{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["Inputs - General","Calc - RFM 2004 -2009","Calc - RFM 2010 - 2014"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":27,"comments":2,"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":"Inputs - General","index":0,"n_rows":18,"n_cols":14,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"FY04","FY05","FY06","FY07","FY08","FY09","FY10","FY11","FY12","FY13","FY14","FY15"]
[]
[null,"Inflation",0.03,2.343612334801759E-2,2.6687327823691431E-2,3.5384873385879922E-2,2.3323615160349531E-2,4.3526432415321281E-2,1.8201122402548231E-2,2.845225681513508E-2,3.3893395133255844E-2,1.76278015613196E-2,2.5000000000000001E-2,2.4500000000000001E-2]
[]
[null,"Pre-Tax Nominal WACC",7.22E-2,"<----from standard control"]
[]
[null,"Capex",10.4,9.6999999999999993,12.14,13.83,11.2,16.93,0,0,0,0,0]
[null,"Customer contributions",null,null,null,null,null,null,{"$f":"9735.78/1000000","v":9.7357800000000012E-3},{"$f":"140499.85/1000000","v":0.14049985000000001},{"$f":"200512.88/1000000","v":0.20051288},{"$f":"123080.82/1000000","v":0.12308082000000001},{"$f":"196762.08/1000000","v":0.19676207999999998},"<--- John Bedding we need data for FY10 to FY14"]
[null,"Proceeds from sale of assets",null,null,null,null,null,null,null,null,null,null,{"$f":"538560/1000000","v":0.53856000000000004}]
[null,"Net capex",{"$f":"C8-C9-C10","v":10.4},{"$f":"D8-D9-D10","v":9.6999999999999993},12.14,13.83,11.2,16.93,-9.7357800000000012E-3,-0.14049985000000001,-0.20051288,-0.12308082000000001,-0.73532207999999999,"<--- we could add half WACC to capital additions but at this stage intend to keep it simple"]
[]
[null,"RAB remaining life 2003/04 year end (years)",16.2,"<--- from 2010 determination"]
[null,"New capex  life (years)",20,"<--- from 2010 determination"]
[]
[null,"RAB value June 2004 ($m nominal)",97.8,"<--- from 2010 determination"]
[null,"RAB value June 2009 ($m nominal)",{"$f":"RAB","v":140.88154818769422},"<--- from 2010 determination"]
[null,"RAB value June 2014 ($m nominal)",{"$f":"'Calc - RFM 2010 - 2014'!G9","v":101.60168846849135}]

{"sheet":"Calc - RFM 2004 -2009","index":1,"n_rows":58,"n_cols":12,"rows_kept":58,"cut":false,"hidden":false,"merged":[[56,2,56,4],[57,2,57,4],[52,2,52,4],[53,2,53,4],[54,2,54,4],[47,2,47,4],[46,2,46,4],[45,2,45,4],[20,9,20,10],[55,2,55,4],[37,2,37,3],[36,2,36,3],[44,2,44,4],[41,2,41,3],[40,2,40,3],[39,2,39,3],[38,2,38,3],[49,2,49,4],[48,2,48,4]]}
[]
["$ m nominal",null,"FY05","FY06","FY07","FY08","FY09"]
[]
["RAB roll forward"]
["Opening",null,{"$f":"OpeningRAB2004","v":97.8},{"$f":"C9","v":103.75501582639909},{"$f":"D9","v":111.96560364274214},{"$f":"E9","v":122.22904118519619},{"$f":"F9","v":127.73771507756874}]
["Depreciation",null,{"$f":"C15+C23+C31+C39+C47","v":6.0370370370370372},{"$f":"D15+D23+D31+D39+D47","v":6.6983563043683612},{"$f":"E15+E23+E31+E39+E47","v":7.5284511660179909},{"$f":"F15+F23+F31+F39+F47","v":8.5421492256494993},{"$f":"G15+G23+G31+G39+G47","v":9.3461339120858735}]
["New Capex",null,{"$f":"Capex05","v":9.6999999999999993},{"$f":"Capex06","v":12.14},{"$f":"Capex07","v":13.83},{"$f":"Capex08","v":11.2},{"$f":"Capex09","v":16.93}]
["Indexation",null,{"$f":"C5*CPIFY05","v":2.2920528634361204},{"$f":"D5*CPIFY06","v":2.7689441207114052},{"$f":"E5*CPIFY07","v":3.9618887084720464},{"$f":"F5*CPIFY08","v":2.8508231180220291},{"$f":"G5*CPIFY09","v":5.559967022211362}]
["Closing RAB value",null,{"$f":"C5-C6+C7+C8","v":103.75501582639909},{"$f":"D5-D6+D7+D8","v":111.96560364274214},{"$f":"E5-E6+E7+E8","v":122.22904118519619},{"$f":"F5-F6+F7+F8","v":127.73771507756874},{"$f":"G5-G6+G7+G8","v":140.88154818769422}]
["Implied remaining life",null,{"$f":"C5/C6","v":16.2},{"$f":"D5/D6","v":15.489623291423721},{"$f":"E5/E6","v":14.872329138313836},{"$f":"F5/F6","v":14.308933028022881},{"$f":"G5/G6","v":13.667438994468696}]
[]
["Depreciation for capex pre-2004",null,null,null,null,null,null,null,null,"Opening remaining life for next period (FY10)"]
["Average remaining life (years)",null,{"$f":"OpeningRABRemLife05","v":16.2},{"$f":"C13-1","v":15.2},{"$f":"D13-1","v":14.2},{"$f":"E13-1","v":13.2},{"$f":"F13-1","v":12.2},null,null,"Item","Closing value x (rem life -1)","Closing value"]
["Opening",null,{"$f":"OpeningRAB2004","v":97.8},{"$f":"C18","v":94.055015826399085},{"$f":"D18","v":90.377262878641801},{"$f":"E18","v":87.210654905195796},{"$f":"F18","v":82.63785486223847},null,null,"RAB",{"$f":"G18*(G13-1)","v":889.96534150728507},{"$f":"G18","v":79.461191206007598}]
["Depreciation",null,{"$f":"C14/C13","v":6.0370370370370372},{"$f":"D14/D13","v":6.1878299885788879},{"$f":"E14/E13","v":6.3645959773691416},{"$f":"F14/F13","v":6.6068677958481663},{"$f":"G14/G13","v":6.773594660839219},null,null,"2005 capex",{"$f":"G26*(G21-1)","v":131.39541678277942},{"$f":"G26","v":8.7596944521852951}]
["New",null,0,0,0,0,0,null,null,"2006 capex",{"$f":"G34*(G29-1)","v":181.91130125978736},{"$f":"G34","v":11.36945632873671}]
["Indexation",null,{"$f":"C14*CPIFY05","v":2.2920528634361204},{"$f":"D14*CPIFY06","v":2.5100770408215984},{"$f":"E14*CPIFY07","v":3.1979880039231259},{"$f":"F14*CPIFY08","v":2.0340677528908357},{"$f":"G14*CPIFY09","v":3.596931004608352},null,null,"2007 capex",{"$f":"G42*(G37-1)","v":225.47412531270024},{"$f":"G42","v":13.263183841923544}]
["Closing",null,{"$f":"C14-C15+C16+C17","v":94.055015826399085},{"$f":"D14-D15+D16+D17","v":90.377262878641801},{"$f":"E14-E15+E16+E17","v":87.210654905195796},{"$f":"F14-F15+F16+F17","v":82.63785486223847},{"$f":"G14-G15+G16+G17","v":79.461191206007598},null,null,"2008 capex",{"$f":"G50*(G45-1)","v":199.76440245913926},{"$f":"G50","v":11.098022358841071}]
[null,null,null,null,null,null,null,null,null,"2009 capex",{"$f":"G58*(G53-1)","v":321.67},{"$f":"G58","v":16.93}]
["Depreciation for capex 2005",null,null,null,null,null,null,null,null,"Total",{"$f":"SUM(K14:K19)","v":1950.1805873216913},{"$f":"SUM(L14:L19)","v":140.88154818769425}]
["Average remaining life (years)",null,{"$f":"NewCapexStandardLife","v":20},{"$f":"C21-1","v":19},{"$f":"D21-1","v":18},{"$f":"E21-1","v":17},{"$f":"F21-1","v":16},null,null,"Opening remaining life for next period",null,{"$f":"K20/L20","v":13.842697020361365}]
["Opening",null,0,{"$f":"C26","v":9.6999999999999993},{"$f":"D26","v":9.4483407641003332},{"$f":"E26","v":9.2577612855168763},{"$f":"F26","v":8.929111553720956}]
["Depreciation",null,0,{"$f":"C26/D21","v":0.51052631578947361},{"$f":"D26/E21","v":0.52490782022779625},{"$f":"E26/F21","v":0.54457419326569856},{"$f":"F26/G21","v":0.55806947210755975}]
["New",null,{"$f":"Capex05","v":9.6999999999999993},0,0,0,0]
["Indexation",null,{"$f":"C22*CPIFY05","v":0},{"$f":"D22*CPIFY06","v":0.25886707988980684},{"$f":"E22*CPIFY07","v":0.33432834164433828},{"$f":"F22*CPIFY08","v":0.21592446146977837},{"$f":"G22*CPIFY09","v":0.38865237057189961}]
["Closing",null,{"$f":"C22-C23+C24+C25","v":9.6999999999999993},{"$f":"D22-D23+D24+D25","v":9.4483407641003332},{"$f":"E22-E23+E24+E25","v":9.2577612855168763},{"$f":"F22-F23+F24+F25","v":8.929111553720956},{"$f":"G22-G23+G24+G25","v":8.7596944521852951}]
[]
["Depreciation for capex 2006"]
["Average remaining life (years)",null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"D29-1","v":19},{"$f":"E29-1","v":18},{"$f":"F29-1","v":17}]
["Opening",null,null,0,{"$f":"D34","v":12.14},{"$f":"E34","v":11.93062499448353},{"$f":"F34","v":11.546077800783781}]
["Depreciation",null,null,0,{"$f":"D34/E29","v":0.63894736842105271},{"$f":"E34/F29","v":0.6628124996935294},{"$f":"F34/G29","v":0.67918104710492833}]
["New",null,null,{"$f":"Capex06","v":12.14},0,0,0]
["Indexation",null,null,{"$f":"D30*CPIFY06","v":0},{"$f":"E30*CPIFY07","v":0.42957236290458228},{"$f":"F30*CPIFY08","v":0.27826530599378113},{"$f":"G30*CPIFY09","v":0.50255957505785664}]
["Closing",null,null,{"$f":"D30-D31+D32+D33","v":12.14},{"$f":"E30-E31+E32+E33","v":11.93062499448353},{"$f":"F30-F31+F32+F33","v":11.546077800783781},{"$f":"G30-G31+G32+G33","v":11.36945632873671}]
[]
["Depreciation for capex 2007"]
["Average remaining life (years)",null,null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"E37-1","v":19},{"$f":"F37-1","v":18}]
["Opening",null,null,null,0,{"$f":"E42","v":13.83},{"$f":"F42","v":13.424670860825529}]
["Depreciation",null,null,null,0,{"$f":"E42/F37","v":0.72789473684210526},{"$f":"F42/G37","v":0.7458150478236405}]
["New",null,null,null,{"$f":"Capex07","v":13.83},0,0]
["Indexation",null,null,null,0,{"$f":"F38*CPIFY08","v":0.32256559766763404},{"$f":"G38*CPIFY09","v":0.58432802892165536}]
["Closing",null,null,null,{"$f":"E38-E39+E40+E41","v":13.83},{"$f":"F38-F39+F40+F41","v":13.424670860825529},{"$f":"G38-G39+G40+G41","v":13.263183841923544}]
[]
["Depreciation for capex 2008"]
["Average remaining life (years)",null,null,null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"F45-1","v":19}]
["Opening",null,null,null,null,0,{"$f":"F50","v":11.2}]
["Depreciation",null,null,null,null,0,{"$f":"F50/G45","v":0.58947368421052626}]
["New",null,null,null,null,{"$f":"Capex08","v":11.2},0]
["Indexation",null,null,null,null,{"$f":"F46*'Inputs - General'!F$4","v":0},{"$f":"G46*CPIFY09","v":0.48749604305159833}]
["Closing",null,null,null,null,{"$f":"F46-F47+F48+F49","v":11.2},{"$f":"G46-G47+G48+G49","v":11.098022358841071}]
[]
["Depreciation for capex 2009"]
["Average remaining life (years)",null,null,null,null,null,{"$f":"NewCapexStandardLife","v":20}]
["Opening",null,null,null,null,null,0]
["Depreciation",null,null,null,null,null,0]
["New",null,null,null,null,null,{"$f":"Capex09","v":16.93}]
["Indexation",null,null,null,null,null,{"$f":"G54*'Inputs - General'!G$4","v":0}]
["Closing",null,null,null,null,null,{"$f":"G54-G55+G56+G57","v":16.93}]

{"sheet":"Calc - RFM 2010 - 2014","index":2,"n_rows":58,"n_cols":12,"rows_kept":58,"cut":false,"hidden":false,"merged":[[39,2,39,3],[40,2,40,3],[41,2,41,3],[36,2,36,3],[37,2,37,3],[38,2,38,3],[57,2,57,4],[20,9,20,10],[52,2,52,4],[53,2,53,4],[54,2,54,4],[55,2,55,4],[56,2,56,4],[47,2,47,4],[48,2,48,4],[49,2,49,4],[44,2,44,4],[45,2,45,4],[46,2,46,4]]}
[]
["$ m nominal",null,"FY10","FY11","FY12","FY13","FY14"]
[]
["RAB roll forward"]
["Opening",null,{"$f":"'Calc - RFM 2004 -2009'!L20","v":140.88154818769425},{"$f":"C9","v":133.25869536440672},{"$f":"D9","v":126.53323691066177},{"$f":"E9","v":119.93212651760973},{"$f":"F9","v":110.84878215545396}]
["Depreciation",null,{"$f":"C15+C23+C31+C39+C47","v":10.17731934611226},{"$f":"D15+D23+D31+D39+D47","v":10.376469227102902},{"$f":"E15+E23+E31+E39+E47","v":10.689238509154965},{"$f":"F15+F23+F31+F39+F47","v":11.07440326923528},{"$f":"G15+G23+G31+G39+G47","v":11.282991160848969}]
["New Capex",null,{"$f":"Capex10","v":-9.7357800000000012E-3},{"$f":"Capex11","v":-0.14049985000000001},{"$f":"Capex12","v":-0.20051288},{"$f":"Capex13","v":-0.12308082000000001},{"$f":"Capex14","v":-0.73532207999999999}]
["Indexation",null,{"$f":"C5*CPIFY10","v":2.5642023028247198},{"$f":"D5*CPIFY11","v":3.7915106233579507},{"$f":"E5*CPIFY12","v":4.2886409961029326},{"$f":"F5*CPIFY13","v":2.1141397270795008},{"$f":"G5*CPIFY14","v":2.7712195538863491}]
["Closing RAB value",null,{"$f":"C5-C6+C7+C8","v":133.25869536440672},{"$f":"D5-D6+D7+D8","v":126.53323691066177},{"$f":"E5-E6+E7+E8","v":119.93212651760973},{"$f":"F5-F6+F7+F8","v":110.84878215545396},{"$f":"G5-G6+G7+G8","v":101.60168846849135}]
["Implied remaining life",null,{"$f":"C5/C6","v":13.842697020361365},{"$f":"D5/D6","v":12.842392961214649},{"$f":"E5/E6","v":11.837441629007568},{"$f":"F5/F6","v":10.829669427948454},{"$f":"G5/G6","v":9.8244145169669128}]
[]
["Depreciation for capex pre-2010",null,null,null,null,null,null,null,null,"Opening remaining life for next period (FY10)"]
["Average remaining life (years)",null,{"$f":"'Calc - RFM 2004 -2009'!L21","v":13.842697020361365},{"$f":"C13-1","v":12.842697020361365},{"$f":"D13-1","v":11.842697020361365},{"$f":"E13-1","v":10.842697020361365},{"$f":"F13-1","v":9.8426970203613653},null,null,"Item","Closing value x (rem life -1)","Closing value"]
["Opening",null,{"$f":"C5","v":140.88154818769425},{"$f":"C18","v":133.26843114440672},{"$f":"D18","v":126.68323713610094},{"$f":"E18","v":120.27980111237693},{"$f":"F18","v":111.3069069742576},null,null,"RAB",{"$f":"G18*(G13-1)","v":908.86125703771836},{"$f":"G18","v":102.78100164971805}]
["Depreciation",null,{"$f":"C14/C13","v":10.17731934611226},{"$f":"D14/D13","v":10.376981636576586},{"$f":"E14/E13","v":10.697161036737842},{"$f":"F14/F13","v":11.093162603963293},{"$f":"G14/G13","v":11.308577998895984},null,null,"2006 capex",{"$f":"G26*(G21-1)","v":-0.12866237894210461},{"$f":"G26","v":-8.57749192947364E-3}]
["New",null,0,0,0,0,0,null,null,"2007 capex",{"$f":"G34*(G29-1)","v":-2.0504297091551367},{"$f":"G34","v":-0.12815185682219604}]
["Indexation",null,{"$f":"C14*CPIFY10","v":2.5642023028247198},{"$f":"D14*CPIFY11","v":3.7917876282708063},{"$f":"E14*CPIFY12","v":4.2937250130138196},{"$f":"F14*CPIFY13","v":2.120268465843969},{"$f":"G14*CPIFY14","v":2.7826726743564403},null,null,"2008 capex",{"$f":"G42*(G37-1)","v":-3.1888914477862276},{"$f":"G42","v":-0.18758184986977811}]
["Closing",null,{"$f":"C14-C15+C16+C17","v":133.26843114440672},{"$f":"D14-D15+D16+D17","v":126.68323713610094},{"$f":"E14-E15+E16+E17","v":120.27980111237693},{"$f":"F14-F15+F16+F17","v":111.3069069742576},{"$f":"G14-G15+G16+G17","v":102.78100164971805},null,null,"2009 capex",{"$f":"G50*(G45-1)","v":-2.154238246894737},{"$f":"G50","v":-0.11967990260526316}]
[null,null,null,null,null,null,null,null,null,"2010 capex",{"$f":"G58*(G53-1)","v":-13.97111952},{"$f":"G58","v":-0.73532207999999999}]
["Depreciation for capex 2010",null,null,null,null,null,null,null,null,"Total",{"$f":"SUM(K14:K19)","v":887.36791573494031},{"$f":"SUM(L14:L19)","v":101.60168846849133}]
["Average remaining life (years)",null,{"$f":"NewCapexStandardLife","v":20},{"$f":"C21-1","v":19},{"$f":"D21-1","v":18},{"$f":"E21-1","v":17},{"$f":"F21-1","v":16},null,null,"Opening remaining life for next period",null,{"$f":"K20/L20","v":8.7337910335036462}]
["Opening",null,0,{"$f":"C26","v":-9.7357800000000012E-3},{"$f":"D26","v":-9.5003754391714476E-3},{"$f":"E26","v":-9.2945767823360403E-3},{"$f":"F26","v":-8.9116799267258597E-3}]
["Depreciation",null,0,{"$f":"C26/D21","v":-5.1240947368421058E-4},{"$f":"D26/E21","v":-5.2779863550952489E-4},{"$f":"E26/F21","v":-5.4673981072564945E-4},{"$f":"F26/G21","v":-5.5697999542036623E-4}]
["New",null,{"$f":"Capex10","v":-9.7357800000000012E-3},0,0,0,0]
["Indexation",null,{"$f":"C22*CPIFY10","v":0},{"$f":"D22*CPIFY11","v":-2.7700491285565583E-4},{"$f":"E22*CPIFY12","v":-3.219999786741169E-4},{"$f":"F22*CPIFY13","v":-1.6384295511546817E-4},{"$f":"G22*CPIFY14","v":-2.2279199816814651E-4}]
["Closing",null,{"$f":"C22-C23+C24+C25","v":-9.7357800000000012E-3},{"$f":"D22-D23+D24+D25","v":-9.5003754391714476E-3},{"$f":"E22-E23+E24+E25","v":-9.2945767823360403E-3},{"$f":"F22-F23+F24+F25","v":-8.9116799267258597E-3},{"$f":"G22-G23+G24+G25","v":-8.57749192947364E-3}]
[]
["Depreciation for capex 2011"]
["Average remaining life (years)",null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"D29-1","v":19},{"$f":"E29-1","v":18},{"$f":"F29-1","v":17}]
["Opening",null,null,0,{"$f":"D34","v":-0.14049985000000001},{"$f":"E34","v":-0.13786713798484476},{"$f":"F34","v":-0.13263814709146621}]
["Depreciation",null,null,0,{"$f":"D34/E29","v":-7.3947289473684213E-3},{"$f":"E34/F29","v":-7.6592854436024864E-3},{"$f":"F34/G29","v":-7.8022439465568359E-3}]
["New",null,null,{"$f":"Capex11","v":-0.14049985000000001},0,0,0]
["Indexation",null,null,{"$f":"D30*CPIFY11","v":0},{"$f":"E30*CPIFY12","v":-4.7620169322131764E-3},{"$f":"F30*CPIFY13","v":-2.4302945502239111E-3},{"$f":"G30*CPIFY14","v":-3.3159536772866555E-3}]
["Closing",null,null,{"$f":"D30-D31+D32+D33","v":-0.14049985000000001},{"$f":"E30-E31+E32+E33","v":-0.13786713798484476},{"$f":"F30-F31+F32+F33","v":-0.13263814709146621},{"$f":"G30-G31+G32+G33","v":-0.12815185682219604}]
[]
["Depreciation for capex 2012"]
["Average remaining life (years)",null,null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"E37-1","v":19},{"$f":"F37-1","v":18}]
["Opening",null,null,null,0,{"$f":"E42","v":-0.20051288},{"$f":"F42","v":-0.19349417178544448}]
["Depreciation",null,null,null,0,{"$f":"E42/F37","v":-1.055330947368421E-2},{"$f":"F42/G37","v":-1.0749676210302471E-2}]
["New",null,null,null,{"$f":"Capex12","v":-0.20051288},0,0]
["Indexation",null,null,null,{"$f":"E38*CPIFY12","v":0},{"$f":"F38*CPIFY13","v":-3.5346012591286899E-3},{"$f":"G38*CPIFY14","v":-4.8373542946361127E-3}]
["Closing",null,null,null,{"$f":"E38-E39+E40+E41","v":-0.20051288},{"$f":"F38-F39+F40+F41","v":-0.19349417178544448},{"$f":"G38-G39+G40+G41","v":-0.18758184986977811}]
[]
["Depreciation for capex 2013"]
["Average remaining life (years)",null,null,null,null,{"$f":"NewCapexStandardLife","v":20},{"$f":"F45-1","v":19}]
["Opening",null,null,null,null,0,{"$f":"F50","v":-0.12308082000000001}]
["Depreciation",null,null,null,null,0,{"$f":"F50/G45","v":-6.4779378947368424E-3}]
["New",null,null,null,null,{"$f":"Capex13","v":-0.12308082000000001},0]
["Indexation",null,null,null,null,{"$f":"F46*CPIFY13","v":0},{"$f":"G46*CPIFY14","v":-3.0770205000000004E-3}]
["Closing",null,null,null,null,{"$f":"F46-F47+F48+F49","v":-0.12308082000000001},{"$f":"G46-G47+G48+G49","v":-0.11967990260526316}]
[]
["Depreciation for capex 2014"]
["Average remaining life (years)",null,null,null,null,null,{"$f":"NewCapexStandardLife","v":20}]
["Opening",null,null,null,null,null,0]
["Depreciation",null,null,null,null,null,0]
["New",null,null,null,null,null,{"$f":"Capex14","v":-0.73532207999999999}]
["Indexation",null,null,null,null,null,{"$f":"G54*CPIFY14","v":0}]
["Closing",null,null,null,null,null,{"$f":"G54-G55+G56+G57","v":-0.73532207999999999}]