020606311395,null,"Cash flow from operations (CFO) minus change in working capital minus interest paid plus interest received plus tax on cash capital contributions if the latter are included in the RAB before tax."]
[null,"Adjustments to FFO for operating leases",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I156","v":204},204,209.1,214.32749999999999,219.68568749999997,225.17782968749995,230.80727542968742,236.5774573154296,242.49189374831531,248.55419109202316,254.76804586932371,261.13724701605673,null,"Add back share of operating lease that is classified as depreciation (because depreciation is a non-cash expense)."]
[null,"Adjustments to FFO for interest on superannuation adjustment",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I161","v":-125},-125,{"$f":"-K161","v":-143.5},-147.08750000000001,-150.76468749999998,-154.53380468749998,-158.39714980468744,-162.35707854980464,-166.41600551354972,-170.57640565138846,-174.84081579267314,-179.21183618748995,null,"Subtract notional interest payments on unfunded superannuation liabilities"]
[null,"Adjusted FFO","$'000",null,null,null,null,null,{"$f":"SUM(I175:I177)","v":25464.5},25371,23484.330956553502,26305.777755134706,{"$f":"SUM(M175:M177)","v":25703.817119428517},26923.564460157144,29236.535958726156,32083.497038990878,35690.626241042875,40156.344551412061,45035.768818381599,50320.946017139962,null,"FFO measures a company's operating cash flows before changes in working capital."]
[]
[null,"1. Share of inflationary gain calculated using the gearing ratio of the previous year to avoid circular referencing"]

{"sheet":"Financials benchmark","index":11,"n_rows":143,"n_cols":22,"rows_kept":143,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"6b  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - BENCHMARK"]
[]
[null,"Index",null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B26","v":"TABLE 2 - REGULATORY INCOME STATEMENT (nominal )"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B26)","v":26}]
[null,{"$f":"B56","v":"TABLE 3 - REGULATORY BALANCE SHEET (nominal )"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B56)","v":56}]
[null,{"$f":"B76","v":"TABLE 4 - REGULATORY CASH FLOW (nominal)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B76)","v":76}]
[null,{"$f":"B101","v":"TABLE 5 - FINANCEABILITY RATIOS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B101)","v":101}]
[null,{"$f":"B127","v":"TABLE 6 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B127)","v":127}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Pricing & financial inputs'!B63","v":"Financial year"},{"$f":"'Pricing & financial inputs'!C63","v":"Units"},"Selection options",null,null,null,{"$f":"'Pricing & financial inputs'!H63","v":"2020-21"},{"$f":"'Pricing & financial inputs'!I63","v":"2021-22"},{"$f":"'Pricing & financial inputs'!J63","v":"2022-23"},{"$f":"'Pricing & financial inputs'!K63","v":"2023-24"},{"$f":"'Pricing & financial inputs'!L63","v":"2024-25"},{"$f":"'Pricing & financial inputs'!M63","v":"2025-26"},{"$f":"'Pricing & financial inputs'!N63","v":"2026-27"},{"$f":"'Pricing & financial inputs'!O63","v":"2027-28"},{"$f":"'Pricing & financial inputs'!P63","v":"2028-29"},{"$f":"'Pricing & financial inputs'!Q63","v":"2029-30"},{"$f":"'Pricing & financial inputs'!R63","v":"2030-31"},{"$f":"'Pricing & financial inputs'!S63","v":"2031-32"},{"$f":"'Pricing & financial inputs'!T63","v":"2032-33"}]
[null,null,null,"& messages"]
[null,"Real cost of debt (benchmark)","%",null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I84","v":3.2000000000000001E-2},{"$f":"'Pricing & financial inputs'!J84","v":3.2000000000000001E-2},{"$f":"'Pricing & financial inputs'!K84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!L84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!M84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!N84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!O84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!P84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!Q84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!R84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!S84","v":1.6034985422740622E-2},{"$f":"'Pricing & financial inputs'!T84","v":1.6034985422740622E-2}]
[null,"Gearing ratio",{"$f":"C17","v":"%"},{"$f":"WACC!$F$36","v":0.6},null,null,null,null,{"$f":"$D18","v":0.6},{"$f":"$D18","v":0.6},{"$f":"$D18","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,"Inflator to nominal values ","no.",null,null,null,null,null,1,{"$f":"'RAB projected '!J19","v":1},{"$f":"'RAB projected '!K19","v":1.0249999999999999},{"$f":"'RAB projected '!L19","v":1.0506249999999999},{"$f":"'RAB projected '!M19","v":1.0768906249999999},{"$f":"'RAB projected '!N19","v":1.1038128906249998},{"$f":"'RAB projected '!O19","v":1.1314082128906247},{"$f":"'RAB projected '!P19","v":1.1596934182128902},{"$f":"'RAB projected '!Q19","v":1.1886857536682123},{"$f":"'RAB projected '!R19","v":1.2184028975099175},{"$f":"'RAB projected '!S19","v":1.2488629699476652},{"$f":"'RAB projected '!T19","v":1.2800845441963566}]
[null,{"$f":"Scenario!B70","v":"Index for NPV calculations"},null,null,null,null,null,null,null,null,{"$f":"Scenario!K70","v":0.98342157206082492},{"$f":"Scenario!L70","v":0.95108469251530459},{"$f":"Scenario!M70","v":0.91981111461828291},{"$f":"Scenario!N70","v":0.88956587487261396},{"$f":"Scenario!O70","v":0.86031515945127068},{"$f":"Scenario!P70","v":0},{"$f":"Scenario!Q70","v":0},{"$f":"Scenario!R70","v":0},{"$f":"Scenario!S70","v":0},{"$f":"Scenario!T70","v":0}]
[]
[null,{"$f":"'Pricing & financial inputs'!B88","v":"Closing cash assets"},{"$f":"'Pricing & financial inputs'!C87","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I88","v":10000},{"$f":"'Pricing & financial inputs'!J88","v":10000}]
[]
[]
[]
[null,{"$f":"\"TABLE 2 - REGULATORY INCOME STATEMENT (nominal \"&$C$25&\")\"","v":"TABLE 2 - REGULATORY INCOME STATEMENT (nominal )"}]
[null,{"$f":"B15","v":"Financial year"},null,null,null,null,null,null,{"$f":"I15","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,"nominal",{"$f":"J28","v":"nominal"}]
[]
[null,"Revenue from sales",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"Scenario!J136*J$19","v":113350},{"$f":"Scenario!K136*K$19","v":120124.401366505},{"$f":"Scenario!L136*L$19","v":127030.37454979539},{"$f":"Scenario!M136*M$19","v":134340.14385295022},{"$f":"Scenario!N136*N$19","v":142076.61403326082},{"$f":"Scenario!O136*O$19","v":150022.23429708864},{"$f":"Scenario!P136*P$19","v":158997.19701794992},{"$f":"Scenario!Q136*Q$19","v":168506.47992719043},{"$f":"Scenario!R136*R$19","v":178582.06996329114},{"$f":"Scenario!S136*S$19","v":189256.39035335521},{"$f":"Scenario!T136*T$19","v":200564.41026489757}]
[null,"Profit/loss on the asset sales",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"NRR!J23*J$19","v":0},{"$f":"NRR!K23*K$19","v":0},{"$f":"NRR!L23*L$19","v":0},{"$f":"NRR!M23*M$19","v":0},{"$f":"NRR!N23*N$19","v":0},{"$f":"NRR!O23*O$19","v":0},{"$f":"NRR!P23*P$19","v":0},{"$f":"NRR!Q23*Q$19","v":0},{"$f":"NRR!R23*R$19","v":0},{"$f":"NRR!S23*S$19","v":0},{"$f":"NRR!T23*T$19","v":0},null,"Share of profit or loss used to offset costs"]
[null,"Non-regulatory profit shared with customers",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"NRR!J24*J$19","v":0},{"$f":"NRR!K24*K$19","v":0},{"$f":"NRR!L24*L$19","v":1050.625},{"$f":"NRR!M24*M$19","v":1076.8906249999998},{"$f":"NRR!N24*N$19","v":1103.8128906249997},{"$f":"NRR!O24*O$19","v":1131.4082128906246},{"$f":"NRR!P24*P$19","v":1159.6934182128903},{"$f":"NRR!Q24*Q$19","v":1188.6857536682123},{"$f":"NRR!R24*R$19","v":1218.4028975099175},{"$f":"NRR!S24*S$19","v":1248.8629699476653},{"$f":"NRR!T24*T$19","v":1280.0845441963565},null,"Share of profit used to offset costs"]
[null,"Total revenue",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J30:J32)","v":113350},120124.401366505,128080.99954979539,135417.03447795022,143180.42692388583,151153.64250997925,160156.89043616282,169695.16568085866,179800.47286080106,190505.25332330287,201844.49480909391]
[]
[null,"Operating costs",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"'Selected costs'!J16*J$19","v":64950},{"$f":"'Selected costs'!K16*K$19","v":67568},{"$f":"'Selected costs'!L16*L$19","v":70297.318749999991},{"$f":"'Selected costs'!M16*M$19","v":73142.41124999999},{"$f":"'Selected costs'!N16*N$19","v":76096.860679687481},{"$f":"'Selected costs'!O16*O$19","v":79164.632655957001},{"$f":"'Selected costs'!P16*P$19","v":82361.426561479457},{"$f":"'Selected costs'!Q16*Q$19","v":85680.469124404743},{"$f":"'Selected costs'!R16*R$19","v":89138.35598182556},{"$f":"'Selected costs'!S16*S$19","v":92740.564148313613},{"$f":"'Selected costs'!T16*T$19","v":96479.972096079407}]
[]
[null,"EBITDA",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J33-J35","v":48400},52556.401366505001,57783.680799795402,62274.623227950229,67083.566244198344,71989.009854022253,77795.463874683366,84014.696556453913,90662.116878975503,97764.689174989253,105364.52271301451]
[null,"Depreciation","$'000",null,null,null,null,null,null,{"$f":"'RAB historical'!J118","v":23667.631644449648},{"$f":"'RAB projected '!K135","v":23881.097677231613},{"$f":"'RAB projected '!L135","v":27499.946504138137},{"$f":"'RAB projected '!M135","v":30766.932704040399},{"$f":"'RAB projected '!N135","v":32728.753154221307},{"$f":"'RAB projected '!O135","v":34592.369908653862},{"$f":"'RAB projected '!P135","v":36566.454779515763},{"$f":"'RAB projected '!Q135","v":38356.112796920832},{"$f":"'RAB projected '!R135","v":40084.467376720429},{"$f":"'RAB projected '!S135","v":41887.755744711394},{"$f":"'RAB projected '!T135","v":43768.956584433428},null," Year-end value of depreciation "]
[]
[null,"EBIT",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J37-J38","v":24732.368355550352},28675.303689273387,30283.734295657265,31507.690523909831,34354.813089977033,37396.639945368392,41229.009095167603,45658.583759533081,50577.649502255073,55876.933430277859,61595.566128581078]
[null,"Interest income 1",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J60*J17","v":320},{"$f":"J60*K17","v":160.34985422740621},0,0,0,0,0,0,0,0,0]
[null,"Interest expense",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J65*J17","v":17233.118001292973},9402.0191279213286,10563.500755737383,11302.098124421276,11807.409879628291,12353.070659696088,12799.566949456161,13125.486808448373,13446.369697651166,13773.218182721592,14106.165026163349]
[]
[null,"Pre Tax Profit",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J40+J41-J42","v":7819.2503542573795},19433.634415579465,19720.233539919882,20205.592399488552,22547.403210348741,25043.569285672304,28429.442145711444,32533.096951084706,37131.27980460391,42103.715247556269,47489.401102417731]
[null,"Tax expense (= tax allowance before adjustment for franking credits)",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J140/'RAB historical'!J$68*'RAB historical'!J$69","v":3149.655118964582},{"$f":"Tax!K62*K19","v":1635.9189422553811},{"$f":"Tax!L62*L19","v":3090.6256903592453},{"$f":"Tax!M62*M19","v":4351.3896471746611},{"$f":"Tax!N62*N19","v":5186.3601921310501},{"$f":"Tax!O62*O19","v":5918.2254201740388},{"$f":"Tax!P62*P19","v":6709.3720503119594},{"$f":"Tax!Q62*Q19","v":7437.4309569690067},{"$f":"Tax!R62*R19","v":8135.7812544659182},{"$f":"Tax!S62*S19","v":8863.878667205392},{"$f":"Tax!T62*T19","v":9622.3564565108481}]
[]
[null,"Profit after tax",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J44-J45","v":4669.595235292798},17797.715473324082,16629.607849560638,15854.202752313891,17361.04301821769,19125.343865498264,21720.070095399486,25095.665994115698,28995.498550137992,33239.836580350879,37867.044645906884]
[null,"Retained earnings at the beginning of the year",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"I51","v":0},0,16794.151893245798,33423.759742806433,36892.130020438701,28887.988464155729,21323.63905833607,8231.7363634210851,0,0,0]
[null,"Dividends payable",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"MAX(0,MIN(J47+J48,(J65-J60)-(I65-I60)+J84+J89+SUM(J91:J92)))","v":4669.595235292798},{"$f":"MAX(0,MIN(K47+K48,(K65-K60)-(J65-J60)+K84+K89+SUM(K91:K92)))","v":1003.5635800782838},{"$f":"MAX(0,MIN(L47+L48,(L65-L60)-(K65-K60)+L84+L89+SUM(L91:L92)))","v":0},12385.83247468162,{"$f":"MAX(0,MIN(N47+N48,(N65-N60)-(M65-M60)+N84+N89+SUM(N91:N92)))","v":25365.184574500658},26689.693271317919,34811.972790314474,33327.402357536783,28995.498550137992,33239.836580350879,37867.044645906884,null,"Dividend payments cannot exceed retained earnings or fall below zero"]
[]
[null,"Retained Earnings at year end",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,0,{"$f":"SUM(J47:J48)-J49","v":0},16794.151893245798,33423.759742806433,36892.130020438701,28887.988464155729,21323.63905833607,8231.7363634210851,0,0,0,0]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 3 - REGULATORY BALANCE SHEET (nominal \"&C25&\")\"","v":"TABLE 3 - REGULATORY BALANCE SHEET (nominal )"}]
[null,{"$f":"B27","v":"Financial year"},null,null,null,null,null,null,{"$f":"I27","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"J28","v":"nominal"},{"$f":"K28","v":"nominal"}]
[]
[null,"Cash  assets",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,{"$f":"I22","v":10000},{"$f":"J22","v":10000},{"$f":"IF(J65>=J60,0,J60)","v":0},{"$f":"IF(K65>=K60,0,K60)","v":0},0,0,0,0,0,0,0,0,null,"Use cash balance to pay down debt"]
[null,"Receivables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I43*I$19","v":0},{"$f":"'Working capital'!J43*J$19","v":21557.043258703514},{"$f":"'Working capital'!K43*K$19","v":23205.556581479643},{"$f":"'Working capital'!L43*L$19","v":24306.847873849383},{"$f":"'Working capital'!M43*M$19","v":26179.962597094978},{"$f":"'Working capital'!N43*N$19","v":27684.502332329645},{"$f":"'Working capital'!O43*O$19","v":29059.702910761505},{"$f":"'Working capital'!P43*P$19","v":30426.559992224174},{"$f":"'Working capital'!Q43*Q$19","v":31745.027402155822},{"$f":"'Working capital'!R43*R$19","v":33038.447644301858},{"$f":"'Working capital'!S43*S$19","v":34360.597612983038},{"$f":"'Working capital'!T43*T$19","v":35731.965547500702}]
[null,"Inventory & prepayments","$'000",null,null,null,null,null,{"$f":"('Working capital'!I44+'Working capital'!I45)*I$19","v":0},{"$f":"('Working capital'!J44+'Working capital'!J45)*J$19","v":200},{"$f":"('Working capital'!K44+'Working capital'!K45)*K$19","v":204.99999999999997},{"$f":"('Working capital'!L44+'Working capital'!L45)*L$19","v":210.12499999999997},{"$f":"('Working capital'!M44+'Working capital'!M45)*M$19","v":215.37812499999998},{"$f":"('Working capital'!N44+'Working capital'!N45)*N$19","v":220.76257812499995},{"$f":"('Working capital'!O44+'Working capital'!O45)*O$19","v":226.28164257812494},{"$f":"('Working capital'!P44+'Working capital'!P45)*P$19","v":231.93868364257804},{"$f":"('Working capital'!Q44+'Working capital'!Q45)*Q$19","v":237.73715073364247},{"$f":"('Working capital'!R44+'Working capital'!R45)*R$19","v":243.68057950198349},{"$f":"('Working capital'!S44+'Working capital'!S45)*S$19","v":249.77259398953305},{"$f":"('Working capital'!T44+'Working capital'!T45)*T$19","v":256.01690883927131}]
[null,"RAB","$'000",null,null,null,null,null,{"$f":"'RAB historical'!I120","v":786452.89376498084},{"$f":"'RAB historical'!J120","v":869811.64259631012},{"$f":"'RAB projected '!K137","v":967664.58598398615},{"$f":"'RAB projected '!L137","v":1089574.9947544476},{"$f":"'RAB projected '!M137","v":1160514.4236380185},{"$f":"'RAB projected '!N137","v":1210024.3886606852},{"$f":"'RAB projected '!O137","v":1266212.9678581967},{"$f":"'RAB projected '!P137","v":1310588.8075491835},{"$f":"'RAB projected '!Q137","v":1342441.0161815407},{"$f":"'RAB projected '!R137","v":1374906.466929676},{"$f":"'RAB projected '!S137","v":1407979.4193815051},{"$f":"'RAB projected '!T137","v":1441652.738240089}]
[null,"Payables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I46*I$19","v":0},{"$f":"'Working capital'!J46*J$19","v":10677.123287671233},{"$f":"'Working capital'!K46*K$19","v":13834.972602739725},{"$f":"'Working capital'!L46*L$19","v":16128.101198630135},{"$f":"'Working capital'!M46*M$19","v":12176.535064212327},{"$f":"'Working capital'!N46*N$19","v":10674.626688570203},{"$f":"'Working capital'!O46*O$19","v":11528.274752223348},{"$f":"'Working capital'!P46*P$19","v":10868.074811887704},{"$f":"'Working capital'!Q46*Q$19","v":10168.636704804454},{"$f":"'Working capital'!R46*R$19","v":10581.078094594346},{"$f":"'Working capital'!S46*S$19","v":11009.83908136328},{"$f":"'Working capital'!T46*T$19","v":11454.477067944437}]
[null,"Debt","$'000",null,null,null,null,null,{"$f":"(I61+I62+I63-I64)*I18+I60","v":481871.7362589885},538534.93754040543,586344.10197763564,658778.31985780003,704839.93757754075,736353.01612954168,770382.40659558773,798227.53884789755,818553.08641777537,838564.51023533125,858947.97030426865,879711.7461770908,null,"(RAB + net working capital) x gearing ratio"]
[null,"Net assets employed","$'000",null,null,null,null,null,{"$f":"SUM(I60:I63)-SUM(I64:I65)","v":314581.15750599233},352356.62502693699,390896.06798509043,439185.54657186673,469893.2917183605,490902.01075302786,513588.27106372523,532151.692565265,545702.05761185021,559043.00682355429,572631.98020284576,586474.49745139375]
[]
[null,"Owner contributions",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,{"$f":"(I61+I62+I63-I64)*(1-I18)-SUM(I69:I70)","v":238168.00861616561},235776.51745172363,235776.51745172363,243244.77353933969,243244.77353933986,243244.77353933975,243244.77353933977,243244.77353933983,232262.15476061689,212042.0785677823,191258.39027383248,169901.42203784303,null,"Owner contributions = (1- gearing ratio) x (RAB + net working capital- retained earnings - asset reval reserve)"]
[null,"Retained earnings",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,{"$f":"I51","v":0},{"$f":"J51","v":0},16794.151893245798,33423.759742806433,36892.130020438701,28887.988464155729,21323.63905833607,8231.7363634210851,0,0,0,0]
[null,"Asset revaluation reserve",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I94","v":76413.148889826713},{"$f":"'Pricing & financial inputs'!J94","v":116580.10757521336},{"$f":"J70+'RAB projected '!K136","v":138325.39864012101},{"$f":"K70+'RAB projected '!L136","v":162517.01328972061},{"$f":"L70+'RAB projected '!M136","v":189756.38815858195},{"$f":"M70+'RAB projected '!N136","v":218769.24874953239},{"$f":"N70+'RAB projected '!O136","v":249019.85846604937},{"$f":"O70+'RAB projected '!P136","v":280675.18266250408},{"$f":"P70+'RAB projected '!Q136","v":313439.90285123343},{"$f":"Q70+'RAB projected '!R136","v":347000.92825577187},{"$f":"R70+'RAB projected '!S136","v":381373.58992901328},{"$f":"S70+'RAB projected '!T136","v":416573.07541355083}]
[null,"Total equity",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I68:I70)","v":314581.15750599233},{"$f":"SUM(J68:J70)","v":352356.62502693699},390896.06798509043,439185.54657186673,469893.2917183605,490902.01075302786,513588.27106372523,532151.692565265,545702.05761185032,559043.00682355417,572631.98020284576,586474.49745139387]
[null,"check net assets = total equity",null,null,null,null,null,null,{"$f":"I66-SUM(I71)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,{"$f":"\"TABLE 4 - REGULATORY CASH FLOW (nominal\"&C25&\")\"","v":"TABLE 4 - REGULATORY CASH FLOW (nominal)"}]
[null,{"$f":"B27","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J27","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"J28","v":"nominal"},{"$f":"K28","v":"nominal"}]
[]
[null,"Receipts from customers",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J33-J31","v":113350},{"$f":"K33-K31","v":120124.401366505},128080.99954979539,135417.03447795022,143180.42692388583,151153.64250997925,160156.89043616282,169695.16568085866,179800.47286080106,190505.25332330287,201844.49480909391,null,"Revenue excluding profit/loss on asset sales"]
[null,"Operating costs",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"-J35","v":-64950},-67568,-70297.318749999991,-73142.41124999999,-76096.860679687481,-79164.632655957001,-82361.426561479457,-85680.469124404743,-89138.35598182556,-92740.564148313613,-96479.972096079407]
[null,"Tax paid",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"-J45","v":-3149.655118964582},{"$f":"-K45","v":-1635.9189422553811},{"$f":"-L45","v":-3090.6256903592453},-4351.3896471746611,-5186.3601921310501,-5918.2254201740388,-6709.3720503119594,-7437.4309569690067,-8135.7812544659182,-8863.878667205392,-9622.3564565108481,null,"Assume tax paid = tax payable"]
[null,"Change in working capital",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"(I61+I62-I64)-(J61+J62-J64)","v":-11079.919971032281},{"$f":"(J61+J62-J64)-(K61+K62-K64)","v":1504.3359922923628},{"$f":"(K61+K62-K64)-(L61+L62-L64)","v":1186.7123035206696},-5829.9339826634023,-3011.8325640017902,-527.07157923184059,-2032.7140628627676,-2023.7039841059595,-886.92228112448356,-899.48099639979773,-932.97426278624698]
[null,"Cash Flow From Operations",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J80:J83)","v":34170.424910003137},52424.818416541981,55879.767412956826,52093.299598112164,58885.37348806551,65543.712854616373,69053.377761508644,74553.561615378945,81639.413343385095,88001.329511384058,94809.19199371741]
[]
[null,"Sale of assets",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM('Cost  inputs'!J79:J80)*J$19-'Cost  inputs'!J90*'Cost  inputs'!J92*J$19","v":500},{"$f":"SUM('Cost  inputs'!K79:K80)*K$19-'Cost  inputs'!K90*'Cost  inputs'!K92*K$19","v":768.74999999999989},{"$f":"SUM('Cost  inputs'!L79:L80)*L$19-'Cost  inputs'!L90*'Cost  inputs'!L92*L$19","v":709.171875},{"$f":"SUM('Cost  inputs'!M79:M80)*M$19-'Cost  inputs'!M90*'Cost  inputs'!M92*M$19","v":538.44531249999989},{"$f":"SUM('Cost  inputs'!N79:N80)*N$19-'Cost  inputs'!N90*'Cost  inputs'!N92*N$19","v":551.90644531249984},{"$f":"SUM('Cost  inputs'!O79:O80)*O$19-'Cost  inputs'!O90*'Cost  inputs'!O92*O$19","v":565.70410644531228},{"$f":"SUM('Cost  inputs'!P79:P80)*P$19-'Cost  inputs'!P90*'Cost  inputs'!P92*P$19","v":579.84670910644513},{"$f":"SUM('Cost  inputs'!Q79:Q80)*Q$19-'Cost  inputs'!Q90*'Cost  inputs'!Q92*Q$19","v":594.34287683410616},{"$f":"SUM('Cost  inputs'!R79:R80)*R$19-'Cost  inputs'!R90*'Cost  inputs'!R92*R$19","v":609.20144875495873},{"$f":"SUM('Cost  inputs'!S79:S80)*S$19-'Cost  inputs'!S90*'Cost  inputs'!S92*S$19","v":624.43148497383265},{"$f":"SUM('Cost  inputs'!T79:T80)*T$19-'Cost  inputs'!T90*'Cost  inputs'!T92*T$19","v":640.04227209817827},null,"Value of sales excluding share of profit/loss not shared with customers"]
[null,"Purchase of assets ",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"-SUM('Selected costs'!J20:J21)*J$19","v":-65200},{"$f":"-SUM('Selected costs'!K20:K21)*K$19","v":-101474.99999999999},{"$f":"-SUM('Selected costs'!L20:L21)*L$19","v":-126074.99999999999},{"$f":"-SUM('Selected costs'!M20:M21)*M$19","v":-75382.343749999985},{"$f":"-SUM('Selected costs'!N20:N21)*N$19","v":-54086.831640624987},{"$f":"-SUM('Selected costs'!O20:O21)*O$19","v":-61096.043496093735},{"$f":"-SUM('Selected costs'!P20:P21)*P$19","v":-49866.816983154276},{"$f":"-SUM('Selected costs'!Q20:Q21)*Q$19","v":-38037.944117382795},{"$f":"-SUM('Selected costs'!R20:R21)*R$19","v":-39598.094169072319},{"$f":"-SUM('Selected costs'!S20:S21)*S$19","v":-41212.478008272949},{"$f":"-SUM('Selected costs'!T20:T21)*T$19","v":-42882.832230577951}]
[null,"Cash capital contributions",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM('Selected costs'!$J25:J$26)*'RAB historical'!J$38","v":244.99999999999997},{"$f":"SUM('Selected costs'!K$25:K$26)*'RAB projected '!K$30*K19","v":717.49999999999989},{"$f":"SUM('Selected costs'!L$25:L$26)*'RAB projected '!L$30*L19","v":147.08749999999998},{"$f":"SUM('Selected costs'!M$25:M$26)*'RAB projected '!M$30*M19","v":376.91171874999998},{"$f":"SUM('Selected costs'!N$25:N$26)*'RAB projected '!N$30*N19","v":309.06760937499996},{"$f":"SUM('Selected costs'!O$25:O$26)*'RAB projected '!O$30*O19","v":0},{"$f":"SUM('Selected costs'!P$25:P$26)*'RAB projected '!P$30*P19","v":0},{"$f":"SUM('Selected costs'!Q$25:Q$26)*'RAB projected '!Q$30*Q19","v":0},{"$f":"SUM('Selected costs'!R$25:R$26)*'RAB projected '!R$30*R19","v":0},{"$f":"SUM('Selected costs'!S$25:S$26)*'RAB projected '!S$30*S19","v":0},{"$f":"SUM('Selected costs'!T$25:T$26)*'RAB projected '!T$30*T19","v":0},null,"Value of cash capital contributions included in the RAB"]
[null,"Cash Flow From Investing",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J86:J88)","v":-64455},-99988.749999999985,-125218.74062499999,-74466.986718749991,-53225.857585937483,-60530.339389648419,-49286.970274047831,-37443.601240548691,-38988.892720317359,-40588.046523299119,-42242.789958479771]
[]
[null,"Interest received",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J41","v":320},160.34985422740621,0,0,0,0,0,0,0,0,0]
[null,"Interest paid","$'000",null,null,null,null,null,null,{"$f":"-J42","v":-17233.118001292973},{"$f":"-K42","v":-9402.0191279213286},-10563.500755737383,-11302.098124421276,-11807.409879628291,-12353.070659696088,-12799.566949456161,-13125.486808448373,-13446.369697651166,-13773.218182721592,-14106.165026163349]
[null,"Dividends paid","$'000",null,null,null,null,null,null,{"$f":"-J49","v":-4669.595235292798},-1003.5635800782838,0,-12385.83247468162,-25365.184574500658,-26689.693271317919,-34811.972790314474,-33327.402357536783,-28995.498550137992,-33239.836580350879,-37867.044645906884,null,"Assume dividends paid = dividends payable"]
[null,"Change in owner contributions","$'000",null,null,null,null,null,null,0,{"$f":"K68-J68","v":0},{"$f":"L68-K68","v":7468.2560876160569},0,0,0,0,-10982.618778722943,-20220.076192834589,-20783.688293949817,-21356.96823598945]
[null,"Cash Flow from Financing","$'000",null,null,null,null,null,null,{"$f":"SUM(J91:J94)","v":-21582.713236585769},{"$f":"SUM(K91:K94)","v":-10245.232853772206},{"$f":"SUM(L91:L94)","v":-3095.244668121326},{"$f":"SUM(M91:M94)","v":-23687.930599102896},-37172.59445412895,-39042.763931014008,-47611.539739770633,-57435.507944708101,-62661.944440623745,-67796.743057022279,-73330.177908059675]
[null,"NET CASH FLOW","$'000",null,null,null,null,null,null,{"$f":"J84+J89+J95","v":-51867.288326582631},-57809.164437230211,-72434.217880164506,-46061.617719740723,-31513.078552000923,-34029.390466046054,-27845.132252309821,-20325.547569877846,-20011.423817556009,-20383.46006893734,-20763.775872822036]
[null,"check = net cash flow = 0",null,null,null,null,null,null,null,"na",{"$f":"(J65-J60)-(K65-K60)-K96","v":0},{"$f":"(K65-K60)-(L65-L60)-L96","v":1.1641532182693481E-10},0,0,0,0,2.9103830456733704E-11,1.2369127944111824E-10,-5.0931703299283981E-11,-1.1641532182693481E-10]
[]
[]
[]
[null,"TABLE 5 - FINANCEABILITY RATIOS"]
[null,{"$f":"B27","v":"Financial year"},null,"Target ratios",null,null,null,null,null,{"$f":"J27","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"J28","v":"nominal"},{"$f":"K28","v":"nominal"}]
[null,"1B. Real Interest Coverage Ratio (RICR)",null,"Higher is better"]
[null," - ratio (times)",">",2.2000000000000002,null,null,null,null,null,{"$f":"(J130-J91-J92)/(-J91-J92)","v":2.6754584741604783},5.5098793211733881,5.1775501677065314,5.1249982917434211,5.242234044814567,5.3485312481385652,5.5537888199718957,5.834241938378625,6.1374435985443281,6.4546142614156299,6.7872569248216141,null,"= (FFO + net interest payments) / net interest payments, assuming a real cost of debt"]
[]
[null,"2B. Real FFO / Net Debt",null,"Higher is better"]
[null," - ratio (%)",">",7.0000000000000007E-2,null,null,null,null,null,{"$f":"J130/(J65-J60)","v":5.3614671173135307E-2},7.1082514533667832E-2,6.6986956041941881E-2,6.6144287476935737E-2,6.8024161068455574E-2,6.9728635174233985E-2,7.3019937346488567E-2,7.7516999011902621E-2,8.2378833212810421E-2,8.7464660168472722E-2,9.2798580427169305E-2,null,"= FFO / Net Debt, assuming a real cost of debt"]
[]
[null,"3. Net Debt / RAB",null,"Lower is better"]
[null," - ratio (%)","<",0.7,null,null,null,null,null,{"$f":"(J65-J60)/(J63+J61+J62-J64)","v":0.6},{"$f":"(K65-K60)/(K63+K61+K62-K64)","v":0.6},{"$f":"(L65-L60)/(L63+L61+L62-L64)","v":0.6},0.6,0.59999999999999987,0.6,0.6,0.6,0.6,0.6,0.6,null,"= Net Debt / (RAB + net working capital)"]
[]
[null,"4.  Return on capital employed",{"$f":"\"Target = real \"&Scenario!J60","v":"Target = real Post-tax WACC"}]
[null,{"$f":"B111","v":" - ratio (%)"},null,{"$f":"SUMPRODUCT(Scenario!K66:T66,$K$133:$T$133)/SUM('Financials benchmark'!$K$133:$T$133)","v":2.6000000000000002E-2},null,null,null,null,null,null,{"$f":"K139/K140","v":2.9308181866585323E-2},{"$f":"L139/L140","v":2.6743228492700159E-2},2.4416181242006629E-2,2.4910843421998039E-2,2.5837802432677439E-2,2.725743416262463E-2,2.9318744108416051E-2,3.1824212237231662E-2,3.4455538019935325E-2,3.7227153744339617E-2,null," = EBIT- tax + franking credits - return on working capital / average of opening and closing RAB"]
[null," - ratio, average over determination period (%)",null,null,null,null,null,null,null,null,{"$f":"K143","v":2.6150101606726858E-2}]
[null,"   - difference between WACC and return on capital employed per year",null,null,null,null,null,null,null,null,{"$f":"K114-Scenario!K$66","v":3.3081818665853246E-3},{"$f":"L114-Scenario!L$66","v":7.4322849270016048E-4},{"$f":"M114-Scenario!M$66","v":-1.5838187579933702E-3},{"$f":"N114-Scenario!N$66","v":-1.0891565780019596E-3},{"$f":"O114-Scenario!O$66","v":-1.621975673225598E-4},{"$f":"P114-Scenario!P$66","v":1.2574341626246308E-3},{"$f":"Q114-Scenario!Q$66","v":3.3187441084160524E-3},{"$f":"R114-Scenario!R$66","v":5.8242122372316636E-3},{"$f":"S114-Scenario!S$66","v":8.4555380199353262E-3},{"$f":"T114-Scenario!T$66","v":1.1227153744339618E-2}]
[null,"   - difference between WACC and return on capital employed over determination period",null,null,null,null,null,null,null,null,{"$f":"K115-D114","v":1.5010160672685596E-4}]
[]
[null,"Real return on RAB calculated from target revenue, building block costs and value of assets on which return is given - for information"]
[null," - real return (%)",null,null,null,null,null,null,null,null,{"$f":"'Implied return'!K30","v":2.818685908930945E-2},{"$f":"'Implied return'!L30","v":2.6761553331168808E-2},{"$f":"'Implied return'!M30","v":2.4454365704860447E-2},{"$f":"'Implied return'!N30","v":2.4939706464007141E-2},{"$f":"'Implied return'!O30","v":2.585536972993363E-2},{"$f":"'Implied return'!P30","v":2.7254522452287037E-2},{"$f":"'Implied return'!Q30","v":2.9285846911067278E-2},{"$f":"'Implied return'!R30","v":3.1755703157261631E-2},{"$f":"'Implied return'!S30","v":3.4348169103126124E-2},{"$f":"'Implied return'!T30","v":3.7077307035310716E-2}]
[null," -  average of return over determination period (%)",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(K120:T120,K133:T133)/SUM(K133:T133)","v":2.6039570863855898E-2}]
[]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 6 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal\"&C25&\")\"","v":"TABLE 6 - CALCULATIONS FOR FINANCEABILITY RATIOS (nominal)"}]
[null,{"$f":"B$15","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J$15","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[]
[null,"Funds From Operations (FFO) ",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,{"$f":"J84-J83+J91+J92","v":28337.226879742444},{"$f":"K84-K83+K91+K92","v":41678.813150555696},44129.554353698775,46621.135456354292,50089.796172439004,53717.713774152122,58286.524874915252,63451.77879103653,69079.965926858407,75127.592325062258,81636.001230340305,null,"Cash flow from operations (CFO) minus change in working capital minus interest paid plus interest received."]
[]
[null,{"$f":"Scenario!B31","v":"Length of determination period (years)"},null,{"$f":"Scenario!D31","v":5}]
[null,"Year included in determination period?",null,"yes = 1, no  = 0",null,null,null,null,null,null,1,{"$f":"IF(COUNT($K133:K133)<$D$132,1,0)","v":1},{"$f":"IF(COUNT($K133:L133)<$D$132,1,0)","v":1},{"$f":"IF(COUNT($K133:M133)<$D$132,1,0)","v":1},{"$f":"IF(COUNT($K133:N133)<$D$132,1,0)","v":1},{"$f":"IF(COUNT($K133:O133)<$D$132,1,0)","v":0},{"$f":"IF(COUNT($K133:P133)<$D$132,1,0)","v":0},{"$f":"IF(COUNT($K133:Q133)<$D$132,1,0)","v":0},{"$f":"IF(COUNT($K133:R133)<$D$132,1,0)","v":0},{"$f":"IF(COUNT($K133:S133)<$D$132,1,0)","v":0}]
[]
[null,"Calculations for return on capital employed"]
[null,"Franking credits in the tax allowance",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"-Tax!K63*K$19","v":408.97973556384528},{"$f":"-Tax!L63*L$19","v":772.65642258981131},{"$f":"-Tax!M63*M$19","v":1087.8474117936653},{"$f":"-Tax!N63*N$19","v":1296.5900480327625},{"$f":"-Tax!O63*O$19","v":1479.5563550435097},{"$f":"-Tax!P63*P$19","v":1677.3430125779898},{"$f":"-Tax!Q63*Q$19","v":1859.3577392422517},{"$f":"-Tax!R63*R$19","v":2033.9453136164796},{"$f":"-Tax!S63*S$19","v":2215.969666801348},{"$f":"-Tax!T63*T$19","v":2405.589114127712}]
[null,"Return on working capital in NRR",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"NRR!K$18*K$19","v":521.82074120253151},{"$f":"NRR!L$18*L$19","v":457.15094193052846},{"$f":"NRR!M$18*M$19","v":774.85276343296709},{"$f":"NRR!N$18*N$19","v":938.98235640763539},{"$f":"NRR!O$18*O$19","v":967.70508316270264},{"$f":"NRR!P$18*P$19","v":1078.4776857831685},{"$f":"NRR!Q$18*Q$19","v":1188.7592848277056},{"$f":"NRR!R$18*R$19","v":1237.0920489863176},{"$f":"NRR!S$18*S$19","v":1286.1091994056596},{"$f":"NRR!T$18*T$19","v":1336.9515629012869}]
[null,"check historical = 0",null,null,null,null,null,null,null,null,"na","na","na","na","na","na","na","na","na","na"]
[null,"Return on capital employed",{"$f":"C137","v":"$'000"},null,null,null,null,null,null,null,{"$f":"(K$40-K$45+K136-K137)","v":26926.543741379315},27508.614085957302,27469.295525095869,29526.060589471108,31990.265797075157,35118.502371650466,38891.751256978619,43238.721512419317,47942.915230468156,53041.847223296652,null,"= EBIT - tax + franking credits - return on working capital)"]
[null,"Average of opening and closing RAB",{"$f":"C139","v":"$'000"},null,null,null,null,null,null,null,{"$f":"AVERAGE(J$63:K$63)","v":918738.11429014814},{"$f":"AVERAGE(K$63:L$63)","v":1028619.7903692168},1125044.7091962332,1185269.406149352,1238118.6782594409,1288400.8877036902,1326514.911865362,1358673.7415556083,1391442.9431555904,1424816.0788107971]
[null," NPV of return",{"$f":"C140","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(K139:T139,$K$20:$T$20)","v":131696.81562040804}]
[null,"NPV of RAB",{"$f":"C141","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(K140:T140,$K$20:$T$20)","v":5036187.5300144274}]
[null,"Return on capital employed over determination period",null,null,null,null,null,null,null,null,{"$f":"K141/K142","v":2.6150101606726858E-2}]

{"sheet":"Calculations--->","index":12,"n_rows":19,"n_cols":1,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
["This worksheet is deliberately blank"]

{"sheet":"Selected costs","index":13,"n_rows":26,"n_cols":20,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"7  Selected costs"]
[]
[]
[]
[]
[]
[null,"TABLE 1 - SELECTED COSTS"]
[null,{"$f":"'RAB & tax inputs'!B32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K33","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,{"$f":"'RAB historical'!F$15","v":"nominal"},{"$f":"'RAB historical'!G$15","v":"nominal"},{"$f":"'RAB historical'!H$15","v":"nominal"},{"$f":"'RAB historical'!I$15","v":"nominal"},{"$f":"'RAB historical'!J$15","v":"nominal"},{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!J40","v":"Option 1 - Agency opex"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!$W$40","v":1}]
[null,"Selected operating expenditure",{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,"na","na","na",{"$f":"CHOOSE($K$15,'Cost  inputs'!I29,'Cost  inputs'!I36)","v":64940},{"$f":"CHOOSE($K$15,'Cost  inputs'!J29,'Cost  inputs'!J36)","v":64950},{"$f":"CHOOSE($K$15,'Cost  inputs'!K29,'Cost  inputs'!K36)","v":65920},{"$f":"CHOOSE($K$15,'Cost  inputs'!L29,'Cost  inputs'!L36)","v":66910},{"$f":"CHOOSE($K$15,'Cost  inputs'!M29,'Cost  inputs'!M36)","v":67920},{"$f":"CHOOSE($K$15,'Cost  inputs'!N29,'Cost  inputs'!N36)","v":68940},{"$f":"CHOOSE($K$15,'Cost  inputs'!O29,'Cost  inputs'!O36)","v":69970},{"$f":"CHOOSE($K$15,'Cost  inputs'!P29,'Cost  inputs'!P36)","v":71020},{"$f":"CHOOSE($K$15,'Cost  inputs'!Q29,'Cost  inputs'!Q36)","v":72080},{"$f":"CHOOSE($K$15,'Cost  inputs'!R29,'Cost  inputs'!R36)","v":73160},{"$f":"CHOOSE($K$15,'Cost  inputs'!S29,'Cost  inputs'!S36)","v":74260},{"$f":"CHOOSE($K$15,'Cost  inputs'!T29,'Cost  inputs'!T36)","v":75370}]
[]
[null,null,null,null,null,null,null,null,{"$f":"Scenario!J43","v":"Option 1 - Agency capex"},null,{"$f":"Scenario!J44","v":"Option 1 - Agency capex"}]
[null,"Selected capital expenditure",null,null,null,null,null,null,{"$f":"Scenario!$W$43","v":1},null,{"$f":"Scenario!$W$44","v":1}]
[null,{"$f":"'Cost  inputs'!B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,{"$f":"CHOOSE($I$19,'Cost  inputs'!F45,'Cost  inputs'!F50)","v":34000},{"$f":"CHOOSE($I$19,'Cost  inputs'!G45,'Cost  inputs'!G50)","v":33000},{"$f":"CHOOSE($I$19,'Cost  inputs'!H45,'Cost  inputs'!H50)","v":21000},{"$f":"CHOOSE($I$19,'Cost  inputs'!I45,'Cost  inputs'!I50)","v":35000},{"$f":"CHOOSE($K$19,'Cost  inputs'!J45,'Cost  inputs'!J50)","v":65000},{"$f":"CHOOSE($K$19,'Cost  inputs'!K45,'Cost  inputs'!K50)","v":95000},{"$f":"CHOOSE($K$19,'Cost  inputs'!L45,'Cost  inputs'!L50)","v":120000},{"$f":"CHOOSE($K$19,'Cost  inputs'!M45,'Cost  inputs'!M50)","v":70000},{"$f":"CHOOSE($K$19,'Cost  inputs'!N45,'Cost  inputs'!N50)","v":44000},{"$f":"CHOOSE($K$19,'Cost  inputs'!O45,'Cost  inputs'!O50)","v":54000},{"$f":"CHOOSE($K$19,'Cost  inputs'!P45,'Cost  inputs'!P50)","v":43000},{"$f":"CHOOSE($K$19,'Cost  inputs'!Q45,'Cost  inputs'!Q50)","v":32000},{"$f":"CHOOSE($K$19,'Cost  inputs'!R45,'Cost  inputs'!R50)","v":32500},{"$f":"CHOOSE($K$19,'Cost  inputs'!S45,'Cost  inputs'!S50)","v":33000},{"$f":"CHOOSE($K$19,'Cost  inputs'!T45,'Cost  inputs'!T50)","v":33500}]
[null,{"$f":"'Cost  inputs'!B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,{"$f":"CHOOSE($I$19,'Cost  inputs'!F46,'Cost  inputs'!F51)","v":0},{"$f":"CHOOSE($I$19,'Cost  inputs'!G46,'Cost  inputs'!G51)","v":2000},{"$f":"CHOOSE($I$19,'Cost  inputs'!H46,'Cost  inputs'!H51)","v":0},{"$f":"CHOOSE($I$19,'Cost  inputs'!I46,'Cost  inputs'!I51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!J46,'Cost  inputs'!J51)","v":200},{"$f":"CHOOSE($K$19,'Cost  inputs'!K46,'Cost  inputs'!K51)","v":4000},{"$f":"CHOOSE($K$19,'Cost  inputs'!L46,'Cost  inputs'!L51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!M46,'Cost  inputs'!M51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!N46,'Cost  inputs'!N51)","v":5000},{"$f":"CHOOSE($K$19,'Cost  inputs'!O46,'Cost  inputs'!O51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!P46,'Cost  inputs'!P51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!Q46,'Cost  inputs'!Q51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!R46,'Cost  inputs'!R51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!S46,'Cost  inputs'!S51)","v":0},{"$f":"CHOOSE($K$19,'Cost  inputs'!T46,'Cost  inputs'!T51)","v":0}]
[]
[null,"Selected cash capital contributions (before tax)",null,null,null,null,null,null,{"$f":"Scenario!J47","v":"Option 1 - Agency cap cons"},null,{"$f":"Scenario!J48","v":"Option 1 - Agency cap cons"}]
[null,null,null,null,null,null,null,null,{"$f":"Scenario!$W$47","v":1},null,{"$f":"Scenario!$W$48","v":1}]
[null,{"$f":"'Cost  inputs'!B$45","v":" - depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,{"$f":"CHOOSE($I$24,'Cost  inputs'!F61,'Cost  inputs'!F65)","v":0},{"$f":"CHOOSE($I$24,'Cost  inputs'!G61,'Cost  inputs'!G65)","v":0},{"$f":"CHOOSE($I$24,'Cost  inputs'!H61,'Cost  inputs'!H65)","v":3000},{"$f":"CHOOSE($I$24,'Cost  inputs'!I61,'Cost  inputs'!I65)","v":200},{"$f":"CHOOSE($K$24,'Cost  inputs'!J61,'Cost  inputs'!J65)","v":350},{"$f":"CHOOSE($K$24,'Cost  inputs'!K61,'Cost  inputs'!K65)","v":1000},{"$f":"CHOOSE($K$24,'Cost  inputs'!L61,'Cost  inputs'!L65)","v":200},{"$f":"CHOOSE($K$24,'Cost  inputs'!M61,'Cost  inputs'!M65)","v":500},{"$f":"CHOOSE($K$24,'Cost  inputs'!N61,'Cost  inputs'!N65)","v":400},{"$f":"CHOOSE($K$24,'Cost  inputs'!O61,'Cost  inputs'!O65)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!P61,'Cost  inputs'!P65)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!Q61,'Cost  inputs'!Q65)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!R61,'Cost  inputs'!R65)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!S61,'Cost  inputs'!S65)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!T61,'Cost  inputs'!T65)","v":0}]
[null,{"$f":"'Cost  inputs'!B$46","v":" - non-depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,{"$f":"CHOOSE($I$24,'Cost  inputs'!F62,'Cost  inputs'!F66)","v":0},{"$f":"CHOOSE($I$24,'Cost  inputs'!G62,'Cost  inputs'!G66)","v":0},{"$f":"CHOOSE($I$24,'Cost  inputs'!H62,'Cost  inputs'!H66)","v":0},{"$f":"CHOOSE($I$24,'Cost  inputs'!I62,'Cost  inputs'!I66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!J62,'Cost  inputs'!J66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!K62,'Cost  inputs'!K66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!L62,'Cost  inputs'!L66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!M62,'Cost  inputs'!M66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!N62,'Cost  inputs'!N66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!O62,'Cost  inputs'!O66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!P62,'Cost  inputs'!P66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!Q62,'Cost  inputs'!Q66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!R62,'Cost  inputs'!R66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!S62,'Cost  inputs'!S66)","v":0},{"$f":"CHOOSE($K$24,'Cost  inputs'!T62,'Cost  inputs'!T66)","v":0}]

{"sheet":"RAB historical","index":14,"n_rows":151,"n_cols":13,"rows_kept":151,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"8 Regulatory Asset Base roll forward to start of new determination period "]
[]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B13","v":"TABLE 1 - ASSUMPTION MADE IN ROLL FORWARD OF REGULATORY ASSET BASE "},null,null,null,null,{"$f":"ROW(B13)","v":13}]
[null,{"$f":"B54","v":"TABLE 2 - CALCULATION OF ROLLED FORWARD REGULATORY ASSET BASE (nominal $ million)"},null,null,null,null,{"$f":"ROW(B54)","v":54}]
[null,{"$f":"B127","v":"TABLE 3 - CALCULATION OF AVERAGE REMAINING LIFE OF DEPRECIATING ASSETS "},null,null,null,null,{"$f":"ROW(B127)","v":127}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTION MADE IN ROLL FORWARD OF REGULATORY ASSET BASE "]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"}]
[null,null,null,null,null,{"$f":"'Cost  inputs'!F22","v":"nominal"},{"$f":"'Cost  inputs'!G22","v":"nominal"},{"$f":"'Cost  inputs'!H22","v":"nominal"},{"$f":"'Cost  inputs'!I22","v":"nominal"},{"$f":"'Cost  inputs'!J22","v":"nominal"}]
[]
[null,"Inflation rate to roll forward RAB (actual to June)",null,null,null,{"$f":"'Pricing & financial inputs'!F19","v":1.6E-2},{"$f":"'Pricing & financial inputs'!G19","v":-3.0000000000000001E-3},{"$f":"'Pricing & financial inputs'!H19","v":3.7999999999999999E-2},{"$f":"'Pricing & financial inputs'!I19","v":6.0999999999999999E-2},{"$f":"'Pricing & financial inputs'!J19","v":5.1999999999999998E-2}]
[]
[null,"RAB opening value"]
[null,{"$f":"'RAB & tax inputs'!B36","v":"Depreciating assets"},{"$f":"'RAB & tax inputs'!C36","v":"$'000"},null,null,{"$f":"'RAB & tax inputs'!F36","v":620000}]
[null,{"$f":"'RAB & tax inputs'!B37","v":"Non-depreciating assets (e.g. land)"},{"$f":"'RAB & tax inputs'!C37","v":"$'000"},null,null,{"$f":"'RAB & tax inputs'!F37","v":40000}]
[]
[null,"Allowed depreciation from previous Determination"]
[null,"Forecast inflation from previous determination","%",null,null,{"$f":"'RAB & tax inputs'!F46","v":1.2E-2},{"$f":"'RAB & tax inputs'!G46","v":0.02},{"$f":"'RAB & tax inputs'!H46","v":0},{"$f":"'RAB & tax inputs'!I46","v":0},{"$f":"'RAB & tax inputs'!J46","v":0}]
[null,"Allowed depreciation",{"$f":"C20","v":"$'000"},null,null,{"$f":"'RAB & tax inputs'!F50","v":16717},{"$f":"'RAB & tax inputs'!G50","v":17990},{"$f":"'RAB & tax inputs'!H50","v":18783},{"$f":"'RAB & tax inputs'!I50","v":19653},{"$f":"'RAB & tax inputs'!J50","v":20817}]
[]
[null,"Use allowed or actual depreciation?",null,{"$f":"Scenario!$W$51","v":1},{"$f":"Scenario!$J$50","v":"Allowed depreciation"}]
[]
[null,"Asset lives for calculated depreciation"]
[null,{"$f":"'RAB & tax inputs'!B67","v":"Ave remaining life of depreciating assets on 1 July 2018"},"years",{"$f":"'RAB & tax inputs'!F67","v":40}]
[null,"Expected life of new assets","years",null,null,{"$f":"'RAB & tax inputs'!F69","v":50},{"$f":"'RAB & tax inputs'!G69","v":45},{"$f":"'RAB & tax inputs'!H69","v":60},{"$f":"'RAB & tax inputs'!I69","v":40},{"$f":"'RAB & tax inputs'!J69","v":50}]
[]
[null,"Capex",null,{"$f":"\"Selected: \"&Scenario!$J$43&\" & \"&Scenario!$J$47","v":"Selected: Option 1 - Agency capex & Option 1 - Agency cap cons"}]
[null,{"$f":"'Selected costs'!B20","v":" - depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'Selected costs'!F20","v":34000},{"$f":"'Selected costs'!G20","v":33000},{"$f":"'Selected costs'!H20","v":21000},{"$f":"'Selected costs'!I20","v":35000},{"$f":"'Selected costs'!J20","v":65000}]
[null,{"$f":"'Selected costs'!B21","v":" - non-depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'Selected costs'!F21","v":0},{"$f":"'Selected costs'!G21","v":2000},{"$f":"'Selected costs'!H21","v":0},{"$f":"'Selected costs'!I21","v":0},{"$f":"'Selected costs'!J21","v":200}]
[]
[null,"Cash capital contributions"]
[null,"Share of cash capital contributions included in RAB calculations",null,null,null,{"$f":"CHOOSE(Scenario!$W$54,(1-WACC!F$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$54,(1-WACC!G$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$54,(1-WACC!H$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$54,(1-WACC!I$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$54,(1-WACC!J$14),1)","v":0.7}]
[null,{"$f":"'Cost  inputs'!B61","v":" - depreciating assets"},{"$f":"CHOOSE(Scenario!$W$54,$C$20&\", net of tax\",$C$20&\" before tax\")","v":"$'000, net of tax"},null,null,{"$f":"'Selected costs'!F25*F$38","v":0},{"$f":"'Selected costs'!G25*G$38","v":0},{"$f":"'Selected costs'!H25*H$38","v":2100},{"$f":"'Selected costs'!I25*I$38","v":140},{"$f":"'Selected costs'!J25*J$38","v":244.99999999999997}]
[null,{"$f":"'Cost  inputs'!B62","v":" - non-depreciating assets"},{"$f":"C39","v":"$'000, net of tax"},null,null,{"$f":"'Selected costs'!F26*F$38","v":0},{"$f":"'Selected costs'!G26*G$38","v":0},{"$f":"'Selected costs'!H26*H$38","v":0},{"$f":"'Selected costs'!I26*I$38","v":0},{"$f":"'Selected costs'!J26*J$38","v":0}]
[]
[null,"Disposals"]
[null,{"$f":"'Cost  inputs'!B83","v":" - depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'Cost  inputs'!F84","v":550},{"$f":"'Cost  inputs'!G84","v":500},{"$f":"'Cost  inputs'!H84","v":500},{"$f":"'Cost  inputs'!I84","v":500},{"$f":"'Cost  inputs'!J84","v":500}]
[null,{"$f":"'Cost  inputs'!B85","v":" - non-depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'Cost  inputs'!F86","v":385.00000000000006},{"$f":"'Cost  inputs'!G86","v":0},{"$f":"'Cost  inputs'!H86","v":0},{"$f":"'Cost  inputs'!I86","v":250},{"$f":"'Cost  inputs'!J86","v":0}]
[]
[null,"Timing assumptions"]
[null,"1. Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year: "]
[null,"   % of capex in year depreciated  and indexed",null,0.5]
[null,"   % of disposals in year depreciated and indexed",null,0.5]
[]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF ROLLED FORWARD REGULATORY ASSET BASE (nominal $ million)"]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,{"$f":"F$14","v":"2018-19"},{"$f":"G$14","v":"2019-20"},{"$f":"H$14","v":"2020-21"},{"$f":"I$14","v":"2021-22"},{"$f":"J$14","v":"2022-23"}]
[]
[null,{"$f":"B20","v":"Depreciating assets"}]
[null,"Opening value",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F$20","v":620000},{"$f":"F63","v":646854.52490118577},{"$f":"G63","v":659711.36485666898},{"$f":"H63","v":684397.55081929266},{"$f":"I63","v":740314.01318051247}]
[null,"  capex net of cash capital contributions ",{"$f":"C58","v":"$'000"},null,null,{"$f":"F34-F$39","v":34000},{"$f":"G34-G$39","v":33000},{"$f":"H34-H$39","v":18900},{"$f":"I34-I$39","v":34860},{"$f":"J34-J$39","v":64755}]
[null,"  disposals ",{"$f":"C59","v":"$'000"},null,null,{"$f":"F$43","v":550},{"$f":"G$43","v":500},{"$f":"H$43","v":500},{"$f":"I$43","v":500},{"$f":"J$43","v":500}]
[null,"  depreciation",{"$f":"C60","v":"$'000"},null,null,{"$f":"CHOOSE($D$27,F70,F81+F103)","v":16783.075098814228},{"$f":"CHOOSE($D$27,G70,G81+G103)","v":17653.846469813223},{"$f":"CHOOSE($D$27,H70,H81+H103)","v":19132.445901929786},{"$f":"CHOOSE($D$27,I70,I81+I103)","v":21239.768238757082},{"$f":"CHOOSE($D$27,J70,J81+J103)","v":23667.631644449648},null,null,"Note that both the label and values change depending on what depreciation option has been selected."]
[null,"  indexation",{"$f":"C61","v":"$'000"},null,null,{"$f":"(F58+F59*$D$48-F60*$D$49)*F$17","v":10187.6},{"$f":"(G58+G59*$D$48-G60*$D$49)*G$17","v":-1989.3135747035574},{"$f":"(H58+H59*$D$48-H60*$D$49)*H$17","v":25418.631864553419},{"$f":"(I58+I59*$D$48-I60*$D$49)*I$17","v":42796.23059997685},{"$f":"(J58+J59*$D$48-J60*$D$49)*J$17","v":40166.958685386649},null,null,"Formula = (Opening value + 50 capex - 50 % disposals) x inflation rate"]
[null,"Closing value",{"$f":"C62","v":"$'000"},null,null,{"$f":"F58+F59-F61-F60+F62","v":646854.52490118577},{"$f":"G58+G59-G61-G60+G62","v":659711.36485666898},{"$f":"H58+H59-H61-H60+H62","v":684397.55081929266},{"$f":"I58+I59-I61-I60+I62","v":740314.01318051247},{"$f":"J58+J59-J61-J60+J62","v":821068.3402214495},null,"This is the value of depreciating assets at the start of the new determination period"]
[]
[null,"Calculation of depreciation"]
[]
[null,"Calculation of allowed depreciation"]
[null,"Index of forecast inflation",null,null,1,{"$f":"E68*(1+F24)","v":1.012},{"$f":"F68*(1+G24)","v":1.03224},{"$f":"G68*(1+H24)","v":1.03224},{"$f":"H68*(1+I24)","v":1.03224},{"$f":"I68*(1+J24)","v":1.03224}]
[null,"Index of actual inflation",null,null,1,{"$f":"E69*(1+F17)","v":1.016},{"$f":"F69*(1+G17)","v":1.0129520000000001},{"$f":"G69*(1+H17)","v":1.0514441760000002},{"$f":"H69*(1+I17)","v":1.1155822707360001},{"$f":"I69*(1+J17)","v":1.1735925488142722}]
[null,"Allowed depreciation adjusted for actual inflation",{"$f":"C63","v":"$'000"},null,null,{"$f":"F25/F68*F69","v":16783.075098814228},{"$f":"G25/G68*G69","v":17653.846469813223},{"$f":"H25/H68*H69","v":19132.445901929786},{"$f":"I25/I68*I69","v":21239.768238757082},{"$f":"J25/J68*J69","v":23667.631644449648}]
[]
[null,"Calculation of actual depreciation"]
[null,"Existing assets"]
[null,"period",null,null,0,1,{"$f":"F74+1","v":2},{"$f":"G74+1","v":3},{"$f":"H74+1","v":4},{"$f":"I74+1","v":5}]
[null,"% depreciation remaining","%",null,null,{"$f":"IF($D81=0,0,IF(F74<1/$D81,1,MAX(0,1/$D81-E74)))","v":1},{"$f":"IF($D81=0,0,IF(G74<1/$D81,1,MAX(0,1/$D81-F74)))","v":1},1,1,{"$f":"IF($D81=0,0,IF(J74<1/$D81,1,MAX(0,1/$D81-I74)))","v":1}]
[null,"Opening value of existing assets ",{"$f":"C63","v":"$'000"},null,null,{"$f":"F58","v":620000},{"$f":"F79","v":629365.6},{"$f":"G79","v":626978.25319999992},{"$f":"H79","v":650293.92682159995},{"$f":"I79","v":689446.60635771754}]
[null,"disposals at regulatory value",{"$f":"C76","v":"$'000"},null,null,{"$f":"F60","v":550},{"$f":"G60","v":500},{"$f":"H60","v":500},{"$f":"I60","v":500},{"$f":"J60","v":500}]
[null,"Indexation ",{"$f":"C77","v":"$'000"},null,null,{"$f":"(F76-F77*$D$49)*F$17","v":9915.6},{"$f":"(G76-G77*$D$49)*G$17","v":-1887.3468},{"$f":"(H76-H77*$D$49)*H$17","v":23815.673621599995},{"$f":"(I76-I77*$D$49)*I$17","v":39652.679536117597},{"$f":"(J76-J77*$D$49)*J$17","v":35838.22353060131}]
[null,"Closing value before further depreciation",{"$f":"C78","v":"$'000"},null,null,{"$f":"F76+F78-F77","v":629365.6},{"$f":"G76+G78-G77","v":626978.25319999992},{"$f":"H76+H78-H77","v":650293.92682159995},{"$f":"I76+I78-I77","v":689446.60635771754},{"$f":"J76+J78-J77","v":724784.8298883189}]
[]
[null,"Depreciation",null,{"$f":"IF($D$30=0,0,1/$D$30)","v":2.5000000000000001E-2},null,{"$f":"(F79+F77*$D$49)*$D81*F75","v":15741.014999999999},{"$f":"(G79+G77*$D$49)*$D81*G75","v":15680.706329999999},{"$f":"(H79+H77*$D$49)*$D81*H75","v":16263.598170539999},{"$f":"(I79+I77*$D$49)*$D81*I75","v":17242.415158942938},{"$f":"(J79+J77*$D$49)*$D81*J75","v":18125.870747207973},null,"formula = (closing value + 50% disposals) x depreciation rate x % depreciation remaining"]
[]
[null,"Depreciation on new assets (undepreciated values)"]
[]
[]
[null,"New assets (i.e. net capex during period)"]
[]
[null,"% of 1 year's depreciation in ",null,"Expected life (years)",null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE($F$14:$J$14)","v":"2018-19"},"%",{"$f":"TRANSPOSE(F31:J31)","v":50},null,{"$f":"$D$48","v":0.5},{"$f":"IF(SUM($F89:F89)+1<$D89,1,$D89-SUM($F89:F89))","v":1},{"$f":"IF(SUM($F89:G89)+1<$D89,1,$D89-SUM($F89:G89))","v":1},{"$f":"IF(SUM($F89:H89)+1<$D89,1,$D89-SUM($F89:H89))","v":1},{"$f":"IF(SUM($F89:I89)+1<$D89,1,$D89-SUM($F89:I89))","v":1}]
[null,"2019-20","%",45,null,0,{"$f":"$D$48","v":0.5},{"$f":"IF(SUM($F90:G90)+1<$D89,1,$D89-SUM($F90:G90))","v":1},{"$f":"IF(SUM($F90:H90)+1<$D89,1,$D89-SUM($F90:H90))","v":1},{"$f":"IF(SUM($F90:I90)+1<$D89,1,$D89-SUM($F90:I90))","v":1}]
[null,"2020-21","%",60,null,0,0,{"$f":"$D$48","v":0.5},{"$f":"IF(SUM($F91:H91)+1<$D89,1,$D89-SUM($F91:H91))","v":1},{"$f":"IF(SUM($F91:I91)+1<$D89,1,$D89-SUM($F91:I91))","v":1}]
[null,"2021-22","%",40,null,0,0,0,{"$f":"$D$48","v":0.5},{"$f":"IF(SUM($F92:I92)+1<$D89,1,$D89-SUM($F92:I92))","v":1}]
[null,"2022-23","%",50,null,0,0,0,0,{"$f":"I92","v":0.5}]
[]
[null,"Capex after indexation in first year (net of cap cons)",null,null,null,{"$f":"F59*(1+F$17*$D$48)","v":34272},{"$f":"G59*(1+G$17*$D$48)","v":32950.5},{"$f":"H59*(1+H$17*$D$48)","v":19259.099999999999},{"$f":"I59*(1+I$17*$D$48)","v":35923.229999999996},{"$f":"J59*(1+J$17*$D$48)","v":66438.63}]
[null,"Depreciation for capex (after indexation) occurring in:",null,"Depreciation rate"]
[null,{"$f":"B89","v":"2018-19"},{"$f":"$C$43","v":"$'000"},{"$f":"IF(D89=0,0,1/D89)","v":0.02},null,{"$f":"F89*F$95*$D97","v":342.72},{"$f":"IF(F89=0,0,F97*G89/F89*(1+G$17))","v":683.38368000000003},{"$f":"IF(G89=0,0,G97*H89/G89*(1+H$17))","v":709.3522598400001},752.62274769024009,791.75913057013258,null,"formula = ($ depreciation in year t-1 x {% of full year's depreciation in year t  / % of full year's depreciation I year t-1})*(1+ inflation rate)"]
[null,{"$f":"B90","v":"2019-20"},{"$f":"$C$43","v":"$'000"},{"$f":"IF(D90=0,0,1/D90)","v":2.2222222222222223E-2},null,{"$f":"F90","v":0},{"$f":"G90*G$95*$D98","v":366.11666666666667},760.05820000000006,806.42175020000002,848.35568121040001]
[null,{"$f":"B91","v":"2020-21"},"$'000",1.6666666666666666E-2,null,{"$f":"F91","v":0},0,{"$f":"H91*H$95*$D99","v":160.49249999999998},340.56508499999995,358.27446941999995]
[null,{"$f":"B92","v":"2021-22"},"$'000",2.5000000000000001E-2,null,0,0,0,{"$f":"I92*I$95*$D100","v":449.04037499999998},944.78094899999996]
[null,{"$f":"B93","v":"2022-23"},"$'000",0.02,null,0,0,0,0,{"$f":"J93*J$95*$D101","v":664.38630000000001}]
[]
[null,"Depreciation for the year","$'000",null,null,{"$f":"SUM(F97:F102)","v":342.72},{"$f":"SUM(G97:G102)","v":1049.5003466666667},{"$f":"SUM(H97:H102)","v":1629.9029598400002},{"$f":"SUM(I97:I102)","v":2348.6499578902399},{"$f":"SUM(J97:J102)","v":3607.5565302005325}]
[]
[]
[null,{"$f":"B21","v":"Non-depreciating assets (e.g. land)"}]
[null,{"$f":"B58","v":"Opening value"},{"$f":"C58","v":"$'000"},null,null,{"$f":"F21","v":40000},{"$f":"F112","v":40251.919999999998},{"$f":"G112","v":42128.164239999998},{"$f":"H112","v":43729.034481119998},{"$f":"I112","v":46138.880584468316}]
[null,{"$f":"B59","v":"  capex net of cash capital contributions "},{"$f":"C107","v":"$'000"},null,null,{"$f":"F35-F40","v":0},{"$f":"G35-G40","v":2000},{"$f":"H35-H40","v":0},{"$f":"I35-I40","v":0},{"$f":"J35-J40","v":200}]
[null,{"$f":"B60","v":"  disposals "},{"$f":"C108","v":"$'000"},null,null,{"$f":"F44","v":385.00000000000006},{"$f":"G44","v":0},{"$f":"H44","v":0},{"$f":"I44","v":250},{"$f":"J44","v":0}]
[null,{"$f":"B61","v":"  depreciation"},{"$f":"C109","v":"$'000"},null,null,0,0,0,0,0,null,"Kept as placeholder to reduce risk of calculation error when adding depreciating and non-depreciating assets to total RAB"]
[null,{"$f":"B62","v":"  indexation"},{"$f":"C110","v":"$'000"},null,null,{"$f":"(F107+F108*$D$48-F109*$D$49)*F$17","v":636.91999999999996},{"$f":"(G107+G108*$D$48-G109*$D$49)*G$17","v":-123.75576},{"$f":"(H107+H108*$D$48-H109*$D$49)*H$17","v":1600.8702411199999},{"$f":"(I107+I108*$D$48-I109*$D$49)*I$17","v":2659.84610334832},{"$f":"(J107+J108*$D$48-J109*$D$49)*J$17","v":2404.4217903923522}]
[null,{"$f":"B63","v":"Closing value"},{"$f":"C111","v":"$'000"},null,null,{"$f":"F107+F108-F110-F109+F111","v":40251.919999999998},{"$f":"G107+G108-G110-G109+G111","v":42128.164239999998},{"$f":"H107+H108-H110-H109+H111","v":43729.034481119998},{"$f":"I107+I108-I110-I109+I111","v":46138.880584468316},{"$f":"J107+J108-J110-J109+J111","v":48743.302374860665},null,"This is the value of non-depreciating assets at the start of the new determination period"]
[]
[null,"Total RAB"]
[null,{"$f":"B58","v":"Opening value"},null,null,null,{"$f":"F58+F107","v":660000},687106.44490118581,701839.52909666894,728126.58530041261,786452.89376498084]
[null,{"$f":"B59","v":"  capex net of cash capital contributions "},null,null,null,34000,35000,18900,34860,64955]
[null,"  disposals ",null,null,null,935,500,500,750,500]
[null,"  depreciation",null,null,null,16783.075098814228,17653.846469813223,19132.445901929786,21239.768238757082,23667.631644449648]
[null,"  indexation",null,null,null,10824.52,-2113.0693347035572,27019.502105673419,45456.076703325169,42571.380475778999]
[null,"Closing value",null,null,null,687106.44490118581,701839.52909666894,728126.58530041261,786452.89376498084,869811.64259631012]
[null,"check closing value = 0",null,null,null,{"$f":"SUM(F115:F116)-F117-F118+F119-F120","v":0},{"$f":"SUM(G115:G116)-G117-G118+G119-G120","v":0},{"$f":"SUM(H115:H116)-H117-H118+H119-H120","v":0},{"$f":"SUM(I115:I116)-I117-I118+I119-I120","v":0},{"$f":"SUM(J115:J116)-J117-J118+J119-J120","v":0}]
[null,"check net capex = 0",null,null,null,{"$f":"F116-(SUM(F34:F35)-SUM(F39:F40))","v":0},{"$f":"G116-(SUM(G34:G35)-SUM(G39:G40))","v":0},{"$f":"H116-(SUM(H34:H35)-SUM(H39:H40))","v":0},{"$f":"I116-(SUM(I34:I35)-SUM(I39:I40))","v":0},{"$f":"J116-(SUM(J34:J35)-SUM(J39:J40))","v":0}]
[null,"check disposals = 0",null,null,null,{"$f":"F117-SUM(F43:F44)","v":0},{"$f":"G117-SUM(G43:G44)","v":0},{"$f":"H117-SUM(H43:H44)","v":0},{"$f":"I117-SUM(I43:I44)","v":0},{"$f":"J117-SUM(J43:J44)","v":0}]
[]
[]
[]
[null,"TABLE 3 - CALCULATION OF AVERAGE REMAINING LIFE OF DEPRECIATING ASSETS "]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,{"$f":"F$14","v":"2018-19"},{"$f":"G$14","v":"2019-20"},{"$f":"H$14","v":"2020-21"},{"$f":"I$14","v":"2021-22"},{"$f":"J$14","v":"2022-23"}]
[]
[]
[null,"Value of depreciating assets rolled forward using actual depreciation"]
[null,{"$f":"B58","v":"Opening value"},{"$f":"C20","v":"$'000"},null,null,{"$f":"F$20","v":620000},{"$f":"F137","v":647553.86499999999},{"$f":"G137","v":661332.24672833341},{"$f":"H137","v":687318.97097363009},{"$f":"I137","v":745062.34308618831}]
[null,{"$f":"B59","v":"  capex net of cash capital contributions "},{"$f":"C132","v":"$'000"},null,null,{"$f":"F$34-F$39","v":34000},{"$f":"G$34-G$39","v":33000},{"$f":"H$34-H$39","v":18900},{"$f":"I$34-I$39","v":34860},{"$f":"J$34-J$39","v":64755}]
[null,{"$f":"B60","v":"  disposals "},{"$f":"C133","v":"$'000"},null,null,{"$f":"F$43","v":550},{"$f":"G$43","v":500},{"$f":"H$43","v":500},{"$f":"I$43","v":500},{"$f":"J$43","v":500}]
[null,"Actual (calculated) depreciation",{"$f":"C134","v":"$'000"},null,null,{"$f":"F81+F103","v":16083.734999999999},{"$f":"G81+G103","v":16730.206676666665},{"$f":"H81+H103","v":17893.501130379998},{"$f":"I81+I103","v":19591.065116833179},{"$f":"J81+J103","v":21733.427277408504}]
[null,{"$f":"B62","v":"  indexation"},{"$f":"C135","v":"$'000"},null,null,{"$f":"(F132+F133*$D$48-F134*$D$49)*F$17","v":10187.6},{"$f":"(G132+G133*$D$48-G134*$D$49)*G$17","v":-1991.411595},{"$f":"(H132+H133*$D$48-H134*$D$49)*H$17","v":25480.22537567667},{"$f":"(I132+I133*$D$48-I134*$D$49)*I$17","v":42974.437229391435},{"$f":"(J132+J133*$D$48-J134*$D$49)*J$17","v":40413.871840481792}]
[null,{"$f":"B63","v":"Closing value"},{"$f":"C136","v":"$'000"},null,null,{"$f":"F132+F133-F135-F134+F136","v":647553.86499999999},{"$f":"G132+G133-G135-G134+G136","v":661332.24672833341},{"$f":"H132+H133-H135-H134+H136","v":687318.97097363009},{"$f":"I132+I133-I135-I134+I136","v":745062.34308618831},{"$f":"J132+J133-J135-J134+J136","v":827997.78764926153}]
[]
[null,"Calculation of average remaining life"]
[null,"Remaining life at beginning of yr",{"$f":"'RAB & tax inputs'!$C$74","v":"years"},null,null,{"$f":"IF(F135=0,0,((F132+$D$48*(F133-F134)/(1+F$17)^$D$48)*(1+F$17))/F135)","v":40.213188605709924},{"$f":"IF(G135=0,0,((G132+$D$48*(G133-G134)/(1+G$17)^$D$48)*(1+G$17))/G135)","v":39.55939235462818},{"$f":"IF(H135=0,0,((H132+$D$48*(H133-H134)/(1+H$17)^$D$48)*(1+H$17))/H135)","v":38.887640672178954},{"$f":"IF(I135=0,0,((I132+$D$48*(I133-I134)/(1+I$17)^$D$48)*(1+I$17))/I135)","v":38.126648944786545},{"$f":"IF(J135=0,0,((J132+$D$48*(J133-J134)/(1+J$17)^$D$48)*(1+J$17))/J135)","v":37.580718581035676},null,null,"Formula = [(opening value + 50%* {capex - disposals}/CPI^0.5}*CPI] / value of depreciation.  Note that capex and disposals are first expressed in start-of-year dollars then indexed to end-of-year values"]
[null,"Value of assets at year end excluding 50% of capex that occurs at year end",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F137-F142","v":630553.86499999999},{"$f":"G137-G142","v":644832.24672833341},{"$f":"H137-H142","v":677868.97097363009},{"$f":"I137-I142","v":727632.34308618831},{"$f":"J137-J142","v":795620.28764926153}]
[null,"Value of capex that occurs at year end",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F133*$D$48","v":17000},{"$f":"G133*$D$48","v":16500},{"$f":"H133*$D$48","v":9450},{"$f":"I133*$D$48","v":17430},{"$f":"J133*$D$48","v":32377.5}]
[null,"Remaining life of assets at year end excluding 50% of capex that occurs at year end",{"$f":"C$140","v":"years"},null,null,{"$f":"F140-1","v":39.213188605709924},{"$f":"G140-1","v":38.55939235462818},{"$f":"H140-1","v":37.887640672178954},{"$f":"I140-1","v":37.126648944786545},{"$f":"J140-1","v":36.580718581035676}]
[null,"Remaining life of capex that occurs at year end",{"$f":"C$140","v":"years"},null,null,{"$f":"$D89","v":50},{"$f":"$D89","v":50},{"$f":"$D89","v":50},{"$f":"$D89","v":50},{"$f":"$D89","v":50}]
[null,"Average remaining life",{"$f":"C$140","v":"years"},null,null,{"$f":"IF(SUM(F141:F142)=0,0,SUMPRODUCT(F141:F142,F143:F144)/SUM(F141:F142))","v":39.496370907004554},{"$f":"IF(SUM(G141:G142)=0,0,SUMPRODUCT(G141:G142,G143:G144)/SUM(G141:G142))","v":38.844831371223087},{"$f":"IF(SUM(H141:H142)=0,0,SUMPRODUCT(H141:H142,H143:H144)/SUM(H141:H142))","v":38.054174407579517},{"$f":"IF(SUM(I141:I142)=0,0,SUMPRODUCT(I141:I142,I143:I144)/SUM(I141:I142))","v":37.427808318863804},{"$f":"IF(SUM(J141:J142)=0,0,SUMPRODUCT(J141:J142,J143:J144)/SUM(J141:J142))","v":37.10545764510497},null,"This is the average remaining life of depreciating assets at the start of the new determination period (with unchanged asset life assumptions)"]
[]
[]
[null,"This option is for illustration only, and the results are not used in the model"]
[null,"Simpler estimate of average remaining life - for illustration only",null,null,null,null,null,null,null,null,null,"  Logic = remaining life at the beginning of the year - 1"]
[null,"Estimated average remaining life ",{"$f":"C$140","v":"years"},null,null,{"$f":"((F132+F133*$D$48-F134*$D$49)*(1+F$17))/F135-1","v":39.221540581214505},{"$f":"((G132+G133*$D$48-G134*$D$49)*(1+G$17))/G135-1","v":38.557936503439535},{"$f":"((H132+H133*$D$48-H134*$D$49)*(1+H$17))/H135-1","v":37.897500664210654},{"$f":"((I132+I133*$D$48-I134*$D$49)*(1+I$17))/I135-1","v":37.153791217853282},{"$f":"((J132+J133*$D$48-J134*$D$49)*(1+J$17))/J135-1","v":36.619640220139331},null,"  Formula = [(opening value + 50% capex - 50% disposals)*CPI] / value of depreciation -1."]
[null,"Difference",{"$f":"C$140","v":"years"},null,null,{"$f":"F145-F150","v":0.27483032579004885},{"$f":"G145-G150","v":0.28689486778355189},{"$f":"H145-H150","v":0.15667374336886297},{"$f":"I145-I150","v":0.27401710101052146},{"$f":"J145-J150","v":0.48581742496563862}]

{"sheet":"RAB projected ","index":15,"n_rows":140,"n_cols":22,"rows_kept":140,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!B4","v":0},null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"9 Regulatory Asset Base roll forward for new determination period "]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B13","v":"TABLE 1 - ASSUMPTIONS FOR ROLL FORWARD OF REGULATORY ASSET BASE "},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B13)","v":13}]
[null,{"$f":"B49","v":"TABLE 2 - ROLL FORWARD OF REGULATORY ASSET BASE FOR COST BUILDING BLOCKS"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B49)","v":49}]
[null,{"$f":"B127","v":"TABLE 3 - ROLL FORWARD OF REGULATORY ASSET BASE FOR REGULATORY FINANCIAL STATEMENTS (nominal)"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B127)","v":127}]
[]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS FOR ROLL FORWARD OF REGULATORY ASSET BASE "]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K33","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,"Inflation rate",null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!L19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T19","v":2.5000000000000001E-2}]
[null,"Inflator for nominal RAB capex, cap cons and disposals",null,null,null,null,null,null,null,1,{"$f":"J19*(1+K18)","v":1.0249999999999999},1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,"RAB opening value"]
[null,{"$f":"'RAB historical'!B20","v":"Depreciating assets"},{"$f":"'RAB & tax inputs'!$C$36","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB historical'!J63","v":821068.3402214495}]
[null,{"$f":"'RAB historical'!B21","v":"Non-depreciating assets (e.g. land)"},{"$f":"C22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB historical'!J112","v":48743.302374860665}]
[]
[null,{"$f":"'Selected costs'!B19","v":"Selected capital expenditure"}]
[null,{"$f":"'Selected costs'!B20","v":" - depreciating assets"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Selected costs'!K20","v":95000},{"$f":"'Selected costs'!L20","v":120000},{"$f":"'Selected costs'!M20","v":70000},{"$f":"'Selected costs'!N20","v":44000},{"$f":"'Selected costs'!O20","v":54000},{"$f":"'Selected costs'!P20","v":43000},{"$f":"'Selected costs'!Q20","v":32000},{"$f":"'Selected costs'!R20","v":32500},{"$f":"'Selected costs'!S20","v":33000},{"$f":"'Selected costs'!T20","v":33500}]
[null,{"$f":"'Selected costs'!B21","v":" - non-depreciating assets"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Selected costs'!K21","v":4000},{"$f":"'Selected costs'!L21","v":0},{"$f":"'Selected costs'!M21","v":0},{"$f":"'Selected costs'!N21","v":5000},{"$f":"'Selected costs'!O21","v":0},{"$f":"'Selected costs'!P21","v":0},{"$f":"'Selected costs'!Q21","v":0},{"$f":"'Selected costs'!R21","v":0},{"$f":"'Selected costs'!S21","v":0},{"$f":"'Selected costs'!T21","v":0}]
[]
[null,"Cash capital contributions"]
[null,"Share of cash capital contributions included in RAB calculations",null,null,null,null,null,null,null,null,{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!K$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!L$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!M$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!N$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!O$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!P$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!Q$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!R$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!S$14),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-WACC!T$14),1)","v":0.7}]
[null,{"$f":"'Selected costs'!B25","v":" - depreciating assets"},{"$f":"CHOOSE(Scenario!$W$55,$C$22&\", net of tax\",$C$22&\" before tax\")","v":"$'000, net of tax"},null,null,null,null,null,null,null,{"$f":"'Selected costs'!K25*K$30","v":700},{"$f":"'Selected costs'!L25*L$30","v":140},{"$f":"'Selected costs'!M25*M$30","v":350},{"$f":"'Selected costs'!N25*N$30","v":280},{"$f":"'Selected costs'!O25*O$30","v":0},{"$f":"'Selected costs'!P25*P$30","v":0},{"$f":"'Selected costs'!Q25*Q$30","v":0},{"$f":"'Selected costs'!R25*R$30","v":0},{"$f":"'Selected costs'!S25*S$30","v":0},{"$f":"'Selected costs'!T25*T$30","v":0}]
[null,{"$f":"'Selected costs'!B26","v":" - non-depreciating assets"},{"$f":"C31","v":"$'000, net of tax"},null,null,null,null,null,null,null,{"$f":"'Selected costs'!K26*K$30","v":0},{"$f":"'Selected costs'!L26*L$30","v":0},{"$f":"'Selected costs'!M26*M$30","v":0},{"$f":"'Selected costs'!N26*N$30","v":0},{"$f":"'Selected costs'!O26*O$30","v":0},{"$f":"'Selected costs'!P26*P$30","v":0},{"$f":"'Selected costs'!Q26*Q$30","v":0},{"$f":"'Selected costs'!R26*R$30","v":0},{"$f":"'Selected costs'!S26*S$30","v":0},{"$f":"'Selected costs'!T26*T$30","v":0}]
[]
[null,"Asset disposals"]
[null,{"$f":"'Cost  inputs'!B83","v":" - depreciating assets"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Cost  inputs'!K84","v":600},{"$f":"'Cost  inputs'!L84","v":500},{"$f":"'Cost  inputs'!M84","v":500},{"$f":"'Cost  inputs'!N84","v":500},{"$f":"'Cost  inputs'!O84","v":500},{"$f":"'Cost  inputs'!P84","v":500},{"$f":"'Cost  inputs'!Q84","v":500},{"$f":"'Cost  inputs'!R84","v":500},{"$f":"'Cost  inputs'!S84","v":500},{"$f":"'Cost  inputs'!T84","v":500}]
[null,{"$f":"'Cost  inputs'!B85","v":" - non-depreciating assets"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Cost  inputs'!K86","v":150},{"$f":"'Cost  inputs'!L86","v":175},{"$f":"'Cost  inputs'!M86","v":0},{"$f":"'Cost  inputs'!N86","v":0},{"$f":"'Cost  inputs'!O86","v":0},{"$f":"'Cost  inputs'!P86","v":0},{"$f":"'Cost  inputs'!Q86","v":0},{"$f":"'Cost  inputs'!R86","v":0},{"$f":"'Cost  inputs'!S86","v":0},{"$f":"'Cost  inputs'!T86","v":0}]
[]
[null,"Remaining lives of existing assets","years",{"$f":"'RAB & tax inputs'!K75","v":37.10545764510497},"depreciating assets only"]
[null,"Average expected life of new assets","years",null,{"$f":"E38","v":"depreciating assets only"},null,null,null,null,null,{"$f":"'RAB & tax inputs'!K77","v":40},{"$f":"'RAB & tax inputs'!L77","v":35},{"$f":"'RAB & tax inputs'!M77","v":50},{"$f":"'RAB & tax inputs'!N77","v":55},{"$f":"'RAB & tax inputs'!O77","v":50},{"$f":"'RAB & tax inputs'!P77","v":50},{"$f":"'RAB & tax inputs'!Q77","v":50},{"$f":"'RAB & tax inputs'!R77","v":50},{"$f":"'RAB & tax inputs'!S77","v":50},{"$f":"'RAB & tax inputs'!T77","v":50}]
[]
[null,"Timing assumptions"]
[null,"1. Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year: "]
[null,"   % of capex in year depreciated  and indexed",null,{"$f":"'RAB historical'!D48","v":0.5}]
[null,"   % of disposals in year depreciated and indexed",null,{"$f":"'RAB historical'!D49","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 2 - ROLL FORWARD OF REGULATORY ASSET BASE FOR COST BUILDING BLOCKS"]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"K$14","v":"2023-24"},"2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$16","v":"2022-23 $'000"}]
[]
[null,{"$f":"$B$22","v":"Depreciating assets"}]
[null,"Opening RAB",{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$22","v":821068.3402214495},{"$f":"K60","v":891469.70834122354},984654.86336405459,1025234.7077792751,1038804.0727557164,1061729.4582933781,1072698.3189377151,1071930.6546887273,1071031.4655464147,1069990.7515107773]
[null,"  capex net of cash capital contributions ",{"$f":"C55","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$26-K$31","v":94300},{"$f":"L$26-L$31","v":119860},{"$f":"M$26-M$31","v":69650},43720,54000,43000,32000,32500,33000,33500]
[null,"  disposals ",{"$f":"C56","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$35","v":600},{"$f":"L$35","v":500},500,500,500,500,500,500,500,500]
[null,"  depreciation",{"$f":"C57","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K73+K101","v":23298.631880225967},26174.844977168959,28570.15558477947,29650.635023558811,30574.614462338155,31531.139355662955,32267.664248987752,32899.189142312549,33540.714035637342,34192.238928962142]
[null,"  indexation",{"$f":"C58","v":"$'000"},null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Closing RAB",{"$f":"C59","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K55:K56)-K57-K58+K59","v":891469.70834122354},984654.86336405459,1025234.7077792751,1038804.0727557164,1061729.4582933781,1072698.3189377151,1071930.6546887273,1071031.4655464147,1069990.7515107773,1068798.5125818152]
[]
[]
[null,"Calculation of depreciation (straight line)"]
[null,"Existing assets at start of period"]
[null,"period",null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"% depreciation remaining",null,null,null,null,null,null,null,null,{"$f":"IF(K65<1/$D73,1,MAX(0,1/$D73-J65))","v":1},{"$f":"IF(L65<1/$D73,1,MAX(0,1/$D73-K65))","v":1},1,1,1,1,1,1,1,1]
[]
[null,"Opening value of existing assets ",{"$f":"C119","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K55","v":821068.3402214495},{"$f":"K71","v":820468.3402214495},819968.3402214495,819468.3402214495,818968.3402214495,818468.3402214495,817968.3402214495,817468.3402214495,816968.3402214495,816468.3402214495]
[null,"  disposals",{"$f":"C68","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K57","v":600},{"$f":"L57","v":500},500,500,500,500,500,500,500,500]
[null,"  indexation ",{"$f":"C69","v":"$'000"},null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Closing value before further depreciation",null,null,null,null,null,null,null,null,{"$f":"K68-K69+K70","v":820468.3402214495},{"$f":"L68-L69+L70","v":819968.3402214495},819468.3402214495,818968.3402214495,818468.3402214495,817968.3402214495,817468.3402214495,816968.3402214495,816468.3402214495,815968.3402214495]
[]
[null,"Depreciation",{"$f":"C70","v":"$'000"},{"$f":"1/D$38","v":2.6950213350405129E-2},null,null,null,null,null,null,{"$f":"(K71+K69*$D$44)*$D73*K66","v":22119.881880225967},{"$f":"(L71+L69*$D$44)*$D73*L66","v":22105.059262883246},22091.584156208042,22078.109049532839,22064.633942857636,22051.158836182436,22037.683729507233,22024.20862283203,22010.733516156826,21997.258409481623,null,"formula = (closing value + 50% disposals) x depreciation rate x % depreciation remaining"]
[]
[null,"New assets (i.e. net capex during period) - Method 1, suitable for long-live and short-lived assets"]
[]
[null,"% of 1 year's depreciation in ",null,"Expected life (years)",null,null,null,null,null,null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE($K$14:$T$14)","v":"2023-24"},"%",{"$f":"TRANSPOSE($K$39:$T$39)","v":40},null,null,null,null,null,null,{"$f":"$D$43","v":0.5},{"$f":"IF(SUM($K78:K78)+1<$D78,1,$D78-SUM($K78:K78))","v":1},{"$f":"IF(SUM($K78:L78)+1<$D78,1,$D78-SUM($K78:L78))","v":1},{"$f":"IF(SUM($K78:M78)+1<$D78,1,$D78-SUM($K78:M78))","v":1},{"$f":"IF(SUM($K78:N78)+1<$D78,1,$D78-SUM($K78:N78))","v":1},{"$f":"IF(SUM($K78:O78)+1<$D78,1,$D78-SUM($K78:O78))","v":1},{"$f":"IF(SUM($K78:P78)+1<$D78,1,$D78-SUM($K78:P78))","v":1},{"$f":"IF(SUM($K78:Q78)+1<$D78,1,$D78-SUM($K78:Q78))","v":1},{"$f":"IF(SUM($K78:R78)+1<$D78,1,$D78-SUM($K78:R78))","v":1},{"$f":"IF(SUM($K78:S78)+1<$D78,1,$D78-SUM($K78:S78))","v":1}]
[null,"2024-25","%",35,null,null,null,null,null,null,0,{"$f":"$D$43","v":0.5},{"$f":"IF(SUM($K79:L79)+1<$D79,1,$D79-SUM($K79:L79))","v":1},{"$f":"IF(SUM($K79:M79)+1<$D79,1,$D79-SUM($K79:M79))","v":1},{"$f":"IF(SUM($K79:N79)+1<$D79,1,$D79-SUM($K79:N79))","v":1},{"$f":"IF(SUM($K79:O79)+1<$D79,1,$D79-SUM($K79:O79))","v":1},{"$f":"IF(SUM($K79:P79)+1<$D79,1,$D79-SUM($K79:P79))","v":1},{"$f":"IF(SUM($K79:Q79)+1<$D79,1,$D79-SUM($K79:Q79))","v":1},{"$f":"IF(SUM($K79:R79)+1<$D79,1,$D79-SUM($K79:R79))","v":1},{"$f":"IF(SUM($K79:S79)+1<$D79,1,$D79-SUM($K79:S79))","v":1}]
[null,"2025-26","%",50,null,null,null,null,null,null,0,0,{"$f":"$D$43","v":0.5},{"$f":"IF(SUM($K80:M80)+1<$D80,1,$D80-SUM($K80:M80))","v":1},{"$f":"IF(SUM($K80:N80)+1<$D80,1,$D80-SUM($K80:N80))","v":1},{"$f":"IF(SUM($K80:O80)+1<$D80,1,$D80-SUM($K80:O80))","v":1},{"$f":"IF(SUM($K80:P80)+1<$D80,1,$D80-SUM($K80:P80))","v":1},{"$f":"IF(SUM($K80:Q80)+1<$D80,1,$D80-SUM($K80:Q80))","v":1},{"$f":"IF(SUM($K80:R80)+1<$D80,1,$D80-SUM($K80:R80))","v":1},{"$f":"IF(SUM($K80:S80)+1<$D80,1,$D80-SUM($K80:S80))","v":1}]
[null,"2026-27","%",55,null,null,null,null,null,null,0,0,0,{"$f":"$D$43","v":0.5},{"$f":"IF(SUM($K81:N81)+1<$D81,1,$D81-SUM($K81:N81))","v":1},{"$f":"IF(SUM($K81:O81)+1<$D81,1,$D81-SUM($K81:O81))","v":1},{"$f":"IF(SUM($K81:P81)+1<$D81,1,$D81-SUM($K81:P81))","v":1},{"$f":"IF(SUM($K81:Q81)+1<$D81,1,$D81-SUM($K81:Q81))","v":1},{"$f":"IF(SUM($K81:R81)+1<$D81,1,$D81-SUM($K81:R81))","v":1},{"$f":"IF(SUM($K81:S81)+1<$D81,1,$D81-SUM($K81:S81))","v":1}]
[null,"2027-28","%",50,null,null,null,null,null,null,0,0,0,0,{"$f":"N81","v":0.5},{"$f":"IF(SUM($K82:O82)+1<$D82,1,$D82-SUM($K82:O82))","v":1},{"$f":"IF(SUM($K82:P82)+1<$D82,1,$D82-SUM($K82:P82))","v":1},{"$f":"IF(SUM($K82:Q82)+1<$D82,1,$D82-SUM($K82:Q82))","v":1},{"$f":"IF(SUM($K82:R82)+1<$D82,1,$D82-SUM($K82:R82))","v":1},{"$f":"IF(SUM($K82:S82)+1<$D82,1,$D82-SUM($K82:S82))","v":1}]
[null,"2028-29","%",50,null,null,null,null,null,null,0,0,0,0,0,{"$f":"O82","v":0.5},{"$f":"IF(SUM($K83:P83)+1<$D83,1,$D83-SUM($K83:P83))","v":1},{"$f":"IF(SUM($K83:Q83)+1<$D83,1,$D83-SUM($K83:Q83))","v":1},{"$f":"IF(SUM($K83:R83)+1<$D83,1,$D83-SUM($K83:R83))","v":1},{"$f":"IF(SUM($K83:S83)+1<$D83,1,$D83-SUM($K83:S83))","v":1}]
[null,"2029-30","%",50,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"P83","v":0.5},{"$f":"IF(SUM($K84:Q84)+1<$D84,1,$D84-SUM($K84:Q84))","v":1},{"$f":"IF(SUM($K84:R84)+1<$D84,1,$D84-SUM($K84:R84))","v":1},{"$f":"IF(SUM($K84:S84)+1<$D84,1,$D84-SUM($K84:S84))","v":1}]
[null,"2030-31","%",50,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"Q84","v":0.5},{"$f":"IF(SUM($K85:R85)+1<$D85,1,$D85-SUM($K85:R85))","v":1},{"$f":"IF(SUM($K85:S85)+1<$D85,1,$D85-SUM($K85:S85))","v":1}]
[null,"2031-32","%",50,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"R85","v":0.5},{"$f":"IF(SUM($K86:S86)+1<$D86,1,$D86-SUM($K86:S86))","v":1}]
[null,"2032-33","%",50,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,{"$f":"S86","v":0.5}]
[]
[null,"Capex net of cap cons)",null,null,null,null,null,null,null,null,{"$f":"K56","v":94300},{"$f":"L56","v":119860},69650,43720,54000,43000,32000,32500,33000,33500]
[null,"Depreciation for capex (after indexation) occurring in:",null,"Depreciation rate"]
[null,{"$f":"B78","v":"2023-24"},{"$f":"$C$114","v":"$'000"},{"$f":"IF(D78=0,0,1/D78)","v":2.5000000000000001E-2},null,null,null,null,null,null,{"$f":"K78*K89*$D91","v":1178.75},{"$f":"IF(K78=0,0,K91*L78/K78)","v":2357.5},{"$f":"IF(L78=0,0,L91*M78/L78)","v":2357.5},2357.5,2357.5,2357.5,2357.5,2357.5,2357.5,2357.5,null,"formula = ($ depreciation in year t-1 x {% of full year's depreciation in year t  / % of full year's depreciation I year t-1})"]
[null,{"$f":"B79","v":"2024-25"},"$'000",{"$f":"IF(D79=0,0,1/D79)","v":2.8571428571428571E-2},null,null,null,null,null,null,{"$f":"K79","v":0},{"$f":"L79*L89*$D92","v":1712.2857142857142},{"$f":"IF(L79=0,0,L92*M79/L79)","v":3424.5714285714284},{"$f":"IF(M79=0,0,M92*N79/M79)","v":3424.5714285714284},3424.5714285714284,3424.5714285714284,3424.5714285714284,3424.5714285714284,3424.5714285714284,3424.5714285714284]
[null,"2025-26","$'000",0.02,null,null,null,null,null,null,{"$f":"K80","v":0},{"$f":"L80","v":0},{"$f":"M80*M89*$D93","v":696.5},{"$f":"IF(M80=0,0,M93*N80/M80)","v":1393},{"$f":"IF(N80=0,0,N93*O80/N80)","v":1393},1393,1393,1393,1393,1393]
[null,"2026-27","$'000",1.8181818181818181E-2,null,null,null,null,null,null,0,0,0,{"$f":"N81*N89*$D94","v":397.45454545454544},{"$f":"IF(N81=0,0,N94*O81/N81)","v":794.90909090909088},{"$f":"IF(O81=0,0,O94*P81/O81)","v":794.90909090909088},794.90909090909088,794.90909090909088,794.90909090909088,794.90909090909088]
[null,"2027-28","$'000",0.02,null,null,null,null,null,null,0,0,0,0,{"$f":"O82*O89*$D95","v":540},{"$f":"IF(O82=0,0,O95*P82/O82)","v":1080},{"$f":"IF(P82=0,0,P95*Q82/P82)","v":1080},1080,1080,1080]
[null,"2028-29","$'000",0.02,null,null,null,null,null,null,0,0,0,0,0,{"$f":"P83*P89*$D96","v":430},{"$f":"IF(P83=0,0,P96*Q83/P83)","v":860},{"$f":"IF(Q83=0,0,Q96*R83/Q83)","v":860},860,860]
[null,"2029-30","$'000",0.02,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"Q84*Q89*$D97","v":320},{"$f":"IF(Q84=0,0,Q97*R84/Q84)","v":640},{"$f":"IF(R84=0,0,R97*S84/R84)","v":640},640]
[null,"2030-31","$'000",0.02,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"R85*R89*$D98","v":325},{"$f":"IF(R85=0,0,R98*S85/R85)","v":650},{"$f":"IF(S85=0,0,S98*T85/S85)","v":650}]
[null,"2031-32","$'000",0.02,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"R86*R90*$D99","v":0},{"$f":"S86*S89*$D99","v":330},{"$f":"IF(S86=0,0,S99*T86/S86)","v":660}]
[null,"2032-33","$'000",0.02,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"S87*S90*$D100","v":0},{"$f":"T87*T89*$D100","v":335}]
[null,"Depreciation for the year","$'000",null,null,null,null,null,null,null,{"$f":"SUM(K91:K100)","v":1178.75},4069.7857142857142,6478.5714285714284,7572.5259740259735,8509.9805194805194,9479.9805194805194,{"$f":"SUM(Q91:Q100)","v":10229.980519480519},{"$f":"SUM(R91:R100)","v":10874.980519480519},{"$f":"SUM(S91:S100)","v":11529.980519480519},{"$f":"SUM(T91:T100)","v":12194.980519480519}]
[]
[]
[]
[null,{"$f":"$B$23","v":"Non-depreciating assets (e.g. land)"}]
[null,{"$f":"B114","v":"Opening RAB"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$23","v":48743.302374860665},{"$f":"K111","v":52593.302374860665},52418.302374860665,52418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665]
[null,"  capex net of cash capital contributions ",{"$f":"C106","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$27-K$32","v":4000},{"$f":"L$27-L$32","v":0},0,5000,0,0,0,0,0,0]
[null,"  disposals ",{"$f":"C107","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$36","v":150},{"$f":"L$36","v":175},0,0,0,0,0,0,0,0]
[null,"  depreciation",{"$f":"C108","v":"$'000"},null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,null,"Kept as placeholder to reduce risk of calculation error when adding depreciating and non-depreciating assets to total RAB"]
[null,"  indexation",{"$f":"C109","v":"$'000"},null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Closing RAB",{"$f":"C110","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K106:K107)-K108-K109+K110","v":52593.302374860665},52418.302374860665,52418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665,57418.302374860665]
[]
[null,"Total RAB"]
[null,{"$f":"B55","v":"Opening RAB"},{"$f":"$C$22","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K55+K106","v":869811.64259631012},944063.01071608416,1037073.1657389152,1077653.0101541358,1096222.375130577,1119147.7606682389,1130116.6213125759,1129348.9570635881,1128449.7679212755,1127409.053885638]
[null,"  capex net of cash capital contributions ",{"$f":"C114","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K56+K107","v":98300},119860,69650,48720,54000,43000,32000,32500,33000,33500]
[null,"  disposals ",{"$f":"C115","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K57+K108","v":750},675,500,500,500,500,500,500,500,500]
[null,"  depreciation",{"$f":"C116","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K58+K109","v":23298.631880225967},26174.844977168959,28570.15558477947,29650.635023558811,30574.614462338155,31531.139355662955,32267.664248987752,32899.189142312549,33540.714035637342,34192.238928962142]
[null,"  indexation",{"$f":"C117","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K59+K110","v":0},0,0,0,0,0,0,0,0,0]
[null,"Closing RAB",{"$f":"C118","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K60+K111","v":944063.01071608416},1037073.1657389152,1077653.0101541358,1096222.375130577,1119147.7606682389,1130116.6213125759,1129348.9570635881,1128449.7679212755,1127409.053885638,1126216.814956676]
[null,"check closing value = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K114:K115)-K116-K117+K118-K119","v":0},{"$f":"SUM(L114:L115)-L116-L117+L118-L119","v":0},0,0,0,0,0,0,0,0]
[null,"check net capex = 0",null,null,null,null,null,null,null,null,{"$f":"K115-SUM(K$26:K$27)+SUM(K$31:K$32)","v":0},{"$f":"L115-SUM(L$26:L$27)+SUM(L$31:L$32)","v":0},0,0,0,0,0,0,0,0]
[null,"check disposals = 0",null,null,null,null,null,null,null,null,{"$f":"K116-SUM(K$35:K$36)","v":0},{"$f":"L116-SUM(L$35:L$36)","v":0},0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[null,"TABLE 3 - ROLL FORWARD OF REGULATORY ASSET BASE FOR REGULATORY FINANCIAL STATEMENTS (nominal)"]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"K$14","v":"2023-24"},"2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,"Nominal"]
[null,"Total RAB"]
[null,{"$f":"B114","v":"Opening RAB"},"$'000",null,null,null,null,null,null,null,{"$f":"K114","v":869811.64259631012},{"$f":"K137","v":967664.58598398615},{"$f":"L137","v":1089574.9947544476},{"$f":"M137","v":1160514.4236380185},{"$f":"N137","v":1210024.3886606852},1266212.9678581967,1310588.8075491835,1342441.0161815407,1374906.466929676,1407979.4193815051,null,"= closing RAB from previous year (calculated)"]
[null,"  capex net of cash capital contributions ","$'000",null,null,null,null,null,null,null,{"$f":"K115*K$19","v":100757.49999999999},125927.91249999999,75005.432031249991,53777.764031249986,61096.043496093735,49866.816983154276,38037.944117382795,39598.094169072319,41212.478008272949,42882.832230577951,null,"= inflation indexed"]
[null,"  disposals ","$'000",null,null,null,null,null,null,null,{"$f":"K116*K$19","v":768.74999999999989},709.171875,538.44531249999989,551.90644531249984,565.70410644531228,579.84670910644513,594.34287683410616,609.20144875495873,624.43148497383265,640.04227209817827,null,"= inflation indexed"]
[null,"  depreciation","$'000",null,null,null,null,null,null,null,{"$f":"K117*K$19","v":23881.097677231613},27499.946504138137,30766.932704040399,32728.753154221307,34592.369908653862,36566.454779515763,38356.112796920832,40084.467376720429,41887.755744711394,43768.956584433428,null,"= inflation indexed"]
[null,"  indexation","$'000",null,null,null,null,null,null,null,{"$f":"K137-K132-K133+K134+K135","v":21745.291064907658},24191.614649599596,27239.374868861352,29012.860590950433,30250.609716516981,31655.32419645472,32764.72018872933,33561.025404538406,34372.661673241382,35199.485484537581,null,"= calculated as a residual"]
[null,"Closing RAB","$'000",null,null,null,null,null,null,null,{"$f":"K119*K$19","v":967664.58598398615},1089574.9947544476,1160514.4236380185,1210024.3886606852,1266212.9678581967,1310588.8075491835,1342441.0161815407,1374906.466929676,1407979.4193815051,1441652.738240089,null,"= inflation indexed closing value of real RAB "]
[null,"check closing value = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K132:K133)-K134-K135+K136-K137","v":0},{"$f":"SUM(L132:L133)-L134-L135+L136-L137","v":0},{"$f":"SUM(M132:M133)-M134-M135+M136-M137","v":0},0,0,0,0,0,0,0]
[null,"check net capex = 0",null,null,null,null,null,null,null,null,{"$f":"K133-SUM(K$26:K$27)*K$19+SUM(K$31:K$32)*K$19","v":0},5.7980287238024175E-12,5.7980287238024175E-12,-7.9580786405131221E-13,0,0,0,0,0,0]
[null,"check disposals = 0",null,null,null,null,null,null,null,null,{"$f":"K134-SUM(K$35:K$36)*K$19","v":0},0,0,0,0,0,0,0,0,0]

{"sheet":"Return on RAB","index":16,"n_rows":56,"n_cols":22,"rows_kept":56,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"10 Return on Regulatory Asset Base1 (year end and mid-year values)"]
[]
[null,"List of tables",null,null,null,null,"row number",null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,{"$f":"ROW(B11)","v":11},null,null,null,null,{"$f":"ROW(B11)","v":11}]
[null,{"$f":"B26","v":"TABLE 2 - CALCULATION OF RETURN ON ASSETS (FOR BUILDING BLOCK COSTS)"},null,null,null,null,{"$f":"ROW(B55)","v":55},null,null,null,null,{"$f":"ROW(B26)","v":26}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'RAB projected '!B14","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$14","v":"2023-24"},{"$f":"'RAB projected '!L$14","v":"2024-25"},{"$f":"'RAB projected '!M$14","v":"2025-26"},{"$f":"'RAB projected '!N$14","v":"2026-27"},{"$f":"'RAB projected '!O$14","v":"2027-28"},{"$f":"'RAB projected '!P$14","v":"2028-29"},{"$f":"'RAB projected '!Q$14","v":"2029-30"},{"$f":"'RAB projected '!R$14","v":"2030-31"},{"$f":"'RAB projected '!S$14","v":"2031-32"},{"$f":"'RAB projected '!T$14","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,{"$f":"Scenario!$C$66","v":"Post-tax WACC (rounded)"},null,null,null,null,null,null,null,null,{"$f":"Scenario!K$66","v":2.5999999999999999E-2},{"$f":"Scenario!L$66","v":2.5999999999999999E-2},{"$f":"Scenario!M$66","v":2.5999999999999999E-2},{"$f":"Scenario!N$66","v":2.5999999999999999E-2},{"$f":"Scenario!O$66","v":2.5999999999999999E-2},{"$f":"Scenario!P$66","v":2.5999999999999999E-2},{"$f":"Scenario!Q$66","v":2.5999999999999999E-2},{"$f":"Scenario!R$66","v":2.5999999999999999E-2},{"$f":"Scenario!S$66","v":2.5999999999999999E-2},{"$f":"Scenario!T$66","v":2.5999999999999999E-2}]
[null,{"$f":"'RAB historical'!B17","v":"Inflation rate to roll forward RAB (actual to June)"},null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"WACC for capital maintenance check",null,null,null,null,null,null,null,null,{"$f":"(1+K16)*(1+K17)-1","v":2.6000000000000023E-2},2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2,2.6000000000000023E-2]
[]
[null,"   % of capex in year depreciated  and indexed",null,{"$f":"'RAB historical'!$D$48","v":0.5}]
[null,"   % of disposals in year depreciated and indexed",null,{"$f":"'RAB historical'!$D$49","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF RETURN ON ASSETS (FOR BUILDING BLOCK COSTS)"]
[null,{"$f":"B12","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"K12","v":"2023-24"},"2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$13","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K14","v":"2022-23 $'000"}]
[]
[null,{"$f":"'RAB projected '!B114","v":"Opening RAB"},{"$f":"'RAB projected '!C114","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K114","v":869811.64259631012},{"$f":"'RAB projected '!L114","v":944063.01071608416},{"$f":"'RAB projected '!M114","v":1037073.1657389152},{"$f":"'RAB projected '!N114","v":1077653.0101541358},{"$f":"'RAB projected '!O114","v":1096222.375130577},{"$f":"'RAB projected '!P114","v":1119147.7606682389},{"$f":"'RAB projected '!Q114","v":1130116.6213125759},{"$f":"'RAB projected '!R114","v":1129348.9570635881},{"$f":"'RAB projected '!S114","v":1128449.7679212755},{"$f":"'RAB projected '!T114","v":1127409.053885638}]
[null,{"$f":"'RAB projected '!B115","v":"  capex net of cash capital contributions "},{"$f":"'RAB projected '!C115","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K115","v":98300},{"$f":"'RAB projected '!L115","v":119860},{"$f":"'RAB projected '!M115","v":69650},{"$f":"'RAB projected '!N115","v":48720},{"$f":"'RAB projected '!O115","v":54000},{"$f":"'RAB projected '!P115","v":43000},{"$f":"'RAB projected '!Q115","v":32000},{"$f":"'RAB projected '!R115","v":32500},{"$f":"'RAB projected '!S115","v":33000},{"$f":"'RAB projected '!T115","v":33500}]
[null,{"$f":"'RAB projected '!B116","v":"  disposals "},{"$f":"'RAB projected '!C116","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K116","v":750},{"$f":"'RAB projected '!L116","v":675},{"$f":"'RAB projected '!M116","v":500},{"$f":"'RAB projected '!N116","v":500},{"$f":"'RAB projected '!O116","v":500},{"$f":"'RAB projected '!P116","v":500},{"$f":"'RAB projected '!Q116","v":500},{"$f":"'RAB projected '!R116","v":500},{"$f":"'RAB projected '!S116","v":500},{"$f":"'RAB projected '!T116","v":500}]
[null,{"$f":"'RAB projected '!B117","v":"  depreciation"},{"$f":"'RAB projected '!C117","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K117","v":23298.631880225967},{"$f":"'RAB projected '!L117","v":26174.844977168959},{"$f":"'RAB projected '!M117","v":28570.15558477947},{"$f":"'RAB projected '!N117","v":29650.635023558811},{"$f":"'RAB projected '!O117","v":30574.614462338155},{"$f":"'RAB projected '!P117","v":31531.139355662955},{"$f":"'RAB projected '!Q117","v":32267.664248987752},{"$f":"'RAB projected '!R117","v":32899.189142312549},{"$f":"'RAB projected '!S117","v":33540.714035637342},{"$f":"'RAB projected '!T117","v":34192.238928962142}]
[null,{"$f":"'RAB projected '!B118","v":"  indexation"},{"$f":"'RAB projected '!C118","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K118","v":0},{"$f":"'RAB projected '!L118","v":0},{"$f":"'RAB projected '!M118","v":0},{"$f":"'RAB projected '!N118","v":0},{"$f":"'RAB projected '!O118","v":0},{"$f":"'RAB projected '!P118","v":0},{"$f":"'RAB projected '!Q118","v":0},{"$f":"'RAB projected '!R118","v":0},{"$f":"'RAB projected '!S118","v":0},{"$f":"'RAB projected '!T118","v":0}]
[null,{"$f":"'RAB projected '!B119","v":"Closing RAB"},{"$f":"'RAB projected '!C119","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K119","v":944063.01071608416},{"$f":"'RAB projected '!L119","v":1037073.1657389152},{"$f":"'RAB projected '!M119","v":1077653.0101541358},{"$f":"'RAB projected '!N119","v":1096222.375130577},{"$f":"'RAB projected '!O119","v":1119147.7606682389},{"$f":"'RAB projected '!P119","v":1130116.6213125759},{"$f":"'RAB projected '!Q119","v":1129348.9570635881},{"$f":"'RAB projected '!R119","v":1128449.7679212755},{"$f":"'RAB projected '!S119","v":1127409.053885638},{"$f":"'RAB projected '!T119","v":1126216.814956676}]
[null,"check =0",null,null,null,null,null,null,null,null,{"$f":"SUM(K31:K32,K35)-SUM(K33:K34)-K36","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Calculation of return on RAB "]
[null,"Value of fixed RAB on which year-end return given ",null,null,null,null,null,null,null,null,{"$f":"(K31+K32*$D$20-K33*$D$21)*(1+K$17)","v":918586.64259631012},1003655.5107160842,1071648.1657389151,1101763.0101541358,1122972.375130577,1140397.7606682389,1145866.6213125759,1145348.9570635881,1144699.7679212755,1143909.053885638,null,"= (opening value+ 50% capex- 50% disposals)*(1+inflation rate)"]
[null,"Return on fixed RAB (year-end value)",null,null,null,null,null,null,null,null,{"$f":"K16*K40","v":23883.252707504063},26095.043278618188,27862.85230921179,28645.838264007529,29197.281753395,29650.341777374208,29792.532154126973,29779.072883653287,29762.19396595316,29741.635401026586,null,"Value on with return given x real WACC (compensation for inflation made in RAB roll forward)"]
[null,"Return on fixed RAB to be recovered from revenue (mid-year value)",null,null,null,null,null,null,null,null,{"$f":"K41/(1+K16)^0.5","v":23578.69656421139},25762.282668607379,27507.548827548228,28280.550246922208,28824.961800399251,29272.244461668568,29412.621645164643,29399.334005563735,29382.670325634637,29362.373920863647,null,"Mid-year value = year end value discounted by 6 months of (real) WACC"]
[]
[null,"Capital maintenance check"]
[]
[null,"Opening assets",{"$f":"C31","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K31","v":869811.64259631012},{"$f":"L31","v":944063.01071608416},1037073.1657389152,1077653.0101541358,1096222.375130577,1119147.7606682389,1130116.6213125759,1129348.9570635881,1128449.7679212755,1127409.053885638]
[null,"Capex",{"$f":"C46","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K32","v":98300},{"$f":"L32","v":119860},69650,48720,54000,43000,32000,32500,33000,33500]
[null,"Disposals",{"$f":"C47","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K33","v":750},{"$f":"L33","v":675},500,500,500,500,500,500,500,500]
[null,"NPV of investment in assets",{"$f":"C48","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K46+(K47*$D$20-K48*$D$21)/(1+K18)+(K47-K48)*$D$20","v":966125.62895108596},{"$f":"L46+(L47*$D$20-L48*$D$21)/(1+L18)+(L47-L48)*$D$20","v":1061737.8693905482},1105346.996148272,1125262.0354952663,1149044.4998869123,1161109.2616428977,1161217.4985055584,1160943.4989739195,1160537.9745489557,1159990.9252306672]
[]
[null,"Return on assets (year end value)",{"$f":"C49","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K41","v":23883.252707504063},{"$f":"L41","v":26095.043278618188},27862.85230921179,28645.838264007529,29197.281753395,29650.341777374208,29792.532154126973,29779.072883653287,29762.19396595316,29741.635401026586]
[null,"Depreciation (year end value)",{"$f":"C51","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K34","v":23298.631880225967},{"$f":"L34","v":26174.844977168959},28570.15558477947,29650.635023558811,30574.614462338155,31531.139355662955,32267.664248987752,32899.189142312549,33540.714035637342,34192.238928962142]
[null,"Closing asset value",{"$f":"C52","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K36","v":944063.01071608416},{"$f":"L36","v":1037073.1657389152},1077653.0101541358,1096222.375130577,1119147.7606682389,1130116.6213125759,1129348.9570635881,1128449.7679212755,1127409.053885638,1126216.814956676]
[null,"NPV of asset returns",{"$f":"C53","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K51:K53)/(1+K18)","v":966125.62895108596},{"$f":"SUM(L51:L53)/(1+L18)","v":1061737.8693905482},1105346.996148272,1125262.0354952663,1149044.4998869123,1161109.2616428977,1161217.4985055584,1160943.4989739193,1160537.9745489557,1159990.9252306672]
[]
[null,"Difference (must=0)",null,null,null,null,null,null,null,null,{"$f":"K54-K49","v":0},{"$f":"L54-L49","v":0},0,0,0,0,0,0,{"$f":"S54-S49","v":0},{"$f":"T54-T49","v":0}]

{"sheet":"Working capital","index":17,"n_rows":50,"n_cols":20,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"11 Working capital and return on working capital"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B10","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B10)","v":10}]
[null,{"$f":"B38","v":"TABLE 2 - CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL  - REVENUE OPTION 1"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B38)","v":38}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J108","v":"2022-23"},{"$f":"'RAB & tax inputs'!K108","v":"2023-24"},{"$f":"'RAB & tax inputs'!L108","v":"2024-25"},{"$f":"'RAB & tax inputs'!M108","v":"2025-26"},{"$f":"'RAB & tax inputs'!N108","v":"2026-27"},{"$f":"'RAB & tax inputs'!O108","v":"2027-28"},{"$f":"'RAB & tax inputs'!P108","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q108","v":"2029-30"},{"$f":"'RAB & tax inputs'!R108","v":"2030-31"},{"$f":"'RAB & tax inputs'!S108","v":"2031-32"},{"$f":"'RAB & tax inputs'!T108","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J$110","v":"nominal"},{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,"Inflation rate for costs","%",null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!J19","v":5.1999999999999998E-2},{"$f":"'Pricing & financial inputs'!K19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!L19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T19","v":2.5000000000000001E-2}]
[null,{"$f":"'Pricing & financial inputs'!B21","v":"Index applied to forecast costs"},null,null,null,null,null,null,null,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,"Selected WACC",{"$f":"Scenario!J60","v":"Post-tax WACC"},{"$f":"Scenario!W61","v":2}]
[null,"Nominal WACC for return on working capital","%",null,null,null,null,null,null,null,{"$f":"Scenario!K67","v":5.6000000000000001E-2},{"$f":"Scenario!L67","v":5.6000000000000001E-2},{"$f":"Scenario!M67","v":5.6000000000000001E-2},{"$f":"Scenario!N67","v":5.6000000000000001E-2},{"$f":"Scenario!O67","v":5.6000000000000001E-2},{"$f":"Scenario!P67","v":5.6000000000000001E-2},{"$f":"Scenario!Q67","v":5.6000000000000001E-2},{"$f":"Scenario!R67","v":5.6000000000000001E-2},{"$f":"Scenario!S67","v":5.6000000000000001E-2},{"$f":"Scenario!T67","v":5.6000000000000001E-2}]
[]
[null,"For the purpose of calculationg working capital, forecast revenue for is always somewhat circular (since revenue depends on costs and one element of costs is the return on working capital)."]
[null,"The model avoids circularity by using the current year's building block costs but with the previous year's tax allowance and return on working capital."]
[]
[null,"Revenue - building block costs with return on working capital and tax allowance lagged by one year.",{"$f":"'RAB & tax inputs'!C36","v":"$'000"},null,null,null,null,null,null,{"$f":"Scenario!I136","v":111085},{"$f":"SUM(NRR!K15:K17,NRR!K20,NRR!J18:J19)-SUM(NRR!K23:K24)","v":116663.32502404283},{"$f":"SUM(NRR!L15:L17,NRR!L20,NRR!K18:K19)-SUM(NRR!L23:L24)","v":119219.45668108591},{"$f":"SUM(NRR!M15:M17,NRR!M20,NRR!L18:L19)-SUM(NRR!M23:M24)","v":125274.78085771737},{"$f":"SUM(NRR!N15:N17,NRR!N20,NRR!M18:M19)-SUM(NRR!N23:N24)","v":129243.13543229796},{"$f":"SUM(NRR!O15:O17,NRR!O20,NRR!N18:N19)-SUM(NRR!O23:O24)","v":132354.30418294921},{"$f":"SUM(NRR!P15:P17,NRR!P20,NRR!O18:O19)-SUM(NRR!P23:P24)","v":135199.74978604628},{"$f":"SUM(NRR!Q15:Q17,NRR!Q20,NRR!P18:P19)-SUM(NRR!Q23:Q24)","v":137617.88361860919},{"$f":"SUM(NRR!R15:R17,NRR!R20,NRR!Q18:Q19)-SUM(NRR!R23:R24)","v":139731.69788765025},{"$f":"SUM(NRR!S15:S17,NRR!S20,NRR!R18:R19)-SUM(NRR!S23:S24)","v":141779.07750381724},{"$f":"SUM(NRR!T15:T17,NRR!T20,NRR!S18:S19)-SUM(NRR!T23:T24)","v":143841.59124564411}]
[]
[null,"Operating expenditure",{"$f":"$C$24","v":"$'000"},null,null,null,null,null,null,{"$f":"'Selected costs'!J16","v":64950},{"$f":"'Selected costs'!K16","v":65920},{"$f":"'Selected costs'!L16","v":66910},{"$f":"'Selected costs'!M16","v":67920},{"$f":"'Selected costs'!N16","v":68940},{"$f":"'Selected costs'!O16","v":69970},{"$f":"'Selected costs'!P16","v":71020},{"$f":"'Selected costs'!Q16","v":72080},{"$f":"'Selected costs'!R16","v":73160},{"$f":"'Selected costs'!S16","v":74260},{"$f":"'Selected costs'!T16","v":75370}]
[null,"Net capital expenditure",{"$f":"$C$24","v":"$'000"},null,null,null,null,null,null,{"$f":"'RAB historical'!J116","v":64955},{"$f":"'RAB projected '!K115","v":98300},{"$f":"'RAB projected '!L115","v":119860},{"$f":"'RAB projected '!M115","v":69650},{"$f":"'RAB projected '!N115","v":48720},{"$f":"'RAB projected '!O115","v":54000},{"$f":"'RAB projected '!P115","v":43000},{"$f":"'RAB projected '!Q115","v":32000},{"$f":"'RAB projected '!R115","v":32500},{"$f":"'RAB projected '!S115","v":33000},{"$f":"'RAB projected '!T115","v":33500}]
[null,"check net capex = 0",null,null,null,null,null,null,null,null,{"$f":"SUM('RAB projected '!K26:K27)-SUM('RAB projected '!K31:K32)-K27","v":0},{"$f":"SUM('RAB projected '!L26:L27)-SUM('RAB projected '!L31:L32)-L27","v":0},{"$f":"SUM('RAB projected '!M26:M27)-SUM('RAB projected '!M31:M32)-M27","v":0},{"$f":"SUM('RAB projected '!N26:N27)-SUM('RAB projected '!N31:N32)-N27","v":0},{"$f":"SUM('RAB projected '!O26:O27)-SUM('RAB projected '!O31:O32)-O27","v":0},{"$f":"SUM('RAB projected '!P26:P27)-SUM('RAB projected '!P31:P32)-P27","v":0},{"$f":"SUM('RAB projected '!Q26:Q27)-SUM('RAB projected '!Q31:Q32)-Q27","v":0},{"$f":"SUM('RAB projected '!R26:R27)-SUM('RAB projected '!R31:R32)-R27","v":0},{"$f":"SUM('RAB projected '!S26:S27)-SUM('RAB projected '!S31:S32)-S27","v":0},{"$f":"SUM('RAB projected '!T26:T27)-SUM('RAB projected '!T31:T32)-T27","v":0}]
[null,"Specification of working capital"]
[null,{"$f":"'RAB & tax inputs'!B96","v":"Receivables @ no of days of sales"},{"$f":"'RAB & tax inputs'!C96","v":"days"},{"$f":"'RAB & tax inputs'!D96","v":70.831532514982058},"Length depends on billing cycle. Generally use 50% number of days in cycle. Hence 45 days suitable for 3 monthly billing cycle"]
[null,{"$f":"'RAB & tax inputs'!B98","v":"Inventory (fixed real $ value)"},{"$f":"'RAB & tax inputs'!C98","v":"2022-23 $'000"},{"$f":"'RAB & tax inputs'!D98","v":200},"Value depends on actual inventory held by business, from Statement of Financial Position (Balance Sheet)"]
[null,{"$f":"'RAB & tax inputs'!B100","v":"Prepayments (fixed real $ value)"},{"$f":"'RAB & tax inputs'!C100","v":"2022-23 $'000"},{"$f":"'RAB & tax inputs'!D100","v":0}]
[null,{"$f":"'RAB & tax inputs'!B102","v":"Accounts payable @ no. of days opex + net capex "},{"$f":"'RAB & tax inputs'!C102","v":"days"},{"$f":"'RAB & tax inputs'!D102","v":30},"Standard IPART 30 days normally used"]
[]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL  - REVENUE OPTION 1"]
[null,{"$f":"B$11","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J$11","v":"2022-23"},{"$f":"K$11","v":"2023-24"},{"$f":"L$11","v":"2024-25"},"2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$12","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,{"$f":"J$13","v":"nominal"},{"$f":"K13","v":"2022-23 $'000"}]
[]
[null,"Receivables (option 1, where revenue = building block costs with lagged return on working capital and tax allowance, lagged to avoid circular referencing)",{"$f":"C$24","v":"$'000"},null,null,null,null,null,null,{"$f":"$D$30/365*J$24","v":21557.043258703514},22639.567396565508,23135.607732396798,24310.697845563453,25080.792738934364,25684.543014335322,26236.727323254181,26705.987940204202,27116.192609048627,27513.505036043269,27913.754376226301]
[null,{"$f":"B31","v":"Inventory (fixed real $ value)"},{"$f":"C43","v":"$'000"},null,null,null,null,null,null,{"$f":"$D31*J$16","v":200},{"$f":"$D31*K$16","v":200},200,200,200,200,200,200,200,200,200]
[null,{"$f":"B32","v":"Prepayments (fixed real $ value)"},{"$f":"C44","v":"$'000"},null,null,null,null,null,null,{"$f":"$D32*J$16","v":0},{"$f":"$D32*K$16","v":0},0,0,0,0,0,0,0,0,0]
[null,{"$f":"B33","v":"Accounts payable @ no. of days opex + net capex "},"$'000",null,null,null,null,null,null,{"$f":"$D$33/365*SUM(J$26:J$27)","v":10677.123287671233},13497.534246575342,15350.958904109588,11307.123287671233,9670.6849315068484,10189.31506849315,9371.5068493150684,8554.5205479452052,8684.3835616438355,8815.8904109589039,8948.2191780821904]
[null,"Net working capital","$'000",null,null,null,null,null,null,{"$f":"SUM(J43:J45)-J46","v":11079.919971032281},{"$f":"SUM(K43:K45)-K46","v":9342.0331499901658},{"$f":"SUM(L43:L45)-L46","v":7984.6488282872106},{"$f":"SUM(M43:M45)-M46","v":13203.57455789222},{"$f":"SUM(N43:N45)-N46","v":15610.107807427516},{"$f":"SUM(O43:O45)-O46","v":15695.227945842173},{"$f":"SUM(P43:P45)-P46","v":17065.220473939113},{"$f":"SUM(Q43:Q45)-Q46","v":18351.467392258997},{"$f":"SUM(R43:R45)-R46","v":18631.809047404793},{"$f":"SUM(S43:S45)-S46","v":18897.614625084367},{"$f":"SUM(T43:T45)-T46","v":19165.535198144113}]
[]
[null,"Return on  working capital (year end value)",{"$f":"C47","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K47*K$19","v":523.1538563994493},{"$f":"L47*L$19","v":447.14033438408381},{"$f":"M47*M$19","v":739.40017524196435},874.16603721594095,878.93276496716169,955.65234654059032,1027.6821739665038,1043.3813066546684,1058.2664190047246,1073.2699710960703]
[null,"Return on working capital to be recovered from revenue (mid-year value)",null,null,null,null,null,null,null,null,{"$f":"K49/(1+K$19)^0.5","v":509.09340605125027},435.12284776254944,719.52781967339274,850.67167124309071,855.31028689487914,929.96792845916411,1000.0618592081771,1015.3390569856618,1029.8241122959673,1044.4244241231986]

{"sheet":"Tax","index":18,"n_rows":178,"n_cols":22,"rows_kept":178,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"12 Tax allowance in building block revenue and calculation of tax depreciation (if required)"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B14","v":"TABLE 1 - ASSUMPTIONS FOR CALCULATION OF TAX ALLOWANCE"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B14)","v":14}]
[null,{"$f":"B41","v":"TABLE 2 - CALCULATION OF TAX ALLOWANCE"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B41)","v":41}]
[null,{"$f":"B81","v":"TABLE 3 and TABLE 4 below are only for businesses that cannot provide forecast tax depreciation"}]
[null,{"$f":"B82","v":"If the business can provide forecast tax depreciation, enter this depreciation in the 'RAB & cost inputs' worksheet and select the type of business in the 'Scenario' worksheet, row 29"}]
[null,{"$f":"B84","v":"TABLE 3 - ASSUMPTIONS FOR ROLL FORWARD OF TAX ASSETS AND TAX DEPRECIATION (depreciating assets only, for businesses that cannot provide forecast tax depreciation)"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B84)","v":84}]
[null,{"$f":"B113","v":"TABLE 4 - CALCULATION OF TAX DEPRECIATION "},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B113)","v":113}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS FOR CALCULATION OF TAX ALLOWANCE"]
[null,{"$f":"'RAB projected '!B$14","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F$32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G$32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H$32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J$33","v":"Previous determinations"},{"$f":"'RAB & tax inputs'!K$33","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,{"$f":"Scenario!B29","v":"Type of business with regard to tax (select option)"},null,{"$f":"Scenario!$W$32","v":1},{"$f":"Scenario!D29","v":"1. Pays tax and can provide forecast tax depreciation"},null,null,null,null,null,{"$f":"E18","v":"1. Pays tax and can provide forecast tax depreciation"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF($D$18>1,\"Tax depreciation calculated below, from row \"&ROW(B84),\"Tax depreciation hard-coded in 'Fixed inputs' worksheet\")","v":"Tax depreciation hard-coded in 'Fixed inputs' worksheet"}]
[]
[null,"Inflation rate (from WACC)",null,null,null,null,null,null,null,null,{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2},{"$f":"WACC!$F$32","v":2.9000000000000001E-2}]
[null,"Inflator to nominal values for tax calculations",null,null,null,null,null,null,null,1,{"$f":"J22*(1+K21)","v":1.0289999999999999},{"$f":"K22*(1+L21)","v":1.0588409999999999},1.0895473889999998,1.1211442632809998,1.1536574469161487,1.187113512876717,1.2215398047501416,1.2569644590878957,1.2934164284014444,1.3309255048250863]
[null,"Inflation rate to roll forward of tax value of assets ",null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!L19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T19","v":2.5000000000000001E-2}]
[]
[null,"Debt to total asset",null,{"$f":"WACC!F36","v":0.6}]
[null,{"$f":"WACC!B48","v":"Cost of debt (nominal)"},null,{"$f":"WACC!F48","v":4.5499999999999999E-2}]
[null,{"$f":"WACC!B39","v":"Gamma"},null,{"$f":"WACC!F39","v":0.25}]
[null,{"$f":"WACC!B40","v":"Corporate tax rate"},null,null,null,null,null,null,null,null,{"$f":"WACC!K14","v":0.3},{"$f":"WACC!L14","v":0.3},{"$f":"WACC!M14","v":0.3},{"$f":"WACC!N14","v":0.3},{"$f":"WACC!O14","v":0.3},{"$f":"WACC!P14","v":0.3},{"$f":"WACC!Q14","v":0.3},{"$f":"WACC!R14","v":0.3},{"$f":"WACC!S14","v":0.3},{"$f":"WACC!T14","v":0.3}]
[null,"RAB and working capital",{"$f":"'RAB & tax inputs'!$C$36&\" nominal\"","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"(AVERAGE('RAB projected '!K114,'RAB projected '!K119)+'Working capital'!K47)*K22","v":942851.46124056668},{"$f":"(AVERAGE('RAB projected '!L114,'RAB projected '!L119)+'Working capital'!L47)*L22","v":1057308.5786568865},{"$f":"(AVERAGE('RAB projected '!M114,'RAB projected '!M119)+'Working capital'!M47)*M22","v":1166433.1118821325},{"$f":"(AVERAGE('RAB projected '!N114,'RAB projected '!N119)+'Working capital'!N47)*N22","v":1236115.1414673596},{"$f":"(AVERAGE('RAB projected '!O114,'RAB projected '!O119)+'Working capital'!O47)*O22","v":1295996.0440207387},{"$f":"(AVERAGE('RAB projected '!P114,'RAB projected '!P119)+'Working capital'!P47)*P22","v":1355324.4247656951},{"$f":"(AVERAGE('RAB projected '!Q114,'RAB projected '!Q119)+'Working capital'!Q47)*Q22","v":1402430.6186198611},{"$f":"(AVERAGE('RAB projected '!R114,'RAB projected '!R119)+'Working capital'!R47)*R22","v":1442405.8983210698},{"$f":"(AVERAGE('RAB projected '!S114,'RAB projected '!S119)+'Working capital'!S47)*S22","v":1483324.9153533778},{"$f":"(AVERAGE('RAB projected '!T114,'RAB projected '!T119)+'Working capital'!T47)*T22","v":1525211.9731967482},null,"This is used to calculate the value of debt"]
[null,"Debt  ",{"$f":"C$29","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K29*$D$25","v":565710.87674433994},{"$f":"L29*$D$25","v":634385.14719413186},699859.86712927942,741669.0848804157,777597.62641244323,813194.654859417,841458.3711719166,865443.53899264184,889994.94921202667,915127.18391804886]
[]
[null,"Required revenue excluding tax liability",{"$f":"C$29","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"SUM(NRR!K15:K18)*K$22","v":116286.59101698977},{"$f":"SUM(NRR!L15:L18)*L$22","v":125947.51931901459},{"$f":"SUM(NRR!M15:M18)*M$22","v":135488.38765395386},{"$f":"SUM(NRR!N15:N18)*N$22","v":142770.72137689649},{"$f":"SUM(NRR!O15:O18)*O$22","v":149785.11811413168},{"$f":"SUM(NRR!P15:P18)*P$22","v":157115.98194555697},{"$f":"SUM(NRR!Q15:Q18)*Q$22","v":164112.498145861},{"$f":"SUM(NRR!R15:R18)*R$22","v":171015.46486761811},{"$f":"SUM(NRR!S15:S18)*S$22","v":178214.03141025768},{"$f":"SUM(NRR!T15:T18)*T$22","v":185708.05811031157}]
[null,{"$f":"CHOOSE(Scenario!$W$55,\"Non-cash asset contributions\",\"Cash and non-cash asset contributions\")","v":"Non-cash asset contributions"},"$'000 nominal",null,null,null,null,null,null,null,{"$f":"'Cost  inputs'!K68*K22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!K25:K26)*K22)","v":977.55},{"$f":"'Cost  inputs'!L68*L22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!L25:L26)*L22)","v":1270.6091999999999},{"$f":"'Cost  inputs'!M68*M22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!M25:M26)*M22)","v":1198.5021278999998},{"$f":"'Cost  inputs'!N68*N22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!N25:N26)*N22)","v":1345.3731159371998},{"$f":"'Cost  inputs'!O68*O22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!O25:O26)*O22)","v":1384.3889362993784},{"$f":"'Cost  inputs'!P68*P22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!P25:P26)*P22)","v":1424.5362154520603},{"$f":"'Cost  inputs'!Q68*Q22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!Q25:Q26)*Q22)","v":1465.8477657001699},{"$f":"'Cost  inputs'!R68*R22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!R25:R26)*R22)","v":1508.3573509054747},{"$f":"'Cost  inputs'!S68*S22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!S25:S26)*S22)","v":1552.0997140817333},{"$f":"'Cost  inputs'!T68*T22+CHOOSE(Scenario!$W$55,0,SUM('Selected costs'!T25:T26)*T22)","v":1597.1106057901036},null,"Included as income for tax purposes"]
[null,"Profit/loss from asset sales shared with customers","$'000 nominal",null,null,null,null,null,null,null,{"$f":"NRR!K23*K22","v":0},{"$f":"NRR!L23*L22","v":0},{"$f":"NRR!M23*M22","v":0},{"$f":"NRR!N23*N22","v":0},{"$f":"NRR!O23*O22","v":0},{"$f":"NRR!P23*P22","v":0},{"$f":"NRR!Q23*Q22","v":0},{"$f":"NRR!R23*R22","v":0},{"$f":"NRR!S23*S22","v":0},{"$f":"NRR!T23*T22","v":0}]
[null,"Operating expenditure","$'000 nominal",null,null,null,null,null,null,null,{"$f":"NRR!K15*K$22","v":67831.679999999993},{"$f":"NRR!L15*L$22","v":70847.051309999995},{"$f":"NRR!M15*M$22","v":74002.058660879993},{"$f":"NRR!N15*N$22","v":77291.685510592128},{"$f":"NRR!O15*O$22","v":80721.411560722918},{"$f":"NRR!P15*P$22","v":84308.801684504433},{"$f":"NRR!Q15*Q$22","v":88048.589126390201},{"$f":"NRR!R15*R$22","v":91959.519826870441},{"$f":"NRR!S15*S$22","v":96049.10397309126},{"$f":"NRR!T15*T$22","v":100311.85529866675}]
[null,"Tax depreciation","$'000 nominal",{"$f":"IF($D$18>1,\"calculated below\",\"business' forecast\")","v":"business' forecast"},null,null,null,null,null,null,{"$f":"IF($D$18=1,'RAB & tax inputs'!K122,K125)","v":19450},{"$f":"IF($D$18=1,'RAB & tax inputs'!L122,L125)","v":19460},{"$f":"IF($D$18=1,'RAB & tax inputs'!M122,M125)","v":19468},{"$f":"IF($D$18=1,'RAB & tax inputs'!N122,N125)","v":19470},{"$f":"IF($D$18=1,'RAB & tax inputs'!O122,O125)","v":19478},{"$f":"IF($D$18=1,'RAB & tax inputs'!P122,P125)","v":19489},{"$f":"IF($D$18=1,'RAB & tax inputs'!Q122,Q125)","v":19499},{"$f":"IF($D$18=1,'RAB & tax inputs'!R122,R125)","v":19504},{"$f":"IF($D$18=1,'RAB & tax inputs'!S122,S125)","v":19507},{"$f":"IF($D$18=1,'RAB & tax inputs'!T122,T125)","v":19510}]
[null,"Accumulated tax loss","$'000 nominal",null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!$K$135","v":0},"na","na","na","na","na","na","na","na","na"]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF TAX ALLOWANCE"]
[null,{"$f":"B15","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J15","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K16","v":"Determination period is 2023-24 to 2027-28"}]
[]
[]
[null,"Required revenue excluding tax liability",{"$f":"C29","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K32","v":116286.59101698977},{"$f":"L32","v":125947.51931901459},135488.38765395386,142770.72137689649,149785.11811413168,157115.98194555697,164112.498145861,171015.46486761811,178214.03141025768,185708.05811031157]
[null,{"$f":"CHOOSE(Scenario!$W$55,\"Non-cash asset contributions\",\"Cash and non-cash asset contributions\")","v":"Non-cash asset contributions"},{"$f":"C$46","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K33","v":977.55},1270.6091999999999,1198.5021278999998,1345.3731159371998,1384.3889362993784,1424.5362154520603,1465.8477657001699,1508.3573509054747,1552.0997140817333,1597.1106057901036]
[null,"Profit/loss from asset sales shared with customers",{"$f":"C$46","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K34","v":0},{"$f":"L34","v":0},0,0,0,0,0,0,0,0]
[null,"Total income for tax calculation","$'000 nominal",null,null,null,null,null,null,null,{"$f":"SUM(K46:K48)","v":117264.14101698977},{"$f":"SUM(L46:L48)","v":127218.1285190146},{"$f":"SUM(M46:M48)","v":136686.88978185385},144116.09449283368,151169.50705043104,158540.51816100904,165578.34591156116,172523.82221852359,179766.13112433942,187305.16871610167]
[null,"  less"]
[null,"Operating expenditure","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K35","v":67831.679999999993},{"$f":"L35","v":70847.051309999995},74002.058660879993,77291.685510592128,80721.411560722918,84308.801684504433,88048.589126390201,91959.519826870441,96049.10397309126,100311.85529866675]
[null,"Tax depreciation","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K36","v":19450},{"$f":"L36","v":19460},19468,19470,19478,19489,19499,19504,19507,19510]
[null,"Interest deductible","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K30*$D$26","v":25739.844891867466},{"$f":"L30*$D$26","v":28864.524197332998},31843.623954382212,33745.943362058912,35380.692001766169,37000.356796103471,38286.355888322207,39377.681024165206,40494.77018914721,41638.286868271221]
[null,"Taxable income for the year","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K49-SUM(K51:K53)","v":4242.6161251223093},8046.553011681608,11373.207166591645,13608.465620182644,15589.403487941949,17742.359680401132,19744.400896848761,21682.62136748794,23715.256962100946,25845.026549163711]
[null,"Accumulated tax losses","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K37","v":0},{"$f":"MAX(0,K55-K54)","v":0},{"$f":"MAX(0,L55-L54)","v":0},0,0,0,0,0,0,0]
[null,"Taxable income after tax losses","$'000 nominal",null,null,null,null,null,null,null,{"$f":"MAX(0,K54-K55)","v":4242.6161251223093},{"$f":"MAX(0,L54-L55)","v":8046.553011681608},{"$f":"MAX(0,M54-M55)","v":11373.207166591645},13608.465620182644,15589.403487941949,17742.359680401132,19744.400896848761,21682.62136748794,23715.256962100946,25845.026549163711]
[]
[null,"Tax before adjustment for franking credits",{"$f":"C56","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K56*K$28/(1-K$28*(1-$D$27))","v":1642.3030161763777},{"$f":"L56*L$28/(1-L$28*(1-$D$27))","v":3114.7947141993322},4402.5318064225721,5267.793143296507,6034.60780178398,6868.010198864954,7642.9938955543594,8393.2727874146858,9180.099469200366,10004.526406127887]
[null,"Adjustment for franking credits",{"$f":"C58","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"-K58*$D$27","v":-410.57575404409442},{"$f":"-L58*$D$27","v":-778.69867854983306},-1100.632951605643,-1316.9482858241267,-1508.651950445995,-1717.0025497162385,-1910.7484738885898,-2098.3181968536715,-2295.0248673000915,-2501.1316015319717]
[null,"Tax allowance","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K58+K59","v":1231.7272621322832},{"$f":"L58+L59","v":2336.0960356494993},3301.8988548169291,3950.8448574723802,4525.9558513379852,5151.0076491487152,5732.2454216657698,6294.9545905610139,6885.0746019002745,7503.394804595915]
[]
[null,{"$f":"B58","v":"Tax before adjustment for franking credits"},{"$f":"Scenario!$K$155","v":"2022-23 $'000"},null,null,null,null,null,null,null,{"$f":"K58/K$22","v":1596.0184802491524},{"$f":"L58/L$22","v":2941.702025327063},4040.6978630486838,4698.5863602249065,5230.8489126604609,5785.4704915470074,6256.8521024312313,6677.4145654883387,7097.5590441094118,7516.9694846615084]
[null,{"$f":"B59","v":"Adjustment for franking credits"},{"$f":"C62","v":"2022-23 $'000"},null,null,null,null,null,null,null,{"$f":"K59/K$22","v":-399.0046200622881},{"$f":"L59/L$22","v":-735.42550633176575},-1010.1744657621709,-1174.6465900562266,-1307.7122281651152,-1446.3676228867519,-1564.2130256078078,-1669.3536413720847,-1774.389761027353,-1879.2423711653771]
[null,{"$f":"B60","v":"Tax allowance"},{"$f":"C63","v":"2022-23 $'000"},null,null,null,null,null,null,null,1197.0138601868641,{"$f":"L60/L$22","v":2206.276518995297},3030.5233972865126,3523.9397701686798,3923.1366844953459,4339.1028686602549,4692.6390768234241,5008.0609241162538,5323.1692830820593,5637.7271134961311]
[]
[null,"Tax rate before adjustment for franking credits (Tax / Income before tax, for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K56+K60=0,0,K58/(K56+K60))","v":0.3},{"$f":"IF(L56+L60=0,0,L58/(L56+L60))","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,"Tax rate after adjustment for franking credits (Tax net of gamma adjustment / Income before tax, for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K56+K60=0,0,K60/(K56+K60))","v":0.22500000000000001},0.22500000000000001,0.22500000000000001,0.22499999999999998,0.22500000000000001,0.22499999999999998,0.22500000000000001,0.22499999999999998,0.22499999999999998,0.22500000000000001]
[]
[null,"Check tax calculations"]
[null,"check tax allowance = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K62:K63)-K64","v":0},{"$f":"SUM(L62:L63)-L64","v":0},0,0,0,0,0,0,0,0]
[null,"Tax liability (adjusted for franking credits)",null,null,null,null,null,null,null,null,{"$f":"K56*K$28*(1-$D$27)/(1-K$28*(1-$D$27))","v":1231.7272621322832},2336.0960356494988,3301.8988548169291,3950.8448574723802,4525.9558513379843,5151.0076491487152,5732.2454216657698,6294.9545905610139,6885.0746019002736,7503.394804595915]
[null,"check = 0",null,null,null,null,null,null,null,null,{"$f":"K71-K60","v":0},0,0,0,0,0,0,0,0,0]
[null,"check value of franking credits = 0",null,null,null,null,null,null,null,null,{"$f":"K63/K62+$D$27","v":0},0,0,0,0,0,0,0,0,0]
[null,"Tax allowance as share income after tax (for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K60=0,0,K60/K56)","v":0.29032258064516125},0.29032258064516131,0.29032258064516131,0.29032258064516125,0.29032258064516131,0.29032258064516125,0.29032258064516131,0.29032258064516125,0.29032258064516131,0.29032258064516125]
[null,"check = 0",null,null,null,null,null,null,null,null,{"$f":"IF(K60=0,0,K28*(1-$D$27)/(1-K28*(1-$D$27))-K74)","v":0},-5.5511151231257827E-17,-5.5511151231257827E-17,0,-5.5511151231257827E-17,0,-5.5511151231257827E-17,0,-5.5511151231257827E-17,0]
[]
[]
[]
[]
[]
[null,"TABLE 3 and TABLE 4 below are only for businesses that cannot provide forecast tax depreciation"]
[null,{"$f":"\"If the business can provide forecast tax depreciation, enter this depreciation in the 'RAB & cost inputs' worksheet and select the type of business in the 'Scenario' worksheet, row \"&ROW(Scenario!B29)","v":"If the business can provide forecast tax depreciation, enter this depreciation in the 'RAB & cost inputs' worksheet and select the type of business in the 'Scenario' worksheet, row 29"}]
[]
[null,"TABLE 3 - ASSUMPTIONS FOR ROLL FORWARD OF TAX ASSETS AND TAX DEPRECIATION (depreciating assets only, for businesses that cannot provide forecast tax depreciation)",null,null,null,null,null,null,null,null,null,null,null,null,null,"QA note: added text"]
[null,{"$f":"'RAB & tax inputs'!B$32","v":"Financial year"},null,null,null,{"$f":"F15","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"K86","v":"$'000 nominal"},{"$f":"$C$29","v":"$'000 nominal"}]
[null,null,null,null,null,null,null,null,null,{"$f":"J16","v":"Previous determinations"},{"$f":"K16","v":"Determination period is 2023-24 to 2027-28"}]
[]
[null,"Cost inflator",null,null,null,1,1,1,1,1,{"$f":"J89*(1+K$23)","v":1.0249999999999999},{"$f":"K89*(1+L$23)","v":1.0506249999999999},1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,{"$f":"\"Opening value of Tax assets (Depreciating assets only) - \"&C93","v":"Opening value of Tax assets (Depreciating assets only) - $'000 nominal"},null,null,null,{"$f":"IF($D$18=3,'RAB & tax inputs'!F132,0)","v":0},null,null,null,null,{"$f":"IF($D$18=1,\"na - tax depreciation provided as an input\",IF($D$18=2,'RAB & tax inputs'!$J$126,IF($D$18=3,\"na -model uses rolled forward tax value of assets\",IF($D$18=4,'RAB projected '!K22,\"err\"))))","v":"na - tax depreciation provided as an input"}]
[]
[null,"Capital expenditure ",{"$f":"$C$29","v":"$'000 nominal"},null,"source change",{"$f":"'Selected costs'!F20*F$89","v":34000},{"$f":"'Selected costs'!G20*G$89","v":33000},{"$f":"'Selected costs'!H20*H$89","v":21000},{"$f":"'Selected costs'!I20*I$89","v":35000},{"$f":"'Selected costs'!J20*J$89","v":65000},{"$f":"'Selected costs'!K20*K$89","v":97374.999999999985},{"$f":"'Selected costs'!L20*L$89","v":126074.99999999999},{"$f":"'Selected costs'!M20*M$89","v":75382.343749999985},{"$f":"'Selected costs'!N20*N$89","v":48567.767187499987},{"$f":"'Selected costs'!O20*O$89","v":61096.043496093735},{"$f":"'Selected costs'!P20*P$89","v":49866.816983154276},{"$f":"'Selected costs'!Q20*Q$89","v":38037.944117382795},{"$f":"'Selected costs'!R20*R$89","v":39598.094169072319},{"$f":"'Selected costs'!S20*S$89","v":41212.478008272949},{"$f":"'Selected costs'!T20*T$89","v":42882.832230577951},null,"Total capex (not net of cash capital contributions). "]
[null,"Non-cash asset contributions",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"IF($D$18=3,'Cost  inputs'!F68,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!G68,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!H68,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!I68,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!J68,0)","v":0},{"$f":"'Cost  inputs'!K68*K$89","v":973.74999999999989},{"$f":"'Cost  inputs'!L68*L$89","v":1260.75},{"$f":"'Cost  inputs'!M68*M$89","v":1184.5796874999999},{"$f":"'Cost  inputs'!N68*N$89","v":1324.5754687499998},{"$f":"'Cost  inputs'!O68*O$89","v":1357.6898554687496},{"$f":"'Cost  inputs'!P68*P$89","v":1391.6321018554681},{"$f":"'Cost  inputs'!Q68*Q$89","v":1426.4229044018548},{"$f":"'Cost  inputs'!R68*R$89","v":1462.0834770119009},{"$f":"'Cost  inputs'!S68*S$89","v":1498.6355639371982},{"$f":"'Cost  inputs'!T68*T$89","v":1536.1014530356281},null,"Included in the tax asset base "]
[null,"Disposals",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"IF($D$18=3,'Cost  inputs'!F84,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!G84,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!H84,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!I84,0)","v":0},{"$f":"IF($D$18=3,'Cost  inputs'!J84,0)","v":0},{"$f":"'Cost  inputs'!K84*K$89","v":615},{"$f":"'Cost  inputs'!L84*L$89","v":525.3125},{"$f":"'Cost  inputs'!M84*M$89","v":538.44531249999989},{"$f":"'Cost  inputs'!N84*N$89","v":551.90644531249984},{"$f":"'Cost  inputs'!O84*O$89","v":565.70410644531228},{"$f":"'Cost  inputs'!P84*P$89","v":579.84670910644513},{"$f":"'Cost  inputs'!Q84*Q$89","v":594.34287683410616},{"$f":"'Cost  inputs'!R84*R$89","v":609.20144875495873},{"$f":"'Cost  inputs'!S84*S$89","v":624.43148497383265},{"$f":"'Cost  inputs'!T84*T$89","v":640.04227209817827}]
[]
[null,{"$f":"\"Current regulatory period  (\"&F85&\" to \"&J85&\")\"","v":"Current regulatory period  (2018-19 to 2022-23)"}]
[null,"Remaining lives of existing assets","years",{"$f":"IF($D$18=3,'RAB historical'!D30,0)","v":0},"as for RAB"]
[null,"Average expected life of new assets","years",{"$f":"IF($D$18=3,'RAB historical'!F31,0)","v":0},"as for RAB"]
[]
[null,{"$f":"\"New determinations (from \"&K85&\")\"","v":"New determinations (from 2023-24)"}]
[null,"Remaining lives of existing assets","years",{"$f":"IF($D$18=1,0,IF($D$18=2,'RAB & tax inputs'!$J127,'RAB projected '!D38))","v":0},"as for RAB"]
[null,"Average expected life of new assets","years",{"$f":"IF($D$18=1,0,IF($D$18=2,'RAB & tax inputs'!$J128,'RAB projected '!K39))","v":0},"as for RAB"]
[]
[null,"Timing and depreciation assumptions"]
[null,"1. Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year: "]
[null,"   % of capex in year depreciated",null,{"$f":"'RAB historical'!D48","v":0.5}]
[null,"   % of disposals in year depreciated",null,{"$f":"'RAB historical'!D49","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 4 - CALCULATION OF TAX DEPRECIATION "]
[null,{"$f":"B$85","v":"Financial year"},null,null,null,{"$f":"F15","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,{"$f":"J86","v":"$'000 nominal"},{"$f":"K86","v":"$'000 nominal"}]
[null,null,null,null,null,null,null,null,null,{"$f":"J87","v":"Previous determinations"},{"$f":"K87","v":"Determination period is 2023-24 to 2027-28"}]
[null,"Tax assets are calculated using nominal 'at cost' values with no indexation."]
[]
[null,"Opening Tax Asset Base (TAB)",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"F91","v":0},{"$f":"F123","v":"na"},{"$f":"G123","v":"na"},{"$f":"H123","v":"na"},{"$f":"I123","v":"na"},{"$f":"IF(D18=3,J123,K91)","v":"na - tax depreciation provided as an input"},{"$f":"K123","v":"na"},"na","na","na","na","na","na","na","na"]
[null,"  capex + non-cash asset contributions",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"F93+F94","v":34000},{"$f":"G93+G94","v":33000},{"$f":"H93+H94","v":21000},{"$f":"I93+I94","v":35000},{"$f":"J93+J94","v":65000},{"$f":"K$93+K$94","v":98348.749999999985},127335.74999999999,76566.92343749998,49892.342656249988,62453.733351562485,51258.449085009743,39464.367021784652,41060.177646084223,42711.113572210146,44418.933683613577]
[null,"  disposals ",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"F95","v":0},{"$f":"G95","v":0},{"$f":"H95","v":0},{"$f":"I95","v":0},{"$f":"J95","v":0},{"$f":"K$95","v":615},525.3125,538.44531249999989,551.90644531249984,565.70410644531228,579.84670910644513,594.34287683410616,609.20144875495873,624.43148497383265,640.04227209817827]
[null,"  depreciation",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"IF($D$18=3,F138+F178,\"na\")","v":"na"},{"$f":"IF($D$18=3,G138+G178,\"na\")","v":"na"},{"$f":"IF($D$18=3,H138+H178,\"na\")","v":"na"},{"$f":"IF($D$18=3,I138+I178,\"na\")","v":"na"},{"$f":"IF($D$18=3,J138+J178,\"na\")","v":"na"},{"$f":"IF($D$18=1,\"na\",K138+K178)","v":"na"},"na","na","na","na","na","na","na","na","na"]
[null,"Closing TAB",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"IF($D$18=1,\"na\",SUM(F119:F120)-F121-F122)","v":"na"},"na","na","na","na","na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Depreciation for tax allowance calculation",{"$f":"$C$29","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"IF($D$18=1,\"na - input\",K122)","v":"na - input"},"na - input","na - input","na - input","na - input","na - input","na - input","na - input","na - input","na - input"]
[]
[null,"Calculation of depreciation (straight line)"]
[null,"Existing assets at start of period"]
[null,"period","no.",null,null,1,2,3,4,5,1,2,3,4,5,6,7,8,9,10]
[null,"% depreciation remaining","%",null,null,{"$f":"IF(F129<1/$D136,1,1/$D136)","v":{"$error":"#DIV/0!"}},{"$f":"IF(G129<1/$D136,1,MAX(0,1/$D136-F129))","v":{"$error":"#DIV/0!"}},{"$f":"IF(H129<1/$D136,1,MAX(0,1/$D136-G129))","v":{"$error":"#DIV/0!"}},{"$f":"IF(I129<1/$D136,1,MAX(0,1/$D136-H129))","v":{"$error":"#DIV/0!"}},{"$f":"IF(J129<1/$D136,1,MAX(0,1/$D136-I129))","v":{"$error":"#DIV/0!"}},{"$f":"IF(K129<1/$D137,1,1/$D137)","v":{"$error":"#DIV/0!"}},{"$f":"IF(L129<1/$D137,1,MAX(0,1/$D137-K129))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,"Opening value of existing assets ",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"F119","v":0},{"$f":"F134","v":0},{"$f":"G134","v":0},{"$f":"H134","v":0},{"$f":"I134","v":0},{"$f":"K119","v":"na - tax depreciation provided as an input"},{"$f":"K134","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,"  disposals",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"F121","v":0},{"$f":"G121","v":0},{"$f":"H121","v":0},{"$f":"I121","v":0},{"$f":"J121","v":0},{"$f":"K121","v":615},525.3125,538.44531249999989,551.90644531249984,565.70410644531228,579.84670910644513,594.34287683410616,609.20144875495873,624.43148497383265,640.04227209817827]
[null,"Closing value before further depreciation",null,null,null,{"$f":"F132-F133","v":0},{"$f":"G132-G133","v":0},{"$f":"H132-H133","v":0},{"$f":"I132-I133","v":0},{"$f":"J132-J133","v":0},{"$f":"K132-K133","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Depreciation rate - current determination","%",{"$f":"IF(D$98=0,0,1/D$98)","v":0}]
[null,"Depreciation rate - new determination","%",{"$f":"IF(D$102=0,0,1/D$102)","v":0}]
[null,"Depreciation",{"$f":"$C$29","v":"$'000 nominal"},null,null,{"$f":"(F134+F133*$D$108)*$D$136*F130","v":{"$error":"#DIV/0!"}},{"$f":"(G134+G133*$D$108)*$D$136*G130","v":{"$error":"#DIV/0!"}},{"$f":"(H134+H133*$D$108)*$D$136*H130","v":{"$error":"#DIV/0!"}},{"$f":"(I134+I133*$D$108)*$D$136*I130","v":{"$error":"#DIV/0!"}},{"$f":"(J134+J133*$D$108)*$D$136*J130","v":{"$error":"#DIV/0!"}},{"$f":"(K134+K133*$D$108)*$D$137*K130","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,"formula = (closing value + 50% disposals) x depreciation rate x % depreciation remaining"]
[]
[null,"New assets (i.e. capex + non-cash asset contributions during period)"]
[null,"Expected life, current determination (years)",null,{"$f":"$D$99","v":0}]
[null,"% of 1 year's depreciation in ",null,null,null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE(F114:J114)","v":"2018-19"},"%",null,null,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($F143:F143)+1<$D$141,1,$D$141-SUM($F143:F143))","v":-0.5},{"$f":"IF(SUM($F143:G143)+1<$D$141,1,$D$141-SUM($F143:G143))","v":0},{"$f":"IF(SUM($F143:H143)+1<$D$141,1,$D$141-SUM($F143:H143))","v":0},{"$f":"IF(SUM($F143:I143)+1<$D$141,1,$D$141-SUM($F143:I143))","v":0}]
[null,"2019-20","%",null,null,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($F144:G144)+1<$D$141,1,$D$141-SUM($F144:G144))","v":-0.5},{"$f":"IF(SUM($F144:H144)+1<$D$141,1,$D$141-SUM($F144:H144))","v":0},{"$f":"IF(SUM($F144:I144)+1<$D$141,1,$D$141-SUM($F144:I144))","v":0}]
[null,"2020-21","%",null,null,0,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($F145:H145)+1<$D$141,1,$D$141-SUM($F145:H145))","v":-0.5},{"$f":"IF(SUM($F145:I145)+1<$D$141,1,$D$141-SUM($F145:I145))","v":0}]
[null,"2021-22","%",null,null,0,0,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($F146:I146)+1<$D$141,1,$D$141-SUM($F146:I146))","v":-0.5}]
[null,"2022-23","%",null,null,0,0,0,0,{"$f":"I146","v":0.5},"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,"Expected life, new determination (years)",null,{"$f":"$D$103","v":0}]
[null,{"$f":"TRANSPOSE($K$85:$T$85)","v":"2023-24"},"%",null,null,null,null,null,null,null,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($K149:K149)+1<$D148,1,$D148-SUM($K149:K149))","v":-0.5},{"$f":"IF(SUM($K149:L149)+1<$D148,1,$D148-SUM($K149:L149))","v":0},{"$f":"IF(SUM($K149:M149)+1<$D148,1,$D148-SUM($K149:M149))","v":0},{"$f":"IF(SUM($K149:N149)+1<$D148,1,$D148-SUM($K149:N149))","v":0},{"$f":"IF(SUM($K149:O149)+1<$D148,1,$D148-SUM($K149:O149))","v":0},{"$f":"IF(SUM($K149:P149)+1<$D148,1,$D148-SUM($K149:P149))","v":0},{"$f":"IF(SUM($K149:Q149)+1<$D148,1,$D148-SUM($K149:Q149))","v":0},{"$f":"IF(SUM($K149:R149)+1<$D148,1,$D148-SUM($K149:R149))","v":0},{"$f":"IF(SUM($K149:S149)+1<$D148,1,$D148-SUM($K149:S149))","v":0}]
[null,"2024-25","%",null,null,null,null,null,null,null,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($K150:L150)+1<$D148,1,$D148-SUM($K150:L150))","v":-0.5},{"$f":"IF(SUM($K150:M150)+1<$D148,1,$D148-SUM($K150:M150))","v":0},{"$f":"IF(SUM($K150:N150)+1<$D148,1,$D148-SUM($K150:N150))","v":0},{"$f":"IF(SUM($K150:O150)+1<$D148,1,$D148-SUM($K150:O150))","v":0},{"$f":"IF(SUM($K150:P150)+1<$D148,1,$D148-SUM($K150:P150))","v":0},{"$f":"IF(SUM($K150:Q150)+1<$D148,1,$D148-SUM($K150:Q150))","v":0},{"$f":"IF(SUM($K150:R150)+1<$D148,1,$D148-SUM($K150:R150))","v":0},{"$f":"IF(SUM($K150:S150)+1<$D148,1,$D148-SUM($K150:S150))","v":0}]
[null,"2025-26","%",null,null,null,null,null,null,null,0,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($K151:M151)+1<$D148,1,$D148-SUM($K151:M151))","v":-0.5},{"$f":"IF(SUM($K151:N151)+1<$D148,1,$D148-SUM($K151:N151))","v":0},{"$f":"IF(SUM($K151:O151)+1<$D148,1,$D148-SUM($K151:O151))","v":0},{"$f":"IF(SUM($K151:P151)+1<$D148,1,$D148-SUM($K151:P151))","v":0},{"$f":"IF(SUM($K151:Q151)+1<$D148,1,$D148-SUM($K151:Q151))","v":0},{"$f":"IF(SUM($K151:R151)+1<$D148,1,$D148-SUM($K151:R151))","v":0},{"$f":"IF(SUM($K151:S151)+1<$D148,1,$D148-SUM($K151:S151))","v":0}]
[null,"2026-27","%",null,null,null,null,null,null,null,0,0,0,{"$f":"$D$107","v":0.5},{"$f":"IF(SUM($K152:N152)+1<$D148,1,$D148-SUM($K152:N152))","v":-0.5},{"$f":"IF(SUM($K152:O152)+1<$D148,1,$D148-SUM($K152:O152))","v":0},{"$f":"IF(SUM($K152:P152)+1<$D148,1,$D148-SUM($K152:P152))","v":0},{"$f":"IF(SUM($K152:Q152)+1<$D148,1,$D148-SUM($K152:Q152))","v":0},{"$f":"IF(SUM($K152:R152)+1<$D148,1,$D148-SUM($K152:R152))","v":0},{"$f":"IF(SUM($K152:S152)+1<$D148,1,$D148-SUM($K152:S152))","v":0}]
[null,"2027-28","%",null,null,null,null,null,null,null,0,0,0,0,{"$f":"N152","v":0.5},{"$f":"IF(SUM($K153:O153)+1<$D148,1,$D142-SUM($K153:O153))","v":-0.5},{"$f":"IF(SUM($K153:P153)+1<$D148,1,$D148-SUM($K153:P153))","v":0},{"$f":"IF(SUM($K153:Q153)+1<$D148,1,$D148-SUM($K153:Q153))","v":0},{"$f":"IF(SUM($K153:R153)+1<$D148,1,$D148-SUM($K153:R153))","v":0},{"$f":"IF(SUM($K153:S153)+1<$D148,1,$D148-SUM($K153:S153))","v":0}]
[null,"2028-29","%",null,null,null,null,null,null,null,0,0,0,0,0,{"$f":"O153","v":0.5},{"$f":"IF(SUM($K154:P154)+1<$D148,1,$D148-SUM($K154:P154))","v":-0.5},{"$f":"IF(SUM($K154:Q154)+1<$D148,1,$D148-SUM($K154:Q154))","v":0},{"$f":"IF(SUM($K154:R154)+1<$D148,1,$D148-SUM($K154:R154))","v":0},{"$f":"IF(SUM($K154:S154)+1<$D148,1,$D148-SUM($K154:S154))","v":0}]
[null,"2029-30","%",null,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"P154","v":0.5},{"$f":"IF(SUM($K155:Q155)+1<$D148,1,$D148-SUM($K155:Q155))","v":-0.5},{"$f":"IF(SUM($K155:R155)+1<$D148,1,$D148-SUM($K155:R155))","v":0},{"$f":"IF(SUM($K155:S155)+1<$D148,1,$D148-SUM($K155:S155))","v":0}]
[null,"2030-31","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"Q155","v":0.5},{"$f":"IF(SUM($K156:R156)+1<$D148,1,$D148-SUM($K156:R156))","v":-0.5},{"$f":"IF(SUM($K156:S156)+1<$D148,1,$D148-SUM($K156:S156))","v":0}]
[null,"2031-32","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"R156","v":0.5},{"$f":"IF(SUM($K157:S157)+1<$D148,1,$D148-SUM($K157:S157))","v":-0.5}]
[null,"2032-33","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,{"$f":"S157","v":0.5}]
[]
[null,"Capex + non-cash asset contributions ",null,null,null,{"$f":"F120","v":34000},33000,21000,35000,65000,98348.749999999985,127335.74999999999,76566.92343749998,49892.342656249988,62453.733351562485,51258.449085009743,39464.367021784652,41060.177646084223,42711.113572210146,44418.933683613577]
[null,"Depreciation of new assets -  current determination period:"]
[null,{"$f":"B143","v":"2018-19"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"IF(D141=0,0,1/D141)","v":0},null,{"$f":"F143*F160*$D162","v":0},{"$f":"IF(F143=0,0,F162*G143/F143)","v":0},{"$f":"IF(G143=0,0,G162*H143/G143)","v":0},0,0,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V168","v":"formula = $ depreciation in year t-1 x (% of full year's depreciation in year t  / % of full year's depreciation I year t-1)"}]
[null,{"$f":"B144","v":"2019-20"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"D162","v":0},null,{"$f":"F144","v":0},{"$f":"G144*G160*$D163","v":0},0,0,0]
[null,{"$f":"B145","v":"2020-21"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"D163","v":0},null,{"$f":"F145","v":0},{"$f":"G145","v":0},{"$f":"H145*H160*$D164","v":0},{"$f":"IF(H145=0,0,H164*I145/H145)","v":0},{"$f":"IF(I145=0,0,I164*J145/I145)","v":0}]
[null,{"$f":"B146","v":"2021-22"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"D164","v":0},null,{"$f":"F146","v":0},{"$f":"G146","v":0},{"$f":"H146","v":0},{"$f":"I146*I160*$D165","v":0},{"$f":"IF(I146=0,0,I165*J146/I146)","v":0}]
[null,{"$f":"B147","v":"2022-23"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"D165","v":0},null,{"$f":"F147","v":0},{"$f":"G147","v":0},{"$f":"H147","v":0},{"$f":"I147","v":0},{"$f":"J147*J160*$D166","v":0}]
[null,"Depreciation of new assets -  new determination period:"]
[null,{"$f":"B149","v":"2023-24"},{"$f":"$C$119","v":"$'000 nominal"},{"$f":"IF(D148=0,0,1/D148)","v":0},null,null,null,null,null,null,{"$f":"K149*K160*$D168","v":0},{"$f":"IF(K149=0,0,K168*L149/K149)","v":0},0,0,0,0,0,0,0,0,null,"formula = $ depreciation in year t-1 x (% of full year's depreciation in year t  / % of full year's depreciation I year t-1)"]
[null,"2024-25","$'000 nominal",{"$f":"D168","v":0},null,null,null,null,null,null,{"$f":"K150","v":0},{"$f":"L150*L160*$D169","v":0},{"$f":"IF(L150=0,0,L169*M150/L150)","v":0},0,0,0,0,0,0,0]
[null,"2025-26","$'000 nominal",0,null,null,null,null,null,null,0,{"$f":"L151","v":0},{"$f":"M151*M160*$D170","v":0},{"$f":"IF(M151=0,0,M170*N151/M151)","v":0},0,0,0,0,0,0]
[null,"2026-27","$'000 nominal",0,null,null,null,null,null,null,0,0,{"$f":"M152","v":0},{"$f":"N152*N160*$D171","v":0},{"$f":"IF(N152=0,0,N171*O152/N152)","v":0},0,0,0,0,0]
[null,"2027-28","$'000 nominal",0,null,null,null,null,null,null,0,0,0,{"$f":"N153","v":0},{"$f":"O153*O160*$D172","v":0},{"$f":"IF(O153=0,0,O172*P153/O153)","v":0},{"$f":"IF(P153=0,0,P172*Q153/P153)","v":0},{"$f":"IF(Q153=0,0,Q172*R153/Q153)","v":0},{"$f":"IF(R153=0,0,R172*S153/R153)","v":0},{"$f":"IF(S153=0,0,S172*T153/S153)","v":0}]
[null,"2028-29","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O154","v":0},{"$f":"P154*P160*$D173","v":0},{"$f":"IF(P154=0,0,P173*Q154/P154)","v":0},{"$f":"IF(Q154=0,0,Q173*R154/Q154)","v":0},{"$f":"IF(R154=0,0,R173*S154/R154)","v":0},{"$f":"IF(S154=0,0,S173*T154/S154)","v":0}]
[null,"2029-30","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O155","v":0},{"$f":"P155","v":0},{"$f":"Q155*Q160*$D174","v":0},{"$f":"IF(Q155=0,0,Q174*R155/Q155)","v":0},{"$f":"IF(R155=0,0,R174*S155/R155)","v":0},{"$f":"IF(S155=0,0,S174*T155/S155)","v":0}]
[null,"2030-31","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O156","v":0},{"$f":"P156","v":0},{"$f":"Q156","v":0},{"$f":"R156*R160*$D175","v":0},{"$f":"IF(R156=0,0,R175*S156/R156)","v":0},{"$f":"IF(S156=0,0,S175*T156/S156)","v":0}]
[null,"2031-32","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O157","v":0},{"$f":"P157","v":0},{"$f":"Q157","v":0},{"$f":"R157","v":0},{"$f":"S157*S160*$D176","v":0},{"$f":"IF(S157=0,0,S176*T157/S157)","v":0}]
[null,"2032-33","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O158","v":0},{"$f":"P158","v":0},{"$f":"Q158","v":0},{"$f":"R158","v":0},{"$f":"S158","v":0},{"$f":"T158*T160*$D177","v":0}]
[null,"Depreciation for the year","$'000 nominal",null,null,{"$f":"SUM(F162:F166)","v":0},{"$f":"SUM(G162:G166)","v":0},{"$f":"SUM(H162:H166)","v":0},{"$f":"SUM(I162:I166)","v":0},{"$f":"SUM(J162:J166)","v":0},{"$f":"SUM(K168:K177)","v":0},{"$f":"SUM(L168:L177)","v":0},0,0,0,0,0,0,0,0]

{"sheet":"NRR","index":19,"n_rows":26,"n_cols":20,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"'RAB & tax inputs'!$B$1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"}]
[]
[null,"13  Notional revenue requirment (NRR) and revenue required from prices"]
[]
[]
[null,"TABLE 1 - CALCULATION OF NOTIONAL REVENUE REQUIREMENT AND NOTIONAL REVENUE TO BE RECOVERED FROM PRICES"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,"nominal",{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,"Forecast WACC selected ",null,{"$f":"Scenario!$W$61","v":2},{"$f":"Scenario!C66","v":"Post-tax WACC (rounded)"}]
[null,{"$f":"'Working capital'!B18","v":"Selected WACC"},null,null,null,null,null,null,null,null,{"$f":"Scenario!K$66","v":2.5999999999999999E-2},{"$f":"Scenario!L$66","v":2.5999999999999999E-2},{"$f":"Scenario!M$66","v":2.5999999999999999E-2},{"$f":"Scenario!N$66","v":2.5999999999999999E-2},{"$f":"Scenario!O$66","v":2.5999999999999999E-2},{"$f":"Scenario!P$66","v":2.5999999999999999E-2},{"$f":"Scenario!Q$66","v":2.5999999999999999E-2},{"$f":"Scenario!R$66","v":2.5999999999999999E-2},{"$f":"Scenario!S$66","v":2.5999999999999999E-2},{"$f":"Scenario!T$66","v":2.5999999999999999E-2}]
[null,"Index of pre-tax WACC for NPV calculations",null,null,null,null,null,null,null,null,{"$f":"Scenario!K70","v":0.98342157206082492},{"$f":"Scenario!L70","v":0.95108469251530459},{"$f":"Scenario!M70","v":0.91981111461828291},{"$f":"Scenario!N70","v":0.88956587487261396},{"$f":"Scenario!O70","v":0.86031515945127068},{"$f":"Scenario!P70","v":0},{"$f":"Scenario!Q70","v":0},{"$f":"Scenario!R70","v":0},{"$f":"Scenario!S70","v":0},{"$f":"Scenario!T70","v":0}]
[]
[null,"  Operating expenditure",{"$f":"'Working capital'!C24","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Selected costs'!K16","v":65920},{"$f":"'Selected costs'!L16","v":66910},{"$f":"'Selected costs'!M16","v":67920},{"$f":"'Selected costs'!N16","v":68940},{"$f":"'Selected costs'!O16","v":69970},{"$f":"'Selected costs'!P16","v":71020},{"$f":"'Selected costs'!Q16","v":72080},{"$f":"'Selected costs'!R16","v":73160},{"$f":"'Selected costs'!S16","v":74260},{"$f":"'Selected costs'!T16","v":75370}]
[null,"  Depreciation",{"$f":"C15","v":"$'000"},null,"mid-year value",null,null,null,null,null,{"$f":"'RAB projected '!K117/(1+K$12)^0.5","v":23001.53074595677},{"$f":"'RAB projected '!L117/(1+L$12)^0.5","v":25841.066746240413},{"$f":"'RAB projected '!M117/(1+M$12)^0.5","v":28205.832663411304},{"$f":"'RAB projected '!N117/(1+N$12)^0.5","v":29272.533968415832},{"$f":"'RAB projected '!O117/(1+O$12)^0.5","v":30184.730941138198},{"$f":"'RAB projected '!P117/(1+P$12)^0.5","v":31129.0583529875},{"$f":"'RAB projected '!Q117/(1+Q$12)^0.5","v":31856.19117632513},{"$f":"'RAB projected '!R117/(1+R$12)^0.5","v":32479.662946054919},{"$f":"'RAB projected '!S117/(1+S$12)^0.5","v":33113.007197080689},{"$f":"'RAB projected '!T117/(1+T$12)^0.5","v":33756.223929402455}]
[null,"  Return on RAB","$'000",null,"mid-year value",null,null,null,null,null,{"$f":"'Return on RAB'!K42","v":23578.69656421139},{"$f":"'Return on RAB'!L42","v":25762.282668607379},{"$f":"'Return on RAB'!M42","v":27507.548827548228},{"$f":"'Return on RAB'!N42","v":28280.550246922208},{"$f":"'Return on RAB'!O42","v":28824.961800399251},{"$f":"'Return on RAB'!P42","v":29272.244461668568},{"$f":"'Return on RAB'!Q42","v":29412.621645164643},{"$f":"'Return on RAB'!R42","v":29399.334005563735},{"$f":"'Return on RAB'!S42","v":29382.670325634637},{"$f":"'Return on RAB'!T42","v":29362.373920863647}]
[null,"  Return on working capital","$'000",null,"mid-year value",null,null,null,null,{"$f":"'RAB & tax inputs'!$J$56","v":795.85637465123466},{"$f":"'Working capital'!K50","v":509.09340605125027},{"$f":"'Working capital'!L50","v":435.12284776254944},{"$f":"'Working capital'!M50","v":719.52781967339274},{"$f":"'Working capital'!N50","v":850.67167124309071},{"$f":"'Working capital'!O50","v":855.31028689487914},{"$f":"'Working capital'!P50","v":929.96792845916411},{"$f":"'Working capital'!Q50","v":1000.0618592081771},{"$f":"'Working capital'!R50","v":1015.3390569856618},{"$f":"'Working capital'!S50","v":1029.8241122959673},{"$f":"'Working capital'!T50","v":1044.4244241231986}]
[null,"  Tax allowance","$'000",null,{"$f":"IF(Scenario!$W$61=2,\"post-tax WACC selected for forecast period\",\"pre-tax WACC selected for forecast period\")","v":"post-tax WACC selected for forecast period"},null,null,null,null,{"$f":"'RAB & tax inputs'!$J$143","v":2362.2413392234366},{"$f":"CHOOSE($D$11,0,Tax!K64)","v":1197.0138601868641},{"$f":"CHOOSE($D$11,0,Tax!L64)","v":2206.276518995297},{"$f":"CHOOSE($D$11,0,Tax!M64)","v":3030.5233972865126},{"$f":"CHOOSE($D$11,0,Tax!N64)","v":3523.9397701686798},{"$f":"CHOOSE($D$11,0,Tax!O64)","v":3923.1366844953459},{"$f":"CHOOSE($D$11,0,Tax!P64)","v":4339.1028686602549},{"$f":"CHOOSE($D$11,0,Tax!Q64)","v":4692.6390768234241},{"$f":"CHOOSE($D$11,0,Tax!R64)","v":5008.0609241162538},{"$f":"CHOOSE($D$11,0,Tax!S64)","v":5323.1692830820593},{"$f":"CHOOSE($D$11,0,Tax!T64)","v":5637.7271134961311}]
[null,"  Total revenue adjustments",{"$f":"C19","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'Cost  inputs'!K105","v":1005},{"$f":"'Cost  inputs'!L105","v":0},{"$f":"'Cost  inputs'!M105","v":0},{"$f":"'Cost  inputs'!N105","v":0},{"$f":"'Cost  inputs'!O105","v":0},{"$f":"'Cost  inputs'!P105","v":0},{"$f":"'Cost  inputs'!Q105","v":0},{"$f":"'Cost  inputs'!R105","v":0},{"$f":"'Cost  inputs'!S105","v":0},{"$f":"'Cost  inputs'!T105","v":0}]
[null,"Notional revenue requirement (NRR)",{"$f":"C18","v":"$'000"},null,"= unsmoothed revenue = building block costs",null,null,null,null,null,{"$f":"SUM(K15:K20)","v":115211.33457640628},{"$f":"SUM(L15:L20)","v":121154.74878160564},127383.43270791943,130867.69565674983,133758.13971292769,136690.37361177549,139041.51375752137,141062.39693272056,143108.67091809335,145170.74938788541]
[null,"   less"]
[null,"   Profit/loss on asset sales",{"$f":"C21","v":"$'000"},null,"portion shared with customers",null,null,null,null,null,{"$f":"'Cost  inputs'!K90*(1-'Cost  inputs'!K92)","v":0},{"$f":"'Cost  inputs'!L90*(1-'Cost  inputs'!L92)","v":0},{"$f":"'Cost  inputs'!M90*(1-'Cost  inputs'!M92)","v":0},{"$f":"'Cost  inputs'!N90*(1-'Cost  inputs'!N92)","v":0},{"$f":"'Cost  inputs'!O90*(1-'Cost  inputs'!O92)","v":0},{"$f":"'Cost  inputs'!P90*(1-'Cost  inputs'!P92)","v":0},{"$f":"'Cost  inputs'!Q90*(1-'Cost  inputs'!Q92)","v":0},{"$f":"'Cost  inputs'!R90*(1-'Cost  inputs'!R92)","v":0},{"$f":"'Cost  inputs'!S90*(1-'Cost  inputs'!S92)","v":0},{"$f":"'Cost  inputs'!T90*(1-'Cost  inputs'!T92)","v":0}]
[null,"   Other regulatory revenue (customer share)",{"$f":"C23","v":"$'000"},null,"portion shared with customers",null,null,null,null,null,{"$f":"'Cost  inputs'!K121","v":0},{"$f":"'Cost  inputs'!L121","v":1000},{"$f":"'Cost  inputs'!M121","v":1000},{"$f":"'Cost  inputs'!N121","v":1000},{"$f":"'Cost  inputs'!O121","v":1000},{"$f":"'Cost  inputs'!P121","v":1000},{"$f":"'Cost  inputs'!Q121","v":1000},{"$f":"'Cost  inputs'!R121","v":1000},{"$f":"'Cost  inputs'!S121","v":1000},{"$f":"'Cost  inputs'!T121","v":1000}]
[null,"Revenue required from prices",{"$f":"C23","v":"$'000"},null," = unsmoothed costs to be recovered from prices",null,null,null,null,null,{"$f":"K21-SUM(K23:K24)","v":115211.33457640628},{"$f":"L21-SUM(L23:L24)","v":120154.74878160564},126383.43270791943,129867.69565674983,132758.13971292769,135690.37361177549,138041.51375752137,140062.39693272056,142108.67091809335,144170.74938788541]
[null,"NPV of revenue required from prices over determination period",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(K13:T13,K25:T25)","v":573567.25061608676}]

{"sheet":"Implied return","index":20,"n_rows":30,"n_cols":22,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"14  Calculation of implied real return on assets from actual historical then target revenue from prices "]
[]
[]
[null,"TABLE 1 - CALCULATION OF IMPLIED REAL RETURN ON ASSETS FROM ACTUAL REVENUE "]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!$Y$41","v":"2022-23 $'000"}]
[]
[null,{"$f":"NRR!B12","v":"Selected WACC"},null,null,null,null,null,null,null,null,{"$f":"NRR!K12","v":2.5999999999999999E-2},{"$f":"NRR!L12","v":2.5999999999999999E-2},{"$f":"NRR!M12","v":2.5999999999999999E-2},{"$f":"NRR!N12","v":2.5999999999999999E-2},{"$f":"NRR!O12","v":2.5999999999999999E-2},{"$f":"NRR!P12","v":2.5999999999999999E-2},{"$f":"NRR!Q12","v":2.5999999999999999E-2},{"$f":"NRR!R12","v":2.5999999999999999E-2},{"$f":"NRR!S12","v":2.5999999999999999E-2},{"$f":"NRR!T12","v":2.5999999999999999E-2},null," = real in forecast period if forecasts in real $"]
[]
[null,"Calculate the $ value of the return on fixed assets as a residual:"]
[null,"Total actual/target revenue from prices",null,null,null,null,null,null,null,null,{"$f":"'Financials actual'!K41/'Financials actual'!K23","v":115944.53791854148},{"$f":"'Financials actual'!L41/'Financials actual'!L23","v":123584.33925025142},{"$f":"'Financials actual'!M41/'Financials actual'!M23","v":127248.17844472389},{"$f":"'Financials actual'!N41/'Financials actual'!N23","v":131214.40009439856},{"$f":"'Financials actual'!O41/'Financials actual'!O23","v":135097.79502024135},{"$f":"'Financials actual'!P41/'Financials actual'!P23","v":139602.78468508311},{"$f":"'Financials actual'!Q41/'Financials actual'!Q23","v":144258.64344902732},{"$f":"'Financials actual'!R41/'Financials actual'!R23","v":149070.6215310749},{"$f":"'Financials actual'!S41/'Financials actual'!S23","v":154042.95940193196},{"$f":"'Financials actual'!T41/'Financials actual'!T23","v":159180.59674200107}]
[null,"less"]
[null,{"$f":"NRR!B15","v":"  Operating expenditure"},null,null,null,null,null,null,null,null,{"$f":"NRR!K15","v":65920},{"$f":"NRR!L15","v":66910},{"$f":"NRR!M15","v":67920},{"$f":"NRR!N15","v":68940},{"$f":"NRR!O15","v":69970},{"$f":"NRR!P15","v":71020},{"$f":"NRR!Q15","v":72080},{"$f":"NRR!R15","v":73160},{"$f":"NRR!S15","v":74260},{"$f":"NRR!T15","v":75370}]
[null,{"$f":"NRR!B16&\" (\"&NRR!E16&\")\"","v":"  Depreciation (mid-year value)"},null,null,null,null,null,null,null,null,{"$f":"NRR!K16","v":23001.53074595677},{"$f":"NRR!L16","v":25841.066746240413},{"$f":"NRR!M16","v":28205.832663411304},{"$f":"NRR!N16","v":29272.533968415832},{"$f":"NRR!O16","v":30184.730941138198},{"$f":"NRR!P16","v":31129.0583529875},{"$f":"NRR!Q16","v":31856.19117632513},{"$f":"NRR!R16","v":32479.662946054919},{"$f":"NRR!S16","v":33113.007197080689},{"$f":"NRR!T16","v":33756.223929402455}]
[null,{"$f":"NRR!B18&\" (\"&NRR!E18&\")\"","v":"  Return on working capital (mid-year value)"},null,null,null,null,null,null,null,null,{"$f":"NRR!K18","v":509.09340605125027},{"$f":"NRR!L18","v":435.12284776254944},{"$f":"NRR!M18","v":719.52781967339274},{"$f":"NRR!N18","v":850.67167124309071},{"$f":"NRR!O18","v":855.31028689487914},{"$f":"NRR!P18","v":929.96792845916411},{"$f":"NRR!Q18","v":1000.0618592081771},{"$f":"NRR!R18","v":1015.3390569856618},{"$f":"NRR!S18","v":1029.8241122959673},{"$f":"NRR!T18","v":1044.4244241231986}]
[null,{"$f":"NRR!B19","v":"  Tax allowance"},null,null,null,null,null,null,null,null,{"$f":"NRR!K19","v":1197.0138601868641},{"$f":"NRR!L19","v":2206.276518995297},{"$f":"NRR!M19","v":3030.5233972865126},{"$f":"NRR!N19","v":3523.9397701686798},{"$f":"NRR!O19","v":3923.1366844953459},{"$f":"NRR!P19","v":4339.1028686602549},{"$f":"NRR!Q19","v":4692.6390768234241},{"$f":"NRR!R19","v":5008.0609241162538},{"$f":"NRR!S19","v":5323.1692830820593},{"$f":"NRR!T19","v":5637.7271134961311}]
[null,{"$f":"NRR!B20","v":"  Total revenue adjustments"},null,null,null,null,null,null,null,null,{"$f":"NRR!K20","v":1005},{"$f":"NRR!L20","v":0},{"$f":"NRR!M20","v":0},{"$f":"NRR!N20","v":0},{"$f":"NRR!O20","v":0},{"$f":"NRR!P20","v":0},{"$f":"NRR!Q20","v":0},{"$f":"NRR!R20","v":0},{"$f":"NRR!S20","v":0},{"$f":"NRR!T20","v":0}]
[null,"Remaining revenue = actual return on fixed assets (mid-year value)",null,null,null,null,null,null,null,null,{"$f":"K14-SUM(K16:K20)","v":24311.899906346589},{"$f":"L14-SUM(L16:L20)","v":28191.873137253162},27372.294564352676,28627.254684570944,30164.617107712926,32184.655534976191,34629.751336670597,37407.558603918063,40316.958809473246,43372.221274979296,null,"Including the share of non-regulatory profits and profit/loss on asset sales not shared with customers"]
[null,"   less profit on disposals not shared with customers",null,null,null,null,null,null,null,null,{"$f":"'Cost  inputs'!K90*'Cost  inputs'!K92","v":750},{"$f":"'Cost  inputs'!L90*'Cost  inputs'!L92","v":675},{"$f":"'Cost  inputs'!M90*'Cost  inputs'!M92","v":500},{"$f":"'Cost  inputs'!N90*'Cost  inputs'!N92","v":500},{"$f":"'Cost  inputs'!O90*'Cost  inputs'!O92","v":500},{"$f":"'Cost  inputs'!P90*'Cost  inputs'!P92","v":500},{"$f":"'Cost  inputs'!Q90*'Cost  inputs'!Q92","v":500},{"$f":"'Cost  inputs'!R90*'Cost  inputs'!R92","v":500},{"$f":"'Cost  inputs'!S90*'Cost  inputs'!S92","v":500},{"$f":"'Cost  inputs'!T90*'Cost  inputs'!T92","v":500}]
[null,"   less non-regulatory profits not shared with customers",null,null,null,null,null,null,null,null,{"$f":"('Cost  inputs'!K117-'Cost  inputs'!K121)","v":-2000},{"$f":"('Cost  inputs'!L117-'Cost  inputs'!L121)","v":1000},{"$f":"('Cost  inputs'!M117-'Cost  inputs'!M121)","v":1000},{"$f":"('Cost  inputs'!N117-'Cost  inputs'!N121)","v":1000},{"$f":"('Cost  inputs'!O117-'Cost  inputs'!O121)","v":1000},{"$f":"('Cost  inputs'!P117-'Cost  inputs'!P121)","v":1000},{"$f":"('Cost  inputs'!Q117-'Cost  inputs'!Q121)","v":1000},{"$f":"('Cost  inputs'!R117-'Cost  inputs'!R121)","v":1000},{"$f":"('Cost  inputs'!S117-'Cost  inputs'!S121)","v":1000},{"$f":"('Cost  inputs'!T117-'Cost  inputs'!T121)","v":1000}]
[null,"Remaining revenue = actual allowed return on fixed assets (mid-year value)",null,null,null,null,null,null,null,null,{"$f":"K21-SUM(K22:K23)","v":25561.899906346589},26516.873137253162,25872.294564352676,27127.254684570944,28664.617107712926,30684.655534976191,33129.751336670597,35907.558603918063,38816.958809473246,41872.221274979296,null,"Excluding the share of non-regulatory profits and profit/loss on asset sales not shared with customers"]
[]
[]
[null,"Convert the mid-year value of the allowed return to year end value, then calculate the rate of return"]
[null,"Year end value of return on assets",null,null,null,null,null,null,null,null,{"$f":"K24*(1+K11)^0.5","v":25892.072256184056},26859.380476149952,26206.476151922328,27477.646066145066,29034.865955502795,31080.996372670375,33557.674452261999,36371.361491990501,39318.341200869196,42413.067211389593]
[null,"Value of RAB on which return is given",null,null,null,null,null,null,null,null,{"$f":"'Return on RAB'!K40","v":918586.64259631012},{"$f":"'Return on RAB'!L40","v":1003655.5107160842},{"$f":"'Return on RAB'!M40","v":1071648.1657389151},{"$f":"'Return on RAB'!N40","v":1101763.0101541358},{"$f":"'Return on RAB'!O40","v":1122972.375130577},{"$f":"'Return on RAB'!P40","v":1140397.7606682389},{"$f":"'Return on RAB'!Q40","v":1145866.6213125759},{"$f":"'Return on RAB'!R40","v":1145348.9570635881},{"$f":"'Return on RAB'!S40","v":1144699.7679212755},{"$f":"'Return on RAB'!T40","v":1143909.053885638}]
[null,"Implied rate of return on RAB from actual revenue",null,null,null,null,null,null,null,null,{"$f":"K28/K29","v":2.818685908930945E-2},{"$f":"L28/L29","v":2.6761553331168808E-2},{"$f":"M28/M29","v":2.4454365704860447E-2},2.4939706464007141E-2,2.585536972993363E-2,2.7254522452287037E-2,2.9285846911067278E-2,3.1755703157261631E-2,3.4348169103126124E-2,3.7077307035310716E-2,null,"Actual revenue excludes the share of other regulatory revenue and profit/loss on asset sales that the business may keep."]

{"sheet":"Bills","index":21,"n_rows":86,"n_cols":22,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,null,null,null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"15  Customer bills"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,null,null,null,null,{"$f":"ROW(B11)","v":11}]
[null,{"$f":"B36","v":"TABLE 2 - CALCULATING BILLS - 2022-23$"},null,null,null,null,null,null,null,null,{"$f":"ROW(B36)","v":36}]
[null,{"$f":"B66","v":"TABLE 3 - PRICES AND BILLS IN NOMINAL DOLLARS"},null,null,null,null,null,null,null,null,{"$f":"ROW(B66)","v":66}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"'RAB & tax inputs'!I$32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J$32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K$32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L$32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M$32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N$32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O$32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P$32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q$32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R$32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S$32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T$32","v":"2032-33"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$15","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,{"$f":"J14","v":"2022-23$"},{"$f":"K14","v":"2022-23$"},{"$f":"J12&\"$\"","v":"2022-23$"}]
[]
[null,{"$f":"'Pricing & financial inputs'!B24","v":"Inflation for prices (actual to March, lagged by 1 year, rounded)"},null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I24","v":1.0999999999999999E-2},{"$f":"'Pricing & financial inputs'!J24","v":5.0999999999999997E-2},{"$f":"'Pricing & financial inputs'!K24","v":6.3E-2},{"$f":"'Pricing & financial inputs'!L24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S24","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T24","v":2.5000000000000001E-2}]
[null,{"$f":"\"inflator to \"&$K$14","v":"inflator to 2022-23$"},null,null,null,null,null,null,{"$f":"J17/(1+'Pricing & financial inputs'!J24)","v":0.95147478591817325},1,"na","na","na","na","na","na","na","na","na","na"]
[null,"Inflator to nominal prices",null,null,null,null,null,null,{"$f":"J18*(1+J16)","v":1.0509999999999999},1,{"$f":"J18*(1+K16)","v":1.0629999999999999},{"$f":"K18*(1+L16)","v":1.089575},1.1168143749999999,1.1447347343749998,1.1733531027343747,1.2026869303027339,1.232754103560302,1.2635729561493094,1.295162280053042,1.3275413370543681]
[]
[null,"Prices"]
[null,{"$f":"Scenario!B125","v":"Access charge"},{"$f":"Scenario!C125","v":"$/year"},null,null,null,null,null,{"$f":"Scenario!I127*I$17","v":47.573739295908659},{"$f":"Scenario!J127","v":50},{"$f":"Scenario!K127","v":50.972984763300119},{"$f":"Scenario!L127","v":51.964903513592525},{"$f":"Scenario!M127","v":52.976124700494253},{"$f":"Scenario!N127","v":54.007023943539615},{"$f":"Scenario!O127","v":55.057984171704589},{"$f":"Scenario!P127","v":56.129395765646343},{"$f":"Scenario!Q127","v":57.221656702710668},{"$f":"Scenario!R127","v":58.33517270476122},{"$f":"Scenario!S127","v":59.470357388885496},{"$f":"Scenario!T127","v":60.627632421033468}]
[null,{"$f":"Scenario!B129","v":"Usage charge for Tier 1 consumption"},{"$f":"Scenario!C129","v":"$/kL"},null,null,null,null,null,{"$f":"Scenario!I129*I17","v":1.9029495718363465},{"$f":"Scenario!J129","v":2},{"$f":"Scenario!K129","v":2.0389193905320049},{"$f":"Scenario!L129","v":2.0785961405437012},{"$f":"Scenario!M129","v":2.1190449880197706},{"$f":"Scenario!N129","v":2.1602809577415849},{"$f":"Scenario!O129","v":2.202319366868184},{"$f":"Scenario!P129","v":2.2451758306258545},{"$f":"Scenario!Q129","v":2.2888662681084275},{"$f":"Scenario!R129","v":2.3334069081904496},{"$f":"Scenario!S129","v":2.3788142955554208},{"$f":"Scenario!T129","v":2.4251052968413394}]
[null,{"$f":"Scenario!B130","v":"Usage charge for Tier 2 consumption"},{"$f":"Scenario!C130","v":"$/kL"},null,null,null,null,null,{"$f":"IF(Scenario!I130=0,I22,Scenario!I130*I17)","v":2.378686964795433},{"$f":"IF(Scenario!J130=0,J22,Scenario!J130)","v":2.5},{"$f":"IF(Scenario!K130=0,K22,Scenario!K130)","v":2.5486492381650061},{"$f":"IF(Scenario!L130=0,L22,Scenario!L130)","v":2.5982451756796263},{"$f":"IF(Scenario!M130=0,M22,Scenario!M130)","v":2.648806235024713},{"$f":"IF(Scenario!N130=0,N22,Scenario!N130)","v":2.7003511971769814},{"$f":"IF(Scenario!O130=0,O22,Scenario!O130)","v":2.7528992085852302},{"$f":"IF(Scenario!P130=0,P22,Scenario!P130)","v":2.806469788282318},{"$f":"IF(Scenario!Q130=0,Q22,Scenario!Q130)","v":2.8610828351355342},{"$f":"IF(Scenario!R130=0,R22,Scenario!R130)","v":2.9167586352380619},{"$f":"IF(Scenario!S130=0,S22,Scenario!S130)","v":2.9735178694442759},{"$f":"IF(Scenario!T130=0,T22,Scenario!T130)","v":3.0313816210516742}]
[]
[null,{"$f":"'Pricing & financial inputs'!B51","v":"Tier 1 price for annual consumption up to"},{"$f":"'Pricing & financial inputs'!C51","v":"kL per year"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I51","v":150},{"$f":"'Pricing & financial inputs'!J51","v":150},{"$f":"'Pricing & financial inputs'!K51","v":150},{"$f":"'Pricing & financial inputs'!L51","v":150},{"$f":"'Pricing & financial inputs'!M51","v":150},{"$f":"'Pricing & financial inputs'!N51","v":150},{"$f":"'Pricing & financial inputs'!O51","v":150},{"$f":"'Pricing & financial inputs'!P51","v":150},{"$f":"'Pricing & financial inputs'!Q51","v":150},{"$f":"'Pricing & financial inputs'!R51","v":150},{"$f":"'Pricing & financial inputs'!S51","v":150},{"$f":"'Pricing & financial inputs'!T51","v":150}]
[]
[null,"Consumption volumes for:"]
[null,{"$f":"'Pricing & financial inputs'!B54","v":"Small customer"},{"$f":"'Pricing & financial inputs'!C54","v":"kL per year"},{"$f":"'Pricing & financial inputs'!D54","v":100}]
[null,{"$f":"'Pricing & financial inputs'!B55","v":"Medium customer"},{"$f":"'Pricing & financial inputs'!C55","v":"kL per year"},{"$f":"'Pricing & financial inputs'!D55","v":200}]
[null,{"$f":"'Pricing & financial inputs'!B56","v":"Large customer"},{"$f":"'Pricing & financial inputs'!C56","v":"kL per year"},{"$f":"'Pricing & financial inputs'!D56","v":400}]
[]
[null,{"$f":"'Pricing & financial inputs'!B58","v":"Pensioner rebates"},{"$f":"C21","v":"$/year"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I58*I17","v":85.632730732635594},{"$f":"'Pricing & financial inputs'!J58*'Pricing & financial inputs'!J21","v":90},{"$f":"'Pricing & financial inputs'!K58*'Pricing & financial inputs'!K21","v":90},{"$f":"'Pricing & financial inputs'!L58*'Pricing & financial inputs'!L21","v":90},{"$f":"'Pricing & financial inputs'!M58*'Pricing & financial inputs'!M21","v":90},{"$f":"'Pricing & financial inputs'!N58*'Pricing & financial inputs'!N21","v":90},{"$f":"'Pricing & financial inputs'!O58*'Pricing & financial inputs'!O21","v":90},{"$f":"'Pricing & financial inputs'!P58*'Pricing & financial inputs'!P21","v":90},{"$f":"'Pricing & financial inputs'!Q58*'Pricing & financial inputs'!Q21","v":90},{"$f":"'Pricing & financial inputs'!R58*'Pricing & financial inputs'!R21","v":90},{"$f":"'Pricing & financial inputs'!S58*'Pricing & financial inputs'!S21","v":90},{"$f":"'Pricing & financial inputs'!T58*'Pricing & financial inputs'!T21","v":90}]
[]
[]
[]
[null,{"$f":"\"TABLE 2 - CALCULATING BILLS - \"&K39","v":"TABLE 2 - CALCULATING BILLS - 2022-23$"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"note formula in heading"]
[null,{"$f":"B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"I12","v":"2021-22"},{"$f":"J12","v":"2022-23"},"2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K13","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K14","v":"2022-23$"}]
[null,"Consumption by tier"]
[null,{"$f":"B28","v":"Small customer"}]
[null,"   consumption at tier 1 price",{"$f":"C28","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$25=0,$D$28,MIN($D$28,I$25))","v":100},{"$f":"IF(J$25=0,$D$28,MIN($D$28,J$25))","v":100},{"$f":"IF(K$25=0,$D$28,MIN($D$28,K$25))","v":100},100,100,100,100,100,100,100,100,100]
[null,"   consumption at tier 2 price",{"$f":"C42","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$28-I42)","v":0},{"$f":"MAX(0,$D$28-J42)","v":0},{"$f":"MAX(0,$D$28-K42)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"B29","v":"Medium customer"}]
[null,{"$f":"B42","v":"   consumption at tier 1 price"},{"$f":"C42","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$25=0,$D$29,MIN($D$29,I$25))","v":150},{"$f":"IF(J$25=0,$D$29,MIN($D$29,J$25))","v":150},{"$f":"IF(K$25=0,$D$29,MIN($D$29,K$25))","v":150},150,150,150,150,150,150,150,150,150]
[null,{"$f":"B43","v":"   consumption at tier 2 price"},{"$f":"C43","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$29-I46)","v":50},{"$f":"MAX(0,$D$29-J46)","v":50},{"$f":"MAX(0,$D$29-K46)","v":50},50,50,50,50,50,50,50,50,50]
[]
[null,{"$f":"B30","v":"Large customer"}]
[null,{"$f":"B46","v":"   consumption at tier 1 price"},{"$f":"C42","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$25=0,$D$30,MIN($D$30,I$25))","v":150},{"$f":"IF(J$25=0,$D$30,MIN($D$30,J$25))","v":150},150,150,150,150,150,150,150,150,150,150]
[null,{"$f":"B47","v":"   consumption at tier 2 price"},{"$f":"C50","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$30-I50)","v":250},{"$f":"MAX(0,$D$30-J50)","v":250},250,250,250,250,250,250,250,250,250,250]
[]
[null,"Bills for non-pensioners"]
[null,{"$f":"B28","v":"Small customer"},{"$f":"C21","v":"$/year"},null,null,null,null,null,{"$f":"I$21+SUMPRODUCT(I$22:I$23,I$42:I$43)","v":237.8686964795433},{"$f":"J$21+SUMPRODUCT(J$22:J$23,J$42:J$43)","v":250},254.86492381650061,259.82451756796263,264.88062350247134,270.03511971769808,275.28992085852298,280.64697882823179,286.10828351355343,291.67586352380619,297.35178694442754,303.1381621051674]
[null,{"$f":"B29","v":"Medium customer"},{"$f":"C54","v":"$/year"},null,null,null,null,null,{"$f":"I$21+SUMPRODUCT(I$22:I$23,I$46:I$47)","v":451.95052331113226},{"$f":"J$21+SUMPRODUCT(J$22:J$23,J$46:J$47)","v":475},484.2433552513512,493.66658337912901,503.27318465469551,513.06672746362642,523.05084963119373,533.22925977364048,543.60573867575147,554.1841406952318,564.96839519441244,575.96250799981806]
[null,{"$f":"B30","v":"Large customer"},{"$f":"C55","v":"$/year"},null,null,null,null,null,{"$f":"I$21+SUMPRODUCT(I$22:I$23,I50:I51)","v":927.68791627021903},{"$f":"J$21+SUMPRODUCT(J$22:J$23,J50:J51)","v":975},993.97320288435242,1013.3156185150543,1033.0344316596381,1053.1369668990228,1073.6306913482397,1094.5232174301041,1115.8223057028581,1137.5358677428439,1159.6719690832676,1182.2388322101529]
[]
[null,"Bills for pensioners"]
[null,{"$f":"B54","v":"Small customer"},"$/year",null,null,null,null,null,{"$f":"I54-I$32","v":152.23596574690771},{"$f":"J54-J$32","v":160},{"$f":"K54-K$32","v":164.86492381650061},{"$f":"L54-L$32","v":169.82451756796263},174.88062350247134,180.03511971769808,185.28992085852298,190.64697882823179,196.10828351355343,201.67586352380619,207.35178694442754,213.1381621051674]
[null,"Medium customer","$/year",null,null,null,null,null,{"$f":"I55-I$32","v":366.31779257849666},{"$f":"J55-J$32","v":385},{"$f":"K55-K$32","v":394.2433552513512},403.66658337912901,413.27318465469551,423.06672746362642,433.05084963119373,443.22925977364048,453.60573867575147,464.1841406952318,474.96839519441244,485.96250799981806]
[null,"Large customer","$/year",null,null,null,null,null,{"$f":"I56-I$32","v":842.05518553758338},{"$f":"J56-J$32","v":885},{"$f":"K56-K$32","v":903.97320288435242},923.31561851505433,943.03443165963813,963.13696689902281,983.63069134823968,1004.5232174301041,1025.8223057028581,1047.5358677428439,1069.6719690832676,1092.2388322101529]
[]
[]
[]
[]
[null,"TABLE 3 - PRICES AND BILLS IN NOMINAL DOLLARS"]
[null,{"$f":"B37","v":"Financial year"},null,null,null,null,null,null,{"$f":"I37","v":"2021-22"},"2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K38","v":"Determination period is 2023-24 to 2027-28"}]
[null,null,null,null,null,null,null,null,{"$f":"J69","v":"nominal"},{"$f":"K69","v":"nominal"},"nominal"]
[null,null,null,"Rounding factors"]
[null,{"$f":"B20","v":"Prices"}]
[null,{"$f":"B21","v":"Access charge"},{"$f":"C21","v":"$/year"},{"$f":"Scenario!D236","v":2},null,null,null,null,{"$f":"ROUND(I21*I$18,$D72)","v":50},{"$f":"ROUND(J21*J$18,$D72)","v":50},54.18,56.62,59.16,61.82,64.599999999999994,67.510000000000005,70.540000000000006,73.709999999999994,77.02,80.489999999999995]
[null,{"$f":"B22","v":"Usage charge for Tier 1 consumption"},{"$f":"C22","v":"$/kL"},{"$f":"Scenario!D237","v":2},null,null,null,null,{"$f":"ROUND(I22*I$18,$D73)","v":2},2,2.17,2.2599999999999998,2.37,2.4700000000000002,2.58,2.7,2.82,2.95,3.08,3.22]
[null,{"$f":"B23","v":"Usage charge for Tier 2 consumption"},"$/kL",{"$f":"Scenario!D238","v":2},null,null,null,null,{"$f":"ROUND(I23*I$18,$D74)","v":2.5},2.5,2.71,2.83,2.96,3.09,3.23,3.38,3.53,3.69,3.85,4.0199999999999996]
[]
[null,{"$f":"B32","v":"Pensioner rebates"},{"$f":"C32","v":"$/year"},2,null,null,null,null,{"$f":"ROUND(I32*I$18,$D76)","v":90},{"$f":"ROUND(J32*J$18,$D76)","v":90},95.67,98.06,100.51,103.03,105.6,108.24,110.95,113.72,116.56,119.48]
[]
[null,{"$f":"B53","v":"Bills for non-pensioners"}]
[null,{"$f":"B54","v":"Small customer"},{"$f":"C54","v":"$/year"},null,null,null,null,null,{"$f":"I$72+SUMPRODUCT(I$73:I$74,I42:I43)","v":250},{"$f":"J$72+SUMPRODUCT(J$73:J$74,J42:J43)","v":250},271.18,282.61999999999995,296.15999999999997,308.82000000000005,322.60000000000002,337.51,352.54,368.71,385.02,402.49]
[null,{"$f":"B55","v":"Medium customer"},{"$f":"C55","v":"$/year"},null,null,null,null,null,{"$f":"I$72+SUMPRODUCT(I$73:I$74,I46:I47)","v":475},{"$f":"J$72+SUMPRODUCT(J$73:J$74,J46:J47)","v":475},515.17999999999995,537.11999999999989,562.66,586.82000000000005,613.1,641.51,670.04,700.71,731.52,764.49]
[null,{"$f":"B56","v":"Large customer"},{"$f":"C56","v":"$/year"},null,null,null,null,null,{"$f":"I$72+SUMPRODUCT(I$73:I$74,I50:I51)","v":975},{"$f":"J$72+SUMPRODUCT(J$73:J$74,J50:J51)","v":975},1057.18,1103.1199999999999,1154.6600000000001,1204.82,1259.0999999999999,1317.51,1376.04,1438.71,1501.52,1568.49]
[]
[null,{"$f":"B58","v":"Bills for pensioners"}]
[null,{"$f":"B59","v":"Small customer"},{"$f":"C59","v":"$/year"},null,null,null,null,null,{"$f":"I79-I$76","v":160},{"$f":"J79-J$76","v":160},175.51,184.55999999999995,195.64999999999998,205.79000000000005,217.00000000000003,229.26999999999998,241.59000000000003,254.98999999999998,268.45999999999998,283.01]
[null,{"$f":"B60","v":"Medium customer"},{"$f":"C60","v":"$/year"},null,null,null,null,null,{"$f":"I80-I$76","v":385},385,419.50999999999993,439.05999999999989,462.15,483.79000000000008,507.5,533.27,559.08999999999992,586.99,614.96,645.01]
[null,{"$f":"B61","v":"Large customer"},{"$f":"C61","v":"$/year"},null,null,null,null,null,{"$f":"I81-I$76","v":885},885,961.5100000000001,1005.06,1054.1500000000001,1101.79,1153.5,1209.27,1265.0899999999999,1324.99,1384.96,1449.01]

{"sheet":"Checks","index":22,"n_rows":43,"n_cols":20,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"16  Summary of error checks"]
[null,{"$f":"'RAB & tax inputs'!B32","v":"Financial year"},null,null,null,{"$f":"'RAB & tax inputs'!F32","v":"2018-19"},{"$f":"'RAB & tax inputs'!G32","v":"2019-20"},{"$f":"'RAB & tax inputs'!H32","v":"2020-21"},{"$f":"'RAB & tax inputs'!I32","v":"2021-22"},{"$f":"'RAB & tax inputs'!J32","v":"2022-23"},{"$f":"'RAB & tax inputs'!K32","v":"2023-24"},{"$f":"'RAB & tax inputs'!L32","v":"2024-25"},{"$f":"'RAB & tax inputs'!M32","v":"2025-26"},{"$f":"'RAB & tax inputs'!N32","v":"2026-27"},{"$f":"'RAB & tax inputs'!O32","v":"2027-28"},{"$f":"'RAB & tax inputs'!P32","v":"2028-29"},{"$f":"'RAB & tax inputs'!Q32","v":"2029-30"},{"$f":"'RAB & tax inputs'!R32","v":"2030-31"},{"$f":"'RAB & tax inputs'!S32","v":"2031-32"},{"$f":"'RAB & tax inputs'!T32","v":"2032-33"}]
[]
[null,{"$f":"Scenario!B3","v":"5   SCENARIO INPUTS, PRICES AND OUTPUT TABLES"}]
[null,"Closing RAB value",null,null,null,{"$f":"Scenario!F165","v":0},{"$f":"Scenario!G165","v":0},{"$f":"Scenario!H165","v":0},{"$f":"Scenario!I165","v":0},{"$f":"Scenario!J165","v":0},{"$f":"Scenario!K165","v":0},{"$f":"Scenario!L165","v":0},{"$f":"Scenario!M165","v":0},{"$f":"Scenario!N165","v":0},{"$f":"Scenario!O165","v":0},{"$f":"Scenario!P165","v":0},{"$f":"Scenario!Q165","v":0},{"$f":"Scenario!R165","v":0},{"$f":"Scenario!S165","v":0},{"$f":"Scenario!T165","v":0}]
[null,"Required revenue",null,null,null,"na","na","na",{"$f":"Scenario!I192","v":0},{"$f":"Scenario!J192","v":0},{"$f":"Scenario!K192","v":0},{"$f":"Scenario!L192","v":0},{"$f":"Scenario!M192","v":0},{"$f":"Scenario!N192","v":0},{"$f":"Scenario!O192","v":0},{"$f":"Scenario!P192","v":0},{"$f":"Scenario!Q192","v":0},{"$f":"Scenario!R192","v":0},{"$f":"Scenario!S192","v":0},{"$f":"Scenario!T192","v":0}]
[null,"NPV of revenue",null,null,null,"na","na","na","na","na",{"$f":"Scenario!K193","v":0},{"$f":"Scenario!L193","v":0},"na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"'Financials actual'!B3","v":"6a  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - ACTUAL"}]
[null,{"$f":"'Financials actual'!B81","v":"check net assets = total equity"},null,null,null,"na","na","na",{"$f":"'Financials actual'!I81","v":0},{"$f":"'Financials actual'!J81","v":0},{"$f":"'Financials actual'!K81","v":0},{"$f":"'Financials actual'!L81","v":0},{"$f":"'Financials actual'!M81","v":0},{"$f":"'Financials actual'!N81","v":0},{"$f":"'Financials actual'!O81","v":0},{"$f":"'Financials actual'!P81","v":0},{"$f":"'Financials actual'!Q81","v":0},{"$f":"'Financials actual'!R81","v":0},{"$f":"'Financials actual'!S81","v":0},{"$f":"'Financials actual'!T81","v":0}]
[]
[null,{"$f":"'Financials benchmark'!B3","v":"6b  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - BENCHMARK"}]
[null,{"$f":"'Financials benchmark'!B72","v":"check net assets = total equity"},null,null,null,"na","na","na",{"$f":"'Financials benchmark'!I72","v":0},{"$f":"'Financials benchmark'!J72","v":0},{"$f":"'Financials benchmark'!K72","v":0},{"$f":"'Financials benchmark'!L72","v":0},{"$f":"'Financials benchmark'!M72","v":0},{"$f":"'Financials benchmark'!N72","v":0},{"$f":"'Financials benchmark'!O72","v":0},{"$f":"'Financials benchmark'!P72","v":0},{"$f":"'Financials benchmark'!Q72","v":0},{"$f":"'Financials benchmark'!R72","v":0},{"$f":"'Financials benchmark'!S72","v":0},{"$f":"'Financials benchmark'!T72","v":0}]
[null,{"$f":"'Financials benchmark'!B97","v":"check = net cash flow = 0"},null,null,null,"na","na","na","na",{"$f":"'Financials benchmark'!J97","v":"na"},{"$f":"'Financials benchmark'!K97","v":0},{"$f":"'Financials benchmark'!L97","v":1.1641532182693481E-10},{"$f":"'Financials benchmark'!M97","v":0},{"$f":"'Financials benchmark'!N97","v":0},{"$f":"'Financials benchmark'!O97","v":0},{"$f":"'Financials benchmark'!P97","v":0},{"$f":"'Financials benchmark'!Q97","v":2.9103830456733704E-11},{"$f":"'Financials benchmark'!R97","v":1.2369127944111824E-10},{"$f":"'Financials benchmark'!S97","v":-5.0931703299283981E-11},{"$f":"'Financials benchmark'!T97","v":-1.1641532182693481E-10}]
[null,{"$f":"'Financials benchmark'!B117","v":"   - difference between WACC and return on capital employed over determination period"},null,null,null,"na","na","na","na","na",{"$f":"'Financials benchmark'!K117","v":1.5010160672685596E-4},"na","na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"'RAB historical'!B3","v":"8 Regulatory Asset Base roll forward to start of new determination period "}]
[null,{"$f":"'RAB historical'!B121","v":"check closing value = 0"},null,null,null,{"$f":"'RAB historical'!F121","v":0},{"$f":"'RAB historical'!G121","v":0},{"$f":"'RAB historical'!H121","v":0},{"$f":"'RAB historical'!I121","v":0},{"$f":"'RAB historical'!J121","v":0},"na","na","na","na","na","na","na","na","na","na"]
[null,{"$f":"'RAB historical'!B122","v":"check net capex = 0"},null,null,null,{"$f":"'RAB historical'!F122","v":0},{"$f":"'RAB historical'!G122","v":0},{"$f":"'RAB historical'!H122","v":0},{"$f":"'RAB historical'!I122","v":0},{"$f":"'RAB historical'!J122","v":0},"na","na","na","na","na","na","na","na","na","na"]
[null,{"$f":"'RAB historical'!B123","v":"check disposals = 0"},null,null,null,{"$f":"'RAB historical'!F123","v":0},{"$f":"'RAB historical'!G123","v":0},{"$f":"'RAB historical'!H123","v":0},{"$f":"'RAB historical'!I123","v":0},{"$f":"'RAB historical'!J123","v":0},"na","na","na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"'RAB projected '!B3","v":"9 Regulatory Asset Base roll forward for new determination period "}]
[null,{"$f":"'RAB projected '!B120","v":"check closing value = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K120","v":0},{"$f":"'RAB projected '!L120","v":0},{"$f":"'RAB projected '!M120","v":0},{"$f":"'RAB projected '!N120","v":0},{"$f":"'RAB projected '!O120","v":0},{"$f":"'RAB projected '!P120","v":0},{"$f":"'RAB projected '!Q120","v":0},{"$f":"'RAB projected '!R120","v":0},{"$f":"'RAB projected '!S120","v":0},{"$f":"'RAB projected '!T120","v":0}]
[null,{"$f":"'RAB projected '!B121","v":"check net capex = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K121","v":0},{"$f":"'RAB projected '!L121","v":0},{"$f":"'RAB projected '!M121","v":0},{"$f":"'RAB projected '!N121","v":0},{"$f":"'RAB projected '!O121","v":0},{"$f":"'RAB projected '!P121","v":0},{"$f":"'RAB projected '!Q121","v":0},{"$f":"'RAB projected '!R121","v":0},{"$f":"'RAB projected '!S121","v":0},{"$f":"'RAB projected '!T121","v":0}]
[null,{"$f":"'RAB projected '!B122","v":"check disposals = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K122","v":0},{"$f":"'RAB projected '!L122","v":0},{"$f":"'RAB projected '!M122","v":0},{"$f":"'RAB projected '!N122","v":0},{"$f":"'RAB projected '!O122","v":0},{"$f":"'RAB projected '!P122","v":0},{"$f":"'RAB projected '!Q122","v":0},{"$f":"'RAB projected '!R122","v":0},{"$f":"'RAB projected '!S122","v":0},{"$f":"'RAB projected '!T122","v":0}]
[null,"Nominal roll forward for financial statements:"]
[null,{"$f":"'RAB projected '!B138","v":"check closing value = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K138","v":0},{"$f":"'RAB projected '!L138","v":0},{"$f":"'RAB projected '!M138","v":0},{"$f":"'RAB projected '!N138","v":0},{"$f":"'RAB projected '!O138","v":0},{"$f":"'RAB projected '!P138","v":0},{"$f":"'RAB projected '!Q138","v":0},{"$f":"'RAB projected '!R138","v":0},{"$f":"'RAB projected '!S138","v":0},{"$f":"'RAB projected '!T138","v":0}]
[null,{"$f":"'RAB projected '!B139","v":"check net capex = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K139","v":0},{"$f":"'RAB projected '!L139","v":5.7980287238024175E-12},{"$f":"'RAB projected '!M139","v":5.7980287238024175E-12},{"$f":"'RAB projected '!N139","v":-7.9580786405131221E-13},{"$f":"'RAB projected '!O139","v":0},{"$f":"'RAB projected '!P139","v":0},{"$f":"'RAB projected '!Q139","v":0},{"$f":"'RAB projected '!R139","v":0},{"$f":"'RAB projected '!S139","v":0},{"$f":"'RAB projected '!T139","v":0}]
[null,{"$f":"'RAB projected '!B140","v":"check disposals = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K140","v":0},{"$f":"'RAB projected '!L140","v":0},{"$f":"'RAB projected '!M140","v":0},{"$f":"'RAB projected '!N140","v":0},{"$f":"'RAB projected '!O140","v":0},{"$f":"'RAB projected '!P140","v":0},{"$f":"'RAB projected '!Q140","v":0},{"$f":"'RAB projected '!R140","v":0},{"$f":"'RAB projected '!S140","v":0},{"$f":"'RAB projected '!T140","v":0}]
[]
[null,{"$f":"'Return on RAB'!B3","v":"10 Return on Regulatory Asset Base1 (year end and mid-year values)"}]
[null,{"$f":"'Return on RAB'!B44","v":"Capital maintenance check"},null,null,null,"na","na","na","na","na",{"$f":"'Return on RAB'!K56","v":0},{"$f":"'Return on RAB'!L56","v":0},{"$f":"'Return on RAB'!M56","v":0},{"$f":"'Return on RAB'!N56","v":0},{"$f":"'Return on RAB'!O56","v":0},{"$f":"'Return on RAB'!P56","v":0},{"$f":"'Return on RAB'!Q56","v":0},{"$f":"'Return on RAB'!R56","v":0},{"$f":"'Return on RAB'!S56","v":0},{"$f":"'Return on RAB'!T56","v":0}]
[]
[null,{"$f":"'Working capital'!B3","v":"11 Working capital and return on working capital"}]
[null,{"$f":"'Working capital'!B28","v":"check net capex = 0"},null,null,null,"na","na","na",{"$f":"'Working capital'!I28","v":0},{"$f":"'Working capital'!J28","v":0},{"$f":"'Working capital'!K28","v":0},{"$f":"'Working capital'!L28","v":0},{"$f":"'Working capital'!M28","v":0},{"$f":"'Working capital'!N28","v":0},{"$f":"'Working capital'!O28","v":0},{"$f":"'Working capital'!P28","v":0},{"$f":"'Working capital'!Q28","v":0},{"$f":"'Working capital'!R28","v":0},{"$f":"'Working capital'!S28","v":0},{"$f":"'Working capital'!T28","v":0}]
[]
[null,{"$f":"Tax!B3","v":"12 Tax allowance in building block revenue and calculation of tax depreciation (if required)"}]
[null,{"$f":"Tax!B70","v":"check tax allowance = 0"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K70","v":0},{"$f":"Tax!L70","v":0},{"$f":"Tax!M70","v":0},{"$f":"Tax!N70","v":0},{"$f":"Tax!O70","v":0},{"$f":"Tax!P70","v":0},{"$f":"Tax!Q70","v":0},{"$f":"Tax!R70","v":0},{"$f":"Tax!S70","v":0},{"$f":"Tax!T70","v":0}]
[null,{"$f":"Tax!B71","v":"Tax liability (adjusted for franking credits)"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K72","v":0},{"$f":"Tax!L72","v":0},{"$f":"Tax!M72","v":0},{"$f":"Tax!N72","v":0},{"$f":"Tax!O72","v":0},{"$f":"Tax!P72","v":0},{"$f":"Tax!Q72","v":0},{"$f":"Tax!R72","v":0},{"$f":"Tax!S72","v":0},{"$f":"Tax!T72","v":0}]
[null,{"$f":"Tax!B73","v":"check value of franking credits = 0"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K73","v":0},{"$f":"Tax!L73","v":0},{"$f":"Tax!M73","v":0},{"$f":"Tax!N73","v":0},{"$f":"Tax!O73","v":0},{"$f":"Tax!P73","v":0},{"$f":"Tax!Q73","v":0},{"$f":"Tax!R73","v":0},{"$f":"Tax!S73","v":0},{"$f":"Tax!T73","v":0}]
[null,{"$f":"Tax!B74","v":"Tax allowance as share income after tax (for information)"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K75","v":0},{"$f":"Tax!L75","v":-5.5511151231257827E-17},{"$f":"Tax!M75","v":-5.5511151231257827E-17},{"$f":"Tax!N75","v":0},{"$f":"Tax!O75","v":-5.5511151231257827E-17},{"$f":"Tax!P75","v":0},{"$f":"Tax!Q75","v":-5.5511151231257827E-17},{"$f":"Tax!R75","v":0},{"$f":"Tax!S75","v":-5.5511151231257827E-17},{"$f":"Tax!T75","v":0}]

{"sheet":"Examples","index":23,"n_rows":39,"n_cols":27,"rows_kept":39,"cut":false,"hidden":true,"merged":[]}
["IPART COLOUR CODES  FOR MODELS AND INFORMATION REQUESTS"]
[null,"NB  ALWAYS DESCRIBE THE COLOUR CODE USED IN YOUR MODEL "]
[null,"Note: If you use the formats for the inputs provided in this template, input cells will always be unprotected even when you protect the worksheet"]
[null,null,null,null,null,null,null,"use this column cell to \"paint\" input cells for numbers (NOT for percentages)"]
[null,null,null,null,null,null,null,null,"use this column cell to \"paint\" input cells for percentages (NOT numbers)"]
[null,"Models"]
[null,"Option 1 (best for models that will be used repeatedly)",null,null,null,null,{"$f":"G22","v":"numbers"},{"$f":"H22","v":"%"},"Option 2 (best for smaller models for once-off and/or own use)"]
[null,"Inputs",null,null,null,null,4442,0.08,"Inputs",67,0.03]
[null,"Links from other files (green)",null,null,null,null,null,null,{"$f":"B9","v":"Links from other files (green)"}]
[null,"Error check (check =0)",null,null,null,null,null,null,"Error check (check =0)"]
[null,"Error warnings, messages and unusual calculation assumptions",null,null,null,null,null,null,{"$f":"B11","v":"Error warnings, messages and unusual calculation assumptions"}]
[null,"Indicate change in formula across row with a double red line",null,null,null,null,null,null,"..change in formula across row with a double red line"]
[null,"Key outputs",null,null,null,null,null,null,{"$f":"B13","v":"Key outputs"}]
[null,"Note: can combine options, eg:"]
[null,"Example 1",null,"Inputs for model runs",null,"AND"]
[null,null,"Hard-coded protected inputs that can't be changed (eg credit ratio and ratings tables)"]
[]
[null,"Example 2",null,"Inputs can be links to other files in some runs"]
[null,null,null,"Attention can be drawn to different/unusual inputs "]
[null,null,null,null,null,null,null,"use this column cell to \"paint\" input cells for numbers (NOT for percentages)"]
[null,"Information Requests",null,null,null,null,null,null,"use this column cell to \"paint\" input cells for percentages (NOT numbers)"]
[null,null,null,null,null,null,"numbers","%"]
[null,"compulsory inputs (numbers and text)",null,null,null,null,234,0.24]
[null,"non-compulsory inputs (numbers)",null,null,null,null,667,0.05]
[null,"Error warnings and messages"]
[null,"Error check (check =0)"]
[]
["User Instructions - IPART CHARTS"]
[]
[null,"Dark blue","Lime","Red","Blue","Light gold","Green","Maroon","Light blue",null,null,"Blue solid","Lime solid","Red solid ","Blue  dashes","Lime  dashes ","Red  dashes",null,"X value","1st Y value","2nd Y value",null,null,"Black","Red 100%","Red 70%","Grey 40%"]
["1975-76",36.19,36.880000000000003,21.56,5.36,3.01,10,3.01,10,null,"1975-76",33.19,36.880000000000003,21.56,5.36,3.01,10,null,1.8,10,17,null,"1975-76",33.19,36.880000000000003,21.56,5.36]
["1983-84",39.39,32.020000000000003,21.6,7.01,3.36,12,3.36,12,null,"1983-84",39.39,32.020000000000003,21.6,7.01,3.36,12,null,2.2999999999999998,12,9,null,"1983-84",39.39,32.020000000000003,21.6,7.01]
["1988-89",42.78,29.91,18.350000000000001,6.33,2.63,14,2.63,14,null,"1988-89",42.78,29.91,18.350000000000001,6.33,2.63,14,null,3.7,16,14,null,"1988-89",42.78,29.91,18.350000000000001,6.33]
["1993-94",42.13,26.53,21.6,7.01,2.72,16,2.72,16,null,"1993-94",42.13,26.53,21.6,7.01,2.72,16,null,4.0999999999999996,8,23,null,"1993-94",42.13,26.53,21.6,7.01]
["1996-97",41.69,24.76,23.98,7,2.57,18,2.57,18,null,"1996-97",41.69,24.76,23.98,7,2.57,18,null,5.5,14,27,null,"1996-97",41.69,24.76,23.98,7]
["1997-98",39.39,32.020000000000003,21.6,7.01,3.36,12,3.36,12,null,"1997-98",39.39,32.020000000000003,21.6,7.01,3.36,12,null,null,null,null,null,"1997-98",39.39,32.020000000000003,21.6,7.01]
["1998-99",42.13,26.53,21.6,7.01,2.72,16,2.72,16,null,"1998-99",42.13,26.53,21.6,7.01,2.72,16,null,null,null,null,null,"1998-99",42.13,26.53,21.6,7.01]
["1999-00",45,22,26,8,2,20,2,20,null,"1999-00",45,22,26,8,2,20,null,null,null,null,null,"1999-00",45,22,26,8]
["–  en rule for when needed"]