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{"sheet":"Index","index":0,"n_rows":20,"n_cols":12,"rows_kept":20,"cut":false,"hidden":false,"merged":[[0,2,0,4],[1,2,1,4]]}
[null,null,"GAAR 2020-25 JGN - Rate of Return Model",null,null,null,null,null,null,null,"Overall Check:",{"$f":"'Check|List'!$V$1","v":"OK"}]
[null,null,"Index"]
[]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Model Index"]
[]
[null,null,"Sheet Name","Sheet Description"]
[null,null,"Index","Model index with hyperlinks"]
[null,null,"Input|Rate of return","Data for forecast inflation and bond yield"]
[null,null,"Calc|Placeholder RfR","Demonstrates the methodology for calculating the risk-free rate, using placeholder inputs"]
[null,null,"Calc|Rate of return","Estimates the rate of return and forecast inflation expectation"]
[null,null,"Output|Rate of return","Summary of the rate of return and forecast inflation expectation"]
[null,null,"Lookup|Tables","Source for named ranges used for units, basis, etc"]
[null,null,"Check|List","Check for errors"]
[]
[]
[]
[null,"End"]

{"sheet":"Input|Rate of return","index":1,"n_rows":85,"n_cols":23,"rows_kept":85,"cut":false,"hidden":false,"merged":[[2,13,2,17],[0,2,0,4],[1,2,1,4],[2,8,2,12],[2,18,2,22]]}
[null,null,{"$f":"Index!$C$1","v":"GAAR 2020-25 JGN - Rate of Return Model"},null,null,"Back to Index",null,"Key:","Input (hard code)","External Link","Internal Link","Drop down Selection","Calculation","Unique calculation","Empty cell",null,null,"Section Check:",{"$f":"IF(COUNTA($A$8:$A$85)=COUNTIF($A$8:$A$85,\"OK\"),\"OK\",\"Check\")","v":"OK"},null,"Overall Check:",{"$f":"'Check|List'!$V$1","v":"OK"}]
[null,null,{"$f":"RIGHT(CELL(\"filename\",C1),LEN(CELL(\"filename\",C1))-FIND(\"]\",CELL(\"filename\",C1)))","v":"Input|Rate of return"}]
[null,null,null,null,null,null,null,null,"Prior",null,null,null,null,"Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis",null,{"$f":"+I4-1","v":2015},{"$f":"+J4-1","v":2016},{"$f":"+K4-1","v":2017},{"$f":"+L4-1","v":2018},{"$f":"+M4-1","v":2019},2020,{"$f":"+M4+1","v":2021},{"$f":"+N4+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Input | Inflation"]
[]
[null,null,"Opex Inflation (year to Jun, no lag)","Source","Unit","Basis",null,{"$f":"\"RY\"&RIGHT(H$4,2)","v":"RY15"},"RY16","RY17","RY18","RY19","RY20","RY21","RY22","RY23","RY24","RY25"]
[]
[null,null,"Actual inflation","ABS","Per cent","n/a",null,null,1.0232558139534831E-2,1.9337016574585641E-2,2.0776874435411097E-2,1.5929203539823078E-2,-3.4843205574912606E-3,3.8461538461538325E-2,6.1447811447811418E-2,6.0269627279936566E-2]
[null,null,"Forecast inflation","Placeholder","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,3.3000000000000002E-2,3.1E-2]
[]
[{"$f":"IF(SUM(M15:AB15)=0,\"Ok\",\"Check\")","v":"Ok"},null,"Check: Only one active input per period",null,null,null,null,null,{"$f":"+IF(OR(COUNTBLANK(I12:I13)=2,COUNTBLANK(I12:I13)=1),0,1)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,"Capex Inflation (year to Dec, no lag)","Source","Unit","Basis",null,{"$f":"\"RY\"&RIGHT(H$4,2)","v":"RY15"},"RY16","RY17","RY18","RY19","RY20","RY21","RY22","RY23","RY24","RY25"]
[]
[null,null,"Actual inflation","ABS","Per cent","n/a",null,1.7175572519083859E-2,1.6885553470919357E-2,1.4760147601476037E-2,1.9090909090909047E-2,1.7841213202497874E-2,1.8404907975460238E-2,8.6058519793459354E-3,3.4982935153583528E-2,7.8318219291014124E-2,4.0519877675840865E-2]
[null,null,"Forecast inflation (Jun end from RY26)","Placeholder","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,3.2000000000000001E-2]
[]
[{"$f":"IF(SUM(M22:AB22)=0,\"Ok\",\"Check\")","v":"Ok"},null,"Check: Only one active input per period",null,null,null,null,{"$f":"+IF(OR(COUNTBLANK(H19:H20)=2,COUNTBLANK(H19:H20)=1),0,1)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"PTRM Forecast Inflation (year to June, no lag)","Source","Unit","Basis",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"RY\"&RIGHT(S$4,2)","v":"RY26"},{"$f":"\"RY\"&RIGHT(T$4,2)","v":"RY27"},{"$f":"\"RY\"&RIGHT(U$4,2)","v":"RY28"},{"$f":"\"RY\"&RIGHT(V$4,2)","v":"RY29"},{"$f":"\"RY\"&RIGHT(W$4,2)","v":"RY30"}]
[]
[null,null,"Forecast inflation (Jun end from RY26)","RBA","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,3.15E-2,2.9000000000000001E-2,{"$f":"T26+(($W26-T26)/(5-COUNTA($S26:T26)))","v":2.7666666666666669E-2},{"$f":"U26+(($W26-U26)/(5-COUNTA($S26:U26)))","v":2.6333333333333334E-2},{"$f":"+'[1]PTRM input'!$K$373","v":2.5000000000000001E-2}]
[]
[null,null,"Source (actuals): ABS, all groups CPI inflation series A2325846C, weighted average for the eight capital cities. "]
[null,null,"Source (forecasts): Placeholder"]
[]
[null,"Input | Placeholder risk-free rate"]
[]
[null,null,"Item","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[null,null,"Placeholder risk-free rate","Placeholder","Per cent","n/a",null,null,null,3.1800000000000002E-2,"<- Placeholder value to be updated"]
[]
[null,"Input | Annual return on debt observations"]
[]
[null,null,"Yields by date (annualised)","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[null,null,"Return on debt observations"]
[{"$f":"IF(OR(ISERROR(J42),ISNUMBER(J42)),\"Ok\",\"Check\")","v":"Ok"},null,2016,"AER","Per cent","Nominal",null,null,null,4.2735624825770813E-2]
[{"$f":"IF(OR(ISERROR(J43),ISNUMBER(J43)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"+C42+1","v":2017},"AER","Per cent","Nominal",null,null,null,5.422642326395756E-2]
[{"$f":"IF(OR(ISERROR(J44),ISNUMBER(J44)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"+C43+1","v":2018},"AER","Per cent","Nominal",null,null,null,5.0687061901486696E-2]
[{"$f":"IF(OR(ISERROR(J45),ISNUMBER(J45)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"+C44+1","v":2019},"AER","Per cent","Nominal",null,null,null,4.5733962345167502E-2]
[{"$f":"IF(OR(ISERROR(J46),ISNUMBER(J46)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"+C45+1","v":2020},"AER","Per cent","Nominal",null,null,null,4.52009852763465E-2]
[{"$f":"IF(OR(ISERROR(J47),ISNUMBER(J47)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"TRANSPOSE(N4:W4)","v":2021},"AER","Per cent","Nominal",null,null,null,2.5611204276113811E-2]
["Ok",null,2022,"AER","Per cent","Nominal",null,null,null,2.22842697332436E-2]
["Ok",null,2023,"AER","Per cent","Nominal",null,null,null,3.86082146457623E-2]
["Ok",null,2024,"AER","Per cent","Nominal",null,null,null,6.2438377714279999E-2]
["Ok",null,2025,"AER","Per cent","Nominal",null,null,null,5.8338789850762497E-2]
["Ok",null,2026,"Placeholder","Per cent","Nominal",null,null,null,3.5200000000000002E-2,"<- Placeholder value to be updated based on actual averaging period"]
["Ok",null,2027,"Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J52","v":3.5200000000000002E-2}]
["Ok",null,2028,"Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J53","v":3.5200000000000002E-2}]
["Ok",null,2029,"Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J54","v":3.5200000000000002E-2}]
["Ok",null,2030,"Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J55","v":3.5200000000000002E-2}]
[]
[null,null,"Weights used in return on debt transition"]
[null,null,"New observations","AER","Per cent","Nominal",null,null,null,0.1,"<- This is the weight applied to each new observation"]
[null,null,"Initial observation","AER","Per cent","Nominal",null,null,null,1]
[]
[null,"Input | Return on equity"]
[]
[null,null,"Parameters","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[{"$f":"IF(ISERROR(J66),\"Check\",\"Ok\")","v":"Ok"},null,"Market risk premium","AER","Per cent","n/a",null,null,null,6.2E-2]
[{"$f":"IF(ISERROR(J67),\"Check\",\"Ok\")","v":"Ok"},null,"Equity beta","AER","Per cent","n/a",null,null,null,0.6]
[]
[null,"Input | Other parameters"]
[]
[null,null,"Rate of return","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[{"$f":"IF(ISERROR(J73),\"Check\",\"Ok\")","v":"Ok"},null,"Leverage ratio","AER","Per cent","n/a",null,null,null,0.6]
[{"$f":"IF(ISERROR(J74),\"Check\",\"Ok\")","v":"Ok"},null,"Gamma","AER","Per cent","n/a",null,null,null,0.56999999999999995]
[{"$f":"IF(ISERROR(J75),\"Check\",\"Ok\")","v":"Ok"},null,"Tax rate","ATO","Per cent","n/a",null,null,null,0.3]
[]
[null,null,"Debt and equity raising costs"]
[]
[{"$f":"IF(ISERROR(J79),\"Check\",\"Ok\")","v":"Ok"},null,"Dividend / imputation payout ratio","AER","Per cent","n/a",null,null,null,0.878670689]
[{"$f":"IF(ISERROR(J80),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark SEO raising cost","AER","Per cent","n/a",null,null,null,0.03]
[{"$f":"IF(ISERROR(J81),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP cost","AER","Per cent","n/a",null,null,null,0.01]
[{"$f":"IF(ISERROR(J82),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP takeup","AER","Per cent","n/a",null,null,null,0.3]
[{"$f":"IF(ISERROR(J83),\"Check\",\"Ok\")","v":"Ok"},null,"Debt raising costs","CEG","Per cent","n/a",null,null,null,8.5499999999999997E-4,"<- Updated from CEG report"]
[]
[null,"End"]

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[null,null,null,null,null,null,null,null,null,null,null,"Prior",null,null,null,null,null,"Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis",null,null,null,null,null,{"$f":"+M4-1","v":2015},{"$f":"+N4-1","v":2016},{"$f":"+O4-1","v":2017},{"$f":"+P4-1","v":2018},{"$f":"+Q4-1","v":2019},{"$f":"+'Input|Rate of return'!$M$4","v":2020},{"$f":"Q4+1","v":2021},{"$f":"R4+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Calc | Risk-free rate (this section presents the mechanics of how the risk-free rate will be determined)"]
[null,null,"The values presented below are placeholders that will be updated based on our actual averaging period"]
[null,null,null,null,null,null,null,"PlaceholderBond1 (RBA F16)",null,null,"PlaceholderBond2 (RBA F16)",null,null,null,null,"Interpolation"]
[null,null,"Yields on government bonds",{"$f":"+D$4","v":"Source"},{"$f":"+E$4","v":"Unit"},{"$f":"+F$4","v":"Basis"},null,"Date","Yield","Weight","Date","Yield","Weight",null,"Date","Yield","Annualised"]
[]
[null,null,"2024-02-08","Placeholder",{"$f":"+Percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,"2033-11-21",3.1551131377652919E-2,{"$f":"+_xlfn.LET(\n_xlpm.futureday,O13,\n_xlpm.maturitydate_1,H13,\n_xlpm.maturitydate_2,K13,\nIF(_xlpm.futureday>=_xlpm.maturitydate_2,0,1-(_xlpm.futureday-_xlpm.maturitydate_1)/(_xlpm.maturitydate_2-_xlpm.maturitydate_1)))","v":0.56353591160220995},"2034-05-21",3.1551131377652919E-2,{"$f":"1-J13","v":0.43646408839779005},null,{"$f":"+DATE(YEAR(C13)+10,MONTH(C13),DAY(C13))","v":"2034-02-08"},{"$f":"+I13*J13+L13*M13","v":3.1551131377652919E-2},{"$f":"+(1+P13/2)^2-1","v":3.1799999850455674E-2}]
[null,null,"2024-02-09","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.55801104972375692,"2034-05-21",3.1551131377652919E-2,0.44198895027624308,null,"2034-02-09",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-12","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.54143646408839774,"2034-05-21",3.1551131377652919E-2,0.45856353591160226,null,"2034-02-12",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-13","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.53591160220994483,"2034-05-21",3.1551131377652919E-2,0.46408839779005517,null,"2034-02-13",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-14","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.53038674033149169,"2034-05-21",3.1551131377652919E-2,0.46961325966850831,null,"2034-02-14",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-15","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.52486187845303867,"2034-05-21",3.1551131377652919E-2,0.47513812154696133,null,"2034-02-15",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-16","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.51933701657458564,"2034-05-21",3.1551131377652919E-2,0.48066298342541436,null,"2034-02-16",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-19","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.50276243093922646,"2034-05-21",3.1551131377652919E-2,0.49723756906077354,null,"2034-02-19",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-20","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.49723756906077343,"2034-05-21",3.1551131377652919E-2,0.50276243093922657,null,"2034-02-20",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-21","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.49171270718232041,"2034-05-21",3.1551131377652919E-2,0.50828729281767959,null,"2034-02-21",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-22","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.48618784530386738,"2034-05-21",3.1551131377652919E-2,0.51381215469613262,null,"2034-02-22",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-23","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.48066298342541436,"2034-05-21",3.1551131377652919E-2,0.51933701657458564,null,"2034-02-23",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-26","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.46408839779005528,"2034-05-21",3.1551131377652919E-2,0.53591160220994472,null,"2034-02-26",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-27","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.45856353591160226,"2034-05-21",3.1551131377652919E-2,0.54143646408839774,null,"2034-02-27",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-28","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.45303867403314912,"2034-05-21",3.1551131377652919E-2,0.54696132596685088,null,"2034-02-28",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-02-29","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.4475138121546961,"2034-05-21",3.1551131377652919E-2,0.5524861878453039,null,"2034-03-01",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-03-01","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.4475138121546961,"2034-05-21",3.1551131377652919E-2,0.5524861878453039,null,"2034-03-01",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-03-04","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.43093922651933703,"2034-05-21",3.1551131377652919E-2,0.56906077348066297,null,"2034-03-04",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-03-05","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,0.425414364640884,"2034-05-21",3.1551131377652919E-2,0.574585635359116,null,"2034-03-05",3.1551131377652919E-2,3.1799999850455674E-2]
[null,null,"2024-03-06","Placeholder","Per cent","Nominal",null,"2033-11-21",3.1551131377652919E-2,{"$f":"+_xlfn.LET(\n_xlpm.futureday,O32,\n_xlpm.maturitydate_1,H32,\n_xlpm.maturitydate_2,K32,\nIF(_xlpm.futureday>=_xlpm.maturitydate_2,0,1-(_xlpm.futureday-_xlpm.maturitydate_1)/(_xlpm.maturitydate_2-_xlpm.maturitydate_1)))","v":0.41988950276243098},"2034-05-21",3.1551131377652919E-2,0.58011049723756902,null,"2034-03-06",3.1551131377652919E-2,3.1799999850455674E-2]
[]
[null,null,"Item",{"$f":"+D11","v":"Source"},{"$f":"+E11","v":"Unit"},{"$f":"+F11","v":"Basis"},null,null,null,null,null,null,null,null,null,null,"Rf Estimate"]
[]
[{"$f":"+IF(ISERROR(Q36),\"Check\",\"Ok\")","v":"Ok"},null,"Risk-free rate placeholder","Calculated","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"+AVERAGE(Q13:Q32)","v":3.1799999850455674E-2}]
[]
[null,"End"]

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[null,null,null,null,null,null,null,null,null,null,null,"Prior",null,null,null,null,null,"Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis",null,null,null,null,null,{"$f":"+M4-1","v":2015},{"$f":"+N4-1","v":2016},{"$f":"+O4-1","v":2017},{"$f":"+P4-1","v":2018},{"$f":"+Q4-1","v":2019},{"$f":"+'Input|Rate of return'!$M$4","v":2020},{"$f":"Q4+1","v":2021},{"$f":"R4+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Calc | Forecast Inflation"]
[]
[null,null,"Inflation",{"$f":"+D$4","v":"Source"},{"$f":"+E$4","v":"Unit"},{"$f":"+F$4","v":"Basis"},null,null,null,null,null,{"$f":"+\"FY\"&RIGHT(L$4,2)","v":"FY15"},"FY16","FY17","FY18","FY19","FY20","FY21","FY22","FY23","FY24","FY25","FY26","FY27","FY28","FY29","FY30"]
[]
[null,null,"Expected inflation - Glide Path","Input|Rate of Return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"PRODUCT(1+'Input|Rate of return'!S26:W26)^(1/COUNT('Input|Rate of return'!S26:W26))-1","v":2.7897560446280112E-2},{"$f":"+W12","v":2.7897560446280112E-2},{"$f":"+X12","v":2.7897560446280112E-2},{"$f":"+Y12","v":2.7897560446280112E-2},{"$f":"+Z12","v":2.7897560446280112E-2}]
[null,null,"Inflation (Capex)","Input|Rate of Return","Per cent","n/a",null,null,null,null,null,{"$f":"+'Input|Rate of return'!H19","v":1.7175572519083859E-2},{"$f":"+'Input|Rate of return'!I19","v":1.6885553470919357E-2},{"$f":"+'Input|Rate of return'!J19","v":1.4760147601476037E-2},{"$f":"+'Input|Rate of return'!K19","v":1.9090909090909047E-2},{"$f":"+'Input|Rate of return'!L19","v":1.7841213202497874E-2},{"$f":"+'Input|Rate of return'!M19","v":1.8404907975460238E-2},{"$f":"+'Input|Rate of return'!N19","v":8.6058519793459354E-3},{"$f":"+'Input|Rate of return'!O19","v":3.4982935153583528E-2},{"$f":"+'Input|Rate of return'!P19","v":7.8318219291014124E-2},4.0519877675840865E-2,3.2000000000000001E-2,{"$f":"+W12","v":2.7897560446280112E-2},{"$f":"+X12","v":2.7897560446280112E-2},{"$f":"+Y12","v":2.7897560446280112E-2},{"$f":"+Z12","v":2.7897560446280112E-2},{"$f":"+AA12","v":2.7897560446280112E-2}]
[null,null,"Inflation (Opex)","Input|Rate of Return","Per cent","n/a",null,null,null,null,null,null,{"$f":"+SUM('Input|Rate of return'!I12:I13)","v":1.0232558139534831E-2},{"$f":"+SUM('Input|Rate of return'!J12:J13)","v":1.9337016574585641E-2},{"$f":"+SUM('Input|Rate of return'!K12:K13)","v":2.0776874435411097E-2},{"$f":"+SUM('Input|Rate of return'!L12:L13)","v":1.5929203539823078E-2},{"$f":"+SUM('Input|Rate of return'!M12:M13)","v":-3.4843205574912606E-3},{"$f":"+SUM('Input|Rate of return'!N12:N13)","v":3.8461538461538325E-2},{"$f":"+SUM('Input|Rate of return'!O12:O13)","v":6.1447811447811418E-2},{"$f":"+SUM('Input|Rate of return'!P12:P13)","v":6.0269627279936566E-2},3.3000000000000002E-2,3.1E-2,{"$f":"+W$13","v":2.7897560446280112E-2},{"$f":"+X$13","v":2.7897560446280112E-2},{"$f":"+Y$13","v":2.7897560446280112E-2},{"$f":"+Z$13","v":2.7897560446280112E-2},{"$f":"+AA$13","v":2.7897560446280112E-2}]
[]
[null,"Calc | Return on debt"]
[]
[null,null,"Estimates","Source","Unit","Basis",null,null,null,null,null,null,{"$f":"M$4","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[]
[null,null,"Observations"]
[null,null,"Annual observations","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,{"$f":"+TRANSPOSE('Input|Rate of return'!$J$42:$J$56)","v":4.2735624825770813E-2},5.422642326395756E-2,5.0687061901486696E-2,4.5733962345167502E-2,4.52009852763465E-2,2.5611204276113811E-2,2.22842697332436E-2,3.86082146457623E-2,6.2438377714279999E-2,5.8338789850762497E-2,3.5200000000000002E-2,3.5200000000000002E-2,3.5200000000000002E-2,3.5200000000000002E-2,3.5200000000000002E-2]
[]
[null,null,"Weights"]
[null,null,"New observation","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,{"$f":"IF(ISNUMBER(M$21),Weight_New,NA())","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,{"$f":"M18&\" observation\"","v":"2016 observation"},"Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,{"$f":"IF(ISNUMBER(M$21),MAX(Weight_Initial-SUM($M24:M24),0),NA())","v":0.9},{"$f":"IF(ISNUMBER(N$21),MAX(Weight_Initial-SUM($M24:N24),0),NA())","v":0.8},{"$f":"IF(ISNUMBER(O$21),MAX(Weight_Initial-SUM($M24:O24),0),NA())","v":0.7},{"$f":"IF(ISNUMBER(P$21),MAX(Weight_Initial-SUM($M24:P24),0),NA())","v":0.6},{"$f":"IF(ISNUMBER(Q$21),MAX(Weight_Initial-SUM($M24:Q24),0),NA())","v":0.5},{"$f":"IF(ISNUMBER(R$21),MAX(Weight_Initial-SUM($M24:R24),0),NA())","v":0.4},{"$f":"IF(ISNUMBER(S$21),MAX(Weight_Initial-SUM($M24:S24),0),NA())","v":0.30000000000000004},{"$f":"IF(ISNUMBER(T$21),MAX(Weight_Initial-SUM($M24:T24),0),NA())","v":0.20000000000000007},{"$f":"IF(ISNUMBER(U$21),MAX(Weight_Initial-SUM($M24:U24),0),NA())","v":0.10000000000000009},{"$f":"IF(ISNUMBER(V$21),MAX(Weight_Initial-SUM($M24:V24),0),NA())","v":1.1102230246251565E-16},{"$f":"IF(ISNUMBER(W$21),MAX(Weight_Initial-SUM($M24:W24),0),NA())","v":0},{"$f":"IF(ISNUMBER(X$21),MAX(Weight_Initial-SUM($M24:X24),0),NA())","v":0},{"$f":"IF(ISNUMBER(Y$21),MAX(Weight_Initial-SUM($M24:Y24),0),NA())","v":0},{"$f":"IF(ISNUMBER(Z$21),MAX(Weight_Initial-SUM($M24:Z24),0),NA())","v":0},{"$f":"IF(ISNUMBER(AA$21),MAX(Weight_Initial-SUM($M24:AA24),0),NA())","v":0}]
[]
[]
[{"$f":"IF(ISERROR(AA28),\"Check\",\"Ok\")","v":"Ok"},null,"Return on debt (pre-tax)","Calculated","Per cent","Nominal",null,null,null,null,null,null,{"$f":"IFERROR($M21*M25+SUMPRODUCT($M21:M21,$M24:M24),G28)","v":4.273562482577082E-2},{"$f":"IFERROR($M21*N25+SUMPRODUCT($M21:N21,$M24:N24),M28)","v":4.3884704669589492E-2},{"$f":"IFERROR($M21*O25+SUMPRODUCT($M21:O21,$M24:O24),N28)","v":4.4679848377161074E-2},{"$f":"IFERROR($M21*P25+SUMPRODUCT($M21:P21,$M24:P24),O28)","v":4.4979682129100744E-2},{"$f":"IFERROR($M21*Q25+SUMPRODUCT($M21:Q21,$M24:Q24),P28)","v":4.5226218174158311E-2},{"$f":"IFERROR($M21*R25+SUMPRODUCT($M21:R21,$M24:R24),Q28)","v":4.3513776119192618E-2},{"$f":"IFERROR($M21*S25+SUMPRODUCT($M21:S21,$M24:S24),R28)","v":4.1468640609939891E-2},{"$f":"IFERROR($M21*T25+SUMPRODUCT($M21:T21,$M24:T24),S28)","v":4.1055899591939046E-2},{"$f":"IFERROR($M21*U25+SUMPRODUCT($M21:U21,$M24:U24),T28)","v":4.3026174880789962E-2},{"$f":"IFERROR($M21*V25+SUMPRODUCT($M21:V21,$M24:V24),U28)","v":4.4586491383289135E-2},{"$f":"IFERROR(SUMPRODUCT(N21:W21,N24:W24),V28)","v":4.3832928900712054E-2},{"$f":"IFERROR(SUMPRODUCT(O21:X21,O24:X24),W28)","v":4.19302865743163E-2},{"$f":"IFERROR(SUMPRODUCT(P21:Y21,P24:Y24),X28)","v":4.0381580384167629E-2},{"$f":"IFERROR(SUMPRODUCT(Q21:Z21,Q24:Z24),Y28)","v":3.9328184149650884E-2},{"$f":"IFERROR(SUMPRODUCT(R21:AA21,R24:AA24),Z28)","v":3.8328085622016235E-2},"<- Return on debt estimated using a 10-year transition from 2016"]
[]
[null,"Calc | Return on equity"]
[]
[null,null,"Estimates","Source","Unit","Basis",null,null,null,null,null,null,null,null,"Returns"]
[]
[null,null,"Risk-free rate","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J35","v":3.1800000000000002E-2}]
[null,null,"Market risk premium","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,{"$f":"+MRP","v":6.2E-2}]
[null,null,"Equity beta","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,{"$f":"+Equity_Beta","v":0.6}]
[]
[{"$f":"IF(ISERROR(O38),\"Check\",\"Ok\")","v":"Ok"},null,"Return on equity (post-tax) estimate","Calculated","Per cent","Nominal",null,null,null,null,null,null,null,null,{"$f":"O34+O35*O36","v":6.9000000000000006E-2}]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"GAAR 2020-25 JGN - Rate of Return Model"},null,null,"Back to Index",null,null,null,"Key:","Input (hard code)","External Link","Internal Link","Drop down Selection","Calculation","Unique calculation","Empty cell",null,"Section Check:",{"$f":"IF(COUNTA($A$8:$A$37)=COUNTIF($A$8:$A$37,\"OK\"),\"OK\",\"Check\")","v":"OK"},null,"Overall Check:",{"$f":"'Check|List'!$V$1","v":"OK"}]
[null,null,{"$f":"RIGHT(CELL(\"filename\",C1),LEN(CELL(\"filename\",C1))-FIND(\"]\",CELL(\"filename\",C1)))","v":"Output|Rate of return"}]
[null,null,null,null,null,null,null,null,null,"Prior",null,null,null,null,null,"Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis",null,null,null,{"$f":"+K4-1","v":2015},{"$f":"+L4-1","v":2016},{"$f":"+M4-1","v":2017},{"$f":"+N4-1","v":2018},{"$f":"+O4-1","v":2019},{"$f":"+'Input|Rate of return'!$M$4","v":2020},{"$f":"O4+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,2030]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Outputs | PTRM inputs"]
[]
[null,null,"Rate of return","Source","Unit","Basis",null,null,null,{"$f":"\"RY\"&RIGHT(J$4,2)","v":"RY15"},"RY16","RY17","RY18","RY19","RY20","RY21","RY22","RY23","RY24","RY25",{"$f":"\"RY\"&RIGHT(U$4,2)","v":"RY26"},{"$f":"\"RY\"&RIGHT(V$4,2)","v":"RY27"},{"$f":"\"RY\"&RIGHT(W$4,2)","v":"RY28"},{"$f":"\"RY\"&RIGHT(X$4,2)","v":"RY29"},{"$f":"\"RY\"&RIGHT(Y$4,2)","v":"RY30"}]
[]
[{"$f":"IF(ISERROR(U12),\"Check\",\"Ok\")","v":"Ok"},null,"Return on equity (post-tax)","Calc|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Cost_of_Equity","v":6.9000000000000006E-2},{"$f":"Cost_of_Equity","v":6.9000000000000006E-2},{"$f":"Cost_of_Equity","v":6.9000000000000006E-2},{"$f":"Cost_of_Equity","v":6.9000000000000006E-2},{"$f":"Cost_of_Equity","v":6.9000000000000006E-2}]
[{"$f":"IF(ISERROR(U13),\"Check\",\"Ok\")","v":"Ok"},null,"Gamma","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Gamma","v":0.56999999999999995},{"$f":"Gamma","v":0.56999999999999995},{"$f":"Gamma","v":0.56999999999999995},{"$f":"Gamma","v":0.56999999999999995},{"$f":"Gamma","v":0.56999999999999995}]
[{"$f":"IF(ISERROR(U14),\"Check\",\"Ok\")","v":"Ok"},null,"Leverage","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Leverage","v":0.6},{"$f":"Leverage","v":0.6},{"$f":"Leverage","v":0.6},{"$f":"Leverage","v":0.6},{"$f":"Leverage","v":0.6}]
[{"$f":"IF(ISERROR(U15),\"Check\",\"Ok\")","v":"Ok"},null,"Tax rate","Input|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Tax","v":0.3},{"$f":"Tax","v":0.3},{"$f":"Tax","v":0.3},{"$f":"Tax","v":0.3},{"$f":"Tax","v":0.3}]
[{"$f":"IF(ISERROR(U16),\"Check\",\"Ok\")","v":"Ok"},null,"Return on debt (pre-tax)","Calc|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+_xlfn.XLOOKUP(RIGHT(U$10,2),RIGHT('Calc|Rate of return'!$M$18:$AA$18,2),'Calc|Rate of return'!$M$28:$AA$28)","v":4.3832928900712054E-2},{"$f":"+_xlfn.XLOOKUP(RIGHT(V$10,2),RIGHT('Calc|Rate of return'!$M$18:$AA$18,2),'Calc|Rate of return'!$M$28:$AA$28)","v":4.19302865743163E-2},{"$f":"+_xlfn.XLOOKUP(RIGHT(W$10,2),RIGHT('Calc|Rate of return'!$M$18:$AA$18,2),'Calc|Rate of return'!$M$28:$AA$28)","v":4.0381580384167629E-2},{"$f":"+_xlfn.XLOOKUP(RIGHT(X$10,2),RIGHT('Calc|Rate of return'!$M$18:$AA$18,2),'Calc|Rate of return'!$M$28:$AA$28)","v":3.9328184149650884E-2},{"$f":"+_xlfn.XLOOKUP(RIGHT(Y$10,2),RIGHT('Calc|Rate of return'!$M$18:$AA$18,2),'Calc|Rate of return'!$M$28:$AA$28)","v":3.8328085622016235E-2}]
[]
[null,null,"Nominal vanilla WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U12*(1-U14)+U16*U14","v":5.3899757340427235E-2},{"$f":"V12*(1-V14)+V16*V14","v":5.2758171944589781E-2},{"$f":"W12*(1-W14)+W16*W14","v":5.1828948230500577E-2},{"$f":"X12*(1-X14)+X16*X14","v":5.1196910489790533E-2},{"$f":"Y12*(1-Y14)+Y16*Y14","v":5.0596851373209739E-2}]
[]
[null,null,"Debt and equity raising costs","Source","Unit","Basis",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Estimates"]
[]
[{"$f":"IF(ISERROR(U22),\"Check\",\"Ok\")","v":"Ok"},null,"Dividend / imputation payout ratio","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J79","v":0.878670689}]
[{"$f":"IF(ISERROR(U23),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark SEO raising cost","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J80","v":0.03}]
[{"$f":"IF(ISERROR(U24),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP cost","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J81","v":0.01}]
[{"$f":"IF(ISERROR(U25),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP takeup","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J82","v":0.3}]
[{"$f":"IF(ISERROR(U26),\"Check\",\"Ok\")","v":"Ok"},null,"Debt raising costs","Input|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J83","v":8.5499999999999997E-4}]
[]
[null,"Outputs | Inflation"]
[]
[null,null,null,null,null,null,null,null,null,"Australian Bureau of Statistics (ABS) Data",null,null,null,null,null,null,null,null,"RBA Forecast"]
[null,null,"Inflation","Source","Unit","Basis",null,null,null,{"$f":"\"RY\"&RIGHT(J$4,2)","v":"RY15"},"RY16","RY17","RY18","RY19","RY20","RY21","RY22","RY23","RY24","RY25","RY26","RY27","RY28","RY29","RY30"]
[]
[{"$f":"+IF(ISNUMBER(SUM(J33:Y33)),\"Ok\",\"Check\")","v":"Ok"},null,"Inflation Rate (Opex)","Calc|Rate of return","Per cent","n/a",null,null,null,null,{"$f":"+'Calc|Rate of return'!M14","v":1.0232558139534831E-2},{"$f":"+'Calc|Rate of return'!N14","v":1.9337016574585641E-2},{"$f":"+'Calc|Rate of return'!O14","v":2.0776874435411097E-2},{"$f":"+'Calc|Rate of return'!P14","v":1.5929203539823078E-2},{"$f":"+'Calc|Rate of return'!Q14","v":-3.4843205574912606E-3},{"$f":"+'Calc|Rate of return'!R14","v":3.8461538461538325E-2},{"$f":"+'Calc|Rate of return'!S14","v":6.1447811447811418E-2},{"$f":"+'Calc|Rate of return'!T14","v":6.0269627279936566E-2},{"$f":"+'Calc|Rate of return'!U14","v":3.3000000000000002E-2},{"$f":"+'Calc|Rate of return'!V14","v":3.1E-2}]
[{"$f":"+IF(ISNUMBER(SUM(J34:Y34)),\"Ok\",\"Check\")","v":"Ok"},null,"Inflation Rate (Capex)","Calc|Rate of return","Per cent","n/a",null,null,null,{"$f":"+'Calc|Rate of return'!L13","v":1.7175572519083859E-2},{"$f":"+'Calc|Rate of return'!M13","v":1.6885553470919357E-2},{"$f":"+'Calc|Rate of return'!N13","v":1.4760147601476037E-2},{"$f":"+'Calc|Rate of return'!O13","v":1.9090909090909047E-2},{"$f":"+'Calc|Rate of return'!P13","v":1.7841213202497874E-2},{"$f":"+'Calc|Rate of return'!Q13","v":1.8404907975460238E-2},{"$f":"+'Calc|Rate of return'!R13","v":8.6058519793459354E-3},{"$f":"+'Calc|Rate of return'!S13","v":3.4982935153583528E-2},{"$f":"+'Calc|Rate of return'!T13","v":7.8318219291014124E-2},{"$f":"+'Calc|Rate of return'!U13","v":4.0519877675840865E-2},{"$f":"+'Calc|Rate of return'!V13","v":3.2000000000000001E-2}]
[{"$f":"+IF(ISNUMBER(SUM(J35:Y35)),\"Ok\",\"Check\")","v":"Ok"},null,"Inflation Rate (PTRM)","Calc|Rate of return","Per cent","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'Calc|Rate of return'!W$13","v":2.7897560446280112E-2},{"$f":"+'Calc|Rate of return'!X$13","v":2.7897560446280112E-2},{"$f":"+'Calc|Rate of return'!Y$13","v":2.7897560446280112E-2},{"$f":"+'Calc|Rate of return'!Z$13","v":2.7897560446280112E-2},{"$f":"+'Calc|Rate of return'!AA$13","v":2.7897560446280112E-2}]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"GAAR 2020-25 JGN - Rate of Return Model"},null,null,null,null,null,null,"Back to Index",null,"Key:","Input","External Link","Internal Link",null,null,null,null,null,"Overall Check:",{"$f":"+'Check|List'!V1","v":"OK"}]
[null,null,{"$f":"RIGHT(CELL(\"filename\",C1),LEN(CELL(\"filename\",C1))-FIND(\"]\",CELL(\"filename\",C1)))","v":"Lookup|Tables"}]
[]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Lookup table"]
[]
[null,null,"Financial Unit Denomination","Source",null,null,"Ref"]
[null,null,"Dollars","JGN",null,null,"$dollars"]
[null,null,"Thousands","JGN",null,null,"$000"]
[null,null,"Millions","JGN",null,null,"$millions"]
[]
[null,null,"Non-financial Unit Denomination"]
[null,null,"Percent","JGN",null,null,"Per cent"]
[null,null,"Unit","JGN",null,null,"unit"]
[null,null,"Number","JGN",null,null,"number"]
[null,null,"Factor","JGN",null,null,"factor"]
[null,null,"Mains","JGN",null,null,"mains"]
[null,null,"Kilometres","JGN",null,null,"kms"]
[null,null,"Metres","JGN",null,null,"metres"]
[]
[null,null,"Periodicity"]
[null,null,"Actuals","JGN",null,null,"Actual"]
[null,null,"Forecast","JGN",null,null,"Fcast"]
[null,null,"Date","JGN",null,null,"date"]
[null,null,"Month","JGN",null,null,"month"]
[null,null,"Quarter","JGN",null,null,"quarter"]
[null,null,"Year","JGN",null,null,"year"]
[null,null,"Option","JGN",null,null,"option"]
[null,null,"Yes/No","JGN",null,null,"yes/no"]
[null,null,"Actuals/Forecast","JGN",null,null,"(A)/(F)"]
[]
[null,null,"Time Intervals"]
[null,null,"Number of months in a year","JGN",null,null,12]
[null,null,"Number of days in a year","JGN",null,null,365]
[null,null,"Number of weeks in a year","JGN",null,null,52]
[null,null,"Number of periods (years) in reg period","JGN",null,null,5]
[]
[null,null,"Cash flow timing"]
[null,null,"Start-year","JGN",null,null,-0.5]
[null,null,"Mid-year","JGN",null,null,0]
[null,null,"End-year","JGN",null,null,0.5]
[null,null,"Adjustment to mid-year","JGN",null,null,0.5]
[null,null,"Adjustment to end-year","JGN",null,null,1]
[]
[null,null,"Timing"]
[null,null,"Mid-year","JGN",null,null,"Mid-year"]
[null,null,"End-year","JGN",null,null,"End-year"]
[]
[null,null,"Yes/No",null,null,null,"[Select]"]
[null,null,"Yes","JGN",null,null,"Yes"]
[null,null,"No","JGN",null,null,"No"]
[]
[null,null,"Dollar base"]
[null,null,2015,"JGN",null,null,2015]
[null,null,2016,"JGN",null,null,2016]
[null,null,2017,"JGN",null,null,2017]
[null,null,2018,"JGN",null,null,2018]
[null,null,2019,"JGN",null,null,2019]
[null,null,2020,"JGN",null,null,2020]
[null,null,2021,"JGN",null,null,2021]
[null,null,2022,"JGN",null,null,2022]
[null,null,2023,"JGN",null,null,2023]
[null,null,2024,"JGN",null,null,2024]
[null,null,2025,"JGN",null,null,2025]
[null,null,2026,"JGN",null,null,2026]
[null,null,2027,"JGN",null,null,2027]
[null,null,2028,"JGN",null,null,2028]
[null,null,2029,"JGN",null,null,2029]
[null,null,2030,"JGN",null,null,2030]
[null,null,"Nominal","JGN",null,null,"Nominal"]
[null,null,"Real","JGN",null,null,"Real"]
[null,null,"Not Applicable","JGN",null,null,"n/a"]
[]
[null,null,"Numeric Converters"]
[null,null,"Thousands","JGN",null,null,1000]
[null,null,"Millions","JGN",null,null,1000000]
[]
[null,null,"Rounding and Error Handling"]
[null,null,"Rounding units","JGN",null,null,5]
[null,null,"Very Small Number","JGN",null,null,9.9999999999999995E-8]
[]
[null,"End"]

{"sheet":"Check|List","index":6,"n_rows":15,"n_cols":22,"rows_kept":15,"cut":false,"hidden":false,"merged":[[0,2,0,6],[1,2,1,4]]}
[null,null,{"$f":"Index!$C$1","v":"GAAR 2020-25 JGN - Rate of Return Model"},null,null,null,null,null,null,"Back to Index",null,"Key:","Input","External Link","Internal Link",null,null,null,null,null,"Overall Check:",{"$f":"IF(COUNTA($G$10:$G$13)=COUNTIF($G$10:$G$13,\"OK\"),\"OK\",\"Check\")","v":"OK"}]
[null,null,{"$f":"RIGHT(CELL(\"filename\",C1),LEN(CELL(\"filename\",C1))-FIND(\"]\",CELL(\"filename\",C1)))","v":"Check|List"}]
[]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Check List"]
[]
[null,null,"Sheet",null,null,null,"Status"]
[null,null,"Input | Rate of return",null,null,null,{"$f":"'Input|Rate of return'!$S$1","v":"OK"}]
[null,null,"Calc | Placeholder RfR",null,null,null,{"$f":"+'Calc|Rate of return'!W1","v":"OK"}]
[null,null,"Calc | Rate of return",null,null,null,{"$f":"'Calc|Rate of return'!W1","v":"OK"}]
[null,null,"Output | Rate of return",null,null,null,{"$f":"'Output|Rate of return'!T1","v":"OK"}]
[]
[null,"End"]