{"text_format":"1","workbook":"xlsx","n_sheets":20,"sheets":["Journal","Cover","Instructions","Contents","RAB & cost inputs","Pricing & financial inputs","WACC","Scenario","Financials benchmark","Financials actual","RAB historical","RAB projected ","Return on RAB","Working capital","Tax","Cost building blocks","Implied return","Bills","Checks","Examples"],"not_rendered":{"charts":15,"images":1,"macros":1,"external_links":1,"defined_names":15,"comments":13,"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":33,"n_cols":6,"rows_kept":33,"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 June 2014"]
[]
[null,"IPART cost building block model template - July 2016.xlsm, developed by Bee Thompson "]
[]
[null,"Description of changes:","Worksheets:","Made by:","Date","Notes"]
[null,"Financial statements are presented in nominal terms even when costs and prices are forecast in real terms.","Financials","Bee Thompson","2015-03-01","Previous version presented financial statements in real terms if costs and prices were forecast in real terms."]
[null,"Added revenue from asset sales, and hence profit/loss on sales.","Scenario, Cost building blocks, Financials, Tax","Bee Thompson","2015-03-01","Previous version made a simplifying  'zero profit' assumption (ie, revenue = cost).  Note that:"]
[null,null,null,null,null,"  a.  Profits/losses can be shared between business and customers (optional)."]
[null,null,null,null,null,"  b. Profits/losses shared with customers are included in the calculation of the tax allowance."]
[null,null,null,null,null,"  c. All profits/losses are excluded from FFO  for purposes of calculating financial ratios."]
[null,"Changed ratio calculations to reflect the Tribunal's recent decisions.","Fixed inputs, Financials, Implied return","Bee Thompson","2015-03-01","See notes and comments on relevant worksheets.  Financeability test documents are available on IPART's website at http://www.ipart.nsw.gov.au/Home/Industries/Research/Reviews/Financeability_Tests"]
[null,"Added option of pre- or post-tax WACC for historical period.","Scenario, Cost building blocks","Bee Thompson","2015-03-01","Previous version assumed that a pre-tax WACC applies before the first year of the new determination (year 1). Used to calculate implied return in year 0 ."]
[null,"Added option to roll forward of tax value of assets (TVA) to the first year of new determination (year 1).","Fixed inputs, Scenario, Tax","Bee Thompson","2015-03-01","Previous model did not include this option."]
[null,"Bills are now correctly calculated for both a single tier and a two-tier pricing structure.","Bills","Bee Thompson","2015-03-01","Previous calculations worked only for a two-tier structure."]
[null,"Tax calculation uses WACC inflation.","Tax","Bee Thompson","2015-03-01","Previously used the inflation rates that apply to costs and prices."]
[null,"The tax allowance is shown before the adjustment for gamma ( franking credits), and the adjustment for gamma is shown as a separate line item. ","Tax","Bee Thompson","2015-03-01","No impact on outcomes but more transparent. The previous version showed only the tax allowance net of the adjustment for gamma."]
[null,"Tax on cash and in-kind capital contributions is included in the Income Statement rather than as an adjustment to FFO.","Financials","Bee Thompson","2015-05-01","Included in the Income Statement to fully account for the impact of these payments on debt, interest payments and cash flows."]
[null,"Tax rate used for financial statements is a separate input. The default rate is the WACC corporate tax rate. ","Pricing & financial inputs","Bee Thompson","2016-06-12","Model previously used the corporate tax rate from the WACC. The additional flexibility allows a different corporate tax rate to be used for the purposes of financial statements and ratios."]
[null,"Moved Cost & RAB inputs from 'Scenario' to new 'Cost & RAB inputs' worksheet and added cost options on 'Scenario'","Cost & RAB inputs, Scenario, RAB historical, RAB projected, Working capital, Tax","Bee Thompson","2016-06-12","Allows user to store 2 sets of costs and select which one to use. Makes the model more flexible."]
[null,"Cash capital contributions can now enter the RAB either (a) net of tax or (b) before tax","Scenario, RAB historical, RAB projected, Working capital, Tax, Financials","Bee Thompson","2016-06-12","In 2016 IPART adopted a new policy, which is to use cash capital contributions net of tax for the RAB roll forward. Under this approach, tax on cash cap cons is no longer included in the tax allowance."]
[null,"Added note on IPART's new disposals policy","Cost & RAB inputs","Bee Thompson","2016-06-12","New IPART policy, adopted in 2016"]
[null,"Moved 'Financials' worksheet to just after 'Scenario' for easy reference","Whole model","Bee Thompson","2016-06-12"]
[null,"Key changes to model template to show how we would calculate the financial ratios under our Draft Report recommendations "]
[null,"Added Financials for the benchmark test","Financials benchmark, Pricing & financial inputs","Bee Thompson","2018-08-14"]
[null,"Changed Financials for the actual test","Financials actual, Pricing & financial inputs","Bee Thompson","2018-08-14"]
[null,"For the actual test, allow dividends to be forecast in either (i) dollar terms, or (ii) using a dividend payout rate. ","Financials actual, Pricing & financial inputs, Scenario","Bee Thompson","2018-08-14","The user selects which option to use on the Scenario worksheet"]
[null,"Added data and calculations for one additional historical year","All worksheets except WACC, RAB historical, RAB projected, Return on RAB and Tax","Bee Thompson","2018-08-14","This allows us to calculate benchmark ratios for one historical year"]
[null,"Input changes: higher closing in debt in last year before the new determination period (ie, Year 0)","Pricing & financial inputs, J87","Bee Thompson","2018-09-24"]
[null,"Other changes"]
[null,"Use real WACC to discount return on and of assets to mid-year value when the revenue requirement is forecast in nominal terms.","Return on RAB, Cost building blocks, RAB & cost inputs (Table 6)","Bee Thompson","2018-08-20","Use real WACC because inflationary gain is included in the RAB and is not recovered through prices. (This change has no impact if the revenue requirement is forecast in real terms.)"]
[null,"Reorganised the WACC worksheet and updated WACC parameters","WACC","Bee Thompson","2018-08-24"," WACC parameters are from the Feb 2018 biannual market update, water businesses "]

{"sheet":"Cover","index":1,"n_rows":243,"n_cols":6,"rows_kept":243,"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,"Purpose of the model template"]
[]
[null,"This model template illustrates the basic elements of IPART’s approach to calculating a regulated business' revenue requirements using a "]
[null,"building block methodology.   "]
[]
[null,"It provides a simple example of how IPART sets tariffs to meet those requirements, and shows how IPART undertakes"]
[null,"cash flow and financial ratio analysis.   "]
[]
[null,"The model is for illustrative purposes only, to show how the major components of financial models for regulated businesses generally"]
[null,"work. The model should not be considered to represent the basis of pricing for any particular determination. Please refer to IPART's"]
[null,"pricing reports for detailed information on how prices are set for a particular sector."]
[]
[null,"What the model does"]
[]
[null,"1.","The model sets revenue requirements by determining the following cost building blocks:"]
[null,null,"g","operating costs (opex)"]
[null,null,"g","return of  the Regulatory Asset Base (RAB), or depreciation"]
[null,null,"g","return on the RAB"]
[null,null,"g","return on working capital"]
[null,null,"g","tax allowance less an adjustment for franking credits (if a post-tax WACC is selected)"]
[]
[null,"2.","The model then illustrates how tariffs may be set. "]
[null,null,null,"In practice, there are many ways to set tariffs to recover the required revenue, for example by setting the actual maximum tariffs or by using a weighted average price cap (WAPC). This model provides a simple example of how actual maximum tariffs may be set. "]
[]
[null,"3.","Using the costs and tariffs, the model shows how IPART:"]
[null,null,"g","constructs simple regulatory financial statements, and "]
[null,null,"g","conducts cash flow and ratio analysis."]
[]
[null,"Target audience and model structure"]
[]
[null,"The primary audience for this template is IPART staff who wish to understand, build and/or check IPART building block models. "]
[null,"External parties who wish to understand  IPART's cost building block methodology and financial ratio analysis may also find this"]
[null,"template useful."]
[]
[null,"By necessity, the template is simplified and is not sector specific.  However, the financial ratio benchmarks (credit rating range) are "]
[null,"specific to water utilities. The template will most likely need to be adapted for actual reviews."]
[]
[null,"Given its function, for clarity and ease of reference the main calculations are set out in separate worksheets and a number of "]
[null,"the calculations are annotated. The structure is as follows:"]
[null,"The user interface:"]
[null,null,"g","Cost inputs, and additional information required to roll forward the RAB to the start of the new determination period, are entered in the 'RAB & cost  inputs' worksheet (light blue tab)."]
[null,null,null,"Note: This worksheet can store two sets of operating costs, capital expenditure and cash capital contributions. The user selects which set of costs to use on the 'Scenario' worksheet."]
[null,null,"g","Inputs required to set prices, calculate bills and produce financial statements and ratios are entered in the 'Pricing & financial inputs' worksheet (light blue tab)."]
[null,null,"g","WACC parameters are entered in the 'WACC' worksheet (light blue tab)."]
[null,null,"g","The 'Scenario' worksheet is the 'operational' part of the model (dark blue tab). This worksheet:"]
[null,null,null,"   -  Asks the user to select costs and other modelling options."]
[null,null,null,"   -  Is where tariffs are set."]
[null,null,null,"   -  Displays the key output tables. Users should be able to find all the important outputs in this worksheet, including the rolled-forward"]
[null,null,null,"      RAB, notional and target revenue requirements, tariffs, bills and financial ratios."]
[null,null,"The 'Scenario' worksheet is used to produce a Summary workbook for scenario analysis (discussed below)."]
[null,null,"The 'Financials' worksheet contains financial statements and ratio analysis."]
[null,"Calculation worksheets:"]
[null,null,"g","The next 6 worksheets contain the calculations for the cost building blocks:"]
[null,null,null,"  - Rolling forward the RAB to the start of the new determination period."]
[null,null,null,"  - Rolling forward the forecast RAB."]
[null,null,null,"  - Calculating the return on the RAB."]
[null,null,null,"  - Calculating the value of working capital and the return on working capital."]
[null,null,null,"  - Calculating the tax allowance and, if required, tax depreciation. (The outputs are used only if a post-tax WACC is selected.) "]
[null,null,null,"  - Calculating the total cost building block revenue and the required revenue from tariffs."]
[null,null,"g","The 'Implied return' worksheet shows how IPART calculates the implied rate of return from the revenue generated from tariffs."]
[null,null,"g","The 'Bills' worksheet constructs consumer bills using the tariffs set on the 'Scenario' worksheet. "]
[null,null,"g","The 'Checks' worksheets draws together all the error checks in the model for easy reference."]
[]
[null,"The structure of this model is different to a typical IPART model because a typical model will combine calculations on fewer worksheets."]
[]
[null,"Scenario Summary workbook"]
[null,"A 'Scenario Summary' workbook can be developed to capture the 'Scenario' worksheet for a number of different scenarios (copy & paste as values). "]
[null,"This makes it easy to compare different scenarios (inputs and outputs) and the assumptions used to generate them. The 'Scenario Summary'"]
[null,"workbook is discussed further under 'Instructions for using the model' on the next worksheet. An example is provided on IPART's website."]
[]
[null,"WACC calculation methodology"]
[]
[null,"In December 2013 the Tribunal made a final decision on the methodology we use to determine the WACC, following a 12 month review."]
[null,"(IPART, Review of WACC Methodology Research — Final Report. December 2013)"]
[null,null,null,null,null," "]
[null,"Reflecting this decision, the model calculates the WACC using the following two-step process (on the WACC worksheet):"]
[]
[null,"First, the model calculates a final WACC range and midpoint by (Table 1):"]
[null,null,"g","Estimating two WACC ranges: one using current market data (ie, current WACC range: Columns C, D and E) and the other using long-term "]
[null,null,null,"averages (ie, long-term WACC range: Columns F, G and H)."]
[null,null,"g","Using the midpoints of the long-term and current WACC ranges as the upper and lower bounds of the final WACC range (Columns I and K)."]
[null,null,"g","Using the average of these midpoints as the midpoint of the final WACC range (Column J)."]
[]
[null,"Second, reflecting the Tribunal's decision rule, the model user chooses a WACC point estimate based on the level of economic uncertainty (Table 2). "]
[null,"IPART constructs a monthly uncertainty index using the S&P/ASX 200 VIX Index, the dispersion in analysts’ forecasts for companies in the S&P/ASX 200, "]
[null,"credit spread and Bills-OIS spread from July 2001."]
[null,"The decision rule is that:"]
[null,null,"g","If the uncertainty index is within, or at, one standard deviation of the long-term average of 0, the Tribunal will select the midpoint WACC."]
[null,null,null,"Using the midpoint WACC means that we give an equal weight to current market data and long-term averages."]
[null,null,"g","If not, the Tribunal will consider moving away from the midpoint WACC within the final WACC range."]
[null,null,null,"In deciding whether and by how much the WACC point estimate should deviate from the midpoint, the Tribunal will have regard to the value of the uncertainty index and additional financial market information, including debt and equity transaction data, interest rate swap curves, equity analyst reports and independent expert reports."]
[]
[null,"The report is available on our website at"]
[null,null,null,"http://www.ipart.nsw.gov.au/Home/Industries/Research/Reviews/WACC/Review_of_method_for_determining_the_WACC"]
[]
[null,"Modelling options - nominal or real forecasts and pre- or post-tax WACC"]
[]
[null," Nominal or real forecast revenue requirement"]
[]
[null,"This model provides the option of calculating forecast costs, tariffs and revenue in nominal or real terms."]
[]
[null,"If forecasts are made in real terms:"]
[null,null,"g","The model effectively treats the forecast inflation rate as 0%."]
[null,null,"g","A real WACC is used for all WACC calculations."]
[null,null,"g","Tariffs are set in real terms, and may be converted to nominal prices by applying the inflation index. Nominal tariffs and bills are displayed in the 'Output' worksheet."]
[null,null,null," "]
[null,"If forecasts are made in nominal terms:"]
[null,null,"g","The model uses the forecast inflation rate entered in the 'Inputs' worksheet to inflate costs and the RAB."]
[null,null,"g","A real WACC is used to calculate the return on the (indexed) RAB, and a nominal WACC is used for all other WACC calculations."]
[null,null,"g","Tariffs are set in nominal terms."]
[]
[null,"Pre-tax or post-tax WACC"]
[]
[null,"This model provides the option of calculating the return on assets using a real pre-tax WACC or a real post-tax WACC ."]
[]
[null,"If a post-tax WACC is used:"]
[null,null,"g","The model calculates a tax allowance as a component of the building block costs. The model shows the tax allowance before adjustment for franking credits and, as a separate line item, the adjustment for franking credits (gamma)."]
[null,null,"g","Tax depreciation is required to calculate the tax allowance. The model uses either forecast tax depreciation provided by the regulated "]
[null,null,null,"business, or forecast tax depreciation calculated by the model (in nominal $).  To calculate an estimate of tax depreciation:"]
[null,null,null,"  - If the business pays tax or tax equivalents, the model can use an opening tax asset base and tax asset lives provided by the "]
[null,null,null,"      business."]
[null,null,null,"  - If the business does not pay tax or tax equivalents, or if no information about tax assets and asset lives is provided, the model  uses a  rolled forward"]
[null,null,null,"    Tax Value of Assets (TVA) and RAB asset lives to calculate tax depreciation. When first established, the opening value of the TVA is equal to the RAB."]
[null,null,null,"  - The model uses straight-line depreciation. "]
[]
[null,"If a pre-tax WACC is used, tax payments are modelled only in the financial statements and cash-flow analysis.  Only the tax expense is calculated,"]
[null,"using the statutory tax rate.  No attempt is made to estimate the business' actual tax liability."]
[]
[null,"A pre-tax WACC is used for all NPV calculations."]
[]
[null,"Regulatory assumptions"]
[]
[null,"The following assumptions apply to all IPART cost building block models, unless otherwise stated."]
[]
[null,"Timing assumptions"]
[null,"The following timing assumptions are made to calculate the building block revenue requirement:"]
[null,"g","Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year."]
[null,"g","Depreciation occurs at the end of the year."]
[null,"g","Revenue is received mid-year (a proxy for throughout the year). Therefore"]
[]
[null,null,"Building block revenue requirement"]
[null,null,"="," operating costs "]
[null,null,"+'"," year-end value of depreciation discounted by 6 months of nominal WACCa"]
[null,null,"+'"," year-end return on fixed assets discounted by 6 months of nominal WACCa"]
[null,null,"+'"," year-end return on working capital discounted by 6 months of nominal WACCa."]
[null,null,"+'"," an allowance for tax if a post-tax WACC is used."]
[null,null,"a","Nominal WACC applies only when calculation are undertaken in nominal terms. Otherwise the real WACC is used."]
[]
[null,"Return on working capital"]
[null,"A return on working capital is given because the return on and of the RAB are mid-year values."]
[]
[null,"The regulatory value of working capital = receivables - payables + inventory, where:"]
[null,null,"g","receivables are specified in days of revenue, and"]
[null,null,"g","payables and inventory are specified in days of opex + capex."]
[]
[null,"Rolling forward  the RAB"]
[null,"The RAB is rolled forward as follows:"]
[null,null,"Opening RAB"]
[null,null,"+","  capex net of cash capital contributions (net capex)"]
[null,null,"-","  disposals"]
[null,null,"-","  depreciation"]
[null,null,"+","  indexation (when the RAB is calculated in nominal prices) "]
[null,null,"=","Closing RAB"]
[]
[null,"For simplicity, this model uses a single asset category for depreciating assets which is depreciated on the basis of a weighted asset life."]
[]
[null,"Rolling forward the historical RAB to the start of the new determination period"]
[null,"When rolling forward the RAB to the start of the new determination period:"]
[null,null,"g","The starting value is the 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)."]
[null,null,"g","Depreciation is either (a) the forecast amount for the current determination, corrected for actual inflation or (b) actual depreciation (ie, calculated)."]
[null,null,null,"The user selects which depreciation to use (see Scenario worksheet). Using 'allowed depreciation' means that depreciation is not recalculated using actual net capex and disposals. IPART practice since 2001 has been to use allowed depreciation."]
[null,null,"g","Actual net capex and disposals are used, with forecasts for the final year."]
[null,null,"g","The RAB is indexed for inflation using actual inflation for the year, and forecast inflation for the final year of the determination period."]
[]
[null,"The Tax Value of Assets (TVA) is rolled forward in the same way as the RAB except that actual depreciation is always used and the TVA is not indexed."]
[]
[null,"Required revenue from tariffs"]
[null,"Required revenue from tariffs is the cost building block revenue less any non-tariff regulatory revenue that is allocated to customers. "]
[null,null,"g","Non-tariff revenue is regarded as regulatory revenue if the costs of producing that revenue are included in the cost building blocks. For example, revenue from telecommunication towers on a dam wall is regarded as regulatory revenue. Profit/loss from the sale of assets is similarly regarded."]
[null,null,"g","This revenue may be shared between customers and the business, in a ratio determined by the Tribunal."]
[]
[null,"Tariffs may be set in a number of ways, including: to recover the required revenue each year; to recover required revenue over the forecast"]
[null,"period on a NPV basis; or to move to full cost recovery by the last year of the determination period. The latter is referred to as the 'price glide path'."]
[]
[null,"Regulatory financial statements and cash flows"]
[null,"Simple regulatory financial statements are constructed using the following assumptions:"]
[null,null,"g","The income statement uses regulatory depreciation, the statutory tax rate and a dividend payout rate that is entered as an input.  "]
[null,null,"g","The balance sheet uses the RAB as the value of fixed assets."]
[null,null,"g","Cash flows are modelled simply, and assume that any surplus cash is used to pay off debt or, if no debt, added to the cash balance. A cash deficit increases debt in the same year the deficit occurs."]
[null,null,"g","Interest income and expense are calculated on opening cash and debt, to avoid circular referencing. The interest rate is either (a) the actual cost of"]
[null,null,null,"debt or (b) the risk free rate + debt margin. The user specifies which interest rate to use (see Scenario worksheet)."]
[]
[null,"Financial ratios and financeability"]
[null,"In making price determinations, we may consider their likely effect on the regulated business’s ‘financeability’ over the determination period by applying a"]
[null,"financeability test. In December 2013 we completed a review of how we conduct this financeability test (IPART, Financeability  test in price regulation"]
[null," Research - Final Decision. December 2013). In 2015 we refined our calculations to bring them more in line with Moody's method for Australian"]
[null," regulated utilities. The 2015 changes are outlined in Fact Sheet - IPART financeability test - ratio calculations, which is available on our website."]
[]
[null,"We are currently reviewing how we apply the test. Our proposed changes are explained in "]
[null,"IPART - Review of our financeability test, Draft Report Research, August 2018.  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,"The December 2013 report is available on our website at"]
[null,null,null,"http://www.ipart.nsw.gov.au/Home/Industries/Research/Reviews/Financeability_Tests/Financeability_test_in_price_regulation_-_2012"]
[null,"More information about our 2015 refinements is available on our website at"]
[null,null,null,"http://www.ipart.nsw.gov.au/Home/Industries/Research/Reviews/Financeability_Tests/Review_of_financial_ratio_calculations"]
[]
[null,"Note:"]
[null,"All IPART models set an initial debt gearing ratio, calculated as debt/RAB. This can be done in a number of ways. "]
[null,"In this model, the user enters the opening value of debt in the 'Pricing & financial inputs' worksheet (Table 4). The model then calculates the debt/RAB ratio."]
[null,"The forecast debt/RAB ratio can be adjusted by changing dividend payments (or the dividend payout rate)."]
[]
[null,"Length of the determination period"]
[null,"This model assumes a 4 year determination period, but provides forecasts for 10 years.  "]
[null,"Many IPART models in practice similarly provide forecasts for more years than the determination period."]
[]
[null,"Changing the model to reflect a different regulatory period is relatively simple, and primarily requires a change in the NPV "]
[null,"calculations and the tariff setting macro on the 'Scenario' worksheet. Note, however, that the formatting assume a 4-year period."]
[]
[null,"The form of regulation"]
[null,"This model assumes that IPART sets the maximum prices that the regulated business is allowed to charge. "]
[null,"Other forms of regulation include, for example, a weighted average price cap or a revenue cap."]
[]
[null,"Colour coding"]
[]
[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 calculation checks"]
[null,"Red indicates assumptions made in calculations"]
[null,"red double line means formula changes across row"]
[]
[]
[null,"Developed by Bee Thompson"]
[null,"e",null,"Bee_Thompson@IPART.nsw.gov.au"]

{"sheet":"Instructions","index":2,"n_rows":59,"n_cols":4,"rows_kept":59,"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,"NOTE: 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,"The 'RAB & cost inputs ' worksheet"]
[null,"Enter the inputs in the blue cells only. "]
[null,"The input tables are fairly self-explanatory. However, 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 correct option."]
[]
[null,"The 'Pricing & financial inputs ' worksheet"]
[null,"Enter the inputs in the blue cells only. "]
[null,"The input tables are fairly self-explanatory. "]
[]
[null,"The 'WACC' worksheet"]
[null,"Enter the inputs in the blue cells only."]
[null,{"$f":"\"The value entered in cell C\"&ROW(WACC!$D$14)&\" will determine the final WACC point estimate.\"","v":"The value entered in cell C14 will determine the final WACC point estimate."}]
[null,"For example, 50% will give the midpoint of the final WACC range, (ie, 50% will assign equal weights to the WACC based on current market data and "]
[null,"the WACC based on long-term averages)."]
[]
[null,"The '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 tariffs in the SETTING TARIFFS section. Instructions on how to do this are provided in the worksheet."]
[]
[null,"To see how changes in cost or other inputs affect tariffs, change an input or selection and see how this affects the tariffs 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' worksheet"]
[]
[null,"A Scenario Summary workbook"]
[null,"The 'Scenario' worksheet can be used to create a Scenario Summary workbook: "]
[null,null,"g","Open a new workbook, and name it 'Scenario Summary…'"]
[null,null,"g","For each scenario run, copy and paste the outputs (from the 'Scenario' worksheet) into a worksheet in the 'Scenario Summary' workbook. You should paste values (instead of linking workbook) to ensure this scenario is not affected by other scenarios."]
[null,null,"g","Create summary tables of the key inputs and outputs of the different scenarios"]
[]
[null,"The Scenario Summary workbook can be a very useful tool, for example for "]
[null,null,"g","sensitivity analysis  (ie, testing the impact of different input values)"]
[null,null,"g","keeping a record of scenario inputs and outputs "]
[null,null,"g","testing the impact of different tariff structures on bills and target revenue"]
[null,null,"g","producing comparative tables showing different scenario outcomes"]
[null,null,"g","analysis of cost drivers."]
[]
[null,"A Summary workbook template for this model has been provide - 'Scenario Summary for model template.xls'."]
[]
[null,"Calculations"]
[]
[null,"The rest of the worksheets contain the calculations. Most are self-explanatory, and further explanations are provided in the worksheets."]

{"sheet":"Contents","index":3,"n_rows":36,"n_cols":5,"rows_kept":36,"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,{"$f":"'RAB & cost inputs'!B3","v":"1  RAB AND COST INPUTS"},null,"Cost & RAB inputs","Cost & RAB inputs'!A1"]
[null,{"$f":"'Pricing & financial inputs'!B3","v":"2   PRICING AND FINANCIAL INPUTS"},null,"Pricing & financial inputs","Pricing & financial inputs'!A1"]
[null,{"$f":"WACC!B3","v":"3   WACC "},null,"WACC","WACC!A1"]
[null,{"$f":"Scenario!B3","v":"4   SCENARIO INPUTS, TARIFFS AND OUTPUT TABLES"},null,"Scenario","Scenario!B3"]
[null,{"$f":"'Financials actual'!B3","v":"5b  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - ACTUAL"},null,"Financials","Financials!B3"]
[]
[null,"CALCULATION OF COST BUILDING BLOCKS "]
[null,{"$f":"'RAB historical'!B3","v":"6  Regulatory Asset Base roll forward to start of new determination period "},null,"RAB historical","RAB historical'!B3"]
[]
[null,{"$f":"'RAB projected '!B3","v":"7 Regulatory Asset Base roll forward for new determination period "},null,"RAB projected","RAB projected '!B3"]
[]
[null,{"$f":"'Return on RAB'!B3","v":"8  Return on Regulatory Asset Base1 (year end and mid-year values)"},null,"Return on RAB","Return on RAB'!B3"]
[]
[null,{"$f":"'Working capital'!B3","v":"9 Working capital and return on working capital"},null,"Working capital","Working capital'!B3"]
[]
[null,{"$f":"Tax!B3","v":"10 Tax allowance in building block revenue and calculation of tax depreciation (if required)"},null,"Tax","Tax!B3"]
[]
[null,{"$f":"'Cost building blocks'!B3","v":"11  Cost building blocks and required revenue from tariffs"},null,"Cost building blocks","Cost building blocks'!B3"]
[]
[null,"CALCULATION OF IMPLIED RATE OF RETURN"]
[null,{"$f":"'Implied return'!B3","v":"12  Calculation of implied real return on assets from actual historical then target revenue from tariffs "},null,"Implied return","Implied return'!B3"]
[]
[null,"CALCULATION OF BILLS"]
[null,{"$f":"Bills!B3","v":"13  Customer bills"},null,"Bills","Bills!B3"]
[]
[null,{"$f":"Checks!B3","v":"14  Summary of error checks"},null,"Checks","Checks!B3"]

{"sheet":"RAB & cost inputs","index":4,"n_rows":168,"n_cols":22,"rows_kept":168,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"1  RAB AND COST INPUTS"]
[null,"This worksheet records inputs that are used to calculate the regulatory costs of the business"]
[]
[null,"Colour code"]
[null,{"$f":"Cover!B233","v":"Blue cells indicate inputs"}]
[null,{"$f":"Cover!B234","v":"Light blue cells indicate inputs with default values"}]
[null,{"$f":"Cover!D235","v":"default values are shown in italics next to or below the light blue cells"}]
[null,{"$f":"Cover!B236","v":"Blue font indicates IPART hard-coded inputs that should not be changed"}]
[null,{"$f":"Cover!B237","v":"Pink font indicates calculation checks"}]
[null,{"$f":"Cover!B238","v":"Red indicates assumptions made in calculations"}]
[null,{"$f":"Cover!B239","v":"red double line means formula changes across row"}]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B31","v":"TABLE 1 - INPUTS FOR RAB ROLL FORWARD TO START OF NEW DETERMINATION PERIOD"},null,null,null,null,{"$f":"ROW(B31)","v":31}]
[null,{"$f":"B54","v":"TABLE 2- FORECAST ASSET LIVES AND WORKING CAPITAL"},null,null,null,null,{"$f":"ROW(B54)","v":54}]
[null,{"$f":"B69","v":"TABLE 3 - FORECAST COSTS - enter forecasts in real 2018-19 $'000"},null,null,null,null,{"$f":"ROW(B69)","v":69}]
[null,{"$f":"B99","v":"TABLE 4 - FORECAST ASSET DISPOSALS AND OTHER REGULATORY REVENUE (NON-TARIFF) - enter forecasts in real 2018-19 $'000"},null,null,null,null,{"$f":"ROW(B99)","v":99}]
[null,{"$f":"B123","v":"TABLE 5 - TAX DEPRECIATION AND TAX LOSSES"},null,null,null,null,{"$f":"ROW(B123)","v":123}]
[null,{"$f":"B152","v":"TABLE 6  - TIMING ASSUMPTIONS AND RATE OF RETURN CALCULATIONS - for information"},null,null,null,null,{"$f":"ROW(B152)","v":152}]
[]
[]
[]
[null,"Name of regulated business",null,"A  Regulated Business"]
[]
[null,"New determination effective from 1 July ","year",2019]
[]
[]
[]
[null,"TABLE 1 - INPUTS FOR RAB ROLL FORWARD TO START OF NEW DETERMINATION PERIOD"]
[null,"Financial year ending 30 June","Units","Constants",null,{"$f":"G32-1","v":2015},{"$f":"H32-1","v":2016},{"$f":"I32-1","v":2017},{"$f":"J32-1","v":2018},{"$f":"'RAB & cost inputs'!D27","v":2019},{"$f":"J32+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029]
[null,"Financial year",null,null,null,{"$f":"F32-1&\"-\"&RIGHT(F32,2)","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,"Previous determinations","Next determination period",null,null,null,"Subsequent determinations"]
[]
[null,{"$f":"\"RAB opening value on 1 July \"&F32-1","v":"RAB opening value on 1 July 2014"}]
[null,"Depreciating assets","$'000",null,null,620000,"The year for the opening value of the RAB must be such that the opening value includes only actual (not forecast) capital expenditure, cash capital contributions and disposals."]
[null,"Non-depreciating assets (eg land)",{"$f":"C37","v":"$'000"},null,null,40000,"This will usually be the penultimate year of the previous determination period, and should be the first year of the model."]
[null,"Total RAB",{"$f":"C38","v":"$'000"},null,null,{"$f":"SUM(F37:F38)","v":660000}]
[]
[null,"Allowed depreciation from previous Determination (year end value)"]
[null,{"$f":"\"Enter the value of depreciation in the RAB that was used to set prices at the last determination. Depreciation may be entered in real or nominal terms - see rows \"&ROW(B44)&\" and \"&ROW(B45)","v":"Enter the value of depreciation in the RAB that was used to set prices at the last determination. Depreciation may be entered in real or nominal terms - see rows 44 and 45"}]
[null,"Allowed depreciation (nominal or real)",{"$f":"C37","v":"$'000"},null,null,16717,17990,18783,19653,20817,"na","na","na","na","na","na","na","na","na","na"]
[null,"For years in which allowed depreciation is entered in nominal terms enter the forecast inflation rate embedded in the depreciation. If depreciation entered in real terms, enter 0% or leave blank"]
[null,{"$f":"\"Forecast inflation from previous determination embedded in allowed depreciation entered in row \"&ROW(B43)","v":"Forecast inflation from previous determination embedded in allowed depreciation entered in row 43"},"%",null,null,1.2E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,"na","na","na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"\"Asset lives used in previous determination - used to calculate the remaining life of depreciating assets on 30 June \"&$K$32-1","v":"Asset lives used in previous determination - used to calculate the remaining life of depreciating assets on 30 June 2019"}]
[null,{"$f":"\"Ave remaining life of depreciating assets on 1 July \"&$F$32-1","v":"Ave remaining life of depreciating assets on 1 July 2014"},"years",40]
[null,"Expected average life of new (depreciating) assets ","years",60]
[]
[]
[]
[]
[null,"TABLE 2- FORECAST ASSET LIVES AND WORKING CAPITAL"]
[]
[null,"Asset lives of depreciating assets for new determination period "]
[null,{"$f":"\"Av remaining life of assets on 1 July \"&'RAB & cost inputs'!$K$32-1","v":"Av remaining life of assets on 1 July 2019"},"years",null,null,"Note: Enter a value in the light blue cell to overwrite the default value. Regulatory practice allows changes in the expected and remaining lives of assets. (The default value is calculated from the historical RAB.)"]
[null,"Default = calculated remaining life","years",{"$f":"IF(ISBLANK(D57),'RAB historical'!J149,D57)","v":38.943718534992023}]
[null,"Expected average life of new assets ","years",60]
[]
[null,"Specification of working capital"]
[null,"Receivables @ no of days of sales","days",45,"Length depends on billing cycle. Generally use 50% number of days in cycle. Hence 45 days suitable for 3 monthly billing cycle"]
[null,"Inventory @ no. of days opex + net capex ","days",2,"Value depends on actual inventory held by business, from Balance Sheet"]
[null,"Accounts payable @ no. of days opex + net capex ","days",30,"30 days normally used by IPART"]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 3 - FORECAST COSTS - enter forecasts in real \"&Scenario!$X$36","v":"TABLE 3 - FORECAST COSTS - enter forecasts in real 2018-19 $'000"},null,null,null,null,null,null,null,null,null,null,null,null,"Note: All heading dates are formulae, and will change with the start date"]
[null,{"$f":"Scenario!B$57","v":"Financial year"},{"$f":"C$32","v":"Units"},{"$f":"D$32","v":"Constants"},null,{"$f":"F$33","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19",{"$f":"K$33","v":"2019-20"},{"$f":"L$33","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,"nominal","nominal","nominal","nominal","nominal",{"$f":"\"Enter all forcasts in \"&J70&'RAB & cost inputs'!$C$37","v":"Enter all forcasts in 2018-19$'000"}]
[null,"Operating expenditure"]
[null,"Option 1 (describe in column D)",{"$f":"$C$37","v":"$'000"},"Agency forecast",null,"na","na","na",64940,64950,65000,65150,65300,65450,65600,65750,65900,66050,66200,66350]
[null,"Option 2 (describe in column D)",{"$f":"$C$37","v":"$'000"},"Regulator forecast",null,"na","na","na",{"$f":"I73","v":64940},63650,63700,63850,63990,64140,64290,64440,64580,64730,64880,65020]
[]
[null,"Capital expenditure"]
[null,"Option 1 (describe in column D)",null,"Agency capex"]
[null," - depreciating assets",{"$f":"$C$37","v":"$'000"},null,null,34000,33000,21000,35000,65000,54000,24000,70000,44000,54000,43000,32000,32500,33000,33500]
[null," - non-depreciating assets",{"$f":"$C$37","v":"$'000"},null,null,null,2000,null,null,200,4000,null,null,5000]
[]
[null,"Option 2 (describe in column D)",null,"Regulator capex"]
[null,{"$f":"B$78","v":" - depreciating assets"},{"$f":"$C$37","v":"$'000"},null,null,33900,32900,20900,34900,64900,53900,23900,69500,43900,53900,42900,31900,32400,32900,33400]
[null,{"$f":"B$79","v":" - non-depreciating assets"},{"$f":"$C$37","v":"$'000"},null,null,null,1900,null,null,190,2000,2000,null,4990]
[]
[null,"Cash capital contributions (before tax)"]
[null,"Option 1 (describe in column D)",null,"Agency cap cons"]
[null,{"$f":"B$78","v":" - depreciating assets"},{"$f":"$C$37","v":"$'000"},null,null,null,null,3000,200,350,1000,200,500,400]
[null,{"$f":"B$79","v":" - non-depreciating assets"},{"$f":"$C$37","v":"$'000"}]
[]
[null,"Option 2 (describe in column D)",null,"Regulator cap cons"]
[null,{"$f":"B$78","v":" - depreciating assets"},{"$f":"$C$37","v":"$'000"},null,null,null,null,2990,210,340,1010,210,510,410]
[null,{"$f":"B$79","v":" - non-depreciating assets"},{"$f":"$C$37","v":"$'000"},null,null,null,null,8,9,19,20,21,22,23]
[]
[null,"Assets contributed in-kind",{"$f":"$C$37","v":"$'000"},null,null,null,null,null,900,900,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 4 - FORECAST ASSET DISPOSALS AND OTHER REGULATORY REVENUE (NON-TARIFF) - enter forecasts in real \"&Scenario!$X$36","v":"TABLE 4 - FORECAST ASSET DISPOSALS AND OTHER REGULATORY REVENUE (NON-TARIFF) - enter forecasts in real 2018-19 $'000"},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O69","v":"Note: All heading dates are formulae, and will change with the start date"}]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},{"$f":"C$32","v":"Units"},{"$f":"'RAB & cost inputs'!D$32","v":"Constants"},null,{"$f":"F$33","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19",{"$f":"K$33","v":"2019-20"},{"$f":"L$33","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,{"$f":"'RAB & cost inputs'!F$71","v":"nominal"},{"$f":"'RAB & cost inputs'!G$71","v":"nominal"},{"$f":"'RAB & cost inputs'!H$71","v":"nominal"},{"$f":"'RAB & cost inputs'!I$71","v":"nominal"},{"$f":"'RAB & cost inputs'!J$71","v":"nominal"},{"$f":"$K$71","v":"Enter all forcasts in 2018-19$'000"}]
[]
[null,"Asset disposals - regulatory values","Note: IPART  regulatory values differ from  book values. See our policy on  asset disposals (TRIM D16/6546)",null,null,null,null,null,null,null,null,"QA note: please check comment"]
[null,"Cost of assets disposed - depreciating assets",{"$f":"C$37","v":"$'000"},null,null,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Cost of assets disposed - non-depreciating assets",{"$f":"C$37","v":"$'000"},null,null,700,null,null,300,null,200,300]
[]
[null,"Revenue from asset sales - depreciating assets",{"$f":"C$37","v":"$'000"},null,null,1100,1000,1000,1000,1000,1200,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Revenue from asset sales - non-depreciating assets",{"$f":"C$37","v":"$'000"},null,null,770.00000000000011,null,null,500,null,300,350]
[]
[null,"Profit/loss on asset disposals",{"$f":"C$37","v":"$'000"},null,null,{"$f":"SUM(F107:F108)-SUM(F104:F105)","v":170},0,0,200,0,300,50,0,0,0,0,0,0,0,0]
[]
[null,"Share of profit/loss that the business may keep","%",null,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,null,"The remaining profit is used to offset costs (or the remaining loss is added to costs) before tariffs are set"]
[]
[null,"Other (non-tariff) regulatory revenue to be taken off costs before prices are set (excluding developer charges and profit/loss on the asset sales)"]
[null,"This includes income generated by activities whose costs are included in the building block costs, eg advertising revenue, rental income. The Tribunal may decide to allow the business to keep some of this revenue."]
[null,"Total regulatory revenue",{"$f":"C$37","v":"$'000"},null,null,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000,2000]
[]
[null,"Share of other revenue that the business may keep","%",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 remaining revenue is used to offset costs before tariffs are set"]
[]
[]
[]
[]
[null,"TABLE 5 - TAX DEPRECIATION AND TAX LOSSES"]
[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$33","v":"Financial year"},{"$f":"C$32","v":"Units"},{"$f":"D$32","v":"Constants"},null,{"$f":"F$33","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19",{"$f":"K$33","v":"2019-20"},{"$f":"L$33","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,{"$f":"'RAB & cost inputs'!F$71","v":"nominal"},{"$f":"F126","v":"nominal"},"nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal","nominal"]
[null,null,null,null,null,null,null,null,null,"Historical depreciation used for finanical statements only.",{"$f":"\"Please enter forecasts in nominal\"&$C$37","v":"Please enter forecasts in nominal$'000"}]
[null,"1.  For businesses that pay tax or tax equivalents and can provide forecast tax depreciation:"]
[null,"Tax depreciation (including depreciation on contributed assets)",{"$f":"\"nominal \"&$C$37","v":"nominal $'000"},null,null,null,null,null,19430,19440,19450,18550,19930,22620,21340,24040,25490,23950,25580,26260]
[null,"Note: Enter forecast tax depreciation for regulated assets only, as supplied by the regulated entity. Enter all forecasts in nominal terms (ie, do not make any adjustments for inflation)"]
[]
[null,"2. For businesses that pay tax or tax equivalents and can provide the tax value of assets but cannot provide forecast tax depreciation:"]
[null,{"$f":"\"Closing value of tax asset base on 30 June \"&$J$32","v":"Closing value of tax asset base on 30 June 2019"},{"$f":"$C$37","v":"$'000"},null,null,null,null,null,null,580000]
[null,"Average remaining tax life of assets","years",null,null,null,null,null,null,30]
[null,"Average expected tax life of new assets","years",null,null,null,null,null,null,40]
[null,"Note: The model calculates straight-line tax depreciation. Please include only depreciating assets."]
[]
[null,"3. For businesses that do not pay tax or tax equivalents and have a previously established regulatory tax value of assets."]
[null,{"$f":"\"Opening value of tax asset base on 1 July \"&$F$32-1","v":"Opening value of tax asset base on 1 July 2014"},{"$f":"$C$129","v":"nominal $'000"},null,null,620000]
[null,"Assets contributed in-kind",{"$f":"$C$129","v":"nominal $'000"},null,null,6,7,7,8,8]
[]
[null,"4. For businesses that do not pay tax or tax equivalents and do not have a previously established tax value of assets."]
[null,{"$f":"\"No inputs required. The model will use the closing value of the RAB in \"&J125&\" and RAB asset lives to calculate tax depreciation (straight line method)\"","v":"No inputs required. The model will use the closing value of the RAB in 2018-19 and RAB asset lives to calculate tax depreciation (straight line method)"}]
[]
[null,"Accumulated tax loss carried over to new determination period",null,null,null,null,null,null,null,null,0,"IPART sets this to zero for the first year in which a post-tax WACC is applied."]
[null,"Tax allowance from previous determination before adjustment for franking credits (gamma)",{"$f":"$C$129","v":"nominal $'000"},null,null,null,null,null,3150,3200,null,"Enter zero or leave blank if a pre-tax WACC was applied in the previous determination"]
[null,"Adjustment for franking credits",{"$f":"$C$129","v":"nominal $'000"},null,null,null,null,"enter as a positive number",790,800]
[]
[]
[]
[]
[null,"TABLE 6  - TIMING ASSUMPTIONS AND RATE OF RETURN CALCULATIONS - for information"]
[null,"1. Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year. Therefore:"]
[null,"     % of capex in year depreciated  and indexed =",0.5]
[null,"     % of disposals in year depreciated and indexed =",0.5]
[null,"2. Depreciation occurs at the end of the year."]
[null,"3. The full year's return on fixed assets (regulatory value) = real rate x (opening value + 50% capex - 50% disposals) x (1+ CPI)a"]
[null,"4. The full year's return on working capital  = nominal  WACC x net working capital for the year"]
[]
[null,"5. Revenue is received mid-year (a proxy for throughout the year). Therefore building block revenue comprises"]
[null,"-","Operating costs + "]
[null,"-","depreciation discounted by 6 months of real WACCb (ie mid-year value) +"]
[null,"-","return on fixed assets discounted by 6 months of real WACCb(ie mid-year value) +"]
[null,"-","return on working capital discounted by 6 months of nominal WACC (mid-year value)"]
[null,"+","allowance for tax (if a post-tax WACC is used)"]
[]
[null,{"$f":"\"a.  CPI applies only when the model forecasts the revenue requirment in nominal terms (see Scenario row \"&ROW(Scenario!$L$38)&\")\"","v":"a.  CPI applies only when the model forecasts the revenue requirment in nominal terms (see Scenario row 38)"}]
[null,"b.  We always use a real WACC because the inflationary gain is included in the RAB  and is not recovered through prices."]

{"sheet":"Pricing & financial inputs","index":5,"n_rows":106,"n_cols":23,"rows_kept":106,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"2   PRICING AND FINANCIAL INPUTS"]
[]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B14","v":"TABLE 1 - INFLATION AND HISTORICAL WACC"},null,null,null,null,{"$f":"ROW(B14)","v":14}]
[null,{"$f":"B29","v":"TABLE 2  - SALES VOLUMES AND CUSTOMER NUMBERS"},null,null,null,null,{"$f":"ROW(B29)","v":29}]
[null,{"$f":"B42","v":"TABLE 3 -  TARIFFS and BILLS"},null,null,null,null,{"$f":"ROW(B42)","v":42}]
[null,{"$f":"B63","v":"TABLE 4 - FINANCIAL STATEMENTS AND RATIOS "},null,null,null,null,{"$f":"ROW(B63)","v":63}]
[]
[]
[]
[null,"TABLE 1 - INFLATION AND HISTORICAL WACC"]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},null,null,null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J$34","v":"Previous determinations"},{"$f":"'RAB & cost inputs'!K$34","v":"Next determination period"},null,null,null,{"$f":"'RAB & cost inputs'!O$34","v":"Subsequent determinations"}]
[null,null,"see comment"]
[null,"Inflation (actual to June, then forecast)",null,null,null,1.2E-2,2.4E-2,0.03,1.4999999999999999E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Inflation applied to costs and prices",null,null,null,{"$f":"F18","v":1.2E-2},{"$f":"G18","v":2.4E-2},{"$f":"H18","v":0.03},{"$f":"I18","v":1.4999999999999999E-2},{"$f":"J18","v":2.5000000000000001E-2},{"$f":"CHOOSE(Scenario!$W$37,K18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,L18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,M18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,N18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,O18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,P18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,Q18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,R18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,S18,0)","v":0},{"$f":"CHOOSE(Scenario!$W$37,T18,0)","v":0},null,null,"DO NOT DELETE"]
[null,"Index applied to forecast costs and revenue",null,null,null,null,null,null,null,1,{"$f":"J20*(1+K19)","v":1},1,1,1,1,1,1,1,1,1]
[null,{"$f":"\"Index for historical prices and costs to \"&$J$15&\" prices\"","v":"Index for historical prices and costs to 2018-19 prices"},null,null,null,{"$f":"G21*(1+G19)","v":1.0973043199999997},1.0715862499999997,1.0403749999999998,{"$f":"J21*(1+J19)","v":1.0249999999999999},1]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"real pre-tax"]
[null,null,null,null,null,null,null,null,null,null,"Historical WACC is used to calculate implied return on RAB",null,null,null,null,null,null,null,null,null,null,null,"real post-tax"]
[null,"Historical WACC (select pre-tax or post-tax)",null,"real post-tax",null,null,null,null,4.4999999999999998E-2,4.4999999999999998E-2,"from actual revenue. Not required if this calculation is not done.",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W22=D24,1,IF(W23=D24,2,\"err\"))","v":2}]
[null,null,null,{"$f":"IF(W24=\"err\", \"select WACC option\", IF(AND(W24=2,'RAB & cost inputs'!J146=0),\"Please enter tax allowance on Fixed inputs worksheet\",\"ok\"))","v":"ok"}]
[]
[]
[]
[null,"TABLE 2  - SALES VOLUMES AND CUSTOMER NUMBERS"]
[null,{"$f":"B$15","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$15","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[]
[]
[null,"Number of customers paying access charge","no.",null,"   ",null,null,null,205800,210000,213150,216350,219600,222890,226230,229620,233060,236560,240110,243710]
[]
[null,"Sales volumes"]
[null,"Volumes sold at Tier 1 price","ML per year",null,"beware of units",null,null,null,39985,40800,41200,41600,42500,43300,44200,45100,46000,46900,47800,48800]
[null,"Volumes sold at Tier 2 price",{"$f":"C36","v":"ML per year"},null,null,null,null,null,8330,8500,8600,8700,8800,9000,9200,9400,9600,9800,10000,10200]
[]
[]
[]
[]
[null,"TABLE 3 -  TARIFFS and BILLS"]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},{"$f":"'RAB & cost inputs'!C$32","v":"Units"},{"$f":"'RAB & cost inputs'!D$32","v":"Constants"},null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,{"$f":"'RAB & cost inputs'!F$71","v":"nominal"},{"$f":"'RAB & cost inputs'!G$71","v":"nominal"},{"$f":"'RAB & cost inputs'!H$71","v":"nominal"},{"$f":"'RAB & cost inputs'!I$71","v":"nominal"},{"$f":"'RAB & cost inputs'!J$71","v":"nominal"},{"$f":"\"Enter all forecasts in real \"&Scenario!$W$36","v":"Enter all forecasts in real nominal"}]
[]
[null,"Current tariffS"]
[null,"Access charge","$/year","beware of units",null,null,null,null,90,90]
[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 & cost inputs'!$J$33&\" $ per year\"","v":"2018-19 $ 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 & cost inputs'!B$33","v":"Financial year"},{"$f":"'RAB & cost inputs'!C$32","v":"Units"},{"$f":"'RAB & cost inputs'!D$32","v":"Constants"},null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,{"$f":"'RAB & cost inputs'!F$71","v":"nominal"},{"$f":"'RAB & cost inputs'!G$71","v":"nominal"},{"$f":"'RAB & cost inputs'!H$71","v":"nominal"},{"$f":"'RAB & cost inputs'!I$71","v":"nominal"},{"$f":"'RAB & cost inputs'!J$71","v":"nominal"},{"$f":"'RAB & cost inputs'!$K$101","v":"Enter all forcasts in 2018-19$'000"}]
[]
[null,"Corporate tax rate","%"]
[null,"default = tax rate used for WACC or most recent entry","%",null,null,{"$f":"IF(ISBLANK(F67),WACC!$I$26,F67)","v":0.3},{"$f":"IF(ISBLANK(G67),WACC!$I$26,G67)","v":0.3},{"$f":"IF(ISBLANK(H67),WACC!$I$26,H67)","v":0.3},{"$f":"IF(ISBLANK(I67),WACC!$I$26,I67)","v":0.3},{"$f":"IF(ISBLANK(J67),WACC!$I$26,J67)","v":0.3},{"$f":"IF(ISBLANK(K67),J68,K67)","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"Expected dividend payments",{"$f":"'RAB & cost inputs'!$C$37","v":"$'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,"Actual cost of debt"]
[null,"  - expected share of debt paid at nominal cost of debt","%",null,null,null,null,null,1,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75]
[null,"  - expected nominal cost of debt","%",null,null,null,null,null,6.3E-2,6.3E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2]
[null,"  - expected real cost of debt","%"]
[null,"  - default = nominal cost of debt with inflation removed","%",null,null,null,null,null,{"$f":"IF(ISBLANK(I77),(1+I76)/(1+I18)-1,I77)","v":4.7290640394088701E-2},{"$f":"IF(ISBLANK(J77),(1+J76)/(1+J18)-1,J77)","v":3.707317073170735E-2},4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2,4.0000000000000258E-2]
[null,"Expected actual average cost of debt","%",null,null,"na","na","na",{"$f":"I75*I76+(1-I75)*I78","v":6.3E-2},{"$f":"J75*J76+(1-J75)*J78","v":5.6518292682926838E-2},{"$f":"K75*K76+(1-K75)*K78","v":5.9500000000000067E-2},5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2,5.9500000000000067E-2]
[]
[null,"Benchmark real cost of debt (from WACC)","%",null,null,null,null,null,3.9E-2,3.9E-2,{"$f":"WACC!$I$35","v":3.173828125E-2},{"$f":"$K81","v":3.173828125E-2},{"$f":"$K81","v":3.173828125E-2},3.173828125E-2,3.173828125E-2,3.173828125E-2,3.173828125E-2,3.173828125E-2,3.173828125E-2,3.173828125E-2]
[]
[null,"Financial statement opening values (nominal $'000)"]
[null,"Retained earnings ",{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,"na","na",4000,"na","na","na","na","na","na","na","na","na","na","na","na"]
[null,"Closing cash assets",{"$f":"C87","v":"$'000"},null,null,"na","na","na",10000,10000,"na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Closing debt",{"$f":"C84","v":"$'000"},null,null,"na","na","na",450000,500000,"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,{"$f":"(I87-I85)/('Financials actual'!I69+'Financials actual'!I70+'Financials actual'!I71-'Financials actual'!I73)","v":0.57235340668580748},{"$f":"(J87-J85)/('Financials actual'!J69+'Financials actual'!J70+'Financials actual'!J71-'Financials actual'!J73)","v":0.59054211251980038},null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[]
[null,"Asset revaluation reserve",{"$f":"C87","v":"$'000"}]
[null,"Default = sum of indexation over historical period",null,null,null,null,null,null,{"$f":"IF(ISBLANK(I90),SUM('RAB historical'!$F66:I66),I90)","v":54584.189327888635},{"$f":"IF(ISBLANK(J90),SUM('RAB historical'!$F66:J66),J90)","v":73312.349658737658}]
[]
[null,"Ratio adjustments (see comments and explanation on 'Cover' worksheet)"]
[null,null,{"$f":"\"Note: Data for \" &'RAB & cost inputs'!$F$33&\" - \"&'RAB & cost inputs'!$H$33&\" are for information only. Values for \"&'RAB & cost inputs'!I33&\" should be based on statutory financial statements (notes to financial statements)\"","v":"Note: Data for 2014-15 - 2016-17 are for information only. Values for 2017-18 should be based on statutory financial statements (notes to financial statements)"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"1. Operating leases",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Operating lease expense ",{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,320,325,330,340,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Default = previous year value. ",{"$f":"C96","v":"$'000"},null,null,"na","na","na",{"$f":"I96","v":340},{"$f":"I96","v":340},{"$f":"J98","v":340},340,340,340,340,340,340,340,340,340]
[null,"  Operating lease expense used in model",{"$f":"C97","v":"$'000"},null,null,"na","na","na",{"$f":"I97","v":340},{"$f":"IF(ISBLANK(J96),J97,J96)","v":340},340,340,340,340,340,340,340,340,340,340,null,"Note: IPART will use the latest actual data from the financial statements "]
[null,"  Operating lease debt multiplier (times)",null,3,"see comment"]
[null,"  Share of operating lease costs allocated to interest expense",null,{"$f":"1/3","v":0.33333333333333331},"see comment"]
[null,"  Share of operating lease costs allocated to depreciation",null,{"$f":"1-D100","v":0.66666666666666674}]
[]
[null,"2. Superannuation adjustment ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Value of unfunded defined benefit liability",{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,2100,2200,2300,2500,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[null,"  Default = previous year value. ",{"$f":"C104","v":"$'000"},null,null,"na","na","na",{"$f":"I104","v":2500},{"$f":"I104","v":2500},{"$f":"J106","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500]
[null,"  Superannuation adjustment used in model",{"$f":"C105","v":"$'000"},null,null,"na","na","na",{"$f":"I105","v":2500},{"$f":"IF(ISBLANK(J104),J105,J104)","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,null,{"$f":"V98","v":"Note: IPART will use the latest actual data from the financial statements "}]

{"sheet":"WACC","index":6,"n_rows":47,"n_cols":13,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"3   WACC "]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - WACC PARAMETERS, POINT ESTIMATES, RANGES AND MIDPOINTS"},null,null,null,null,{"$f":"ROW(B11)","v":11}]
[]
[]
[]
[]
[null,"TABLE 1 - WACC PARAMETERS, POINT ESTIMATES, RANGES AND MIDPOINTS"]
[null,null,null,"Current WACC range",null,null,"Long-term WACC range",null,"Point estimates",null,"Final WACC range2"]
[]
[null,"Weights for current and long-term WACC range1",null,0.5,null,null,{"$f":"1-D14","v":0.5}]
[null,"Based on the level of market uncertainty, using IPART's 'uncertainty index' (see Cover worksheet)"]
[null,null,"lower","midpt","upper","lower","midpt","upper","Final WACC","lower","midpt","upper"]
[null,"Nominal risk free rate",2.5999999999999999E-2,{"$f":"C17","v":2.5999999999999999E-2},{"$f":"C17","v":2.5999999999999999E-2},3.5999999999999997E-2,{"$f":"F17","v":3.5999999999999997E-2},{"$f":"F17","v":3.5999999999999997E-2},{"$f":"D17*$D$14+G17*$G$14","v":3.1E-2}]
[null,"Inflation",2.4E-2,{"$f":"C18","v":2.4E-2},{"$f":"C18","v":2.4E-2},2.4E-2,{"$f":"F18","v":2.4E-2},{"$f":"F18","v":2.4E-2},{"$f":"D18*$D$14+G18*$G$14","v":2.4E-2},null,null,null," "]
[null,"Debt margin",2.2000000000000002E-2,{"$f":"C19","v":2.2000000000000002E-2},{"$f":"C19","v":2.2000000000000002E-2},2.9000000000000005E-2,{"$f":"F19","v":2.9000000000000005E-2},{"$f":"F19","v":2.9000000000000005E-2},{"$f":"D19*$D$14+G19*$G$14","v":2.5500000000000002E-2}]
[]
[null,"Market risk premium",6.7000000000000004E-2,8.3000000000000004E-2,9.5000000000000001E-2,0.03,0.06,0.09,{"$f":"D21*$D$14+G21*$G$14","v":7.1500000000000008E-2}]
[null,"Debt funding ",0.6,0.6,0.6,{"$f":"C22","v":0.6},{"$f":"D22","v":0.6},{"$f":"E22","v":0.6},{"$f":"D22*$D$14+G22*$G$14","v":0.6}]
[null,"Equity funding ",{"$f":"1-C22","v":0.4},0.4,0.4,0.4,0.4,0.4,{"$f":"1-I22","v":0.4}]
[null,"Total funding (debt+equity)",{"$f":"C22+C23","v":1},1,1,1,1,1,{"$f":"SUM(I22:I23)","v":1}]
[null,"Gamma",0.25,0.25,0.25,{"$f":"C25","v":0.25},0.25,0.25,{"$f":"D25*$D$14+G25*$G$14","v":0.25},null,null,null," "]
[null,"Corporate tax rate",0.3,0.3,0.3,0.3,0.3,0.3,{"$f":"D26*$D$14+G26*$G$14","v":0.3}]
[null,"Effective tax rate for equity",0.3,0.3,0.3,0.3,0.3,0.3,{"$f":"D27*$D$14+G27*$G$14","v":0.3}]
[null,"Effective tax rate for debt",0.3,0.3,0.3,0.3,0.3,0.3,{"$f":"D28*$D$14+G28*$G$14","v":0.3}]
[null,"Equity beta",0.6,0.7,0.8,0.6,0.7,0.8,{"$f":"D29*$D$14+G29*$G$14","v":0.7}]
[null," ",null,null,null,null,null,null,null,null,null,null," "]
[null,"Cost of equity (nominal post-tax)",{"$f":"C17+C29*C21","v":6.6199999999999995E-2},8.4099999999999994E-2,0.10200000000000001,5.3999999999999992E-2,7.7999999999999986E-2,0.10799999999999998,{"$f":"I17+I29*I21","v":8.1050000000000011E-2}]
[null,"Cost of equity (real post-tax)",{"$f":"(1+C31)/(1+C18)-1","v":4.1210937500000044E-2},5.8691406250000133E-2,7.6171875E-2,{"$f":"(1+F31)/(1+F18)-1","v":2.9296875E-2},5.2734375E-2,8.203125E-2,{"$f":"(1+I31)/(1+I18)-1","v":5.5712890624999956E-2}]
[]
[null,"Cost of debt (nominal pre-tax)",{"$f":"C17+C19","v":4.8000000000000001E-2},4.8000000000000001E-2,4.8000000000000001E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,{"$f":"I17+I19","v":5.6500000000000002E-2}]
[null,"Cost of debt (real pre-tax)",{"$f":"(1+C34)/(1+C18)-1","v":2.34375E-2},2.34375E-2,2.34375E-2,{"$f":"(1+F34)/(1+F18)-1","v":4.00390625E-2},4.00390625E-2,4.00390625E-2,{"$f":"(1+I34)/(1+I18)-1","v":3.173828125E-2}]
[null,"Cost of debt (nominal post-tax)",{"$f":"C34*(1-C28)","v":3.3599999999999998E-2},3.3599999999999998E-2,3.3599999999999998E-2,4.5499999999999999E-2,4.5499999999999999E-2,4.5499999999999999E-2,{"$f":"I34*(1-I28)","v":3.9550000000000002E-2}]
[null,"Cost of debt (real post-tax)",{"$f":"(1+C36)/(1+C18)-1","v":9.3750000000001332E-3},9.3750000000001332E-3,9.3750000000001332E-3,{"$f":"(1+F36)/(1+F18)-1","v":2.099609375E-2},2.099609375E-2,2.099609375E-2,{"$f":"(1+I36)/(1+I18)-1","v":1.5185546874999956E-2}]
[]
[null,"Nominal Vanilla (Post-tax nominal) WACC ",{"$f":"C31*C23+C34*C22","v":5.5279999999999996E-2},6.2439999999999996E-2,6.9599999999999995E-2,6.0600000000000001E-2,7.0199999999999999E-2,8.2199999999999995E-2,{"$f":"I31*I23+I34*I22","v":6.6320000000000004E-2},{"$f":"MIN(D39,G39)","v":6.2439999999999996E-2},{"$f":"AVERAGE(J39,L39)","v":6.631999999999999E-2},{"$f":"MAX(D39,G39)","v":7.0199999999999999E-2}]
[null,"Post-tax real WACC",{"$f":"C32*C23+C35*C22","v":3.0546875000000018E-2},3.7539062500000053E-2,4.4531250000000001E-2,3.5742187499999994E-2,4.5117187500000003E-2,5.6835937500000003E-2,{"$f":"I32*I23+I35*I22","v":4.1328124999999979E-2},{"$f":"MIN(D40,G40)","v":3.7539062500000053E-2},{"$f":"AVERAGE(J40,L40)","v":4.1328125000000028E-2},{"$f":"MAX(D40,G40)","v":4.5117187500000003E-2}]
[null,"Pre-tax nominal WACC",{"$f":"C31*C23/(1-C27*(1-C25))+C22*C34","v":6.2967741935483879E-2},7.2206451612903219E-2,8.1445161290322587E-2,6.6870967741935489E-2,7.9258064516129018E-2,9.474193548387097E-2,{"$f":"I31*I23/(1-I27*(1-I25))+I22*I34","v":7.5732258064516139E-2},{"$f":"MIN(D41,G41)","v":7.2206451612903219E-2},{"$f":"AVERAGE(D41,G41)","v":7.5732258064516111E-2},{"$f":"MAX(D41,G41)","v":7.9258064516129018E-2}]
[null,"Pre-tax real WACC point estimate",{"$f":"(1+C41)/(1+C18)-1","v":3.8054435483870996E-2},4.7076612903225845E-2,5.6098790322580694E-2,4.1866179435483764E-2,5.3962953629032251E-2,6.9083921370967749E-2,{"$f":"(1+I41)/(1+I18)-1","v":5.0519783266129048E-2},{"$f":"MIN(D42,G42)","v":4.7076612903225845E-2},{"$f":"AVERAGE(D42,G42)","v":5.0519783266129048E-2},{"$f":"MAX(D42,G42)","v":5.3962953629032251E-2}]
[null,"Notes:"]
[null,"          1. IPART applies a weight of 50% to the current WACC range unless the 'uncertainty index'  exceeds one standard deviation from the long-term average of zero."]
[null,"          2. 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, it may not always be the case that the individual WACC parameters used to estimate the lower bound are lower than those used to estimate the upper bound."]

{"sheet":"Scenario","index":7,"n_rows":280,"n_cols":24,"rows_kept":280,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"4   SCENARIO INPUTS, TARIFFS AND OUTPUT TABLES"]
[]
[null,"On this worksheet enter your key decisions about costs and other inputs, then set the tariffs. The worksheet also contains the main output tables for easy reference."]
[null,"To use the Summary workbook, copy and paste the values of this worksheet onto one of the worksheets S1 to S12. Copy and paste values for each scenario onto a different worksheet."]
[]
[]
[null,"List of tables",null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B34","v":" DECISIONS"}]
[null,{"$f":"B36","v":"TABLE 1   SELECT COST OPTIONS"},null,null,null,null,null,null,null,{"$f":"ROW(B36)","v":36}]
[null,{"$f":"B75","v":"TABLE 2 -  SELECT WACC AND DIVIDENDS"},null,null,null,null,null,null,null,{"$f":"ROW(B75)","v":75}]
[null,{"$f":"B112","v":"SETTING TARIFFS "}]
[null,{"$f":"B114","v":"TABLE 3 - SETTING TARIFFS"},null,null,null,null,null,null,null,{"$f":"ROW(B114)","v":114}]
[]
[null,{"$f":"B148","v":"OUTPUT TABLES"}]
[null,{"$f":"B150","v":"TABLE 4 - REGULATORY ASSET BASE "},null,null,null,null,null,null,null,{"$f":"ROW(B150)","v":150}]
[null,{"$f":"B167","v":"TABLE 5 - NOTIONAL REVENUE REQUIREMENT AND TARGET REVENUE"},null,null,null,null,null,null,null,{"$f":"ROW(B167)","v":167}]
[null,{"$f":"B195","v":"TABLE 6 - FINANCIAL INDICATORS"},null,null,null,null,null,null,null,{"$f":"ROW(B195)","v":195}]
[null,{"$f":"B229","v":"TABLE 7 - TARIFFS"},null,null,null,null,null,null,null,{"$f":"ROW(B229)","v":229}]
[null,{"$f":"B245","v":"TABLE 8 - ANNUAL BILLS"},null,null,null,null,null,null,null,{"$f":"ROW(B245)","v":245}]
[]
[]
[]
[null,{"$f":"'RAB & cost inputs'!B25","v":"Name of regulated business"},null,{"$f":"'RAB & cost inputs'!D25","v":"A  Regulated Business"}]
[null,"Scenario number",null,1,null,null,null,null,null,null,"These are useful for keeping track of model runs. They are particularly useful if a Scenario Summary workbook is used."]
[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,"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,"1. Pays tax and can provide forecast tax depreciation"]
[null,null,null,{"$f":"IF(Tax!$D$19=\"err\",\"Please select an option\",IF(AND(D29=W29,SUM('RAB & cost inputs'!K129:N129)=0),\"Please enter tax depreciation on 'Fixed inputs' worksheet\",\"ok\"))","v":"ok"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2. Pays tax or tax equivalent and can provide tax value of assets but not forecast tax depreciation"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"3. Does not pay tax or tax equivalents and has a previously established regulatory tax value of assets"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"4. Does not pay tax or tax equivalents and does not have a previously established tax value of assets"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W29=D29,1,IF(W30=D29,2,IF(W31=D29,3,IF(W32=D29,4,\"err\"))))","v":1}]
[null," DECISIONS",null,null,null,null,null,null,null,null,null,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,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!$J$33&\" $\"","v":"2018-19 $"},{"$f":"\"nominal \"&'RAB & cost inputs'!$C$37","v":"nominal $'000"}]
[null,"TABLE 1   SELECT COST OPTIONS",null,null,"beware hidden columns",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"nominal",{"$f":"'RAB & cost inputs'!$J$33&\" \"&'RAB & cost inputs'!$C$37","v":"2018-19 $'000"}]
[null,null,null,null,null,null,null,null,null,"Select option (view options by clicking arrow on right hand side of blue input cell)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W36=J38,1,2)","v":2}]
[null,{"$f":"\"Calculate forecast costs and prices in (real) \"&W35&\" or \"&W36&\"?\"","v":"Calculate forecast costs and prices in (real) 2018-19 $ or nominal?"},null,null,null,null,null,null,null,"2018-19 $",null,null,"Note: IPART's policy is to calculated forecast costs and prices in real dollars.",null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'RAB & cost inputs'!D73","v":"Option 1 - Agency forecast"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'RAB & cost inputs'!D74","v":"Option 2 - Regulator forecast"}]
[null,{"$f":"\"Select operating expenditure from \"&$J$57","v":"Select operating expenditure from 2018-19"},null,null,null,null,null,null,null,"Option 1 - Agency forecast",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W38=J40,1,2)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'RAB & cost inputs'!D77","v":"Option 1 - Agency capex"}]
[null,"Select capital expenditure",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'RAB & cost inputs'!D81","v":"Option 2 - Regulator capex"}]
[null,{"$f":"\"  - historical capex up to and including \"&$I$57","v":"  - historical capex up to and including 2017-18"},null,null,null,null,null,null,null,"Option 1 - Agency capex",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W41=J43,1,2)","v":1}]
[null,{"$f":"\"  - forecast capex from \"&$J$57","v":"  - forecast capex from 2018-19"},null,null,null,null,null,null,null,"Option 1 - Agency capex",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W41=J44,1,2)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 1 - \"&'RAB & cost inputs'!D86","v":"Option 1 - Agency cap cons"}]
[null,"Select cash capital contributions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Option 2 - \"&'RAB & cost inputs'!D90","v":"Option 2 - Regulator cap cons"}]
[null,{"$f":"\"  - historical cash cap cons up to and including \"&$I$57","v":"  - historical cash cap cons up to and including 2017-18"},null,null,null,null,null,null,null,"Option 1 - Agency cap cons",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W45=J47,1,2)","v":1}]
[null,{"$f":"\"  - forecast cash cap cons from \"&$J$57","v":"  - forecast cash cap cons from 2018-19"},null,null,null,null,null,null,null,"Option 1 - Agency cap cons",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W45=J48,1,2)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Allowed depreciation"]
[null,"Use allowed or actual depreciation to roll forward historical RAB?",null,null,null,null,null,null,null,"Allowed depreciation",null,null,{"$f":"\"Note: IPART's policy is to use allowed RAB depreciation. \"&IF(W33=3, \"The tax value of assets is always rolled forward using actual depreciation.\", \"\")","v":"Note: IPART's policy is to use allowed RAB depreciation. "},null,null,null,null,null,null,null,null,null,"Actual (calculated) depreciation"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W49=J50,1,2)","v":1}]
[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 included tax in tax allowance"]
[null,{"$f":"\"  - historical period, up to and including \"&$J$57","v":"  - historical period, up to and including 2018-19"},null,null,null,null,null,null,null,"Use gross amount & include tax in tax allowance",null,null,null,null,null,null,null,null,null,null,null,null,"Use gross amount & include tax in tax allowance"]
[null,{"$f":"\"  - forecast period, from \"&$K$57","v":"  - forecast period, from 2019-20"},null,null,null,null,null,null,null,"Use net of tax & do not included tax in tax allowance",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W53=J53,2,1)","v":2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W52=J54,1,2)","v":1}]
[null,"Selected costs"]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},null,null,null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,{"$f":"G58","v":"nominal"},"nominal","nominal",{"$f":"J58","v":"nominal"},{"$f":"'RAB & cost inputs'!J71","v":"nominal"},{"$f":"J57&\" \"&C62","v":"2018-19 $'000"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J34","v":"Previous determinations"},{"$f":"'RAB & cost inputs'!K34","v":"Next determination period"},null,null,null,{"$f":"'RAB & cost inputs'!O34","v":"Subsequent determinations"}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!J40","v":"Option 1 - Agency forecast"}]
[null,"Selected operating expenditure",{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,"na","na","na",{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!I73,'RAB & cost inputs'!I74)","v":64940},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!J73,'RAB & cost inputs'!J74)","v":64950},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!K73,'RAB & cost inputs'!K74)","v":65000},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!L73,'RAB & cost inputs'!L74)","v":65150},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!M73,'RAB & cost inputs'!M74)","v":65300},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!N73,'RAB & cost inputs'!N74)","v":65450},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!O73,'RAB & cost inputs'!O74)","v":65600},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!P73,'RAB & cost inputs'!P74)","v":65750},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!Q73,'RAB & cost inputs'!Q74)","v":65900},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!R73,'RAB & cost inputs'!R74)","v":66050},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!S73,'RAB & cost inputs'!S74)","v":66200},{"$f":"CHOOSE(Scenario!$W$40,'RAB & cost inputs'!T73,'RAB & cost inputs'!T74)","v":66350}]
[]
[null,"Selected capital expenditure",null,null,null,null,null,null,{"$f":"J43","v":"Option 1 - Agency capex"},null,{"$f":"J44","v":"Option 1 - Agency capex"}]
[null,{"$f":"'RAB & cost inputs'!B$78","v":" - depreciating assets"},{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,{"$f":"CHOOSE($W$43,'RAB & cost inputs'!F78,'RAB & cost inputs'!F82)","v":34000},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!G78,'RAB & cost inputs'!G82)","v":33000},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!H78,'RAB & cost inputs'!H82)","v":21000},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!I78,'RAB & cost inputs'!I82)","v":35000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!J78,'RAB & cost inputs'!J82)","v":65000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!K78,'RAB & cost inputs'!K82)","v":54000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!L78,'RAB & cost inputs'!L82)","v":24000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!M78,'RAB & cost inputs'!M82)","v":70000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!N78,'RAB & cost inputs'!N82)","v":44000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!O78,'RAB & cost inputs'!O82)","v":54000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!P78,'RAB & cost inputs'!P82)","v":43000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!Q78,'RAB & cost inputs'!Q82)","v":32000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!R78,'RAB & cost inputs'!R82)","v":32500},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!S78,'RAB & cost inputs'!S82)","v":33000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!T78,'RAB & cost inputs'!T82)","v":33500}]
[null,{"$f":"'RAB & cost inputs'!B$79","v":" - non-depreciating assets"},{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,{"$f":"CHOOSE($W$43,'RAB & cost inputs'!F79,'RAB & cost inputs'!F83)","v":0},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!G79,'RAB & cost inputs'!G83)","v":2000},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!H79,'RAB & cost inputs'!H83)","v":0},{"$f":"CHOOSE($W$43,'RAB & cost inputs'!I79,'RAB & cost inputs'!I83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!J79,'RAB & cost inputs'!J83)","v":200},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!K79,'RAB & cost inputs'!K83)","v":4000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!L79,'RAB & cost inputs'!L83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!M79,'RAB & cost inputs'!M83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!N79,'RAB & cost inputs'!N83)","v":5000},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!O79,'RAB & cost inputs'!O83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!P79,'RAB & cost inputs'!P83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!Q79,'RAB & cost inputs'!Q83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!R79,'RAB & cost inputs'!R83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!S79,'RAB & cost inputs'!S83)","v":0},{"$f":"CHOOSE($W$44,'RAB & cost inputs'!T79,'RAB & cost inputs'!T83)","v":0}]
[]
[null,"Selected cash capital contributions (before tax)",null,null,null,null,null,null,{"$f":"J47","v":"Option 1 - Agency cap cons"},null,{"$f":"J48","v":"Option 1 - Agency cap cons"}]
[null,{"$f":"'RAB & cost inputs'!B$78","v":" - depreciating assets"},{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,{"$f":"CHOOSE($W$47,'RAB & cost inputs'!F87,'RAB & cost inputs'!F91)","v":0},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!G87,'RAB & cost inputs'!G91)","v":0},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!H87,'RAB & cost inputs'!H91)","v":3000},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!I87,'RAB & cost inputs'!I91)","v":200},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!J87,'RAB & cost inputs'!J91)","v":350},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!K87,'RAB & cost inputs'!K91)","v":1000},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!L87,'RAB & cost inputs'!L91)","v":200},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!M87,'RAB & cost inputs'!M91)","v":500},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!N87,'RAB & cost inputs'!N91)","v":400},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!O87,'RAB & cost inputs'!O91)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!P87,'RAB & cost inputs'!P91)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!Q87,'RAB & cost inputs'!Q91)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!R87,'RAB & cost inputs'!R91)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!S87,'RAB & cost inputs'!S91)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!T87,'RAB & cost inputs'!T91)","v":0}]
[null,{"$f":"'RAB & cost inputs'!B$79","v":" - non-depreciating assets"},{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,{"$f":"CHOOSE($W$47,'RAB & cost inputs'!F88,'RAB & cost inputs'!F92)","v":0},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!G88,'RAB & cost inputs'!G92)","v":0},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!H88,'RAB & cost inputs'!H92)","v":0},{"$f":"CHOOSE($W$47,'RAB & cost inputs'!I88,'RAB & cost inputs'!I92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!J88,'RAB & cost inputs'!J92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!K88,'RAB & cost inputs'!K92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!L88,'RAB & cost inputs'!L92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!M88,'RAB & cost inputs'!M92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!N88,'RAB & cost inputs'!N92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!O88,'RAB & cost inputs'!O92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!P88,'RAB & cost inputs'!P92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!Q88,'RAB & cost inputs'!Q92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!R88,'RAB & cost inputs'!R92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!S88,'RAB & cost inputs'!S92)","v":0},{"$f":"CHOOSE($W$48,'RAB & cost inputs'!T88,'RAB & cost inputs'!T92)","v":0}]
[]
[]
[]
[]
[null,"TABLE 2 -  SELECT WACC AND DIVIDENDS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Post-tax WACC"]
[null,"Pre-tax or post-tax WACC for forecast period?",null,null,null,null,null,null,null,"Post-tax WACC",null,null,"Note: IPART's policy is to use a post-tax WACC",null,null,null,null,null,null,null,null,null,"Pre-tax WACC"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W76=J77,2,1)","v":2}]
[null,{"$f":"\"Use expected dividend payments (\"&'RAB & cost inputs'!$C$37&\") or dividend payout rate (%)?\"","v":"Use expected dividend payments ($'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,"Selected options",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(W79=J79,1,2)","v":2}]
[]
[null,"WACC"]
[null,"Cost of Debt (nominal pre-tax)",null,{"$f":"WACC!I34","v":5.6500000000000002E-2}]
[null,"Real pre-tax WACC",null,{"$f":"WACC!I42","v":5.0519783266129048E-2}]
[null,"Real post-tax WACC",null,{"$f":"WACC!I40","v":4.1328124999999979E-2}]
[]
[null,"WACC used for forecast return on assets",null,{"$f":"ROUND(CHOOSE(W78,D85,D86),3)","v":4.1000000000000002E-2},{"$f":"CHOOSE(W78,B85,B86)&\" (rounded)\"","v":"Real post-tax WACC (rounded)"}]
[null,"Pre-tax WACC for NPV calculations",null,{"$f":"ROUND((1+D85)*(1+AVERAGE('Pricing & financial inputs'!K19:N19))-1,3)","v":5.0999999999999997E-2},"rounded"]
[]
[]
[]
[]
[]
[]
[null,"Spare rows for additional inputs  or outputs"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"SETTING TARIFFS "]
[]
[null,"TABLE 3 - SETTING TARIFFS"]
[null,{"$f":"B$57","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$57","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23",{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I44","v":"nominal"},{"$f":"'Pricing & financial inputs'!J44","v":"nominal"},{"$f":"CHOOSE(Scenario!$W$37,\"nominal prices\",\"real \"&'RAB & cost inputs'!J$33&\" prices\")","v":"real 2018-19 prices"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O18","v":"Subsequent determinations"}]
[null,"This model uses a very simple tariff structure. Most models will require more tariffs and a more complicated tariff structure.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This macro increases the tariffs by a constant % each year, and sets the increase so that NPV cost = NPV revenue for the first 4 year period"]
[null,"Instructions:",null,null,null,null,null,null,null,null,0.2]
[null,"Step 1. Enter the usage charges",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This macro increases the tariffs by a constant % each year, and sets the increase so that NPV cost = NPV revenue for the second 4 year period"]
[null,"Step 2. The model calculates the default access charges such that required revenue from tariffs = expected revenue from tariffs"]
[null,"Step 3. If you wish to change the access charges, enter alternative charges in the light blue cells. You can use Goal seek or Solver to set the tariffs, eg for NPV neutrality or a glide-path approach.",null,null,null,null,null,null,null,null,null,null,null,"This option gives an average increase for a Weighted Average Price Cap (WAPC)",null,null,null,null,null,null,null,"This macro keeps usage charges unchanged in real terms"]
[null,"Step 4. If you use Goal seek or Solver, consider developing a macro to automate the calculations. Remember to describe what the macros do. Two examples of a tariff-setting macro are provided."]
[null,null,null,null,null,null,null,null,null,null,-6.393705533976066E-3,null,null,null,-1.9617615614960884E-4]
[null,{"$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$47","v":90},{"$f":"'Pricing & financial inputs'!J$47","v":90},{"$f":"J125*(1+$K$124)","v":89.424566501942152},{"$f":"K125*(1+$K$124)","v":88.852812156225269},88.284713439432679,87.720246978549483,{"$f":"N125*(1+$O$124)","v":87.70303835768074},{"$f":"O125*(1+$O$124)","v":87.685833112733079},87.668631243044246,87.651432747952086,87.634237626794587,87.617045878909863]
[null,"Default = the tariff that equates required revenue with expected revenue each year",null,null,null,null,null,null,null,null,{"$f":"(K139-SUM(K134:K135))/'Pricing & financial inputs'!K33*1000","v":82.300429109804298},{"$f":"(L139-SUM(L134:L135))/'Pricing & financial inputs'!L33*1000","v":89.585644847139392},{"$f":"(M139-SUM(M134:M135))/'Pricing & financial inputs'!M33*1000","v":90.043571260624958},{"$f":"(N139-SUM(N134:N135))/'Pricing & financial inputs'!N33*1000","v":93.022485364905606},{"$f":"(O139-SUM(O134:O135))/'Pricing & financial inputs'!O33*1000","v":94.090445112371825},{"$f":"(P139-SUM(P134:P135))/'Pricing & financial inputs'!P33*1000","v":90.213705707447971},{"$f":"(Q139-SUM(Q134:Q135))/'Pricing & financial inputs'!Q33*1000","v":84.755247984363052},{"$f":"(R139-SUM(R134:R135))/'Pricing & financial inputs'!R33*1000","v":80.866165719312917},{"$f":"(S139-SUM(S134:S135))/'Pricing & financial inputs'!S33*1000","v":73.937413328501236},{"$f":"(T139-SUM(T134:T135))/'Pricing & financial inputs'!T33*1000","v":67.394760904740536}]
[null,"Applicable access charge  ",{"$f":"C125","v":"$/year"},null,null,null,null,null,{"$f":"IF(ISBLANK(I125),I126,I125)","v":90},{"$f":"IF(ISBLANK(J125),J126,J125)","v":90},89.424566501942152,88.852812156225269,88.284713439432679,87.720246978549483,87.70303835768074,87.685833112733079,87.668631243044246,87.651432747952086,87.634237626794587,87.617045878909863]
[]
[null,{"$f":"'Pricing & financial inputs'!B$48","v":"Usage charge for Tier 1 consumption"},{"$f":"'Pricing & financial inputs'!C48","v":"$/kL"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$48","v":2},{"$f":"'Pricing & financial inputs'!J$48","v":2},{"$f":"J129*(1+$K$124)","v":1.9872125889320478},1.9745069368050059,1.9618825208762816,1.9493388217455438,{"$f":"N129*(1+$O$124)","v":1.9489564079484605},1.9485740691718458,1.9481918054009828,1.9478096166211569,1.9474275028176569,1.9470454639757739]
[null,{"$f":"'Pricing & financial inputs'!B$49","v":"Usage charge for Tier 2 consumption"},{"$f":"'Pricing & financial inputs'!C49","v":"$/kL"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$49","v":2.5},{"$f":"'Pricing & financial inputs'!J$49","v":2.5},{"$f":"J130*(1+$K$124)","v":2.4840157361650599},2.4681336710062576,2.4523531510953522,2.43667352718193,{"$f":"N130*(1+$O$124)","v":2.4361955099355757},2.4357175864648073,2.4352397567512285,2.4347620207764464,2.4342843785220714,2.433806829969718]
[null,null,null,null,null,null,null,null,null,null,{"$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 & cost inputs'!C$37","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I$33*I127/1000","v":18522},{"$f":"'Pricing & financial inputs'!J$33*J127/1000","v":18900},{"$f":"'Pricing & financial inputs'!K$33*K127/1000","v":19060.846349888969},{"$f":"'Pricing & financial inputs'!L$33*L127/1000","v":19223.305909999337},{"$f":"'Pricing & financial inputs'!M$33*M127/1000","v":19387.323071299415},{"$f":"'Pricing & financial inputs'!N$33*N127/1000","v":19551.965849048895},{"$f":"'Pricing & financial inputs'!O$33*O127/1000","v":19841.058367658112},{"$f":"'Pricing & financial inputs'!P$33*P127/1000","v":20134.42099934577},{"$f":"'Pricing & financial inputs'!Q$33*Q127/1000","v":20432.05119750389},{"$f":"'Pricing & financial inputs'!R$33*R127/1000","v":20734.822930855546},{"$f":"'Pricing & financial inputs'!S$33*S127/1000","v":21041.856796569649},{"$f":"'Pricing & financial inputs'!T$33*T127/1000","v":21353.15025114912}]
[null,"   Expected revenue from Tier 1 sales",{"$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$36*K129","v":81873.158664000366},{"$f":"'Pricing & financial inputs'!L$36*L129","v":82139.488571088252},{"$f":"'Pricing & financial inputs'!M$36*M129","v":83380.007137241962},{"$f":"'Pricing & financial inputs'!N$36*N129","v":84406.370981582048},{"$f":"'Pricing & financial inputs'!O$36*O129","v":86143.873231321952},{"$f":"'Pricing & financial inputs'!P$36*P129","v":87880.690519650248},{"$f":"'Pricing & financial inputs'!Q$36*Q129","v":89616.823048445207},{"$f":"'Pricing & financial inputs'!R$36*R129","v":91352.271019532258},{"$f":"'Pricing & financial inputs'!S$36*S129","v":93087.034634683994},{"$f":"'Pricing & financial inputs'!T$36*T129","v":95015.818642017766}]
[null,"   Expected revenue from Tier 2 sales",{"$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$37*K130","v":21362.535331019513},{"$f":"'Pricing & financial inputs'!L$37*L130","v":21472.76293775444},{"$f":"'Pricing & financial inputs'!M$37*M130","v":21580.7077296391},{"$f":"'Pricing & financial inputs'!N$37*N130","v":21930.061744637369},{"$f":"'Pricing & financial inputs'!O$37*O130","v":22412.998691407294},{"$f":"'Pricing & financial inputs'!P$37*P130","v":22895.745312769188},{"$f":"'Pricing & financial inputs'!Q$37*Q130","v":23378.301664811792},{"$f":"'Pricing & financial inputs'!R$37*R130","v":23860.667803609176},{"$f":"'Pricing & financial inputs'!S$37*S130","v":24342.843785220713},{"$f":"'Pricing & financial inputs'!T$37*T130","v":24824.829665691122}]
[null,"Total expected revenue from tariffs",null,null,null,null,null,null,{"$f":"SUM(I133:I135)","v":119317},{"$f":"SUM(J133:J135)","v":121750},{"$f":"SUM(K133:K135)","v":122296.54034490886},{"$f":"SUM(L133:L135)","v":122835.55741884203},124348.03793818047,125888.39857526831,128397.93029038736,130910.8568317652,133427.17591076088,135947.76175399698,138471.73521647434,141193.79855885802]
[null,"NPV of expected revenue from tariffs over next determination period",null,null,null,null,null,null,null,null,{"$f":"NPV($D$142,K136:N136)*(1+$D$142)^0.5","v":448877.26621115033},null,null,null,{"$f":"NPV($D$142,O136:R136)*(1+$D$142)^0.5","v":478792.99298296473}]
[]
[null,{"$f":"'Cost building blocks'!B25","v":"Revenue required from tariffs (ie, notional revenue requirement)"},null,null,null,null,null,null,null,null,{"$f":"'Cost building blocks'!K$25","v":120778.03045977467},{"$f":"'Cost building blocks'!L$25","v":122994.1057715213},{"$f":"'Cost building blocks'!M$25","v":124734.28311571429},{"$f":"'Cost building blocks'!N$25","v":127070.21448920322},{"$f":"'Cost building blocks'!O$25","v":129842.95332050112},{"$f":"'Cost building blocks'!P$25","v":131491.30693696364},{"$f":"'Cost building blocks'!Q$25","v":132748.18280849265},{"$f":"'Cost building blocks'!R$25","v":134342.6389857021},{"$f":"'Cost building blocks'!S$25","v":135182.99073421114},{"$f":"'Cost building blocks'!T$25","v":136265.42548780321}]
[]
[null,"Difference between required and expected revenue",null,null,null,null,null,null,null,null,{"$f":"K136-K139","v":1518.50988513419},{"$f":"L136-L139","v":-158.54835267926683},-386.24517753382679,-1181.8159139349154,-1445.0230301137635,-580.45010519844072,678.99310226822854,1605.1227682948811,3288.7444822631951,4928.3730710548116]
[null,"WACC (for NPV calculations)",null,{"$f":"$D$89","v":5.0999999999999997E-2}]
[null,"NPV of difference between required and revenue expected from tariffs",null,null,null,null,null,null,null,null,{"$f":"NPV($D$142,K141:N141)*(1+$D$142)^0.5","v":-2.0103342868270757E-6},null,null,null,{"$f":"NPV($D$142,O141:R141)","v":-3.9854429937038683E-8}]
[]
[]
[]
[]
[null,"OUTPUT TABLES"]
[]
[null,"TABLE 4 - REGULATORY ASSET BASE "]
[null,{"$f":"B$57","v":"Financial year"},null,null,null,{"$f":"F$57","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J34","v":"Previous determinations"},{"$f":"'RAB & cost inputs'!K34","v":"Next determination period"},null,null,null,{"$f":"'RAB & cost inputs'!O34","v":"Subsequent determinations"}]
[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 '!K17","v":"2018-19 $'000"},{"$f":"K153","v":"2018-19 $'000"},{"$f":"L153","v":"2018-19 $'000"},{"$f":"M153","v":"2018-19 $'000"},"2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000"]
[]
[null,{"$f":"'RAB historical'!B62","v":"Opening value"},{"$f":"'RAB historical'!C62","v":"$'000"},null,null,{"$f":"'RAB historical'!F119","v":660000},{"$f":"'RAB historical'!G119","v":683696.8},{"$f":"'RAB historical'!H119","v":716541.0744195123},{"$f":"'RAB historical'!I119","v":736436.09652955155},{"$f":"'RAB historical'!J119","v":761696.77078660089},{"$f":"'RAB projected '!K117","v":824693.06132590212},{"$f":"'RAB projected '!L117","v":860358.88473927998},{"$f":"'RAB projected '!M117","v":861867.38623471104},{"$f":"'RAB projected '!N117","v":908712.3158121953},{"$f":"'RAB projected '!O117","v":933708.17347173288},{"$f":"'RAB projected '!P117","v":963195.3758799904},{"$f":"'RAB projected '!Q117","v":980899.92303696775},{"$f":"'RAB projected '!R117","v":987005.14827599842},{"$f":"'RAB projected '!S117","v":993098.55159708229},{"$f":"'RAB projected '!T117","v":999171.7996668861}]
[null,{"$f":"'RAB historical'!B63","v":"Capex (net of cap cons)"},{"$f":"'RAB historical'!C63","v":"$'000"},null,null,{"$f":"'RAB historical'!F120","v":34000},{"$f":"'RAB historical'!G120","v":35000},{"$f":"'RAB historical'!H120","v":18000},{"$f":"'RAB historical'!I120","v":34800},{"$f":"'RAB historical'!J120","v":64850},{"$f":"'RAB projected '!K118","v":57300},{"$f":"'RAB projected '!L118","v":23860},{"$f":"'RAB projected '!M118","v":69650},{"$f":"'RAB projected '!N118","v":48720},{"$f":"'RAB projected '!O118","v":54000},{"$f":"'RAB projected '!P118","v":43000},{"$f":"'RAB projected '!Q118","v":32000},{"$f":"'RAB projected '!R118","v":32500},{"$f":"'RAB projected '!S118","v":33000},{"$f":"'RAB projected '!T118","v":33500}]
[null,{"$f":"'RAB historical'!B64","v":"Disposals"},{"$f":"'RAB historical'!C64","v":"$'000"},null,null,{"$f":"'RAB historical'!F121","v":1700},{"$f":"'RAB historical'!G121","v":1000},{"$f":"'RAB historical'!H121","v":1000},{"$f":"'RAB historical'!I121","v":1300},{"$f":"'RAB historical'!J121","v":1000},{"$f":"'RAB projected '!K119","v":1200},{"$f":"'RAB projected '!L119","v":1300},{"$f":"'RAB projected '!M119","v":1000},{"$f":"'RAB projected '!N119","v":1000},{"$f":"'RAB projected '!O119","v":1000},{"$f":"'RAB projected '!P119","v":1000},{"$f":"'RAB projected '!Q119","v":1000},{"$f":"'RAB projected '!R119","v":1000},{"$f":"'RAB projected '!S119","v":1000},{"$f":"'RAB projected '!T119","v":1000}]
[null,{"$f":"'RAB historical'!B65","v":"Allowed depreciation"},{"$f":"'RAB historical'!C65","v":"$'000"},null,null,{"$f":"'RAB historical'!F122","v":16717},{"$f":"'RAB historical'!G122","v":17972.448780487808},{"$f":"'RAB historical'!H122","v":18856.210122546112},{"$f":"'RAB historical'!I122","v":19537.117190893929},{"$f":"'RAB historical'!J122","v":20694.253730363755},{"$f":"'RAB projected '!K120","v":20434.176586622183},{"$f":"'RAB projected '!L120","v":21051.498504568939},{"$f":"'RAB projected '!M120","v":21805.070422515695},{"$f":"'RAB projected '!N120","v":22724.142340462447},{"$f":"'RAB projected '!O120","v":23512.797591742536},{"$f":"'RAB projected '!P120","v":24295.452843022624},{"$f":"'RAB projected '!Q120","v":24894.77476096938},{"$f":"'RAB projected '!R120","v":25406.596678916132},{"$f":"'RAB projected '!S120","v":25926.751930196224},{"$f":"'RAB projected '!T120","v":26455.240514809644}]
[null,{"$f":"'RAB historical'!B66","v":"Indexation"},{"$f":"'RAB historical'!C66","v":"$'000"},null,null,{"$f":"'RAB historical'!F123","v":8113.8},{"$f":"'RAB historical'!G123","v":16816.7232},{"$f":"'RAB historical'!H123","v":21751.232232585367},{"$f":"'RAB historical'!I123","v":11297.791447943273},{"$f":"'RAB historical'!J123","v":19840.544269665024},{"$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 historical'!B67","v":"Closing value"},{"$f":"'RAB historical'!C67","v":"$'000"},null,null,{"$f":"'RAB historical'!F124","v":683696.8},{"$f":"'RAB historical'!G124","v":716541.0744195123},{"$f":"'RAB historical'!H124","v":736436.09652955155},{"$f":"'RAB historical'!I124","v":761696.77078660089},{"$f":"'RAB historical'!J124","v":824693.06132590212},{"$f":"'RAB projected '!K122","v":860358.88473927998},{"$f":"'RAB projected '!L122","v":861867.38623471104},{"$f":"'RAB projected '!M122","v":908712.3158121953},{"$f":"'RAB projected '!N122","v":933708.17347173288},{"$f":"'RAB projected '!O122","v":963195.3758799904},{"$f":"'RAB projected '!P122","v":980899.92303696775},{"$f":"'RAB projected '!Q122","v":987005.14827599842},{"$f":"'RAB projected '!R122","v":993098.55159708229},{"$f":"'RAB projected '!S122","v":999171.7996668861},{"$f":"'RAB projected '!T122","v":1005216.5591520765}]
[]
[null,"Value of working capital (net)",{"$f":"C160","v":"$'000"},null,null,null,null,null,null,{"$f":"'Working capital'!J47","v":5053.0136986301368},{"$f":"'Working capital'!K47","v":5628.3561643835619},{"$f":"'Working capital'!L47","v":8249.4912753997232},{"$f":"'Working capital'!M47","v":4791.7810516380578},{"$f":"'Working capital'!N47","v":6572.3334444332086},{"$f":"'Working capital'!O47","v":6345.6929750330783},{"$f":"'Working capital'!P47","v":7487.4160631984396},{"$f":"'Working capital'!Q47","v":8629.5576915874917},{"$f":"'Working capital'!R47","v":8889.9257972170926},{"$f":"'Working capital'!S47","v":9150.8199422735979},{"$f":"'Working capital'!T47","v":9412.1317390173808}]
[null,"check = 0",null,null,null,{"$f":"F155+F156-F157-F158+F159-F160","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,"TABLE 5 - NOTIONAL REVENUE REQUIREMENT AND TARGET REVENUE"]
[null,{"$f":"B$57","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$57","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,{"$f":"I$153","v":"nominal"},{"$f":"J$153","v":"nominal"},{"$f":"K$153","v":"2018-19 $'000"},{"$f":"L$153","v":"2018-19 $'000"},"2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000","2018-19 $'000"]
[]
[null,{"$f":"'Cost building blocks'!B15","v":"  Operating expenditure"},{"$f":"'Cost building blocks'!C15","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I15","v":64940},{"$f":"'Cost building blocks'!J15","v":64950},{"$f":"'Cost building blocks'!K15","v":65000},{"$f":"'Cost building blocks'!L15","v":65150},{"$f":"'Cost building blocks'!M15","v":65300},{"$f":"'Cost building blocks'!N15","v":65450},{"$f":"'Cost building blocks'!O15","v":65600},{"$f":"'Cost building blocks'!P15","v":65750},{"$f":"'Cost building blocks'!Q15","v":65900},{"$f":"'Cost building blocks'!R15","v":66050},{"$f":"'Cost building blocks'!S15","v":66200},{"$f":"'Cost building blocks'!T15","v":66350}]
[null,{"$f":"'Cost building blocks'!B16","v":"  Depreciation (regulatory)"},{"$f":"'Cost building blocks'!C16","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I16","v":19111.832756731263},{"$f":"'Cost building blocks'!J16","v":20243.78072034166},{"$f":"'Cost building blocks'!K16","v":20027.732280538417},{"$f":"'Cost building blocks'!L16","v":20632.775407729569},{"$f":"'Cost building blocks'!M16","v":21371.358465519632},{"$f":"'Cost building blocks'!N16","v":22272.149659193132},{"$f":"'Cost building blocks'!O16","v":23045.118228164931},{"$f":"'Cost building blocks'!P16","v":23812.206139642465},{"$f":"'Cost building blocks'!Q16","v":24399.607294350826},{"$f":"'Cost building blocks'!R16","v":24901.248860601168},{"$f":"'Cost building blocks'!S16","v":25411.058006704665},{"$f":"'Cost building blocks'!T16","v":25929.034732661297}]
[null,{"$f":"'Cost building blocks'!B17","v":"  Return on RAB"},{"$f":"'Cost building blocks'!C17","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I17","v":33489.291599532793},{"$f":"'Cost building blocks'!J17","v":34808.960945869447},{"$f":"'Cost building blocks'!K17","v":34267.047474162333},{"$f":"'Cost building blocks'!L17","v":35026.366555531138},{"$f":"'Cost building blocks'!M17","v":36013.036561491223},{"$f":"'Cost building blocks'!N17","v":37474.94558248049},{"$f":"'Cost building blocks'!O17","v":38585.478507762942},{"$f":"'Cost building blocks'!P17","v":39549.392072087991},{"$f":"'Cost building blocks'!Q17","v":40039.825610390282},{"$f":"'Cost building blocks'!R17","v":40295.207113742828},{"$f":"'Cost building blocks'!S17","v":40550.113559317841},{"$f":"'Cost building blocks'!T17","v":40804.21007634134}]
[null,{"$f":"'Cost building blocks'!B18","v":"  Return on working capital"},{"$f":"'Cost building blocks'!C18","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I18","v":415.87564373593568},{"$f":"'Cost building blocks'!J18","v":347.25833378890093},{"$f":"'Cost building blocks'!K18","v":226.17263819953291},{"$f":"'Cost building blocks'!L18","v":331.50162339904716},{"$f":"'Cost building blocks'!M18","v":192.55529153994297},{"$f":"'Cost building blocks'!N18","v":264.10588648618102},{"$f":"'Cost building blocks'!O18","v":254.99845415782511},{"$f":"'Cost building blocks'!P18","v":300.87801746224858},{"$f":"'Cost building blocks'!Q18","v":346.77439959330991},{"$f":"'Cost building blocks'!R18","v":357.23715987950277},{"$f":"'Cost building blocks'!S18","v":367.72105879329945},{"$f":"'Cost building blocks'!T18","v":378.2217408283488}]
[null,{"$f":"'Cost building blocks'!B19","v":"  Tax allowance"},{"$f":"'Cost building blocks'!C19","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I19","v":3150},{"$f":"'Cost building blocks'!J19","v":3200},{"$f":"'Cost building blocks'!K19","v":3009.437422499172},{"$f":"'Cost building blocks'!L19","v":3804.6162464820486},{"$f":"'Cost building blocks'!M19","v":3809.7770628846638},{"$f":"'Cost building blocks'!N19","v":3478.6844813912239},{"$f":"'Cost building blocks'!O19","v":4476.4775072205284},{"$f":"'Cost building blocks'!P19","v":4105.1076103612577},{"$f":"'Cost building blocks'!Q19","v":4082.6340055442788},{"$f":"'Cost building blocks'!R19","v":4985.2611353048205},{"$f":"'Cost building blocks'!S19","v":4872.1308125271089},{"$f":"'Cost building blocks'!T19","v":5071.9452506296057}]
[null,{"$f":"'Cost building blocks'!B20","v":"     less adjustment for franking credits (gamma)"},{"$f":"'Cost building blocks'!C20","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I20","v":-790},{"$f":"'Cost building blocks'!J20","v":-800},{"$f":"'Cost building blocks'!K20","v":-752.35935562479301},{"$f":"'Cost building blocks'!L20","v":-951.15406162051215},{"$f":"'Cost building blocks'!M20","v":-952.44426572116595},{"$f":"'Cost building blocks'!N20","v":-869.67112034780598},{"$f":"'Cost building blocks'!O20","v":-1119.1193768051321},{"$f":"'Cost building blocks'!P20","v":-1026.2769025903144},{"$f":"'Cost building blocks'!Q20","v":-1020.6585013860697},{"$f":"'Cost building blocks'!R20","v":-1246.3152838262051},{"$f":"'Cost building blocks'!S20","v":-1218.0327031317772},{"$f":"'Cost building blocks'!T20","v":-1267.9863126574014}]
[null,{"$f":"'Cost building blocks'!B21","v":"Total revenue requirement "},{"$f":"'Cost building blocks'!C21","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I21","v":120317},{"$f":"'Cost building blocks'!J21","v":122750},{"$f":"'Cost building blocks'!K21","v":121778.03045977467},{"$f":"'Cost building blocks'!L21","v":123994.1057715213},{"$f":"'Cost building blocks'!M21","v":125734.28311571429},{"$f":"'Cost building blocks'!N21","v":128070.21448920322},{"$f":"'Cost building blocks'!O21","v":130842.95332050112},{"$f":"'Cost building blocks'!P21","v":132491.30693696364},{"$f":"'Cost building blocks'!Q21","v":133748.18280849265},{"$f":"'Cost building blocks'!R21","v":135342.6389857021},{"$f":"'Cost building blocks'!S21","v":136182.99073421114},{"$f":"'Cost building blocks'!T21","v":137265.42548780321}]
[null,{"$f":"'Cost building blocks'!B22","v":"   less"}]
[null,{"$f":"'Cost building blocks'!B23","v":"   Profit/loss on asset sales"},{"$f":"'Cost building blocks'!C23","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I23","v":0},{"$f":"'Cost building blocks'!J23","v":0},{"$f":"'Cost building blocks'!K23","v":0},{"$f":"'Cost building blocks'!L23","v":0},{"$f":"'Cost building blocks'!M23","v":0},{"$f":"'Cost building blocks'!N23","v":0},{"$f":"'Cost building blocks'!O23","v":0},{"$f":"'Cost building blocks'!P23","v":0},{"$f":"'Cost building blocks'!Q23","v":0},{"$f":"'Cost building blocks'!R23","v":0},{"$f":"'Cost building blocks'!S23","v":0},{"$f":"'Cost building blocks'!T23","v":0}]
[null,{"$f":"'Cost building blocks'!B24","v":"   Other regulatory revenue"},{"$f":"'Cost building blocks'!C23","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I24","v":1000},{"$f":"'Cost building blocks'!J24","v":1000},{"$f":"'Cost building blocks'!K24","v":1000},{"$f":"'Cost building blocks'!L24","v":1000},{"$f":"'Cost building blocks'!M24","v":1000},{"$f":"'Cost building blocks'!N24","v":1000},{"$f":"'Cost building blocks'!O24","v":1000},{"$f":"'Cost building blocks'!P24","v":1000},{"$f":"'Cost building blocks'!Q24","v":1000},{"$f":"'Cost building blocks'!R24","v":1000},{"$f":"'Cost building blocks'!S24","v":1000},{"$f":"'Cost building blocks'!T24","v":1000}]
[null,{"$f":"'Cost building blocks'!B25","v":"Revenue required from tariffs (ie, notional revenue requirement)"},{"$f":"'Cost building blocks'!C25","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I25","v":119317},{"$f":"'Cost building blocks'!J25","v":121750},{"$f":"'Cost building blocks'!K25","v":120778.03045977467},{"$f":"'Cost building blocks'!L25","v":122994.1057715213},{"$f":"'Cost building blocks'!M25","v":124734.28311571429},{"$f":"'Cost building blocks'!N25","v":127070.21448920322},{"$f":"'Cost building blocks'!O25","v":129842.95332050112},{"$f":"'Cost building blocks'!P25","v":131491.30693696364},{"$f":"'Cost building blocks'!Q25","v":132748.18280849265},{"$f":"'Cost building blocks'!R25","v":134342.6389857021},{"$f":"'Cost building blocks'!S25","v":135182.99073421114},{"$f":"'Cost building blocks'!T25","v":136265.42548780321}]
[]
[]
[null,"Target revenue from tariffs",{"$f":"C181","v":"$'000"},null,null,null,null,null,{"$f":"I136","v":119317},{"$f":"J136","v":121750},{"$f":"K136","v":122296.54034490886},122835.55741884203,124348.03793818047,125888.39857526831,128397.93029038736,130910.8568317652,133427.17591076088,135947.76175399698,138471.73521647434,141193.79855885802]
[null,{"$f":"\"Implied real return on RAB (\"&IF($W$78=2,\"post-tax\",\"pre-tax\")&\")\"","v":"Implied real return on RAB (post-tax)"},"%",null,null,null,null,null,{"$f":"'Implied return'!I29","v":4.755198918787655E-2},{"$f":"'Implied return'!J29","v":4.6341515198393711E-2},{"$f":"'Implied return'!K29","v":4.2816873932236085E-2},{"$f":"'Implied return'!L29","v":4.0814411738952602E-2},{"$f":"'Implied return'!M29","v":4.056026889729647E-2},{"$f":"'Implied return'!N29","v":3.9707017402742184E-2},{"$f":"'Implied return'!O29","v":3.9464553336490474E-2},{"$f":"'Implied return'!P29","v":4.039825992091714E-2},{"$f":"'Implied return'!Q29","v":4.1695275685360973E-2},{"$f":"'Implied return'!R29","v":4.2633197549135929E-2},{"$f":"'Implied return'!S29","v":4.4325231717922214E-2},{"$f":"'Implied return'!T29","v":4.5952020772738987E-2}]
[]
[null,"NPV of required revenue from tariffs over next determination period",null,null,null,null,null,null,null,null,{"$f":"NPV($D$89,K181:N181)*(1+$D$89)^0.5","v":448877.26621316076}]
[null,{"$f":"Scenario!B137","v":"NPV of expected revenue from tariffs over next determination period"},null,null,null,null,null,null,null,null,{"$f":"NPV($D$89,K184:N184)*(1+$D$89)^0.5","v":448877.26621115033}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"K188-K187","v":-2.0104344002902508E-6}]
[null,"check required revenue = 0",null,null,null,null,null,null,{"$f":"SUM(I171:I176)-SUM(I179:I181)","v":0},{"$f":"SUM(J171:J176)-SUM(J179:J181)","v":0},{"$f":"SUM(K171:K176)-SUM(K179:K181)","v":0},{"$f":"SUM(L171:L176)-SUM(L179:L181)","v":0},0,0,0,0,0,0,0,0]
[null,"Check NPVs = 0",null,null,null,null,null,null,null,null,{"$f":"'Cost building blocks'!K26-K187","v":0},{"$f":"K137-K188","v":0}]
[]
[]
[]
[null,"TABLE 6 - FINANCIAL INDICATORS"]
[null,{"$f":"B$57","v":"Financial year"},null,{"$f":"'Financials actual'!D109","v":"Target ratios"},null,null,null,null,{"$f":"I$57","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[]
[null,{"$f":"'Financials actual'!B111&'Financials actual'!B112","v":"1. Adjusted FFO Interest Cover - ratio (times)"},null,{"$f":"'Financials actual'!D111","v":"Higher is better"},null,null,null,null,null,{"$f":"\"Formula for 'actual'  \"&'Financials actual'!V111","v":"Formula for 'actual'  = (Inflation adjusted FFO + inflation adjusted net interest payments) / inflation adjusted net interest payments, after adjustment for operating leases and superannuation"}]
[null,"  -  Benchmark",{"$f":"'Financials actual'!C112","v":">"},{"$f":"'Financials actual'!D112","v":1.8},null,null,null,null,"na",{"$f":"'Financials benchmark'!J107","v":2.9048120657698187},{"$f":"'Financials benchmark'!K107","v":3.5250177630440698},{"$f":"'Financials benchmark'!L107","v":3.4298996991411195},{"$f":"'Financials benchmark'!M107","v":3.3450950740948637},{"$f":"'Financials benchmark'!N107","v":3.3413537173616086},{"$f":"'Financials benchmark'!O107","v":3.327778308402999},{"$f":"'Financials benchmark'!P107","v":3.4046651579033953},{"$f":"'Financials benchmark'!Q107","v":3.5055780181031579},{"$f":"'Financials benchmark'!R107","v":3.5721086086370661},{"$f":"'Financials benchmark'!S107","v":3.6777230127803096},{"$f":"'Financials benchmark'!T107","v":3.7802281984833637}]
[null,"  -  Actual 1",{"$f":"C199","v":">"},{"$f":"D199","v":1.8},null,null,null,null,{"$f":"'Financials actual'!I112","v":2.494270270302116},{"$f":"'Financials actual'!J112","v":2.8937747401528413},{"$f":"'Financials actual'!K112","v":2.8218205070728026},{"$f":"'Financials actual'!L112","v":2.7337843222421445},{"$f":"'Financials actual'!M112","v":2.8288563946186263},{"$f":"'Financials actual'!N112","v":2.7691035417797036},{"$f":"'Financials actual'!O112","v":2.7627625271812688},{"$f":"'Financials actual'!P112","v":2.7941651046183127},{"$f":"'Financials actual'!Q112","v":2.854108500843441},{"$f":"'Financials actual'!R112","v":2.9327811133005599},{"$f":"'Financials actual'!S112","v":3.0533047235043012},{"$f":"'Financials actual'!T112","v":3.1764320295575552}]
[]
[null,{"$f":"'Financials actual'!B114&'Financials actual'!B115","v":"1a. FFO Interest Cover - ratio (times)"},null,null,null,null,null,null,null,{"$f":"\"Formula for 'actual' \"&'Financials actual'!$V115","v":"Formula for 'actual' = (FFO + net interest payments) / net interest payments, after adjustment for operating leases and superannuation"},null,null,null,null,null,null,null,null,null,null,null,"This is a coverage ratio and measures a utility’s ability to service its debt prior to repayment."]
[null,"  -  Actual 1",{"$f":"C200","v":">"},{"$f":"D199","v":1.8},null,null,null,null,{"$f":"'Financials actual'!I115","v":1.9134442823543423},{"$f":"'Financials actual'!J115","v":1.977387199894987},{"$f":"'Financials actual'!K115","v":1.9397846965280947},{"$f":"'Financials actual'!L115","v":1.8647074428072976},{"$f":"'Financials actual'!M115","v":1.9310312336102169},{"$f":"'Financials actual'!N115","v":1.8875856538016809},{"$f":"'Financials actual'!O115","v":1.8842026411149275},{"$f":"'Financials actual'!P115","v":1.9052575078838019},{"$f":"'Financials actual'!Q115","v":1.9467246421781892},{"$f":"'Financials actual'!R115","v":2.0010805562762957},{"$f":"'Financials actual'!S115","v":2.0835237474372219},{"$f":"'Financials actual'!T115","v":2.1677528457205515}]
[]
[null,{"$f":"'Financials actual'!B117&'Financials actual'!B118","v":"2. Adjusted FFO / Net Debt - ratio (%)"},null,{"$f":"'Financials actual'!D117","v":"Higher is better"},null,null,null,null,null,{"$f":"\"Formula for 'actual' \"&'Financials actual'!V118","v":"Formula for 'actual' = Inflation adjusted FFO / Inflation adjusted Net Debt, after adjustment for operating leases and superannuation"}]
[null,{"$f":"B199","v":"  -  Benchmark"},{"$f":"'Financials actual'!C118","v":">"},{"$f":"'Financials actual'!D118","v":0.06},null,null,null,null,"na",{"$f":"'Financials benchmark'!J110","v":7.4287670565022931E-2},{"$f":"'Financials benchmark'!K110","v":7.8634984731923319E-2},{"$f":"'Financials benchmark'!L110","v":7.7120840060631232E-2},{"$f":"'Financials benchmark'!M110","v":7.4429287019612364E-2},{"$f":"'Financials benchmark'!N110","v":7.4310542787355743E-2},{"$f":"'Financials benchmark'!O110","v":7.3879682639743607E-2},{"$f":"'Financials benchmark'!P110","v":7.6319939093613634E-2},{"$f":"'Financials benchmark'!Q110","v":7.9522739832375622E-2},{"$f":"'Financials benchmark'!R110","v":8.1634306426469391E-2},{"$f":"'Financials benchmark'!S110","v":8.4986326089218828E-2},{"$f":"'Financials benchmark'!T110","v":8.8239664502645823E-2},null,"This is a more dynamic measure of leverage than debt gearing and a useful indicator of a "]
[null,"  -  Actual 1",{"$f":"C206","v":">"},{"$f":"D206","v":0.06},null,null,null,null,{"$f":"'Financials actual'!I118","v":7.1296473727417292E-2},{"$f":"'Financials actual'!J118","v":7.1993122920681135E-2},{"$f":"'Financials actual'!K118","v":6.8387320312525715E-2},{"$f":"'Financials actual'!L118","v":6.8591488233354439E-2},{"$f":"'Financials actual'!M118","v":6.7272305210449301E-2},{"$f":"'Financials actual'!N118","v":6.7170858707843395E-2},{"$f":"'Financials actual'!O118","v":6.6690719363642639E-2},{"$f":"'Financials actual'!P118","v":6.9228315821244654E-2},{"$f":"'Financials actual'!Q118","v":7.3080676394463293E-2},{"$f":"'Financials actual'!R118","v":7.6332751857516146E-2},{"$f":"'Financials actual'!S118","v":8.1227531430567892E-2},{"$f":"'Financials actual'!T118","v":8.6221574123349992E-2},null,"utility’s ability to generate cash flows."]
[]
[null,{"$f":"'Financials actual'!B120&'Financials actual'!B121","v":"2a. FFO / Net Debt - ratio (%)"},null,null,null,null,null,null,null,{"$f":"\"Formula for 'actual' \"&'Financials actual'!$V121","v":"Formula for 'actual' = FFO / Net Debt, after adjustment for operating leases and superannuation"}]
[null,"  -  Actual 1",{"$f":"C207","v":">"},{"$f":"D207","v":0.06},null,null,null,null,null,{"$f":"'Financials actual'!J121","v":5.5350536036463463E-2},{"$f":"'Financials actual'!K121","v":5.2209688224830214E-2},{"$f":"'Financials actual'!L121","v":5.1095226053460986E-2},{"$f":"'Financials actual'!M121","v":5.1042780078361515E-2},{"$f":"'Financials actual'!N121","v":5.0331555475410031E-2},{"$f":"'Financials actual'!O121","v":4.9930852311325429E-2},{"$f":"'Financials actual'!P121","v":5.2165255698401677E-2},{"$f":"'Financials actual'!Q121","v":5.5732697393951973E-2},{"$f":"'Financials actual'!R121","v":5.9029974544581358E-2},{"$f":"'Financials actual'!S121","v":6.3992811175662787E-2},{"$f":"'Financials actual'!T121","v":6.9060857360847883E-2}]
[]
[null,{"$f":"'Financials actual'!B123&'Financials actual'!B124","v":"3. Adjusted Net Debt / RAB - ratio (%)"},null,{"$f":"'Financials actual'!D123","v":"Lower is better"},null,null,null,null,null,{"$f":"\"Formula for 'actual' \"&'Financials actual'!$V124","v":"Formula for 'actual' = Inflation adjusted Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"},null,null,null,null,null,null,null,null,null,null,null,"This is a leverage ratio and measures a utility’s ability to repay its debt."]
[null,{"$f":"B199","v":"  -  Benchmark"},{"$f":"'Financials actual'!C124","v":"<"},{"$f":"'Financials actual'!D124","v":0.7},null,null,null,null,"na",{"$f":"'Financials benchmark'!J113","v":0.59999999999999987},{"$f":"'Financials benchmark'!K113","v":0.59999999999999987},{"$f":"'Financials benchmark'!L113","v":0.6},{"$f":"'Financials benchmark'!M113","v":0.6},{"$f":"'Financials benchmark'!N113","v":0.6},{"$f":"'Financials benchmark'!O113","v":0.6},{"$f":"'Financials benchmark'!P113","v":0.60000000000000009},{"$f":"'Financials benchmark'!Q113","v":0.60000000000000009},{"$f":"'Financials benchmark'!R113","v":0.6},{"$f":"'Financials benchmark'!S113","v":0.6},{"$f":"'Financials benchmark'!T113","v":0.6}]
[null,"  -  Actual 1",{"$f":"C213","v":"<"},{"$f":"D213","v":0.7},null,null,null,null,{"$f":"'Financials actual'!I124","v":0.57693223393929394},{"$f":"'Financials actual'!J124","v":0.594784374226065},{"$f":"'Financials actual'!K124","v":0.60703693306417505},{"$f":"'Financials actual'!L124","v":0.59548651419210408},{"$f":"'Financials actual'!M124","v":0.60092477070811801},{"$f":"'Financials actual'!N124","v":0.59912078199864383},{"$f":"'Financials actual'!O124","v":0.59830328509111297},{"$f":"'Financials actual'!P124","v":0.59246365403621126},{"$f":"'Financials actual'!Q124","v":0.58117892424909146},{"$f":"'Financials actual'!R124","v":0.56951337102908572},{"$f":"'Financials actual'!S124","v":0.55724876670290291},{"$f":"'Financials actual'!T124","v":0.54455960157941907}]
[]
[null,{"$f":"'Financials actual'!B126&'Financials actual'!B127","v":"3a. Net Debt / RAB - ratio (%)"},null,null,null,null,null,null,null,{"$f":"\"Formula \"&'Financials actual'!$V127","v":"Formula = Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"}]
[null,"  -  Actual 1",{"$f":"C213","v":"<"},{"$f":"D213","v":0.7},null,null,null,null,{"$f":"'Financials actual'!I127","v":0.57693223393929394},{"$f":"'Financials actual'!J127","v":0.594784374226065},{"$f":"'Financials actual'!K127","v":0.59667554822541036},{"$f":"'Financials actual'!L127","v":0.5845067104615741},{"$f":"'Financials actual'!M127","v":0.59064746477275998},{"$f":"'Financials actual'!N127","v":0.58849730958667135},{"$f":"'Financials actual'!O127","v":0.5877488075149423},{"$f":"'Financials actual'!P127","v":0.58179803641647732},{"$f":"'Financials actual'!Q127","v":0.5705015665288915},{"$f":"'Financials actual'!R127","v":0.5590410257161883},{"$f":"'Financials actual'!S127","v":0.54698813332189389},{"$f":"'Financials actual'!T127","v":0.53452131587954732}]
[]
[null,"2013 Financial Ratio Benchmarks (for water utilities)",null,null,null,null,null,null,null,null,null,"Credit Rating Range"]
[null,null,null,null,null,null,null,null,null,"A3","Baa1","Baa2","Baa3","Ba1"]
[null,{"$f":"B202","v":"1a. FFO Interest Cover - ratio (times)"},null,null,null,null,null,null,null,">2.9","2.3 - 2.9","1.7 - 2.5","1.4 / 1.5 - 1.7","<1.4 / 1.5"]
[null,{"$f":"B212","v":"3. Adjusted Net Debt / RAB - ratio (%)"},null,null,null,null,null,null,null,"<60%","80-85%","60-91%","90-100%",">100%"]
[null,{"$f":"B209","v":"2a. FFO / Net Debt - ratio (%)"},null,null,null,null,null,null,null,">10%",">10%","6-10%","5-8%","<4%"]
[null,null,null,null,null,null,null,null,null,"Source: Kanangra Ratings Advisory Services advice to IPART, see IPART, Financeability tests in price regulation Research — Final Decision December 2013, p18"]
[]
[null,"1. Interest expense for Actual ratios is calculated using previous year's closing debt to avoid circular referencing (forecast period only)"]
[]
[]
[null,"TABLE 7 - TARIFFS"]
[null,{"$f":"B$57","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$57","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,{"$f":"K231","v":"real 2018-19 prices"},null,null,null,null,null,null,{"$f":"K231","v":"real 2018-19 prices"},{"$f":"K231","v":"real 2018-19 prices"},{"$f":"Scenario!K116","v":"real 2018-19 prices"},null,null,null,{"$f":"K231","v":"real 2018-19 prices"}]
[]
[null,{"$f":"Bills!B19","v":"Access charge"},{"$f":"Bills!C19","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I19","v":92.249999999999986},{"$f":"Bills!J19","v":90},{"$f":"Bills!K19","v":89.424566501942152},{"$f":"Bills!L19","v":88.852812156225269},{"$f":"Bills!M19","v":88.284713439432679},{"$f":"Bills!N19","v":87.720246978549483},{"$f":"Bills!O19","v":87.70303835768074},{"$f":"Bills!P19","v":87.685833112733079},{"$f":"Bills!Q19","v":87.668631243044246},{"$f":"Bills!R19","v":87.651432747952086},{"$f":"Bills!S19","v":87.634237626794587},{"$f":"Bills!T19","v":87.617045878909863}]
[null,{"$f":"Bills!B20","v":"Usage charge for Tier 1 consumption"},{"$f":"Bills!C20","v":"$/kL"},null,null,null,null,null,{"$f":"Bills!I20","v":2.0499999999999998},{"$f":"Bills!J20","v":2},{"$f":"Bills!K20","v":1.9872125889320478},{"$f":"Bills!L20","v":1.9745069368050059},{"$f":"Bills!M20","v":1.9618825208762816},{"$f":"Bills!N20","v":1.9493388217455438},{"$f":"Bills!O20","v":1.9489564079484605},{"$f":"Bills!P20","v":1.9485740691718458},{"$f":"Bills!Q20","v":1.9481918054009828},{"$f":"Bills!R20","v":1.9478096166211569},{"$f":"Bills!S20","v":1.9474275028176569},{"$f":"Bills!T20","v":1.9470454639757739}]
[null,{"$f":"Bills!B21","v":"Usage charge for Tier 2 consumption"},{"$f":"Bills!C21","v":"$/kL"},null,null,null,null,null,{"$f":"Bills!I21","v":2.5625},{"$f":"Bills!J21","v":2.5},{"$f":"Bills!K21","v":2.4840157361650599},{"$f":"Bills!L21","v":2.4681336710062576},{"$f":"Bills!M21","v":2.4523531510953522},{"$f":"Bills!N21","v":2.43667352718193},{"$f":"Bills!O21","v":2.4361955099355757},{"$f":"Bills!P21","v":2.4357175864648073},{"$f":"Bills!Q21","v":2.4352397567512285},{"$f":"Bills!R21","v":2.4347620207764464},{"$f":"Bills!S21","v":2.4342843785220714},{"$f":"Bills!T21","v":2.433806829969718}]
[]
[null,{"$f":"K237","v":"nominal prices'"},null,null,null,null,null,null,null,null,{"$f":"Bills!K67","v":"nominal prices'"},null,null,null,{"$f":"K237","v":"nominal prices'"}]
[]
[null,{"$f":"B233","v":"Access charge"},"$/year",null,null,null,null,null,{"$f":"Bills!I72","v":90},{"$f":"Bills!J72","v":90},{"$f":"Bills!K72","v":91.660180664490696},{"$f":"Bills!L72","v":93.350985771634171},{"$f":"Bills!M72","v":95.072980233736544},{"$f":"Bills!N72","v":96.826739383731606},{"$f":"Bills!O72","v":99.227937893341476},{"$f":"Bills!P72","v":101.68868353135045},{"$f":"Bills!Q72","v":104.21045300219863},{"$f":"Bills!R72","v":106.79475963100049},{"$f":"Bills!S72","v":109.44315427169812},{"$f":"Bills!T72","v":112.1572262377356}]
[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":2.0368929036553487},{"$f":"Bills!L73","v":2.0744663504807592},{"$f":"Bills!M73","v":2.1127328940830341},{"$f":"Bills!N73","v":2.1517053196384799},{"$f":"Bills!O73","v":2.2050652865186988},{"$f":"Bills!P73","v":2.2597485229188985},{"$f":"Bills!Q73","v":2.3157878444933022},{"$f":"Bills!R73","v":2.3732168806888989},{"$f":"Bills!S73","v":2.4320700949266243},{"$f":"Bills!T73","v":2.4923828052830124}]
[null,"Usage charge for Tier 2 consumption","$/kL",null,null,null,null,null,{"$f":"Bills!I74","v":2.5000000000000004},{"$f":"Bills!J74","v":2.5},{"$f":"Bills!K74","v":2.5461161295691861},{"$f":"Bills!L74","v":2.5930829381009493},{"$f":"Bills!M74","v":2.6409161176037932},{"$f":"Bills!N74","v":2.6896316495481001},{"$f":"Bills!O74","v":2.7563316081483737},{"$f":"Bills!P74","v":2.8246856536486233},{"$f":"Bills!Q74","v":2.8947348056166278},{"$f":"Bills!R74","v":2.9665211008611241},{"$f":"Bills!S74","v":3.0400876186582804},{"$f":"Bills!T74","v":3.115478506603766}]
[]
[]
[]
[null,"TABLE 8 - ANNUAL BILLS"]
[null,{"$f":"B$57","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$57","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,{"$f":"K247","v":"real 2018-19 prices"},null,null,null,null,null,null,{"$f":"K247","v":"real 2018-19 prices"},{"$f":"K247","v":"real 2018-19 prices"},{"$f":"K231","v":"real 2018-19 prices"},null,null,null,{"$f":"K247","v":"real 2018-19 prices"}]
[]
[null,{"$f":"Bills!B51","v":"Bills for non-pensioners"}]
[null,{"$f":"Bills!B52&\" (\"&Bills!D26&\" kL pa)\"","v":"Small customer (100 kL pa)"},{"$f":"Bills!C52","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I52","v":297.24999999999994},{"$f":"Bills!J52","v":290},{"$f":"Bills!K52","v":288.14582539514691},{"$f":"Bills!L52","v":286.30350583672589},{"$f":"Bills!M52","v":284.47296552706081},{"$f":"Bills!N52","v":282.6541291531039},{"$f":"Bills!O52","v":282.59867915252681},{"$f":"Bills!P52","v":282.54324002991768},{"$f":"Bills!Q52","v":282.48781178314255},{"$f":"Bills!R52","v":282.43239441006779},{"$f":"Bills!S52","v":282.3769879085603},{"$f":"Bills!T52","v":282.32159227648725}]
[null," ---- percentage change",{"$f":"CHOOSE(Scenario!$W$37,\"nominal % pa\",\"real % pa\")","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K250/J250-1","v":-6.3937055339761129E-3},-6.3937055339760018E-3,-6.3937055339762239E-3,-6.3937055339758908E-3,-1.9617615614964112E-4,-1.9617615614975215E-4,-1.9617615614964112E-4,-1.9617615614975215E-4,-1.9617615614964112E-4,-1.9617615614975215E-4]
[null,{"$f":"Bills!B53&\" (\"&Bills!D27&\" kL pa)\"","v":"Medium customer (200 kL pa)"},{"$f":"Bills!C53","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I53","v":527.875},{"$f":"Bills!J53","v":515},{"$f":"Bills!K53","v":511.70724165000229},{"$f":"Bills!L53","v":508.43553622728905},{"$f":"Bills!M53","v":505.1847491256425},{"$f":"Bills!N53","v":501.95474659947757},{"$f":"Bills!O53","v":501.85627504672857},{"$f":"Bills!P53","v":501.75782281175032},{"$f":"Bills!Q53","v":501.65938989075312},{"$f":"Bills!R53","v":501.56097627994791},{"$f":"Bills!S53","v":501.4625819755467},{"$f":"Bills!T53","v":501.36420697376184}]
[null,{"$f":"B251","v":" ---- percentage change"},{"$f":"C251","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K252/J252-1","v":-6.3937055339761129E-3},-6.3937055339760018E-3,-6.3937055339761129E-3,-6.3937055339760018E-3,-1.9617615614975215E-4,-1.9617615614964112E-4,-1.9617615614964112E-4,-1.9617615614975215E-4,-1.961761561495301E-4,-1.9617615614964112E-4]
[null,{"$f":"Bills!B54&\" (\"&Bills!D28&\" kL pa)\"","v":"Large customer (400 kL pa)"},{"$f":"Bills!C54","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I54","v":1040.375},{"$f":"Bills!J54","v":1015},{"$f":"Bills!K54","v":1008.5103888830143},{"$f":"Bills!L54","v":1002.0622704285405},{"$f":"Bills!M54","v":995.65537934471297},{"$f":"Bills!N54","v":989.28945203586363},{"$f":"Bills!O54","v":989.09537703384365},{"$f":"Bills!P54","v":988.90134010471195},{"$f":"Bills!Q54","v":988.70734124099886},{"$f":"Bills!R54","v":988.51338043523731},{"$f":"Bills!S54","v":988.31945767996103},{"$f":"Bills!T54","v":988.12557296770535}]
[null,{"$f":"B253","v":" ---- percentage change"},{"$f":"C253","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K254/J254-1","v":-6.3937055339760018E-3},-6.3937055339762239E-3,-6.3937055339760018E-3,-6.3937055339761129E-3,-1.9617615614986317E-4,-1.9617615614941908E-4,-1.9617615614975215E-4,-1.9617615614964112E-4,-1.9617615614964112E-4,-1.9617615614975215E-4]
[]
[null,{"$f":"Bills!B56","v":"Bills for pensioners"}]
[null,{"$f":"B250","v":"Small customer (100 kL pa)"},{"$f":"Bills!C57","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I57","v":204.99999999999994},{"$f":"Bills!J57","v":200},{"$f":"Bills!K57","v":198.14582539514691},{"$f":"Bills!L57","v":196.30350583672589},{"$f":"Bills!M57","v":194.47296552706081},{"$f":"Bills!N57","v":192.6541291531039},{"$f":"Bills!O57","v":192.59867915252681},{"$f":"Bills!P57","v":192.54324002991768},{"$f":"Bills!Q57","v":192.48781178314255},{"$f":"Bills!R57","v":192.43239441006779},{"$f":"Bills!S57","v":192.3769879085603},{"$f":"Bills!T57","v":192.32159227648725}]
[null,{"$f":"B251","v":" ---- percentage change"},{"$f":"CHOOSE(Scenario!$W$37,\"nominal % pa\",\"real % pa\")","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K258/J258-1","v":-9.2708730242654358E-3},-9.2977964827016812E-3,-9.3250515412985902E-3,-9.3526437930716577E-3,-2.8782150074246893E-4,-2.8784788583735565E-4,-2.8787428094867451E-4,-2.8790068608186559E-4,-2.8792710124170284E-4,-2.8795352643407046E-4]
[null,{"$f":"B252","v":"Medium customer (200 kL pa)"},{"$f":"Bills!C58","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I58","v":435.625},{"$f":"Bills!J58","v":425},{"$f":"Bills!K58","v":421.70724165000229},{"$f":"Bills!L58","v":418.43553622728905},{"$f":"Bills!M58","v":415.1847491256425},{"$f":"Bills!N58","v":411.95474659947757},{"$f":"Bills!O58","v":411.85627504672857},{"$f":"Bills!P58","v":411.75782281175032},{"$f":"Bills!Q58","v":411.65938989075312},{"$f":"Bills!R58","v":411.56097627994791},{"$f":"Bills!S58","v":411.4625819755467},{"$f":"Bills!T58","v":411.36420697376184}]
[null,{"$f":"B259","v":" ---- percentage change"},{"$f":"C259","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K260/J260-1","v":-7.7476667058770099E-3},-7.7582386536976244E-3,-7.7689078010830803E-3,-7.779675272194253E-3,-2.3903487837406701E-4,-2.3904512555283919E-4,-2.3905537562107781E-4,-2.390656285803372E-4,-2.3907588443050631E-4,-2.3908614317380561E-4]
[null,{"$f":"B254","v":"Large customer (400 kL pa)"},{"$f":"Bills!C59","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I59","v":948.125},{"$f":"Bills!J59","v":925},{"$f":"Bills!K59","v":918.51038888301434},{"$f":"Bills!L59","v":912.0622704285405},{"$f":"Bills!M59","v":905.65537934471297},{"$f":"Bills!N59","v":899.28945203586363},{"$f":"Bills!O59","v":899.09537703384365},{"$f":"Bills!P59","v":898.90134010471195},{"$f":"Bills!Q59","v":898.70734124099886},{"$f":"Bills!R59","v":898.51338043523731},{"$f":"Bills!S59","v":898.31945767996103},{"$f":"Bills!T59","v":898.12557296770535}]
[null,{"$f":"B261","v":" ---- percentage change"},{"$f":"C261","v":"real % pa"},null,null,null,null,null,null,null,{"$f":"K262/J262-1","v":-7.0157958021466182E-3},-7.0201910969295289E-3,-7.0246202387225232E-3,-7.0290835278374875E-3,-2.1580927206543699E-4,-2.1581350998800541E-4,-2.158177489094415E-4,-2.1582198882863501E-4,-2.1582622974669619E-4,-2.1583047166362501E-4]
[null,{"$f":"K264","v":"nominal prices'"},null,null,null,null,null,null,{"$f":"J264","v":"nominal prices'"},{"$f":"K264","v":"nominal prices'"},{"$f":"Bills!K67","v":"nominal prices'"},null,null,null,{"$f":"K264","v":"nominal prices'"}]
[]
[null,{"$f":"B249","v":"Bills for non-pensioners"}]
[null,{"$f":"B250","v":"Small customer (100 kL pa)"},{"$f":"C250","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I77","v":289.99999999999994},{"$f":"Bills!J77","v":290},{"$f":"Bills!K77","v":295.34947103002554},{"$f":"Bills!L77","v":300.79762081971012},{"$f":"Bills!M77","v":306.34626964203994},{"$f":"Bills!N77","v":311.99727134757961},{"$f":"Bills!O77","v":319.73446654521138},{"$f":"Bills!P77","v":327.66353582324035},{"$f":"Bills!Q77","v":335.78923745152889},{"$f":"Bills!R77","v":344.11644769989039},{"$f":"Bills!S77","v":352.65016376436057},{"$f":"Bills!T77","v":361.39550676603682}]
[null,{"$f":"B251","v":" ---- percentage change"},"%",null,null,null,null,null,null,null,{"$f":"K267/J267-1","v":1.8446451827674348E-2},{"$f":"L267/K267-1","v":1.8446451827674792E-2},1.8446451827674348E-2,1.844645182767457E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946721E-2,2.4798919439946276E-2]
[null,"Medium customer (200 kL pa)",{"$f":"C267","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I78","v":515},{"$f":"Bills!J78","v":515},{"$f":"Bills!K78","v":524.49992269125232},{"$f":"Bills!L78","v":534.17508524879554},{"$f":"Bills!M78","v":544.02872022638132},{"$f":"Bills!N78","v":554.06411980690859},{"$f":"Bills!O78","v":567.80431127856491},{"$f":"Bills!P78","v":581.8852446516164},{"$f":"Bills!Q78","v":596.31536995702538},{"$f":"Bills!R78","v":611.10334677739149},{"$f":"Bills!S78","v":626.25804944360573},{"$f":"Bills!T78","v":641.78857236037572}]
[null," ---- percentage change",{"$f":"C268","v":"%"},null,null,null,null,null,null,null,{"$f":"K269/J269-1","v":1.8446451827674348E-2},{"$f":"L269/K269-1","v":1.844645182767457E-2},1.8446451827674348E-2,1.8446451827674348E-2,2.4798919439946276E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946498E-2]
[null,"Large customer (400 kL pa)",{"$f":"C269","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I79","v":1015.0000000000001},{"$f":"Bills!J79","v":1015},{"$f":"Bills!K79","v":1033.7231486050896},{"$f":"Bills!L79","v":1052.7916728689852},{"$f":"Bills!M79","v":1072.2119437471399},{"$f":"Bills!N79","v":1091.9904497165287},{"$f":"Bills!O79","v":1119.0706329082395},{"$f":"Bills!P79","v":1146.8223753813413},{"$f":"Bills!Q79","v":1175.262331080351},{"$f":"Bills!R79","v":1204.4075669496165},{"$f":"Bills!S79","v":1234.275573175262},{"$f":"Bills!T79","v":1264.8842736811289}]
[null," ---- percentage change",{"$f":"C270","v":"%"},null,null,null,null,null,null,null,{"$f":"K271/J271-1","v":1.844645182767457E-2},{"$f":"L271/K271-1","v":1.8446451827674348E-2},1.844645182767457E-2,1.8446451827674348E-2,2.4798919439946276E-2,2.4798919439946943E-2,2.4798919439946276E-2,2.4798919439946498E-2,2.4798919439946498E-2,2.4798919439946276E-2]
[]
[null,"Bills for pensioners"]
[null,"Small customer (100 kL pa)",{"$f":"C267","v":"$/year"},null,null,null,null,null,{"$f":"Bills!I82","v":199.99999999999997},{"$f":"Bills!J82","v":200},{"$f":"Bills!K82","v":203.09947103002557},{"$f":"Bills!L82","v":206.24137081971011},{"$f":"Bills!M82","v":209.42611339203995},{"$f":"Bills!N82","v":212.65411119132966},{"$f":"Bills!O82","v":217.90772738505518},{"$f":"Bills!P82","v":223.29112818408024},{"$f":"Bills!Q82","v":228.80751962138979},{"$f":"Bills!R82","v":234.46018692399784},{"$f":"Bills!S82","v":240.25249646907068},{"$f":"Bills!T82","v":246.18789778836472}]
[null," ---- percentage change","%",null,null,null,null,null,null,null,{"$f":"K275/J275-1","v":1.5497355150127845E-2},{"$f":"L275/K275-1","v":1.546975860523081E-2},1.5441822170168873E-2,1.5413540112101387E-2,2.4704982961738953E-2,2.4704955917016491E-2,2.4704928862027353E-2,2.4704901796765988E-2,2.4704874721227066E-2,2.4704847635404814E-2]
[null,"Medium customer (200 kL pa)","$/year",null,null,null,null,null,{"$f":"Bills!I83","v":425.00000000000006},{"$f":"Bills!J83","v":425},{"$f":"Bills!K83","v":432.24992269125232},{"$f":"Bills!L83","v":439.61883524879551},{"$f":"Bills!M83","v":447.10856397638128},{"$f":"Bills!N83","v":454.72095965065864},{"$f":"Bills!O83","v":465.97757211840872},{"$f":"Bills!P83","v":477.51283701245632},{"$f":"Bills!Q83","v":489.33365212688631},{"$f":"Bills!R83","v":501.44708600149897},{"$f":"Bills!S83","v":513.86038214831592},{"$f":"Bills!T83","v":526.58096338270366}]
[null," ---- percentage change","%",null,null,null,null,null,null,null,{"$f":"K277/J277-1","v":1.7058641626475968E-2},{"$f":"L277/K277-1","v":1.7047805379959868E-2},1.7036869503889829E-2,1.7025832846000899E-2,2.475498924966657E-2,2.4754978746308387E-2,2.4754968239988129E-2,2.4754957730705129E-2,2.4754947218458501E-2,2.4754936703246688E-2]
[null,"Large customer (400 kL pa)","$/year",null,null,null,null,null,{"$f":"Bills!I84","v":925.00000000000011},{"$f":"Bills!J84","v":925},{"$f":"Bills!K84","v":941.47314860508959},{"$f":"Bills!L84","v":958.23542286898532},{"$f":"Bills!M84","v":975.29178749713992},{"$f":"Bills!N84","v":992.64728956027875},{"$f":"Bills!O84","v":1017.2438937480835},{"$f":"Bills!P84","v":1042.4499677421811},{"$f":"Bills!Q84","v":1068.2806132502119},{"$f":"Bills!R84","v":1094.7513061737238},{"$f":"Bills!S84","v":1121.8779058799721},{"$f":"Bills!T84","v":1149.6766647034567}]
[null," ---- percentage change","%",null,null,null,null,null,null,null,{"$f":"K279/J279-1","v":1.7808809302799489E-2},{"$f":"L279/K279-1","v":1.7804304125647263E-2},1.779976425530938E-2,1.7795189383966514E-2,2.4778795496132933E-2,2.4778791152262114E-2,2.477878680736767E-2,2.4778782461450488E-2,2.4778778114509681E-2,2.4778773766544582E-2]

{"sheet":"Financials benchmark","index":8,"n_rows":122,"n_cols":22,"rows_kept":122,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"5a  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - BENCHMARK"]
[]
[null,"Index",null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B28","v":"TABLE 2 - REGULATORY INCOME STATEMENT ($'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B28)","v":28}]
[null,{"$f":"B58","v":"TABLE 3 - REGULATORY BALANCE SHEET ($'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B58)","v":58}]
[null,{"$f":"B78","v":"TABLE 4 - REGULATORY CASH FLOW ($'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B78)","v":78}]
[null,{"$f":"B103","v":"TABLE 5 - FINANCEABILITY RATIOS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B103)","v":103}]
[null,{"$f":"B119","v":"TABLE 6 - CALCULATIONS FOR FINANCEABILITY RATIOS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B119)","v":119}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Pricing & financial inputs'!B64","v":"Financial year"},{"$f":"'Pricing & financial inputs'!C64","v":"Units"},"Selection options",null,null,null,{"$f":"'Pricing & financial inputs'!H64","v":"2016-17"},{"$f":"'Pricing & financial inputs'!I64","v":"2017-18"},{"$f":"'Pricing & financial inputs'!J64","v":"2018-19"},{"$f":"'Pricing & financial inputs'!K64","v":"2019-20"},{"$f":"'Pricing & financial inputs'!L64","v":"2020-21"},{"$f":"'Pricing & financial inputs'!M64","v":"2021-22"},{"$f":"'Pricing & financial inputs'!N64","v":"2022-23"},{"$f":"'Pricing & financial inputs'!O64","v":"2023-24"},{"$f":"'Pricing & financial inputs'!P64","v":"2024-25"},{"$f":"'Pricing & financial inputs'!Q64","v":"2025-26"},{"$f":"'Pricing & financial inputs'!R64","v":"2026-27"},{"$f":"'Pricing & financial inputs'!S64","v":"2027-28"},{"$f":"'Pricing & financial inputs'!T64","v":"2028-29"}]
[null,null,null,"& messages"]
[null,{"$f":"'Pricing & financial inputs'!$B$67","v":"Corporate tax rate"},"%",null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I68","v":0.3},{"$f":"'Pricing & financial inputs'!J68","v":0.3},{"$f":"'Pricing & financial inputs'!K68","v":0.3},{"$f":"'Pricing & financial inputs'!L68","v":0.3},{"$f":"'Pricing & financial inputs'!M68","v":0.3},{"$f":"'Pricing & financial inputs'!N68","v":0.3},{"$f":"'Pricing & financial inputs'!O68","v":0.3},{"$f":"'Pricing & financial inputs'!P68","v":0.3},{"$f":"'Pricing & financial inputs'!Q68","v":0.3},{"$f":"'Pricing & financial inputs'!R68","v":0.3},{"$f":"'Pricing & financial inputs'!S68","v":0.3},{"$f":"'Pricing & financial inputs'!T68","v":0.3}]
[null,"Real cost of debt (benchmark)",{"$f":"C17","v":"%"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I81","v":3.9E-2},{"$f":"'Pricing & financial inputs'!J81","v":3.9E-2},{"$f":"'Pricing & financial inputs'!K81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!L81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!M81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!N81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!O81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!P81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!Q81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!R81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!S81","v":3.173828125E-2},{"$f":"'Pricing & financial inputs'!T81","v":3.173828125E-2}]
[null,"Gearing ratio",{"$f":"C18","v":"%"},{"$f":"WACC!$I$22","v":0.6},null,null,null,null,{"$f":"$D19","v":0.6},{"$f":"$D19","v":0.6},{"$f":"$D19","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,"Inflator for (real) inputs to nominal values ","no.",null,null,null,null,null,1,1,{"$f":"J20*(1+'Pricing & financial inputs'!K18)","v":1.0249999999999999},{"$f":"K20*(1+'Pricing & financial inputs'!L18)","v":1.0506249999999999},{"$f":"L20*(1+'Pricing & financial inputs'!M18)","v":1.0768906249999999},{"$f":"M20*(1+'Pricing & financial inputs'!N18)","v":1.1038128906249998},{"$f":"N20*(1+'Pricing & financial inputs'!O18)","v":1.1314082128906247},{"$f":"O20*(1+'Pricing & financial inputs'!P18)","v":1.1596934182128902},{"$f":"P20*(1+'Pricing & financial inputs'!Q18)","v":1.1886857536682123},{"$f":"Q20*(1+'Pricing & financial inputs'!R18)","v":1.2184028975099175},{"$f":"R20*(1+'Pricing & financial inputs'!S18)","v":1.2488629699476652},{"$f":"S20*(1+'Pricing & financial inputs'!T18)","v":1.2800845441963566}]
[null,"Inflator to nominal values for calculated values","no.",{"$f":"IF(Scenario!W37=1,\"Forecasts are nominal, therefore inflator = 1\",\"ok\")","v":"ok"},null,null,null,null,1,{"$f":"'RAB projected '!J23","v":1},{"$f":"'RAB projected '!K23","v":1.0249999999999999},{"$f":"'RAB projected '!L23","v":1.0506249999999999},{"$f":"'RAB projected '!M23","v":1.0768906249999999},{"$f":"'RAB projected '!N23","v":1.1038128906249998},{"$f":"'RAB projected '!O23","v":1.1314082128906247},{"$f":"'RAB projected '!P23","v":1.1596934182128902},{"$f":"'RAB projected '!Q23","v":1.1886857536682123},{"$f":"'RAB projected '!R23","v":1.2184028975099175},{"$f":"'RAB projected '!S23","v":1.2488629699476652},{"$f":"'RAB projected '!T23","v":1.2800845441963566}]
[]
[null,{"$f":"'Pricing & financial inputs'!B84","v":"Retained earnings "},{"$f":"'Pricing & financial inputs'!C84","v":"$'000"},null,null,{"$f":"'Pricing & financial inputs'!F84","v":"na"},{"$f":"'Pricing & financial inputs'!G84","v":"na"},{"$f":"'Pricing & financial inputs'!H84","v":4000}]
[null,{"$f":"'Pricing & financial inputs'!B85","v":"Closing cash assets"},{"$f":"'Pricing & financial inputs'!C85","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I85","v":10000},{"$f":"'Pricing & financial inputs'!J85","v":10000}]
[null,{"$f":"'Pricing & financial inputs'!B87","v":"Closing debt"},{"$f":"'Pricing & financial inputs'!C87","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I87","v":450000}]
[]
[]
[null,"TABLE 2 - REGULATORY INCOME STATEMENT ($'000)"]
[null,{"$f":"B15","v":"Financial year"},null,null,null,null,null,null,{"$f":"I15","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,"nominal",{"$f":"Scenario!$X$35","v":"nominal $'000"}]
[]
[null,"Revenue from sales",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"Scenario!J136*J$21","v":121750},{"$f":"Scenario!K136*K$21","v":125353.95385353158},{"$f":"Scenario!L136*L$21","v":129054.10751317089},{"$f":"Scenario!M136*M$21","v":133909.23629277086},{"$f":"Scenario!N136*N$21","v":138957.23712751901},{"$f":"Scenario!O136*O$21","v":145270.47284870216},{"$f":"Scenario!P136*P$21","v":151816.45904040805},{"$f":"Scenario!Q136*Q$21","v":158602.98315730394},{"$f":"Scenario!R136*R$21","v":165639.14683105785},{"$f":"Scenario!S136*S$21","v":172932.22249625286},{"$f":"Scenario!T136*T$21","v":180739.99927156797}]
[null,"Profit/loss on the asset sales",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J110*J20","v":0},{"$f":"'RAB & cost inputs'!K110*K20","v":307.5},{"$f":"'RAB & cost inputs'!L110*L20","v":52.531249999999993},{"$f":"'RAB & cost inputs'!M110*M20","v":0},{"$f":"'RAB & cost inputs'!N110*N20","v":0},{"$f":"'RAB & cost inputs'!O110*O20","v":0},{"$f":"'RAB & cost inputs'!P110*P20","v":0},{"$f":"'RAB & cost inputs'!Q110*Q20","v":0},{"$f":"'RAB & cost inputs'!R110*R20","v":0},{"$f":"'RAB & cost inputs'!S110*S20","v":0},{"$f":"'RAB & cost inputs'!T110*T20","v":0},null,"Total profit or loss, not just share of other revenue used to offset costs"]
[null,"Other regulatory revenue ",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J116*J20","v":2000},{"$f":"'RAB & cost inputs'!K116*K20","v":2050},{"$f":"'RAB & cost inputs'!L116*L20","v":2101.25},{"$f":"'RAB & cost inputs'!M116*M20","v":2153.7812499999995},{"$f":"'RAB & cost inputs'!N116*N20","v":2207.6257812499994},{"$f":"'RAB & cost inputs'!O116*O20","v":2262.8164257812491},{"$f":"'RAB & cost inputs'!P116*P20","v":2319.3868364257805},{"$f":"'RAB & cost inputs'!Q116*Q20","v":2377.3715073364247},{"$f":"'RAB & cost inputs'!R116*R20","v":2436.8057950198349},{"$f":"'RAB & cost inputs'!S116*S20","v":2497.7259398953306},{"$f":"'RAB & cost inputs'!T116*T20","v":2560.1690883927131},null,"Total other revenue, not just share of other revenue used to offset costs"]
[null,"Total revenue",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J32:J34)","v":123750},127711.45385353158,131207.88876317089,136063.01754277086,141164.86290876902,147533.28927448342,154135.84587683383,160980.35466464036,168075.95262607769,175429.94843614817,183300.16835996069]
[]
[null,"Operating costs",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!J15*J$21","v":64950},{"$f":"'Cost building blocks'!K15*K$21","v":66625},{"$f":"'Cost building blocks'!L15*L$21","v":68448.21875},{"$f":"'Cost building blocks'!M15*M$21","v":70320.957812499997},{"$f":"'Cost building blocks'!N15*N$21","v":72244.55369140624},{"$f":"'Cost building blocks'!O15*O$21","v":74220.378765624977},{"$f":"'Cost building blocks'!P15*P$21","v":76249.842247497523},{"$f":"'Cost building blocks'!Q15*Q$21","v":78334.391166735193},{"$f":"'Cost building blocks'!R15*R$21","v":80475.51138053005},{"$f":"'Cost building blocks'!S15*S$21","v":82674.728610535443},{"$f":"'Cost building blocks'!T15*T$21","v":84933.609507428264}]
[]
[null,"EBITDA",null,null,null,null,null,null,null,{"$f":"J35-J37","v":58800},61086.453853531581,62759.670013170893,65742.059730270863,68920.309217362781,73312.910508858447,77886.003629336308,82645.963497905163,87600.441245547641,92755.21982561273,98366.558852532427]
[null,"Depreciation",null,null,null,null,null,null,null,{"$f":"'RAB historical'!J122","v":20694.253730363755},{"$f":"'RAB projected '!K137","v":20945.031001287734},{"$f":"'RAB projected '!L137","v":22117.23061636274},{"$f":"'RAB projected '!M137","v":23481.675915471937},{"$f":"'RAB projected '!N137","v":25083.201243799802},{"$f":"'RAB projected '!O137","v":26602.572303332407},{"$f":"'RAB projected '!P137","v":28175.276754554987},{"$f":"'RAB projected '!Q137","v":29592.064099143277},{"$f":"'RAB projected '!R137","v":30955.471009457262},{"$f":"'RAB projected '!S137","v":32378.960416641217},{"$f":"'RAB projected '!T137","v":33864.94449600509}]
[]
[null,"EBIT",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J39-J40","v":38105.746269636249},40141.42285224385,40642.439396808157,42260.38381479893,43837.107973562976,46710.338205526044,49710.726874781321,53053.899398761889,56644.970236090376,60376.259408971513,64501.614356527338]
[null,"Interest income 1",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J62*J18","v":390},{"$f":"J62*K18","v":317.3828125},0,0,0,0,0,0,0,0,0]
[null,"Interest expense",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J67*J18","v":19806.058155574054},16903.242165587861,17408.444937953293,18733.406208329296,19764.578139238994,20889.122262429588,21827.551455164641,22537.292403716332,23248.144971202062,23979.987536244971,24733.207864749515]
[]
[null,"Pre Tax Profit",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J42+J43-J44","v":18689.688114062195},23555.563499155989,23233.994458854864,23526.977606469634,24072.529834323981,25821.215943096457,27883.17541961668,30516.606995045557,33396.825264888314,36396.271872726546,39768.406491777823]
[null,"Tax expense (= tax allowance in total costs)",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM('Cost building blocks'!J19:J20)*J21","v":2400},{"$f":"SUM('Cost building blocks'!K19:K20)*K21","v":2313.5050185462383},{"$f":"SUM('Cost building blocks'!L19:L20)*L21","v":2997.9187079701514},{"$f":"SUM('Cost building blocks'!M19:M20)*M21","v":3077.0349017703975},{"$f":"SUM('Cost building blocks'!N19:N20)*N21","v":2879.8625797325813},{"$f":"SUM('Cost building blocks'!O19:O20)*O21","v":3798.5425623670922},{"$f":"SUM('Cost building blocks'!P19:P20)*P21","v":3570.4997075936972},{"$f":"SUM('Cost building blocks'!Q19:Q20)*Q21","v":3639.7266598739052},{"$f":"SUM('Cost building blocks'!R19:R20)*R21","v":4555.5424590742305},{"$f":"SUM('Cost building blocks'!S19:S20)*S21","v":4563.4678173796019},{"$f":"SUM('Cost building blocks'!T19:T20)*T21","v":4869.3890432558055}]
[]
[null,"Profit after tax",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J46-J47","v":16289.688114062195},21242.05848060975,20236.075750884713,20449.942704699235,21192.667254591401,22022.673380729364,24312.675712022981,26876.880335171652,28841.282805814084,31832.804055346944,34899.01744852202]
[null,"Retained earnings at the beginning of the year",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"I53","v":9521.0089830108518},16082.589148244475,18621.601375786111,7186.7539574638831,12380.249741970551,9575.5540092535339,7430.7695401949386,0,0,0,0]
[null,"Dividends payable",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"MAX(0,MIN(J49+J50,(J67-J62)-(I67-I62)+J86+J91+SUM(J93:J94)))","v":9728.1079488285723},{"$f":"MAX(0,MIN(K49+K50,(K67-K62)-(J67-J62)+K86+K91+SUM(K93:K94)))","v":18703.046253068114},{"$f":"MAX(0,MIN(L49+L50,(L67-L62)-(K67-K62)+L86+L91+SUM(L93:L94)))","v":31670.923169206941},15256.446920192568,23997.362987308417,24167.457849787959,31743.44525221792,26876.880335171652,28841.282805814084,31832.804055346944,34899.01744852202,null,"Dividend payments cannot exceed retained earnings or fall below zero"]
[]
[null,"Retained Earnings at year end",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"'Financials actual'!J59","v":9521.0089830108518},{"$f":"SUM(J49:J50)-J51","v":16082.589148244475},18621.601375786111,7186.7539574638831,12380.249741970551,9575.5540092535339,7430.7695401949386,0,0,0,0,0]
[]
[]
[]
[]
[null,"TABLE 3 - REGULATORY BALANCE SHEET ($'000)"]
[null,{"$f":"B29","v":"Financial year"},null,null,null,null,null,null,{"$f":"I29","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"J30","v":"nominal"},{"$f":"K30","v":"nominal $'000"}]
[]
[null,"Cash  assets",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"I24","v":10000},{"$f":"J24","v":10000},{"$f":"IF(J67>=J62,0,J62)","v":0},{"$f":"IF(K67>=K62,0,K62)","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'!I44*I$21","v":14710.31506849315},{"$f":"'Working capital'!J44*J$21","v":15010.273972602739},{"$f":"'Working capital'!K44*K$21","v":15385.530821917806},{"$f":"'Working capital'!L44*L$21","v":15840.961976696284},{"$f":"'Working capital'!M44*M$21","v":16308.549887794539},{"$f":"'Working capital'!N44*N$21","v":16922.091846586452},{"$f":"'Working capital'!O44*O$21","v":17560.007020566612},{"$f":"'Working capital'!P44*P$21","v":18357.809753825717},{"$f":"'Working capital'!Q44*Q$21","v":19185.025132161154},{"$f":"'Working capital'!R44*R$21","v":20042.637255152444},{"$f":"'Working capital'!S44*S$21","v":20931.796294746688},{"$f":"'Working capital'!T44*T$21","v":21853.421267505921}]
[null,"Inventory","$'000",null,null,null,null,null,{"$f":"'Working capital'!I45*I$21","v":546.52054794520552},{"$f":"'Working capital'!J45*J$21","v":711.23287671232879},{"$f":"'Working capital'!K45*K$21","v":686.89041095890411},{"$f":"'Working capital'!L45*L$21","v":512.4171575342466},{"$f":"'Working capital'!M45*M$21","v":796.30898544520539},{"$f":"'Working capital'!N45*N$21","v":690.5332477953765},{"$f":"'Working capital'!O45*O$21","v":741.45984800941756},{"$f":"'Working capital'!P45*P$21","v":691.05018756521542},{"$f":"'Working capital'!Q45*Q$21","v":637.65663169379718},{"$f":"'Working capital'!R45*R$21","v":657.93756465535546},{"$f":"'Working capital'!S45*S$21","v":678.83400887018297},{"$f":"'Working capital'!T45*T$21","v":700.36406431784224}]
[null,"RAB","$'000",null,null,null,null,null,{"$f":"'RAB historical'!I124","v":761696.77078660089},{"$f":"'RAB historical'!J124","v":824693.06132590212},{"$f":"'RAB projected '!K139","v":881867.85685776186},{"$f":"'RAB projected '!L139","v":905499.42266284325},{"$f":"'RAB projected '!M139","v":978583.77372019226},{"$f":"'RAB projected '!N139","v":1030639.1179600222},{"$f":"'RAB projected '!O139","v":1089767.1588888934},{"$f":"'RAB projected '!P139","v":1137543.1846715021},{"$f":"'RAB projected '!Q139","v":1173238.9585528609},{"$f":"'RAB projected '!R139","v":1209994.1527787873},{"$f":"'RAB projected '!S139","v":1247828.661219941},{"$f":"'RAB projected '!T139","v":1286762.1809408157}]
[null,"Payables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I46*I$21","v":8197.8082191780813},{"$f":"'Working capital'!J46*J$21","v":10668.493150684932},{"$f":"'Working capital'!K46*K$21","v":10303.35616438356},{"$f":"'Working capital'!L46*L$21","v":7686.2573630136976},{"$f":"'Working capital'!M46*M$21","v":11944.63478167808},{"$f":"'Working capital'!N46*N$21","v":10357.998716930648},{"$f":"'Working capital'!O46*O$21","v":11121.897720141264},{"$f":"'Working capital'!P46*P$21","v":10365.752813478231},{"$f":"'Working capital'!Q46*Q$21","v":9564.8494754069579},{"$f":"'Working capital'!R46*R$21","v":9869.0634698303311},{"$f":"'Working capital'!S46*S$21","v":10182.510133052743},{"$f":"'Working capital'!T46*T$21","v":10505.460964767633}]
[null,"Debt","$'000",null,null,null,null,null,{"$f":"(I63+I64+I65-I66)*I19+I62","v":471253.47891031665},507847.64501471928,532582.15315575292,548499.92666043609,590246.39868705231,622736.24660248403,658168.03682239691,687735.77507964894,710098.07450478536,732495.39847725886,755554.06883430306,779286.30318472313,null,"(RAB + net working capital) x gearing ratio"]
[null,"Net assets employed","$'000",null,null,null,null,null,{"$f":"SUM(I62:I65)-SUM(I66:I67)","v":307502.31927354448},331898.43000981293,355054.76877050207,365666.61777362402,393497.59912470158,415157.49773498939,438778.69121493143,458490.51671976596,473398.71633652365,488330.26565150602,503702.71255620208,519524.20212314883]
[]
[null,"Owner contributions",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"(I63+I64+I65-I66)*(1-I19)-SUM(I71:I72)","v":243397.12096264493},242503.49120283074,242503.49120283074,242503.49120283092,242503.49120283077,242503.49120283086,242503.49120283083,242401.90727563816,228871.5272756083,214472.10262676934,199594.69571199588,184220.46874844434,null,"Owner contributions = (1- gearing ratio) x (RAB + net working capital- retained earnings - asset reval reserve)"]
[null,"Retained earnings",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"MAX(0,I53)","v":9521.0089830108518},{"$f":"MAX(0,J53)","v":16082.589148244475},18621.601375786111,7186.7539574638831,12380.249741970551,9575.5540092535339,7430.7695401949386,0,0,0,0,0]
[null,"Asset revaluation reserve",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I91","v":54584.189327888635},{"$f":"'Pricing & financial inputs'!J91","v":73312.349658737658},{"$f":"J72+'RAB projected '!K138","v":93929.676191885141},{"$f":"K72+'RAB projected '!L138","v":115976.37261332928},{"$f":"L72+'RAB projected '!M138","v":138613.85817990024},{"$f":"M72+'RAB projected '!N138","v":163078.45252290499},{"$f":"N72+'RAB projected '!O138","v":188844.43047190554},{"$f":"O72+'RAB projected '!P138","v":216088.6094441278},{"$f":"P72+'RAB projected '!Q138","v":244527.18906091529},{"$f":"Q72+'RAB projected '!R138","v":273858.16302473657},{"$f":"R72+'RAB projected '!S138","v":304108.0168442062},{"$f":"S72+'RAB projected '!T138","v":335303.73337470443}]
[null,"Total equity",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I70:I72)","v":307502.31927354442},{"$f":"SUM(J70:J72)","v":331898.43000981287},355054.76877050201,365666.61777362408,393497.59912470158,415157.49773498939,438778.69121493131,458490.51671976596,473398.71633652359,488330.26565150591,503702.71255620208,519524.20212314877]
[null,"check net assets = total equity",null,null,null,null,null,null,{"$f":"I68-SUM(I73)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"N74-M74","v":0}]
[]
[]
[null,"TABLE 4 - REGULATORY CASH FLOW ($'000)"]
[null,{"$f":"B29","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J29","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"J30","v":"nominal"},{"$f":"K30","v":"nominal $'000"}]
[]
[null,"Receipts from customers",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J35-J33","v":123750},127403.95385353158,131155.35751317089,136063.01754277086,141164.86290876902,147533.28927448342,154135.84587683383,160980.35466464036,168075.95262607769,175429.94843614817,183300.16835996069,null,"Revenue excluding profit/loss on asset sales"]
[null,"Operating costs",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"-J37","v":-64950},-66625,-68448.21875,-70320.957812499997,-72244.55369140624,-74220.378765624977,-76249.842247497523,-78334.391166735193,-80475.51138053005,-82674.728610535443,-84933.609507428264]
[null,"Tax paid",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"-J47","v":-2400},{"$f":"-K47","v":-2313.5050185462383},{"$f":"-L47","v":-2997.9187079701514},-3077.0349017703975,-2879.8625797325813,-3798.5425623670922,-3570.4997075936972,-3639.7266598739052,-4555.5424590742305,-4563.4678173796019,-4869.3890432558055,null,"Assume tax paid = tax payable"]
[null,"Change in working capital",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,0,{"$f":"(J63+J64-J66)-(K63+K64-K66)","v":-716.05136986301295},-2898.056702723683,3506.8976796551688,-2094.4022858895187,75.057229016416386,-1503.5379794779346,-1574.7251605352922,-573.6790615294758,-596.60882058665993,-620.20419649199903]
[null,"Cash Flow From Operations",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J82:J85)","v":56400},57749.397465122325,56811.163352477059,66171.922508155636,63946.044351740682,69589.425175507771,72811.96594226468,77431.511677495961,82471.219724943934,87595.143187646478,92876.96561278461]
[]
[null,"Sale of assets",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM('RAB & cost inputs'!J107:J108)*J$20","v":1000},{"$f":"SUM('RAB & cost inputs'!K107:K108)*K$20","v":1537.4999999999998},{"$f":"SUM('RAB & cost inputs'!L107:L108)*L$20","v":1418.34375},{"$f":"SUM('RAB & cost inputs'!M107:M108)*M$20","v":1076.8906249999998},{"$f":"SUM('RAB & cost inputs'!N107:N108)*N$20","v":1103.8128906249997},{"$f":"SUM('RAB & cost inputs'!O107:O108)*O$20","v":1131.4082128906246},{"$f":"SUM('RAB & cost inputs'!P107:P108)*P$20","v":1159.6934182128903},{"$f":"SUM('RAB & cost inputs'!Q107:Q108)*Q$20","v":1188.6857536682123},{"$f":"SUM('RAB & cost inputs'!R107:R108)*R$20","v":1218.4028975099175},{"$f":"SUM('RAB & cost inputs'!S107:S108)*S$20","v":1248.8629699476653},{"$f":"SUM('RAB & cost inputs'!T107:T108)*T$20","v":1280.0845441963565}]
[null,"Purchase of assets ",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"-SUM(Scenario!J65:J66)*J$20","v":-65200},{"$f":"-SUM(Scenario!K65:K66)*K$20","v":-59449.999999999993},{"$f":"-SUM(Scenario!L65:L66)*L$20","v":-25214.999999999996},{"$f":"-SUM(Scenario!M65:M66)*M$20","v":-75382.343749999985},{"$f":"-SUM(Scenario!N65:N66)*N$20","v":-54086.831640624987},{"$f":"-SUM(Scenario!O65:O66)*O$20","v":-61096.043496093735},{"$f":"-SUM(Scenario!P65:P66)*P$20","v":-49866.816983154276},{"$f":"-SUM(Scenario!Q65:Q66)*Q$20","v":-38037.944117382795},{"$f":"-SUM(Scenario!R65:R66)*R$20","v":-39598.094169072319},{"$f":"-SUM(Scenario!S65:S66)*S$20","v":-41212.478008272949},{"$f":"-SUM(Scenario!T65:T66)*T$20","v":-42882.832230577951}]
[null,"Cash capital contributions",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(Scenario!$J69:J$70)*'RAB historical'!J$40","v":350},{"$f":"SUM(Scenario!K$69:K$70)*'RAB projected '!K$35*K20","v":717.49999999999989},{"$f":"SUM(Scenario!L$69:L$70)*'RAB projected '!L$35*L20","v":147.08749999999998},{"$f":"SUM(Scenario!M$69:M$70)*'RAB projected '!M$35*M20","v":376.91171874999998},{"$f":"SUM(Scenario!N$69:N$70)*'RAB projected '!N$35*N20","v":309.06760937499996},{"$f":"SUM(Scenario!O$69:O$70)*'RAB projected '!O$35*O20","v":0},{"$f":"SUM(Scenario!P$69:P$70)*'RAB projected '!P$35*P20","v":0},{"$f":"SUM(Scenario!Q$69:Q$70)*'RAB projected '!Q$35*Q20","v":0},{"$f":"SUM(Scenario!R$69:R$70)*'RAB projected '!R$35*R20","v":0},{"$f":"SUM(Scenario!S$69:S$70)*'RAB projected '!S$35*S20","v":0},{"$f":"SUM(Scenario!T$69:T$70)*'RAB projected '!T$35*T20","v":0},null,"Value of cash capital contributions included in the RAB"]
[null,"Cash Flow From Investing",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"SUM(J88:J90)","v":-63850},-57194.999999999993,-23649.568749999995,-73928.541406249991,-52673.951140624988,-59964.635283203112,-48707.123564941387,-36849.25836371458,-38379.691271562398,-39963.615038325283,-41602.747686381597]
[]
[null,"Interest received",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J43","v":390},317.3828125,0,0,0,0,0,0,0,0,0]
[null,"Interest paid","$'000",null,null,null,null,null,null,{"$f":"-J44","v":-19806.058155574054},{"$f":"-K44","v":-16903.242165587861},-17408.444937953293,-18733.406208329296,-19764.578139238994,-20889.122262429588,-21827.551455164641,-22537.292403716332,-23248.144971202062,-23979.987536244971,-24733.207864749515]
[null,"Dividends paid","$'000",null,null,null,null,null,null,{"$f":"-J51","v":-9728.1079488285723},-18703.046253068114,-31670.923169206941,-15256.446920192568,-23997.362987308417,-24167.457849787959,-31743.44525221792,-26876.880335171652,-28841.282805814084,-31832.804055346944,-34899.01744852202,null,"Assume dividends paid = dividends payable"]
[null,"Change in owner contributions","$'000",null,null,null,null,null,null,null,{"$f":"K70-J70","v":0},{"$f":"L70-K70","v":0},0,0,0,-101.58392719266703,-13530.380000029865,-14399.424648838962,-14877.406914773455,-15374.22696355154]
[null,"Cash Flow from Financing","$'000",null,null,null,null,null,null,{"$f":"SUM(J93:J95)","v":-29144.166104402626},{"$f":"SUM(K93:K96)","v":-35288.905606155975},{"$f":"SUM(L93:L96)","v":-49079.368107160233},{"$f":"SUM(M93:M96)","v":-33989.853128521863},-43761.941126547412,-45056.580112217547,-53672.580634575228,-62944.552738917846,-66488.852425855104,-70690.19850636537,-75006.452276823082]
[null,"NET CASH FLOW","$'000",null,null,null,null,null,null,{"$f":"J86+J91+J97","v":-36594.166104402626},-34734.508141033642,-15917.773504683166,-41746.472026616218,-32489.847915431717,-35431.790219912888,-29567.738257251935,-22362.299425136465,-22397.323972473569,-23058.670357044175,-23732.234350420069]
[null,"check = net cash flow = 0",null,null,null,null,null,null,null,{"$f":"(I67-I62)-(J67-J62)-J98","v":0},{"$f":"(J67-J62)-(K67-K62)-K98","v":0},{"$f":"(K67-K62)-(L67-L62)-L98","v":0},0,0,0,-9.4587448984384537E-11,5.0931703299283981E-11,6.5483618527650833E-11,-2.9103830456733704E-11,0]
[]
[]
[]
[null,"TABLE 5 - FINANCEABILITY RATIOS"]
[null,{"$f":"B29","v":"Financial year"},null,"Target ratios",null,null,null,null,null,{"$f":"J29","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"J30","v":"nominal"},{"$f":"K30","v":"nominal $'000"}]
[null,"1. Adjusted FFO Interest Cover",null,"Higher is better",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"= (FFO + net interest payments) / net interest payments"]
[null," - ratio (times)",">",1.8,null,null,null,null,null,{"$f":"(J122-J93-J94)/(-J93-J94)","v":2.9048120657698187},3.5250177630440698,3.4298996991411195,3.3450950740948637,3.3413537173616086,3.327778308402999,3.4046651579033953,3.5055780181031579,3.5721086086370661,3.6777230127803096,3.7802281984833637]
[]
[null,"2. Adjusted FFO / Net Debt",null,"Higher is better"]
[null," - ratio (%)",">",0.06,null,null,null,null,null,{"$f":"J122/(J67-J62)","v":7.4287670565022931E-2},7.8634984731923319E-2,7.7120840060631232E-2,7.4429287019612364E-2,7.4310542787355743E-2,7.3879682639743607E-2,7.6319939093613634E-2,7.9522739832375622E-2,8.1634306426469391E-2,8.4986326089218828E-2,8.8239664502645823E-2,null,"= FFO / Net Debt"]
[]
[null,"2. Net Debt / RAB",null,"Lower is better"]
[null," - ratio (%)","<",0.7,null,null,null,null,null,{"$f":"(J67-J62)/(J65+J63+J64-J66)","v":0.59999999999999987},{"$f":"(K67-K62)/(K65+K63+K64-K66)","v":0.59999999999999987},{"$f":"(L67-L62)/(L65+L63+L64-L66)","v":0.6},0.6,0.6,0.6,0.60000000000000009,0.60000000000000009,0.6,0.6,0.6,null,"= Net Debt / (RAB + net working capital)"]
[]
[]
[]
[]
[]
[null,"TABLE 6 - CALCULATIONS FOR FINANCEABILITY RATIOS"]
[null,{"$f":"B$15","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J$15","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[]
[null,"Funds From Operations (FFO) ",{"$f":"$C$23","v":"$'000"},null,null,null,null,null,null,{"$f":"J86-J85+J93+J94","v":36983.94184442595},{"$f":"K86-K85+K93+K94","v":41879.589481897478},{"$f":"L86-L85+L93+L94","v":42300.775117247453},43931.618620171168,46275.86849839121,48625.245684061767,52487.952466577968,56468.944434314923,59796.753815271346,64211.764471988165,68763.961944527109,null,"Cash flow from operations (CFO) minus change in working capital minus interest paid plus interest received."]

{"sheet":"Financials actual","index":9,"n_rows":190,"n_cols":24,"rows_kept":190,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"5b  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - ACTUAL"]
[]
[null,"Index",null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B34","v":"TABLE 2 - REGULATORY INCOME STATEMENT ($'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B34)","v":34}]
[null,{"$f":"B64","v":"TABLE 3 - REGULATORY BALANCE SHEET ($'000)"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B64)","v":64}]
[null,{"$f":"B85","v":"TABLE 4 - REGULATORY CASH FLOW ($'000)"},null,null,null,null,null,null,null,null,null,{"$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,{"$f":"B134","v":"TABLE 6 - CALCULATION OF TAX PAYABLE"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B134)","v":134}]
[null,{"$f":"B155","v":"TABLE 7 - CALCULATIONS FOR FINANCEABILITY RATIOS"},null,null,null,null,null,null,null,null,null,{"$f":"ROW(B155)","v":155}]
[]
[null,null,null,null,null,null,null,null,"added column"]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Pricing & financial inputs'!B64","v":"Financial year"},{"$f":"'Pricing & financial inputs'!C64","v":"Units"},"Selection options",null,null,null,{"$f":"'Pricing & financial inputs'!H64","v":"2016-17"},{"$f":"'Pricing & financial inputs'!I64","v":"2017-18"},{"$f":"'Pricing & financial inputs'!J64","v":"2018-19"},{"$f":"'Pricing & financial inputs'!K64","v":"2019-20"},{"$f":"'Pricing & financial inputs'!L64","v":"2020-21"},{"$f":"'Pricing & financial inputs'!M64","v":"2021-22"},{"$f":"'Pricing & financial inputs'!N64","v":"2022-23"},{"$f":"'Pricing & financial inputs'!O64","v":"2023-24"},{"$f":"'Pricing & financial inputs'!P64","v":"2024-25"},{"$f":"'Pricing & financial inputs'!Q64","v":"2025-26"},{"$f":"'Pricing & financial inputs'!R64","v":"2026-27"},{"$f":"'Pricing & financial inputs'!S64","v":"2027-28"},{"$f":"'Pricing & financial inputs'!T64","v":"2028-29"}]
[null,null,null,"& messages"]
[null,{"$f":"'Pricing & financial inputs'!$B$67","v":"Corporate tax rate"},"%",null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I68","v":0.3},{"$f":"'Pricing & financial inputs'!J68","v":0.3},{"$f":"'Pricing & financial inputs'!K68","v":0.3},{"$f":"'Pricing & financial inputs'!L68","v":0.3},{"$f":"'Pricing & financial inputs'!M68","v":0.3},{"$f":"'Pricing & financial inputs'!N68","v":0.3},{"$f":"'Pricing & financial inputs'!O68","v":0.3},{"$f":"'Pricing & financial inputs'!P68","v":0.3},{"$f":"'Pricing & financial inputs'!Q68","v":0.3},{"$f":"'Pricing & financial inputs'!R68","v":0.3},{"$f":"'Pricing & financial inputs'!S68","v":0.3},{"$f":"'Pricing & financial inputs'!T68","v":0.3}]
[null,{"$f":"CHOOSE($D$19,Scenario!W79,Scenario!W80)","v":"Dividend payout rate"},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!C70,'Pricing & financial inputs'!C72)","v":"%"},{"$f":"Scenario!$W$81","v":2},null,null,null,null,{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!I70,'Pricing & financial inputs'!I72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!J70,'Pricing & financial inputs'!J72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!K70,'Pricing & financial inputs'!K72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!L70,'Pricing & financial inputs'!L72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!M70,'Pricing & financial inputs'!M72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!N70,'Pricing & financial inputs'!N72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!O70,'Pricing & financial inputs'!O72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!P70,'Pricing & financial inputs'!P72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!Q70,'Pricing & financial inputs'!Q72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!R70,'Pricing & financial inputs'!R72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!S70,'Pricing & financial inputs'!S72)","v":0.5},{"$f":"CHOOSE($D$19,'Pricing & financial inputs'!T70,'Pricing & financial inputs'!T72)","v":0.5}]
[null,{"$f":"'Pricing & financial inputs'!B79","v":"Expected actual average cost of debt"},{"$f":"C18","v":"%"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I79","v":6.3E-2},{"$f":"'Pricing & financial inputs'!J79","v":5.6518292682926838E-2},{"$f":"'Pricing & financial inputs'!K79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!L79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!M79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!N79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!O79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!P79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!Q79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!R79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!S79","v":5.9500000000000067E-2},{"$f":"'Pricing & financial inputs'!T79","v":5.9500000000000067E-2}]
[null,"Share of debt paid at nominal cost of debt",{"$f":"C20","v":"%"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I75","v":1},{"$f":"'Pricing & financial inputs'!J75","v":0.75},{"$f":"'Pricing & financial inputs'!K75","v":0.75},{"$f":"'Pricing & financial inputs'!L75","v":0.75},{"$f":"'Pricing & financial inputs'!M75","v":0.75},{"$f":"'Pricing & financial inputs'!N75","v":0.75},{"$f":"'Pricing & financial inputs'!O75","v":0.75},{"$f":"'Pricing & financial inputs'!P75","v":0.75},{"$f":"'Pricing & financial inputs'!Q75","v":0.75},{"$f":"'Pricing & financial inputs'!R75","v":0.75},{"$f":"'Pricing & financial inputs'!S75","v":0.75},{"$f":"'Pricing & financial inputs'!T75","v":0.75}]
[null,"Inflator for (real) inputs to nominal values ","no.",null,null,null,null,null,1,1,{"$f":"J22*(1+'Pricing & financial inputs'!K18)","v":1.0249999999999999},{"$f":"K22*(1+'Pricing & financial inputs'!L18)","v":1.0506249999999999},{"$f":"L22*(1+'Pricing & financial inputs'!M18)","v":1.0768906249999999},{"$f":"M22*(1+'Pricing & financial inputs'!N18)","v":1.1038128906249998},{"$f":"N22*(1+'Pricing & financial inputs'!O18)","v":1.1314082128906247},{"$f":"O22*(1+'Pricing & financial inputs'!P18)","v":1.1596934182128902},{"$f":"P22*(1+'Pricing & financial inputs'!Q18)","v":1.1886857536682123},{"$f":"Q22*(1+'Pricing & financial inputs'!R18)","v":1.2184028975099175},{"$f":"R22*(1+'Pricing & financial inputs'!S18)","v":1.2488629699476652},{"$f":"S22*(1+'Pricing & financial inputs'!T18)","v":1.2800845441963566}]
[null,"Inflator to nominal values for calculated values","no.",{"$f":"IF(Scenario!W37=1,\"Forecasts are nominal, therefore inflator = 1\",\"ok\")","v":"ok"},null,null,null,null,1,1,{"$f":"'RAB projected '!K23","v":1.0249999999999999},{"$f":"'RAB projected '!L23","v":1.0506249999999999},{"$f":"'RAB projected '!M23","v":1.0768906249999999},{"$f":"'RAB projected '!N23","v":1.1038128906249998},{"$f":"'RAB projected '!O23","v":1.1314082128906247},{"$f":"'RAB projected '!P23","v":1.1596934182128902},{"$f":"'RAB projected '!Q23","v":1.1886857536682123},{"$f":"'RAB projected '!R23","v":1.2184028975099175},{"$f":"'RAB projected '!S23","v":1.2488629699476652},{"$f":"'RAB projected '!T23","v":1.2800845441963566}]
[]
[null,"Tax treatment of cash capital contributions"]
[null,{"$f":"Scenario!J53&\" up to \"&$J$16","v":"Use gross amount & include tax in tax allowance up to 2018-19"},null,{"$f":"Scenario!W54","v":2}]
[null,{"$f":"Scenario!J54&\" from \"&$K$16","v":"Use net of tax & do not included tax in tax allowance from 2019-20"},null,{"$f":"Scenario!W55","v":1}]
[]
[null,{"$f":"'Pricing & financial inputs'!B84","v":"Retained earnings "},{"$f":"'Pricing & financial inputs'!C84","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H84","v":4000},{"$f":"'Pricing & financial inputs'!I84","v":"na"},{"$f":"'Pricing & financial inputs'!J84","v":"na"}]
[null,{"$f":"'Pricing & financial inputs'!B85","v":"Closing cash assets"},{"$f":"'Pricing & financial inputs'!C85","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H85","v":"na"},{"$f":"'Pricing & financial inputs'!I85","v":10000},{"$f":"'Pricing & financial inputs'!J85","v":10000}]
[null,{"$f":"'Pricing & financial inputs'!B87","v":"Closing debt"},{"$f":"'Pricing & financial inputs'!C87","v":"$'000"},null,null,null,null,{"$f":"'Pricing & financial inputs'!H87","v":"na"},{"$f":"'Pricing & financial inputs'!I87","v":450000},{"$f":"'Pricing & financial inputs'!J87","v":500000}]
[]
[]
[null,"TABLE 2 - REGULATORY INCOME STATEMENT ($'000)"]
[null,{"$f":"B16","v":"Financial year"},null,null,null,null,null,{"$f":"H16","v":"2016-17"},"2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"K36","v":"nominal $'000"},{"$f":"Scenario!$X$35","v":"nominal $'000"}]
[]
[null,"Revenue from sales",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"Scenario!I136*I$23","v":119317},{"$f":"Scenario!J136*J$23","v":121750},{"$f":"Scenario!K136*K$23","v":125353.95385353158},{"$f":"Scenario!L136*L$23","v":129054.10751317089},{"$f":"Scenario!M136*M$23","v":133909.23629277086},{"$f":"Scenario!N136*N$23","v":138957.23712751901},{"$f":"Scenario!O136*O$23","v":145270.47284870216},{"$f":"Scenario!P136*P$23","v":151816.45904040805},{"$f":"Scenario!Q136*Q$23","v":158602.98315730394},{"$f":"Scenario!R136*R$23","v":165639.14683105785},{"$f":"Scenario!S136*S$23","v":172932.22249625286},{"$f":"Scenario!T136*T$23","v":180739.99927156797}]
[null,"Profit/loss on the asset sales",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'RAB & cost inputs'!I110*I22","v":200},{"$f":"'RAB & cost inputs'!J110*J22","v":0},{"$f":"'RAB & cost inputs'!K110*K22","v":307.5},{"$f":"'RAB & cost inputs'!L110*L22","v":52.531249999999993},{"$f":"'RAB & cost inputs'!M110*M22","v":0},{"$f":"'RAB & cost inputs'!N110*N22","v":0},{"$f":"'RAB & cost inputs'!O110*O22","v":0},{"$f":"'RAB & cost inputs'!P110*P22","v":0},{"$f":"'RAB & cost inputs'!Q110*Q22","v":0},{"$f":"'RAB & cost inputs'!R110*R22","v":0},{"$f":"'RAB & cost inputs'!S110*S22","v":0},{"$f":"'RAB & cost inputs'!T110*T22","v":0},null,"Total profit or loss, not just share of other revenue used to offset costs"]
[null,"Other regulatory revenue ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'RAB & cost inputs'!I116*I22","v":2000},{"$f":"'RAB & cost inputs'!J116*J22","v":2000},{"$f":"'RAB & cost inputs'!K116*K22","v":2050},{"$f":"'RAB & cost inputs'!L116*L22","v":2101.25},{"$f":"'RAB & cost inputs'!M116*M22","v":2153.7812499999995},{"$f":"'RAB & cost inputs'!N116*N22","v":2207.6257812499994},{"$f":"'RAB & cost inputs'!O116*O22","v":2262.8164257812491},{"$f":"'RAB & cost inputs'!P116*P22","v":2319.3868364257805},{"$f":"'RAB & cost inputs'!Q116*Q22","v":2377.3715073364247},{"$f":"'RAB & cost inputs'!R116*R22","v":2436.8057950198349},{"$f":"'RAB & cost inputs'!S116*S22","v":2497.7259398953306},{"$f":"'RAB & cost inputs'!T116*T22","v":2560.1690883927131},null,"Total other revenue, not just share of other revenue used to offset costs"]
[null,"Total revenue",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I38:I40)","v":121517},{"$f":"SUM(J38:J40)","v":123750},127711.45385353158,131207.88876317089,136063.01754277086,141164.86290876902,147533.28927448342,154135.84587683383,160980.35466464036,168075.95262607769,175429.94843614817,183300.16835996069]
[]
[null,"Operating costs",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Cost building blocks'!I15*I$23","v":64940},{"$f":"'Cost building blocks'!J15*J$23","v":64950},{"$f":"'Cost building blocks'!K15*K$23","v":66625},{"$f":"'Cost building blocks'!L15*L$23","v":68448.21875},{"$f":"'Cost building blocks'!M15*M$23","v":70320.957812499997},{"$f":"'Cost building blocks'!N15*N$23","v":72244.55369140624},{"$f":"'Cost building blocks'!O15*O$23","v":74220.378765624977},{"$f":"'Cost building blocks'!P15*P$23","v":76249.842247497523},{"$f":"'Cost building blocks'!Q15*Q$23","v":78334.391166735193},{"$f":"'Cost building blocks'!R15*R$23","v":80475.51138053005},{"$f":"'Cost building blocks'!S15*S$23","v":82674.728610535443},{"$f":"'Cost building blocks'!T15*T$23","v":84933.609507428264}]
[]
[null,"EBITDA",{"$f":"C43","v":"$'000"},null,null,null,null,null,{"$f":"I41-I43","v":56577},58800,61086.453853531581,62759.670013170893,65742.059730270863,68920.309217362781,73312.910508858447,77886.003629336308,82645.963497905163,87600.441245547641,92755.21982561273,98366.558852532427]
[null,"Depreciation",{"$f":"C45","v":"$'000"},null,null,null,null,null,{"$f":"'RAB historical'!I122","v":19537.117190893929},{"$f":"'RAB historical'!J122","v":20694.253730363755},{"$f":"'RAB projected '!K137","v":20945.031001287734},{"$f":"'RAB projected '!L137","v":22117.23061636274},{"$f":"'RAB projected '!M137","v":23481.675915471937},{"$f":"'RAB projected '!N137","v":25083.201243799802},{"$f":"'RAB projected '!O137","v":26602.572303332407},{"$f":"'RAB projected '!P137","v":28175.276754554987},{"$f":"'RAB projected '!Q137","v":29592.064099143277},{"$f":"'RAB projected '!R137","v":30955.471009457262},{"$f":"'RAB projected '!S137","v":32378.960416641217},{"$f":"'RAB projected '!T137","v":33864.94449600509}]
[]
[null,"EBIT",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I45-I46","v":37039.882809106071},38105.746269636249,40141.42285224385,40642.439396808157,42260.38381479893,43837.107973562976,46710.338205526044,49710.726874781321,53053.899398761889,56644.970236090376,60376.259408971513,64501.614356527338]
[null,"Interest income 1",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I68*I20","v":630},{"$f":"J68*J20","v":565.18292682926835},{"$f":"J68*K20","v":595.00000000000068},-2.5975168682634862E-12,1.1905285646207644E-12,2.7057467377744644E-12,-3.138666215818379E-12,-1.1905285646207644E-12,-1.0822986951097858E-12,0,2.0563675207085929E-12,5.7361830840818652E-12]
[null,"Interest expense 1,2",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I74*I20+I175","v":28350},{"$f":"J74*J20+J175","v":31209.357768397735},{"$f":"J74*K20+K175","v":32815.715915058172},34644.172942387733,34943.056984747913,38022.032162438794,39970.512375305458,42199.4916215907,43648.216257871398,44186.290632454227,44659.993826575257,45067.893495763434,null,"Interest expense includes the indexation on debt that carries a real cost of debt "]
[]
[null,"Pre Tax Profit",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I48+I49-I50","v":9319.8828091060714},7461.5714280677857,7920.7069371856778,5998.2664544204235,7317.3268300510172,5815.0758111241812,6739.8258302205868,7511.2352531906217,9405.6831408904909,12458.679603636148,15716.265582396256,19433.720860763911]
[null,"Tax expense (incl tax on capital contributions)",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"(I52+I139+I140)*I18","v":3125.9648427318211},2613.4714284203355,{"$f":"(K52+K139+K140)*K18","v":2683.7120811557033},{"$f":"(L52+L139+L140)*L18","v":2114.6674363261268},2518.2652365153049,2075.6666105247541,2361.3702129333633,2601.2786014210533,3178.310668367611,4103.1247503438199,5089.5385657031766,6214.1416214880801,null,"Including tax on in-kind and cash capital contributions, the latter if cash capital contributions are deducted from capex at full value (see comment)"]
[]
[null,"Profit after tax",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I52-I53","v":6193.9179663742507},4848.0999996474502,5236.9948560299745,3883.5990180942968,4799.0615935357127,3739.4092005994271,4378.4556172872235,4909.9566517695685,6227.3724725228803,8355.5548532923276,10626.727016693079,13219.57923927583]
[null,"Retained earnings at the beginning of the year",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"H59","v":4000},7096.9589831871253,9521.0089830108518,12139.506411025839,14081.305920072988,16480.836716840844,18350.54131714056,20539.769125784173,22994.747451668954,26108.433687930396,30286.211114576559,35599.574622923094]
[null,"Dividends payable",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"MAX(0,CHOOSE($D$19,MIN(I55+I56,I19),I55*I19))","v":3096.9589831871253},2424.0499998237251,{"$f":"MAX(0,CHOOSE($D$19,MIN(K55+K56,K19),K55*K19))","v":2618.4974280149872},1941.7995090471484,2399.5307967678564,1869.7046002997135,2189.2278086436118,2454.9783258847842,3113.6862362614402,4177.7774266461638,5313.3635083465397,6609.7896196379152,null,"Dividend payments cannot exceed profit after tax plus retained earnings "]
[]
[null,"Retained Earnings at year end",{"$f":"$C$29","v":"$'000"},null,null,null,null,{"$f":"H29","v":4000},{"$f":"SUM(I55:I56)-I57","v":7096.9589831871253},{"$f":"SUM(J55:J56)-J57","v":9521.0089830108518},{"$f":"SUM(K55:K56)-K57","v":12139.506411025839},14081.305920072988,16480.836716840844,18350.54131714056,20539.769125784173,22994.747451668954,26108.433687930396,30286.211114576559,35599.574622923094,42209.364242561009]
[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,"TABLE 3 - REGULATORY BALANCE SHEET ($'000)",null,null,null,null,null,null,null,null,{"$f":"-K91-K53","v":1368.2240749037619}]
[null,{"$f":"B35","v":"Financial year"},null,null,null,null,null,{"$f":"H35","v":"2016-17"},{"$f":"I35","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$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},{"$f":"J68+K74-J74+K104-K175","v":-4.3655745685100555E-11},{"$f":"K68+L74-K74+L104-L175","v":2.0008883439004421E-11},4.5474735088646412E-11,-5.2750692702829838E-11,-2.0008883439004421E-11,-1.8189894035458565E-11,0,3.4560798667371273E-11,9.6406438387930393E-11,-1.0913936421275139E-11]
[null,"Receivables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I44*I$23","v":14710.31506849315},{"$f":"'Working capital'!J44*J$23","v":15010.273972602739},{"$f":"'Working capital'!K44*K$23","v":15385.530821917806},{"$f":"'Working capital'!L44*L$23","v":15840.961976696284},{"$f":"'Working capital'!M44*M$23","v":16308.549887794539},{"$f":"'Working capital'!N44*N$23","v":16922.091846586452},{"$f":"'Working capital'!O44*O$23","v":17560.007020566612},{"$f":"'Working capital'!P44*P$23","v":18357.809753825717},{"$f":"'Working capital'!Q44*Q$23","v":19185.025132161154},{"$f":"'Working capital'!R44*R$23","v":20042.637255152444},{"$f":"'Working capital'!S44*S$23","v":20931.796294746688},{"$f":"'Working capital'!T44*T$23","v":21853.421267505921}]
[null,"Inventory","$'000",null,null,null,null,null,{"$f":"'Working capital'!I45*I$23","v":546.52054794520552},{"$f":"'Working capital'!J45*J$23","v":711.23287671232879},{"$f":"'Working capital'!K45*K$23","v":686.89041095890411},{"$f":"'Working capital'!L45*L$23","v":512.4171575342466},{"$f":"'Working capital'!M45*M$23","v":796.30898544520539},{"$f":"'Working capital'!N45*N$23","v":690.5332477953765},{"$f":"'Working capital'!O45*O$23","v":741.45984800941756},{"$f":"'Working capital'!P45*P$23","v":691.05018756521542},{"$f":"'Working capital'!Q45*Q$23","v":637.65663169379718},{"$f":"'Working capital'!R45*R$23","v":657.93756465535546},{"$f":"'Working capital'!S45*S$23","v":678.83400887018297},{"$f":"'Working capital'!T45*T$23","v":700.36406431784224}]
[null,"RAB","$'000",null,null,null,null,null,{"$f":"'RAB historical'!I124","v":761696.77078660089},{"$f":"'RAB historical'!J124","v":824693.06132590212},{"$f":"'RAB projected '!K139","v":881867.85685776186},{"$f":"'RAB projected '!L139","v":905499.42266284325},{"$f":"'RAB projected '!M139","v":978583.77372019226},{"$f":"'RAB projected '!N139","v":1030639.1179600222},{"$f":"'RAB projected '!O139","v":1089767.1588888934},{"$f":"'RAB projected '!P139","v":1137543.1846715021},{"$f":"'RAB projected '!Q139","v":1173238.9585528609},{"$f":"'RAB projected '!R139","v":1209994.1527787873},{"$f":"'RAB projected '!S139","v":1247828.661219941},{"$f":"'RAB projected '!T139","v":1286762.1809408157}]
[null,"Net tax assets/-liabilities","$'000",null,null,null,null,0,{"$f":"H72-I91-I53","v":32.135157268178773},1293.4747044575961,{"$f":"J72-K91-K53","v":2661.698779361358},{"$f":"K72-L91-L53","v":4735.6048877604553},6812.1314651603934,8653.6953942531327,11390.237049585225,13853.341209353533,16347.622298748645,19727.754393746211,23059.519735378319,26644.786176407353,null,"Difference between tax paid and tax expense"]
[null,"Payables","$'000",null,null,null,null,null,{"$f":"'Working capital'!I46*I$23","v":8197.8082191780813},{"$f":"'Working capital'!J46*J$23","v":10668.493150684932},{"$f":"'Working capital'!K46*K$23","v":10303.35616438356},{"$f":"'Working capital'!L46*L$23","v":7686.2573630136976},{"$f":"'Working capital'!M46*M$23","v":11944.63478167808},{"$f":"'Working capital'!N46*N$23","v":10357.998716930648},{"$f":"'Working capital'!O46*O$23","v":11121.897720141264},{"$f":"'Working capital'!P46*P$23","v":10365.752813478231},{"$f":"'Working capital'!Q46*Q$23","v":9564.8494754069579},{"$f":"'Working capital'!R46*R$23","v":9869.0634698303311},{"$f":"'Working capital'!S46*S$23","v":10182.510133052743},{"$f":"'Working capital'!T46*T$23","v":10505.460964767633}]
[null,"Debt","$'000",null,null,null,null,null,{"$f":"I31","v":450000},{"$f":"J31","v":500000},{"$f":"MAX(0,J74-K104-J68)+K175","v":526023.247015464},530638.27970117691,577255.24329293193,606912.25480443961,640746.57440198236,662790.08502573019,671002.59930397046,678202.85329595651,684402.51857151289,689736.00277977239,null,"Debt includes the indexation on debt that carries a real cost of debt, lagged by 1 year"]
[null,"Net assets employed","$'000",null,null,null,null,null,{"$f":"SUM(I68:I72)-SUM(I73:I74)","v":328787.93334112928},{"$f":"SUM(J68:J72)-SUM(J73:J74)","v":341039.54972898978},{"$f":"SUM(K68:K72)-SUM(K73:K74)","v":364275.37369015231},388263.86962064367,413300.88598398247,439635.18492728681,467590.39068493096,497289.54798303812,528841.81383608724,562350.56522655452,597913.78255437047,635719.28870450682]
[]
[null,"Owner contributions",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I75-I78-I79","v":267106.78503005352},{"$f":"J75-J78-J79","v":258206.19108724128},{"$f":"J77","v":258206.19108724128},258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128,258206.19108724128]
[null,"Retained earnings",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I59","v":7096.9589831871253},9521.0089830108518,12139.506411025839,14081.305920072988,16480.836716840844,18350.54131714056,20539.769125784173,22994.747451668954,26108.433687930396,30286.211114576559,35599.574622923094,42209.364242561009]
[null,"Asset revaluation reserve",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I91","v":54584.189327888635},{"$f":"'Pricing & financial inputs'!J91","v":73312.349658737658},{"$f":"J79+'RAB projected '!K138","v":93929.676191885141},{"$f":"K79+'RAB projected '!L138","v":115976.37261332928},{"$f":"L79+'RAB projected '!M138","v":138613.85817990024},{"$f":"M79+'RAB projected '!N138","v":163078.45252290499},{"$f":"N79+'RAB projected '!O138","v":188844.43047190554},{"$f":"O79+'RAB projected '!P138","v":216088.6094441278},{"$f":"P79+'RAB projected '!Q138","v":244527.18906091529},{"$f":"Q79+'RAB projected '!R138","v":273858.16302473657},{"$f":"R79+'RAB projected '!S138","v":304108.0168442062},{"$f":"S79+'RAB projected '!T138","v":335303.73337470443}]
[null,"Total equity",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I77:I79)","v":328787.93334112928},{"$f":"SUM(J77:J79)","v":341039.54972898978},364275.37369015225,388263.86962064356,413300.88598398236,439635.18492728681,467590.39068493096,497289.54798303801,528841.81383608701,562350.5652265544,597913.78255437058,635719.2887045067]
[null,"check net assets = total equity",null,null,null,null,null,null,{"$f":"I75-SUM(I80)","v":0},{"$f":"J75-SUM(J80)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"L81-K81","v":0},{"$f":"M81-L81","v":0},0,0,0,0,0,0,0,0]
[]
[]
[null,"TABLE 4 - REGULATORY CASH FLOW ($'000)"]
[null,{"$f":"B35","v":"Financial year"},null,null,null,null,null,null,{"$f":"I35","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"K87","v":"nominal $'000"},{"$f":"K36","v":"nominal $'000"}]
[]
[null,"Receipts from customers",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I41-I39","v":121317},123750,127403.95385353158,131155.35751317089,136063.01754277086,141164.86290876902,147533.28927448342,154135.84587683383,160980.35466464036,168075.95262607769,175429.94843614817,183300.16835996069,null,"Revenue excluding profit/loss on asset sales"]
[null,"Operating costs",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I43","v":-64940},-64950,-66625,-68448.21875,-70320.957812499997,-72244.55369140624,-74220.378765624977,-76249.842247497523,-78334.391166735193,-80475.51138053005,-82674.728610535443,-84933.609507428264]
[null,"Tax paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I150","v":-3158.1},-3874.8109756097529,{"$f":"-K150","v":-4051.9361560594652},{"$f":"-L150","v":-4188.5735447252237},-4594.7918139152434,-3917.2305396174925,-5097.9118682654544,-5064.3827611893648,-5672.5917577627233,-7483.2568453413842,-8421.3039073352847,-9799.4080625171136,null,"Including tax on both cash and in-kind capital contributions. Assume tax paid = tax payable"]
[null,"Change in working capital",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,0,{"$f":"(I69+I70-I73)-(J69+J70-J73)","v":2006.0136986301368},-716.05136986301295,-2898.056702723683,3506.8976796551688,-2094.4022858895187,75.057229016416386,-1503.5379794779346,-1574.7251605352922,-573.6790615294758,-596.60882058665993,-620.20419649199903]
[null,"Cash Flow From Operations",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I89:I92)","v":53218.9},{"$f":"SUM(J89:J92)","v":56931.202723020382},56010.966327609101,55620.508515721987,64654.165596010789,62908.67639185577,68290.055869609409,71318.082888669014,75398.646579607142,79543.505338676783,83737.307097690791,87946.946593523317]
[]
[null,"Sale of assets",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM('RAB & cost inputs'!I107:I108)*I$22","v":1500},{"$f":"SUM('RAB & cost inputs'!J107:J108)*J$22","v":1000},{"$f":"SUM('RAB & cost inputs'!K107:K108)*K$22","v":1537.4999999999998},{"$f":"SUM('RAB & cost inputs'!L107:L108)*L$22","v":1418.34375},{"$f":"SUM('RAB & cost inputs'!M107:M108)*M$22","v":1076.8906249999998},{"$f":"SUM('RAB & cost inputs'!N107:N108)*N$22","v":1103.8128906249997},{"$f":"SUM('RAB & cost inputs'!O107:O108)*O$22","v":1131.4082128906246},{"$f":"SUM('RAB & cost inputs'!P107:P108)*P$22","v":1159.6934182128903},{"$f":"SUM('RAB & cost inputs'!Q107:Q108)*Q$22","v":1188.6857536682123},{"$f":"SUM('RAB & cost inputs'!R107:R108)*R$22","v":1218.4028975099175},{"$f":"SUM('RAB & cost inputs'!S107:S108)*S$22","v":1248.8629699476653},{"$f":"SUM('RAB & cost inputs'!T107:T108)*T$22","v":1280.0845441963565}]
[null,"Purchase of assets ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-SUM(Scenario!I65:I66)*I$22","v":-35000},{"$f":"-SUM(Scenario!J65:J66)*J$22","v":-65200},{"$f":"-SUM(Scenario!K65:K66)*K$22","v":-59449.999999999993},{"$f":"-SUM(Scenario!L65:L66)*L$22","v":-25214.999999999996},{"$f":"-SUM(Scenario!M65:M66)*M$22","v":-75382.343749999985},{"$f":"-SUM(Scenario!N65:N66)*N$22","v":-54086.831640624987},{"$f":"-SUM(Scenario!O65:O66)*O$22","v":-61096.043496093735},{"$f":"-SUM(Scenario!P65:P66)*P$22","v":-49866.816983154276},{"$f":"-SUM(Scenario!Q65:Q66)*Q$22","v":-38037.944117382795},{"$f":"-SUM(Scenario!R65:R66)*R$22","v":-39598.094169072319},{"$f":"-SUM(Scenario!S65:S66)*S$22","v":-41212.478008272949},{"$f":"-SUM(Scenario!T65:T66)*T$22","v":-42882.832230577951}]
[null,"Cash capital contributions",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(Scenario!I69:I70)*I22*'RAB historical'!I40","v":200},{"$f":"SUM(Scenario!J69:J70)*J22*'RAB historical'!J40","v":350},{"$f":"SUM(Scenario!K69:K70)*K22*'RAB projected '!K35","v":717.5},{"$f":"SUM(Scenario!L69:L70)*L22*'RAB projected '!L35","v":147.08749999999998},{"$f":"SUM(Scenario!M69:M70)*M22*'RAB projected '!M35","v":376.91171874999992},{"$f":"SUM(Scenario!N69:N70)*N22*'RAB projected '!N35","v":309.0676093749999},{"$f":"SUM(Scenario!O69:O70)*O22*'RAB projected '!O35","v":0},{"$f":"SUM(Scenario!P69:P70)*P22*'RAB projected '!P35","v":0},{"$f":"SUM(Scenario!Q69:Q70)*Q22*'RAB projected '!Q35","v":0},{"$f":"SUM(Scenario!R69:R70)*R22*'RAB projected '!R35","v":0},{"$f":"SUM(Scenario!S69:S70)*S22*'RAB projected '!S35","v":0},{"$f":"SUM(Scenario!T69:T70)*T22*'RAB projected '!T35","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,{"$f":"SUM(I95:I97)","v":-33300},{"$f":"SUM(J95:J97)","v":-63850},-57194.999999999993,-23649.568749999995,-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,{"$f":"I49","v":630},565.18292682926835,595.00000000000068,-2.5975168682634862E-12,1.1905285646207644E-12,2.7057467377744644E-12,-3.138666215818379E-12,-1.1905285646207644E-12,-1.0822986951097858E-12,0,2.0563675207085929E-12,5.7361830840818652E-12]
[null,"Interest paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I50+I175","v":-28350},-28259.14634146342,-29750.000000000029,-31298.383197420138,-31572.977642220059,-34346.686975929486,-36111.2791608642,-38124.421176917996,-39436.010059030988,-39924.654658586289,-40353.069771109454,-40721.949855005063,null,"Interest paid excludes the indexation on debt that carries a real cost of debt"]
[null,"Dividends paid",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"-I57","v":-3096.9589831871253},{"$f":"-J57","v":-2424.0499998237251},{"$f":"-K57","v":-2618.4974280149872},-1941.7995090471484,-2399.5307967678564,-1869.7046002997135,-2189.2278086436118,-2454.9783258847842,-3113.6862362614402,-4177.7774266461638,-5313.3635083465397,-6609.7896196379152,null,"Assume dividends paid = dividends payable"]
[null,"Cash Flow from Financing",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"SUM(I100:I102)","v":-30816.958983187127},-30118.013414457877,-31773.497428015016,-33240.182706467291,-33972.508438987919,-36216.391576229202,-38300.506969507813,-40579.399502802778,-42549.69629529243,-44102.432085232453,-45666.433279455996,-47331.739474642971]
[null,"NET CASH FLOW",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I93+I98+I103","v":-10898.058983187126},-37036.810691437495,-32957.531100405904,-1269.2429407452983,-43246.884249227121,-25981.666324998419,-29975.086383101516,-17968.440179075151,-4000.308079399867,-2938.618018118068,-1892.7412200904873,-987.54056750125164]
[]
[]
[]
[null,"TABLE 5 - FINANCEABILITY RATIOS"]
[null,{"$f":"B35","v":"Financial year"},null,"Target ratios",null,null,null,null,{"$f":"I35","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[]
[null,"1. Adjusted FFO Interest Cover",null,{"$f":"'Financials benchmark'!D106","v":"Higher is better"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"= (Inflation adjusted FFO + inflation adjusted net interest payments) / inflation adjusted net interest payments, after adjustment for operating leases and superannuation"]
[null," - ratio (times)",{"$f":"'Financials benchmark'!C107","v":">"},{"$f":"'Financials benchmark'!D107","v":1.8},null,null,null,null,{"$f":"(I189+I182)/I182","v":2.494270270302116},2.8937747401528413,2.8218205070728026,2.7337843222421445,2.8288563946186263,2.7691035417797036,2.7627625271812688,2.7941651046183127,2.854108500843441,2.9327811133005599,3.0533047235043012,3.1764320295575552]
[]
[null,"1a. FFO Interest Cover"]
[null," - ratio (times)",{"$f":"C112","v":">"},{"$f":"D112","v":1.8},null,null,null,null,{"$f":"(I188+I181)/I181","v":1.9134442823543423},1.977387199894987,1.9397846965280947,1.8647074428072976,1.9310312336102169,1.8875856538016809,1.8842026411149275,1.9052575078838019,1.9467246421781892,2.0010805562762957,2.0835237474372219,2.1677528457205515,null,"= (FFO + net interest payments) / net interest payments, after adjustment for operating leases and superannuation"]
[]
[null,"2. Adjusted FFO / Net Debt",null,{"$f":"'Financials benchmark'!D109","v":"Higher is better"}]
[null," - ratio (%)",{"$f":"'Financials benchmark'!C110","v":">"},{"$f":"'Financials benchmark'!D110","v":0.06},null,null,null,null,{"$f":"I189/I180","v":7.1296473727417292E-2},7.1993122920681135E-2,6.8387320312525715E-2,6.8591488233354439E-2,6.7272305210449301E-2,6.7170858707843395E-2,6.6690719363642639E-2,6.9228315821244654E-2,7.3080676394463293E-2,7.6332751857516146E-2,8.1227531430567892E-2,8.6221574123349992E-2,null,"= Inflation adjusted FFO / Inflation adjusted Net Debt, after adjustment for operating leases and superannuation"]
[]
[null,"2a. FFO / Net Debt"]
[null," - ratio (%)",{"$f":"C118","v":">"},{"$f":"D118","v":0.06},null,null,null,null,{"$f":"I188/I179","v":5.7648057960557969E-2},5.5350536036463463E-2,5.2209688224830214E-2,5.1095226053460986E-2,5.1042780078361515E-2,5.0331555475410031E-2,4.9930852311325429E-2,5.2165255698401677E-2,5.5732697393951973E-2,5.9029974544581358E-2,6.3992811175662787E-2,6.9060857360847883E-2,null,"= FFO / Net Debt, after adjustment for operating leases and superannuation"]
[]
[null,"3. Adjusted Net Debt / RAB",null,{"$f":"'Financials benchmark'!D112","v":"Lower is better"}]
[null," - ratio (%)",{"$f":"'Financials benchmark'!C113","v":"<"},{"$f":"'Financials benchmark'!D113","v":0.7},null,null,null,null,{"$f":"I179/(I71+I69+I70-I73)","v":0.57693223393929394},{"$f":"J179/(J71+J69+J70-J73)","v":0.594784374226065},{"$f":"K180/(K71+K69+K70-K73)","v":0.60703693306417505},0.59548651419210408,0.60092477070811801,0.59912078199864383,0.59830328509111297,0.59246365403621126,0.58117892424909146,0.56951337102908572,0.55724876670290291,0.54455960157941907,null,"= Inflation adjusted Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"]
[]
[null,"3a. Net Debt / RAB"]
[null," - ratio (%)",{"$f":"C124","v":"<"},{"$f":"D124","v":0.7},null,null,null,null,{"$f":"I179/(I71+I69+I70-I73)","v":0.57693223393929394},0.594784374226065,0.59667554822541036,0.5845067104615741,0.59064746477275998,0.58849730958667135,0.5877488075149423,0.58179803641647732,0.5705015665288915,0.5590410257161883,0.54698813332189389,0.53452131587954732,null,"= Net Debt / (RAB + net working capital), after adjustment for operating leases and superannuation"]
[]
[]
[]
[]
[]
[]
[null,"TABLE 6 - CALCULATION OF TAX PAYABLE"]
[null,{"$f":"B16","v":"Financial year"},null,null,null,null,null,{"$f":"H16","v":"2016-17"},"2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29",null,{"$f":"V$17","v":0}]
[]
[]
[null,"Total revenue excluding cash and in-kind capital contributions",null,null,null,null,null,null,{"$f":"I41","v":121517},123750,127711.45385353158,131207.88876317089,136063.01754277086,141164.86290876902,147533.28927448342,154135.84587683383,160980.35466464036,168075.95262607769,175429.94843614817,183300.16835996069]
[null,"Cash capital contributions included in taxable income",null,null,null,null,null,null,{"$f":"CHOOSE($D$26,0,I97)","v":200},{"$f":"CHOOSE($D$26,0,J97)","v":350},{"$f":"CHOOSE($D$27,0,K97)","v":0},{"$f":"CHOOSE($D$27,0,L97)","v":0},0,0,0,0,0,0,0,0,null,"Zero if cash capital contributions are included in the RAB net of tax",null,"Cash capital contributions will be valued at zero if they are included in the RAB net of tax."]
[null,"Assets contributed in-kind",null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!I94*I22","v":900},{"$f":"'RAB & cost inputs'!J94*J22","v":900},{"$f":"'RAB & cost inputs'!K94*K22","v":1025},{"$f":"'RAB & cost inputs'!L94*L22","v":1050.625},{"$f":"'RAB & cost inputs'!M94*M22","v":1076.8906249999998},{"$f":"'RAB & cost inputs'!N94*N22","v":1103.8128906249997},{"$f":"'RAB & cost inputs'!O94*O22","v":1131.4082128906246},{"$f":"'RAB & cost inputs'!P94*P22","v":1159.6934182128903},{"$f":"'RAB & cost inputs'!Q94*Q22","v":1188.6857536682123},{"$f":"'RAB & cost inputs'!R94*R22","v":1218.4028975099175},{"$f":"'RAB & cost inputs'!S94*S22","v":1248.8629699476653},{"$f":"'RAB & cost inputs'!T94*T22","v":1280.0845441963565}]
[null,"Total revenue  ",null,null,null,null,null,null,{"$f":"SUM(I138:I140)","v":122617},125000,128736.45385353158,132258.51376317089,137139.90816777086,142268.67579939403,148664.69748737404,155295.53929504674,162169.04041830858,169294.35552358761,176678.81140609583,184580.25290415704]
[null,"less"]
[null,{"$f":"B43","v":"Operating costs"},null,null,null,null,null,null,{"$f":"I43","v":64940},64950,66625,68448.21875,70320.957812499997,72244.55369140624,74220.378765624977,76249.842247497523,78334.391166735193,80475.51138053005,82674.728610535443,84933.609507428264]
[null,"Tax depreciation",null,null,null,null,null,null,{"$f":"IF(Scenario!$W$33=1,'RAB & cost inputs'!I129,I46*$K144/$K46)","v":19430},{"$f":"IF(Scenario!$W$33=1,'RAB & cost inputs'!J129,J46*$K144/$K46)","v":19440},{"$f":"Tax!K39","v":19450},{"$f":"Tax!L39","v":18550},{"$f":"Tax!M39","v":19930},{"$f":"Tax!N39","v":22620},{"$f":"Tax!O39","v":21340},{"$f":"Tax!P39","v":24040},{"$f":"Tax!Q39","v":25490},{"$f":"Tax!R39","v":23950},{"$f":"Tax!S39","v":25580},{"$f":"Tax!T39","v":26260}]
[null,"Net interest payments",null,null,null,null,null,null,{"$f":"-I101-I100","v":27720},27693.963414634152,{"$f":"-K101-K100","v":29155.000000000029},{"$f":"-L101-L100","v":31298.383197420142},31572.977642220059,34346.686975929486,36111.2791608642,38124.421176917996,39436.010059030988,39924.654658586289,40353.069771109454,40721.949855005056,null,"Net interest payments from Cash Flow statement, ie, excluding indexation on debt that carries a real cost of debt"]
[null,"gives"]
[null,"Income before tax",null,null,null,null,null,null,{"$f":"I141-SUM(I143:I145)","v":10527},12916.036585365844,{"$f":"K141-SUM(K143:K145)","v":13506.453853531551},{"$f":"L141-SUM(L143:L145)","v":13961.911815750747},15315.972713050811,13057.435132058308,16993.039560884848,16881.275870631216,18908.63919254241,24944.189484471281,28071.013024450949,32664.693541723711,null,"Assume zero historical losses"]
[null,"Accumulated tax losses",null,null,null,null,null,null,0,{"$f":"MAX(0,I148-I147)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,"Taxable income",null,null,null,null,null,null,{"$f":"MAX(0,SUM(I147:I148))","v":10527},12916.036585365844,{"$f":"MAX(0,SUM(K147:K148))","v":13506.453853531551},{"$f":"MAX(0,SUM(L147:L148))","v":13961.911815750747},15315.972713050811,13057.435132058308,16993.039560884848,16881.275870631216,18908.63919254241,24944.189484471281,{"$f":"MAX(0,SUM(S147:S148))","v":28071.013024450949},32664.693541723711]
[null,"Tax payable",null,null,null,null,null,null,{"$f":"I149*I18","v":3158.1},3874.8109756097529,4051.9361560594652,4188.5735447252237,4594.7918139152434,3917.2305396174925,5097.9118682654544,5064.3827611893648,5672.5917577627233,7483.2568453413842,8421.3039073352847,9799.4080625171136]
[]
[]
[]
[]
[null,"TABLE 7 - CALCULATIONS FOR FINANCEABILITY RATIOS"]
[null,{"$f":"B$16","v":"Financial year"},null,{"$f":"'Pricing & financial inputs'!D64","v":"Constants"},null,null,null,null,null,{"$f":"J$16","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[]
[null,"Operating lease and superannuation adjustments for calculation of ratios ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"see comment"]
[]
[null,"Operating lease adjustments"]
[null,"Operating lease expense ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I98*I$22","v":340},{"$f":"'Pricing & financial inputs'!J98*J$22","v":340},{"$f":"'Pricing & financial inputs'!K98*K$22","v":348.49999999999994},{"$f":"'Pricing & financial inputs'!L98*L$22","v":357.21249999999998},{"$f":"'Pricing & financial inputs'!M98*M$22","v":366.14281249999993},{"$f":"'Pricing & financial inputs'!N98*N$22","v":375.29638281249993},{"$f":"'Pricing & financial inputs'!O98*O$22","v":384.67879238281239},{"$f":"'Pricing & financial inputs'!P98*P$22","v":394.29576219238265},{"$f":"'Pricing & financial inputs'!Q98*Q$22","v":404.15315624719216},{"$f":"'Pricing & financial inputs'!R98*R$22","v":414.25698515337194},{"$f":"'Pricing & financial inputs'!S98*S$22","v":424.61340978220619},{"$f":"'Pricing & financial inputs'!T98*T$22","v":435.22874502676126}]
[null,"Operating lease interest adjustment",{"$f":"$C$29","v":"$'000"},{"$f":"'Pricing & financial inputs'!D100","v":0.33333333333333331},null,null,null,null,{"$f":"$D162*I$161","v":113.33333333333333},113.33333333333333,116.16666666666664,119.07083333333333,122.04760416666664,125.09879427083331,128.22626412760411,131.43192073079422,134.71771874906403,138.08566171779063,141.53780326073539,145.07624834225373,null," A share of operating lease expense is allocated to interest - we use 1/3. (See comment on 'Pricing & financial inputs' worksheet)."]
[null,"Operating lease depreciation adjustment",{"$f":"$C$29","v":"$'000"},{"$f":"'Pricing & financial inputs'!D101","v":0.66666666666666674},null,null,null,null,226.66666666666669,226.66666666666669,232.33333333333331,238.14166666666668,244.09520833333332,250.19758854166665,256.45252825520828,262.86384146158849,269.43543749812812,276.17132343558131,283.07560652147083,290.15249668450753,null,"The remainder of the operating lease expense is allocated to depreciation."]
[]
[null,"Operating lease debt multiplier","times",{"$f":"'Pricing & financial inputs'!D99","v":3},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This factor converts the lease expense to debt and an asset value."]
[null,"Operating lease debt adjustment ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I161*$D$165","v":1020},1020,1045.4999999999998,1071.6374999999998,1098.4284374999997,1125.8891484374999,1154.0363771484372,1182.887286577148,1212.4594687415765,1242.7709554601158,1273.8402293466186,1305.6862350802837,null,"This is the capitalised value of the operating lease(s)."]
[]
[null,"Superannuation adjustment",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I106*I22","v":2500},{"$f":"'Pricing & financial inputs'!J106*J22","v":2500},{"$f":"'Pricing & financial inputs'!K106*K22","v":2562.5},{"$f":"'Pricing & financial inputs'!L106*L22","v":2626.5625},{"$f":"'Pricing & financial inputs'!M106*M22","v":2692.2265624999995},{"$f":"'Pricing & financial inputs'!N106*N22","v":2759.5322265624995},{"$f":"'Pricing & financial inputs'!O106*O22","v":2828.5205322265615},{"$f":"'Pricing & financial inputs'!P106*P22","v":2899.2335455322254},{"$f":"'Pricing & financial inputs'!Q106*Q22","v":2971.7143841705306},{"$f":"'Pricing & financial inputs'!R106*R22","v":3046.0072437747936},{"$f":"'Pricing & financial inputs'!S106*S22","v":3122.1574248691632},{"$f":"'Pricing & financial inputs'!T106*T22","v":3200.2113604908918},null,"This is the unfunded defined benefits liability. "]
[null,"Interest on superannuation adjustment",{"$f":"C168","v":"$'000"},null,null,null,null,null,{"$f":"I168*I20","v":157.5},141.29573170731709,152.46875000000017,156.28046875000018,160.18748046875015,164.1921674804689,168.29697166748059,172.5043959591676,176.81700585814676,181.23743100460041,185.76836677971542,190.41257594920828,null,"This is the interest costs of the unfunded defined benefits liability. "]
[]
[null,"Debt portion of RAB inflationary gain"]
[null,"Total RAB inflationary gain",null,null,null,null,null,null,{"$f":"'RAB historical'!I123","v":11297.791447943273},{"$f":"'RAB historical'!J123","v":19840.544269665024},{"$f":"'RAB projected '!K138","v":20617.326533147479},{"$f":"'RAB projected '!L138","v":22046.696421444136},{"$f":"'RAB projected '!M138","v":22637.485566570951},{"$f":"'RAB projected '!N138","v":24464.594343004737},{"$f":"'RAB projected '!O138","v":25765.977949000549},{"$f":"'RAB projected '!P138","v":27244.17897222226},{"$f":"'RAB projected '!Q138","v":28438.579616787487},{"$f":"'RAB projected '!R138","v":29330.973963821278},{"$f":"'RAB projected '!S138","v":30249.853819469616},{"$f":"'RAB projected '!T138","v":31195.716530498223}]
[null,"Share of inflationary gain that is debt1",null,null,null,null,null,null,{"$f":"I172*I124","v":6518.0600586421624},{"$f":"J172*J124","v":11800.845707737251},{"$f":"K172*J124","v":12262.86366023257},13383.158979870372,13480.317370111405,14701.380746037243,15436.932857765021,16300.2817786908,16848.82479536163,17046.543895471761,17227.696221863203,17383.774563033498]
[null,"Inflationary gain that represents the inflation component of interest payments ",null,null,null,null,null,null,{"$f":"I173*I21","v":6518.0600586421624},8850.6342808029385,9197.1477451744267,10037.369234902779,10110.238027583553,11026.035559527932,11577.699643323765,12225.2113340181,12636.618596521223,12784.907921603821,12920.772166397403,13037.830922275123,null,"Share of inflationary gain that is debt x share of debt paid at nominal cost of debt"]
[null,"Inflationary gain that is added to interest expense (P&L) and debt (balance sheet)",null,null,null,null,null,null,{"$f":"I173-I174","v":0},{"$f":"J173-J174","v":2950.2114269343128},{"$f":"K173-K174","v":3065.7159150581429},{"$f":"L173-L174","v":3345.7897449675929},3370.0793425278516,3675.3451865093102,3859.2332144412558,4075.0704446726995,4212.2061988404075,4261.6359738679403,4306.9240554658008,4345.9436407583744,null,"Represents the indexation on principle for loans that carry a real cost of debt "]
[]
[]
[null,"Adjusted Values for calculation of ratios"]
[null,"Adjusted net debt excl inflation component of interest payments",null,null,null,null,null,null,{"$f":"I74-I68+I166+I168","v":443520},493520,529631.247015464,534336.47970117687,581045.89829293196,610797.67617943964,644729.13131135737,666872.20585783955,675186.7731568825,682491.63149519148,688798.51622572856,694241.90037534351,null,"Net debt plus the capitalised value of operating leases plus the unfunded defined benefits superannuation liability."]
[null,"Adjusted net debt incl inflation component of interest payments",null,null,null,null,null,null,{"$f":"I179+I174","v":450038.06005864218},{"$f":"J179+J174","v":502370.63428080291},{"$f":"K179+K174","v":538828.39476063848},544373.84893607965,591156.13632051554,621823.71173896757,656306.83095468115,679097.4171918577,687823.3917534037,695276.53941679525,701719.28839212598,707279.73129761859,null,"As above plus inflationary component of nominal interest payments"]
[null,"Adjusted net interest payments including inflation component of interest payments",null,null,null,null,null,null,{"$f":"-I100-I101+I162+I169","v":27990.833333333332},27948.5924796748,29423.635416666697,31573.734499503476,31855.212726855476,34635.977937680786,36407.802396659281,38428.357493607953,39747.544783638201,40243.977751308681,40680.375941149905,41057.438679296516,null,"Net interest expense plus interest portion of operating leases plus interest on unfunded superannuation liabilities"]
[null,"Adjusted net interest payments net of inflation component of interest payments",null,null,null,null,null,null,{"$f":"I181-I174","v":21472.773274691172},{"$f":"J181-J174","v":19097.958198871864},{"$f":"K181-K174","v":20226.487671492272},21536.365264600696,21744.974699271923,23609.942378152853,24830.102753335515,26203.146159589851,27110.92618711698,27459.069829704858,27759.603774752504,28019.607757021393,null,"Above minus inflation component of nominal interest payments"]
[]
[null,"Funds from Operations ($ '000)"]
[null,"Funds From Operations (FFO) ",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I93-I92+I100+I101","v":25498.9},27231.225609756097,27572.017697472082,27220.182021025532,29574.290274135557,30656.391701815803,32103.719479728796,34697.199691228947,37537.361681111448,40192.529741619968,43980.846147167991,47845.20093501026,null,"Cash flow from operations (CFO) minus change in working capital minus interest paid plus interest received."]
[null,"Adjustments to FFO for operating leases",{"$f":"$C$29","v":"$'000"},null,null,null,null,null,{"$f":"I163","v":226.66666666666669},226.66666666666669,232.33333333333331,238.14166666666668,244.09520833333332,250.19758854166665,256.45252825520828,262.86384146158849,269.43543749812812,276.17132343558131,283.07560652147083,290.15249668450753,null,"Add back share of operating lease that is classified as depreciation (because depreciation is a non-cash expense)."]
[null,"Adjustments to FFO for interest on superannuation adjustment",null,null,null,null,null,null,{"$f":"-I169","v":-157.5},-141.29573170731709,-152.46875000000017,-156.28046875000018,-160.18748046875015,-164.1921674804689,-168.29697166748059,-172.5043959591676,-176.81700585814676,-181.23743100460041,-185.76836677971542,-190.41257594920828,null,"Subtract notional interest payments on unfunded superannuation liabilities"]
[null,"Adjusted FFO excluding inflation component of interest payments",null,null,null,null,null,null,{"$f":"SUM(I185:I187)","v":25568.066666666669},27316.596544715449,27651.882280805414,27302.043218942199,29658.198002000139,30742.397122876999,32191.875036316524,34787.559136731361,37629.980112751429,40287.463634050953,44078.153386909747,47944.940855745561,null,"FFO measures a company's operating cash flows before changes in working capital."]
[null,"Adjusted FFO including inflation component of interest payments",null,null,null,null,null,null,{"$f":"I188+I174","v":32086.12672530883},36167.230825518389,36849.030025979839,37339.412453844976,39768.436029583696,41768.432682404935,43769.574679640289,47012.770470749463,50266.59870927265,53072.371555654776,56998.925553307148,60982.771778020688,null,"FFO plus inflationary component of nominal interest payments"]
[null,"1. Share of inflationary gain calculated using the gearing ratio of the previous year to avoid circular referencing"]

{"sheet":"RAB historical","index":10,"n_rows":155,"n_cols":13,"rows_kept":155,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"6  Regulatory Asset Base roll forward to start of new determination period "]
[]
[]
[null,"List of tables",null,null,null,null,"row number"]
[null,{"$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":"B58","v":"TABLE 2 - CALCULATION OF ROLLED FORWARD REGULATORY ASSET BASE (nominal $ million)"},null,null,null,null,{"$f":"ROW(B58)","v":58}]
[null,{"$f":"B131","v":"TABLE 3 - CALCULATION OF AVERAGE REMAINING LIFE OF DEPRECIATING ASSETS "},null,null,null,null,{"$f":"ROW(B131)","v":131}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTION MADE IN ROLL FORWARD OF REGULATORY ASSET BASE "]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},null,null,null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"}]
[null,null,null,null,null,{"$f":"'RAB & cost inputs'!F71","v":"nominal"},{"$f":"'RAB & cost inputs'!G71","v":"nominal"},{"$f":"'RAB & cost inputs'!H71","v":"nominal"},{"$f":"'RAB & cost inputs'!I71","v":"nominal"},{"$f":"'RAB & cost inputs'!J71","v":"nominal"}]
[]
[null,"Inflation rate to roll forward RAB (actual to June)",null,null,null,{"$f":"'Pricing & financial inputs'!F18","v":1.2E-2},{"$f":"'Pricing & financial inputs'!G18","v":2.4E-2},{"$f":"'Pricing & financial inputs'!H18","v":0.03},{"$f":"'Pricing & financial inputs'!I18","v":1.4999999999999999E-2},{"$f":"'Pricing & financial inputs'!J18","v":2.5000000000000001E-2}]
[]
[null,"RAB opening value"]
[null,{"$f":"'RAB & cost inputs'!B37","v":"Depreciating assets"},{"$f":"'RAB & cost inputs'!C37","v":"$'000"},null,null,{"$f":"'RAB & cost inputs'!F37","v":620000}]
[null,{"$f":"'RAB & cost inputs'!B38","v":"Non-depreciating assets (eg land)"},{"$f":"'RAB & cost inputs'!C38","v":"$'000"},null,null,{"$f":"'RAB & cost inputs'!F38","v":40000}]
[]
[null,"Allowed depreciation from previous Determination"]
[null,"Enter the value of depreciation in the projected RAB used to set prices at the last determination"]
[null,"Allowed depreciation",{"$f":"C20","v":"$'000"},null,null,{"$f":"'RAB & cost inputs'!F43","v":16717},{"$f":"'RAB & cost inputs'!G43","v":17990},{"$f":"'RAB & cost inputs'!H43","v":18783},{"$f":"'RAB & cost inputs'!I43","v":19653},{"$f":"'RAB & cost inputs'!J43","v":20817}]
[null,"Forecast inflation from previous determination","%",null,null,{"$f":"'RAB & cost inputs'!F45","v":1.2E-2},{"$f":"'RAB & cost inputs'!G45","v":2.5000000000000001E-2},{"$f":"'RAB & cost inputs'!H45","v":2.5000000000000001E-2},{"$f":"'RAB & cost inputs'!I45","v":2.5000000000000001E-2},{"$f":"'RAB & cost inputs'!J45","v":2.5000000000000001E-2}]
[]
[null,"Use allowed or actual depreciation?",null,{"$f":"Scenario!$W$51","v":1},{"$f":"Scenario!$J$50","v":"Allowed depreciation"}]
[]
[null,"Asset lives for calculated depreciation"]
[null,{"$f":"'RAB & cost inputs'!B48","v":"Ave remaining life of depreciating assets on 1 July 2014"},"years",{"$f":"'RAB & cost inputs'!D48","v":40}]
[null,"Expected life of new assets","years",{"$f":"'RAB & cost inputs'!D49","v":60}]
[]
[null,"Actual capex, capital contributions and asset disposals",null,{"$f":"\"Selected: \"&Scenario!$J$43&\" & \"&Scenario!$J$47","v":"Selected: Option 1 - Agency capex & Option 1 - Agency cap cons"}]
[null,{"$f":"'RAB & cost inputs'!$B$76","v":"Capital expenditure"}]
[null,{"$f":"Scenario!B65","v":" - depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"Scenario!F65","v":34000},{"$f":"Scenario!G65","v":33000},{"$f":"Scenario!H65","v":21000},{"$f":"Scenario!I65","v":35000},{"$f":"Scenario!J65","v":65000}]
[null,{"$f":"Scenario!B66","v":" - non-depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"Scenario!F66","v":0},{"$f":"Scenario!G66","v":2000},{"$f":"Scenario!H66","v":0},{"$f":"Scenario!I66","v":0},{"$f":"Scenario!J66","v":200}]
[]
[null,"Cash capital contributions"]
[null,"Share of cash capital contributions included in RAB calculations",null,null,null,{"$f":"CHOOSE(Scenario!$W$54,(1-'Pricing & financial inputs'!F$68),1)","v":1},{"$f":"CHOOSE(Scenario!$W$54,(1-'Pricing & financial inputs'!G$68),1)","v":1},{"$f":"CHOOSE(Scenario!$W$54,(1-'Pricing & financial inputs'!H$68),1)","v":1},{"$f":"CHOOSE(Scenario!$W$54,(1-'Pricing & financial inputs'!I$68),1)","v":1},{"$f":"CHOOSE(Scenario!$W$54,(1-'Pricing & financial inputs'!J$68),1)","v":1}]
[null,{"$f":"'RAB & cost inputs'!B87","v":" - depreciating assets"},{"$f":"CHOOSE(Scenario!$W$54,$C$20&\", net of tax\",$C$20&\" before tax\")","v":"$'000 before tax"},null,null,{"$f":"Scenario!F69*F$40","v":0},{"$f":"Scenario!G69*G$40","v":0},{"$f":"Scenario!H69*H$40","v":3000},{"$f":"Scenario!I69*I$40","v":200},{"$f":"Scenario!J69*J$40","v":350}]
[null,{"$f":"'RAB & cost inputs'!B88","v":" - non-depreciating assets"},{"$f":"C41","v":"$'000 before tax"},null,null,{"$f":"Scenario!F70*F$40","v":0},{"$f":"Scenario!G70*G$40","v":0},{"$f":"Scenario!H70*H$40","v":0},{"$f":"Scenario!I70*I$40","v":0},{"$f":"Scenario!J70*J$40","v":0}]
[]
[null,{"$f":"'RAB & cost inputs'!B104","v":"Cost of assets disposed - depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'RAB & cost inputs'!F104","v":1000},{"$f":"'RAB & cost inputs'!G104","v":1000},{"$f":"'RAB & cost inputs'!H104","v":1000},{"$f":"'RAB & cost inputs'!I104","v":1000},{"$f":"'RAB & cost inputs'!J104","v":1000}]
[null,{"$f":"'RAB & cost inputs'!B105","v":"Cost of assets disposed - non-depreciating assets"},{"$f":"C$20","v":"$'000"},null,null,{"$f":"'RAB & cost inputs'!F105","v":700},{"$f":"'RAB & cost inputs'!G105","v":0},{"$f":"'RAB & cost inputs'!H105","v":0},{"$f":"'RAB & cost inputs'!I105","v":300},{"$f":"'RAB & cost inputs'!J105","v":0}]
[]
[null,"Timing and depreciation assumptions"]
[null,"1. Half of capital expenditure and disposals occurs at the beginning of the year, and half at the end of the year: "]
[null,"   % of capex in year depreciated  and indexed",null,{"$f":"'RAB & cost inputs'!C154","v":0.5}]
[null,"   % of disposals in year depreciated and indexed",null,{"$f":"'RAB & cost inputs'!C155","v":0.5}]
[]
[null,"2. Depreciation occurs at the end of the year"]
[null,"3. Depreciation = allowed (ie forecast) depreciation at the last determination, adjusted for actual inflation"]
[null,"    This is the amount of depreciation that has been recovered through prices"]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF ROLLED FORWARD REGULATORY ASSET BASE (nominal $ million)"]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,{"$f":"F$14","v":"2014-15"},{"$f":"G$14","v":"2015-16"},{"$f":"H$14","v":"2016-17"},{"$f":"I$14","v":"2017-18"},{"$f":"J$14","v":"2018-19"}]
[]
[null,{"$f":"B20","v":"Depreciating assets"}]
[null,"Opening value",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F$20","v":620000},{"$f":"F67","v":643921},{"$f":"G67","v":673786.65521951229},{"$f":"H67","v":692399.0447535516},{"$f":"I67","v":717301.41323396086}]
[null,"Capex (net of cap cons)",{"$f":"C62","v":"$'000"},null,null,{"$f":"F36-F$41","v":34000},{"$f":"G36-G$41","v":33000},{"$f":"H36-H$41","v":18000},{"$f":"I36-I$41","v":34800},{"$f":"J36-J$41","v":64650}]
[null,"Disposals",{"$f":"C63","v":"$'000"},null,null,{"$f":"F$44","v":1000},{"$f":"G$44","v":1000},{"$f":"H$44","v":1000},{"$f":"I$44","v":1000},{"$f":"J$44","v":1000}]
[null,{"$f":"E28","v":"Allowed depreciation"},{"$f":"C64","v":"$'000"},null,null,{"$f":"CHOOSE($D$28,F74,F85+F107)","v":16717},{"$f":"CHOOSE($D$28,G74,G85+G107)","v":17972.448780487808},{"$f":"CHOOSE($D$28,H74,H85+H107)","v":18856.210122546112},{"$f":"CHOOSE($D$28,I74,I85+I107)","v":19537.117190893929},{"$f":"CHOOSE($D$28,J74,J85+J107)","v":20694.253730363755},null,null,"Note that both the label and values change depending on what depreciation option has been selected."]
[null,"Indexation",{"$f":"C65","v":"$'000"},null,null,{"$f":"(F62+F63*$D$49-F64*$D$50)*F$17","v":7638},{"$f":"(G62+G63*$D$49-G64*$D$50)*G$17","v":15838.104000000001},{"$f":"(H62+H63*$D$49-H64*$D$50)*H$17","v":20468.599656585367},{"$f":"(I62+I63*$D$49-I64*$D$50)*I$17","v":10639.485671303273},{"$f":"(J62+J63*$D$49-J64*$D$50)*J$17","v":18728.160330849023},null,null,"Formula = (Opening value + 50 capex - 50 % disposals) x inflation rate"]
[null,"Closing value",{"$f":"C66","v":"$'000"},null,null,{"$f":"F62+F63-F65-F64+F66","v":643921},{"$f":"G62+G63-G65-G64+G66","v":673786.65521951229},{"$f":"H62+H63-H65-H64+H66","v":692399.0447535516},{"$f":"I62+I63-I65-I64+I66","v":717301.41323396086},{"$f":"J62+J63-J65-J64+J66","v":778985.31983444607},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,{"$f":"E72*(1+F26)","v":1.012},{"$f":"F72*(1+G26)","v":1.0372999999999999},{"$f":"G72*(1+H26)","v":1.0632324999999998},{"$f":"H72*(1+I26)","v":1.0898133124999998},{"$f":"I72*(1+J26)","v":1.1170586453124998}]
[null,"Index of actual inflation",null,null,1,{"$f":"E73*(1+F17)","v":1.012},{"$f":"F73*(1+G17)","v":1.0362880000000001},{"$f":"G73*(1+H17)","v":1.0673766400000002},{"$f":"H73*(1+I17)","v":1.0833872896000001},{"$f":"I73*(1+J17)","v":1.11047197184}]
[null,"Allowed depreciation adjusted for actual inflation",{"$f":"C67","v":"$'000"},null,null,{"$f":"F25/F72*F73","v":16717},{"$f":"G25/G72*G73","v":17972.448780487808},{"$f":"H25/H72*H73","v":18856.210122546112},{"$f":"I25/I72*I73","v":19537.117190893929},{"$f":"J25/J72*J73","v":20694.253730363755}]
[]
[null,"Calculation of actual depreciation"]
[null,"Existing assets"]
[null,"period",null,null,0,1,{"$f":"F78+1","v":2},{"$f":"G78+1","v":3},{"$f":"H78+1","v":4},{"$f":"I78+1","v":5}]
[null,"% depreciation remaining","%",null,null,{"$f":"IF(F78<1/$D85,1,MAX(0,1/$D85-E78))","v":1},{"$f":"IF(G78<1/$D85,1,MAX(0,1/$D85-F78))","v":1},{"$f":"IF(H78<1/$D85,1,MAX(0,1/$D85-G78))","v":1},{"$f":"IF(I78<1/$D85,1,MAX(0,1/$D85-H78))","v":1},{"$f":"IF(J78<1/$D85,1,MAX(0,1/$D85-I78))","v":1}]
[null,"Opening value of existing assets ",{"$f":"C67","v":"$'000"},null,null,{"$f":"F62","v":620000},{"$f":"F83","v":626434},{"$f":"G83","v":640456.41599999997},{"$f":"H83","v":658655.10847999994},{"$f":"I83","v":667527.43510719994}]
[null,"disposals at regulatory value",{"$f":"C80","v":"$'000"},null,null,{"$f":"F64","v":1000},{"$f":"G64","v":1000},{"$f":"H64","v":1000},{"$f":"I64","v":1000},{"$f":"J64","v":1000}]
[null,"Indexation ",{"$f":"C81","v":"$'000"},null,null,{"$f":"(F80-F81*$D$50)*F$17","v":7434},{"$f":"(G80-G81*$D$50)*G$17","v":15022.416000000001},{"$f":"(H80-H81*$D$50)*H$17","v":19198.692479999998},{"$f":"(I80-I81*$D$50)*I$17","v":9872.3266271999983},{"$f":"(J80-J81*$D$50)*J$17","v":16675.68587768}]
[null,"Closing value before further depreciation",{"$f":"C82","v":"$'000"},null,null,{"$f":"F80+F82-F81","v":626434},{"$f":"G80+G82-G81","v":640456.41599999997},{"$f":"H80+H82-H81","v":658655.10847999994},{"$f":"I80+I82-I81","v":667527.43510719994},{"$f":"J80+J82-J81","v":683203.1209848799}]
[]
[null,"Depreciation",null,{"$f":"IF($D$31=0,0,1/$D$31)","v":2.5000000000000001E-2},null,{"$f":"(F83+F81*$D$50)*$D85*F79","v":15673.35},{"$f":"(G83+G81*$D$50)*$D85*G79","v":16023.910400000001},{"$f":"(H83+H81*$D$50)*$D85*H79","v":16478.877711999998},{"$f":"(I83+I81*$D$50)*$D85*I79","v":16700.68587768},{"$f":"(J83+J81*$D$50)*$D85*J79","v":17092.578024621998}]
[]
[null,"Depreciation on new assets (undepreciated values)"]
[]
[]
[null,"New assets (ie net capex during period)"]
[null,"Expected life (years)",null,{"$f":"$D$32","v":60}]
[null,"% of 1 year's depreciation in ",null,null,null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE($F$14:$J$14)","v":"2014-15"},"%",null,null,{"$f":"$D$49","v":0.5},{"$f":"IF(SUM($F93:F93)+1<$D$91,1,$D$91-SUM($F93:F93))","v":1},{"$f":"IF(SUM($F93:G93)+1<$D$91,1,$D$91-SUM($F93:G93))","v":1},{"$f":"IF(SUM($F93:H93)+1<$D$91,1,$D$91-SUM($F93:H93))","v":1},{"$f":"IF(SUM($F93:I93)+1<$D$91,1,$D$91-SUM($F93:I93))","v":1}]
[null,"2015-16","%",null,null,0,{"$f":"$D$49","v":0.5},{"$f":"IF(SUM($F94:G94)+1<$D$91,1,$D$91-SUM($F94:G94))","v":1},{"$f":"IF(SUM($F94:H94)+1<$D$91,1,$D$91-SUM($F94:H94))","v":1},{"$f":"IF(SUM($F94:I94)+1<$D$91,1,$D$91-SUM($F94:I94))","v":1}]
[null,"2016-17","%",null,null,0,0,{"$f":"$D$49","v":0.5},{"$f":"IF(SUM($F95:H95)+1<$D$91,1,$D$91-SUM($F95:H95))","v":1},{"$f":"IF(SUM($F95:I95)+1<$D$91,1,$D$91-SUM($F95:I95))","v":1}]
[null,"2017-18","%",null,null,0,0,0,{"$f":"$D$49","v":0.5},{"$f":"IF(SUM($F96:I96)+1<$D$91,1,$D$91-SUM($F96:I96))","v":1}]
[null,"2018-19","%",null,null,0,0,0,0,{"$f":"I96","v":0.5}]
[]
[null,"Capex after indexation in first year (net of cap cons)",null,null,null,{"$f":"F63*(1+F$17*$D$49)","v":34204},{"$f":"G63*(1+G$17*$D$49)","v":33396},{"$f":"H63*(1+H$17*$D$49)","v":18270},{"$f":"I63*(1+I$17*$D$49)","v":35061},{"$f":"J63*(1+J$17*$D$49)","v":65458.125}]
[null,"Depreciation for capex (after indexation) occurring in:",null,"Depreciation rate"]
[null,{"$f":"B93","v":"2014-15"},{"$f":"$C$44","v":"$'000"},{"$f":"IF(D91=0,0,1/D91)","v":1.6666666666666666E-2},null,{"$f":"F93*F$99*$D101","v":285.0333333333333},{"$f":"IF(F93=0,0,F101*G93/F93*(1+G$17))","v":583.74826666666661},{"$f":"IF(G93=0,0,G101*H93/G93*(1+H$17))","v":601.26071466666667},610.27962538666657,625.5366160213332]
[null,{"$f":"B94","v":"2015-16"},{"$f":"$C$44","v":"$'000"},{"$f":"D101","v":1.6666666666666666E-2},null,{"$f":"F94","v":0},{"$f":"G94*G$99*$D102","v":278.3},573.298,581.89747,596.44490674999997]
[null,{"$f":"B95","v":"2016-17"},"$'000",{"$f":"D102","v":1.6666666666666666E-2},null,{"$f":"F95","v":0},0,{"$f":"H95*H$99*$D103","v":152.25},309.0675,316.79418749999996]
[null,{"$f":"B96","v":"2017-18"},"$'000",{"$f":"D103","v":1.6666666666666666E-2},null,0,0,0,{"$f":"I96*I$99*$D104","v":292.17500000000001},598.95875000000001]
[null,{"$f":"B97","v":"2018-19"},"$'000",{"$f":"D104","v":1.6666666666666666E-2},null,0,0,0,0,{"$f":"J97*J$99*$D105","v":545.484375}]
[]
[null,"Depreciation for the year","$'000",null,null,{"$f":"SUM(F101:F106)","v":285.0333333333333},{"$f":"SUM(G101:G106)","v":862.04826666666668},{"$f":"SUM(H101:H106)","v":1326.8087146666667},{"$f":"SUM(I101:I106)","v":1793.4195953866667},{"$f":"SUM(J101:J106)","v":2683.2188352713329}]
[]
[]
[null,{"$f":"B21","v":"Non-depreciating assets (eg land)"}]
[null,{"$f":"B62","v":"Opening value"},{"$f":"C62","v":"$'000"},null,null,{"$f":"F21","v":40000},{"$f":"F116","v":39775.800000000003},{"$f":"G116","v":42754.419200000004},{"$f":"H116","v":44037.051776000008},{"$f":"I116","v":44395.357552640009}]
[null,{"$f":"B63","v":"Capex (net of cap cons)"},{"$f":"C111","v":"$'000"},null,null,{"$f":"F37-F42","v":0},{"$f":"G37-G42","v":2000},{"$f":"H37-H42","v":0},{"$f":"I37-I42","v":0},{"$f":"J37-J42","v":200}]
[null,{"$f":"B64","v":"Disposals"},{"$f":"C112","v":"$'000"},null,null,{"$f":"F45","v":700},{"$f":"G45","v":0},{"$f":"H45","v":0},{"$f":"I45","v":300},{"$f":"J45","v":0}]
[null,{"$f":"B65","v":"Allowed depreciation"},{"$f":"C113","v":"$'000"},null,null,0,0,0,0,0,null,null,"Kept as placeholder to reduce risk of calculation error when adding depreciating and non-depreciating assets to total RAB"]
[null,{"$f":"B66","v":"Indexation"},{"$f":"C114","v":"$'000"},null,null,{"$f":"(F111+F112*$D$49-F113*$D$50)*F$17","v":475.8},{"$f":"(G111+G112*$D$49-G113*$D$50)*G$17","v":978.61920000000009},{"$f":"(H111+H112*$D$49-H113*$D$50)*H$17","v":1282.632576},{"$f":"(I111+I112*$D$49-I113*$D$50)*I$17","v":658.30577664000009},{"$f":"(J111+J112*$D$49-J113*$D$50)*J$17","v":1112.3839388160002}]
[null,{"$f":"B67","v":"Closing value"},{"$f":"C115","v":"$'000"},null,null,{"$f":"F111+F112-F114-F113+F115","v":39775.800000000003},{"$f":"G111+G112-G114-G113+G115","v":42754.419200000004},{"$f":"H111+H112-H114-H113+H115","v":44037.051776000008},{"$f":"I111+I112-I114-I113+I115","v":44395.357552640009},{"$f":"J111+J112-J114-J113+J115","v":45707.741491456007},null,"This is the value of non - depreciating assets at the start of the new determination period"]
[]
[null,"Total RAB"]
[null,{"$f":"B62","v":"Opening value"},null,null,null,{"$f":"F62+F111","v":660000},683696.8,716541.0744195123,736436.09652955155,761696.77078660089]
[null,"Capex (net of cap cons)",null,null,null,34000,35000,18000,34800,64850]
[null,"Disposals",null,null,null,1700,1000,1000,1300,1000]
[null,"Allowed depreciation",null,null,null,16717,17972.448780487808,18856.210122546112,19537.117190893929,20694.253730363755]
[null,"Indexation",null,null,null,8113.8,16816.7232,21751.232232585367,11297.791447943273,19840.544269665024]
[null,"Closing value",null,null,null,683696.8,716541.0744195123,736436.09652955155,761696.77078660089,824693.06132590212]
[null,"check closing value = 0",null,null,null,{"$f":"SUM(F119:F120)-F121-F122+F123-F124","v":0},{"$f":"SUM(G119:G120)-G121-G122+G123-G124","v":0},{"$f":"SUM(H119:H120)-H121-H122+H123-H124","v":0},{"$f":"SUM(I119:I120)-I121-I122+I123-I124","v":0},{"$f":"SUM(J119:J120)-J121-J122+J123-J124","v":0}]
[null,"check net capex = 0",null,null,null,{"$f":"F120-(SUM(F36:F37)-SUM(F41:F42))","v":0},{"$f":"G120-(SUM(G36:G37)-SUM(G41:G42))","v":0},{"$f":"H120-(SUM(H36:H37)-SUM(H41:H42))","v":0},{"$f":"I120-(SUM(I36:I37)-SUM(I41:I42))","v":0},{"$f":"J120-(SUM(J36:J37)-SUM(J41:J42))","v":0}]
[null,"check disposals = 0",null,null,null,{"$f":"F121-SUM(F44:F45)","v":0},{"$f":"G121-SUM(G44:G45)","v":0},{"$f":"H121-SUM(H44:H45)","v":0},{"$f":"I121-SUM(I44:I45)","v":0},{"$f":"J121-SUM(J44:J45)","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$14","v":"2014-15"},{"$f":"G$14","v":"2015-16"},{"$f":"H$14","v":"2016-17"},{"$f":"I$14","v":"2017-18"},{"$f":"J$14","v":"2018-19"}]
[]
[]
[null,"Value of depreciating assets rolled forward using actual depreciation"]
[null,{"$f":"B62","v":"Opening value"},{"$f":"C20","v":"$'000"},null,null,{"$f":"F$20","v":620000},{"$f":"F141","v":644679.6166666667},{"$f":"G141","v":675649.96880000003},{"$f":"H141","v":695368.78143733332},{"$f":"I141","v":721358.7076858267}]
[null,{"$f":"B63","v":"Capex (net of cap cons)"},{"$f":"C136","v":"$'000"},null,null,{"$f":"F$36-F$41","v":34000},{"$f":"G$36-G$41","v":33000},{"$f":"H$36-H$41","v":18000},{"$f":"I$36-I$41","v":34800},{"$f":"J$36-J$41","v":64650}]
[null,{"$f":"B64","v":"Disposals"},{"$f":"C137","v":"$'000"},null,null,{"$f":"F$44","v":1000},{"$f":"G$44","v":1000},{"$f":"H$44","v":1000},{"$f":"I$44","v":1000},{"$f":"J$44","v":1000}]
[null,"Actual (calculated) depreciation",{"$f":"C138","v":"$'000"},null,null,{"$f":"F85+F107","v":15958.383333333333},{"$f":"G85+G107","v":16885.958666666666},{"$f":"H85+H107","v":17805.686426666663},{"$f":"I85+I107","v":18494.105473066666},{"$f":"J85+J107","v":19775.796859893329}]
[null,{"$f":"B66","v":"Indexation"},{"$f":"C139","v":"$'000"},null,null,{"$f":"(F136+F137*$D$49-F138*$D$50)*F$17","v":7638},{"$f":"(G136+G137*$D$49-G138*$D$50)*G$17","v":15856.310800000001},{"$f":"(H136+H137*$D$49-H138*$D$50)*H$17","v":20524.499064},{"$f":"(I136+I137*$D$49-I138*$D$50)*I$17","v":10684.031721559999},{"$f":"(J136+J137*$D$49-J138*$D$50)*J$17","v":18829.592692145667}]
[null,{"$f":"B67","v":"Closing value"},{"$f":"C140","v":"$'000"},null,null,{"$f":"F136+F137-F139-F138+F140","v":644679.6166666667},{"$f":"G136+G137-G139-G138+G140","v":675649.96880000003},{"$f":"H136+H137-H139-H138+H140","v":695368.78143733332},{"$f":"I136+I137-I139-I138+I140","v":721358.7076858267},{"$f":"J136+J137-J139-J138+J140","v":784062.50351807894}]
[]
[null,"Calculation of average remaining life"]
[null,"Remaining life at beginning of yr",{"$f":"'RAB & cost inputs'!$C$57","v":"years"},null,null,{"$f":"((F136+F137*$D$49-F138*$D$50)*(1+F$17))/F139","v":40.36361243776782},{"$f":"((G136+G137*$D$49-G138*$D$50)*(1+G$17))/G139","v":40.064999614275187},{"$f":"((H136+H137*$D$49-H138*$D$50)*(1+H$17))/H139","v":39.575810276465681},{"$f":"((I136+I137*$D$49-I138*$D$50)*(1+I$17))/I139","v":39.090985731196561},{"$f":"((J136+J137*$D$49-J138*$D$50)*(1+J$17))/J139","v":39.038290383315385},null,null,"Formula = (opening value + 50% capex - 50% disposals)*CPI / value of depreciation."]
[null,"Value of assets at year end excluding 50% of capex that occurs at year end",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F141-F146","v":627679.6166666667},{"$f":"G141-G146","v":659149.96880000003},{"$f":"H141-H146","v":686368.78143733332},{"$f":"I141-I146","v":703958.7076858267},{"$f":"J141-J146","v":751737.50351807894}]
[null,"Value of capex that occurs at year end",{"$f":"C$20","v":"$'000"},null,null,{"$f":"F137*$D$49","v":17000},{"$f":"G137*$D$49","v":16500},{"$f":"H137*$D$49","v":9000},{"$f":"I137*$D$49","v":17400},{"$f":"J137*$D$49","v":32325}]
[null,"Remaining life of assets at year end excluding 50% of capex that occurs at year end",{"$f":"C$144","v":"years"},null,null,{"$f":"F144-1","v":39.36361243776782},{"$f":"G144-1","v":39.064999614275187},{"$f":"H144-1","v":38.575810276465681},{"$f":"I144-1","v":38.090985731196561},{"$f":"J144-1","v":38.038290383315385}]
[null,"Remaining life of capex that occurs at year end",{"$f":"C$144","v":"years"},null,null,{"$f":"$D$91","v":60},{"$f":"$D$91","v":60},{"$f":"$D$91","v":60},{"$f":"$D$91","v":60},{"$f":"$D$91","v":60}]
[null,"Average remaining life",{"$f":"C$144","v":"years"},null,null,{"$f":"IF(SUM(F145:F146)=0,0,SUMPRODUCT(F145:F146,F147:F148)/SUM(F145:F146))","v":39.907787527980638},{"$f":"IF(SUM(G145:G146)=0,0,SUMPRODUCT(G145:G146,G147:G148)/SUM(G145:G146))","v":39.57625177488427},{"$f":"IF(SUM(H145:H146)=0,0,SUMPRODUCT(H145:H146,H147:H148)/SUM(H145:H146))","v":38.853098691849027},{"$f":"IF(SUM(I145:I146)=0,0,SUMPRODUCT(I145:I146,I147:I148)/SUM(I145:I146))","v":38.61945630237765},{"$f":"IF(SUM(J145:J146)=0,0,SUMPRODUCT(J145:J146,J147:J148)/SUM(J145:J146))","v":38.943718534992023},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 anywhere in the model"]
[null,"Simpler estimate of average remaining life - for illustration only",null,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$144","v":"years"},null,null,{"$f":"((F136+F137*$D$49-F138*$D$50)*(1+F$17))/F139-1","v":39.36361243776782},{"$f":"((G136+G137*$D$49-G138*$D$50)*(1+G$17))/G139-1","v":39.064999614275187},{"$f":"((H136+H137*$D$49-H138*$D$50)*(1+H$17))/H139-1","v":38.575810276465681},{"$f":"((I136+I137*$D$49-I138*$D$50)*(1+I$17))/I139-1","v":38.090985731196561},{"$f":"((J136+J137*$D$49-J138*$D$50)*(1+J$17))/J139-1","v":38.038290383315385},null,null,"Formula = [(opening value + 50% capex - 50% disposals)*CPI] / value of depreciation -1."]
[null,"Difference",{"$f":"C$144","v":"years"},null,null,{"$f":"F149-F154","v":0.54417509021281774},{"$f":"G149-G154","v":0.5112521606090823},{"$f":"H149-H154","v":0.27728841538334592},{"$f":"I149-I154","v":0.52847057118108864},{"$f":"J149-J154","v":0.90542815167663804}]

{"sheet":"RAB projected ","index":11,"n_rows":160,"n_cols":22,"rows_kept":160,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"7 Regulatory Asset Base roll forward for new determination period "]
[]
[null,"List of tables",null,null,null,null,"row number",null,null,null,null,null,"row number"]
[null,{"$f":"B15","v":"TABLE 1 - ASSUMPTIONS FOR ROLL FORWARD OF REGULATORY ASSET BASE "},null,null,null,null,{"$f":"ROW(B15)","v":15},"ADDED",null,null,null,null,{"$f":"ROW(B15)","v":15}]
[null,{"$f":"B53","v":"TABLE 2 - ROLL FORWARD OF REGULATORY ASSET BASE FOR COST BUILDING BLOCKS"},null,null,null,null,{"$f":"ROW(B60)","v":60},null,null,null,null,null,{"$f":"ROW(B53)","v":53}]
[null,{"$f":"B130","v":"TABLE 3 - ROLL FORWARD OF REGULATORY ASSET BASE FOR REGULATORY FINANCIAL STATEMENTS (nominal)"},null,null,null,null,{"$f":"ROW(B133)","v":133},null,null,null,null,null,{"$f":"ROW(B130)","v":130}]
[null,{"$f":"B148","v":"The option for depreciation in Table 4 below is for illustration only, and the results are not used anywhere in the model"}]
[null,{"$f":"B151","v":"This method is simpler but is suitable ONLY for long-lived assets  since it assumes that all capex continues to be depreciated"}]
[null,{"$f":"B150","v":"Table 4 - Depreciation of new assets (ie net capex during period) - Method 2 for long-lived assets"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B150)","v":150}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS FOR ROLL FORWARD OF REGULATORY ASSET BASE "]
[null,{"$f":"'RAB & cost inputs'!B$33","v":"Financial year"},null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,{"$f":"G17-1","v":-3},{"$f":"H17-1","v":-2},{"$f":"I17-1","v":-1},null,null,{"$f":"CHOOSE(Scenario!$W$37,Scenario!$X$35,Scenario!$X$36)","v":"2018-19 $'000"},null,null,null,{"$f":"K17","v":"2018-19 $'000"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!K34","v":"Next determination period"},null,null,null,{"$f":"'RAB & cost inputs'!O34","v":"Subsequent determinations"}]
[]
[null,{"$f":"'Pricing & financial inputs'!B19","v":"Inflation applied to costs and prices"},null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K19","v":0},{"$f":"'Pricing & financial inputs'!L19","v":0},{"$f":"'Pricing & financial inputs'!M19","v":0},{"$f":"'Pricing & financial inputs'!N19","v":0},{"$f":"'Pricing & financial inputs'!O19","v":0},{"$f":"'Pricing & financial inputs'!P19","v":0},{"$f":"'Pricing & financial inputs'!Q19","v":0},{"$f":"'Pricing & financial inputs'!R19","v":0},{"$f":"'Pricing & financial inputs'!S19","v":0},{"$f":"'Pricing & financial inputs'!T19","v":0}]
[null,{"$f":"'Pricing & financial inputs'!B20","v":"Index applied to forecast costs and revenue"},null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!J20","v":1},{"$f":"'Pricing & financial inputs'!K20","v":1},{"$f":"'Pricing & financial inputs'!L20","v":1},{"$f":"'Pricing & financial inputs'!M20","v":1},{"$f":"'Pricing & financial inputs'!N20","v":1},{"$f":"'Pricing & financial inputs'!O20","v":1},{"$f":"'Pricing & financial inputs'!P20","v":1},{"$f":"'Pricing & financial inputs'!Q20","v":1},{"$f":"'Pricing & financial inputs'!R20","v":1},{"$f":"'Pricing & financial inputs'!S20","v":1},{"$f":"'Pricing & financial inputs'!T20","v":1}]
[null,"inflation rate",null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!L18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T18","v":2.5000000000000001E-2}]
[null,"Inflator for nominal RAB capex, cap cons and disposals",null,null,null,null,null,null,null,1,{"$f":"J23*(1+K22)/(1+K20)","v":1.0249999999999999},1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,"RAB opening value"]
[null,{"$f":"'RAB historical'!B20","v":"Depreciating assets"},{"$f":"'RAB & cost inputs'!$C$37","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB historical'!J67","v":778985.31983444607}]
[null,{"$f":"'RAB historical'!B21","v":"Non-depreciating assets (eg land)"},{"$f":"C26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB historical'!J116","v":45707.741491456007}]
[]
[null,"Forecast capex, capital contributions,  asset disposals and asset lives",null,null,null,null,null,null,null,null,{"$f":"\"Selected: \"&Scenario!$J$44&\" & \"&Scenario!$J$48","v":"Selected: Option 1 - Agency capex & Option 1 - Agency cap cons"}]
[null,{"$f":"'RAB & cost inputs'!$B$76","v":"Capital expenditure"}]
[null,{"$f":"Scenario!B65","v":" - depreciating assets"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"Scenario!K65*K$21","v":54000},{"$f":"Scenario!L65*L$21","v":24000},{"$f":"Scenario!M65*M$21","v":70000},{"$f":"Scenario!N65*N$21","v":44000},{"$f":"Scenario!O65*O$21","v":54000},{"$f":"Scenario!P65*P$21","v":43000},{"$f":"Scenario!Q65*Q$21","v":32000},{"$f":"Scenario!R65*R$21","v":32500},{"$f":"Scenario!S65*S$21","v":33000},{"$f":"Scenario!T65*T$21","v":33500}]
[null,{"$f":"Scenario!B66","v":" - non-depreciating assets"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"Scenario!K66*K$21","v":4000},{"$f":"Scenario!L66*L$21","v":0},{"$f":"Scenario!M66*M$21","v":0},{"$f":"Scenario!N66*N$21","v":5000},{"$f":"Scenario!O66*O$21","v":0},{"$f":"Scenario!P66*P$21","v":0},{"$f":"Scenario!Q66*Q$21","v":0},{"$f":"Scenario!R66*R$21","v":0},{"$f":"Scenario!S66*S$21","v":0},{"$f":"Scenario!T66*T$21","v":0}]
[]
[null,"Cash capital contributions"]
[null,"Share of cash capital contributions included in RAB calculations",null,null,null,null,null,null,null,null,{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!K$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!L$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!M$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!N$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!O$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!P$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!Q$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!R$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!S$68),1)","v":0.7},{"$f":"CHOOSE(Scenario!$W$55,(1-'Pricing & financial inputs'!T$68),1)","v":0.7}]
[null,{"$f":"'RAB & cost inputs'!B87","v":" - depreciating assets"},{"$f":"CHOOSE(Scenario!$W$55,$C$26&\", net of tax\",$C$26&\" before tax\")","v":"$'000, net of tax"},null,null,null,null,null,null,null,{"$f":"Scenario!K69*K$21*K$35","v":700},{"$f":"Scenario!L69*L$21*L$35","v":140},{"$f":"Scenario!M69*M$21*M$35","v":350},{"$f":"Scenario!N69*N$21*N$35","v":280},{"$f":"Scenario!O69*O$21*O$35","v":0},{"$f":"Scenario!P69*P$21*P$35","v":0},{"$f":"Scenario!Q69*Q$21*Q$35","v":0},{"$f":"Scenario!R69*R$21*R$35","v":0},{"$f":"Scenario!S69*S$21*S$35","v":0},{"$f":"Scenario!T69*T$21*T$35","v":0}]
[null,{"$f":"'RAB & cost inputs'!B88","v":" - non-depreciating assets"},{"$f":"C36","v":"$'000, net of tax"},null,null,null,null,null,null,null,{"$f":"Scenario!K70*K$21*K$35","v":0},{"$f":"Scenario!L70*L$21*L$35","v":0},{"$f":"Scenario!M70*M$21*M$35","v":0},{"$f":"Scenario!N70*N$21*N$35","v":0},{"$f":"Scenario!O70*O$21*O$35","v":0},{"$f":"Scenario!P70*P$21*P$35","v":0},{"$f":"Scenario!Q70*Q$21*Q$35","v":0},{"$f":"Scenario!R70*R$21*R$35","v":0},{"$f":"Scenario!S70*S$21*S$35","v":0},{"$f":"Scenario!T70*T$21*T$35","v":0}]
[]
[null,{"$f":"'RAB & cost inputs'!B104","v":"Cost of assets disposed - depreciating assets"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!K104*K$21","v":1000},{"$f":"'RAB & cost inputs'!L104*L$21","v":1000},{"$f":"'RAB & cost inputs'!M104*M$21","v":1000},{"$f":"'RAB & cost inputs'!N104*N$21","v":1000},{"$f":"'RAB & cost inputs'!O104*O$21","v":1000},{"$f":"'RAB & cost inputs'!P104*P$21","v":1000},{"$f":"'RAB & cost inputs'!Q104*Q$21","v":1000},{"$f":"'RAB & cost inputs'!R104*R$21","v":1000},{"$f":"'RAB & cost inputs'!S104*S$21","v":1000},{"$f":"'RAB & cost inputs'!T104*T$21","v":1000}]
[null,{"$f":"'RAB & cost inputs'!B105","v":"Cost of assets disposed - non-depreciating assets"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!K105*K$21","v":200},{"$f":"'RAB & cost inputs'!L105*L$21","v":300},{"$f":"'RAB & cost inputs'!M105*M$21","v":0},{"$f":"'RAB & cost inputs'!N105*N$21","v":0},{"$f":"'RAB & cost inputs'!O105*O$21","v":0},{"$f":"'RAB & cost inputs'!P105*P$21","v":0},{"$f":"'RAB & cost inputs'!Q105*Q$21","v":0},{"$f":"'RAB & cost inputs'!R105*R$21","v":0},{"$f":"'RAB & cost inputs'!S105*S$21","v":0},{"$f":"'RAB & cost inputs'!T105*T$21","v":0}]
[]
[null,"Remaining lives of existing assets","years",{"$f":"'RAB & cost inputs'!D58","v":38.943718534992023},"depreciating assets only"]
[null,"Average expected life of new assets","years",{"$f":"'RAB & cost inputs'!D59","v":60},{"$f":"E42","v":"depreciating assets only"}]
[]
[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  and indexed",null,{"$f":"'RAB & cost inputs'!$C$154","v":0.5}]
[null,"   % of disposals in year depreciated and indexed",null,{"$f":"'RAB & cost inputs'!$C$155","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 2 - ROLL FORWARD OF REGULATORY ASSET BASE FOR COST BUILDING BLOCKS"]
[null,{"$f":"B$16","v":"Financial year"},null,null,null,{"$f":"F$17","v":-3},{"$f":"G$17","v":-2},{"$f":"H$17","v":-1},null,{"$f":"J$16","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$17","v":"2018-19 $'000"},null,null,null,{"$f":"O$17","v":"2018-19 $'000"}]
[]
[null,{"$f":"$B$26","v":"Depreciating assets"}]
[null,"Opening RAB",{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$26","v":778985.31983444607},{"$f":"K63","v":810851.14324782393},812659.64474325499,859504.57432073925,879500.43198027683,908987.63438853435,926692.1815455117,932797.40678454237,938890.81010562624,944964.05817543005]
[null,"  capex net of capital contributions ",{"$f":"C58","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$31-K$36","v":53300},{"$f":"L$31-L$36","v":23860},{"$f":"M$31-M$36","v":69650},43720,54000,43000,32000,32500,33000,33500]
[null,"  disposals ",{"$f":"C59","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$39","v":1000},{"$f":"L$39","v":1000},1000,1000,1000,1000,1000,1000,1000,1000]
[null,"  depreciation",{"$f":"C60","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K76+K104","v":20434.176586622183},{"$f":"L76+L104","v":21051.498504568939},21805.070422515695,22724.142340462447,23512.797591742536,24295.452843022624,24894.77476096938,25406.596678916132,25926.751930196224,26455.240514809644]
[null,"   indexation",{"$f":"C61","v":"$'000"},null,null,null,null,null,null,null,{"$f":"(K58+K59*$D$47-K60*$D$48)*K$20","v":0},0,0,0,0,0,0,0,0,0,null,"Formula = (Opening value + 50 capex - 50 % disposals) x inflation rate"]
[null,"Closing RAB",{"$f":"C62","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K58:K59)-K60-K61+K62","v":810851.14324782393},812659.64474325499,859504.57432073925,879500.43198027683,908987.63438853435,926692.1815455117,932797.40678454237,938890.81010562624,944964.05817543005,951008.81766062044]
[]
[]
[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,{"$f":"IF(K68<1/$D76,1,MAX(0,1/$D76-J68))","v":1},{"$f":"IF(L68<1/$D76,1,MAX(0,1/$D76-K68))","v":1},1,1,1,1,1,1,1,1]
[]
[null,"Opening value of existing assets ",{"$f":"C122","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K58","v":778985.31983444607},{"$f":"K74","v":777985.31983444607},776985.31983444607,775985.31983444607,774985.31983444607,773985.31983444607,772985.31983444607,771985.31983444607,770985.31983444607,769985.31983444607]
[null,"  disposals",{"$f":"C71","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K60","v":1000},{"$f":"L60","v":1000},1000,1000,1000,1000,1000,1000,1000,1000]
[null,"  indexation ",{"$f":"C72","v":"$'000"},null,null,null,null,null,null,null,{"$f":"(K71-K72*$D$48)*K$20","v":0},0,0,0,0,0,0,0,0,0]
[null,"Closing value before further depreciation",null,null,null,null,null,null,null,null,{"$f":"K71-K72+K73","v":777985.31983444607},{"$f":"L71-L72+L73","v":776985.31983444607},775985.31983444607,774985.31983444607,773985.31983444607,772985.31983444607,771985.31983444607,770985.31983444607,769985.31983444607,768985.31983444607]
[]
[null,"Depreciation",{"$f":"C73","v":"$'000"},{"$f":"1/D$42","v":2.5678082053244913E-2},null,null,null,null,null,null,{"$f":"(K74+K72*$D$48)*$D$76*K69","v":19990.009919955515},19964.331837902271,19938.653755849027,19912.97567379578,19887.297591742536,19861.619509689292,19835.941427636048,19810.2633455828,19784.585263529556,19758.907181476312,null,"formula = (closing value + 50% disposals) x depreciation rate x % depreciation remaining"]
[]
[null,"New assets (ie net capex during period) - Method 1, suitable for long-live and short-lived assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Method 2 is suitable only for long-lived assets and is shown below from row \"&ROW($B$150)","v":"Method 2 is suitable only for long-lived assets and is shown below from row 150"}]
[null,"Expected life (years)",null,{"$f":"$D$43","v":60}]
[null,"% of 1 year's depreciation in ",null,null,null,null,null,null,null,null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE($K$16:$T$16)","v":"2019-20"},"%",null,null,null,null,null,null,null,{"$f":"$D$47","v":0.5},{"$f":"IF(SUM($K81:K81)+1<$D79,1,$D79-SUM($K81:K81))","v":1},{"$f":"IF(SUM($K81:L81)+1<$D79,1,$D79-SUM($K81:L81))","v":1},{"$f":"IF(SUM($K81:M81)+1<$D79,1,$D79-SUM($K81:M81))","v":1},{"$f":"IF(SUM($K81:N81)+1<$D79,1,$D79-SUM($K81:N81))","v":1},{"$f":"IF(SUM($K81:O81)+1<$D79,1,$D79-SUM($K81:O81))","v":1},{"$f":"IF(SUM($K81:P81)+1<$D79,1,$D79-SUM($K81:P81))","v":1},{"$f":"IF(SUM($K81:Q81)+1<$D79,1,$D79-SUM($K81:Q81))","v":1},{"$f":"IF(SUM($K81:R81)+1<$D79,1,$D79-SUM($K81:R81))","v":1},{"$f":"IF(SUM($K81:S81)+1<$D79,1,$D79-SUM($K81:S81))","v":1}]
[null,"2020-21","%",null,null,null,null,null,null,null,0,{"$f":"$D$47","v":0.5},{"$f":"IF(SUM($K82:L82)+1<$D79,1,$D79-SUM($K82:L82))","v":1},{"$f":"IF(SUM($K82:M82)+1<$D79,1,$D79-SUM($K82:M82))","v":1},{"$f":"IF(SUM($K82:N82)+1<$D79,1,$D79-SUM($K82:N82))","v":1},{"$f":"IF(SUM($K82:O82)+1<$D79,1,$D79-SUM($K82:O82))","v":1},{"$f":"IF(SUM($K82:P82)+1<$D79,1,$D79-SUM($K82:P82))","v":1},{"$f":"IF(SUM($K82:Q82)+1<$D79,1,$D79-SUM($K82:Q82))","v":1},{"$f":"IF(SUM($K82:R82)+1<$D79,1,$D79-SUM($K82:R82))","v":1},{"$f":"IF(SUM($K82:S82)+1<$D79,1,$D79-SUM($K82:S82))","v":1}]
[null,"2021-22","%",null,null,null,null,null,null,null,0,0,{"$f":"$D$47","v":0.5},{"$f":"IF(SUM($K83:M83)+1<$D79,1,$D79-SUM($K83:M83))","v":1},{"$f":"IF(SUM($K83:N83)+1<$D79,1,$D79-SUM($K83:N83))","v":1},{"$f":"IF(SUM($K83:O83)+1<$D79,1,$D79-SUM($K83:O83))","v":1},{"$f":"IF(SUM($K83:P83)+1<$D79,1,$D79-SUM($K83:P83))","v":1},{"$f":"IF(SUM($K83:Q83)+1<$D79,1,$D79-SUM($K83:Q83))","v":1},{"$f":"IF(SUM($K83:R83)+1<$D79,1,$D79-SUM($K83:R83))","v":1},{"$f":"IF(SUM($K83:S83)+1<$D79,1,$D79-SUM($K83:S83))","v":1}]
[null,"2022-23","%",null,null,null,null,null,null,null,0,0,0,{"$f":"$D$47","v":0.5},{"$f":"IF(SUM($K84:N84)+1<$D79,1,$D79-SUM($K84:N84))","v":1},{"$f":"IF(SUM($K84:O84)+1<$D79,1,$D79-SUM($K84:O84))","v":1},{"$f":"IF(SUM($K84:P84)+1<$D79,1,$D79-SUM($K84:P84))","v":1},{"$f":"IF(SUM($K84:Q84)+1<$D79,1,$D79-SUM($K84:Q84))","v":1},{"$f":"IF(SUM($K84:R84)+1<$D79,1,$D79-SUM($K84:R84))","v":1},{"$f":"IF(SUM($K84:S84)+1<$D79,1,$D79-SUM($K84:S84))","v":1}]
[null,"2023-24","%",null,null,null,null,null,null,null,0,0,0,0,{"$f":"N84","v":0.5},{"$f":"IF(SUM($K85:O85)+1<$D79,1,$D80-SUM($K85:O85))","v":1},{"$f":"IF(SUM($K85:P85)+1<$D79,1,$D79-SUM($K85:P85))","v":1},{"$f":"IF(SUM($K85:Q85)+1<$D79,1,$D79-SUM($K85:Q85))","v":1},{"$f":"IF(SUM($K85:R85)+1<$D79,1,$D79-SUM($K85:R85))","v":1},{"$f":"IF(SUM($K85:S85)+1<$D79,1,$D79-SUM($K85:S85))","v":1}]
[null,"2024-25","%",null,null,null,null,null,null,null,0,0,0,0,0,{"$f":"O85","v":0.5},{"$f":"IF(SUM($K86:P86)+1<$D79,1,$D79-SUM($K86:P86))","v":1},{"$f":"IF(SUM($K86:Q86)+1<$D79,1,$D79-SUM($K86:Q86))","v":1},{"$f":"IF(SUM($K86:R86)+1<$D79,1,$D79-SUM($K86:R86))","v":1},{"$f":"IF(SUM($K86:S86)+1<$D79,1,$D79-SUM($K86:S86))","v":1}]
[null,"2025-26","%",null,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"P86","v":0.5},{"$f":"IF(SUM($K87:Q87)+1<$D79,1,$D79-SUM($K87:Q87))","v":1},{"$f":"IF(SUM($K87:R87)+1<$D79,1,$D79-SUM($K87:R87))","v":1},{"$f":"IF(SUM($K87:S87)+1<$D79,1,$D79-SUM($K87:S87))","v":1}]
[null,"2026-27","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"Q87","v":0.5},{"$f":"IF(SUM($K88:R88)+1<$D79,1,$D79-SUM($K88:R88))","v":1},{"$f":"IF(SUM($K88:S88)+1<$D79,1,$D79-SUM($K88:S88))","v":1}]
[null,"2027-28","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"R88","v":0.5},{"$f":"IF(SUM($K89:S89)+1<$D79,1,$D79-SUM($K89:S89))","v":1}]
[null,"2028-29","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,{"$f":"S89","v":0.5}]
[]
[null,"Capex after indexation in first year (net of cap cons)",null,null,null,null,null,null,null,null,{"$f":"K59*(1+K$20*$D$47)","v":53300},23860,69650,43720,54000,43000,32000,32500,33000,33500]
[null,"Depreciation for capex (after indexation) occurring in:",null,"Depreciation rate"]
[null,{"$f":"B81","v":"2019-20"},{"$f":"$C$117","v":"$'000"},{"$f":"IF(D79=0,0,1/D79)","v":1.6666666666666666E-2},null,null,null,null,null,null,{"$f":"K81*K92*$D94","v":444.16666666666669},{"$f":"IF(K81=0,0,K94*L81/K81*(1+L$20))","v":888.33333333333337},888.33333333333337,888.33333333333337,888.33333333333337,888.33333333333337,888.33333333333337,888.33333333333337,888.33333333333337,888.33333333333337,null,"formula = ($ depreciation in year t-1 x {% of full year's depreciation in year t  / % of full year's depreciation I year t-1}) x (1 + inflation rate)"]
[null,{"$f":"B82","v":"2020-21"},"$'000",{"$f":"D94","v":1.6666666666666666E-2},null,null,null,null,null,null,{"$f":"K82","v":0},{"$f":"L82*L92*$D95","v":198.83333333333334},{"$f":"IF(L82=0,0,L95*M82/L82*(1+M$20))","v":397.66666666666669},397.66666666666669,397.66666666666669,397.66666666666669,397.66666666666669,397.66666666666669,397.66666666666669,397.66666666666669]
[null,"2021-22","$'000",1.6666666666666666E-2,null,null,null,null,null,null,{"$f":"K83","v":0},{"$f":"L83","v":0},{"$f":"M83*M92*$D96","v":580.41666666666663},{"$f":"IF(M83=0,0,M96*N83/M83*(1+N$20))","v":1160.8333333333333},1160.8333333333333,1160.8333333333333,1160.8333333333333,1160.8333333333333,1160.8333333333333,1160.8333333333333]
[null,"2022-23","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,{"$f":"N84*N92*$D97","v":364.33333333333331},{"$f":"IF(N84=0,0,N97*O84/N84*(1+O$20))","v":728.66666666666663},728.66666666666663,728.66666666666663,728.66666666666663,728.66666666666663,728.66666666666663]
[null,"2023-24","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,{"$f":"O85*O92*$D98","v":450},{"$f":"IF(O85=0,0,O98*P85/O85*(1+P$20))","v":900},{"$f":"IF(P85=0,0,P98*Q85/P85*(1+Q$20))","v":900},{"$f":"IF(Q85=0,0,Q98*R85/Q85*(1+R$20))","v":900},{"$f":"IF(R85=0,0,R98*S85/R85*(1+S$20))","v":900},{"$f":"IF(S85=0,0,S98*T85/S85*(1+T$20))","v":900}]
[null,"2024-25","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,0,{"$f":"P86*P92*$D99","v":358.33333333333331},{"$f":"IF(P86=0,0,P99*Q86/P86*(1+Q$20))","v":716.66666666666663},{"$f":"IF(Q86=0,0,Q99*R86/Q86*(1+R$20))","v":716.66666666666663},{"$f":"IF(R86=0,0,R99*S86/R86*(1+S$20))","v":716.66666666666663},{"$f":"IF(S86=0,0,S99*T86/S86*(1+T$20))","v":716.66666666666663}]
[null,"2025-26","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"Q87*Q92*$D100","v":266.66666666666669},{"$f":"IF(Q87=0,0,Q100*R87/Q87*(1+R$20))","v":533.33333333333337},{"$f":"IF(R87=0,0,R100*S87/R87*(1+S$20))","v":533.33333333333337},{"$f":"IF(S87=0,0,S100*T87/S87*(1+T$20))","v":533.33333333333337}]
[null,"2026-27","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"R88*R92*$D101","v":270.83333333333331},{"$f":"IF(R88=0,0,R101*S88/R88*(1+S$20))","v":541.66666666666663},{"$f":"IF(S88=0,0,S101*T88/S88*(1+T$20))","v":541.66666666666663}]
[null,"2027-28","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"R89*R93*$D102","v":0},{"$f":"S89*S92*$D102","v":275},{"$f":"IF(S89=0,0,S102*T89/S89*(1+T$20))","v":550}]
[null,"2028-29","$'000",1.6666666666666666E-2,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"S90*S93*$D103","v":0},{"$f":"T90*T92*$D103","v":279.16666666666669}]
[null,"Depreciation for the year","$'000",null,null,null,null,null,null,null,{"$f":"SUM(K94:K103)","v":444.16666666666669},1087.1666666666667,1866.4166666666665,2811.1666666666665,3625.4999999999995,4433.833333333333,{"$f":"SUM(Q94:Q103)","v":5058.833333333333},{"$f":"SUM(R94:R103)","v":5596.3333333333321},{"$f":"SUM(S94:S103)","v":6142.1666666666661},{"$f":"SUM(T94:T103)","v":6696.333333333333}]
[]
[]
[]
[null,{"$f":"$B$27","v":"Non-depreciating assets (eg land)"}]
[null,{"$f":"B117","v":"Opening RAB"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$27","v":45707.741491456007},{"$f":"K114","v":49507.741491456007},49207.741491456007,49207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007]
[null,"  capex net of capital contributions ",{"$f":"C109","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$32-K$37","v":4000},{"$f":"L$32-L$37","v":0},0,5000,0,0,0,0,0,0]
[null,"  disposals ",{"$f":"C110","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K$40","v":200},{"$f":"L$40","v":300},0,0,0,0,0,0,0,0]
[null,"  depreciation",{"$f":"C111","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":"C112","v":"$'000"},null,null,null,null,null,null,null,{"$f":"(K109+K110*$D$47-K111*$D$48)*K$20","v":0},0,0,0,0,0,0,0,0,0,null,"Formula = (Opening value + 50 capex - 50 % disposals) x inflation rate"]
[null,"Closing RAB",{"$f":"C113","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K109:K110)-K111-K112+K113","v":49507.741491456007},49207.741491456007,49207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007,54207.741491456007]
[]
[null,"Total RAB"]
[null,{"$f":"B58","v":"Opening RAB"},{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K58+K109","v":824693.06132590212},{"$f":"L58+L109","v":860358.88473927998},861867.38623471104,908712.3158121953,933708.17347173288,963195.3758799904,980899.92303696775,987005.14827599842,993098.55159708229,999171.7996668861]
[null,"  capex net of capital contributions ",{"$f":"C117","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K59+K110","v":57300},23860,69650,48720,54000,43000,32000,32500,33000,33500]
[null,"  disposals ",{"$f":"C118","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K60+K111","v":1200},1300,1000,1000,1000,1000,1000,1000,1000,1000]
[null,"  depreciation",{"$f":"C119","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K61+K112","v":20434.176586622183},21051.498504568939,21805.070422515695,22724.142340462447,23512.797591742536,24295.452843022624,24894.77476096938,25406.596678916132,25926.751930196224,26455.240514809644]
[null,"   indexation",{"$f":"C120","v":"$'000"},null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Closing RAB",{"$f":"C121","v":"$'000"},null,null,null,null,null,null,null,860358.88473927998,861867.38623471104,908712.3158121953,933708.17347173288,963195.3758799904,980899.92303696775,987005.14827599842,993098.55159708229,999171.7996668861,1005216.5591520765]
[null,"check closing value = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K117:K118)-K119-K120+K121-K122","v":0},{"$f":"SUM(L117:L118)-L119-L120+L121-L122","v":0},0,0,0,0,0,0,0,0]
[null,"check net capex = 0",null,null,null,null,null,null,null,null,{"$f":"K118-SUM(K$31:K$32)+SUM(K$36:K$37)","v":0},{"$f":"L118-SUM(L$31:L$32)+SUM(L$36:L$37)","v":0},0,0,0,0,0,0,0,0]
[null,"check disposals = 0",null,null,null,null,null,null,null,null,{"$f":"K119-SUM(K$39:K$40)","v":0},{"$f":"L119-SUM(L$39:L$40)","v":0},0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[null,"TABLE 3 - ROLL FORWARD OF REGULATORY ASSET BASE FOR REGULATORY FINANCIAL STATEMENTS (nominal)"]
[null,{"$f":"B$16","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J$16","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Scenario!$X$35","v":"nominal $'000"},null,null,null,{"$f":"K132","v":"nominal $'000"}]
[null,"Total RAB"]
[null,{"$f":"B117","v":"Opening RAB"},"$'000",null,null,null,null,null,null,null,{"$f":"K117","v":824693.06132590212},{"$f":"K139","v":881867.85685776186},{"$f":"L139","v":905499.42266284325},{"$f":"M139","v":978583.77372019226},{"$f":"N139","v":1030639.1179600222},1089767.1588888934,1137543.1846715021,1173238.9585528609,1209994.1527787873,1247828.661219941,null,"= closing RAB from previous year (calculated)"]
[null,"  capex net of capital contributions ","$'000",null,null,null,null,null,null,null,{"$f":"K118*K$23","v":58732.499999999993},25067.912499999999,75005.432031249991,53777.764031249986,61096.043496093735,49866.816983154276,38037.944117382795,39598.094169072319,41212.478008272949,42882.832230577951,null,"= indexed "]
[null,"  disposals ","$'000",null,null,null,null,null,null,null,{"$f":"K119*K$23","v":1230},1365.8125,1076.8906249999998,1103.8128906249997,1131.4082128906246,1159.6934182128903,1188.6857536682123,1218.4028975099175,1248.8629699476653,1280.0845441963565,null,"= indexed "]
[null,"  depreciation","$'000",null,null,null,null,null,null,null,{"$f":"K120*K$23","v":20945.031001287734},22117.23061636274,23481.675915471937,25083.201243799802,26602.572303332407,28175.276754554987,29592.064099143277,30955.471009457262,32378.960416641217,33864.94449600509,null,"= indexed "]
[null,"   indexation","$'000",null,null,null,null,null,null,null,{"$f":"K139-K134-K135+K136+K137","v":20617.326533147479},22046.696421444136,22637.485566570951,24464.594343004737,25765.977949000549,27244.17897222226,28438.579616787487,29330.973963821278,30249.853819469616,31195.716530498223,null,"= calculated as a residual"]
[null,"Closing RAB","$'000",null,null,null,null,null,null,null,{"$f":"K122*K$23","v":881867.85685776186},905499.42266284325,978583.77372019226,{"$f":"N122*N$23","v":1030639.1179600222},1089767.1588888934,1137543.1846715021,1173238.9585528609,1209994.1527787873,1247828.661219941,1286762.1809408157,null,"= indexed closing value of real RAB "]
[null,"check closing value = 0",null,null,null,null,null,null,null,null,{"$f":"SUM(K134:K135)-K136-K137+K138-K139","v":0},{"$f":"SUM(L134:L135)-L136-L137+L138-L139","v":0},{"$f":"SUM(M134:M135)-M136-M137+M138-M139","v":0},0,0,0,0,0,0,0]
[null,"check net capex = 0",null,null,null,null,null,null,null,null,{"$f":"K135-SUM(K$31:K$32)*K$23+SUM(K$36:K$37)*K$23","v":0},2.1600499167107046E-12,5.7980287238024175E-12,-7.9580786405131221E-13,0,0,0,0,0,0]
[null,"check disposals = 0",null,null,null,null,null,null,null,null,{"$f":"K136-SUM(K$39:K$40)*K$23","v":0},0,0,0,0,0,0,0,0,0]
[null,"check = 0  if forecasts are all in nominal $",null,null,null,null,null,null,null,null,{"$f":"CHOOSE(Scenario!$W$37,K139-K122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,L139-L122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,M139-M122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,N139-N122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,O139-O122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,P139-P122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,Q139-Q122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,R139-R122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,S139-S122,\"na\")","v":"na"},{"$f":"CHOOSE(Scenario!$W$37,T139-T122,\"na\")","v":"na"}]
[]
[]
[]
[]
[null,"The option for depreciation in Table 4 below is for illustration only, and the results are not used anywhere in the model"]
[]
[null,"Table 4 - Depreciation of new assets (ie net capex during period) - Method 2 for long-lived assets"]
[null,"This method is simpler but is suitable ONLY for long-lived assets  since it assumes that all capex continues to be depreciated"]
[null,{"$f":"B$16","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J$16","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K$17","v":"2018-19 $'000"},null,null,null,{"$f":"O$17","v":"2018-19 $'000"}]
[null,"New assets (ie net capex during period)"]
[null,"Opening value (undepreciated)",{"$f":"$C$26","v":"$'000"},null,null,null,null,null,null,null,0,{"$f":"K158","v":53300},{"$f":"L158","v":77160},146810,190530,244530,287530,319530,352030,385030]
[null,"  capex net of cap cons ",{"$f":"C155","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K59","v":53300},23860,69650,43720,54000,43000,32000,32500,33000,33500]
[null,"  indexation",{"$f":"C156","v":"$'000"},null,null,null,null,null,null,null,{"$f":"(K155+K156*$D$47)*K$20","v":0},0,0,0,0,0,0,0,0,0]
[null,"Closing value",{"$f":"C157","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K155:K157)","v":53300},{"$f":"SUM(L155:L157)","v":77160},146810,190530,244530,287530,319530,352030,385030,418530]
[]
[null,"Depreciation for year",{"$f":"C158","v":"$'000"},{"$f":"IF(D$43=0,0,1/D$43)","v":1.6666666666666666E-2},null,null,null,null,null,null,{"$f":"(K155+K157+K156*$D$47)*$D160","v":444.16666666666669},1087.1666666666667,1866.4166666666667,2811.1666666666665,3625.5,4433.833333333333,5058.833333333333,5596.333333333333,6142.166666666667,6696.333333333333,null,"formula = (opening value + indexation + 50 % capex) x depreciation rate "]

{"sheet":"Return on RAB","index":12,"n_rows":57,"n_cols":22,"rows_kept":57,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"8  Return on Regulatory Asset Base1 (year end and mid-year values)"]
[]
[null,"List of tables",null,null,null,null,"row number",null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,{"$f":"ROW(B11)","v":11},"ADDED",null,null,null,{"$f":"ROW(B11)","v":11}]
[null,{"$f":"B28","v":"TABLE 2 - CALCULATION OF RETURN ON ASSETS (FOR BUILDING BLOCK COSTS)"},null,null,null,null,{"$f":"ROW(B56)","v":56},null,null,null,null,{"$f":"ROW(B28)","v":28}]
[]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'RAB projected '!B16","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!J$16","v":"2018-19"},{"$f":"'RAB projected '!K$16","v":"2019-20"},{"$f":"'RAB projected '!L$16","v":"2020-21"},{"$f":"'RAB projected '!M$16","v":"2021-22"},{"$f":"'RAB projected '!N$16","v":"2022-23"},{"$f":"'RAB projected '!O$16","v":"2023-24"},{"$f":"'RAB projected '!P$16","v":"2024-25"},{"$f":"'RAB projected '!Q$16","v":"2025-26"},{"$f":"'RAB projected '!R$16","v":"2026-27"},{"$f":"'RAB projected '!S$16","v":"2027-28"},{"$f":"'RAB projected '!T$16","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O$18","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$17","v":"2018-19 $'000"},null,null,null,{"$f":"'RAB projected '!O$17","v":"2018-19 $'000"}]
[]
[]
[null,{"$f":"'RAB projected '!B20","v":"Inflation applied to costs and prices"},null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K20","v":0},{"$f":"'RAB projected '!L20","v":0},{"$f":"'RAB projected '!M20","v":0},{"$f":"'RAB projected '!N20","v":0},{"$f":"'RAB projected '!O20","v":0},{"$f":"'RAB projected '!P20","v":0},{"$f":"'RAB projected '!Q20","v":0},{"$f":"'RAB projected '!R20","v":0},{"$f":"'RAB projected '!S20","v":0},{"$f":"'RAB projected '!T20","v":0}]
[]
[null,{"$f":"Scenario!$E$88","v":"Real post-tax WACC (rounded)"},null,null,null,null,null,null,null,null,{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2},{"$f":"Scenario!$D$88","v":4.1000000000000002E-2}]
[null,{"$f":"CHOOSE(Scenario!$W$37,\"WACC for capital maintenance check (nominal)\",\"WACC for capital maintenance check  (real)\")","v":"WACC for capital maintenance check  (real)"},null,null,null,null,null,null,null,null,{"$f":"(K19+1)*(K17+1)-1","v":4.0999999999999925E-2},{"$f":"(L19+1)*(L17+1)-1","v":4.0999999999999925E-2},{"$f":"(M19+1)*(M17+1)-1","v":4.0999999999999925E-2},4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2]
[]
[null,"   % of capex in year depreciated  and indexed",null,{"$f":"'RAB & cost inputs'!$C$154","v":0.5}]
[null,"   % of disposals in year depreciated and indexed",null,{"$f":"'RAB & cost inputs'!$C$155","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF RETURN ON ASSETS (FOR BUILDING BLOCK COSTS)"]
[null,{"$f":"B12","v":"Financial year"},null,null,null,null,null,null,null,null,{"$f":"K12","v":"2019-20"},{"$f":"L12","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K14","v":"2018-19 $'000"},null,null,null,{"$f":"O14","v":"2018-19 $'000"}]
[]
[null,{"$f":"'RAB projected '!B117","v":"Opening RAB"},{"$f":"'RAB projected '!C117","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K117","v":824693.06132590212},{"$f":"'RAB projected '!L117","v":860358.88473927998},{"$f":"'RAB projected '!M117","v":861867.38623471104},{"$f":"'RAB projected '!N117","v":908712.3158121953},{"$f":"'RAB projected '!O117","v":933708.17347173288},{"$f":"'RAB projected '!P117","v":963195.3758799904},{"$f":"'RAB projected '!Q117","v":980899.92303696775},{"$f":"'RAB projected '!R117","v":987005.14827599842},{"$f":"'RAB projected '!S117","v":993098.55159708229},{"$f":"'RAB projected '!T117","v":999171.7996668861}]
[null,{"$f":"'RAB projected '!B118","v":"  capex net of capital contributions "},{"$f":"'RAB projected '!C118","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K118","v":57300},{"$f":"'RAB projected '!L118","v":23860},{"$f":"'RAB projected '!M118","v":69650},{"$f":"'RAB projected '!N118","v":48720},{"$f":"'RAB projected '!O118","v":54000},{"$f":"'RAB projected '!P118","v":43000},{"$f":"'RAB projected '!Q118","v":32000},{"$f":"'RAB projected '!R118","v":32500},{"$f":"'RAB projected '!S118","v":33000},{"$f":"'RAB projected '!T118","v":33500}]
[null,{"$f":"'RAB projected '!B119","v":"  disposals "},{"$f":"'RAB projected '!C119","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K119","v":1200},{"$f":"'RAB projected '!L119","v":1300},{"$f":"'RAB projected '!M119","v":1000},{"$f":"'RAB projected '!N119","v":1000},{"$f":"'RAB projected '!O119","v":1000},{"$f":"'RAB projected '!P119","v":1000},{"$f":"'RAB projected '!Q119","v":1000},{"$f":"'RAB projected '!R119","v":1000},{"$f":"'RAB projected '!S119","v":1000},{"$f":"'RAB projected '!T119","v":1000}]
[null,{"$f":"'RAB projected '!B120","v":"  depreciation"},{"$f":"'RAB projected '!C120","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K120","v":20434.176586622183},{"$f":"'RAB projected '!L120","v":21051.498504568939},{"$f":"'RAB projected '!M120","v":21805.070422515695},{"$f":"'RAB projected '!N120","v":22724.142340462447},{"$f":"'RAB projected '!O120","v":23512.797591742536},{"$f":"'RAB projected '!P120","v":24295.452843022624},{"$f":"'RAB projected '!Q120","v":24894.77476096938},{"$f":"'RAB projected '!R120","v":25406.596678916132},{"$f":"'RAB projected '!S120","v":25926.751930196224},{"$f":"'RAB projected '!T120","v":26455.240514809644}]
[null,{"$f":"'RAB projected '!B121","v":"   indexation"},{"$f":"'RAB projected '!C121","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K121","v":0},{"$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,{"$f":"'RAB projected '!B122","v":"Closing RAB"},{"$f":"'RAB projected '!C122","v":"$'000"},null,null,null,null,null,null,null,{"$f":"'RAB projected '!K122","v":860358.88473927998},{"$f":"'RAB projected '!L122","v":861867.38623471104},{"$f":"'RAB projected '!M122","v":908712.3158121953},{"$f":"'RAB projected '!N122","v":933708.17347173288},{"$f":"'RAB projected '!O122","v":963195.3758799904},{"$f":"'RAB projected '!P122","v":980899.92303696775},{"$f":"'RAB projected '!Q122","v":987005.14827599842},{"$f":"'RAB projected '!R122","v":993098.55159708229},{"$f":"'RAB projected '!S122","v":999171.7996668861},{"$f":"'RAB projected '!T122","v":1005216.5591520765}]
[]
[]
[null,"Calculation of return on RAB "]
[null,"Value of fixed RAB on which year-end return given ",null,null,null,null,null,null,null,null,{"$f":"(K32+K33*$D$22-K34*$D$23)*(1+K17)","v":852743.06132590212},{"$f":"(L32+L33*$D$22-L34*$D$23)*(1+L17)","v":871638.88473927998},896192.38623471104,932572.3158121953,960208.17347173288,984195.3758799904,996399.92303696775,1002755.1482759984,1009098.5515970823,1015421.7996668861,null,"= (opening value+ 50% capex- 50% disposals)*(1+inflation rate)"]
[null,"Return on fixed RAB (year-end value)",null,null,null,null,null,null,null,null,{"$f":"K19*K41","v":34962.465514361989},{"$f":"L19*L41","v":35737.194274310481},36743.887835623151,38235.46494830001,39368.535112341051,40352.010411079609,40852.396844515679,41112.961079315937,41373.040615480379,41632.293786342329,null,"Value on with return given x real WACC (compensation for inflation made in RAB roll forward)"]
[null,"Return on fixed RAB to be recovered from revenue (mid-year value)",null,null,null,null,null,null,null,null,{"$f":"K42/(1+K19)^0.5","v":34267.047474162333},35026.366555531138,36013.036561491223,37474.94558248049,{"$f":"O42/(1+O19)^0.5","v":38585.478507762942},{"$f":"P42/(1+P19)^0.5","v":39549.392072087991},{"$f":"Q42/(1+Q19)^0.5","v":40039.825610390282},40295.207113742828,40550.113559317841,40804.21007634134,null,"Mid-year value = year end value discounted by 6 months of (real) WACC"]
[]
[null,"Capital maintenance check"]
[]
[null,"Opening assets",{"$f":"C32","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K32","v":824693.06132590212},{"$f":"L32","v":860358.88473927998},861867.38623471104,908712.3158121953,933708.17347173288,963195.3758799904,980899.92303696775,987005.14827599842,993098.55159708229,999171.7996668861]
[null,"Capex",{"$f":"C47","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K33","v":57300},{"$f":"L33","v":23860},69650,48720,54000,43000,32000,32500,33000,33500]
[null,"Disposals",{"$f":"C48","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K34","v":1200},{"$f":"L34","v":1300},1000,1000,1000,1000,1000,1000,1000,1000]
[null,"NPV of investment in assets",{"$f":"C49","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K47+(K48*$D$22-K49*$D$23)/(1+K20)+(K48-K49)*$D$22","v":879688.30628267443},{"$f":"L47+(L48*$D$22-L49*$D$23)/(1+L20)+(L48-L49)*$D$22","v":882474.61960959702},929165.48902049393,955492.58478433744,985664.46549863007,1004368.2865428146,1011289.4523357189,1017884.8312731165,1024468.3882925675,1031031.7900607382]
[]
[null,"Return on assets (year end value)",{"$f":"C50","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K42","v":34962.465514361989},{"$f":"L42","v":35737.194274310481},36743.887835623151,38235.46494830001,39368.535112341051,40352.010411079609,40852.396844515679,41112.961079315937,41373.040615480379,41632.293786342329]
[null,"Depreciation (year end value)",{"$f":"C52","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K35","v":20434.176586622183},{"$f":"L35","v":21051.498504568939},21805.070422515695,22724.142340462447,23512.797591742536,24295.452843022624,24894.77476096938,25406.596678916132,25926.751930196224,26455.240514809644]
[null,"Closing asset value",{"$f":"C53","v":"$'000"},null,null,null,null,null,null,null,{"$f":"K37","v":860358.88473927998},{"$f":"L37","v":861867.38623471104},908712.3158121953,933708.17347173288,963195.3758799904,980899.92303696775,987005.14827599842,993098.55159708229,999171.7996668861,1005216.5591520765]
[null,"NPV of asset returns",{"$f":"C54","v":"$'000"},null,null,null,null,null,null,null,{"$f":"SUM(K52:K54)/(1+K20)","v":879688.30628267466},{"$f":"SUM(L52:L54)/(1+L20)","v":882474.61960959702},929165.48902049393,955492.58478433755,985664.46549863019,1004368.2865428147,1011289.452335719,1017884.8312731166,1024468.3882925675,1031031.7900607383]
[]
[null,"Difference (must=0)",null,null,null,null,null,null,null,null,{"$f":"K55-K50","v":0},{"$f":"L55-L50","v":0},0,0,0,0,0,0,{"$f":"S55-S50","v":0},{"$f":"T55-T50","v":0}]

{"sheet":"Working capital","index":13,"n_rows":68,"n_cols":20,"rows_kept":68,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"9 Working capital and return on working capital"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B13","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B13)","v":13}]
[null,{"$f":"B40","v":"TABLE 2 - CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL (FOR BUILDING BLOCK REVENUE) - REVENUE OPTION 1"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B40)","v":40}]
[null,{"$f":"B55","v":"The option in TABLE 3 below is for illustration only, and the results are not used as part of building block costs"}]
[null,{"$f":"B58","v":"This method is suitable if expected revenue from tariffs and other sources is similar to expected building block costs each year.  "}]
[null,{"$f":"B57","v":"TABLE 3 - ALTERNATIVE CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL (FOR BUILDING BLOCK REVENUE) - REVENUE OPTION 2"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B57)","v":57}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"'RAB projected '!I$16","v":"2017-18"},{"$f":"'RAB projected '!J$16","v":"2018-19"},{"$f":"'RAB projected '!K$16","v":"2019-20"},{"$f":"'RAB projected '!L$16","v":"2020-21"},{"$f":"'RAB projected '!M$16","v":"2021-22"},{"$f":"'RAB projected '!N$16","v":"2022-23"},{"$f":"'RAB projected '!O$16","v":"2023-24"},{"$f":"'RAB projected '!P$16","v":"2024-25"},{"$f":"'RAB projected '!Q$16","v":"2025-26"},{"$f":"'RAB projected '!R$16","v":"2026-27"},{"$f":"'RAB projected '!S$16","v":"2027-28"},{"$f":"'RAB projected '!T$16","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O$18","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,{"$f":"'RAB historical'!I$15","v":"nominal"},{"$f":"'RAB historical'!J$15","v":"nominal"},{"$f":"'RAB projected '!K$17","v":"2018-19 $'000"},null,null,null,{"$f":"'RAB projected '!O$17","v":"2018-19 $'000"}]
[]
[null,{"$f":"'Pricing & financial inputs'!B19","v":"Inflation applied to costs and prices"},null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I19","v":1.4999999999999999E-2},{"$f":"'Pricing & financial inputs'!J19","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!K19","v":0},{"$f":"'Pricing & financial inputs'!L19","v":0},{"$f":"'Pricing & financial inputs'!M19","v":0},{"$f":"'Pricing & financial inputs'!N19","v":0},{"$f":"'Pricing & financial inputs'!O19","v":0},{"$f":"'Pricing & financial inputs'!P19","v":0},{"$f":"'Pricing & financial inputs'!Q19","v":0},{"$f":"'Pricing & financial inputs'!R19","v":0},{"$f":"'Pricing & financial inputs'!S19","v":0},{"$f":"'Pricing & financial inputs'!T19","v":0}]
[]
[null,{"$f":"'Return on RAB'!B19","v":"Real post-tax WACC (rounded)"},null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I24","v":4.4999999999999998E-2},{"$f":"'Pricing & financial inputs'!J24","v":4.4999999999999998E-2},{"$f":"'Return on RAB'!K19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!L19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!M19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!N19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!O19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!P19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!Q19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!R19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!S19","v":4.1000000000000002E-2},{"$f":"'Return on RAB'!T19","v":4.1000000000000002E-2}]
[null,{"$f":"CHOOSE(Scenario!$W$37,\"WACC (nominal)\",\"WACC (nominal historical then forecast real)\")","v":"WACC (nominal historical then forecast real)"},null,null,null,null,null,null,{"$f":"(I20+1)*(I18+1)-1","v":6.0674999999999812E-2},{"$f":"(J20+1)*(J18+1)-1","v":7.1124999999999883E-2},4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2,4.0999999999999925E-2]
[]
[null,"The value of forecast revenue used to specify working capital is always somewhat circular (since revenue depends on costs and one element of costs is the return on working capital)."]
[null,"Circularity can be avoided by  (1) using the previous year's revenue from tariffs or (2)  the current year's building block costs but with the previous year's tax allowance and return on working capital."]
[null,"Most IPART models use approach 1. Note that the building block costs change slightly each time tariffs are reset when this approach is used."]
[]
[null,"Revenue Option 1 - Revenue from tariffs in previous year, increased by CPI if forecasts are nominal",{"$f":"'RAB & cost inputs'!C37","v":"$'000"},null,null,null,null,null,{"$f":"Scenario!I136","v":119317},{"$f":"Scenario!J136","v":121750},{"$f":"Scenario!J136*(1+K18)","v":121750},{"$f":"Scenario!K136*(1+L18)","v":122296.54034490886},{"$f":"Scenario!L136*(1+M18)","v":122835.55741884203},{"$f":"Scenario!M136*(1+N18)","v":124348.03793818047},{"$f":"Scenario!N136*(1+O18)","v":125888.39857526831},{"$f":"Scenario!O136*(1+P18)","v":128397.93029038736},{"$f":"Scenario!P136*(1+Q18)","v":130910.8568317652},{"$f":"Scenario!Q136*(1+R18)","v":133427.17591076088},{"$f":"Scenario!R136*(1+S18)","v":135947.76175399698},{"$f":"Scenario!S136*(1+T18)","v":138471.73521647434}]
[null,"Revenue Option 2 - building block costs with return on working capital and tax allowance lagged by one year.",{"$f":"C27","v":"$'000"},null,null,null,null,null,{"$f":"I27","v":119317},{"$f":"J27","v":121750},{"$f":"SUM('Cost building blocks'!K15:K17,'Cost building blocks'!J18:J20)-SUM('Cost building blocks'!K23:K24)","v":121042.03808848964},{"$f":"SUM('Cost building blocks'!L15:L17,'Cost building blocks'!K18:K20)-SUM('Cost building blocks'!L23:L24)","v":122292.39266833464},{"$f":"SUM('Cost building blocks'!M15:M17,'Cost building blocks'!L18:L20)-SUM('Cost building blocks'!M23:M24)","v":124869.35883527143},{"$f":"SUM('Cost building blocks'!N15:N17,'Cost building blocks'!M18:M20)-SUM('Cost building blocks'!N23:N24)","v":127246.98333037707},{"$f":"SUM('Cost building blocks'!O15:O17,'Cost building blocks'!N18:N20)-SUM('Cost building blocks'!O23:O24)","v":129103.71598345748},{"$f":"SUM('Cost building blocks'!P15:P17,'Cost building blocks'!O18:O20)-SUM('Cost building blocks'!P23:P24)","v":131723.95479630367},{"$f":"SUM('Cost building blocks'!Q15:Q17,'Cost building blocks'!P18:P20)-SUM('Cost building blocks'!Q23:Q24)","v":132719.1416299743},{"$f":"SUM('Cost building blocks'!R15:R17,'Cost building blocks'!Q18:Q20)-SUM('Cost building blocks'!R23:R24)","v":133655.2058780955},{"$f":"SUM('Cost building blocks'!S15:S17,'Cost building blocks'!R18:R20)-SUM('Cost building blocks'!S23:S24)","v":135257.35457738061},{"$f":"SUM('Cost building blocks'!T15:T17,'Cost building blocks'!S18:S20)-SUM('Cost building blocks'!T23:T24)","v":136105.06397719128}]
[]
[null,"Operating expenditure",{"$f":"$C$27","v":"$'000"},null,null,null,null,null,{"$f":"Scenario!I62","v":64940},{"$f":"Scenario!J62","v":64950},{"$f":"Scenario!K62*'Pricing & financial inputs'!K$20","v":65000},{"$f":"Scenario!L62*'Pricing & financial inputs'!L$20","v":65150},{"$f":"Scenario!M62*'Pricing & financial inputs'!M$20","v":65300},{"$f":"Scenario!N62*'Pricing & financial inputs'!N$20","v":65450},{"$f":"Scenario!O62*'Pricing & financial inputs'!O$20","v":65600},{"$f":"Scenario!P62*'Pricing & financial inputs'!P$20","v":65750},{"$f":"Scenario!Q62*'Pricing & financial inputs'!Q$20","v":65900},{"$f":"Scenario!R62*'Pricing & financial inputs'!R$20","v":66050},{"$f":"Scenario!S62*'Pricing & financial inputs'!S$20","v":66200},{"$f":"Scenario!T62*'Pricing & financial inputs'!T$20","v":66350}]
[null,"Net capital expenditure",{"$f":"$C$27","v":"$'000"},null,null,null,null,null,{"$f":"'RAB historical'!I120","v":34800},{"$f":"'RAB historical'!J120","v":64850},{"$f":"'RAB projected '!K118","v":57300},{"$f":"'RAB projected '!L118","v":23860},{"$f":"'RAB projected '!M118","v":69650},{"$f":"'RAB projected '!N118","v":48720},{"$f":"'RAB projected '!O118","v":54000},{"$f":"'RAB projected '!P118","v":43000},{"$f":"'RAB projected '!Q118","v":32000},{"$f":"'RAB projected '!R118","v":32500},{"$f":"'RAB projected '!S118","v":33000},{"$f":"'RAB projected '!T118","v":33500}]
[null,"check net capex = 0",null,null,null,null,null,null,{"$f":"SUM('RAB historical'!I36:I37)-SUM('RAB historical'!I41:I42)-I31","v":0},{"$f":"SUM('RAB historical'!J36:J37)-SUM('RAB historical'!J41:J42)-J31","v":0},{"$f":"SUM('RAB projected '!K31:K32)-SUM('RAB projected '!K36:K37)-K31","v":0},{"$f":"SUM('RAB projected '!L31:L32)-SUM('RAB projected '!L36:L37)-L31","v":0},{"$f":"SUM('RAB projected '!M31:M32)-SUM('RAB projected '!M36:M37)-M31","v":0},{"$f":"SUM('RAB projected '!N31:N32)-SUM('RAB projected '!N36:N37)-N31","v":0},{"$f":"SUM('RAB projected '!O31:O32)-SUM('RAB projected '!O36:O37)-O31","v":0},{"$f":"SUM('RAB projected '!P31:P32)-SUM('RAB projected '!P36:P37)-P31","v":0},{"$f":"SUM('RAB projected '!Q31:Q32)-SUM('RAB projected '!Q36:Q37)-Q31","v":0},{"$f":"SUM('RAB projected '!R31:R32)-SUM('RAB projected '!R36:R37)-R31","v":0},{"$f":"SUM('RAB projected '!S31:S32)-SUM('RAB projected '!S36:S37)-S31","v":0},{"$f":"SUM('RAB projected '!T31:T32)-SUM('RAB projected '!T36:T37)-T31","v":0}]
[null,"Specification of working capital"]
[null,{"$f":"'RAB & cost inputs'!B62","v":"Receivables @ no of days of sales"},{"$f":"'RAB & cost inputs'!C62","v":"days"},{"$f":"'RAB & cost inputs'!D62","v":45},"Length depends on billing cycle. Generally use 50% number of days in cycle. Hence 45 days suitable for 3 monthly billing cycle"]
[null,{"$f":"'RAB & cost inputs'!B63","v":"Inventory @ no. of days opex + net capex "},{"$f":"'RAB & cost inputs'!C63","v":"days"},{"$f":"'RAB & cost inputs'!D63","v":2},"Value depends on actual inventory held by business, from Statement of Financial Position (Balance Sheet)"]
[null,{"$f":"'RAB & cost inputs'!B64","v":"Accounts payable @ no. of days opex + net capex "},{"$f":"'RAB & cost inputs'!C64","v":"days"},{"$f":"'RAB & cost inputs'!D64","v":30},"Standard IPART 30 days normally used"]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL (FOR BUILDING BLOCK REVENUE) - REVENUE OPTION 1"]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$14","v":"2017-18"},{"$f":"J$14","v":"2018-19"},{"$f":"K$14","v":"2019-20"},{"$f":"L$14","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,{"$f":"I16","v":"nominal"},{"$f":"J16","v":"nominal"},{"$f":"K16","v":"2018-19 $'000"},null,null,null,{"$f":"O16","v":"2018-19 $'000"}]
[]
[null,"Receivables (option 1, where revenue = revenue from tariffs in previous year increased by CPI)",null,null,null,null,null,null,{"$f":"$D$34/365*I$27","v":14710.31506849315},{"$f":"$D$34/365*J$27","v":15010.273972602739},{"$f":"$D$34/365*K$27","v":15010.273972602739},{"$f":"$D$34/365*L$27","v":15077.655658961366},15144.109818761344,15330.580019775673,15520.487495581023,15829.881816623098,16139.69467788886,16449.925797217093,16760.682955972228,17071.857766414643]
[null,{"$f":"B35","v":"Inventory @ no. of days opex + net capex "},null,null,null,null,null,null,{"$f":"$D$35/365*SUM(I$30:I$31)","v":546.52054794520552},{"$f":"$D$35/365*SUM(J$30:J$31)","v":711.23287671232879},{"$f":"$D$35/365*SUM(K$30:K$31)","v":670.13698630136992},{"$f":"$D$35/365*SUM(L$30:L$31)","v":487.72602739726028},739.45205479452056,625.58904109589037,655.34246575342468,595.89041095890411,536.43835616438355,540,543.56164383561645,547.1232876712329]
[null,{"$f":"B36","v":"Accounts payable @ no. of days opex + net capex "},null,null,null,null,null,null,{"$f":"$D$36/365*SUM(I$30:I$31)","v":8197.8082191780813},10668.493150684932,{"$f":"$D$36/365*SUM(K$30:K$31)","v":10052.054794520547},7315.8904109589039,11091.780821917808,9383.8356164383549,9830.1369863013697,8938.3561643835619,8046.5753424657532,8100,8153.4246575342459,8206.8493150684935]
[null,"Net working capital",null,null,null,null,null,null,{"$f":"SUM(I44:I45)-I46","v":7059.0273972602736},{"$f":"SUM(J44:J45)-J46","v":5053.0136986301368},{"$f":"SUM(K44:K45)-K46","v":5628.3561643835619},8249.4912753997232,4791.7810516380578,6572.3334444332086,6345.6929750330783,7487.4160631984396,8629.5576915874917,8889.9257972170926,9150.8199422735979,9412.1317390173808]
[]
[null,"Return on  working capital (year end value)",null,null,null,null,null,null,{"$f":"I47*I$21","v":428.3064873287658},{"$f":"J47*J$21","v":359.3955993150679},{"$f":"K47*K$21","v":230.76260273972562},{"$f":"L47*L$21","v":338.22914229138803},196.46302311716002,269.46567122176106,260.17341197635574,306.98405859113547,353.81186535508652,364.48695768590011,375.18361763321684,385.89740129971193]
[null,"Return in working capital to be recovered from revenue (mid-year value)",null,null,null,null,null,null,{"$f":"I49/(1+I$21)^0.5","v":415.87564373593568},{"$f":"J49/(1+J$21)^0.5","v":347.25833378890093},{"$f":"K49/(1+K$21)^0.5","v":226.17263819953291},{"$f":"L49/(1+L$21)^0.5","v":331.50162339904716},192.55529153994297,264.10588648618102,254.99845415782511,300.87801746224858,346.77439959330991,357.23715987950277,367.72105879329945,378.2217408283488]
[]
[null,"Note that the building block costs change slightly each time tariffs are reset when this approach is used."]
[]
[]
[null,"The option in TABLE 3 below is for illustration only, and the results are not used as part of building block costs"]
[]
[null,"TABLE 3 - ALTERNATIVE CALCULATION OF WORKING CAPITAL ALLOWANCE AND RETURN ON WORKING CAPITAL (FOR BUILDING BLOCK REVENUE) - REVENUE OPTION 2"]
[null,"This method is suitable if expected revenue from tariffs and other sources is similar to expected building block costs each year.  "]
[null,{"$f":"B$14","v":"Financial year"},null,null,null,null,null,null,{"$f":"I$14","v":"2017-18"},{"$f":"J$14","v":"2018-19"},{"$f":"K$14","v":"2019-20"},{"$f":"L$14","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,{"$f":"I16","v":"nominal"},"nominal",{"$f":"K16","v":"2018-19 $'000"},null,null,null,{"$f":"O16","v":"2018-19 $'000"}]
[]
[null,"Receivables (option 2, where revenue = building block costs with lagged return on working capital and tax allowance, lagged to avoid circular referencing)",null,null,null,null,null,null,{"$f":"$D$34/365*I$28","v":14710.31506849315},{"$f":"$D$34/365*J$28","v":15010.273972602739},{"$f":"$D$34/365*K$28","v":14922.990997211051},15077.144301575503,15394.852459143052,15687.984246210872,15916.896491111196,16239.939632420999,16362.633899585871,16478.039080861086,16675.564262964734,16780.076380749608]
[null,{"$f":"B35","v":"Inventory @ no. of days opex + net capex "},null,null,null,null,null,null,{"$f":"$D$35/365*SUM(I$30:I$31)","v":546.52054794520552},{"$f":"$D$35/365*SUM(J$30:J$31)","v":711.23287671232879},{"$f":"$D$35/365*SUM(K$30:K$31)","v":670.13698630136992},{"$f":"$D$35/365*SUM(L$30:L$31)","v":487.72602739726028},739.45205479452056,625.58904109589037,655.34246575342468,595.89041095890411,536.43835616438355,540,543.56164383561645,547.1232876712329]
[null,{"$f":"B36","v":"Accounts payable @ no. of days opex + net capex "},null,null,null,null,null,null,{"$f":"$D$36/365*SUM(I$30:I$31)","v":8197.8082191780813},10668.493150684932,10052.054794520547,7315.8904109589039,11091.780821917808,9383.8356164383549,9830.1369863013697,8938.3561643835619,8046.5753424657532,8100,8153.4246575342459,8206.8493150684935]
[null,"Net working capital",null,null,null,null,null,null,{"$f":"SUM(I62:I63)-I64","v":7059.0273972602736},{"$f":"SUM(J62:J63)-J64","v":5053.0136986301368},5541.0731889918734,8248.9799180138598,5042.5236920197658,6929.7376708684078,6742.1019705632516,7897.473878996343,8852.4969132845035,8918.0390808610864,9065.7012492661033,9120.350353352349]
[]
[null,"Return on  working capital (year end value)",null,null,null,null,null,null,{"$f":"I65*I$21","v":428.3064873287658},{"$f":"J65*J$21","v":359.3955993150679},{"$f":"K65*K$21","v":227.18400074866639},{"$f":"L65*L$21","v":338.20817663856764},206.74347137281003,284.11924450560423,276.42618079309284,323.79642903884945,362.95237344466398,365.63960231530388,371.69375121990959,373.93436448744563]
[null,"Return in working capital to be recovered from revenue (mid-year value)",null,null,null,null,null,null,{"$f":"I67/(1+I$21)^0.5","v":415.87564373593568},{"$f":"J67/(1+J$21)^0.5","v":347.25833378890093},222.66521609658128,331.48107476181707,202.63125738643961,278.46799407774381,270.92794861527221,317.35598284053015,355.73309915970208,358.36687792585718,364.3006072804003,366.49665381431413]

{"sheet":"Tax","index":14,"n_rows":179,"n_cols":22,"rows_kept":179,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"10 Tax allowance in building block revenue and calculation of tax depreciation (if required)"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,null,null,"row number"]
[null,{"$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":"B44","v":"TABLE 2 - CALCULATION OF TAX ALLOWANCE"},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B44)","v":44}]
[null,{"$f":"B82","v":"TABLE 3 and TABLE 4 below are only for businesses that cannot provide forecast tax depreciation"}]
[null,{"$f":"B83","v":"If the business can provide forecast tax depreciation, enter this depreciation in the 'RAB & cost inputs' worksheet and select the type of business in the 'Scenario' worksheet, row 29"}]
[null,{"$f":"B85","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,{"$f":"ROW(B85)","v":85}]
[null,{"$f":"B114","v":"TABLE 4 - CALCULATION OF TAX DEPRECIATION "},null,null,null,null,null,null,null,null,null,null,{"$f":"ROW(B114)","v":114}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS FOR CALCULATION OF TAX ALLOWANCE"]
[null,{"$f":"'RAB projected '!B$16","v":"Financial year"},null,null,null,{"$f":"'RAB & cost inputs'!F$33","v":"2014-15"},{"$f":"'RAB & cost inputs'!G$33","v":"2015-16"},{"$f":"'RAB & cost inputs'!H$33","v":"2016-17"},{"$f":"'RAB & cost inputs'!I$33","v":"2017-18"},{"$f":"'RAB & cost inputs'!J$33","v":"2018-19"},{"$f":"'RAB & cost inputs'!K$33","v":"2019-20"},{"$f":"'RAB & cost inputs'!L$33","v":"2020-21"},{"$f":"'RAB & cost inputs'!M$33","v":"2021-22"},{"$f":"'RAB & cost inputs'!N$33","v":"2022-23"},{"$f":"'RAB & cost inputs'!O$33","v":"2023-24"},{"$f":"'RAB & cost inputs'!P$33","v":"2024-25"},{"$f":"'RAB & cost inputs'!Q$33","v":"2025-26"},{"$f":"'RAB & cost inputs'!R$33","v":"2026-27"},{"$f":"'RAB & cost inputs'!S$33","v":"2027-28"},{"$f":"'RAB & cost inputs'!T$33","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!J$34","v":"Previous determinations"},{"$f":"'RAB & cost inputs'!K$34","v":"Next determination period"},null,null,null,{"$f":"'RAB & cost inputs'!O$34","v":"Subsequent determinations"}]
[]
[]
[null,{"$f":"Scenario!B29","v":"Type of business with regard to tax (select option)"},null,{"$f":"Scenario!$W$33","v":1},{"$f":"Scenario!D29","v":"1. Pays tax and can provide forecast tax depreciation"},null,null,null,null,null,{"$f":"E19","v":"1. Pays tax and can provide forecast tax depreciation"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF($D$19>1,\"Tax depreciation calculated below,  from row \"&ROW(B85),\"Tax depreciation hard-coded in 'Fixed inputs' worksheet\")","v":"Tax depreciation hard-coded in 'Fixed inputs' worksheet"}]
[]
[null,"Inflation rate (from WACC)",null,null,null,null,null,null,null,null,{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2},{"$f":"WACC!$I$18","v":2.4E-2}]
[null,"Raw inflator",null,null,null,null,null,null,null,1,{"$f":"J23*(1+K22)","v":1.024},1.048576,1.0737418240000001,1.0995116277760002,1.1258999068426243,1.1529215046068473,1.1805916207174116,1.2089258196146295,1.2379400392853808,1.26765060022823]
[null,{"$f":"'Pricing & financial inputs'!B20","v":"Index applied to forecast costs and revenue"},null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K20","v":1},{"$f":"'Pricing & financial inputs'!L20","v":1},{"$f":"'Pricing & financial inputs'!M20","v":1},{"$f":"'Pricing & financial inputs'!N20","v":1},{"$f":"'Pricing & financial inputs'!O20","v":1},{"$f":"'Pricing & financial inputs'!P20","v":1},{"$f":"'Pricing & financial inputs'!Q20","v":1},{"$f":"'Pricing & financial inputs'!R20","v":1},{"$f":"'Pricing & financial inputs'!S20","v":1},{"$f":"'Pricing & financial inputs'!T20","v":1}]
[null,"Inflator to nominal values for tax calculations",null,null,null,null,null,null,null,null,{"$f":"K23/K24","v":1.024},1.048576,1.0737418240000001,1.0995116277760002,1.1258999068426243,1.1529215046068473,1.1805916207174116,1.2089258196146295,1.2379400392853808,1.26765060022823]
[null,"Inflation rate to roll forward of tax value of assets ",null,null,null,null,null,null,null,null,{"$f":"'Pricing & financial inputs'!K18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!L18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!M18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!N18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!O18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!P18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!Q18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!R18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!S18","v":2.5000000000000001E-2},{"$f":"'Pricing & financial inputs'!T18","v":2.5000000000000001E-2}]
[]
[null,"Debt to total asset",null,{"$f":"WACC!I22","v":0.6}]
[null,{"$f":"Scenario!B84","v":"Cost of Debt (nominal pre-tax)"},null,{"$f":"Scenario!D84","v":5.6500000000000002E-2}]
[null,{"$f":"WACC!B25","v":"Gamma"},null,{"$f":"WACC!I25","v":0.25}]
[null,{"$f":"WACC!B26","v":"Corporate tax rate"},null,{"$f":"WACC!I26","v":0.3}]
[null,"RAB and working capital",{"$f":"'RAB & cost inputs'!$C$37&\" nominal\"","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"(AVERAGE('RAB projected '!K117,'RAB projected '!K122)+'Working capital'!K47)*K25","v":868510.03309770208},{"$f":"(AVERAGE('RAB projected '!L117,'RAB projected '!L122)+'Working capital'!L47)*L25","v":911592.78572000528},{"$f":"(AVERAGE('RAB projected '!M117,'RAB projected '!M122)+'Working capital'!M47)*M25","v":955717.87513320544},{"$f":"(AVERAGE('RAB projected '!N117,'RAB projected '!N122)+'Working capital'!N47)*N25","v":1020107.7326539886},{"$f":"(AVERAGE('RAB projected '!O117,'RAB projected '!O122)+'Working capital'!O47)*O25","v":1075006.3798817161},{"$f":"(AVERAGE('RAB projected '!P117,'RAB projected '!P122)+'Working capital'!P47)*P25","v":1129327.0415564193},{"$f":"(AVERAGE('RAB projected '!Q117,'RAB projected '!Q122)+'Working capital'!Q47)*Q25","v":1171834.1022808799},{"$f":"(AVERAGE('RAB projected '!R117,'RAB projected '!R122)+'Working capital'!R47)*R25","v":1207646.504976226},{"$f":"(AVERAGE('RAB projected '!S117,'RAB projected '!S122)+'Working capital'!S47)*S25","v":1244483.7848542398},{"$f":"(AVERAGE('RAB projected '!T117,'RAB projected '!T122)+'Working capital'!T47)*T25","v":1282363.3475220602},null,"This is used to calculate the value of debt"]
[null,"Debt  ",{"$f":"C$32","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K32*$D$28","v":521106.01985862124},{"$f":"L32*$D$28","v":546955.67143200315},573430.72507992329,612064.63959239319,645003.82792902959,677596.22493385163,703100.46136852785,724587.90298573556,746690.27091254387,769418.00851323607]
[]
[null,"Required revenue excluding tax liability",{"$f":"C$32","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"SUM('Cost building blocks'!K15:K18)*K$25","v":122389.45525032991},{"$f":"SUM('Cost building blocks'!L15:L18)*L$25","v":127025.17148952534},{"$f":"SUM('Cost building blocks'!M15:M18)*M$25","v":131938.12076259812},{"$f":"SUM('Cost building blocks'!N15:N18)*N$25","v":137946.04947515516},{"$f":"SUM('Cost building blocks'!O15:O18)*O$25","v":143536.01974829403},{"$f":"SUM('Cost building blocks'!P15:P18)*P$25","v":149202.4268090587},{"$f":"SUM('Cost building blocks'!Q15:Q18)*Q$25","v":154287.04128683583},{"$f":"SUM('Cost building blocks'!R15:R18)*R$25","v":159099.10258660332},{"$f":"SUM('Cost building blocks'!S15:S18)*S$25","v":164062.8225424125},{"$f":"SUM('Cost building blocks'!T15:T18)*T$25","v":169182.50817923312}]
[null,{"$f":"CHOOSE(Scenario!$W$55,\"In-kind asset contributions\",\"Cash and in-kind asset contributions\")","v":"In-kind asset contributions"},"$'000 nominal",null,null,null,null,null,null,null,{"$f":"('RAB & cost inputs'!K94+CHOOSE(Scenario!$W$55,0,Scenario!K69+Scenario!K70))*K23","v":1024},{"$f":"('RAB & cost inputs'!L94+CHOOSE(Scenario!$W$55,0,Scenario!L69+Scenario!L70))*L23","v":1048.576},{"$f":"('RAB & cost inputs'!M94+CHOOSE(Scenario!$W$55,0,Scenario!M69+Scenario!M70))*M23","v":1073.7418240000002},{"$f":"('RAB & cost inputs'!N94+CHOOSE(Scenario!$W$55,0,Scenario!N69+Scenario!N70))*N23","v":1099.5116277760003},{"$f":"('RAB & cost inputs'!O94+CHOOSE(Scenario!$W$55,0,Scenario!O69+Scenario!O70))*O23","v":1125.8999068426242},{"$f":"('RAB & cost inputs'!P94+CHOOSE(Scenario!$W$55,0,Scenario!P69+Scenario!P70))*P23","v":1152.9215046068473},{"$f":"('RAB & cost inputs'!Q94+CHOOSE(Scenario!$W$55,0,Scenario!Q69+Scenario!Q70))*Q23","v":1180.5916207174116},{"$f":"('RAB & cost inputs'!R94+CHOOSE(Scenario!$W$55,0,Scenario!R69+Scenario!R70))*R23","v":1208.9258196146295},{"$f":"('RAB & cost inputs'!S94+CHOOSE(Scenario!$W$55,0,Scenario!S69+Scenario!S70))*S23","v":1237.9400392853809},{"$f":"('RAB & cost inputs'!T94+CHOOSE(Scenario!$W$55,0,Scenario!T69+Scenario!T70))*T23","v":1267.6506002282299},null,"Included as income for tax purposes"]
[null,"Profit/loss from asset sales shared with customers","$'000 nominal",null,null,null,null,null,null,null,{"$f":"'Cost building blocks'!K23*K25","v":0},{"$f":"'Cost building blocks'!L23*L25","v":0},{"$f":"'Cost building blocks'!M23*M25","v":0},{"$f":"'Cost building blocks'!N23*N25","v":0},{"$f":"'Cost building blocks'!O23*O25","v":0},{"$f":"'Cost building blocks'!P23*P25","v":0},{"$f":"'Cost building blocks'!Q23*Q25","v":0},{"$f":"'Cost building blocks'!R23*R25","v":0},{"$f":"'Cost building blocks'!S23*S25","v":0},{"$f":"'Cost building blocks'!T23*T25","v":0}]
[null,"Operating expenditure","$'000 nominal",null,null,null,null,null,null,null,{"$f":"'Cost building blocks'!K15*K$25","v":66560},{"$f":"'Cost building blocks'!L15*L$25","v":68314.7264},{"$f":"'Cost building blocks'!M15*M$25","v":70115.341107200002},{"$f":"'Cost building blocks'!N15*N$25","v":71963.036037939208},{"$f":"'Cost building blocks'!O15*O$25","v":73859.033888876162},{"$f":"'Cost building blocks'!P15*P$25","v":75804.588927900215},{"$f":"'Cost building blocks'!Q15*Q$25","v":77800.987805277429},{"$f":"'Cost building blocks'!R15*R$25","v":79849.550385546274},{"$f":"'Cost building blocks'!S15*S$25","v":81951.63060069221},{"$f":"'Cost building blocks'!T15*T$25","v":84108.617325143059}]
[null,"Tax depreciation","$'000 nominal",null,null,null,null,null,null,{"$f":"IF($D$19>1,\"calculated below\",\"from 'Fixed inputs'\")","v":"from 'Fixed inputs'"},{"$f":"IF($D$19=1,'RAB & cost inputs'!K129,K126)","v":19450},{"$f":"IF($D$19=1,'RAB & cost inputs'!L129,L126)","v":18550},{"$f":"IF($D$19=1,'RAB & cost inputs'!M129,M126)","v":19930},{"$f":"IF($D$19=1,'RAB & cost inputs'!N129,N126)","v":22620},{"$f":"IF($D$19=1,'RAB & cost inputs'!O129,O126)","v":21340},{"$f":"IF($D$19=1,'RAB & cost inputs'!P129,P126)","v":24040},{"$f":"IF($D$19=1,'RAB & cost inputs'!Q129,Q126)","v":25490},{"$f":"IF($D$19=1,'RAB & cost inputs'!R129,R126)","v":23950},{"$f":"IF($D$19=1,'RAB & cost inputs'!S129,S126)","v":25580},{"$f":"IF($D$19=1,'RAB & cost inputs'!T129,T126)","v":26260}]
[null,"Accumulated tax loss","$'000 nominal",null,null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!$K$145","v":0}]
[]
[]
[]
[null,"TABLE 2 - CALCULATION OF TAX ALLOWANCE"]
[null,{"$f":"B15","v":"Financial year"},null,null,null,null,null,null,null,{"$f":"J15","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K16","v":"Next determination period"},null,null,null,{"$f":"O16","v":"Subsequent determinations"}]
[]
[]
[null,"Required revenue excluding tax liability",{"$f":"C32","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K35","v":122389.45525032991},{"$f":"L35","v":127025.17148952534},131938.12076259812,137946.04947515516,143536.01974829403,149202.4268090587,154287.04128683583,159099.10258660332,164062.8225424125,169182.50817923312]
[null,{"$f":"CHOOSE(Scenario!$W$55,\"In-kind asset contributions\",\"Cash and in-kind asset contributions\")","v":"In-kind asset contributions"},{"$f":"C$49","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K36","v":1024},1048.576,1073.7418240000002,1099.5116277760003,1125.8999068426242,1152.9215046068473,1180.5916207174116,1208.9258196146295,1237.9400392853809,1267.6506002282299]
[null,"Profit/loss from asset sales shared with customers",{"$f":"C$49","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K37","v":0},{"$f":"L37","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(K49:K51)","v":123413.45525032991},{"$f":"SUM(L49:L51)","v":128073.74748952534},{"$f":"SUM(M49:M51)","v":133011.86258659812},139045.56110293115,144661.91965513665,150355.34831366554,155467.63290755323,160308.02840621796,165300.76258169787,170450.15877946134]
[null,"  less"]
[null,"Operating expenditure","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K38","v":66560},{"$f":"L38","v":68314.7264},70115.341107200002,71963.036037939208,73859.033888876162,75804.588927900215,77800.987805277429,79849.550385546274,81951.63060069221,84108.617325143059]
[null,"Tax depreciation","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K39","v":19450},{"$f":"L39","v":18550},19930,22620,21340,24040,25490,23950,25580,26260]
[null,"Interest deductible","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K33*$D$29","v":29442.490122012099},30902.995435908178,32398.835967015668,34581.652136970217,36442.71627799017,38284.186708762616,39725.176067321823,40939.216518694062,42188.00030655873,43472.11748099784]
[null,"Taxable income for the year","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K52-SUM(K54:K56)","v":7960.96512831781},10306.025653617166,10567.68551238245,9880.8729280217376,13020.169488270301,12226.572677002696,12451.469034953974,15569.261501977628,15581.131674446922,16609.423973320459]
[null,"Accumulated tax losses","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K40","v":0},{"$f":"MAX(0,K58-K57)","v":0},{"$f":"MAX(0,L58-L57)","v":0},0,0,0,0,0,0,0]
[null,"Taxable income after tax losses","$'000 nominal",null,null,null,null,null,null,null,{"$f":"MAX(0,K57-K58)","v":7960.96512831781},{"$f":"MAX(0,L57-L58)","v":10306.025653617166},{"$f":"MAX(0,M57-M58)","v":10567.68551238245},9880.8729280217376,13020.169488270301,12226.572677002696,12451.469034953974,15569.261501977628,15581.131674446922,16609.423973320459]
[]
[null,"Tax before adjustment for franking credits",{"$f":"C59","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"K59*$D$31/(1-$D$31*(1-$D$30))","v":3081.6639206391524},{"$f":"L59*$D$31/(1-$D$31*(1-$D$30))","v":3989.4292852711606},4090.7169725351418,3824.8540366535758,5040.0656083626964,4732.8668427107204,4819.923497401538,6026.8109039913388,6031.4058094633237,6429.4544412853393]
[null,"Adjustment for franking credits",{"$f":"C61","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"-K61*$D$30","v":-770.41598015978809},{"$f":"-L61*$D$30","v":-997.35732131779014},-1022.6792431337855,-956.21350916339395,-1260.0164020906741,-1183.2167106776801,-1204.9808743503845,-1506.7027259978347,-1507.8514523658309,-1607.3636103213348]
[null,"Tax net of adjustment for franking credits","$'000 nominal",null,null,null,null,null,null,null,{"$f":"K61+K62","v":2311.2479404793644},{"$f":"L61+L62","v":2992.0719639533704},3068.0377294013565,2868.6405274901817,3780.0492062720223,3549.6501320330403,3614.9426230511535,4520.1081779935039,4523.5543570974933,4822.0908309640045]
[]
[null,"Tax allowance in required revenue",{"$f":"Scenario!$K$153","v":"2018-19 $'000"},null,null,null,null,null,null,null,{"$f":"IF(Scenario!$W$37=1,K61,K61/K$25)","v":3009.437422499172},{"$f":"IF(Scenario!$W$37=1,L61,L61/L$25)","v":3804.6162464820486},{"$f":"IF(Scenario!$W$37=1,M61,M61/M$25)","v":3809.7770628846638},{"$f":"IF(Scenario!$W$37=1,N61,N61/N$25)","v":3478.6844813912239},{"$f":"IF(Scenario!$W$37=1,O61,O61/O$25)","v":4476.4775072205284},{"$f":"IF(Scenario!$W$37=1,P61,P61/P$25)","v":4105.1076103612577},{"$f":"IF(Scenario!$W$37=1,Q61,Q61/Q$25)","v":4082.6340055442788},{"$f":"IF(Scenario!$W$37=1,R61,R61/R$25)","v":4985.2611353048205},{"$f":"IF(Scenario!$W$37=1,S61,S61/S$25)","v":4872.1308125271089},{"$f":"IF(Scenario!$W$37=1,T61,T61/T$25)","v":5071.9452506296057}]
[null,{"$f":"B62","v":"Adjustment for franking credits"},{"$f":"C65","v":"2018-19 $'000"},null,null,null,null,null,null,null,{"$f":"IF(Scenario!$W$37=1,K62,K62/K$25)","v":-752.35935562479301},{"$f":"IF(Scenario!$W$37=1,L62,L62/L$25)","v":-951.15406162051215},{"$f":"IF(Scenario!$W$37=1,M62,M62/M$25)","v":-952.44426572116595},{"$f":"IF(Scenario!$W$37=1,N62,N62/N$25)","v":-869.67112034780598},{"$f":"IF(Scenario!$W$37=1,O62,O62/O$25)","v":-1119.1193768051321},{"$f":"IF(Scenario!$W$37=1,P62,P62/P$25)","v":-1026.2769025903144},{"$f":"IF(Scenario!$W$37=1,Q62,Q62/Q$25)","v":-1020.6585013860697},{"$f":"IF(Scenario!$W$37=1,R62,R62/R$25)","v":-1246.3152838262051},{"$f":"IF(Scenario!$W$37=1,S62,S62/S$25)","v":-1218.0327031317772},{"$f":"IF(Scenario!$W$37=1,T62,T62/T$25)","v":-1267.9863126574014}]
[]
[null,"Tax rate before adjustment for franking credits (Tax / Income before tax, for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K59+K63=0,0,K61/(K59+K63))","v":0.3},{"$f":"IF(L59+L63=0,0,L61/(L59+L63))","v":0.3},0.3,0.30000000000000004,0.29999999999999993,0.3,0.3,0.29999999999999993,0.3,0.30000000000000004]
[null,"Tax rate after adjustment for franking credits (Tax net of gamma adjustment / Income before tax, for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K59+K63=0,0,K63/(K59+K63))","v":0.22500000000000001},0.22499999999999998,0.22500000000000001,0.22500000000000001,0.22499999999999998,0.22499999999999998,0.22500000000000001,0.22499999999999995,0.22500000000000001,0.22500000000000001]
[]
[null,"Check tax calculations"]
[null,"Tax liability (adjusted for franking credits)",null,null,null,null,null,null,null,null,{"$f":"K59*$D$31*(1-$D$30)/(1-$D$31*(1-$D$30))","v":2311.2479404793644},2992.07196395337,3068.0377294013565,2868.6405274901817,3780.0492062720227,3549.6501320330408,3614.9426230511531,4520.1081779935048,4523.5543570974933,4822.0908309640045]
[null,"check = 0",null,null,null,null,null,null,null,null,{"$f":"K72-K63","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,{"$f":"K66/K65+$D$30","v":0},{"$f":"L66/L65+$D$30","v":0},0,0,0,0,0,0,0,0]
[null,"Tax allowance as share income after tax (for information)",null,null,null,null,null,null,null,null,{"$f":"IF(K63=0,0,K63/K59)","v":0.29032258064516131},0.29032258064516125,0.29032258064516131,0.29032258064516125,0.29032258064516125,0.29032258064516125,0.29032258064516125,0.29032258064516125,0.29032258064516125,0.29032258064516131]
[null,"check = 0",null,null,null,null,null,null,null,null,{"$f":"IF(K63=0,0,$D$31*(1-$D$30)/(1-$D$31*(1-$D$30))-K75)","v":-5.5511151231257827E-17},0,-5.5511151231257827E-17,0,0,0,0,0,0,-5.5511151231257827E-17]
[]
[]
[]
[]
[]
[null,"TABLE 3 and TABLE 4 below are only for businesses that cannot provide forecast tax depreciation"]
[null,{"$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 & cost inputs'!B$33","v":"Financial year"},null,null,null,{"$f":"F15","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19","2019-20",{"$f":"L15","v":"2020-21"},"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"K87","v":"$'000 nominal"},{"$f":"$C$32","v":"$'000 nominal"},null,null,null,{"$f":"K87","v":"$'000 nominal"}]
[null,null,null,null,null,null,null,null,null,{"$f":"J16","v":"Previous determinations"},{"$f":"K16","v":"Next determination period"},null,null,null,{"$f":"O16","v":"Subsequent determinations"}]
[]
[null,"Cost inflator",null,null,null,1,1,1,1,1,{"$f":"J90*(1+K$26)","v":1.0249999999999999},{"$f":"K90*(1+L$26)","v":1.0506249999999999},1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,{"$f":"\"Opening value of Tax assets (Depreciating assets only) - \"&C94","v":"Opening value of Tax assets (Depreciating assets only) - $'000 nominal"},null,null,null,{"$f":"IF($D$19=3,'RAB & cost inputs'!F139,0)","v":0},null,null,null,null,{"$f":"IF($D$19=1,\"na - tax depreciation provided as an input\",IF($D$19=2,'RAB & cost inputs'!$J$133,IF($D$19=3,\"na -model uses rolled forward tax value of assets\",IF($D$19=4,'RAB projected '!K26,\"err\"))))","v":"na - tax depreciation provided as an input"}]
[]
[null,"Capital expenditure ",{"$f":"$C$32","v":"$'000 nominal"},null,"source change",{"$f":"Scenario!F65*F$90","v":34000},{"$f":"Scenario!G65*G$90","v":33000},{"$f":"Scenario!H65*H$90","v":21000},{"$f":"Scenario!I65*I$90","v":35000},{"$f":"Scenario!J65*J$90","v":65000},{"$f":"Scenario!K65*K$90","v":55349.999999999993},{"$f":"Scenario!L65*L$90","v":25214.999999999996},{"$f":"Scenario!M65*M$90","v":75382.343749999985},{"$f":"Scenario!N65*N$90","v":48567.767187499987},{"$f":"Scenario!O65*O$90","v":61096.043496093735},{"$f":"Scenario!P65*P$90","v":49866.816983154276},{"$f":"Scenario!Q65*Q$90","v":38037.944117382795},{"$f":"Scenario!R65*R$90","v":39598.094169072319},{"$f":"Scenario!S65*S$90","v":41212.478008272949},{"$f":"Scenario!T65*T$90","v":42882.832230577951},null,"Total capex (not net of cash capital contributions). "]
[null,"Assets contributed in-kind",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"IF($D$19=3,'RAB & cost inputs'!F140,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!G140,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!H140,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!I140,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!J140,0)","v":0},{"$f":"'RAB & cost inputs'!K94*K$90","v":1025},{"$f":"'RAB & cost inputs'!L94*L$90","v":1050.625},{"$f":"'RAB & cost inputs'!M94*M$90","v":1076.8906249999998},{"$f":"'RAB & cost inputs'!N94*N$90","v":1103.8128906249997},{"$f":"'RAB & cost inputs'!O94*O$90","v":1131.4082128906246},{"$f":"'RAB & cost inputs'!P94*P$90","v":1159.6934182128903},{"$f":"'RAB & cost inputs'!Q94*Q$90","v":1188.6857536682123},{"$f":"'RAB & cost inputs'!R94*R$90","v":1218.4028975099175},{"$f":"'RAB & cost inputs'!S94*S$90","v":1248.8629699476653},{"$f":"'RAB & cost inputs'!T94*T$90","v":1280.0845441963565},null,"Included in the tax asset base "]
[null,"Disposals",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"IF($D$19=3,'RAB & cost inputs'!F104,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!G104,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!H104,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!I104,0)","v":0},{"$f":"IF($D$19=3,'RAB & cost inputs'!J104,0)","v":0},{"$f":"'RAB & cost inputs'!K104*K$90","v":1025},{"$f":"'RAB & cost inputs'!L104*L$90","v":1050.625},{"$f":"'RAB & cost inputs'!M104*M$90","v":1076.8906249999998},{"$f":"'RAB & cost inputs'!N104*N$90","v":1103.8128906249997},{"$f":"'RAB & cost inputs'!O104*O$90","v":1131.4082128906246},{"$f":"'RAB & cost inputs'!P104*P$90","v":1159.6934182128903},{"$f":"'RAB & cost inputs'!Q104*Q$90","v":1188.6857536682123},{"$f":"'RAB & cost inputs'!R104*R$90","v":1218.4028975099175},{"$f":"'RAB & cost inputs'!S104*S$90","v":1248.8629699476653},{"$f":"'RAB & cost inputs'!T104*T$90","v":1280.0845441963565}]
[]
[null,{"$f":"\"Current regulatory period  (\"&F86&\" to \"&J86&\")\"","v":"Current regulatory period  (2014-15 to 2018-19)"}]
[null,"Remaining lives of existing assets","years",{"$f":"IF($D$19=3,'RAB historical'!D31,0)","v":0},"as for RAB"]
[null,"Average expected life of new assets","years",{"$f":"IF($D$19=3,'RAB historical'!D32,0)","v":0},"as for RAB"]
[]
[null,{"$f":"\"New determinations (from \"&K86&\")\"","v":"New determinations (from 2019-20)"}]
[null,"Remaining lives of existing assets","years",{"$f":"IF($D$19=1,0,IF($D$19=2,'RAB & cost inputs'!$J134,'RAB projected '!D42))","v":0},"as for RAB"]
[null,"Average expected life of new assets","years",{"$f":"IF($D$19=1,0,IF($D$19=2,'RAB & cost inputs'!$J135,'RAB projected '!D43))","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,{"$f":"'RAB & cost inputs'!$C$154","v":0.5}]
[null,"   % of disposals in year depreciated",null,{"$f":"'RAB & cost inputs'!$C$155","v":0.5}]
[]
[]
[]
[]
[null,"TABLE 4 - CALCULATION OF TAX DEPRECIATION "]
[null,{"$f":"B$86","v":"Financial year"},null,null,null,{"$f":"F15","v":"2014-15"},"2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,{"$f":"J87","v":"$'000 nominal"},{"$f":"K87","v":"$'000 nominal"},null,null,null,{"$f":"O87","v":"$'000 nominal"}]
[null,null,null,null,null,null,null,null,null,{"$f":"J88","v":"Previous determinations"},{"$f":"K88","v":"Next determination period"},null,null,null,{"$f":"O88","v":"Subsequent determinations"}]
[null,"Tax assets are calculated using nominal 'at cost' values with no indexation."]
[]
[null,"Opening Tax assets",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"F92","v":0},{"$f":"F124","v":"na"},{"$f":"G124","v":"na"},{"$f":"H124","v":"na"},{"$f":"I124","v":"na"},{"$f":"IF(D19=3,J124,K92)","v":"na - tax depreciation provided as an input"},{"$f":"K124","v":"na"},"na","na","na","na","na","na","na","na"]
[null,"  capex + assets contributed in-kind ",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"F94+F95","v":34000},{"$f":"G94+G95","v":33000},{"$f":"H94+H95","v":21000},{"$f":"I94+I95","v":35000},{"$f":"J94+J95","v":65000},{"$f":"K$94+K$95","v":56374.999999999993},26265.624999999996,76459.234374999985,49671.580078124985,62227.451708984358,51026.510401367166,39226.629871051009,40816.49706658224,42461.340978220614,44162.916774774305]
[null,"  disposals ",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"F96","v":0},{"$f":"G96","v":0},{"$f":"H96","v":0},{"$f":"I96","v":0},{"$f":"J96","v":0},{"$f":"K$96","v":1025},1050.625,1076.8906249999998,1103.8128906249997,1131.4082128906246,1159.6934182128903,1188.6857536682123,1218.4028975099175,1248.8629699476653,1280.0845441963565]
[null,"  depreciation",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"IF($D$19=3,F139+F179,\"na\")","v":"na"},{"$f":"IF($D$19=3,G139+G179,\"na\")","v":"na"},{"$f":"IF($D$19=3,H139+H179,\"na\")","v":"na"},{"$f":"IF($D$19=3,I139+I179,\"na\")","v":"na"},{"$f":"IF($D$19=3,J139+J179,\"na\")","v":"na"},{"$f":"IF($D$19=1,\"na\",K139+K179)","v":"na"},"na","na","na","na","na","na","na","na","na"]
[null,"Closing Tax assets",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"IF($D$19=1,\"na\",SUM(F120:F121)-F122-F123)","v":"na"},"na","na","na","na","na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Depreciation for tax allowance calculation",{"$f":"$C$32","v":"$'000 nominal"},null,null,null,null,null,null,null,{"$f":"IF($D$19=1,\"na - input\",K123)","v":"na - input"},"na - input","na - input","na - input","na - input","na - input","na - input","na - input","na - input","na - input"]
[]
[null,"Calculation of depreciation (straight line)"]
[null,"Existing assets at start of period"]
[null,"period","no.",null,null,1,2,3,4,5,1,2,3,4,5,6,7,8,9,10]
[null,"% depreciation remaining","%",null,null,{"$f":"IF(F130<1/$D137,1,1/$D137)","v":{"$error":"#DIV/0!"}},{"$f":"IF(G130<1/$D137,1,MAX(0,1/$D137-F130))","v":{"$error":"#DIV/0!"}},{"$f":"IF(H130<1/$D137,1,MAX(0,1/$D137-G130))","v":{"$error":"#DIV/0!"}},{"$f":"IF(I130<1/$D137,1,MAX(0,1/$D137-H130))","v":{"$error":"#DIV/0!"}},{"$f":"IF(J130<1/$D137,1,MAX(0,1/$D137-I130))","v":{"$error":"#DIV/0!"}},{"$f":"IF(K130<1/$D138,1,1/$D138)","v":{"$error":"#DIV/0!"}},{"$f":"IF(L130<1/$D138,1,MAX(0,1/$D138-K130))","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$32","v":"$'000 nominal"},null,null,{"$f":"F120","v":0},{"$f":"F135","v":0},{"$f":"G135","v":0},{"$f":"H135","v":0},{"$f":"I135","v":0},{"$f":"K120","v":"na - tax depreciation provided as an input"},{"$f":"K135","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,"  disposals",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"F122","v":0},{"$f":"G122","v":0},{"$f":"H122","v":0},{"$f":"I122","v":0},{"$f":"J122","v":0},{"$f":"K122","v":1025},1050.625,1076.8906249999998,1103.8128906249997,1131.4082128906246,1159.6934182128903,1188.6857536682123,1218.4028975099175,1248.8629699476653,1280.0845441963565]
[null,"Closing value before further depreciation",null,null,null,{"$f":"F133-F134","v":0},{"$f":"G133-G134","v":0},{"$f":"H133-H134","v":0},{"$f":"I133-I134","v":0},{"$f":"J133-J134","v":0},{"$f":"K133-K134","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$99=0,0,1/D$99)","v":0}]
[null,"Depreciation rate - new determination","%",{"$f":"IF(D$103=0,0,1/D$103)","v":0}]
[null,"Depreciation",{"$f":"$C$32","v":"$'000 nominal"},null,null,{"$f":"(F135+F134*$D$109)*$D$137*F131","v":{"$error":"#DIV/0!"}},{"$f":"(G135+G134*$D$109)*$D$137*G131","v":{"$error":"#DIV/0!"}},{"$f":"(H135+H134*$D$109)*$D$137*H131","v":{"$error":"#DIV/0!"}},{"$f":"(I135+I134*$D$109)*$D$137*I131","v":{"$error":"#DIV/0!"}},{"$f":"(J135+J134*$D$109)*$D$137*J131","v":{"$error":"#DIV/0!"}},{"$f":"(K135+K134*$D$109)*$D$138*K131","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,"formula = (closing value + 50% disposals) x depreciation rate x % depreciation remaining"]
[]
[null,"New assets (ie capex + assets contributed in-kind during period)"]
[null,"Expected life, current determination (years)",null,{"$f":"$D$100","v":0}]
[null,"% of 1 year's depreciation in ",null,null,null,"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,{"$f":"TRANSPOSE(F115:J115)","v":"2014-15"},"%",null,null,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($F144:F144)+1<$D$142,1,$D$142-SUM($F144:F144))","v":-0.5},{"$f":"IF(SUM($F144:G144)+1<$D$142,1,$D$142-SUM($F144:G144))","v":0},{"$f":"IF(SUM($F144:H144)+1<$D$142,1,$D$142-SUM($F144:H144))","v":0},{"$f":"IF(SUM($F144:I144)+1<$D$142,1,$D$142-SUM($F144:I144))","v":0}]
[null,"2015-16","%",null,null,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($F145:G145)+1<$D$142,1,$D$142-SUM($F145:G145))","v":-0.5},{"$f":"IF(SUM($F145:H145)+1<$D$142,1,$D$142-SUM($F145:H145))","v":0},{"$f":"IF(SUM($F145:I145)+1<$D$142,1,$D$142-SUM($F145:I145))","v":0}]
[null,"2016-17","%",null,null,0,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($F146:H146)+1<$D$142,1,$D$142-SUM($F146:H146))","v":-0.5},{"$f":"IF(SUM($F146:I146)+1<$D$142,1,$D$142-SUM($F146:I146))","v":0}]
[null,"2017-18","%",null,null,0,0,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($F147:I147)+1<$D$142,1,$D$142-SUM($F147:I147))","v":-0.5}]
[null,"2018-19","%",null,null,0,0,0,0,{"$f":"I147","v":0.5},"This matrix shows the proportion of a full year's worth of straight line depreciation that occurs each year"]
[null,"Expected life, new determination (years)",null,{"$f":"$D$104","v":0}]
[null,{"$f":"TRANSPOSE($K$86:$T$86)","v":"2019-20"},"%",null,null,null,null,null,null,null,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($K150:K150)+1<$D149,1,$D149-SUM($K150:K150))","v":-0.5},{"$f":"IF(SUM($K150:L150)+1<$D149,1,$D149-SUM($K150:L150))","v":0},{"$f":"IF(SUM($K150:M150)+1<$D149,1,$D149-SUM($K150:M150))","v":0},{"$f":"IF(SUM($K150:N150)+1<$D149,1,$D149-SUM($K150:N150))","v":0},{"$f":"IF(SUM($K150:O150)+1<$D149,1,$D149-SUM($K150:O150))","v":0},{"$f":"IF(SUM($K150:P150)+1<$D149,1,$D149-SUM($K150:P150))","v":0},{"$f":"IF(SUM($K150:Q150)+1<$D149,1,$D149-SUM($K150:Q150))","v":0},{"$f":"IF(SUM($K150:R150)+1<$D149,1,$D149-SUM($K150:R150))","v":0},{"$f":"IF(SUM($K150:S150)+1<$D149,1,$D149-SUM($K150:S150))","v":0}]
[null,"2020-21","%",null,null,null,null,null,null,null,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($K151:L151)+1<$D149,1,$D149-SUM($K151:L151))","v":-0.5},{"$f":"IF(SUM($K151:M151)+1<$D149,1,$D149-SUM($K151:M151))","v":0},{"$f":"IF(SUM($K151:N151)+1<$D149,1,$D149-SUM($K151:N151))","v":0},{"$f":"IF(SUM($K151:O151)+1<$D149,1,$D149-SUM($K151:O151))","v":0},{"$f":"IF(SUM($K151:P151)+1<$D149,1,$D149-SUM($K151:P151))","v":0},{"$f":"IF(SUM($K151:Q151)+1<$D149,1,$D149-SUM($K151:Q151))","v":0},{"$f":"IF(SUM($K151:R151)+1<$D149,1,$D149-SUM($K151:R151))","v":0},{"$f":"IF(SUM($K151:S151)+1<$D149,1,$D149-SUM($K151:S151))","v":0}]
[null,"2021-22","%",null,null,null,null,null,null,null,0,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($K152:M152)+1<$D149,1,$D149-SUM($K152:M152))","v":-0.5},{"$f":"IF(SUM($K152:N152)+1<$D149,1,$D149-SUM($K152:N152))","v":0},{"$f":"IF(SUM($K152:O152)+1<$D149,1,$D149-SUM($K152:O152))","v":0},{"$f":"IF(SUM($K152:P152)+1<$D149,1,$D149-SUM($K152:P152))","v":0},{"$f":"IF(SUM($K152:Q152)+1<$D149,1,$D149-SUM($K152:Q152))","v":0},{"$f":"IF(SUM($K152:R152)+1<$D149,1,$D149-SUM($K152:R152))","v":0},{"$f":"IF(SUM($K152:S152)+1<$D149,1,$D149-SUM($K152:S152))","v":0}]
[null,"2022-23","%",null,null,null,null,null,null,null,0,0,0,{"$f":"$D$108","v":0.5},{"$f":"IF(SUM($K153:N153)+1<$D149,1,$D149-SUM($K153:N153))","v":-0.5},{"$f":"IF(SUM($K153:O153)+1<$D149,1,$D149-SUM($K153:O153))","v":0},{"$f":"IF(SUM($K153:P153)+1<$D149,1,$D149-SUM($K153:P153))","v":0},{"$f":"IF(SUM($K153:Q153)+1<$D149,1,$D149-SUM($K153:Q153))","v":0},{"$f":"IF(SUM($K153:R153)+1<$D149,1,$D149-SUM($K153:R153))","v":0},{"$f":"IF(SUM($K153:S153)+1<$D149,1,$D149-SUM($K153:S153))","v":0}]
[null,"2023-24","%",null,null,null,null,null,null,null,0,0,0,0,{"$f":"N153","v":0.5},{"$f":"IF(SUM($K154:O154)+1<$D149,1,$D143-SUM($K154:O154))","v":-0.5},{"$f":"IF(SUM($K154:P154)+1<$D149,1,$D149-SUM($K154:P154))","v":0},{"$f":"IF(SUM($K154:Q154)+1<$D149,1,$D149-SUM($K154:Q154))","v":0},{"$f":"IF(SUM($K154:R154)+1<$D149,1,$D149-SUM($K154:R154))","v":0},{"$f":"IF(SUM($K154:S154)+1<$D149,1,$D149-SUM($K154:S154))","v":0}]
[null,"2024-25","%",null,null,null,null,null,null,null,0,0,0,0,0,{"$f":"O154","v":0.5},{"$f":"IF(SUM($K155:P155)+1<$D149,1,$D149-SUM($K155:P155))","v":-0.5},{"$f":"IF(SUM($K155:Q155)+1<$D149,1,$D149-SUM($K155:Q155))","v":0},{"$f":"IF(SUM($K155:R155)+1<$D149,1,$D149-SUM($K155:R155))","v":0},{"$f":"IF(SUM($K155:S155)+1<$D149,1,$D149-SUM($K155:S155))","v":0}]
[null,"2025-26","%",null,null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"P155","v":0.5},{"$f":"IF(SUM($K156:Q156)+1<$D149,1,$D149-SUM($K156:Q156))","v":-0.5},{"$f":"IF(SUM($K156:R156)+1<$D149,1,$D149-SUM($K156:R156))","v":0},{"$f":"IF(SUM($K156:S156)+1<$D149,1,$D149-SUM($K156:S156))","v":0}]
[null,"2026-27","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,{"$f":"Q156","v":0.5},{"$f":"IF(SUM($K157:R157)+1<$D149,1,$D149-SUM($K157:R157))","v":-0.5},{"$f":"IF(SUM($K157:S157)+1<$D149,1,$D149-SUM($K157:S157))","v":0}]
[null,"2027-28","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,{"$f":"R157","v":0.5},{"$f":"IF(SUM($K158:S158)+1<$D149,1,$D149-SUM($K158:S158))","v":-0.5}]
[null,"2028-29","%",null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,{"$f":"S158","v":0.5}]
[]
[null,"Capex + assets contributed in-kind ",null,null,null,{"$f":"F121","v":34000},33000,21000,35000,65000,56374.999999999993,26265.624999999996,76459.234374999985,49671.580078124985,62227.451708984358,51026.510401367166,39226.629871051009,40816.49706658224,42461.340978220614,44162.916774774305]
[null,"Depreciation of new assets -  current determination period:"]
[null,{"$f":"B144","v":"2014-15"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"IF(D142=0,0,1/D142)","v":0},null,{"$f":"F144*F161*$D163","v":0},{"$f":"IF(F144=0,0,F163*G144/F144)","v":0},{"$f":"IF(G144=0,0,G163*H144/G144)","v":0},0,0,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V169","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,{"$f":"B145","v":"2015-16"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"D163","v":0},null,{"$f":"F145","v":0},{"$f":"G145*G161*$D164","v":0},0,0,0]
[null,{"$f":"B146","v":"2016-17"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"D164","v":0},null,{"$f":"F146","v":0},{"$f":"G146","v":0},{"$f":"H146*H161*$D165","v":0},{"$f":"IF(H146=0,0,H165*I146/H146)","v":0},{"$f":"IF(I146=0,0,I165*J146/I146)","v":0}]
[null,{"$f":"B147","v":"2017-18"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"D165","v":0},null,{"$f":"F147","v":0},{"$f":"G147","v":0},{"$f":"H147","v":0},{"$f":"I147*I161*$D166","v":0},{"$f":"IF(I147=0,0,I166*J147/I147)","v":0}]
[null,{"$f":"B148","v":"2018-19"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"D166","v":0},null,{"$f":"F148","v":0},{"$f":"G148","v":0},{"$f":"H148","v":0},{"$f":"I148","v":0},{"$f":"J148*J161*$D167","v":0}]
[null,"Depreciation of new assets -  new determination period:"]
[null,{"$f":"B150","v":"2019-20"},{"$f":"$C$120","v":"$'000 nominal"},{"$f":"IF(D149=0,0,1/D149)","v":0},null,null,null,null,null,null,{"$f":"K150*K161*$D169","v":0},{"$f":"IF(K150=0,0,K169*L150/K150)","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,"2020-21","$'000 nominal",{"$f":"D169","v":0},null,null,null,null,null,null,{"$f":"K151","v":0},{"$f":"L151*L161*$D170","v":0},{"$f":"IF(L151=0,0,L170*M151/L151)","v":0},0,0,0,0,0,0,0]
[null,"2021-22","$'000 nominal",0,null,null,null,null,null,null,0,{"$f":"L152","v":0},{"$f":"M152*M161*$D171","v":0},{"$f":"IF(M152=0,0,M171*N152/M152)","v":0},0,0,0,0,0,0]
[null,"2022-23","$'000 nominal",0,null,null,null,null,null,null,0,0,{"$f":"M153","v":0},{"$f":"N153*N161*$D172","v":0},{"$f":"IF(N153=0,0,N172*O153/N153)","v":0},0,0,0,0,0]
[null,"2023-24","$'000 nominal",0,null,null,null,null,null,null,0,0,0,{"$f":"N154","v":0},{"$f":"O154*O161*$D173","v":0},{"$f":"IF(O154=0,0,O173*P154/O154)","v":0},{"$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},{"$f":"IF(S154=0,0,S173*T154/S154)","v":0}]
[null,"2024-25","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O155","v":0},{"$f":"P155*P161*$D174","v":0},{"$f":"IF(P155=0,0,P174*Q155/P155)","v":0},{"$f":"IF(Q155=0,0,Q174*R155/Q155)","v":0},{"$f":"IF(R155=0,0,R174*S155/R155)","v":0},{"$f":"IF(S155=0,0,S174*T155/S155)","v":0}]
[null,"2025-26","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O156","v":0},{"$f":"P156","v":0},{"$f":"Q156*Q161*$D175","v":0},{"$f":"IF(Q156=0,0,Q175*R156/Q156)","v":0},{"$f":"IF(R156=0,0,R175*S156/R156)","v":0},{"$f":"IF(S156=0,0,S175*T156/S156)","v":0}]
[null,"2026-27","$'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*R161*$D176","v":0},{"$f":"IF(R157=0,0,R176*S157/R157)","v":0},{"$f":"IF(S157=0,0,S176*T157/S157)","v":0}]
[null,"2027-28","$'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},{"$f":"S158*S161*$D177","v":0},{"$f":"IF(S158=0,0,S177*T158/S158)","v":0}]
[null,"2028-29","$'000 nominal",0,null,null,null,null,null,null,0,0,0,0,{"$f":"O159","v":0},{"$f":"P159","v":0},{"$f":"Q159","v":0},{"$f":"R159","v":0},{"$f":"S159","v":0},{"$f":"T159*T161*$D178","v":0}]
[null,"Depreciation for the year","$'000 nominal",null,null,{"$f":"SUM(F163:F167)","v":0},{"$f":"SUM(G163:G167)","v":0},{"$f":"SUM(H163:H167)","v":0},{"$f":"SUM(I163:I167)","v":0},{"$f":"SUM(J163:J167)","v":0},{"$f":"SUM(K169:K178)","v":0},{"$f":"SUM(L169:L178)","v":0},0,0,0,0,0,0,0,0]

{"sheet":"Cost building blocks","index":15,"n_rows":30,"n_cols":20,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"'RAB & cost inputs'!$B$1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"}]
[]
[null,"11  Cost building blocks and required revenue from tariffs"]
[]
[]
[null,"TABLE 1 - CALCULATION OF NOTIONAL REVENUE REQUIREMENT AND NOTIONAL REVENUE TO BE RECOVERED FROM TARIFFS"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"'RAB projected '!I$16","v":"2017-18"},{"$f":"'RAB projected '!J$16","v":"2018-19"},{"$f":"'RAB projected '!K$16","v":"2019-20"},{"$f":"'RAB projected '!L$16","v":"2020-21"},{"$f":"'RAB projected '!M$16","v":"2021-22"},{"$f":"'RAB projected '!N$16","v":"2022-23"},{"$f":"'RAB projected '!O$16","v":"2023-24"},{"$f":"'RAB projected '!P$16","v":"2024-25"},{"$f":"'RAB projected '!Q$16","v":"2025-26"},{"$f":"'RAB projected '!R$16","v":"2026-27"},{"$f":"'RAB projected '!S$16","v":"2027-28"},{"$f":"'RAB projected '!T$16","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O$18","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,{"$f":"'RAB historical'!I$15","v":"nominal"},{"$f":"'RAB historical'!J$15","v":"nominal"},{"$f":"'RAB projected '!K$17","v":"2018-19 $'000"},null,null,null,{"$f":"'RAB projected '!O$17","v":"2018-19 $'000"}]
[]
[null,"Forecast WACC selected ",null,{"$f":"Scenario!$W$78","v":2},{"$f":"Scenario!E88","v":"Real post-tax WACC (rounded)"}]
[null,{"$f":"'Working capital'!B20","v":"Real post-tax WACC (rounded)"},null,null,null,null,null,null,{"$f":"'Working capital'!I20","v":4.4999999999999998E-2},{"$f":"'Working capital'!J20","v":4.4999999999999998E-2},{"$f":"'Working capital'!K20","v":4.1000000000000002E-2},{"$f":"'Working capital'!L20","v":4.1000000000000002E-2},{"$f":"'Working capital'!M20","v":4.1000000000000002E-2},{"$f":"'Working capital'!N20","v":4.1000000000000002E-2},{"$f":"'Working capital'!O20","v":4.1000000000000002E-2},{"$f":"'Working capital'!P20","v":4.1000000000000002E-2},{"$f":"'Working capital'!Q20","v":4.1000000000000002E-2},{"$f":"'Working capital'!R20","v":4.1000000000000002E-2},{"$f":"'Working capital'!S20","v":4.1000000000000002E-2},{"$f":"'Working capital'!T20","v":4.1000000000000002E-2}]
[null,{"$f":"Scenario!B89","v":"Pre-tax WACC for NPV calculations"},null,{"$f":"Scenario!$D$89","v":5.0999999999999997E-2}]
[]
[null,"  Operating expenditure",{"$f":"'Working capital'!C27","v":"$'000"},null,null,null,null,null,{"$f":"Scenario!I62","v":64940},{"$f":"Scenario!J62","v":64950},{"$f":"Scenario!K62*'Pricing & financial inputs'!K$20","v":65000},{"$f":"Scenario!L62*'Pricing & financial inputs'!L$20","v":65150},{"$f":"Scenario!M62*'Pricing & financial inputs'!M$20","v":65300},{"$f":"Scenario!N62*'Pricing & financial inputs'!N$20","v":65450},{"$f":"Scenario!O62*'Pricing & financial inputs'!O$20","v":65600},{"$f":"Scenario!P62*'Pricing & financial inputs'!P$20","v":65750},{"$f":"Scenario!Q62*'Pricing & financial inputs'!Q$20","v":65900},{"$f":"Scenario!R62*'Pricing & financial inputs'!R$20","v":66050},{"$f":"Scenario!S62*'Pricing & financial inputs'!S$20","v":66200},{"$f":"Scenario!T62*'Pricing & financial inputs'!T$20","v":66350}]
[null,"  Depreciation (regulatory)",{"$f":"C15","v":"$'000"},null,"mid-year value",null,null,null,{"$f":"'RAB historical'!I122/(1+I12)^0.5","v":19111.832756731263},{"$f":"'RAB historical'!J122/(1+J12)^0.5","v":20243.78072034166},{"$f":"'RAB projected '!K120/(1+K$12)^0.5","v":20027.732280538417},{"$f":"'RAB projected '!L120/(1+L$12)^0.5","v":20632.775407729569},{"$f":"'RAB projected '!M120/(1+M$12)^0.5","v":21371.358465519632},{"$f":"'RAB projected '!N120/(1+N$12)^0.5","v":22272.149659193132},{"$f":"'RAB projected '!O120/(1+O$12)^0.5","v":23045.118228164931},{"$f":"'RAB projected '!P120/(1+P$12)^0.5","v":23812.206139642465},{"$f":"'RAB projected '!Q120/(1+Q$12)^0.5","v":24399.607294350826},{"$f":"'RAB projected '!R120/(1+R$12)^0.5","v":24901.248860601168},{"$f":"'RAB projected '!S120/(1+S$12)^0.5","v":25411.058006704665},{"$f":"'RAB projected '!T120/(1+T$12)^0.5","v":25929.034732661297}]
[null,"  Return on RAB",{"$f":"C16","v":"$'000"},null,"mid-year value",null,null,null,{"$f":"I21-I20-I19-I18-I16-I15","v":33489.291599532793},{"$f":"J21-J20-J19-J18-J16-J15","v":34808.960945869447},{"$f":"'Return on RAB'!K43","v":34267.047474162333},{"$f":"'Return on RAB'!L43","v":35026.366555531138},{"$f":"'Return on RAB'!M43","v":36013.036561491223},{"$f":"'Return on RAB'!N43","v":37474.94558248049},{"$f":"'Return on RAB'!O43","v":38585.478507762942},{"$f":"'Return on RAB'!P43","v":39549.392072087991},{"$f":"'Return on RAB'!Q43","v":40039.825610390282},{"$f":"'Return on RAB'!R43","v":40295.207113742828},{"$f":"'Return on RAB'!S43","v":40550.113559317841},{"$f":"'Return on RAB'!T43","v":40804.21007634134}]
[null,"  Return on working capital",{"$f":"C17","v":"$'000"},null,"mid-year value",null,null,null,{"$f":"'Working capital'!I50","v":415.87564373593568},{"$f":"'Working capital'!J50","v":347.25833378890093},{"$f":"'Working capital'!K50","v":226.17263819953291},{"$f":"'Working capital'!L50","v":331.50162339904716},{"$f":"'Working capital'!M50","v":192.55529153994297},{"$f":"'Working capital'!N50","v":264.10588648618102},{"$f":"'Working capital'!O50","v":254.99845415782511},{"$f":"'Working capital'!P50","v":300.87801746224858},{"$f":"'Working capital'!Q50","v":346.77439959330991},{"$f":"'Working capital'!R50","v":357.23715987950277},{"$f":"'Working capital'!S50","v":367.72105879329945},{"$f":"'Working capital'!T50","v":378.2217408283488}]
[null,"  Tax allowance",{"$f":"C18","v":"$'000"},null,{"$f":"IF(Scenario!$W$78=2,\"post-tax WACC selected for forecast period\",\"pre-tax WACC selected for forecast period\")","v":"post-tax WACC selected for forecast period"},null,null,null,{"$f":"IF('Pricing & financial inputs'!$W$24=2,'RAB & cost inputs'!I146,0)","v":3150},{"$f":"IF('Pricing & financial inputs'!$W$24=2,'RAB & cost inputs'!J146,0)","v":3200},{"$f":"CHOOSE($D$11,0,Tax!K65)","v":3009.437422499172},{"$f":"CHOOSE($D$11,0,Tax!L65)","v":3804.6162464820486},{"$f":"CHOOSE($D$11,0,Tax!M65)","v":3809.7770628846638},{"$f":"CHOOSE($D$11,0,Tax!N65)","v":3478.6844813912239},{"$f":"CHOOSE($D$11,0,Tax!O65)","v":4476.4775072205284},{"$f":"CHOOSE($D$11,0,Tax!P65)","v":4105.1076103612577},{"$f":"CHOOSE($D$11,0,Tax!Q65)","v":4082.6340055442788},{"$f":"CHOOSE($D$11,0,Tax!R65)","v":4985.2611353048205},{"$f":"CHOOSE($D$11,0,Tax!S65)","v":4872.1308125271089},{"$f":"CHOOSE($D$11,0,Tax!T65)","v":5071.9452506296057}]
[null,"     less adjustment for franking credits (gamma)",{"$f":"C19","v":"$'000"},null,null,null,null,null,{"$f":"-IF('Pricing & financial inputs'!$W$24=2,'RAB & cost inputs'!I147,0)","v":-790},{"$f":"-IF('Pricing & financial inputs'!$W$24=2,'RAB & cost inputs'!J147,0)","v":-800},{"$f":"CHOOSE($D$11,0,Tax!K66)","v":-752.35935562479301},{"$f":"CHOOSE($D$11,0,Tax!L66)","v":-951.15406162051215},{"$f":"CHOOSE($D$11,0,Tax!M66)","v":-952.44426572116595},{"$f":"CHOOSE($D$11,0,Tax!N66)","v":-869.67112034780598},{"$f":"CHOOSE($D$11,0,Tax!O66)","v":-1119.1193768051321},{"$f":"CHOOSE($D$11,0,Tax!P66)","v":-1026.2769025903144},{"$f":"CHOOSE($D$11,0,Tax!Q66)","v":-1020.6585013860697},{"$f":"CHOOSE($D$11,0,Tax!R66)","v":-1246.3152838262051},{"$f":"CHOOSE($D$11,0,Tax!S66)","v":-1218.0327031317772},{"$f":"CHOOSE($D$11,0,Tax!T66)","v":-1267.9863126574014}]
[null,"Total revenue requirement ",{"$f":"C18","v":"$'000"},null," = unsmoothed revenue = building block costs",null,null,null,{"$f":"SUM(I23:I25)","v":120317},{"$f":"SUM(J23:J25)","v":122750},{"$f":"SUM(K15:K20)","v":121778.03045977467},{"$f":"SUM(L15:L20)","v":123994.1057715213},125734.28311571429,128070.21448920322,130842.95332050112,132491.30693696364,133748.18280849265,135342.6389857021,136182.99073421114,137265.42548780321]
[null,"   less"]
[null,"   Profit/loss on asset sales",{"$f":"C21","v":"$'000"},null,"portion shared with customers",null,null,null,{"$f":"'RAB & cost inputs'!I110*(1-'RAB & cost inputs'!I112)","v":0},{"$f":"'RAB & cost inputs'!J110*(1-'RAB & cost inputs'!J112)","v":0},{"$f":"'RAB & cost inputs'!K110*'Pricing & financial inputs'!K$20*(1-'RAB & cost inputs'!K112)","v":0},{"$f":"'RAB & cost inputs'!L110*'Pricing & financial inputs'!L$20*(1-'RAB & cost inputs'!L112)","v":0},{"$f":"'RAB & cost inputs'!M110*'Pricing & financial inputs'!M$20*(1-'RAB & cost inputs'!M112)","v":0},{"$f":"'RAB & cost inputs'!N110*'Pricing & financial inputs'!N$20*(1-'RAB & cost inputs'!N112)","v":0},{"$f":"'RAB & cost inputs'!O110*'Pricing & financial inputs'!O$20*(1-'RAB & cost inputs'!O112)","v":0},{"$f":"'RAB & cost inputs'!P110*'Pricing & financial inputs'!P$20*(1-'RAB & cost inputs'!P112)","v":0},{"$f":"'RAB & cost inputs'!Q110*'Pricing & financial inputs'!Q$20*(1-'RAB & cost inputs'!Q112)","v":0},{"$f":"'RAB & cost inputs'!R110*'Pricing & financial inputs'!R$20*(1-'RAB & cost inputs'!R112)","v":0},{"$f":"'RAB & cost inputs'!S110*'Pricing & financial inputs'!S$20*(1-'RAB & cost inputs'!S112)","v":0},{"$f":"'RAB & cost inputs'!T110*'Pricing & financial inputs'!T$20*(1-'RAB & cost inputs'!T112)","v":0}]
[null,"   Other regulatory revenue",{"$f":"C23","v":"$'000"},null,"portion shared with customers",null,null,null,{"$f":"'RAB & cost inputs'!I116*(1-'RAB & cost inputs'!I118)","v":1000},{"$f":"'RAB & cost inputs'!J116*(1-'RAB & cost inputs'!J118)","v":1000},{"$f":"'RAB & cost inputs'!K116*'Pricing & financial inputs'!K20*(1-'RAB & cost inputs'!K118)","v":1000},{"$f":"'RAB & cost inputs'!L116*'Pricing & financial inputs'!L20*(1-'RAB & cost inputs'!L118)","v":1000},{"$f":"'RAB & cost inputs'!M116*'Pricing & financial inputs'!M20*(1-'RAB & cost inputs'!M118)","v":1000},{"$f":"'RAB & cost inputs'!N116*'Pricing & financial inputs'!N20*(1-'RAB & cost inputs'!N118)","v":1000},{"$f":"'RAB & cost inputs'!O116*'Pricing & financial inputs'!O20*(1-'RAB & cost inputs'!O118)","v":1000},{"$f":"'RAB & cost inputs'!P116*'Pricing & financial inputs'!P20*(1-'RAB & cost inputs'!P118)","v":1000},{"$f":"'RAB & cost inputs'!Q116*'Pricing & financial inputs'!Q20*(1-'RAB & cost inputs'!Q118)","v":1000},{"$f":"'RAB & cost inputs'!R116*'Pricing & financial inputs'!R20*(1-'RAB & cost inputs'!R118)","v":1000},{"$f":"'RAB & cost inputs'!S116*'Pricing & financial inputs'!S20*(1-'RAB & cost inputs'!S118)","v":1000},{"$f":"'RAB & cost inputs'!T116*'Pricing & financial inputs'!T20*(1-'RAB & cost inputs'!T118)","v":1000}]
[null,"Revenue required from tariffs (ie, notional revenue requirement)",{"$f":"C23","v":"$'000"},null," = unsmoothed costs to be recovered from tariffs",null,null,null,{"$f":"Scenario!I136","v":119317},{"$f":"Scenario!J136","v":121750},{"$f":"K21-SUM(K23:K24)","v":120778.03045977467},{"$f":"L21-SUM(L23:L24)","v":122994.1057715213},124734.28311571429,127070.21448920322,129842.95332050112,131491.30693696364,132748.18280849265,134342.6389857021,135182.99073421114,136265.42548780321]
[null,"NPV of required revenue from tariffs over next determination period",null,null,null,null,null,null,null,null,{"$f":"NPV(D13,K25:N25)*(1+D13)^0.5","v":448877.26621316076}]
[]
[null,"Note: The return on fixed assets in the last year of the existing determination is a residual amount calculated as follows:"]
[null," (Total revenue from tariffs + other regulatory revenue) - (opex + allowed depreciation + tax allowance - adjustment for franking credits + estimated return on working capital)"]
[null,"The tax allowance is currently 0, because the model assumes that a pre-tax WACC applied in the previous period. "]

{"sheet":"Implied return","index":16,"n_rows":29,"n_cols":22,"rows_kept":29,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"12  Calculation of implied real return on assets from actual historical then target revenue from tariffs "]
[]
[]
[null,"TABLE 1 - CALCULATION OF IMPLIED REAL RETURN ON ASSETS FROM ACTUAL REVENUE "]
[null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!I$16","v":"2017-18"},{"$f":"'RAB projected '!J$16","v":"2018-19"},{"$f":"'RAB projected '!K$16","v":"2019-20"},{"$f":"'RAB projected '!L$16","v":"2020-21"},{"$f":"'RAB projected '!M$16","v":"2021-22"},{"$f":"'RAB projected '!N$16","v":"2022-23"},{"$f":"'RAB projected '!O$16","v":"2023-24"},{"$f":"'RAB projected '!P$16","v":"2024-25"},{"$f":"'RAB projected '!Q$16","v":"2025-26"},{"$f":"'RAB projected '!R$16","v":"2026-27"},{"$f":"'RAB projected '!S$16","v":"2027-28"},{"$f":"'RAB projected '!T$16","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O$18","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$17","v":"2018-19 $'000"},null,null,null,{"$f":"'RAB projected '!O$17","v":"2018-19 $'000"}]
[]
[null,{"$f":"'Cost building blocks'!B12","v":"Real post-tax WACC (rounded)"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I12","v":4.4999999999999998E-2},{"$f":"'Cost building blocks'!J12","v":4.4999999999999998E-2},{"$f":"'Cost building blocks'!K12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!L12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!M12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!N12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!O12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!P12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!Q12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!R12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!S12","v":4.1000000000000002E-2},{"$f":"'Cost building blocks'!T12","v":4.1000000000000002E-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",null,null,null,null,null,null,{"$f":"'Financials actual'!I41/'Financials actual'!I23","v":121517},{"$f":"'Financials actual'!J41/'Financials actual'!J23","v":123750},{"$f":"'Financials actual'!K41/'Financials actual'!K23","v":124596.54034490886},{"$f":"'Financials actual'!L41/'Financials actual'!L23","v":124885.55741884203},{"$f":"'Financials actual'!M41/'Financials actual'!M23","v":126348.03793818047},{"$f":"'Financials actual'!N41/'Financials actual'!N23","v":127888.39857526832},{"$f":"'Financials actual'!O41/'Financials actual'!O23","v":130397.93029038736},{"$f":"'Financials actual'!P41/'Financials actual'!P23","v":132910.85683176518},{"$f":"'Financials actual'!Q41/'Financials actual'!Q23","v":135427.17591076088},{"$f":"'Financials actual'!R41/'Financials actual'!R23","v":137947.76175399698},{"$f":"'Financials actual'!S41/'Financials actual'!S23","v":140471.73521647434},{"$f":"'Financials actual'!T41/'Financials actual'!T23","v":143193.79855885802}]
[null,"less"]
[null,{"$f":"'Cost building blocks'!B15","v":"  Operating expenditure"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I15","v":64940},{"$f":"'Cost building blocks'!J15","v":64950},{"$f":"'Cost building blocks'!K15","v":65000},{"$f":"'Cost building blocks'!L15","v":65150},{"$f":"'Cost building blocks'!M15","v":65300},{"$f":"'Cost building blocks'!N15","v":65450},{"$f":"'Cost building blocks'!O15","v":65600},{"$f":"'Cost building blocks'!P15","v":65750},{"$f":"'Cost building blocks'!Q15","v":65900},{"$f":"'Cost building blocks'!R15","v":66050},{"$f":"'Cost building blocks'!S15","v":66200},{"$f":"'Cost building blocks'!T15","v":66350}]
[null,{"$f":"'Cost building blocks'!B16","v":"  Depreciation (regulatory)"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I16","v":19111.832756731263},{"$f":"'Cost building blocks'!J16","v":20243.78072034166},{"$f":"'Cost building blocks'!K16","v":20027.732280538417},{"$f":"'Cost building blocks'!L16","v":20632.775407729569},{"$f":"'Cost building blocks'!M16","v":21371.358465519632},{"$f":"'Cost building blocks'!N16","v":22272.149659193132},{"$f":"'Cost building blocks'!O16","v":23045.118228164931},{"$f":"'Cost building blocks'!P16","v":23812.206139642465},{"$f":"'Cost building blocks'!Q16","v":24399.607294350826},{"$f":"'Cost building blocks'!R16","v":24901.248860601168},{"$f":"'Cost building blocks'!S16","v":25411.058006704665},{"$f":"'Cost building blocks'!T16","v":25929.034732661297}]
[null,{"$f":"'Cost building blocks'!B18","v":"  Return on working capital"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I18","v":415.87564373593568},{"$f":"'Cost building blocks'!J18","v":347.25833378890093},{"$f":"'Cost building blocks'!K18","v":226.17263819953291},{"$f":"'Cost building blocks'!L18","v":331.50162339904716},{"$f":"'Cost building blocks'!M18","v":192.55529153994297},{"$f":"'Cost building blocks'!N18","v":264.10588648618102},{"$f":"'Cost building blocks'!O18","v":254.99845415782511},{"$f":"'Cost building blocks'!P18","v":300.87801746224858},{"$f":"'Cost building blocks'!Q18","v":346.77439959330991},{"$f":"'Cost building blocks'!R18","v":357.23715987950277},{"$f":"'Cost building blocks'!S18","v":367.72105879329945},{"$f":"'Cost building blocks'!T18","v":378.2217408283488}]
[null,{"$f":"'Cost building blocks'!B19","v":"  Tax allowance"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I19","v":3150},{"$f":"'Cost building blocks'!J19","v":3200},{"$f":"'Cost building blocks'!K19","v":3009.437422499172},{"$f":"'Cost building blocks'!L19","v":3804.6162464820486},{"$f":"'Cost building blocks'!M19","v":3809.7770628846638},{"$f":"'Cost building blocks'!N19","v":3478.6844813912239},{"$f":"'Cost building blocks'!O19","v":4476.4775072205284},{"$f":"'Cost building blocks'!P19","v":4105.1076103612577},{"$f":"'Cost building blocks'!Q19","v":4082.6340055442788},{"$f":"'Cost building blocks'!R19","v":4985.2611353048205},{"$f":"'Cost building blocks'!S19","v":4872.1308125271089},{"$f":"'Cost building blocks'!T19","v":5071.9452506296057}]
[null,{"$f":"'Cost building blocks'!B20","v":"     less adjustment for franking credits (gamma)"},null,null,null,null,null,null,{"$f":"'Cost building blocks'!I20","v":-790},{"$f":"'Cost building blocks'!J20","v":-800},{"$f":"'Cost building blocks'!K20","v":-752.35935562479301},{"$f":"'Cost building blocks'!L20","v":-951.15406162051215},{"$f":"'Cost building blocks'!M20","v":-952.44426572116595},{"$f":"'Cost building blocks'!N20","v":-869.67112034780598},{"$f":"'Cost building blocks'!O20","v":-1119.1193768051321},{"$f":"'Cost building blocks'!P20","v":-1026.2769025903144},{"$f":"'Cost building blocks'!Q20","v":-1020.6585013860697},{"$f":"'Cost building blocks'!R20","v":-1246.3152838262051},{"$f":"'Cost building blocks'!S20","v":-1218.0327031317772},{"$f":"'Cost building blocks'!T20","v":-1267.9863126574014}]
[null,"Remaining revenue = actual return on fixed assets (mid year value)",null,null,null,null,null,null,{"$f":"I14-SUM(I16:I20)","v":34689.291599532793},{"$f":"J14-SUM(J16:J20)","v":35808.960945869447},{"$f":"K14-SUM(K16:K20)","v":37085.557359296523},{"$f":"L14-SUM(L16:L20)","v":35917.818202851879},{"$f":"M14-SUM(M16:M20)","v":36626.791383957388},{"$f":"N14-SUM(N16:N20)","v":37293.129668545589},38140.4554776492,39968.941966889513,41718.818712658525,42900.329882037695,44838.858041581043,46732.583147396173,null,"Including the share of non-tariff revenue and profit/loss on asset sales that the business may keep."]
[null,"   less non-tariff revenue that the businsess may keep",null,null,null,null,null,null,{"$f":"'RAB & cost inputs'!I110*'RAB & cost inputs'!I112+'RAB & cost inputs'!I116*'RAB & cost inputs'!I118","v":1200},{"$f":"'RAB & cost inputs'!J110*'RAB & cost inputs'!J112+'RAB & cost inputs'!J116*'RAB & cost inputs'!J118","v":1000},{"$f":"'RAB & cost inputs'!K110*'RAB & cost inputs'!K112+'RAB & cost inputs'!K116*'RAB & cost inputs'!K118","v":1300},{"$f":"'RAB & cost inputs'!L110*'RAB & cost inputs'!L112+'RAB & cost inputs'!L116*'RAB & cost inputs'!L118","v":1050},{"$f":"'RAB & cost inputs'!M110*'RAB & cost inputs'!M112+'RAB & cost inputs'!M116*'RAB & cost inputs'!M118","v":1000},{"$f":"'RAB & cost inputs'!N110*'RAB & cost inputs'!N112+'RAB & cost inputs'!N116*'RAB & cost inputs'!N118","v":1000},{"$f":"'RAB & cost inputs'!O110*'RAB & cost inputs'!O112+'RAB & cost inputs'!O116*'RAB & cost inputs'!O118","v":1000},{"$f":"'RAB & cost inputs'!P110*'RAB & cost inputs'!P112+'RAB & cost inputs'!P116*'RAB & cost inputs'!P118","v":1000},{"$f":"'RAB & cost inputs'!Q110*'RAB & cost inputs'!Q112+'RAB & cost inputs'!Q116*'RAB & cost inputs'!Q118","v":1000},{"$f":"'RAB & cost inputs'!R110*'RAB & cost inputs'!R112+'RAB & cost inputs'!R116*'RAB & cost inputs'!R118","v":1000},{"$f":"'RAB & cost inputs'!S110*'RAB & cost inputs'!S112+'RAB & cost inputs'!S116*'RAB & cost inputs'!S118","v":1000},{"$f":"'RAB & cost inputs'!T110*'RAB & cost inputs'!T112+'RAB & cost inputs'!T116*'RAB & cost inputs'!T118","v":1000}]
[null,"Remaining revenue = actual allowed return on fixed assets (mid year value)",null,null,null,null,null,null,{"$f":"I21-I22","v":33489.291599532793},{"$f":"J21-J22","v":34808.960945869447},{"$f":"K21-K22","v":35785.557359296523},34867.818202851879,35626.791383957388,36293.129668545589,37140.4554776492,38968.941966889513,40718.818712658525,41900.329882037695,43838.858041581043,45732.583147396173,null,"Excluding the share of non-tariff revenue and profit/loss on asset sales that the business may keep."]
[]
[]
[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,{"$f":"I23*(1+I11)^0.5","v":34234.509214698432},{"$f":"J23*(1+J11)^0.5","v":35583.54439100976},{"$f":"K23*(1+K11)^0.5","v":36511.792153380215},35575.428329430426,36349.804169389652,37029.665173270419,37894.186676109297,39759.780607764595,41545.169483898826,42750.658329863734,44728.52712576036,46660.68363138476]
[null,"Value of RAB on which return is given",null,null,null,null,null,null,{"$f":"('RAB historical'!I62+'RAB historical'!I63*'RAB historical'!$D$49-'RAB historical'!I64*'RAB historical'!$D$50)*(1+'RAB historical'!I17)","v":719938.53042485483},{"$f":"('RAB historical'!J62+'RAB historical'!J63*'RAB historical'!$D$49-'RAB historical'!J64*'RAB historical'!$D$50)*(1+'RAB historical'!J17)","v":767854.57356480986},{"$f":"'Return on RAB'!K41","v":852743.06132590212},{"$f":"'Return on RAB'!L41","v":871638.88473927998},{"$f":"'Return on RAB'!M41","v":896192.38623471104},{"$f":"'Return on RAB'!N41","v":932572.3158121953},{"$f":"'Return on RAB'!O41","v":960208.17347173288},{"$f":"'Return on RAB'!P41","v":984195.3758799904},{"$f":"'Return on RAB'!Q41","v":996399.92303696775},{"$f":"'Return on RAB'!R41","v":1002755.1482759984},{"$f":"'Return on RAB'!S41","v":1009098.5515970823},{"$f":"'Return on RAB'!T41","v":1015421.7996668861}]
[null,"Implied rate of return on RAB from actual revenue",null,null,null,null,null,null,{"$f":"I27/I28","v":4.755198918787655E-2},{"$f":"J27/J28","v":4.6341515198393711E-2},{"$f":"K27/K28","v":4.2816873932236085E-2},{"$f":"L27/L28","v":4.0814411738952602E-2},4.056026889729647E-2,3.9707017402742184E-2,3.9464553336490474E-2,4.039825992091714E-2,4.1695275685360973E-2,4.2633197549135929E-2,4.4325231717922214E-2,4.5952020772738987E-2,null,"Actual revenue excludes the share of non-tariff revenue and profit/loss on asset sales that the business may keep."]

{"sheet":"Bills","index":17,"n_rows":84,"n_cols":22,"rows_kept":84,"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$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"13  Customer bills"]
[]
[null,"List of tables",null,null,null,null,null,null,null,null,"row number"]
[null,{"$f":"B11","v":"TABLE 1 - ASSUMPTIONS"},null,null,null,null,null,null,null,null,{"$f":"ROW(B11)","v":11}]
[null,{"$f":"B34","v":"TABLE 2 - CALCULATING BILLS - 2018-19 $"},null,null,null,null,null,null,null,null,{"$f":"ROW(B34)","v":34}]
[null,{"$f":"B64","v":"TABLE 3 - TARIFFS AND BILLS EXPRESSED IN NOMINAL PRICES "},null,null,null,null,null,null,null,null,{"$f":"ROW(B64)","v":64}]
[]
[]
[null,"TABLE 1 - ASSUMPTIONS"]
[null,{"$f":"'Return on RAB'!B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"'RAB projected '!I$16","v":"2017-18"},{"$f":"'RAB projected '!J$16","v":"2018-19"},{"$f":"'RAB projected '!K$16","v":"2019-20"},{"$f":"'RAB projected '!L$16","v":"2020-21"},{"$f":"'RAB projected '!M$16","v":"2021-22"},{"$f":"'RAB projected '!N$16","v":"2022-23"},{"$f":"'RAB projected '!O$16","v":"2023-24"},{"$f":"'RAB projected '!P$16","v":"2024-25"},{"$f":"'RAB projected '!Q$16","v":"2025-26"},{"$f":"'RAB projected '!R$16","v":"2026-27"},{"$f":"'RAB projected '!S$16","v":"2027-28"},{"$f":"'RAB projected '!T$16","v":"2028-29"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K$18","v":"Next determination period"},null,null,null,{"$f":"'RAB projected '!O$18","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,{"$f":"J14","v":"2018-19 $"},{"$f":"K14","v":"2018-19 $"},{"$f":"LEFT('RAB projected '!K$17,7)&\" $\"","v":"2018-19 $"},null,null,null,{"$f":"K14","v":"2018-19 $"}]
[null,"Forecasts in ",{"$f":"Scenario!$J$38","v":"2018-19 $"},{"$f":"Scenario!$W$37","v":2}]
[null,{"$f":"\"inflator to \"&$K$14","v":"inflator to 2018-19 $"},null,null,null,null,null,null,{"$f":"CHOOSE($D$15,1,'Pricing & financial inputs'!I$21)","v":1.0249999999999999},"na","na","na","na","na","na","na","na","na","na","na"]
[]
[null,"Tariffs"]
[null,{"$f":"Scenario!B125","v":"Access charge"},{"$f":"Scenario!C125","v":"$/year"},null,null,null,null,null,{"$f":"Scenario!I127*I$16","v":92.249999999999986},{"$f":"Scenario!J127","v":90},{"$f":"Scenario!K127","v":89.424566501942152},{"$f":"Scenario!L127","v":88.852812156225269},{"$f":"Scenario!M127","v":88.284713439432679},{"$f":"Scenario!N127","v":87.720246978549483},{"$f":"Scenario!O127","v":87.70303835768074},{"$f":"Scenario!P127","v":87.685833112733079},{"$f":"Scenario!Q127","v":87.668631243044246},{"$f":"Scenario!R127","v":87.651432747952086},{"$f":"Scenario!S127","v":87.634237626794587},{"$f":"Scenario!T127","v":87.617045878909863}]
[null,{"$f":"Scenario!B129","v":"Usage charge for Tier 1 consumption"},{"$f":"Scenario!C129","v":"$/kL"},null,null,null,null,null,{"$f":"Scenario!I129*I16","v":2.0499999999999998},{"$f":"Scenario!J129","v":2},{"$f":"Scenario!K129","v":1.9872125889320478},{"$f":"Scenario!L129","v":1.9745069368050059},{"$f":"Scenario!M129","v":1.9618825208762816},{"$f":"Scenario!N129","v":1.9493388217455438},{"$f":"Scenario!O129","v":1.9489564079484605},{"$f":"Scenario!P129","v":1.9485740691718458},{"$f":"Scenario!Q129","v":1.9481918054009828},{"$f":"Scenario!R129","v":1.9478096166211569},{"$f":"Scenario!S129","v":1.9474275028176569},{"$f":"Scenario!T129","v":1.9470454639757739}]
[null,{"$f":"Scenario!B130","v":"Usage charge for Tier 2 consumption"},{"$f":"Scenario!C130","v":"$/kL"},null,null,null,null,null,{"$f":"IF(Scenario!I130=0,I20,Scenario!I130*I16)","v":2.5625},{"$f":"IF(Scenario!J130=0,J20,Scenario!J130)","v":2.5},{"$f":"IF(Scenario!K130=0,K20,Scenario!K130)","v":2.4840157361650599},{"$f":"IF(Scenario!L130=0,L20,Scenario!L130)","v":2.4681336710062576},{"$f":"IF(Scenario!M130=0,M20,Scenario!M130)","v":2.4523531510953522},{"$f":"IF(Scenario!N130=0,N20,Scenario!N130)","v":2.43667352718193},{"$f":"IF(Scenario!O130=0,O20,Scenario!O130)","v":2.4361955099355757},{"$f":"IF(Scenario!P130=0,P20,Scenario!P130)","v":2.4357175864648073},{"$f":"IF(Scenario!Q130=0,Q20,Scenario!Q130)","v":2.4352397567512285},{"$f":"IF(Scenario!R130=0,R20,Scenario!R130)","v":2.4347620207764464},{"$f":"IF(Scenario!S130=0,S20,Scenario!S130)","v":2.4342843785220714},{"$f":"IF(Scenario!T130=0,T20,Scenario!T130)","v":2.433806829969718}]
[]
[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"},{"$f":"C19","v":"$/year"},null,null,null,null,null,{"$f":"'Pricing & financial inputs'!I58*I16","v":92.249999999999986},{"$f":"'Pricing & financial inputs'!J58*'Pricing & financial inputs'!J20","v":90},{"$f":"'Pricing & financial inputs'!K58*'Pricing & financial inputs'!K20","v":90},{"$f":"'Pricing & financial inputs'!L58*'Pricing & financial inputs'!L20","v":90},{"$f":"'Pricing & financial inputs'!M58*'Pricing & financial inputs'!M20","v":90},{"$f":"'Pricing & financial inputs'!N58*'Pricing & financial inputs'!N20","v":90},{"$f":"'Pricing & financial inputs'!O58*'Pricing & financial inputs'!O20","v":90},{"$f":"'Pricing & financial inputs'!P58*'Pricing & financial inputs'!P20","v":90},{"$f":"'Pricing & financial inputs'!Q58*'Pricing & financial inputs'!Q20","v":90},{"$f":"'Pricing & financial inputs'!R58*'Pricing & financial inputs'!R20","v":90},{"$f":"'Pricing & financial inputs'!S58*'Pricing & financial inputs'!S20","v":90},{"$f":"'Pricing & financial inputs'!T58*'Pricing & financial inputs'!T20","v":90}]
[]
[]
[]
[null,{"$f":"\"TABLE 2 - CALCULATING BILLS - \"&K37","v":"TABLE 2 - CALCULATING BILLS - 2018-19 $"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"note formula in heading"]
[null,{"$f":"B12","v":"Financial year"},null,null,null,null,null,null,{"$f":"I12","v":"2017-18"},{"$f":"J12","v":"2018-19"},"2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K13","v":"Next determination period"},null,null,null,{"$f":"O13","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K14","v":"2018-19 $"},null,null,null,{"$f":"O14","v":"2018-19 $"}]
[null,"Consumption by tier"]
[null,{"$f":"B26","v":"Small customer"}]
[null,"   consumption at tier 1 price",{"$f":"C26","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$23=0,$D$26,MIN($D$26,I$23))","v":100},{"$f":"IF(J$23=0,$D$26,MIN($D$26,J$23))","v":100},{"$f":"IF(K$23=0,$D$26,MIN($D$26,K$23))","v":100},100,100,100,100,100,100,100,100,100]
[null,"   consumption at tier 2 price",{"$f":"C40","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$26-I40)","v":0},{"$f":"MAX(0,$D$26-J40)","v":0},{"$f":"MAX(0,$D$26-K40)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,{"$f":"B27","v":"Medium customer"}]
[null,{"$f":"B40","v":"   consumption at tier 1 price"},{"$f":"C40","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$23=0,$D$27,MIN($D$27,I$23))","v":150},{"$f":"IF(J$23=0,$D$27,MIN($D$27,J$23))","v":150},{"$f":"IF(K$23=0,$D$27,MIN($D$27,K$23))","v":150},150,150,150,150,150,150,150,150,150]
[null,{"$f":"B41","v":"   consumption at tier 2 price"},{"$f":"C41","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$27-I44)","v":50},{"$f":"MAX(0,$D$27-J44)","v":50},{"$f":"MAX(0,$D$27-K44)","v":50},50,50,50,50,50,50,50,50,50]
[]
[null,{"$f":"B28","v":"Large customer"}]
[null,{"$f":"B44","v":"   consumption at tier 1 price"},{"$f":"C40","v":"kL per year"},null,null,null,null,null,{"$f":"IF(I$23=0,$D$28,MIN($D$28,I$23))","v":150},{"$f":"IF(J$23=0,$D$28,MIN($D$28,J$23))","v":150},{"$f":"IF(K$23=0,$D$28,MIN($D$28,K$23))","v":150},150,150,150,150,150,150,150,150,150]
[null,{"$f":"B45","v":"   consumption at tier 2 price"},{"$f":"C48","v":"kL per year"},null,null,null,null,null,{"$f":"MAX(0,$D$28-I48)","v":250},{"$f":"MAX(0,$D$28-J48)","v":250},{"$f":"MAX(0,$D$28-K48)","v":250},250,250,250,250,250,250,250,250,250]
[]
[null,"Bills for non-pensioners"]
[null,{"$f":"B26","v":"Small customer"},{"$f":"C19","v":"$/year"},null,null,null,null,null,{"$f":"I$19+SUMPRODUCT(I$20:I$21,I40:I41)","v":297.24999999999994},{"$f":"J$19+SUMPRODUCT(J$20:J$21,J40:J41)","v":290},{"$f":"K$19+SUMPRODUCT(K$20:K$21,K40:K41)","v":288.14582539514691},{"$f":"L$19+SUMPRODUCT(L$20:L$21,L40:L41)","v":286.30350583672589},284.47296552706081,282.6541291531039,282.59867915252681,282.54324002991768,282.48781178314255,282.43239441006779,282.3769879085603,282.32159227648725]
[null,{"$f":"B27","v":"Medium customer"},{"$f":"C52","v":"$/year"},null,null,null,null,null,{"$f":"I$19+SUMPRODUCT(I$20:I$21,I44:I45)","v":527.875},{"$f":"J$19+SUMPRODUCT(J$20:J$21,J44:J45)","v":515},{"$f":"K$19+SUMPRODUCT(K$20:K$21,K44:K45)","v":511.70724165000229},{"$f":"L$19+SUMPRODUCT(L$20:L$21,L44:L45)","v":508.43553622728905},505.1847491256425,501.95474659947757,501.85627504672857,501.75782281175032,501.65938989075312,501.56097627994791,501.4625819755467,501.36420697376184]
[null,{"$f":"B28","v":"Large customer"},{"$f":"C53","v":"$/year"},null,null,null,null,null,{"$f":"I$19+SUMPRODUCT(I$20:I$21,I48:I49)","v":1040.375},{"$f":"J$19+SUMPRODUCT(J$20:J$21,J48:J49)","v":1015},{"$f":"K$19+SUMPRODUCT(K$20:K$21,K48:K49)","v":1008.5103888830143},{"$f":"L$19+SUMPRODUCT(L$20:L$21,L48:L49)","v":1002.0622704285405},995.65537934471297,989.28945203586363,989.09537703384365,988.90134010471195,988.70734124099886,988.51338043523731,988.31945767996103,988.12557296770535]
[]
[null,"Bills for pensioners"]
[null,{"$f":"B52","v":"Small customer"},"$/year",null,null,null,null,null,{"$f":"I52-I$30","v":204.99999999999994},{"$f":"J52-J$30","v":200},{"$f":"K52-K$30","v":198.14582539514691},{"$f":"L52-L$30","v":196.30350583672589},194.47296552706081,192.6541291531039,192.59867915252681,192.54324002991768,192.48781178314255,192.43239441006779,192.3769879085603,192.32159227648725]
[null,"Medium customer","$/year",null,null,null,null,null,{"$f":"I53-I$30","v":435.625},{"$f":"J53-J$30","v":425},{"$f":"K53-K$30","v":421.70724165000229},418.43553622728905,415.1847491256425,411.95474659947757,411.85627504672857,411.75782281175032,411.65938989075312,411.56097627994791,411.4625819755467,411.36420697376184]
[null,"Large customer","$/year",null,null,null,null,null,{"$f":"I54-I$30","v":948.125},{"$f":"J54-J$30","v":925},{"$f":"K54-K$30","v":918.51038888301434},912.0622704285405,905.65537934471297,899.28945203586363,899.09537703384365,898.90134010471195,898.70734124099886,898.51338043523731,898.31945767996103,898.12557296770535]
[]
[]
[]
[]
[null,{"$f":"\"TABLE 3 - TARIFFS AND BILLS EXPRESSED IN \"&CHOOSE(Scenario!$W$37,\"REAL PRICES\",\"NOMINAL PRICES \")","v":"TABLE 3 - TARIFFS AND BILLS EXPRESSED IN NOMINAL PRICES "},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"note formula in heading"]
[null,{"$f":"B35","v":"Financial year"},null,null,null,null,null,null,{"$f":"I35","v":"2017-18"},"2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K36","v":"Next determination period"},null,null,null,{"$f":"O36","v":"Subsequent determinations"}]
[null,null,null,null,null,null,null,null,{"$f":"J67","v":"nominal prices'"},{"$f":"K67","v":"nominal prices'"},{"$f":"CHOOSE(Scenario!$W$37,'RAB & cost inputs'!J33&\" prices\",\"nominal prices'\")","v":"nominal prices'"},null,null,null,{"$f":"K67","v":"nominal prices'"}]
[]
[null,"Inflator to nominal prices",null,null,null,null,null,null,{"$f":"CHOOSE($D$15,'Pricing & financial inputs'!I$21,1/I16)","v":0.97560975609756106},1,{"$f":"CHOOSE(Scenario!$W$37,J69/(1+'Pricing & financial inputs'!K18),J69*(1+'Pricing & financial inputs'!K18))","v":1.0249999999999999},{"$f":"CHOOSE(Scenario!$W$37,K69/(1+'Pricing & financial inputs'!L18),K69*(1+'Pricing & financial inputs'!L18))","v":1.0506249999999999},{"$f":"CHOOSE(Scenario!$W$37,L69/(1+'Pricing & financial inputs'!M18),L69*(1+'Pricing & financial inputs'!M18))","v":1.0768906249999999},{"$f":"CHOOSE(Scenario!$W$37,M69/(1+'Pricing & financial inputs'!N18),M69*(1+'Pricing & financial inputs'!N18))","v":1.1038128906249998},{"$f":"CHOOSE(Scenario!$W$37,N69/(1+'Pricing & financial inputs'!O18),N69*(1+'Pricing & financial inputs'!O18))","v":1.1314082128906247},{"$f":"CHOOSE(Scenario!$W$37,O69/(1+'Pricing & financial inputs'!P18),O69*(1+'Pricing & financial inputs'!P18))","v":1.1596934182128902},{"$f":"CHOOSE(Scenario!$W$37,P69/(1+'Pricing & financial inputs'!Q18),P69*(1+'Pricing & financial inputs'!Q18))","v":1.1886857536682123},{"$f":"CHOOSE(Scenario!$W$37,Q69/(1+'Pricing & financial inputs'!R18),Q69*(1+'Pricing & financial inputs'!R18))","v":1.2184028975099175},{"$f":"CHOOSE(Scenario!$W$37,R69/(1+'Pricing & financial inputs'!S18),R69*(1+'Pricing & financial inputs'!S18))","v":1.2488629699476652},{"$f":"CHOOSE(Scenario!$W$37,S69/(1+'Pricing & financial inputs'!T18),S69*(1+'Pricing & financial inputs'!T18))","v":1.2800845441963566}]
[]
[null,{"$f":"B18","v":"Tariffs"}]
[null,{"$f":"B19","v":"Access charge"},null,null,null,null,null,null,{"$f":"I19*Bills!I$69","v":90},{"$f":"J19*Bills!J$69","v":90},{"$f":"K19*Bills!K$69","v":91.660180664490696},{"$f":"L19*Bills!L$69","v":93.350985771634171},{"$f":"M19*Bills!M$69","v":95.072980233736544},{"$f":"N19*Bills!N$69","v":96.826739383731606},{"$f":"O19*Bills!O$69","v":99.227937893341476},{"$f":"P19*Bills!P$69","v":101.68868353135045},{"$f":"Q19*Bills!Q$69","v":104.21045300219863},{"$f":"R19*Bills!R$69","v":106.79475963100049},{"$f":"S19*Bills!S$69","v":109.44315427169812},{"$f":"T19*Bills!T$69","v":112.1572262377356}]
[null,{"$f":"B20","v":"Usage charge for Tier 1 consumption"},null,null,null,null,null,null,{"$f":"I20*Bills!I$69","v":2},{"$f":"J20*Bills!J$69","v":2},{"$f":"K20*Bills!K$69","v":2.0368929036553487},{"$f":"L20*Bills!L$69","v":2.0744663504807592},{"$f":"M20*Bills!M$69","v":2.1127328940830341},{"$f":"N20*Bills!N$69","v":2.1517053196384799},{"$f":"O20*Bills!O$69","v":2.2050652865186988},{"$f":"P20*Bills!P$69","v":2.2597485229188985},{"$f":"Q20*Bills!Q$69","v":2.3157878444933022},{"$f":"R20*Bills!R$69","v":2.3732168806888989},{"$f":"S20*Bills!S$69","v":2.4320700949266243},{"$f":"T20*Bills!T$69","v":2.4923828052830124}]
[null,{"$f":"B21","v":"Usage charge for Tier 2 consumption"},null,null,null,null,null,null,{"$f":"I21*Bills!I$69","v":2.5000000000000004},{"$f":"J21*Bills!J$69","v":2.5},{"$f":"K21*Bills!K$69","v":2.5461161295691861},{"$f":"L21*Bills!L$69","v":2.5930829381009493},{"$f":"M21*Bills!M$69","v":2.6409161176037932},{"$f":"N21*Bills!N$69","v":2.6896316495481001},{"$f":"O21*Bills!O$69","v":2.7563316081483737},{"$f":"P21*Bills!P$69","v":2.8246856536486233},{"$f":"Q21*Bills!Q$69","v":2.8947348056166278},{"$f":"R21*Bills!R$69","v":2.9665211008611241},{"$f":"S21*Bills!S$69","v":3.0400876186582804},{"$f":"T21*Bills!T$69","v":3.115478506603766}]
[]
[null,{"$f":"B51","v":"Bills for non-pensioners"}]
[null,{"$f":"B52","v":"Small customer"},null,null,null,null,null,null,{"$f":"I52*Bills!I$69","v":289.99999999999994},{"$f":"J52*Bills!J$69","v":290},{"$f":"K52*Bills!K$69","v":295.34947103002554},{"$f":"L52*Bills!L$69","v":300.79762081971012},{"$f":"M52*Bills!M$69","v":306.34626964203994},{"$f":"N52*Bills!N$69","v":311.99727134757961},{"$f":"O52*Bills!O$69","v":319.73446654521138},{"$f":"P52*Bills!P$69","v":327.66353582324035},{"$f":"Q52*Bills!Q$69","v":335.78923745152889},{"$f":"R52*Bills!R$69","v":344.11644769989039},{"$f":"S52*Bills!S$69","v":352.65016376436057},{"$f":"T52*Bills!T$69","v":361.39550676603682}]
[null,{"$f":"B53","v":"Medium customer"},null,null,null,null,null,null,{"$f":"I53*Bills!I$69","v":515},{"$f":"J53*Bills!J$69","v":515},{"$f":"K53*Bills!K$69","v":524.49992269125232},{"$f":"L53*Bills!L$69","v":534.17508524879554},{"$f":"M53*Bills!M$69","v":544.02872022638132},{"$f":"N53*Bills!N$69","v":554.06411980690859},{"$f":"O53*Bills!O$69","v":567.80431127856491},{"$f":"P53*Bills!P$69","v":581.8852446516164},{"$f":"Q53*Bills!Q$69","v":596.31536995702538},{"$f":"R53*Bills!R$69","v":611.10334677739149},{"$f":"S53*Bills!S$69","v":626.25804944360573},{"$f":"T53*Bills!T$69","v":641.78857236037572}]
[null,{"$f":"B54","v":"Large customer"},null,null,null,null,null,null,{"$f":"I54*Bills!I$69","v":1015.0000000000001},{"$f":"J54*Bills!J$69","v":1015},{"$f":"K54*Bills!K$69","v":1033.7231486050896},{"$f":"L54*Bills!L$69","v":1052.7916728689852},{"$f":"M54*Bills!M$69","v":1072.2119437471399},{"$f":"N54*Bills!N$69","v":1091.9904497165287},{"$f":"O54*Bills!O$69","v":1119.0706329082395},{"$f":"P54*Bills!P$69","v":1146.8223753813413},{"$f":"Q54*Bills!Q$69","v":1175.262331080351},{"$f":"R54*Bills!R$69","v":1204.4075669496165},{"$f":"S54*Bills!S$69","v":1234.275573175262},{"$f":"T54*Bills!T$69","v":1264.8842736811289}]
[]
[null,{"$f":"B56","v":"Bills for pensioners"}]
[null,{"$f":"B57","v":"Small customer"},null,null,null,null,null,null,{"$f":"I57*Bills!I$69","v":199.99999999999997},{"$f":"J57*Bills!J$69","v":200},{"$f":"K57*Bills!K$69","v":203.09947103002557},{"$f":"L57*Bills!L$69","v":206.24137081971011},{"$f":"M57*Bills!M$69","v":209.42611339203995},{"$f":"N57*Bills!N$69","v":212.65411119132966},{"$f":"O57*Bills!O$69","v":217.90772738505518},{"$f":"P57*Bills!P$69","v":223.29112818408024},{"$f":"Q57*Bills!Q$69","v":228.80751962138979},{"$f":"R57*Bills!R$69","v":234.46018692399784},{"$f":"S57*Bills!S$69","v":240.25249646907068},{"$f":"T57*Bills!T$69","v":246.18789778836472}]
[null,{"$f":"B58","v":"Medium customer"},null,null,null,null,null,null,{"$f":"I58*Bills!I$69","v":425.00000000000006},{"$f":"J58*Bills!J$69","v":425},{"$f":"K58*Bills!K$69","v":432.24992269125232},{"$f":"L58*Bills!L$69","v":439.61883524879551},{"$f":"M58*Bills!M$69","v":447.10856397638128},{"$f":"N58*Bills!N$69","v":454.72095965065864},{"$f":"O58*Bills!O$69","v":465.97757211840872},{"$f":"P58*Bills!P$69","v":477.51283701245632},{"$f":"Q58*Bills!Q$69","v":489.33365212688631},{"$f":"R58*Bills!R$69","v":501.44708600149897},{"$f":"S58*Bills!S$69","v":513.86038214831592},{"$f":"T58*Bills!T$69","v":526.58096338270366}]
[null,{"$f":"B59","v":"Large customer"},null,null,null,null,null,null,{"$f":"I59*Bills!I$69","v":925.00000000000011},{"$f":"J59*Bills!J$69","v":925},{"$f":"K59*Bills!K$69","v":941.47314860508959},{"$f":"L59*Bills!L$69","v":958.23542286898532},{"$f":"M59*Bills!M$69","v":975.29178749713992},{"$f":"N59*Bills!N$69","v":992.64728956027875},{"$f":"O59*Bills!O$69","v":1017.2438937480835},{"$f":"P59*Bills!P$69","v":1042.4499677421811},{"$f":"Q59*Bills!Q$69","v":1068.2806132502119},{"$f":"R59*Bills!R$69","v":1094.7513061737238},{"$f":"S59*Bills!S$69","v":1121.8779058799721},{"$f":"T59*Bills!T$69","v":1149.6766647034567}]

{"sheet":"Checks","index":18,"n_rows":42,"n_cols":20,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"Cover!B1","v":"THE INDEPENDENT PRICING AND REGULATORY TRIBUNAL OF NSW"},null,null,null,{"$f":"Cover!$B$3","v":"IPART TEMPLATE FOR COST BUILDING BLOCKS, SIMPLE TARIFF SETTING AND FINANCIAL RATIO ANALYSIS"}]
[]
[null,"14  Summary of error checks"]
[null,{"$f":"Scenario!B151","v":"Financial year"},null,null,null,{"$f":"Scenario!F151","v":"2014-15"},{"$f":"Scenario!G151","v":"2015-16"},{"$f":"Scenario!H151","v":"2016-17"},{"$f":"Scenario!I151","v":"2017-18"},{"$f":"Scenario!J151","v":"2018-19"},{"$f":"Scenario!K151","v":"2019-20"},{"$f":"Scenario!L151","v":"2020-21"},{"$f":"Scenario!M151","v":"2021-22"},{"$f":"Scenario!N151","v":"2022-23"},{"$f":"Scenario!O151","v":"2023-24"},{"$f":"Scenario!P151","v":"2024-25"},{"$f":"Scenario!Q151","v":"2025-26"},{"$f":"Scenario!R151","v":"2026-27"},{"$f":"Scenario!S151","v":"2027-28"},{"$f":"Scenario!T151","v":"2028-29"}]
[]
[null,{"$f":"Scenario!B3","v":"4   SCENARIO INPUTS, TARIFFS AND OUTPUT TABLES"}]
[null,"Closing RAB value",null,null,null,{"$f":"Scenario!F163","v":0},{"$f":"Scenario!G163","v":0},{"$f":"Scenario!H163","v":0},{"$f":"Scenario!I163","v":0},{"$f":"Scenario!J163","v":0},{"$f":"Scenario!K163","v":0},{"$f":"Scenario!L163","v":0},{"$f":"Scenario!M163","v":0},{"$f":"Scenario!N163","v":0},{"$f":"Scenario!O163","v":0},{"$f":"Scenario!P163","v":0},{"$f":"Scenario!Q163","v":0},{"$f":"Scenario!R163","v":0},{"$f":"Scenario!S163","v":0},{"$f":"Scenario!T163","v":0}]
[null,"Required revenue",null,null,null,"na","na","na",{"$f":"Scenario!I190","v":0},{"$f":"Scenario!J190","v":0},{"$f":"Scenario!K190","v":0},{"$f":"Scenario!L190","v":0},{"$f":"Scenario!M190","v":0},{"$f":"Scenario!N190","v":0},{"$f":"Scenario!O190","v":0},{"$f":"Scenario!P190","v":0},{"$f":"Scenario!Q190","v":0},{"$f":"Scenario!R190","v":0},{"$f":"Scenario!S190","v":0},{"$f":"Scenario!T190","v":0}]
[null,"NPV of revenue",null,null,null,"na","na","na","na","na",{"$f":"Scenario!K191","v":0},{"$f":"Scenario!L191","v":0},"na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"'RAB historical'!B3","v":"6  Regulatory Asset Base roll forward to start of new determination period "}]
[null,{"$f":"'RAB historical'!B125","v":"check closing value = 0"},null,null,null,{"$f":"'RAB historical'!F125","v":0},{"$f":"'RAB historical'!G125","v":0},{"$f":"'RAB historical'!H125","v":0},{"$f":"'RAB historical'!I125","v":0},{"$f":"'RAB historical'!J125","v":0},"na","na","na","na","na","na","na","na","na","na"]
[null,{"$f":"'RAB historical'!B126","v":"check net capex = 0"},null,null,null,{"$f":"'RAB historical'!F126","v":0},{"$f":"'RAB historical'!G126","v":0},{"$f":"'RAB historical'!H126","v":0},{"$f":"'RAB historical'!I126","v":0},{"$f":"'RAB historical'!J126","v":0},"na","na","na","na","na","na","na","na","na","na"]
[null,{"$f":"'RAB historical'!B127","v":"check disposals = 0"},null,null,null,{"$f":"'RAB historical'!F127","v":0},{"$f":"'RAB historical'!G127","v":0},{"$f":"'RAB historical'!H127","v":0},{"$f":"'RAB historical'!I127","v":0},{"$f":"'RAB historical'!J127","v":0},"na","na","na","na","na","na","na","na","na","na"]
[]
[null,{"$f":"'RAB projected '!B3","v":"7 Regulatory Asset Base roll forward for new determination period "}]
[null,{"$f":"'RAB projected '!B123","v":"check closing value = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K123","v":0},{"$f":"'RAB projected '!L123","v":0},{"$f":"'RAB projected '!M123","v":0},{"$f":"'RAB projected '!N123","v":0},{"$f":"'RAB projected '!O123","v":0},{"$f":"'RAB projected '!P123","v":0},{"$f":"'RAB projected '!Q123","v":0},{"$f":"'RAB projected '!R123","v":0},{"$f":"'RAB projected '!S123","v":0},{"$f":"'RAB projected '!T123","v":0}]
[null,{"$f":"'RAB projected '!B124","v":"check net capex = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K124","v":0},{"$f":"'RAB projected '!L124","v":0},{"$f":"'RAB projected '!M124","v":0},{"$f":"'RAB projected '!N124","v":0},{"$f":"'RAB projected '!O124","v":0},{"$f":"'RAB projected '!P124","v":0},{"$f":"'RAB projected '!Q124","v":0},{"$f":"'RAB projected '!R124","v":0},{"$f":"'RAB projected '!S124","v":0},{"$f":"'RAB projected '!T124","v":0}]
[null,{"$f":"'RAB projected '!B125","v":"check disposals = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K125","v":0},{"$f":"'RAB projected '!L125","v":0},{"$f":"'RAB projected '!M125","v":0},{"$f":"'RAB projected '!N125","v":0},{"$f":"'RAB projected '!O125","v":0},{"$f":"'RAB projected '!P125","v":0},{"$f":"'RAB projected '!Q125","v":0},{"$f":"'RAB projected '!R125","v":0},{"$f":"'RAB projected '!S125","v":0},{"$f":"'RAB projected '!T125","v":0}]
[null,"Nominal roll forward for financial statements:"]
[null,{"$f":"'RAB projected '!B140","v":"check closing value = 0"},null,null,null,"na","na","na","na","na",{"$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":"'RAB projected '!B141","v":"check net capex = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K141","v":0},{"$f":"'RAB projected '!L141","v":2.1600499167107046E-12},{"$f":"'RAB projected '!M141","v":5.7980287238024175E-12},{"$f":"'RAB projected '!N141","v":-7.9580786405131221E-13},{"$f":"'RAB projected '!O141","v":0},{"$f":"'RAB projected '!P141","v":0},{"$f":"'RAB projected '!Q141","v":0},{"$f":"'RAB projected '!R141","v":0},{"$f":"'RAB projected '!S141","v":0},{"$f":"'RAB projected '!T141","v":0}]
[null,{"$f":"'RAB projected '!B142","v":"check disposals = 0"},null,null,null,"na","na","na","na","na",{"$f":"'RAB projected '!K142","v":0},{"$f":"'RAB projected '!L142","v":0},{"$f":"'RAB projected '!M142","v":0},{"$f":"'RAB projected '!N142","v":0},{"$f":"'RAB projected '!O142","v":0},{"$f":"'RAB projected '!P142","v":0},{"$f":"'RAB projected '!Q142","v":0},{"$f":"'RAB projected '!R142","v":0},{"$f":"'RAB projected '!S142","v":0},{"$f":"'RAB projected '!T142","v":0}]
[null,{"$f":"'RAB projected '!B143","v":"check = 0  if forecasts are all in nominal $"},null,null,null,null,null,null,null,null,{"$f":"'RAB projected '!K143","v":"na"},{"$f":"'RAB projected '!L143","v":"na"},{"$f":"'RAB projected '!M143","v":"na"},{"$f":"'RAB projected '!N143","v":"na"},{"$f":"'RAB projected '!O143","v":"na"},{"$f":"'RAB projected '!P143","v":"na"},{"$f":"'RAB projected '!Q143","v":"na"},{"$f":"'RAB projected '!R143","v":"na"},{"$f":"'RAB projected '!S143","v":"na"},{"$f":"'RAB projected '!T143","v":"na"}]
[]
[null,{"$f":"'Return on RAB'!B3","v":"8  Return on Regulatory Asset Base1 (year end and mid-year values)"}]
[null,{"$f":"'Return on RAB'!B45","v":"Capital maintenance check"},null,null,null,"na","na","na","na","na",{"$f":"'Return on RAB'!K57","v":0},{"$f":"'Return on RAB'!L57","v":0},{"$f":"'Return on RAB'!M57","v":0},{"$f":"'Return on RAB'!N57","v":0},{"$f":"'Return on RAB'!O57","v":0},{"$f":"'Return on RAB'!P57","v":0},{"$f":"'Return on RAB'!Q57","v":0},{"$f":"'Return on RAB'!R57","v":0},{"$f":"'Return on RAB'!S57","v":0},{"$f":"'Return on RAB'!T57","v":0}]
[]
[null,{"$f":"'Working capital'!B3","v":"9 Working capital and return on working capital"}]
[null,{"$f":"'Working capital'!B32","v":"check net capex = 0"},null,null,null,"na","na","na",{"$f":"'Working capital'!I32","v":0},{"$f":"'Working capital'!J32","v":0},{"$f":"'Working capital'!K32","v":0},{"$f":"'Working capital'!L32","v":0},{"$f":"'Working capital'!M32","v":0},{"$f":"'Working capital'!N32","v":0},{"$f":"'Working capital'!O32","v":0},{"$f":"'Working capital'!P32","v":0},{"$f":"'Working capital'!Q32","v":0},{"$f":"'Working capital'!R32","v":0},{"$f":"'Working capital'!S32","v":0},{"$f":"'Working capital'!T32","v":0}]
[]
[null,{"$f":"Tax!B3","v":"10 Tax allowance in building block revenue and calculation of tax depreciation (if required)"}]
[null,{"$f":"Tax!B72","v":"Tax liability (adjusted for franking credits)"},null,null,null,"na","na","na","na","na",{"$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":"check value of franking credits = 0"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K74","v":0},{"$f":"Tax!L74","v":0},{"$f":"Tax!M74","v":0},{"$f":"Tax!N74","v":0},{"$f":"Tax!O74","v":0},{"$f":"Tax!P74","v":0},{"$f":"Tax!Q74","v":0},{"$f":"Tax!R74","v":0},{"$f":"Tax!S74","v":0},{"$f":"Tax!T74","v":0}]
[null,{"$f":"Tax!B75","v":"Tax allowance as share income after tax (for information)"},null,null,null,"na","na","na","na","na",{"$f":"Tax!K76","v":-5.5511151231257827E-17},{"$f":"Tax!L76","v":0},{"$f":"Tax!M76","v":-5.5511151231257827E-17},{"$f":"Tax!N76","v":0},{"$f":"Tax!O76","v":0},{"$f":"Tax!P76","v":0},{"$f":"Tax!Q76","v":0},{"$f":"Tax!R76","v":0},{"$f":"Tax!S76","v":0},{"$f":"Tax!T76","v":-5.5511151231257827E-17}]
[]
[null,{"$f":"'Financials benchmark'!B3","v":"5a  FINANCIAL STATEMENTS AND FINANCIAL RATIOS - BENCHMARK"}]
[null,{"$f":"'Financials benchmark'!B74","v":"check net assets = total equity"},null,null,null,"na","na","na",{"$f":"'Financials benchmark'!I74","v":0},{"$f":"'Financials benchmark'!J74","v":0},{"$f":"'Financials benchmark'!K74","v":0},{"$f":"'Financials benchmark'!L74","v":0},{"$f":"'Financials benchmark'!M74","v":0},{"$f":"'Financials benchmark'!N74","v":0},{"$f":"'Financials benchmark'!O74","v":0},{"$f":"'Financials benchmark'!P74","v":0},{"$f":"'Financials benchmark'!Q74","v":0},{"$f":"'Financials benchmark'!R74","v":0},{"$f":"'Financials benchmark'!S74","v":0},{"$f":"'Financials benchmark'!T74","v":0}]
[null,{"$f":"'Financials benchmark'!B99","v":"check = net cash flow = 0"},null,null,null,"na","na","na","na",{"$f":"'Financials benchmark'!J99","v":0},{"$f":"'Financials benchmark'!K99","v":0},{"$f":"'Financials benchmark'!L99","v":0},{"$f":"'Financials benchmark'!M99","v":0},{"$f":"'Financials benchmark'!N99","v":0},{"$f":"'Financials benchmark'!O99","v":0},{"$f":"'Financials benchmark'!P99","v":-9.4587448984384537E-11},{"$f":"'Financials benchmark'!Q99","v":5.0931703299283981E-11},{"$f":"'Financials benchmark'!R99","v":6.5483618527650833E-11},{"$f":"'Financials benchmark'!S99","v":-2.9103830456733704E-11},{"$f":"'Financials benchmark'!T99","v":0}]
[]
[null,{"$f":"'Financials actual'!B3","v":"5b  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}]

{"sheet":"Examples","index":19,"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"]