{"text_format":"1","workbook":"xlsx","n_sheets":13,"sheets":["Cover","Controls","Summary - AST","Summary - SKI","FinalGraphs","WACC","REV - AED","REV - ANT","REV - AGD","REV - SAPN","REV - Citi","REV - Powercor","REV - TransGrid"],"not_rendered":{"charts":2,"images":1,"macros":1,"external_links":1,"defined_names":85,"comments":0,"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":"Cover","index":0,"n_rows":53,"n_cols":7,"rows_kept":53,"cut":false,"hidden":false,"merged":[[3,1,3,2],[7,1,7,4]]}
[]
[null,"AER"]
[null,"RAB Inference Model"]
[null,"2022-10-24",null,"Version 2.7","Final"]
[]
[null,"Accompanying report:",null,null,"CEPA_AER_EVRAB_Multiples Part II"]
[]
[]
[]
[null,"Disclaimers"]
[]
[]
[]
[null,"Version history"]
[]
[null,"Version","Date","Author","Description of changes"]
[null,"2.7","2022-10-24","BOE","Release version"]
[]
[]
[]
[]
[]
[]
[]
[null,"Contents",null,null,null,null,"Notes and assumptions"]
[null,null,null,null,null,null,"Adjust inputs in 'controls' tab (F44 to G54)."]
[null,"Controls",null,null,null,null,"Click button 'Solve for Excess Equity returns'"]
[null,"Summary - AST",null,null,null,null,"Model will then estimate excess equity returns for AST and SKI for given inputs"]
[null,"Summary - SKI"]
[null,"FinalGraphs"]
[null,"REV - AED"]
[null,"REV - ANT"]
[null,"REV - AGD"]
[null,"REV - SAPN"]
[null,"REV - Citi"]
[null,"REV - Powercor"]
[null,"REV - TransGrid"]
[]
[]
[]
[]
[null,"Format key"]
[]
[null,null,null,"Cell intentionally blank"]
[null,"Value",null,"Hardcoded input"]
[null,"Value",null,"User input"]
[null,"Value",null,"Calculation"]
[null,"Value",null,"Unique formula"]
[null,"Value",null,"Annotation"]
[null,"Sheet colour",null,"Information sheet"]
[null,"Sheet colour",null,"Input sheet"]
[null,"Sheet colour",null,"Calculation sheet"]
[null,"Sheet colour",null,"Output sheet"]

{"sheet":"Controls","index":1,"n_rows":55,"n_cols":12,"rows_kept":55,"cut":false,"hidden":false,"merged":[]}
["Controls"]
["This sheet provides the controls."]
[]
[null,null,null,null,null,"AST",null,null,"SKI"]
[]
[null,null,null,null,null,"AED","ANT","AGD","SAPN","Citi","Powercor","TransGrid"]
[]
[]
[null,null,null,null,"Capex inputs"]
[]
[null,null,null,null,"Net capex as percent of closing RAB",5.0001731758324931E-2,5.7283453929062922E-2,5.0831806565973275E-2,4.8309820803609141E-2,5.2896930400716295E-2,4.8829561827708583E-2,4.209437779087101E-2]
[]
[]
[null,null,null,null,"Closing RAB multiple",{"$f":"1+((F45*(1-F46))/(F54-Controls!F44))","v":1.0856340885114515},{"$f":"1+((F45*(1-F46))/(F54-Controls!F44))","v":1.0856340885114515},{"$f":"1+((F45*(1-F46))/(F54-Controls!F44))","v":1.0856340885114515},{"$f":"1+((G45*(1-G46))/(G54-Controls!G44))","v":1.0856340885114515},{"$f":"1+((G45*(1-G46))/(G54-Controls!G44))","v":1.0856340885114515},{"$f":"1+((G45*(1-G46))/(G54-Controls!G44))","v":1.0856340885114515},{"$f":"1+((G45*(1-G46))/(G54-Controls!G44))","v":1.0856340885114515}]
[]
[null,null,null,null,"Allowance return ",{"$f":"$F$35","v":1.6E-2},{"$f":"$F$35","v":1.6E-2},{"$f":"$F$35","v":1.6E-2},{"$f":"$G$35","v":1.6E-2},{"$f":"$G$35","v":1.6E-2},{"$f":"$G$35","v":1.6E-2},{"$f":"$G$35","v":1.6E-2}]
[]
[null,null,null,null,"Visible period real RAB growth",{"$f":"'Summary - AST'!R15","v":9.4999999999998419E-3},{"$f":"'Summary - AST'!R16","v":9.5000000000000639E-3},{"$f":"'Summary - AST'!R17","v":9.4999999999998419E-3},{"$f":"'Summary - SKI'!R15","v":9.5000000000000639E-3},{"$f":"'Summary - SKI'!R16","v":9.5000000000000639E-3},{"$f":"'Summary - SKI'!R17","v":9.4999999999998419E-3},{"$f":"'Summary - SKI'!R18","v":9.5000000000000639E-3}]
[]
[null,null,null,null,"Visible period nominal RAB growth",{"$f":"'Summary - AST'!R22","v":3.4737499999999866E-2},{"$f":"'Summary - AST'!R23","v":3.4737499999999866E-2},{"$f":"'Summary - AST'!R24","v":3.4737499999999866E-2},{"$f":"'Summary - SKI'!R23","v":3.4737499999999866E-2},{"$f":"'Summary - SKI'!R24","v":3.4737499999999866E-2},{"$f":"'Summary - SKI'!R25","v":3.4737499999999866E-2},{"$f":"'Summary - SKI'!R26","v":3.4737499999999866E-2}]
[]
[null,null,null,null,null,"AST","SKI"]
[null,null,null,null,"Historical EV/RAB - Low",1.47,1.35]
[null,null,null,null,"Historical EV/RAB - High",1.76,1.53]
[null,null,null,null,"RAB mid point",1.61,1.44]
[]
[null,null,null,null,"modelled EV/RABa",{"$f":"'Summary - AST'!J21","v":1.6100000000000012},{"$f":"'Summary - SKI'!J22","v":1.4399991041953069}]
[]
[null,null,null,null,"Short term inputs"]
[]
[null,null,null,null,"Solved Excess equity returns",3.842959513389025E-2,2.410923917605513E-2]
[]
[null,null,null,null,"Target EV/RAB",1.61,1.44]
[]
[null,null,null,null,"Excess Allowance return",1.6E-2,1.6E-2]
[]
[null,null,null,null,"real RAB growth",9.4999999999999998E-3,9.4999999999999998E-3]
[]
[null,null,null,null,"nominal RAB growth",{"$f":"((1+F37)*(1+$F$50))-1","v":3.4737499999999866E-2},{"$f":"((1+G37)*(1+$F$50))-1","v":3.4737499999999866E-2}]
[]
[null,null,null,null,"Terminal value assumptions"]
[]
[null,null,null,null,"real RAB growth",9.4999999999999998E-3,9.4999999999999998E-3]
[null,null,null,null,"nominal RAB growth",{"$f":"((1+F43)*(1+$F$50))-1","v":3.4737499999999866E-2},{"$f":"((1+G43)*(1+$F$50))-1","v":3.4737499999999866E-2}]
[null,null,null,null,"Excess allowance",5.0000000000000001E-3,5.0000000000000001E-3]
[null,null,null,null,"Gearing",0.6,0.6]
[]
[null,null,null,null,"Other assumptions"]
[]
[null,null,null,null,"Inflation",2.5000000000000001E-2]
[]
[null,null,null,null,"Terminal WACC"]
[]
[null,null,null,null,"nominal",{"$f":"WACC!$AY$88","v":5.809268523949182E-2},{"$f":"WACC!$AZ$88","v":5.809268523949182E-2}]
[null,null,null,null,"real",{"$f":"WACC!$AY$89","v":3.2285546575114177E-2},{"$f":"WACC!$AZ$89","v":3.2285546575114177E-2}]

{"sheet":"Summary - AST","index":2,"n_rows":25,"n_cols":25,"rows_kept":25,"cut":false,"hidden":false,"merged":[[5,5,5,6]]}
["Summary - AST"]
["This sheet provides a summary for AST"]
[]
[null,null,null,null,"Date:","2022-06-30"]
[]
[null,null,null,null,null,"Historical EV",null,"Adjusted EV ratio"]
[null,null,null,null,"EV ratio (low)",1.56,{"$f":"F7*$F$18","v":15396.138991900971},{"$f":"G7/$G$18","v":1.5094015096200939}]
[null,null,null,null,"EV ratio (high)",1.7,{"$f":"F8*$F$18","v":16777.843773225417},{"$f":"G8/$G$18","v":1.6448606194577946}]
[null,null,null,null,"Mid-point",{"$f":"AVERAGE(F7:F8)","v":1.63},{"$f":"F9*$F$18","v":16086.991382563192},{"$f":"G9/$G$18","v":1.577131064538944}]
[]
[null,null,null,null,"EV:RAB multiples",null,null,null,null,null,null,null,null,null,null,"RAB growth ",null,null,null,null,null,null,"Average nominal return to equity"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"RAB growth (real)"]
[null,null,null,null,"Entity","RAB","RABa","Modelled EV no adjustments","Modelled EV with adjustments","Modelled EV with adjustments plus trailing CoD adj.","Historical EV ratio",null,null,null,null,"2050 RAB","2050 compared to Y1","CAGR (Y29)",null,null,null,null,"Allowed","Achieved","difference"]
[null,null,null,null,"AusNet Electricity Distribution",{"$f":"'REV - AED'!Q149","v":4941.4537974171153},5058.8858950951808,{"$f":"'REV - AED'!H397","v":5035.9960371600528},{"$f":"'REV - AED'!H427","v":8095.1756874956318},{"$f":"I15+(G15-F15)","v":8212.6077851736973},{"$f":"F15*$F$9","v":8054.569689789897},null,null,null,null,{"$f":"'REV - AED'!AT149","v":6500.3705517078697},{"$f":"P15/F15","v":1.315477351038999},{"$f":"_xlfn.RRI(29,F15,P15)","v":9.4999999999998419E-3},null,null,null,null,{"$f":"AVERAGE('REV - AED'!R11:AT11)","v":5.1179581539673155E-2},{"$f":"AVERAGE('REV - AED'!R474:AT474)","v":8.5366596229569019E-2},{"$f":"X15-W15","v":3.4187014689895864E-2}]
[null,null,null,null,"AusNet Transmission",{"$f":"'REV - ANT'!Q147","v":3166.9096766958619},3332.5183515781823,{"$f":"'REV - ANT'!H393","v":3224.9230585064729},{"$f":"'REV - ANT'!H420","v":5131.3028116281512},{"$f":"I16+(G16-F16)","v":5296.9114865104711},{"$f":"F16*$F$9","v":5162.0627730142542},null,null,null,null,{"$f":"'REV - ANT'!AT147","v":4165.9979524796563},{"$f":"P16/F16","v":1.3154773510390025},{"$f":"_xlfn.RRI(29,F16,P16)","v":9.5000000000000639E-3},null,null,null,null,{"$f":"AVERAGE('REV - ANT'!R11:AT11)","v":5.2524812432082284E-2},{"$f":"AVERAGE('REV - ANT'!R462:AT462)","v":8.5328482412670728E-2},{"$f":"X16-W16","v":3.2803669980588444E-2}]
[null,null,null,null,"AusNet Gas Distribution",{"$f":"'REV - AGD'!Q155","v":1760.9563924902095},1808.7571376729902,{"$f":"'REV - AGD'!H409","v":1761.5718756562169},{"$f":"'REV - AGD'!H438","v":2864.9398119306888},2912.7405571134695,{"$f":"F17*$F$9","v":2870.3589197590413},null,null,null,null,{"$f":"'REV - AGD'!AT155","v":2316.4982504882105},{"$f":"P17/F17","v":1.3154773510389979},9.4999999999998419E-3,null,null,null,null,{"$f":"AVERAGE('REV - AGD'!R11:AT11)","v":5.9421966883932358E-2},{"$f":"AVERAGE('REV - AGD'!R480:AT480)","v":8.3853420092392286E-2},{"$f":"X17-W17","v":2.4431453208459929E-2}]
[null,null,null,null,"Totals",{"$f":"SUM(F15:F17)","v":9869.3198666031858},{"$f":"SUM(G15:G17)","v":10200.161384346353},{"$f":"SUM(H15:H17)","v":10022.490971322743},{"$f":"SUM(I15:I17)","v":16091.418311054473},{"$f":"I18+(G18-F18)","v":16422.25982879764},{"$f":"F18*$F$9","v":16086.991382563192},null,null,null,null,{"$f":"SUM(P15:P17)","v":12982.866754675735},1.3154773510389999,9.4999999999998419E-3]
[]
[null,null,null,null,"RAB to EV",null,null,{"$f":"H18/$F$18","v":1.0155199250596663},{"$f":"I18/$F$18","v":1.6304485545661824},{"$f":"J18/$F$18","v":1.6639707751664796},{"$f":"K18/$F$18","v":1.63},null,null,null,null,"RAB growth (Nominal)"]
[null,null,null,null,"RABa to EV",null,null,{"$f":"H18/$G$18","v":0.98258160765022096},{"$f":"I18/$G$18","v":1.577565070269292},{"$f":"J18/$G$18","v":1.6100000000000012},{"$f":"K18/$G$18","v":1.577131064538944},null,null,null,null,"2050 RAB","2050 compared to Y1","CAGR (Y29)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - AED'!AT158","v":13302.406362224789},{"$f":"P22/F15","v":2.6920025781032133},{"$f":"_xlfn.RRI(29,F15,P22)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - ANT'!AT156","v":8525.3290142852966},{"$f":"P23/F16","v":2.6920025781032204},{"$f":"_xlfn.RRI(29,F16,P23)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - AGD'!AT164","v":4740.499148510974},2.6920025781032111,{"$f":"_xlfn.RRI(29,F17,P24)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P22:P24)","v":26568.23452502106},2.6920025781032155,{"$f":"_xlfn.RRI(29,F18,P25)","v":3.4737499999999866E-2}]

{"sheet":"Summary - SKI","index":3,"n_rows":27,"n_cols":25,"rows_kept":27,"cut":false,"hidden":false,"merged":[[5,5,5,6]]}
["Summary - SKI"]
["This sheet provides a summary for SKI"]
[]
[null,null,null,null,"Date:","2021-06-30"]
[]
[null,null,null,null,null,"Historical EV",null,"Adjusted EV ratio"]
[null,null,null,null,"EV ratio (low)",1.52,{"$f":"F7*$F$19","v":9502.0009447302582},{"$f":"G7/$G$19","v":1.4382986244765352}]
[null,null,null,null,"EV ratio (high)",1.74,{"$f":"F8*$F$19","v":10877.290555151743},{"$f":"G8/$G$19","v":1.6464734253876128}]
[null,null,null,null,"Mid-point",{"$f":"AVERAGE(F7:F8)","v":1.63},{"$f":"F9*$F$19","v":10189.645749941001},{"$f":"G9/$G$19","v":1.542386024932074}]
[]
[null,null,null,null,"EV:RAB multiples",null,null,null,null,null,null,null,null,null,null,"RAB growth",null,null,null,null,null,null,"Average nominal return to equity"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"RAB growth (real)"]
[null,null,null,null,"Entity","RAB","RABa","Modelled EV no adjustments","Modelled EV with adjustments","Modelled EV with adjustments plus trailing CoD adj.","Historical EV ratio","net capex",null,null,null,"2050 RAB","2050 compared to Y1","CAGR (Y30)",null,null,null,null,"Allowed","Achieved","difference"]
[null,null,null,null,"SA Power Networks",{"$f":"'REV - SAPN'!Q149","v":4304.7108632588152},4558.6973866931248,{"$f":"'REV - SAPN'!H398","v":4352.471342500995},{"$f":"'REV - SAPN'!H427","v":6207.4031916550048},{"$f":"I15+(G15-F15)","v":6461.3897150893144},{"$f":"F15*$F$9","v":7016.6787071118679},0.02,null,null,null,{"$f":"'REV - SAPN'!AU149","v":5716.5457650007174},{"$f":"P15/F15","v":1.3279743858738737},{"$f":"_xlfn.RRI(30,F15,P15)","v":9.5000000000000639E-3},null,null,null,null,{"$f":"AVERAGE('REV - SAPN'!R11:AU11)","v":4.5596686540159283E-2},{"$f":"AVERAGE('REV - SAPN'!R469:AU469)","v":8.4096214153336651E-2},{"$f":"X15-W15","v":3.8499527613177369E-2}]
[null,null,null,null,"Citipower",{"$f":"'REV - Citi'!Q147","v":1983.4687249999999},2092.2100212598148,{"$f":"'REV - Citi'!H394","v":2048.2991852586201},{"$f":"'REV - Citi'!H423","v":2911.4230733958511},{"$f":"I16+(G16-F16)","v":3020.1643696556657},{"$f":"F16*$F$9","v":3233.0540217499997},0.02,null,null,null,{"$f":"'REV - Citi'!AU147","v":2633.99566198191},{"$f":"P16/F16","v":1.3279743858738735},{"$f":"_xlfn.RRI(30,F16,P16)","v":9.5000000000000639E-3},null,null,null,null,{"$f":"AVERAGE('REV - Citi'!R11:AU11)","v":5.0395197404570061E-2},{"$f":"AVERAGE('REV - Citi'!R465:AU465)","v":8.6024692160384844E-2},{"$f":"X16-W16","v":3.5629494755814783E-2}]
[null,null,null,null,"Powercor",{"$f":"'REV - Powercor'!Q147","v":4524.0471979340791},4772.0726654506279,{"$f":"'REV - Powercor'!H394","v":4568.6530161777755},{"$f":"'REV - Powercor'!H423","v":6653.860707952078},6901.8861754686268,{"$f":"F17*$F$9","v":7374.1969326325489},0.02,null,null,null,{"$f":"'REV - Powercor'!AU147","v":6007.818799340911},1.32797438587387,9.4999999999998419E-3,null,null,null,null,{"$f":"AVERAGE('REV - Powercor'!R11:AU11)","v":5.0395197404570061E-2},{"$f":"AVERAGE('REV - Powercor'!R466:AU466)","v":8.3930035436431363E-2},3.3534838031861303E-2]
[null,null,null,null,"TransGrid",{"$f":"'REV - TransGrid'!Q153","v":6351.2677266637629},6723.2317420956379,{"$f":"'REV - TransGrid'!H406","v":6366.8062281855873},{"$f":"'REV - TransGrid'!H435","v":9523.7674695299429},9895.7314849618178,{"$f":"F18*$F$9","v":10352.566394461934},0.02,null,null,null,{"$f":"'REV - TransGrid'!AU153","v":8434.3208588368743},1.3279743858738753,9.5000000000000639E-3,null,null,null,null,{"$f":"AVERAGE('REV - TransGrid'!R11:AU11)","v":7.400000000000001E-2},{"$f":"AVERAGE('REV - TransGrid'!R477:AU477)","v":8.3692444719961692E-2},9.692444719961682E-3]
[null,null,null,null,"Totals",{"$f":"0.49*F15+0.49*F16+0.49*F17+0.1501*F18","v":6251.3164110067491},{"$f":"0.49*G15+0.49*G16+0.49*G17+0.1501*G18","v":6606.4173204563031},6330.6751513799782,9158.1341139478827,9513.2350233974357,10189.645749940999,null,null,null,null,{"$f":"0.49*P15+0.49*P16+0.49*P17+0.1501*P18","v":8301.588071809947},{"$f":"P19/F19","v":1.3279743858738722},9.5000000000000639E-3]
[]
[null,null,null,null,"RAB to EV",null,null,{"$f":"H19/$F$19","v":1.012694724623681},{"$f":"I19/$F$19","v":1.4649928929885989},{"$f":"J19/$F$19","v":1.5217970740766531},{"$f":"K19/$F$19","v":1.6299999999999997},null,null,null,null,"RAB growth (nominal)"]
[null,null,null,null,"RABa to EV",null,null,{"$f":"H19/$G$19","v":0.95826146673742385},{"$f":"I19/$G$19","v":1.3862481992456592},{"$f":"J19/$G$19","v":1.4399991041953069},{"$f":"K19/$G$19","v":1.5423860249320738},null,null,null,null,"2050 RAB","2050 compared to Y1","CAGR (Y30)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - SAPN'!AU158","v":11990.84106100279},{"$f":"P23/F15","v":2.7855160176600822},{"$f":"_xlfn.RRI(30,F15,P23)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - Citi'!AU156","v":5524.9839040153211},{"$f":"P24/F16","v":2.7855160176600826},{"$f":"_xlfn.RRI(30,F16,P24)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - Powercor'!AU156","v":12601.805934495556},{"$f":"P25/F17","v":2.7855160176600746},{"$f":"_xlfn.RRI(30,F17,P25)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'REV - TransGrid'!AU162","v":17691.55798506947},{"$f":"P26/F18","v":2.7855160176600857},{"$f":"_xlfn.RRI(30,F18,P26)","v":3.4737499999999866E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"0.49*P23+0.49*P24+0.49*P25+0.1501*P26","v":17413.141994320624},{"$f":"P27/F19","v":2.7855160176600799},{"$f":"_xlfn.RRI(30,F19,P27)","v":3.4737499999999866E-2}]

{"sheet":"FinalGraphs","index":4,"n_rows":58,"n_cols":4,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Low"]
[]
[null,"Assuming RAB:EV of","EV:RAB 1.47","EV:RAB 1.35"]
[]
[null,"Real RAB growth","Excess Equity return AST","Excess Equity return SKI"]
[null,0,3.2185511781188524E-2,2.0299534404728304E-2]
[null,2.5000000000000001E-3,3.0913340537836075E-2,1.9241346208220041E-2]
[null,5.0000000000000001E-3,2.9639599319228938E-2,1.8180875372034052E-2]
[null,7.4999999999999997E-3,2.8364767591073457E-2,1.7118508419994488E-2]
[null,0.01,2.7089318426430958E-2,1.6054575482567484E-2]
[null,1.2500000000000001E-2,2.5813718048885968E-2,1.4989407895723788E-2]
[null,1.4999999999999999E-2,2.4538425384332867E-2,1.3923337458378419E-2]
[null,1.7500000000000002E-2,2.3263891621786825E-2,1.2856695700025603E-2]
[null,0.02,2.199055978371408E-2,1.1789813159575223E-2]
[null,2.2499999999999999E-2,2.0718864306446164E-2,1.0723018676975954E-2]
[null,2.5000000000000001E-2,1.9449230631328238E-2,9.6566386989567071E-3]
[null,2.75E-2,1.8182074807294488E-2,8.5909966002564626E-3]
[null,0.03,1.6917803105629202E-2,7.5264137002195716E-3]
[]
[null,"Mid"]
[]
[null,"Assuming RAB:EV of","EV:RAB 1.61","EV:RAB 1.44"]
[]
[null,"Real RAB growth","Excess Equity return AST","Excess Equity return SKI"]
[null,0,4.4063555940118411E-2,2.8755171858632054E-2]
[null,2.5000000000000001E-3,4.2581161037077223E-2,2.7533952520950471E-2]
[null,5.0000000000000001E-3,4.1098279968995836E-2,2.6311520056881307E-2]
[null,7.4999999999999997E-3,3.9615455222897798E-2,2.5088261402220664E-2]
[null,0.01,3.8133220819689125E-2,2.3864555666635506E-2]
[null,1.2500000000000001E-2,3.6652101942354423E-2,2.2640782230538038E-2]
[null,1.4999999999999999E-2,3.5172614571459544E-2,2.1417319961035491E-2]
[null,1.7500000000000002E-2,3.369526512768533E-2,2.0194546442296572E-2]
[null,0.02,3.2220550121264326E-2,1.8972837220781618E-2]
[null,2.2499999999999999E-2,3.0748955808318851E-2,1.775256506666122E-2]
[null,2.5000000000000001E-2,2.9280957854221124E-2,1.6534099251789652E-2]
[null,2.75E-2,2.7817021004208721E-2,1.5317790544421325E-2]
[null,0.03,2.635759876158969E-2,1.4104042089120432E-2]
[]
[null,"High"]
[]
[null,"Assuming RAB:EV of","EV:RAB 1.76","EV:RAB 1.53"]
[]
[null,"Real RAB growth","Excess Equity return AST","Excess Equity return SKI"]
[null,0,5.5385937680058207E-2,3.654153965533477E-2]
[null,2.5000000000000001E-3,5.3713339220737788E-2,3.5175457001003455E-2]
[null,5.0000000000000001E-3,5.2041193336259277E-2,3.3809005944305824E-2]
[null,7.4999999999999997E-3,5.0370087609548898E-2,3.2442658848849504E-2]
[null,0.01,4.8700599560811866E-2,3.1076831013963444E-2]
[null,1.2500000000000001E-2,4.703329638331169E-2,2.971193735759722E-2]
[null,1.4999999999999999E-2,4.53687346834106E-2,2.8348391620457044E-2]
[null,1.7500000000000002E-2,4.3707460224078655E-2,2.6986605586965966E-2]
[null,0.02,4.2050007671253907E-2,2.562698832351501E-2]
[null,2.2499999999999999E-2,4.0396900342617649E-2,2.426994543437707E-2]
[null,2.5000000000000001E-2,3.8748649958504668E-2,2.2915878335705062E-2]
[null,2.75E-2,3.7105756394821027E-2,2.1565183547878407E-2]
[null,0.03,3.5468707437989702E-2,2.021825200712573E-2]

{"sheet":"WACC","index":5,"n_rows":256,"n_cols":52,"rows_kept":256,"cut":false,"hidden":false,"merged":[]}
["WACC Derivation"]
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[null,null,null,null,"Global assumptions",null,null,null,null,null,"Source"]
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[null,null,null,null,null,"Nominal forecast risk free rate",null,null,null,null,"consensus economics",null,null,null,null,null,null,null,null,null,0.01,1.4999999999999999E-2,1.7999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.5999999999999999E-2,2.8000000000000001E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
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[null,null,null,null,null,"forecast inflation",null,null,null,null,"consensus economics",null,null,null,null,null,null,null,null,null,8.0000000000000002E-3,2.5000000000000001E-2,0.02,2.1000000000000001E-2,2.3E-2,2.3E-2,2.4E-2,2.4E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2,2.3E-2]
[null,null,null,null,null,"Nominal forecast risk free rate (inflation assumption)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"((1+V6)*(1+$O$24))-1","v":1.4999999999999902E-2},{"$f":"((1+W6)*(1+$O$24))-1","v":2.2990196078431335E-2},2.6003917727717818E-2,2.6001955034212987E-2,2.800586510263936E-2,2.9003906249999822E-2,3.1005859375E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2,3.2013685239491885E-2]
[null,null,null,null,null,"Real on the day cost of debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V6+$O$15","v":8.8439024390243801E-3},{"$f":"W6+$O$15","v":1.6639215686274515E-2},{"$f":"X6+$O$15","v":1.957943192948091E-2},1.9577517106549362E-2,2.1532551319648312E-2,2.2506249999999998E-2,2.4459374999999998E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2,2.5442619745845767E-2]
[null,null,null,null,null,"Nominal on the day cost of debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"((1+V9)*(1+$O$24))-1","v":3.406499999999979E-2},{"$f":"((1+W9)*(1+$O$24))-1","v":4.2055196078431223E-2},4.5068917727717706E-2,4.5066955034212874E-2,4.707086510263947E-2,4.8068906249999932E-2,5.0070859374999888E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2]
[null,null,null,null,null,"Cost of equity distribution",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V8+$O$17*$O$16","v":5.1599999999999903E-2},{"$f":"W8+$O$17*$O$16","v":5.9590196078431336E-2},6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[null,null,null,null,null,"Cost of equity transmission",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V8+$O$18*$O$16","v":5.1599999999999903E-2},{"$f":"W8+$O$18*$O$16","v":5.9590196078431336E-2},6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[null,null,null,null,null,"Cost of equity gas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V8+$O$19*$O$16","v":5.1599999999999903E-2},{"$f":"W8+$O$19*$O$16","v":5.9590196078431336E-2},6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"Debt premium",null,null,null,null,null,null,null,null,1.8599999999999998E-2]
[null,null,null,null,null,"Market risk premium",null,null,null,null,"AusNet D Final decision 2021-26",null,null,null,6.0999999999999999E-2]
[null,null,null,null,null,"Equity beta (distribution)",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Equity beta (transmission)",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Equity beta (gas)",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Equity beta (pre 2018)",null,null,null,null,null,null,null,null,0.7]
[null,null,null,null,null,"Debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,null,null,null,null,0.4]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,null,null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2}]
[]
["AusNet Electricity Distribution"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2016-2017","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$f":"V33*(1+$O$24)","v":1.0249999999999999},1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet D PTRM 2021-26 / Ausnet 2020 debt update",null,null,null,null,null,3.1E-2,3.0200000000000001E-2,2.98E-2,2.8899999999999999E-2,2.69E-2,4.6399999999999997E-2,4.3331173285760499E-2,4.0234606622251978E-2,3.7138039958743471E-2,3.4041473295234964E-2,3.4041473295234999E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2,3.4041473295234964E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,null,null,null,null,null,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.9]
[]
[null,null,null,null,null,"Return on debt real",null,null,null,null,"calculated",null,null,null,null,null,null,null,null,null,null,{"$f":"((((1+V36)/(1+$V$7))))-1","v":2.0878048780487823E-2},{"$f":"0.9*V46+0.1*W$9","v":2.0454165471066495E-2},{"$f":"0.8*V46+0.1*W$9+0.1*X$9","v":2.0324303785965805E-2},{"$f":"0.7*V46+0.1*W$9+0.1*X$9+0.1*Y$9","v":2.0194250618571954E-2},{"$f":"0.6*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9","v":2.0259700872488001E-2},{"$f":"0.5*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9","v":2.0422520994439222E-2},{"$f":"0.4*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9","v":2.0780653616390442E-2},{"$f":"0.3*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9","v":2.1237110712926235E-2},{"$f":"0.2*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9+0.1*AD$9","v":2.1693567809462036E-2},{"$f":"0.1*V46+0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9+0.1*AD$9+0.1*AE$9","v":2.2150024905997823E-2},{"$f":"0.1*W$9+0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9+0.1*AD$9+0.1*AE$9+0.1*AF$9","v":2.2606482002533623E-2},{"$f":"0.1*X$9+0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9+0.1*AD$9+0.1*AE$9+0.1*AF$9+0.1*AG$9","v":2.3486822408490746E-2},{"$f":"0.1*Y$9+0.1*Z$9+0.1*AA$9+0.1*AB$9+0.1*AC$9+0.1*AD$9+0.1*AE$9+0.1*AF$9+0.1*AG$9+0.1*AH$9","v":2.4073141190127233E-2},2.4659651454056873E-2,2.5050658296676624E-2,2.5344295271261197E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2,2.5442619745845774E-2]
[null,null,null,null,null,"Return on debt nominal",null,null,null,null,"calculated",null,null,null,null,null,null,null,null,null,null,{"$f":"((((1+V36)/(1+$V$7)))*(1+$O$24))-1","v":4.6399999999999997E-2},{"$f":"0.9*V47+0.1*W$10","v":4.5965519607843119E-2},{"$f":"0.8*V47+0.1*W$10+0.1*X$10","v":4.583241138061489E-2},{"$f":"0.7*V47+0.1*W$10+0.1*X$10+0.1*Y$10","v":4.5699106884036174E-2},{"$f":"0.6*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10","v":4.5766193394300124E-2},{"$f":"0.5*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10","v":4.5933084019300116E-2},{"$f":"0.4*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10","v":4.6300169956800113E-2},{"$f":"0.3*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10","v":4.6768038480749285E-2},{"$f":"0.2*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10","v":4.7235907004698471E-2},{"$f":"0.1*V47+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10","v":4.7703775528647643E-2},{"$f":"0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10","v":4.8171644052596822E-2},{"$f":"0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10","v":4.9073992968702879E-2},{"$f":"0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10","v":4.967496971988028E-2},5.0276142740408175E-2,5.0676924754093397E-2,5.0977902653042584E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2,5.1078685239491772E-2]
[null,null,null,null,null,"Return on equity nominal",null,null,null,null,"calculated",null,null,null,null,null,null,null,null,null,null,null,{"$f":"W11","v":5.9590196078431336E-2},6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,{"$f":"AA11","v":6.5603906249999816E-2},{"$f":"AB11","v":6.7605859374999994E-2},6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W47)/(1+$O$24)-1","v":2.0454165471066599E-2},2.0324303785965725E-2,2.0194250618571941E-2,2.0259700872488073E-2,2.0422520994439308E-2,2.0780653616390588E-2,2.1237110712926333E-2,2.1693567809461856E-2,2.2150024905997823E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W48)/(1+$O$24)-1","v":3.374653275944528E-2},3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,"calculated",null,null,null,null,null,null,null,null,null,null,null,{"$f":"W48-Controls!$F$31","v":2.1160600944541086E-2},{"$f":"X48-Controls!$F$31","v":2.4174322593827562E-2},{"$f":"Y48-Controls!$F$31","v":2.417235990032273E-2},{"$f":"Z48-Controls!$F$31","v":2.6176269968749104E-2},{"$f":"AA48-Controls!$F$31","v":2.7174311116109566E-2},{"$f":"AB48-Controls!$F$31","v":2.9176264241109744E-2},{"$f":"AC48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AD48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AE48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AF48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AG48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AH48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AI48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AJ48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AK48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AL48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AM48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AN48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AO48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AP48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AQ48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AR48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AS48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AT48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AU48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AV48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AW48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AX48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AY48-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AZ48-Controls!$F$31","v":3.0184090105601628E-2}]
[null,null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W47*$O$39+W52*$O$40","v":3.6043552142522306E-2},{"$f":"X47*$O$39+X52*$O$40","v":3.7169175865899962E-2},3.7088408090550792E-2,3.7930224024079716E-2,3.8429574858023896E-2,3.9450607670523968E-2,4.013445913069022E-2,4.0415180245059731E-2,4.0695901359429236E-2,4.0976622473798748E-2,4.1518031823462379E-2,4.1878617874168821E-2,4.2239321686485559E-2,4.2479790894696688E-2,4.2660377634066202E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2]
[]
[]
[]
[null,null,null,null,null,"Forecast nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$21*W47+$O$22*W48","v":5.1415390196078409E-2},5.2541013919456057E-2,5.2460246144106895E-2,5.3302062077635819E-2,5.3801412911579999E-2,5.4822445724080071E-2,5.5506297184246323E-2,5.5787018298615834E-2,5.6067739412985339E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Forecast real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W57)/(1+$O$24)-1","v":2.5771112386417938E-2},2.6869281872640149E-2,2.6790484043031082E-2,2.7611767880620475E-2,2.809893942593189E-2,2.9095068999102525E-2,2.9762241155362412E-2,3.003611541328377E-2,3.0309989671205351E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[null,null,null,null,null,"Forecast real rate of return - check"]
[]
["AusNet Transmission"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,null,"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,null,null,null,null,1,{"$f":"V68*(1+$O$24)","v":1.0249999999999999},1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,4.9360163014238498E-2,4.9461141193470039E-2,4.928367142643069E-2,4.7836760930269999E-2,4.56535333875017E-2,4.3665204499304583E-2,4.16768756111075E-2,3.9688546722910424E-2,3.7700217834713341E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,null,null,null,null,null,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.9]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"((((1+V70)/(1+$V$7)))*(1+$O$24))-1","v":4.5653533387501666E-2},{"$f":"0.9*V80+0.1*W$10","v":4.5293699656594619E-2},{"$f":"0.8*V80+0.1*W$10+0.1*X$10","v":4.5235238090616227E-2},{"$f":"0.7*V80+0.1*W$10+0.1*X$10+0.1*Y$10","v":4.5176580255287341E-2},{"$f":"0.6*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10","v":4.5318313426801128E-2},{"$f":"0.5*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10","v":4.5559850713050951E-2},{"$f":"0.4*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10","v":4.6001583311800778E-2},{"$f":"0.3*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10","v":4.6544098496999795E-2},{"$f":"0.2*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10","v":4.7086613682198797E-2},{"$f":"0.1*V80+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10","v":4.7629128867397813E-2},{"$f":"0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10","v":4.8171644052596822E-2},{"$f":"0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10","v":4.9073992968702879E-2},{"$f":"0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10","v":4.967496971988028E-2},{"$f":"0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10","v":5.0276142740408175E-2},{"$f":"0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10","v":5.0676924754093397E-2},{"$f":"0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10","v":5.0977902653042584E-2},{"$f":"0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10","v":5.1078685239491772E-2},{"$f":"0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10","v":5.1078685239491772E-2},{"$f":"0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10","v":5.1078685239491772E-2},{"$f":"0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10","v":5.1078685239491772E-2},{"$f":"0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10","v":5.1078685239491772E-2},{"$f":"0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10","v":5.1078685239491772E-2},{"$f":"0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10","v":5.1078685239491772E-2},{"$f":"0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10","v":5.1078685239491772E-2},{"$f":"0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10","v":5.1078685239491772E-2},{"$f":"0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10","v":5.1078685239491772E-2},{"$f":"0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10","v":5.1078685239491772E-2},{"$f":"0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10","v":5.1078685239491772E-2},{"$f":"0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10","v":5.1078685239491772E-2},{"$f":"0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10","v":5.1078685239491772E-2},{"$f":"0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10+0.1*AZ$10","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W11","v":5.9590196078431336E-2},6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W80)/(1+$O$24)-1","v":1.9798731372287603E-2},1.9741695698162198E-2,1.968446854174366E-2,1.9822744806635262E-2,2.0058390939561965E-2,2.0489349572488713E-2,2.1018632679999927E-2,2.154791578751114E-2,2.2077198895022354E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W81)/(1+$O$24)-1","v":3.374653275944528E-2},{"$f":"(1+X81)/(1+$O$24)-1","v":3.6686749002651675E-2},3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W81-Controls!$F$31","v":2.1160600944541086E-2},{"$f":"X81-Controls!$F$31","v":2.4174322593827562E-2},{"$f":"Y81-Controls!$F$31","v":2.417235990032273E-2},{"$f":"Z81-Controls!$F$31","v":2.6176269968749104E-2},{"$f":"AA81-Controls!$F$31","v":2.7174311116109566E-2},{"$f":"AB81-Controls!$F$31","v":2.9176264241109744E-2},{"$f":"AC81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AD81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AE81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AF81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AG81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AH81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AI81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AJ81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AK81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AL81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AM81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AN81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AO81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AP81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AQ81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AR81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AS81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AT81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AU81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AV81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AW81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AX81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AY81-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AZ81-Controls!$F$31","v":3.0184090105601628E-2}]
[null,null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W80*$O$39+W85*$O$40","v":3.5640460171773206E-2},{"$f":"X80*$O$39+X85*$O$40","v":3.6810871891900757E-2},3.6774892113301497E-2,3.7661496043580323E-2,3.8205634874274398E-2,3.9271455683524366E-2,4.0000095140440527E-2,4.0325604251559927E-2,4.0651113362679341E-2,4.0976622473798748E-2,4.1518031823462379E-2,4.1878617874168821E-2,4.2239321686485559E-2,4.2479790894696688E-2,4.2660377634066202E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W80*$O$21+W81*$O$22","v":5.1012298225329308E-2},{"$f":"X80*$O$21+X81*$O$22","v":5.2182709945456859E-2},5.2146730166857599E-2,5.3033334097136425E-2,5.3577472927830494E-2,5.4643293737080462E-2,5.5371933193996629E-2,5.5697442305116029E-2,5.6022951416235436E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W88)/(1+$O$24)-1","v":2.5377851927150807E-2},{"$f":"(1+X88)/(1+$O$24)-1","v":2.6519717019958033E-2},2.6484614796934425E-2,2.7349594241108832E-2,2.7880461393005485E-2,2.8920286572761578E-2,2.963115433560648E-2,2.9948724200113297E-2,3.0266294064619892E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[]
[]
[]
[]
[]
["AusNet Gas Distribution"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1","Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7",null,null,null,null,"Period 8"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,null,"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,null,null,null,null,1,{"$f":"V102*(1+$O$16)","v":1.0609999999999999},{"$f":"W102*(1+$O$16)","v":1.125721},{"$f":"X102*(1+$O$16)","v":1.1943899809999998},1.2672477698409998,1.3445498838013008,1.42656742671318,1.513588039742684,1.6059169101669877,1.7038778416871738,1.8078143900300914,1.9180910678219267,2.0350946229590643,2.1592353949595671,2.2909487540521005,2.4306966280492786,2.5789691223602844,2.7362862388242615,{"$f":"AM102*(1+$O$16)","v":2.9031996993925411},{"$f":"AN102*(1+$O$16)","v":3.0802948810554858},3.2681928687998703,3.4675526337966622,3.6790733444582586,3.9034968184702121,4.1416101243968946,4.3942483419851053,4.6622974908461963,4.946697637787814,5.2484461936928701,5.5686014115081353,5.908286097610131]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,null,5.03699448065539E-2,5.03699448065539E-2,5.03699448065539E-2,5.03699448065539E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,null,null,null,null,null,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.9]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"((((1+V104)/(1+$V$7)))*(1+$O$24))-1","v":5.036994480655399E-2},{"$f":"0.9*V114+0.1*W$10","v":4.9538469933741711E-2},{"$f":"0.8*V114+0.1*W$10+0.1*X$10","v":4.9008367225858086E-2},{"$f":"0.7*V114+0.1*W$10+0.1*X$10+0.1*Y$10","v":4.8478068248623968E-2},{"$f":"0.6*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10","v":4.8148160278232523E-2},{"$f":"0.5*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10","v":4.7918056422577113E-2},{"$f":"0.4*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10","v":4.7888147879421708E-2},{"$f":"0.3*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10","v":4.7959021922715492E-2},{"$f":"0.2*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10","v":4.8029895966009262E-2},{"$f":"0.1*V114+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10","v":4.8100770009303045E-2},{"$f":"0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10","v":4.8171644052596822E-2},{"$f":"0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10","v":4.9073992968702879E-2},{"$f":"0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10","v":4.967496971988028E-2},{"$f":"0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10","v":5.0276142740408175E-2},{"$f":"0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10","v":5.0676924754093397E-2},{"$f":"0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10","v":5.0977902653042584E-2},{"$f":"0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10","v":5.1078685239491772E-2},{"$f":"0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10","v":5.1078685239491772E-2},{"$f":"0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10","v":5.1078685239491772E-2},{"$f":"0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10","v":5.1078685239491772E-2},{"$f":"0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10","v":5.1078685239491772E-2},{"$f":"0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10","v":5.1078685239491772E-2},{"$f":"0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10","v":5.1078685239491772E-2},{"$f":"0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10","v":5.1078685239491772E-2},{"$f":"0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10","v":5.1078685239491772E-2},{"$f":"0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10","v":5.1078685239491772E-2},{"$f":"0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10","v":5.1078685239491772E-2},{"$f":"0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10","v":5.1078685239491772E-2},{"$f":"0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10","v":5.1078685239491772E-2},{"$f":"0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10","v":5.1078685239491772E-2},{"$f":"0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10+0.1*AZ$10","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W8+$O$20*$O$16","v":6.5690196078431323E-2},{"$f":"X13","v":6.2603917727717812E-2},6.260195503421298E-2,6.4605865102639354E-2,{"$f":"AA13","v":6.5603906249999816E-2},6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W114)/(1+$O$24)-1","v":2.3939970667065325E-2},2.3422797293520148E-2,2.2905432437681839E-2,2.2583571003153891E-2,2.2359079436660823E-2,2.2329900370167577E-2,2.2399045778259019E-2,2.2468191186350683E-2,2.2537336594442126E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W115)/(1+$O$24)-1","v":3.9697752271640407E-2},3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W115-Controls!$F$31","v":2.7260600944541073E-2},{"$f":"X115-Controls!$F$31","v":2.4174322593827562E-2},{"$f":"Y115-Controls!$F$31","v":2.417235990032273E-2},{"$f":"Z115-Controls!$F$31","v":2.6176269968749104E-2},{"$f":"AA115-Controls!$F$31","v":2.7174311116109566E-2},{"$f":"AB115-Controls!$F$31","v":2.9176264241109744E-2},{"$f":"AC115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AD115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AE115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AF115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AG115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AH115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AI115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AJ115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AK115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AL115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AM115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AN115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AO115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AP115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AQ115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AR115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AS115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AT115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AU115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AV115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AW115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AX115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AY115-Controls!$F$31","v":3.0184090105601628E-2},{"$f":"AZ115-Controls!$F$31","v":3.0184090105601628E-2}]
[null,null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W114*$O$39+W119*$O$40","v":4.0627322338061454E-2},{"$f":"X114*$O$39+X119*$O$40","v":3.9074749373045878E-2},3.8755784909303474E-2,3.9359404154439157E-2,3.9620558299990088E-2,4.040339442409692E-2,4.0849049195869944E-2,4.0891573621846207E-2,4.0934098047822477E-2,4.0976622473798748E-2,4.1518031823462379E-2,4.1878617874168821E-2,4.2239321686485559E-2,4.2479790894696688E-2,4.2660377634066202E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2,4.2720847185935718E-2]
[]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W114*$O$21+W115*$O$22","v":5.599916039161755E-2},{"$f":"X114*$O$21+X115*$O$22","v":5.4446587426601974E-2},5.412762296285957E-2,5.4731242207995259E-2,5.4992396353546191E-2,5.5775232477653022E-2,5.6220887249426046E-2,5.626341167540231E-2,5.630593610137858E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+W123)/(1+$O$24)-1","v":3.0243083308895136E-2},2.8728377977172759E-2,2.8417193134497198E-2,2.9006089959019876E-2,2.9260874491264577E-2,3.002461705136894E-2,3.0459402194562113E-2,3.0500889439416978E-2,3.0542376684272066E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[]
["SAPN"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,null,null,null,1,{"$f":"U133*(1+$O$12)","v":1},{"$f":"V133*(1+$O$12)","v":1},{"$f":"W133*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AL133*(1+$O$12)","v":1},{"$f":"AM133*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,5.3100000000000001E-2,5.2900000000000003E-2,5.2200000000000003E-2,5.1400000000000001E-2,4.87E-2,4.5693110895157554E-2,4.3228483617943132E-2,4.0495321065876499E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,null,null,null,null,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.9]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,{"$f":"Q135","v":5.3100000000000001E-2},5.2900000000000003E-2,5.2200000000000003E-2,5.1400000000000001E-2,{"$f":"U135","v":4.87E-2},{"$f":"((((1+V135)/(1+$V$7)))*(1+$O$24))-1","v":4.5693110895157485E-2},{"$f":"0.9*V145+0.1*W$10","v":4.5329319413484857E-2},{"$f":"0.8*V145+0.1*W$10+0.1*X$10","v":4.5266900096740878E-2},{"$f":"0.7*V145+0.1*W$10+0.1*X$10+0.1*Y$10","v":4.5204284510646418E-2},{"$f":"0.6*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10","v":4.5342059931394618E-2},{"$f":"0.5*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10","v":4.557963946687886E-2},{"$f":"0.4*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10","v":4.60174143148631E-2},{"$f":"0.3*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10","v":4.6555971749296529E-2},{"$f":"0.2*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10","v":4.7094529183729965E-2},{"$f":"0.1*V145+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10","v":4.7633086618163394E-2},{"$f":"0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10","v":4.8171644052596822E-2},{"$f":"0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10","v":4.9073992968702879E-2},{"$f":"0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10","v":4.967496971988028E-2},{"$f":"0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10","v":5.0276142740408175E-2},{"$f":"0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10","v":5.0676924754093397E-2},{"$f":"0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10","v":5.0977902653042584E-2},{"$f":"0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10","v":5.1078685239491772E-2},{"$f":"0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10","v":5.1078685239491772E-2},{"$f":"0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10","v":5.1078685239491772E-2},{"$f":"0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10","v":5.1078685239491772E-2},{"$f":"0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10","v":5.1078685239491772E-2},{"$f":"0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10","v":5.1078685239491772E-2},{"$f":"0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10","v":5.1078685239491772E-2},{"$f":"0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10","v":5.1078685239491772E-2},{"$f":"0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10","v":5.1078685239491772E-2},{"$f":"0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10","v":5.1078685239491772E-2},{"$f":"0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10","v":5.1078685239491772E-2},{"$f":"0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10","v":5.1078685239491772E-2},{"$f":"0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10","v":5.1078685239491772E-2},{"$f":"0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10","v":5.1078685239491772E-2},{"$f":"0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10+0.1*AZ$10","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V11","v":5.1599999999999903E-2},5.9590196078431336E-2,6.2603917727717812E-2,6.260195503421298E-2,{"$f":"Z11","v":6.4605865102639354E-2},6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V145)/(1+$O$24)-1","v":2.0188400873324408E-2},1.9833482354619569E-2,1.9772585460235081E-2,1.9711497083557461E-2,1.984591212818998E-2,2.0077697040857378E-2,2.0504794453525044E-2,2.1030216340777175E-2,2.1555638228029306E-2,2.2081060115281437E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V146)/(1+$O$24)-1","v":2.5951219512195145E-2},3.374653275944528E-2,3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V146-Controls!$G$31","v":2.7490760823944773E-2},{"$f":"W146-Controls!$G$31","v":3.5480956902376209E-2},{"$f":"X146-Controls!$G$31","v":3.8494678551662678E-2},{"$f":"Y146-Controls!$G$31","v":3.8492715858157847E-2},{"$f":"Z146-Controls!$G$31","v":4.049662592658422E-2},{"$f":"AA146-Controls!$G$31","v":4.1494667073944683E-2},{"$f":"AB146-Controls!$G$31","v":4.349662019894486E-2},{"$f":"AC146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AD146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AE146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AF146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AG146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AH146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AI146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AJ146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AK146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AL146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AM146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AN146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AO146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AP146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AQ146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AR146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AS146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AT146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AU146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AV146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AW146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AX146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AY146-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AZ146-Controls!$G$31","v":4.4504446063436745E-2}]
[null,null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V145*$O$39+V150*$O$40","v":3.8412170866672403E-2},{"$f":"W145*$O$39+W150*$O$40","v":4.1389974409041401E-2},4.2558011478709599E-2,4.2519657049650987E-2,4.340388632947046E-2,4.3945650509705191E-2,4.5009096668495799E-2,4.5735361474952614E-2,4.6058495935612676E-2,4.638163039627273E-2,4.6704764856932791E-2,4.7246174206596422E-2,4.7606760257302864E-2,4.7967464069619603E-2,4.8207933277830739E-2,4.8388520017200246E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V145*$O$21+V146*$O$22","v":4.8055866537094455E-2},{"$f":"W145*$O$21+W146*$O$22","v":5.1033670079463453E-2},5.2201707149131651E-2,5.2163352720073039E-2,5.3047581999892512E-2,5.3589346180127242E-2,5.4652792338917858E-2,5.5379057145374666E-2,5.5702191606034734E-2,5.6025326066694789E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V153)/(1+$O$24)-1","v":2.2493528328872747E-2},2.5398702516549632E-2,2.653825087720163E-2,2.6500831922022572E-2,2.736349463404153E-2,2.7892045053782955E-2,2.8929553501383376E-2,2.9638104532073051E-2,2.9953357664424196E-2,3.0268610796775341E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[]
[]
["Citpower"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7",null,null,null,null,"Period 8"]
[null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,"Inputs"]
[]
[null,null,null,null,"Cumulative inflation index ",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0,null,null,null,null,null,null,1,{"$f":"U164*(1+$O$12)","v":1},{"$f":"V164*(1+$O$12)","v":1},{"$f":"W164*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AL164*(1+$O$12)","v":1},{"$f":"AM164*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,null,"Return on debt",null,null,null,null,"CitiPower PTRM 2021-26 / PTRM 2015-20 (2019 update)",null,null,null,null,null,null,null,null,null,null,4.9799999999999997E-2,4.5181781312518175E-2,4.2062200224605911E-2,3.8942619136693654E-2,3.5823038048781383E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2]
[null,null,null,null,"Return on equity",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,null,null,null,null,null,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2]
[]
[null,null,null,null,"Debt financing",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,"Equity financing",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,"Corporate tax rate",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,"Value of imputation credits",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.9]
[]
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[null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V11","v":5.1599999999999903E-2},5.9590196078431336E-2,6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V176)/(1+$O$24)-1","v":1.9689542743920319E-2},1.9384510038155556E-2,1.9373498956711588E-2,1.9362296392974487E-2,1.9546597250547526E-2,1.9828267976155445E-2,2.0305251201763408E-2,2.0880558901956059E-2,2.1455866602148488E-2,2.2031174302340917E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V177)/(1+$O$24)-1","v":2.5951219512195145E-2},3.374653275944528E-2,3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V177-Controls!$G$31","v":2.7490760823944773E-2},{"$f":"W177-Controls!$G$31","v":3.5480956902376209E-2},{"$f":"X177-Controls!$G$31","v":3.8494678551662678E-2},{"$f":"Y177-Controls!$G$31","v":3.8492715858157847E-2},{"$f":"Z177-Controls!$G$31","v":4.049662592658422E-2},{"$f":"AA177-Controls!$G$31","v":4.1494667073944683E-2},{"$f":"AB177-Controls!$G$31","v":4.349662019894486E-2},{"$f":"AC177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AD177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AE177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AF177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AG177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AH177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AI177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AJ177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AK177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AL177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AM177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AN177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AO177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AP177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AQ177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AR177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AS177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AT177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AU177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AV177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AW177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AX177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AY177-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AZ177-Controls!$G$31","v":4.4504446063436745E-2}]
[null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V176*$O$39+V181*$O$40","v":3.8105373117088802E-2},{"$f":"W176*$O$39+W181*$O$40","v":4.111385643441616E-2},4.2312573279042719E-2,4.2304898624942473E-2,4.3219807679720307E-2,4.379225163491339E-2,4.4886377568662365E-2,4.5643322150077534E-2,4.5997136385695955E-2,4.635095062131437E-2,4.6704764856932791E-2,4.7246174206596422E-2,4.7606760257302864E-2,4.7967464069619603E-2,4.8207933277830739E-2,4.8388520017200246E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2]
[]
[null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V176*$O$21+V177*$O$22","v":4.7749068787510854E-2},{"$f":"W176*$O$21+W177*$O$22","v":5.0757552104838212E-2},5.1956268949464771E-2,5.1948594295364525E-2,5.2863503350142359E-2,5.3435947305335442E-2,5.4530073239084417E-2,5.5287017820499593E-2,5.5640832056118014E-2,5.5994646291736422E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V184)/(1+$O$24)-1","v":2.2194213451230071E-2},2.512931912667149E-2,2.62987989750878E-2,2.6291311507672832E-2,2.7183905707456102E-2,2.7742387614961395E-2,2.880982755032635E-2,2.9548310068780115E-2,2.9893494688895572E-2,3.0238679309011252E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[]
[]
[]
[]
[]
[]
["Powercor"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7",null,null,null,null,"Period 8"]
[null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,"Inputs"]
[]
[null,null,null,null,"Cumulative inflation index ",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0,null,null,null,null,null,null,1,{"$f":"U199*(1+$O$12)","v":1},{"$f":"V199*(1+$O$12)","v":1},{"$f":"W199*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AL199*(1+$O$12)","v":1},{"$f":"AM199*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,null,"Return on debt",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,null,null,null,null,null,4.5181781312518175E-2,4.2062200224605911E-2,3.8942619136693654E-2,3.5823038048781383E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2]
[null,null,null,null,"Return on equity",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,null,null,null,null,null,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2]
[]
[null,null,null,null,"Debt financing",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,"Equity financing",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,"Corporate tax rate",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,"Value of imputation credits",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.9]
[]
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[null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V11","v":5.1599999999999903E-2},5.9590196078431336E-2,6.2603917727717812E-2,6.260195503421298E-2,6.4605865102639354E-2,{"$f":"AA11","v":6.5603906249999816E-2},6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
[]
[null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V211)/(1+$O$24)-1","v":1.9689542743920319E-2},1.9384510038155556E-2,1.9373498956711588E-2,1.9362296392974487E-2,1.9546597250547526E-2,1.9828267976155445E-2,2.0305251201763408E-2,2.0880558901956059E-2,2.1455866602148488E-2,2.2031174302340917E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V212)/(1+$O$24)-1","v":2.5951219512195145E-2},3.374653275944528E-2,3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V212-Controls!$G$31","v":2.7490760823944773E-2},{"$f":"W212-Controls!$G$31","v":3.5480956902376209E-2},{"$f":"X212-Controls!$G$31","v":3.8494678551662678E-2},{"$f":"Y212-Controls!$G$31","v":3.8492715858157847E-2},{"$f":"Z212-Controls!$G$31","v":4.049662592658422E-2},{"$f":"AA212-Controls!$G$31","v":4.1494667073944683E-2},{"$f":"AB212-Controls!$G$31","v":4.349662019894486E-2},{"$f":"AC212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AD212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AE212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AF212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AG212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AH212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AI212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AJ212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AK212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AL212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AM212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AN212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AO212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AP212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AQ212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AR212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AS212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AT212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AU212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AV212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AW212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AX212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AY212-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AZ212-Controls!$G$31","v":4.4504446063436745E-2}]
[null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V211*$O$39+V216*$O$40","v":3.8105373117088802E-2},{"$f":"W211*$O$39+W216*$O$40","v":4.111385643441616E-2},4.2312573279042719E-2,4.2304898624942473E-2,4.3219807679720307E-2,4.379225163491339E-2,4.4886377568662365E-2,4.5643322150077534E-2,4.5997136385695955E-2,4.635095062131437E-2,4.6704764856932791E-2,4.7246174206596422E-2,4.7606760257302864E-2,4.7967464069619603E-2,4.8207933277830739E-2,4.8388520017200246E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2]
[]
[null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V211*$O$21+V212*$O$22","v":4.7749068787510854E-2},{"$f":"W211*$O$21+W212*$O$22","v":5.0757552104838212E-2},5.1956268949464771E-2,5.1948594295364525E-2,5.2863503350142359E-2,5.3435947305335442E-2,5.4530073239084417E-2,5.5287017820499593E-2,5.5640832056118014E-2,5.5994646291736422E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V219)/(1+$O$24)-1","v":2.2194213451230071E-2},2.512931912667149E-2,2.62987989750878E-2,2.6291311507672832E-2,2.7183905707456102E-2,2.7742387614961395E-2,2.880982755032635E-2,2.9548310068780115E-2,2.9893494688895572E-2,3.0238679309011252E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]
[]
[]
[]
[]
[]
[]
[]
["Revenue - TransGrid"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,null,null,null,null,null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51","2051-52"]
[]
[null,"Inputs"]
[]
[null,null,null,null,"Cumulative inflation index ",null,null,null,null,"TransGrid PTRM 2018-23",null,null,null,0,null,null,null,null,null,null,1,{"$f":"U235*(1+$O$12)","v":1},{"$f":"V235*(1+$O$12)","v":1},{"$f":"W235*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AL235*(1+$O$12)","v":1},{"$f":"AM235*(1+$O$12)","v":1},1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,null,"Return on debt",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,null,null,null,null,null,null,null,null,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2]
[null,null,null,null,"Return on equity",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,null,null,null,null,null,null,null,null,7.400000000000001E-2,7.400000000000001E-2,7.400000000000001E-2,7.400000000000001E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2]
[]
[null,null,null,null,"Debt financing",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,0.6]
[null,null,null,null,"Equity financing",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,0.4]
[]
[null,null,null,null,"Corporate tax rate",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,0.3]
[null,null,null,null,"Value of imputation credits",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,0.58499999999999996]
[null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"TransGrid PTRM 2018-23, may 21 update",null,null,null,0.9]
[]
[null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"((((1+V237)/(1+$V$7)))*(1+$O$24))-1","v":4.9597138097138282E-2},{"$f":"0.9*V247+0.1*W$10","v":4.8842943895267575E-2},{"$f":"0.8*V247+0.1*W$10+0.1*X$10","v":4.8390121858325516E-2},{"$f":"0.7*V247+0.1*W$10+0.1*X$10+0.1*Y$10","v":4.7937103552032977E-2},{"$f":"0.6*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10","v":4.7684476252583097E-2},{"$f":"0.5*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10","v":4.7531653067869259E-2},{"$f":"0.4*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10","v":4.7579025195655419E-2},{"$f":"0.3*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10","v":4.7727179909890768E-2},{"$f":"0.2*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10","v":4.7875334624126124E-2},{"$f":"0.1*V247+0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10","v":4.8023489338361473E-2},{"$f":"0.1*W$10+0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10","v":4.8171644052596822E-2},{"$f":"0.1*X$10+0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10","v":4.9073992968702879E-2},{"$f":"0.1*Y$10+0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10","v":4.967496971988028E-2},{"$f":"0.1*Z$10+0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10","v":5.0276142740408175E-2},{"$f":"0.1*AA$10+0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10","v":5.0676924754093397E-2},{"$f":"0.1*AB$10+0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10","v":5.0977902653042584E-2},{"$f":"0.1*AC$10+0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10","v":5.1078685239491772E-2},{"$f":"0.1*AD$10+0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10","v":5.1078685239491772E-2},{"$f":"0.1*AE$10+0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10","v":5.1078685239491772E-2},{"$f":"0.1*AF$10+0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10","v":5.1078685239491772E-2},{"$f":"0.1*AG$10+0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10","v":5.1078685239491772E-2},{"$f":"0.1*AH$10+0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10","v":5.1078685239491772E-2},{"$f":"0.1*AI$10+0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10","v":5.1078685239491772E-2},{"$f":"0.1*AJ$10+0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10","v":5.1078685239491772E-2},{"$f":"0.1*AK$10+0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10","v":5.1078685239491772E-2},{"$f":"0.1*AL$10+0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10","v":5.1078685239491772E-2},{"$f":"0.1*AM$10+0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10","v":5.1078685239491772E-2},{"$f":"0.1*AN$10+0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10","v":5.1078685239491772E-2},{"$f":"0.1*AO$10+0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10","v":5.1078685239491772E-2},{"$f":"0.1*AP$10+0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10","v":5.1078685239491772E-2},{"$f":"0.1*AQ$10+0.1*AR$10+0.1*AS$10+0.1*AT$10+0.1*AU$10+0.1*AV$10+0.1*AW$10+0.1*AX$10+0.1*AY$10+0.1*AZ$10","v":5.1078685239491772E-2}]
[null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V8+$O$20*$O$16","v":5.7699999999999897E-2},{"$f":"W8+$O$20*$O$16","v":6.5690196078431323E-2},{"$f":"X12","v":6.2603917727717812E-2},6.260195503421298E-2,6.4605865102639354E-2,6.5603906249999816E-2,6.7605859374999994E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491878E-2]
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[null,null,null,null,"real return on debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V247)/(1+$O$24)-1","v":2.3997207899647099E-2},2.3261408678309836E-2,2.2819631081293368E-2,2.2377662001983545E-2,2.2131196343983417E-2,2.1982100554018835E-2,2.2028317264054076E-2,2.2172858448674004E-2,2.2317399633293711E-2,2.2461940817913861E-2,2.2606482002533568E-2,2.348682240849076E-2,2.4073141190127378E-2,2.4659651454056908E-2,2.5050658296676742E-2,2.5344295271261252E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2,2.5442619745845718E-2]
[null,null,null,null,"real return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V248)/(1+$O$24)-1","v":3.1902439024390272E-2},3.9697752271640407E-2,3.6686749002651675E-2,3.6684834179720127E-2,3.8639868392818855E-2,3.9613567073170541E-2,4.1566692073170763E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2,4.2549936819016532E-2]
[null,null,null,null,"Adjusted nominal return on equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V248-Controls!$G$31","v":3.3590760823944771E-2},{"$f":"W248-Controls!$G$31","v":4.158095690237619E-2},{"$f":"X248-Controls!$G$31","v":3.8494678551662678E-2},{"$f":"Y248-Controls!$G$31","v":3.8492715858157847E-2},{"$f":"Z248-Controls!$G$31","v":4.049662592658422E-2},{"$f":"AA248-Controls!$G$31","v":4.1494667073944683E-2},{"$f":"AB248-Controls!$G$31","v":4.349662019894486E-2},{"$f":"AC248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AD248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AE248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AF248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AG248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AH248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AI248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AJ248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AK248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AL248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AM248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AN248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AO248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AP248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AQ248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AR248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AS248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AT248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AU248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AV248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AW248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AX248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AY248-Controls!$G$31","v":4.4504446063436745E-2},{"$f":"AZ248-Controls!$G$31","v":4.4504446063436745E-2}]
[null,null,null,null,"Adjusted nominal WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V247*$O$39+V252*$O$40","v":4.3194587187860879E-2},{"$f":"W247*$O$39+W252*$O$40","v":4.5938149098111017E-2},4.4431944535660378E-2,4.4159348474482926E-2,4.4809336122183546E-2,4.511685867029943E-2,4.5946063196971199E-2,4.6438086371309154E-2,4.6526979199850368E-2,4.6615872028391583E-2,4.6704764856932791E-2,4.7246174206596422E-2,4.7606760257302864E-2,4.7967464069619603E-2,4.8207933277830739E-2,4.8388520017200246E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2,4.8448989569069761E-2]
[]
[null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V247*$O$21+V248*$O$22","v":5.2838282858282931E-2},{"$f":"W247*$O$21+W248*$O$22","v":5.5581844768533076E-2},5.4075640206082437E-2,5.3803044144904978E-2,5.4453031792605605E-2,5.4760554340721482E-2,5.5589758867393251E-2,5.6081782041731212E-2,5.6170674870272427E-2,5.6259567698813635E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1+V255)/(1+$O$24)-1","v":2.7159300349544502E-2},2.9835946115642109E-2,2.8366478249836735E-2,2.8100530873077956E-2,2.8734665163517636E-2,2.9034687161679562E-2,2.9843667187700929E-2,3.0323689796811104E-2,3.0410414507582972E-2,3.0497139218354841E-2,3.0583863929126709E-2,3.1112068172700846E-2,3.1463859441682951E-2,3.1815765600040846E-2,3.205036970561248E-2,3.2226551890363275E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2,3.2285546575114177E-2]

{"sheet":"REV - AED","index":6,"n_rows":479,"n_cols":47,"rows_kept":479,"cut":false,"hidden":false,"merged":[]}
["Revenue - AusNet Electricity Distribution"]
["This sheet provides a cash-flow projections for AusNet Electricity Distribution.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,{"$f":"WACC!W47","v":4.5965519607843119E-2},{"$f":"WACC!X47","v":4.583241138061489E-2},{"$f":"WACC!Y47","v":4.5699106884036174E-2},{"$f":"WACC!Z47","v":4.5766193394300124E-2},{"$f":"WACC!AA47","v":4.5933084019300116E-2},{"$f":"WACC!AB47","v":4.6300169956800113E-2},{"$f":"WACC!AC47","v":4.6768038480749285E-2},{"$f":"WACC!AD47","v":4.7235907004698471E-2},{"$f":"WACC!AE47","v":4.7703775528647643E-2},{"$f":"WACC!AF47","v":4.8171644052596822E-2},{"$f":"WACC!AG47","v":4.9073992968702879E-2},{"$f":"WACC!AH47","v":4.967496971988028E-2},{"$f":"WACC!AI47","v":5.0276142740408175E-2},{"$f":"WACC!AJ47","v":5.0676924754093397E-2},{"$f":"WACC!AK47","v":5.0977902653042584E-2},{"$f":"WACC!AL47","v":5.1078685239491772E-2},{"$f":"WACC!AM47","v":5.1078685239491772E-2},{"$f":"WACC!AN47","v":5.1078685239491772E-2},{"$f":"WACC!AO47","v":5.1078685239491772E-2},{"$f":"WACC!AP47","v":5.1078685239491772E-2},{"$f":"WACC!AQ47","v":5.1078685239491772E-2},{"$f":"WACC!AR47","v":5.1078685239491772E-2},{"$f":"WACC!AS47","v":5.1078685239491772E-2},{"$f":"WACC!AT47","v":5.1078685239491772E-2},{"$f":"WACC!AU47","v":5.1078685239491772E-2},{"$f":"WACC!AV47","v":5.1078685239491772E-2},{"$f":"WACC!AW47","v":5.1078685239491772E-2},{"$f":"WACC!AX47","v":5.1078685239491772E-2},{"$f":"WACC!AY47","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2,5.1179581539673134E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W57","v":5.1415390196078409E-2},{"$f":"WACC!X57","v":5.2541013919456057E-2},{"$f":"WACC!Y57","v":5.2460246144106895E-2},{"$f":"WACC!Z57","v":5.3302062077635819E-2},{"$f":"WACC!AA57","v":5.3801412911579999E-2},{"$f":"WACC!AB57","v":5.4822445724080071E-2},{"$f":"WACC!AC57","v":5.5506297184246323E-2},{"$f":"WACC!AD57","v":5.5787018298615834E-2},{"$f":"WACC!AE57","v":5.6067739412985339E-2},{"$f":"WACC!AF57","v":5.6348460527354843E-2},{"$f":"WACC!AG57","v":5.6889869877018481E-2},{"$f":"WACC!AH57","v":5.7250455927724916E-2},{"$f":"WACC!AI57","v":5.7611159740041662E-2},{"$f":"WACC!AJ57","v":5.7851628948252791E-2},{"$f":"WACC!AK57","v":5.8032215687622304E-2},{"$f":"WACC!AL57","v":5.809268523949182E-2},{"$f":"WACC!AM57","v":5.809268523949182E-2},{"$f":"WACC!AN57","v":5.809268523949182E-2},{"$f":"WACC!AO57","v":5.809268523949182E-2},{"$f":"WACC!AP57","v":5.809268523949182E-2},{"$f":"WACC!AQ57","v":5.809268523949182E-2},{"$f":"WACC!AR57","v":5.809268523949182E-2},{"$f":"WACC!AS57","v":5.809268523949182E-2},{"$f":"WACC!AT57","v":5.809268523949182E-2},{"$f":"WACC!AU57","v":5.809268523949182E-2},{"$f":"WACC!AV57","v":5.809268523949182E-2},{"$f":"WACC!AW57","v":5.809268523949182E-2},{"$f":"WACC!AX57","v":5.809268523949182E-2},{"$f":"WACC!AY57","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W58","v":2.5771112386417938E-2},{"$f":"WACC!X58","v":2.6869281872640149E-2},{"$f":"WACC!Y58","v":2.6790484043031082E-2},{"$f":"WACC!Z58","v":2.7611767880620475E-2},{"$f":"WACC!AA58","v":2.809893942593189E-2},{"$f":"WACC!AB58","v":2.9095068999102525E-2},{"$f":"WACC!AC58","v":2.9762241155362412E-2},{"$f":"WACC!AD58","v":3.003611541328377E-2},{"$f":"WACC!AE58","v":3.0309989671205351E-2},{"$f":"WACC!AF58","v":3.0583863929126709E-2},{"$f":"WACC!AG58","v":3.1112068172700846E-2},{"$f":"WACC!AH58","v":3.1463859441682951E-2},{"$f":"WACC!AI58","v":3.1815765600040846E-2},{"$f":"WACC!AJ58","v":3.205036970561248E-2},{"$f":"WACC!AK58","v":3.2226551890363275E-2},{"$f":"WACC!AL58","v":3.2285546575114177E-2},{"$f":"WACC!AM58","v":3.2285546575114177E-2},{"$f":"WACC!AN58","v":3.2285546575114177E-2},{"$f":"WACC!AO58","v":3.2285546575114177E-2},{"$f":"WACC!AP58","v":3.2285546575114177E-2},{"$f":"WACC!AQ58","v":3.2285546575114177E-2},{"$f":"WACC!AR58","v":3.2285546575114177E-2},{"$f":"WACC!AS58","v":3.2285546575114177E-2},{"$f":"WACC!AT58","v":3.2285546575114177E-2},{"$f":"WACC!AU58","v":3.2285546575114177E-2},{"$f":"WACC!AV58","v":3.2285546575114177E-2},{"$f":"WACC!AW58","v":3.2285546575114177E-2},{"$f":"WACC!AX58","v":3.2285546575114177E-2},{"$f":"WACC!AY58","v":3.2285546575114177E-2}]
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[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0514153901960783},{"$f":"R23*(1+S20)","v":1.1066578208475006},1.1647133625264614,1.2267949864784988,1.2927982901038848,1.3636726541952884,1.4393650738010821,1.5196629595116116,1.6048670263210747,1.695298812605381,1.7917441414571649,1.8943223104614175,2.0034564156885351,2.1193596328629445,2.2423507681968871,2.3726149455702816,2.51044651879781,2.6562850982249091,2.8105958323424414,2.9738708913661385,3.1466310370011588,3.3294272833984828,3.5228426546007272,3.7274940440827034,3.9440341823176803,4.1731537186448575,4.4155834240781084,4.6720965220817954,4.9435111547476174]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.95109887997122633},{"$f":"1/S23","v":0.90362168066926052},0.85858034446417775,0.81513212152137071,0.77351587456048032,0.73331381759657421,0.69475077463092472,0.65804064890900504,0.62310458349459341,0.58986651353997765,0.55811540100068857,0.52789327057887037,0.499137386852674,0.47184063737646376,0.44596055808169444,0.42147589176533662,0.39833551223344721,{"$f":"1/AI23","v":0.37646561382596344},{"$f":"1/AJ23","v":0.35579644305049996},0.33626207610533471,0.31780020861709685,0.30035195692253086,0.2838616702605295,0.26827675327542727,0.25354749826543288,0.23962692664116111,0.22647063908860049,0.21403667395861492,0.20228537343131642]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
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[null,null,null,null,null,"Net capex",null,null,null,null,"AusNet D PTRM","Real","$m",null,null,null,null,320.00777690845842,265.53102388016021,234.08955244451263,229.92125825613888,{"$f":"U149*Controls!$F$11","v":250.44593001222026},{"$f":"V149*Controls!$F$11","v":250.72720813235676},{"$f":"W149*Controls!$F$11","v":251.40033984631341},{"$f":"X149*Controls!$F$11","v":252.40664945040379},{"$f":"Y149*Controls!$F$11","v":254.0797094424945},{"$f":"Z149*Controls!$F$11","v":256.31312048738408},{"$f":"AA149*Controls!$F$11","v":258.9726631457836},{"$f":"AB149*Controls!$F$11","v":261.62370107279168},{"$f":"AC149*Controls!$F$11","v":264.20748800681997},{"$f":"AD149*Controls!$F$11","v":266.65169061200214},{"$f":"AE149*Controls!$F$11","v":268.94083726831241},{"$f":"AF149*Controls!$F$11","v":271.04871730145123},{"$f":"AG149*Controls!$F$11","v":272.91763868693823},{"$f":"AH149*Controls!$F$11","v":274.52343626750826},{"$f":"AI149*Controls!$F$11","v":278.00111182536011},{"$f":"AJ149*Controls!$F$11","v":282.93378543329953},{"$f":"AK149*Controls!$F$11","v":287.78664748112487},{"$f":"AL149*Controls!$F$11","v":292.51716516547191},{"$f":"AM149*Controls!$F$11","v":297.11638348261891},{"$f":"AN149*Controls!$F$11","v":301.59783817159217},{"$f":"AO149*Controls!$F$11","v":305.95062873363804},{"$f":"AP149*Controls!$F$11","v":310.14404021165086},{"$f":"AQ149*Controls!$F$11","v":314.16279394211352},{"$f":"AR149*Controls!$F$11","v":317.99299326100987},{"$f":"AS149*Controls!$F$11","v":321.62027122041536}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
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[]
[]
[null,null,"RAB (Real)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q149","v":4941.4537974171153},{"$f":"R149","v":5016.0636736772412},{"$f":"S149","v":5037.4881115669405},5024.5573024417072,{"$f":"U149","v":5008.7451215231722},{"$f":"V149","v":5014.37048909036},{"$f":"W149","v":5027.832657105062},5047.9581521369983,{"$f":"Y149","v":5081.4181930847235},5126.0848669448287,5179.2738779025685,5232.2928001235314,5283.9667490682723,5332.8491081232705,5378.6304556048835,5420.7865961827119,5458.1637293292224,5490.2785686378165,5559.8296708808475,{"$f":"AJ149","v":5658.4797262785423},{"$f":"AK149","v":5755.5336057577733},{"$f":"AL149","v":5850.1406827128521},{"$f":"AM149","v":5942.1218632722885},{"$f":"AN149","v":6031.7478528406828},{"$f":"AO149","v":6118.8006489935115},{"$f":"AP149","v":6202.6659738642775},{"$f":"AQ149","v":6283.0382647658535},{"$f":"AR149","v":6359.6395980438483},{"$f":"AS149","v":6432.1826446914583}]
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[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,249.495149094857,247.65025378752156,250.13532283975692,248.88609099588416,242.05367052878427,228.3570226586439,216.17419729828194,197.58471840267825,181.75837259534336,169.129789557745,165.59283172719682,163.13448919189722,161.99078165542574,160.93907224357267,160.18961908304985,160.34185345520854,160.68005762871982,118.01222247860736,85.496610462344492,85.031109854347264,85.213824595263404,85.333066613315907,84.93322070260102,84.519691290615626,84.480895357270626,84.480895357270626,84.480895357270626,84.480895357270626,84.480895357270626]
[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,46,null,null,{"$f":"IF(R$2>=$O127,IF(R126-HLOOKUP($O127,$R$2:$AT$33,30,FALSE)/HLOOKUP($O127,$R$2:$AT$33,31,FALSE)<=0,R126,HLOOKUP($O127,$R$2:$AT$33,30,FALSE)/HLOOKUP($O127,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,47,null,null,{"$f":"IF($O128=R$2,R$40,IF(R$2>$O128,Q128-Q129,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,47,null,null,{"$f":"IF(R$2>=$O129,IF(R128-HLOOKUP($O129,$R$2:$AT$33,30,FALSE)/HLOOKUP($O129,$R$2:$AT$33,31,FALSE)<=0,R128,HLOOKUP($O129,$R$2:$AT$33,30,FALSE)/HLOOKUP($O129,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,48,null,null,{"$f":"IF($O130=R$2,R$40,IF(R$2>$O130,Q130-Q131,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,48,null,null,{"$f":"IF(R$2>=$O131,IF(R130-HLOOKUP($O131,$R$2:$AT$33,30,FALSE)/HLOOKUP($O131,$R$2:$AT$33,31,FALSE)<=0,R130,HLOOKUP($O131,$R$2:$AT$33,30,FALSE)/HLOOKUP($O131,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,49,null,null,{"$f":"IF($O132=R$2,R$40,IF(R$2>$O132,Q132-Q133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,49,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,50,null,null,{"$f":"IF($O134=R$2,R$40,IF(R$2>$O134,Q134-Q135,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,51,null,null,{"$f":"IF($O136=R$2,R$40,IF(R$2>$O136,Q136-Q137,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,52,null,null,{"$f":"IF($O138=R$2,R$40,IF(R$2>$O138,Q138-Q139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,53,null,null,{"$f":"IF($O140=R$2,R$40,IF(R$2>$O140,Q140-Q141,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,54,null,null,{"$f":"IF($O142=R$2,R$40,IF(R$2>$O142,Q142-Q143,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,55,null,null,{"$f":"IF($O144=R$2,R$40,IF(R$2>$O144,Q144-Q145,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O145,IF(R144-HLOOKUP($O145,$R$2:$AT$33,30,FALSE)/HLOOKUP($O145,$R$2:$AT$33,31,FALSE)<=0,R144,HLOOKUP($O145,$R$2:$AT$33,30,FALSE)/HLOOKUP($O145,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$145,$L$147,R43:R145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$147,S43:S145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$147,T43:T145)","v":0},0,6.2611482503055065,12.529328453614426,18.814336949772262,25.124503186032356,31.47649592209472,37.884323934279323,44.358640512923913,50.899233039743706,57.504420239914204,64.170712505214254,70.894233436922065,77.670451369458348,84.4933923366318,91.356478243319501,98.306506038953501,105.37985067478598,112.5745168618141,119.88744599095091,127.31535557801638,134.85530153230619,142.50406725064713,150.2576682559384,158.11173810449122,166.06156293601646,174.10206971652684]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$145,$L$148,R43:R145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$148,S43:S145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$148,T43:T145)","v":0},0,253.94018634627727,502.02755722293216,744.61225804930791,981.96718363597165,1214.7442228274824,1443.4708513551523,1668.5569218819553,1889.9059525454136,2107.3842804560081,2320.7709924464939,2529.8402730390808,2734.335477573336,2933.9533154778228,3128.3797261061491,3319.4764197618224,3508.6347537312326,3695.6503214686045,3880.277497770493,4062.2646176285548,4241.3770510262875,4417.3720369726661,4589.9788242368049,4758.915122720623,4923.8888895570299,5084.5981987112218]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"CEPA historical model","On 30/6/2022",null,null,null,null,4941.4537974171153,{"$f":"R39+R40-R41-R147","v":5016.0636736772412},{"$f":"S39+S40-S41-S147","v":5037.4881115669405},{"$f":"T39+T40-T41-T147","v":5024.5573024417072},{"$f":"U39+U40-U41-U147","v":5008.7451215231722},{"$f":"V39+V40-V41-V147","v":5014.37048909036},{"$f":"W39+W40-W41-W147","v":5027.832657105062},5047.9581521369983,5081.4181930847235,5126.0848669448287,5179.2738779025685,5232.2928001235314,5283.9667490682723,5332.8491081232705,5378.6304556048835,{"$f":"AF39+AF40-AF41-AF147","v":5420.7865961827119},5458.1637293292224,5490.2785686378165,5559.8296708808475,5658.4797262785423,5755.5336057577733,{"$f":"AL39+AL40-AL41-AL147","v":5850.1406827128521},5942.1218632722885,6031.7478528406828,6118.8006489935115,6202.6659738642775,6283.0382647658535,6359.6395980438483,6432.1826446914583,{"$f":"AT39+AT40-AT41-AT147","v":6500.3705517078697}]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":5064.9901423525425},{"$f":"S39*S8","v":5270.0018971571508},{"$f":"T39*T8","v":5424.8237208953915},5546.171120119132,5666.9353667671667,5815.1324526790413,5976.5130513285812,6150.4468390725278,6345.9950161618863,6561.8220104149123,6795.6561522945813,7036.8521120705018,7284.0065242237315,7535.1761809814761,7789.8606271234448,8047.1881704346733,8305.2416030417171,8562.9608322131517,8888.2227355314044,9272.0779065299084,9666.8897887645016,10071.434871178137,10485.531716763535,10909.778862771995,11343.914352011272,11786.88087551203,12238.102047088709,12696.988778585603,13162.8661251096]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":332.20765098885721},{"$f":"S40*S8","v":282.69659794338014},255.44331702685434,257.26998641175021,287.31001241515378,294.96630356373134,303.25041216601954,312.11737172737236,322.08368616770224,333.08199795974468,345.03994596912207,357.34727748162635,369.96143196060422,382.76207817549755,395.73298101750146,408.81716853876571,421.92692456978722,435.01970223527678,451.54381569352029,471.04461284315329,491.1020381676426,511.65393426300756,532.69108367813214,554.24389359365603,576.29905593285173,598.80285677105917,621.72601425685684,645.03860124715663,668.70632886312546]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$8","v":123.53634493542789},{"$f":"R158*$O$8","v":128.5366316379793},132.31277368037541,135.27246634436909,138.21793577480898,141.83249884583029,145.76861100801418,150.01089851396409,154.78036624785091,160.04443927841254,165.74771103157516,171.63053931879276,177.65869571277395,183.78478490198725,189.99660066154746,196.27288220572376,202.56686836687118,208.85270322471104,216.78592037881478,226.14824162268076,235.77779972596352,245.64475295556431,255.74467601862281,266.0921673846828,276.6808378539335,287.48489940273242,298.49029383143198,309.68265313623425,321.04551524657569]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R147*R8)","v":255.73252782222841},{"$f":"(S41*S8)+(S147*S8)","v":260.18754788551485},{"$f":"(T41*T8)+(T147*T8)","v":269.36838414748257},274.72367553852359,280.94542534910931,279.35431592220527,279.32752293603681,271.3495608858633,266.3011311930876,264.99556711165076,275.47452551199518,287.8515610411701,302.5765601048455,318.07423269507535,334.67831991199489,353.33060429859307,373.06039862306318,326.54371929583704,293.83688631769519,312.01053033452308,332.20170870957077,353.30176469623115,374.53610505435307,396.78924220831249,420.81743183482337,446.07197902581106,472.52193589619458,500.20676996973191,529.16609174793689]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R156-R155","v":132.1961828868005},{"$f":"S156-S155","v":131.65091624753555},137.05561046710716,139.4512091941545,142.72748957430034,137.52181707637499,133.55891192802264,121.3386623718992,111.52076494523669,{"$f":"AA156-AA155","v":104.95112783323822},109.72681448042002,116.22102172237734,124.91786439207155,134.2894477930881,144.68171925044743,157.05772209286931,170.493530256192,117.691016071126,77.05096593888041,85.862288711842325,96.423908983607248,107.65701174066683,118.79142903573026,130.69707482362969,144.13659398088987,158.58707962307864,174.03164206476259,190.52411683349766,208.1205765013612]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q149*Q8","v":4941.4537974171153},{"$f":"R149*R8","v":5141.4652655191721},{"$f":"S149*S8","v":5292.5109472150161},5410.8986537747633,5528.7174309923585,5673.2999538332115,5830.7444403205673,6000.4359405585637,6191.2146499140363,6401.7775711365011,6629.9084412630064,6865.2215727517096,7106.3478285109577,7351.3913960794898,7599.864026461898,7850.91528822895,8102.6747346748461,8354.1081289884405,8671.4368151525905,9045.9296649072294,9431.1119890385398,9825.7901182225723,10229.787040744912,10643.686695387312,11067.23351415734,11499.395976109297,11939.611753257279,12387.30612544937,12841.820609863027,13302.406362224789]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$13","v":2964.8722784502693},{"$f":"R158*$O$13","v":3084.8791593115034},{"$f":"S158*$O$13","v":3175.5065683290095},3246.5391922648578,3317.2304585954148,3403.9799722999269,3498.4466641923404,3600.2615643351382,3714.7287899484218,3841.0665426819005,3977.9450647578037,4119.1329436510259,4263.8086971065741,4410.8348376476933,4559.9184158771386,4710.5491729373698,4861.6048408049073,5012.4648773930639,5202.8620890915545,5427.5577989443373,5658.6671934231235,5895.4740709335429,6137.8722244469473,6386.2120172323876,6640.3401084944044,6899.6375856655786,7163.7670519543672,7432.3836752696216,7705.0923659178161]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$14","v":1976.5815189668463},{"$f":"R158*$O$14","v":2056.5861062076688},{"$f":"S158*$O$14","v":2117.0043788860066},2164.3594615099055,2211.4869723969437,2269.3199815332846,2332.2977761282268,2400.1743762234255,2476.4858599656145,2560.7110284546006,2651.9633765052026,2746.0886291006841,2842.5391314043832,2940.556558431796,3039.9456105847594,3140.3661152915802,3241.0698938699388,3341.6432515953766,3468.5747260610365,3618.3718659628921,3772.4447956154163,3930.316047289029,4091.914816297965,4257.4746781549247,4426.8934056629359,4599.7583904437188,4775.8447013029117,4954.922450179748,5136.728243945211]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R162*WACC!W47","v":136.28189484985637},{"$f":"S162*WACC!X47","v":141.38745068905024},{"$f":"T162*WACC!Y47","v":145.11781407702634},{"$f":"U162*WACC!Z47","v":148.5817405353684},{"$f":"V162*WACC!AA47","v":152.37062536604464},{"$f":"W162*WACC!AB47","v":157.60485124703035},{"$f":"X162*WACC!AC47","v":163.61548821379634},{"$f":"Y162*WACC!AD47","v":170.06162044552482},{"$f":"Z162*WACC!AE47","v":177.2065883455044},{"$f":"AA162*WACC!AF47","v":185.0304902764112},{"$f":"AB162*WACC!AG47","v":195.21364813781076},{"$f":"AC162*WACC!AH47","v":204.61780424802603},{"$f":"AD162*WACC!AI47","v":214.36785467352394},{"$f":"AE162*WACC!AJ47","v":223.52754517020591},{"$f":"AF162*WACC!AK47","v":232.45507711040091},{"$f":"AG162*WACC!AL47","v":240.60865850961622},{"$f":"AH162*WACC!AM47","v":248.32438342226337},{"$f":"AI162*WACC!AN47","v":256.03011574636804},{"$f":"AJ162*WACC!AO47","v":265.7553549931921},{"$f":"AK162*WACC!AP47","v":277.23251643142657},{"$f":"AL162*WACC!AQ47","v":289.03728044789801},{"$f":"AM162*WACC!AR47","v":301.13306440679963},{"$f":"AN162*WACC!AS47","v":313.51444339274479},{"$f":"AO162*WACC!AT47","v":326.1993135008729},{"$f":"AP162*WACC!AU47","v":339.17984228495834},{"$f":"AQ162*WACC!AV47","v":352.42441650477906},{"$f":"AR162*WACC!AW47","v":365.915802375819},{"$f":"AS162*WACC!AX47","v":379.63638632823404},{"$f":"AT162*WACC!AY47","v":393.56598769992706}]
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[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,253.234550091247,262.21270668937308,272.11458687106636,283.36043371424535,{"$f":"U168*(1+$O$8)","v":290.44444455710146},{"$f":"V168*(1+$O$8)","v":297.70555567102895},305.14819456280463,312.77689942687471,320.59632191254656,328.61122996036022,336.82651070936919,345.24717347710339,353.87835281403096,362.72531163438168,371.7934444252412,381.08828053587223,390.61548754926901,400.38087473800067,410.39039660645068,420.6501565216119,431.16641043465216,441.94557069551843,452.99420996290633,464.31906521197897,475.92704184227841,487.82521788833532,500.02084833554363,512.52136954393222,525.33440378253044]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":132.1961828868005},{"$f":"S157","v":131.65091624753555},{"$f":"T157","v":137.05561046710716},139.4512091941545,142.72748957430034,137.52181707637499,133.55891192802264,121.3386623718992,111.52076494523669,104.95112783323822,109.72681448042002,116.22102172237734,124.91786439207155,134.2894477930881,144.68171925044743,157.05772209286931,170.493530256192,117.691016071126,77.05096593888041,85.862288711842325,96.423908983607248,107.65701174066683,118.79142903573026,130.69707482362969,144.13659398088987,158.58707962307864,174.03164206476259,190.52411683349766,208.1205765013612]
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[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R309","v":0},{"$f":"S309","v":0},0,0,0,0,0,0,{"$f":"Z309","v":26.076492706951292},29.468321307620688,29.351822559189234,29.975056708112078,31.362032921587886,32.688731353384348,34.318621817355464,36.662421658913303,39.344818409228964,19.318048677090871,{"$f":"AJ309","v":4.0114138921645033},{"$f":"AK309","v":6.0725851135882172},8.7153414083011924,11.556211843765615,14.327336515529593,17.274289361424547,20.824266968103181,24.611433483006632,28.684397120796991,33.056024520863254,37.739758799864205]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171*$O$17","v":0},{"$f":"S171*$O$17","v":0},0,0,0,0,0,0,15.254748233566504,17.2389679649581,17.170816197125699,17.535408174245564,18.346789259128911,19.122907841729841,20.076393763152947,21.447516670464282,23.016718769398942,11.301058476098159,2.3466771269162341,3.5524622914491069,5.0984747238561976,6.7603839286028844,8.3814918615848111,10.10545927643336,12.18219617634036,14.397688587558878,16.780372315666238,19.337774344705004,22.07775889792056]
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[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166+R168+R169+R171-R172+R320","v":691.31524755674582},{"$f":"S165+S166+S168+S169+S171-S172+S320","v":694.86304761073575},698.25928977459625,720.4820302029766,730.62474350767138,746.25155154285108,762.35014020065273,768.86199141438658,{"$f":"Z165+Z166+Z168+Z169+Z171-Z172+Z320","v":790.06624097240558},806.5220219083518,835.90896007185154,866.94490881823538,901.21640078520431,935.87055023849302,971.75434011012976,1009.4416582981891,1048.1432504047398,1011.4014550041247,992.85314878738006,1034.534912777631,1079.0858063403177,1125.2049429185611,1172.0072822776078,1220.5053111035018,1271.6310196248282,1324.6568332912577,1379.5606226691491,1436.3756122645473,1495.1328227766269]
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[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q185","v":3843.44},{"$f":"R185","v":3823.0888570730126},3736.7714660822703,3663.9344385382128,3601.8755298922997,3420.0099369395152,3255.4448332542984,3103.009177722422,2969.6490313302779,2849.3472599002075,2736.8603788449786,2626.1403822274624,2517.3885969748426,2410.4473106532901,2304.3445163483711,2198.8455911027636,2093.9807153808561,1989.6612596412626,1885.8630783699482,1782.5630998826671,1679.739278185772,1577.3705470256737,1475.4367760249652,1373.9187288081805,1272.636609289365,1171.9093057324912,1071.5438395609449,971.52426544607079,871.8353412538346]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"AusNet D PTRM 2021-26","TaxDep",null,null,null,null,null,376.31458665772777,392.01156453413427,351.06897220422576,341.53099143796197,181.86559295278445,164.56510368521666,152.43565553187619,133.36014639214406,120.30177143007019,112.48688105522899,110.71999661751634,108.75178525261961,106.94128632155247,106.10279430491889,105.49892524560759,104.86487572190767,104.31945573959352,103.7981812713145,103.29997848728122,102.82382169689511,102.36873116009838,101.93377100070856,101.51804721678468,101.28211951881553,100.72730355687366,100.36546617154644,100.01957411487409,99.688924192236186,99.37284424406171]
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[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,355.96344373074027,305.6941735433918,278.23194466016821,279.47208279204864]
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[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CEPA calculated",null,null,null,null,null,3843.44,{"$f":"R180-R181+R183","v":3823.0888570730126},{"$f":"S180-S181+S183","v":3736.7714660822703},3663.9344385382128,3601.8755298922997,3420.0099369395152,3255.4448332542984,3103.009177722422,2969.6490313302779,2849.3472599002075,2736.8603788449786,2626.1403822274624,2517.3885969748426,2410.4473106532901,2304.3445163483711,2198.8455911027636,2093.9807153808561,1989.6612596412626,1885.8630783699482,1782.5630998826671,1679.739278185772,1577.3705470256737,1475.4367760249652,1373.9187288081805,1272.636609289365,1171.9093057324912,1071.5438395609449,971.52426544607079,871.8353412538346,772.46249700977285]
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[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V40*V8","v":287.31001241515378},{"$f":"W40*W8","v":294.96630356373134},303.25041216601954,312.11737172737236,322.08368616770224,333.08199795974468,345.03994596912207,357.34727748162635,369.96143196060422,382.76207817549755,395.73298101750146,408.81716853876571,421.92692456978722,435.01970223527678,451.54381569352029,471.04461284315329,491.1020381676426,511.65393426300756,532.69108367813214,554.24389359365603,576.29905593285173,598.80285677105917,621.72601425685684,645.03860124715663,668.70632886312546]
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[null,null,null,null,null,"Future TAB calculations"]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,6,null,null,{"$f":"IF($O192=R$2,R$187,IF(R$2>$O192,Q192-Q193,0))","v":0},0,0,0,0,294.96630356373134,280.2179883855448,266.20708896626758,252.8967345179542,240.2518977920565,228.23930290245366,216.82733775733098,205.98597086946444,195.68667232599122,185.90233870969166,176.60722177420709,167.77686068549673,159.3880176512219,151.4186167686608,143.84768593022775,136.65530163371636,129.82253655203056,123.33140972442902,117.16483923820758,111.3065972762972,105.74126741248233,100.45420404185822,95.431493839765309,90.659919147777046]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,6,null,null,{"$f":"IF(R$2>=$O193,IF(R192-(R192*HLOOKUP($O193,$R$2:$AT$34,32,FALSE))<=0,R192,R192*HLOOKUP($O193,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,14.748315178186568,14.010899419277241,13.31035444831338,12.644836725897711,12.012594889602825,11.411965145122684,10.841366887866549,10.299298543473222,9.7843336162995627,9.2951169354845842,8.8303610887103545,8.3888430342748368,7.9694008825610956,7.57093083843304,7.1923842965113884,6.8327650816858183,6.4911268276015281,6.1665704862214517,5.8582419619103794,5.5653298638148598,5.287063370624117,5.0227102020929113,4.771574691988266,4.5329959573888523]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,45,null,null,{"$f":"IF($O270=R$2,R$187,IF(R$2>$O270,Q270-Q271,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,45,null,null,{"$f":"IF(R$2>=$O271,IF(R270-(R270*HLOOKUP($O271,$R$2:$AT$34,32,FALSE))<=0,R270,R270*HLOOKUP($O271,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,46,null,null,{"$f":"IF($O272=R$2,R$187,IF(R$2>$O272,Q272-Q273,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,46,null,null,{"$f":"IF(R$2>=$O273,IF(R272-(R272*HLOOKUP($O273,$R$2:$AT$34,32,FALSE))<=0,R272,R272*HLOOKUP($O273,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,47,null,null,{"$f":"IF($O274=R$2,R$187,IF(R$2>$O274,Q274-Q275,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,47,null,null,{"$f":"IF(R$2>=$O275,IF(R274-(R274*HLOOKUP($O275,$R$2:$AT$34,32,FALSE))<=0,R274,R274*HLOOKUP($O275,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,48,null,null,{"$f":"IF($O276=R$2,R$187,IF(R$2>$O276,Q276-Q277,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,48,null,null,{"$f":"IF(R$2>=$O277,IF(R276-(R276*HLOOKUP($O277,$R$2:$AT$34,32,FALSE))<=0,R276,R276*HLOOKUP($O277,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,49,null,null,{"$f":"IF($O278=R$2,R$187,IF(R$2>$O278,Q278-Q279,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,49,null,null,{"$f":"IF(R$2>=$O279,IF(R278-(R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE))<=0,R278,R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,50,null,null,{"$f":"IF($O280=R$2,R$187,IF(R$2>$O280,Q280-Q281,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,50,null,null,{"$f":"IF(R$2>=$O281,IF(R280-(R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE))<=0,R280,R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,51,null,null,{"$f":"IF($O282=R$2,R$187,IF(R$2>$O282,Q282-Q283,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,51,null,null,{"$f":"IF(R$2>=$O283,IF(R282-(R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE))<=0,R282,R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O284=R$2,R$187,IF(R$2>$O284,Q284-Q285,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O285,IF(R284-(R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE))<=0,R284,R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O286=R$2,R$187,IF(R$2>$O286,Q286-Q287,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O287,IF(R286-(R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE))<=0,R286,R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O288=R$2,R$187,IF(R$2>$O288,Q288-Q289,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,54,null,null,{"$f":"IF(R$2>=$O289,IF(R288-(R288*HLOOKUP($O289,$R$2:$AT$34,32,FALSE))<=0,R288,R288*HLOOKUP($O289,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O290=R$2,R$187,IF(R$2>$O290,Q290-Q291,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O291,IF(R290-(R290*HLOOKUP($O291,$R$2:$AT$34,32,FALSE))<=0,R290,R290*HLOOKUP($O291,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Closing TAB (New assets)",null,null,null,null,null,"TAB",null,null,null,null,null,{"$f":"SUMIF($L$189:$L$291,\"TAB\",R189:R291)-SUMIF($L$189:$L$291,\"TaxDep\",R189:R291)","v":0},{"$f":"SUMIF($L$189:$L$291,\"TAB\",S189:S291)-SUMIF($L$189:$L$291,\"TaxDep\",S189:S291)","v":0},0,0,{"$f":"SUMIF($L$189:$L$291,\"TAB\",V189:V291)-SUMIF($L$189:$L$291,\"TaxDep\",V189:V291)","v":272.94451179439608},539.515274590221,800.62740241842846,1057.1075354385109,1310.2316605259025,1561.1479755613648,1810.8785254539623,2059.8145127888097,2308.2871475119427,2556.4967644030689,2804.6182581495418,3052.7636553538919,3300.9560509274957,3549.1769655046337,3800.6847421382458,4058.1428872323295,4321.7826791299722,4591.7647827233313,4868.233073081391,5151.3531183412942,5441.2695655604384,5738.068801214923,6041.8050746981908,6352.5014921480797,6670.1474299606443]
[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R185+R293","v":3823.0888570730126},{"$f":"S185+S293","v":3736.7714660822703},3663.9344385382128,3601.8755298922997,3692.9544487339112,3794.9601078445194,3903.6365801408506,4026.7565667687886,4159.57892042611,4298.0083544063436,4437.0189076814249,4577.2031097636518,4718.7344581652324,4860.8412807514396,5003.4638492523054,5146.7443707347484,5290.6173105687585,5435.0400438745819,5583.2478420209127,5737.8821654181011,5899.1532261556458,6067.2015587482965,6242.1518018895713,6423.9897276306592,6613.1788712929301,6809.6126407758675,7013.3293401442616,7224.3368334019142,7442.6099269704173]
[]
[null,null,null,null,null,"Total tax depreciation",null,null,null,null,null,"TaxDep",null,null,null,null,null,{"$f":"SUMIF($L$181:$L$291,$L$297,R181:R291)","v":376.31458665772777},{"$f":"SUMIF($L$181:$L$291,$L$297,S181:S291)","v":392.01156453413427},351.06897220422576,341.53099143796197,196.23109357354215,192.96064445312302,194.57393986968825,188.99738509943413,189.26133251038084,194.65256397951137,206.02939269404069,217.16307539939905,228.43008355902316,240.65525558929087,253.1104125166361,265.53664705632298,278.05398473577753,290.59696892945306,303.33601754718887,316.41028944596502,329.83097743009699,343.60560167035754,357.74084053685795,372.40596785256787,387.10991227058094,402.36908728812136,418.00931488846305,434.03110798950354,450.43323529462202]
[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R168+R297+R328","v":817.64877104743505},{"$f":"S165+S168+S297+S328","v":826.4733485043422},779.74403857746108,782.7314970428539,639.04616349668822,648.27105137118235,663.33762264628922,671.83590497183366,687.06424276843177,708.29428421628279,738.06955154122068,767.02805312452847,796.67629104657806,826.90811239387847,857.35893405227819,887.2335861018114,916.99385570730988,947.00795941382182,979.48176914683177,1014.2929623990035,1050.0346683126472,1086.6842367726756,1124.2494938925092,1162.9243465654199,1202.2167963978177,1242.6187216812357,1283.9459655998257,1326.1888638616697,1369.3336267770796]
[]
[null,null,null,null,null,"Tax calculation"]
[]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R174-R299","v":-126.33352349068923},{"$f":"S174-S299","v":-131.61030089360645},{"$f":"T174-T299","v":-81.484748802864829},-62.2494668398773,91.57858001098316,97.980500171668723,99.012517554363512,97.026086442552923,{"$f":"Z174-Z299","v":103.00199820397381},98.227737692069013,97.839408530630863,99.916855693706907,104.54010973862626,108.96243784461456,114.39540605785157,122.20807219637766,131.1493946974299,64.393495590302905,13.371379640548298,20.241950378627507,29.051138027670504,38.52070614588547,47.757788385098593,57.580964538081844,69.414223227010552,82.038111610022042,95.614657069323357,110.18674840287758,125.79919599954724]
[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R305<0,R305,0)","v":-126.33352349068923},{"$f":"IF(S305<0,S305,0)","v":-257.94382438429568},-339.42857318716051,-401.67804002703781,-310.09946001605465,-212.11895984438593,{"$f":"IF(X305<0,X305,0)","v":-113.10644229002241},{"$f":"IF(Y305<0,Y305,0)","v":-16.080355847469491},{"$f":"IF(Z305<0,Z305,0)","v":0},{"$f":"IF(AA305<0,AA305,0)","v":0},{"$f":"IF(AB305<0,AB305,0)","v":0},{"$f":"IF(AC305<0,AC305,0)","v":0},{"$f":"IF(AD305<0,AD305,0)","v":0},{"$f":"IF(AE305<0,AE305,0)","v":0},{"$f":"IF(AF305<0,AF305,0)","v":0},{"$f":"IF(AG305<0,AG305,0)","v":0},{"$f":"IF(AH305<0,AH305,0)","v":0},{"$f":"IF(AI305<0,AI305,0)","v":0},{"$f":"IF(AJ305<0,AJ305,0)","v":0},{"$f":"IF(AK305<0,AK305,0)","v":0},{"$f":"IF(AL305<0,AL305,0)","v":0},{"$f":"IF(AM305<0,AM305,0)","v":0},{"$f":"IF(AN305<0,AN305,0)","v":0},{"$f":"IF(AO305<0,AO305,0)","v":0},{"$f":"IF(AP305<0,AP305,0)","v":0},{"$f":"IF(AQ305<0,AQ305,0)","v":0},{"$f":"IF(AR305<0,AR305,0)","v":0},{"$f":"IF(AS305<0,AS305,0)","v":0},{"$f":"IF(AT305<0,AT305,0)","v":0}]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R303+Q304","v":-126.33352349068923},{"$f":"S303+R304","v":-257.94382438429568},-339.42857318716051,-401.67804002703781,{"$f":"V303+U304","v":-310.09946001605465},-212.11895984438593,{"$f":"X303+W304","v":-113.10644229002241},-16.080355847469491,{"$f":"Z303+Y304","v":86.921642356504321},98.227737692069013,97.839408530630863,99.916855693706907,104.54010973862626,108.96243784461456,114.39540605785157,122.20807219637766,131.1493946974299,64.393495590302905,13.371379640548298,20.241950378627507,29.051138027670504,38.52070614588547,47.757788385098593,57.580964538081844,69.414223227010552,82.038111610022042,95.614657069323357,110.18674840287758,125.79919599954724]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R305>0,R305*$O$16,0)","v":0},{"$f":"IF(S305>0,S305*$O$16,0)","v":0},0,0,{"$f":"IF(V305>0,V305*$O$16,0)","v":0},0,0,0,{"$f":"IF(Z305>0,Z305*$O$16,0)","v":26.076492706951296},29.468321307620702,29.351822559189259,29.975056708112071,31.362032921587875,32.688731353384362,{"$f":"IF(AF305>0,AF305*$O$16,0)","v":34.318621817355471},36.662421658913296,39.344818409228971,19.318048677090871,4.0114138921644891,6.0725851135882518,8.7153414083011516,11.55621184376564,14.327336515529577,17.274289361424554,20.824266968103164,24.611433483006611,28.684397120797005,33.056024520863275,37.73975879986417]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R172","v":0},{"$f":"S172","v":0},0,0,0,0,0,0,15.254748233566504,{"$f":"AA172","v":17.2389679649581},17.170816197125699,17.535408174245564,18.346789259128911,19.122907841729841,20.076393763152947,21.447516670464282,23.016718769398942,11.301058476098159,2.3466771269162341,3.5524622914491069,5.0984747238561976,6.7603839286028844,8.3814918615848111,10.10545927643336,12.18219617634036,14.397688587558878,16.780372315666238,19.337774344705004,22.07775889792056]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R165+R166+R168+R169-R299+Q304+R320)*$O$16/(1-(1-$O$17)*$O$16))","v":0},{"$f":"MAX(0,(S165+S166+S168+S169-S299+R304+S320)*$O$16/(1-(1-$O$17)*$O$16))","v":0},0,0,0,0,0,0,{"$f":"MAX(0,(Z165+Z166+Z168+Z169-Z299+Y304+Z320)*$O$16/(1-(1-$O$17)*$O$16))","v":26.076492706951292},29.468321307620688,29.351822559189234,29.975056708112078,31.362032921587886,32.688731353384348,34.318621817355464,36.662421658913303,39.344818409228964,19.318048677090871,4.0114138921645033,6.0725851135882172,8.7153414083011924,11.556211843765615,14.327336515529593,17.274289361424547,20.824266968103181,24.611433483006632,28.684397120796991,33.056024520863254,37.739758799864205]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS (real)",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,36.349469668503048,15.412778653198146,-3.9905190840465679,-6.169434454701701]
[null,null,null,null,null,"CESS (real",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,14.754301920525483,14.754301920525483,14.754301920525483,14.754301920525483]
[null,null,null,null,null,"Shared asset decrements (real)",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,0,0,0,0]
[null,null,null,null,null,"DMIS (real)",null,null,null,null,"AusNet D PTRM 2021-26",null,null,null,null,null,null,0.7139678595754253,0.69454601806092175,0.67888258866365114,0.6734638894544096]
[null,null,null,null,null,"REFCL T3 KLO capex adjustment (real)",null,null,null,null,"AusNet D PTRM 2021-26"]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R315:R319)","v":51.817739448603959},{"$f":"SUM(S315:S319)","v":30.861626591784553},11.442665425142566,9.258331355278191]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166","v":254.06677513009438},{"$f":"S165+S166","v":270.13779808204265},277.64642701128014,288.41205593929851,297.45280937626967,311.02417879544714,323.64303370982543,334.74642961561267,347.12740964123748,360.73031077209066,377.17462851999881,393.03706508488813,409.40493991664289,425.28996729936864,441.03694838023853,456.08075068099856,470.70613295944872,485.31257399400533,503.74704947680084,525.50234472203738,547.8786202376134,570.80653256721303,594.2757986250266,618.32034098290183,642.92531300989731,668.03079088439608,693.60410746371213,719.61187571095911,746.01584259079164]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":132.1961828868005},131.65091624753555,137.05561046710716,139.4512091941545,142.72748957430034,137.52181707637499,133.55891192802264,121.3386623718992,111.52076494523669,104.95112783323822,109.72681448042002,116.22102172237734,124.91786439207155,134.2894477930881,144.68171925044743,157.05772209286931,170.493530256192,117.691016071126,77.05096593888041,85.862288711842325,96.423908983607248,107.65701174066683,118.79142903573026,130.69707482362969,144.13659398088987,158.58707962307864,174.03164206476259,190.52411683349766,208.1205765013612]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R168","v":253.234550091247},262.21270668937308,272.11458687106636,283.36043371424535,290.44444455710146,297.70555567102895,305.14819456280463,312.77689942687471,{"$f":"Z168","v":320.59632191254656},{"$f":"AA168","v":328.61122996036022},336.82651070936919,345.24717347710339,353.87835281403096,362.72531163438168,371.7934444252412,381.08828053587223,390.61548754926901,400.38087473800067,410.39039660645068,420.6501565216119,431.16641043465216,441.94557069551843,452.99420996290633,464.31906521197897,475.92704184227841,487.82521788833532,500.02084833554363,512.52136954393222,525.33440378253044]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R307-R308","v":0},0,0,0,0,0,0,0,10.821744473384792,{"$f":"AA307-AA308","v":12.229353342662602},12.18100636206356,12.439648533866507,13.015243662458964,13.565823511654521,14.242228054202524,15.214904988449014,{"$f":"AH307-AH308","v":16.328099639830029},8.0169902009927121,1.664736765248255,2.520122822139145,3.616866684444954,{"$f":"AM307-AM308","v":4.7958279151627554},5.945844653944766,7.1688300849911943,8.6420707917628032,10.213744895447732,11.904024805130767,13.718250176158271,15.661999901943609]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R320","v":51.817739448603959},30.861626591784553,11.442665425142566,9.258331355278191,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R324:R328)","v":691.31524755674582},{"$f":"SUM(S324:S328)","v":694.86304761073586},698.25928977459614,720.4820302029766,730.62474350767138,746.25155154285108,762.35014020065273,768.86199141438658,790.06624097240547,806.5220219083518,835.90896007185154,866.94490881823538,901.21640078520431,935.87055023849302,971.75434011012976,1009.4416582981892,1048.1432504047398,1011.4014550041247,992.85314878738006,1034.5349127776308,1079.0858063403177,1125.2049429185611,1172.0072822776078,1220.5053111035018,1271.6310196248282,1324.6568332912577,1379.5606226691491,1436.3756122645473,1495.1328227766269]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance (bp)",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!W47-($O$336/10000)","v":4.5965519607843119E-2},{"$f":"WACC!X47-($O$336/10000)","v":4.583241138061489E-2},{"$f":"WACC!Y47-($O$336/10000)","v":4.5699106884036174E-2},{"$f":"WACC!Z47-($O$336/10000)","v":4.5766193394300124E-2},{"$f":"WACC!AA47-($O$336/10000)","v":4.5933084019300116E-2},{"$f":"WACC!AB47-($O$336/10000)","v":4.6300169956800113E-2},{"$f":"WACC!AC47-($O$336/10000)","v":4.6768038480749285E-2},{"$f":"WACC!AD47-($O$336/10000)","v":4.7235907004698471E-2},{"$f":"WACC!AE47-($O$336/10000)","v":4.7703775528647643E-2},{"$f":"WACC!AF47-($O$336/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG47-($O$336/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH47-($O$336/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI47-($O$336/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ47-($O$336/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK47-($O$336/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX47-($O$336/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY47-($O$336/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!F31","v":3.842959513389025E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O337","v":1.2749986405782884E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$334)*R336","v":136.28189484985637},{"$f":"(R158*$O$334)*S336","v":141.38745068905024},145.11781407702634,148.5817405353684,152.37062536604464,157.60485124703035,163.61548821379634,170.06162044552482,177.2065883455044,185.0304902764112,195.21364813781076,204.61780424802603,214.36785467352394,223.52754517020591,232.45507711040091,240.60865850961622,248.32438342226337,256.03011574636804,265.7553549931921,277.23251643142657,289.03728044789801,301.13306440679963,313.51444339274479,326.1993135008729,339.17984228495834,352.42441650477906,365.915802375819,379.63638632823404,393.56598769992706]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O345=R$2,R$187,IF(R$2>$O345,Q345-Q346,0))","v":0},{"$f":"IF($O345=S$2,S$187,IF(S$2>$O345,R345-R346,0))","v":0},{"$f":"IF($O345=T$2,T$187,IF(T$2>$O345,S345-S346,0))","v":0},{"$f":"IF($O345=U$2,U$187,IF(U$2>$O345,T345-T346,0))","v":0},{"$f":"IF($O345=V$2,V$187,IF(V$2>$O345,U345-U346,0))","v":0},{"$f":"IF($O345=W$2,W$187,IF(W$2>$O345,V345-V346,0))","v":0},{"$f":"IF($O345=X$2,X$187,IF(X$2>$O345,W345-W346,0))","v":0},{"$f":"IF($O345=Y$2,Y$187,IF(Y$2>$O345,X345-X346,0))","v":0},{"$f":"IF($O345=Z$2,Z$187,IF(Z$2>$O345,Y345-Y346,0))","v":0},{"$f":"IF($O345=AA$2,AA$187,IF(AA$2>$O345,Z345-Z346,0))","v":0},{"$f":"IF($O345=AB$2,AB$187,IF(AB$2>$O345,AA345-AA346,0))","v":0},{"$f":"IF($O345=AC$2,AC$187,IF(AC$2>$O345,AB345-AB346,0))","v":0},{"$f":"IF($O345=AD$2,AD$187,IF(AD$2>$O345,AC345-AC346,0))","v":0},{"$f":"IF($O345=AE$2,AE$187,IF(AE$2>$O345,AD345-AD346,0))","v":0},{"$f":"IF($O345=AF$2,AF$187,IF(AF$2>$O345,AE345-AE346,0))","v":0},{"$f":"IF($O345=AG$2,AG$187,IF(AG$2>$O345,AF345-AF346,0))","v":0},{"$f":"IF($O345=AH$2,AH$187,IF(AH$2>$O345,AG345-AG346,0))","v":0},{"$f":"IF($O345=AI$2,AI$187,IF(AI$2>$O345,AH345-AH346,0))","v":0},{"$f":"IF($O345=AJ$2,AJ$187,IF(AJ$2>$O345,AI345-AI346,0))","v":0},{"$f":"IF($O345=AK$2,AK$187,IF(AK$2>$O345,AJ345-AJ346,0))","v":0},{"$f":"IF($O345=AL$2,AL$187,IF(AL$2>$O345,AK345-AK346,0))","v":0},{"$f":"IF($O345=AM$2,AM$187,IF(AM$2>$O345,AL345-AL346,0))","v":0},{"$f":"IF($O345=AN$2,AN$187,IF(AN$2>$O345,AM345-AM346,0))","v":0},{"$f":"IF($O345=AO$2,AO$187,IF(AO$2>$O345,AN345-AN346,0))","v":0},{"$f":"IF($O345=AP$2,AP$187,IF(AP$2>$O345,AO345-AO346,0))","v":0},{"$f":"IF($O345=AQ$2,AQ$187,IF(AQ$2>$O345,AP345-AP346,0))","v":0},{"$f":"IF($O345=AR$2,AR$187,IF(AR$2>$O345,AQ345-AQ346,0))","v":0},{"$f":"IF($O345=AS$2,AS$187,IF(AS$2>$O345,AR345-AR346,0))","v":0},{"$f":"IF($O345=AT$2,AT$187,IF(AT$2>$O345,AS345-AS346,0))","v":0}]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O346,IF(R345-(R345*HLOOKUP($O346,$R$2:$AT$34,32,FALSE))<=0,R345,R345*HLOOKUP($O346,$R$2:$AT$34,32,FALSE)),0)","v":0},{"$f":"IF(S$2>=$O346,IF(S345-(S345*HLOOKUP($O346,$R$2:$AT$34,32,FALSE))<=0,S345,S345*HLOOKUP($O346,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166+R168+R169+R171-R172+R320","v":691.31524755674582},694.86304761073575,698.25928977459625,720.4820302029766,730.62474350767138,746.25155154285108,762.35014020065273,768.86199141438658,790.06624097240558,806.5220219083518,835.90896007185154,866.94490881823538,901.21640078520431,935.87055023849302,971.75434011012976,1009.4416582981891,1048.1432504047398,1011.4014550041247,992.85314878738006,1034.534912777631,1079.0858063403177,1125.2049429185611,1172.0072822776078,1220.5053111035018,1271.6310196248282,1324.6568332912577,1379.5606226691491,1436.3756122645473,1495.1328227766269]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R341+R374+R297+R328+R346","v":817.64877104743505},826.4733485043422,779.74403857746108,782.7314970428539,639.04616349668822,648.27105137118235,{"$f":"X341+X374+X297+X328+X346","v":663.33762264628922},671.83590497183366,687.06424276843177,708.29428421628279,738.06955154122068,767.02805312452847,796.67629104657806,826.90811239387847,857.35893405227819,887.2335861018114,916.99385570730988,947.00795941382182,979.48176914683177,1014.2929623990035,1050.0346683126472,1086.6842367726756,1124.2494938925092,1162.9243465654199,1202.2167963978177,1242.6187216812357,1283.9459655998257,1326.1888638616697,1369.3336267770796]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R348-R349","v":-126.33352349068923},{"$f":"S348-S349","v":-131.61030089360645},-81.484748802864829,-62.2494668398773,91.57858001098316,97.980500171668723,{"$f":"X348-X349","v":99.012517554363512},97.026086442552923,103.00199820397381,98.227737692069013,97.839408530630863,99.916855693706907,104.54010973862626,108.96243784461456,114.39540605785157,122.20807219637766,131.1493946974299,64.393495590302905,13.371379640548298,20.241950378627507,29.051138027670504,38.52070614588547,47.757788385098593,57.580964538081844,69.414223227010552,82.038111610022042,95.614657069323357,110.18674840287758,125.79919599954724]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q304","v":0},{"$f":"IF(R352<0,R352,0)","v":-126.33352349068923},{"$f":"IF(S352<0,S352,0)","v":-257.94382438429568},-339.42857318716051,-401.67804002703781,-310.09946001605465,-212.11895984438593,-113.10644229002241,-16.080355847469491,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R350+Q351","v":-126.33352349068923},{"$f":"S350+R351","v":-257.94382438429568},{"$f":"T350+S351","v":-339.42857318716051},-401.67804002703781,{"$f":"V350+U351","v":-310.09946001605465},{"$f":"W350+V351","v":-212.11895984438593},{"$f":"X350+W351","v":-113.10644229002241},-16.080355847469491,{"$f":"Z350+Y351","v":86.921642356504321},98.227737692069013,97.839408530630863,99.916855693706907,104.54010973862626,108.96243784461456,114.39540605785157,122.20807219637766,{"$f":"AH350+AG351","v":131.1493946974299},64.393495590302905,13.371379640548298,20.241950378627507,29.051138027670504,38.52070614588547,47.757788385098593,57.580964538081844,69.414223227010552,82.038111610022042,95.614657069323357,110.18674840287758,125.79919599954724]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R341+R166+R168+R169-R349+Q351+R320)*$O$339/(1-(1-$O$17)*$O$339))","v":0},0,0,0,0,{"$f":"MAX(0,(W341+W166+W168+W169-W349+V351+W320)*$O$339/(1-(1-$O$17)*$O$339))","v":0},0,{"$f":"MAX(0,(Y341+Y166+Y168+Y169-Y349+X351+Y320)*$O$339/(1-(1-$O$17)*$O$339))","v":0},{"$f":"MAX(0,(Z341+Z166+Z168+Z169-Z349+Y351+Z320)*$O$339/(1-(1-$O$17)*$O$339))","v":26.076492706951292},29.468321307620688,29.351822559189234,29.975056708112078,31.362032921587886,32.688731353384348,34.318621817355464,36.662421658913303,39.344818409228964,19.318048677090871,4.0114138921645033,6.0725851135882172,8.7153414083011924,11.556211843765615,14.327336515529593,17.274289361424547,20.824266968103181,24.611433483006632,28.684397120796991,33.056024520863254,37.739758799864205]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R352>0,R352*$O$339,0)","v":0},{"$f":"IF(S352>0,S352*$O$339,0)","v":0},0,0,0,{"$f":"IF(W352>0,W352*$O$339,0)","v":0},{"$f":"IF(X352>0,X352*$O$339,0)","v":0},{"$f":"IF(Y352>0,Y352*$O$339,0)","v":0},{"$f":"IF(Z352>0,Z352*$O$339,0)","v":26.076492706951296},29.468321307620702,29.351822559189259,29.975056708112071,31.362032921587875,32.688731353384362,34.318621817355471,36.662421658913296,{"$f":"IF(AH352>0,AH352*$O$339,0)","v":39.344818409228971},19.318048677090871,4.0114138921644891,6.0725851135882518,8.7153414083011516,11.55621184376564,14.327336515529577,17.274289361424554,20.824266968103164,24.611433483006611,28.684397120797005,33.056024520863275,37.73975879986417]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R307-R354","v":0},0,0,0,0,0,{"$f":"X307-X354","v":0},{"$f":"Y307-Y354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R307*$O$17)-(R354*$O$17))*-1","v":0},{"$f":"((S307*$O$17)-(S354*$O$17))*-1","v":0},0,0,0,0,{"$f":"((X307*$O$17)-(X354*$O$17))*-1","v":0},{"$f":"((Y307*$O$17)-(Y354*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R355+R357","v":0},{"$f":"S355+S357","v":0},{"$f":"T355+T357","v":0},{"$f":"U355+U357","v":0},0,{"$f":"W355+W357","v":0},{"$f":"X355+X357","v":0},0,{"$f":"Z355+Z357","v":0},0,0,0,0,0,0,0,{"$f":"AH355+AH357","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R359*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W53","v":3.6043552142522306E-2},{"$f":"WACC!X53","v":3.7169175865899962E-2},{"$f":"WACC!Y53","v":3.7088408090550792E-2},{"$f":"WACC!Z53","v":3.7930224024079716E-2},{"$f":"WACC!AA53","v":3.8429574858023896E-2},{"$f":"WACC!AB53","v":3.9450607670523968E-2},{"$f":"WACC!AC53","v":4.013445913069022E-2},{"$f":"WACC!AD53","v":4.0415180245059731E-2},{"$f":"WACC!AE53","v":4.0695901359429236E-2},{"$f":"WACC!AF53","v":4.0976622473798748E-2},{"$f":"WACC!AG53","v":4.1518031823462379E-2},{"$f":"WACC!AH53","v":4.1878617874168821E-2},{"$f":"WACC!AI53","v":4.2239321686485559E-2},{"$f":"WACC!AJ53","v":4.2479790894696688E-2},{"$f":"WACC!AK53","v":4.2660377634066202E-2},{"$f":"WACC!AL53","v":4.2720847185935718E-2},{"$f":"WACC!AM53","v":4.2720847185935718E-2},{"$f":"WACC!AN53","v":4.2720847185935718E-2},{"$f":"WACC!AO53","v":4.2720847185935718E-2},{"$f":"WACC!AP53","v":4.2720847185935718E-2},{"$f":"WACC!AQ53","v":4.2720847185935718E-2},{"$f":"WACC!AR53","v":4.2720847185935718E-2},{"$f":"WACC!AS53","v":4.2720847185935718E-2},{"$f":"WACC!AT53","v":4.2720847185935718E-2},{"$f":"WACC!AU53","v":4.2720847185935718E-2},{"$f":"WACC!AV53","v":4.2720847185935718E-2},{"$f":"WACC!AW53","v":4.2720847185935718E-2},{"$f":"WACC!AX53","v":4.2720847185935718E-2},{"$f":"WACC!AY53","v":4.2720847185935718E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q365*(1+R364)","v":1.0360435521425222},{"$f":"R365*(1+S364)","v":1.0745524371368393},1.1144058764400662,1.1566755409871887,1.2011260902760013,1.24851124442631,1.298619567939945,1.3511035118479995,1.4060878870925442,1.4637046196069168,1.5244747545839057,1.5883176502899423,1.6554071104608621,1.7257284583588337,1.7993486860862764,1.8762183863387825,1.9563720253090044,2.0399498956410702,2.1270982833997181,2.2179697241143037,2.3127232697612228,2.4115247671520494,2.5145471482146515,2.6219707326753601,2.7339835436719802,2.850781636850054,2.9725694435183967,3.0995601284645282,3.2319759630562808]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q365","v":1},{"$f":"1/R365","v":0.96521038901503253},{"$f":"1/S365","v":0.93062001019188467},0.897339130330565,0.86454668103946353,0.8325520593514163,0.80095393971361406,0.77004846121820125,0.74013574180725028,0.71119309765747463,0.68319795306006048,0.65596363402747382,0.6295969825793053,0.60408101045403995,0.57946543974305154,0.55575665113307082,0.53298699516071868,0.51115022452953562,0.49020811841348788,0.47012402191482705,0.45086278190714596,0.43239068550698029,0.41467540106626194,0.39768592158234456,0.38139251042655142,0.36576664929625441,0.35078098829938487,0.33640929808400999,0.32262642392918628,0.30940824171673653]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$14)*0","v":0},{"$f":"(R158*$O$14)*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R370*R24","v":0},{"$f":"S370*S24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$14)*0","v":0},{"$f":"(R158*$O$14)*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R326-R373","v":253.234550091247},{"$f":"S326-S373","v":262.21270668937308},272.11458687106636,283.36043371424535,290.44444455710146,297.70555567102895,305.14819456280463,312.77689942687471,320.59632191254656,328.61122996036022,336.82651070936919,345.24717347710339,353.87835281403096,362.72531163438168,371.7934444252412,381.08828053587223,390.61548754926901,400.38087473800067,410.39039660645068,420.6501565216119,431.16641043465216,441.94557069551843,452.99420996290633,464.31906521197897,475.92704184227841,487.82521788833532,500.02084833554363,512.52136954393222,525.33440378253044]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R373*R24","v":0},{"$f":"S373*S24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$14)*Controls!$F$16","v":31.625304303469541},{"$f":"(R158*$O$14)*Controls!$F$16","v":32.905377699322699},{"$f":"(S158*$O$14)*Controls!$F$16","v":33.872070062176107},{"$f":"(T158*$O$14)*Controls!$F$16","v":34.629751384158489},{"$f":"(U158*$O$14)*Controls!$F$16","v":35.383791558351099},{"$f":"(V158*$O$14)*Controls!$F$16","v":36.309119704532556},{"$f":"(W158*$O$14)*Controls!$F$16","v":37.316764418051633},{"$f":"(X158*$O$14)*Controls!$F$16","v":38.402790019574809},{"$f":"(Y158*$O$14)*Controls!$F$16","v":39.623773759449833},{"$f":"(Z158*$O$14)*Controls!$F$16","v":40.971376455273614},{"$f":"(AA158*$O$14)*Controls!$F$16","v":42.431414024083246},{"$f":"(AB158*$O$14)*Controls!$F$16","v":43.937418065610949},{"$f":"(AC158*$O$14)*Controls!$F$16","v":45.480626102470133},{"$f":"(AD158*$O$14)*Controls!$F$16","v":47.048904934908734},{"$f":"(AE158*$O$14)*Controls!$F$16","v":48.639129769356153},{"$f":"(AF158*$O$14)*Controls!$F$16","v":50.245857844665281},{"$f":"(AG158*$O$14)*Controls!$F$16","v":51.857118301919023},{"$f":"(AH158*$O$14)*Controls!$F$16","v":53.466292025526023},{"$f":"(AI158*$O$14)*Controls!$F$16","v":55.497195616976583},{"$f":"(AJ158*$O$14)*Controls!$F$16","v":57.893949855406277},{"$f":"(AK158*$O$14)*Controls!$F$16","v":60.359116729846662},{"$f":"(AL158*$O$14)*Controls!$F$16","v":62.885056756624465},{"$f":"(AM158*$O$14)*Controls!$F$16","v":65.470637060767444},{"$f":"(AN158*$O$14)*Controls!$F$16","v":68.119594850478791},{"$f":"(AO158*$O$14)*Controls!$F$16","v":70.830294490606974},{"$f":"(AP158*$O$14)*Controls!$F$16","v":73.596134247099499},{"$f":"(AQ158*$O$14)*Controls!$F$16","v":76.413515220846591},{"$f":"(AR158*$O$14)*Controls!$F$16","v":79.278759202875975},{"$f":"(AS158*$O$14)*Controls!$F$16","v":82.187651903123381}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R377*R24","v":30.078791501779083},{"$f":"S377*S24","v":29.734012699718782},29.081893581697923,28.227822713526734,27.369924472523692,26.625979184101766,25.925850986161102,25.27059686439727,24.689755044865986,24.167642984606175,23.681625653077461,23.194267323446507,22.701080865210457,22.199585292351987,21.691133456550027,21.177417742594635,20.656531781745382,20.128220446387868,19.745704799798066,19.467539772317057,19.182139888688969,18.887649858036578,18.584604389090369,18.274903740923964,17.958843969497273,17.635615462302756,17.305417627071627,16.968561935349506,16.625359856666357]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R370+R373+R377","v":31.625304303469541},{"$f":"S370+S373+S377","v":32.905377699322699},33.872070062176107,34.629751384158489,35.383791558351099,36.309119704532556,37.316764418051633,38.402790019574809,39.623773759449833,40.971376455273614,42.431414024083246,43.937418065610949,45.480626102470133,47.048904934908734,48.639129769356153,50.245857844665281,51.857118301919023,53.466292025526023,55.497195616976583,57.893949855406277,60.359116729846662,62.885056756624465,65.470637060767444,68.119594850478791,70.830294490606974,73.596134247099499,76.413515220846591,79.278759202875975,82.187651903123381]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R329-R326","v":438.08069746549882},{"$f":"S329-S326","v":432.65034092136278},426.14470290352978,437.12159648873126,440.18029895056992,448.54599587182213,457.2019456378481,456.08509198751187,469.46991905985891,477.91079194799158,499.08244936248235,521.69773534113199,547.33804797117341,573.14523860411134,599.96089568488856,628.353377762317,657.52776285547077,611.02058026612406,582.46275218092933,613.88475625601882,647.91939590566562,{"$f":"AM329-AM326","v":683.25937222304265},719.0130723147015,756.18624589152273,795.70397778254983,836.83161540292235,879.53977433360546,923.85424272061505,969.79841899409644]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R384-R157","v":305.88451457869832},{"$f":"S384-S157","v":300.99942467382721},289.08909243642262,297.67038729457676,297.45280937626956,311.02417879544714,323.64303370982543,334.74642961561267,357.94915411462222,372.95966411475337,389.3556348820623,405.47671361875462,422.42018357910183,438.85579081102321,455.27917643444113,471.29565566944768,487.03423259927877,493.32956419499806,505.41178624204895,528.02246754417649,551.49548692205838,{"$f":"AM384-AM157","v":575.60236048237584},600.22164327897121,625.48917106789304,651.56738380165996,678.24453577984377,705.50813226884293,733.33012588711745,761.67784249273518]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R385-R307","v":305.88451457869832},{"$f":"S385-S307","v":300.99942467382721},289.08909243642262,297.67038729457676,297.45280937626956,311.02417879544714,323.64303370982543,334.74642961561267,331.87266140767093,343.49134280713264,360.00381232287305,375.50165691064257,391.05815065751398,406.16705945763886,420.96055461708568,434.63323401053441,447.68941419004977,474.01151551790718,501.40037234988444,521.94988243058822,542.78014551375725,{"$f":"AM385-AM307","v":564.04614863861025},585.89430676344159,608.21488170646853,630.74311683355677,653.63310229683714,676.8237351480459,700.27410136625417,723.93808369287103]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":132.1961828868005},131.65091624753555,137.05561046710716,139.4512091941545,142.72748957430034,137.52181707637499,133.55891192802264,121.3386623718992,111.52076494523669,104.95112783323822,109.72681448042002,116.22102172237734,124.91786439207155,134.2894477930881,144.68171925044743,157.05772209286931,170.493530256192,117.691016071126,77.05096593888041,85.862288711842325,96.423908983607248,107.65701174066683,118.79142903573026,130.69707482362969,144.13659398088987,158.58707962307864,174.03164206476259,190.52411683349766,208.1205765013612]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154","v":332.20765098885721},282.69659794338014,255.44331702685434,257.26998641175021,287.31001241515378,294.96630356373134,{"$f":"X154","v":303.25041216601954},312.11737172737236,322.08368616770224,333.08199795974468,345.03994596912207,357.34727748162635,369.96143196060422,382.76207817549755,395.73298101750146,408.81716853876571,421.92692456978722,435.01970223527678,451.54381569352029,471.04461284315329,491.1020381676426,511.65393426300756,532.69108367813214,554.24389359365603,576.29905593285173,598.80285677105917,621.72601425685684,645.03860124715663,668.70632886312546]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R386+R387-R388","v":105.8730464766416},{"$f":"S386+S387-S388","v":149.95374297798259},170.70138587667543,179.85161007698105,152.87028653541608,153.57969230809078,153.95153347182855,143.96772026013952,121.30974018520538,115.36047268062617,124.69068083417096,134.37540115139353,146.01458308898128,157.69442907522944,169.90929285003159,182.87378756463806,196.25601987645456,156.68282935375646,126.90752259524459,136.76755829927725,148.10201632972189,160.04922611626949,171.99465212103973,184.6680629364422,198.58065488159491,213.41732514885666,229.12936295595159,245.75961695259514,263.35233133110683]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R390*R24","v":100.69573592307542},135.50145325241095,146.56085468650852,146.6028244810839,118.2475933837536,112.62211047175327,106.95794713517162,94.73661206193232,75.588655131939746,68.0472798204448,69.591789334812205,70.935869999156836,72.881337445416762,74.406639925573813,75.772843062666141,77.076892694310558,78.175742206385124,58.985697528650611,45.153245135738977,45.989743097572372,47.066851686198298,48.071098267958178,48.82268922695706,49.542148358250977,50.349628249139712,51.140537717397905,51.891073262598262,52.6015710058767,53.272324687320712]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R308","v":0},0,0,0,0,0,0,0,15.254748233566504,17.2389679649581,17.170816197125699,17.535408174245564,18.346789259128911,19.122907841729841,20.076393763152947,21.447516670464282,23.016718769398942,11.301058476098159,2.3466771269162341,3.5524622914491069,5.0984747238561976,{"$f":"AM308","v":6.7603839286028844},8.3814918615848111,10.10545927643336,12.18219617634036,14.397688587558878,16.780372315666238,19.337774344705004,22.07775889792056]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R390+R393)*R24","v":100.69573592307542},135.50145325241095,146.56085468650852,146.6028244810839,118.2475933837536,112.62211047175327,106.95794713517162,94.73661206193232,85.093958676331084,78.215969750962003,79.175086302180134,80.192693971194785,82.038905893355079,83.429604950107006,84.726122829549681,86.116503909146402,87.344118667326853,63.240157444738003,45.988184510483741,47.18430144298096,48.687148017068793,50.101592810461682,51.20187350606156,52.253208163289564,53.438393613029533,54.59061158437116,55.691334905071848,56.740563908379592,57.738332390513143]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R394:AT394)","v":2345.1137986422918}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H396+H403","v":5035.9960371600528}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H397=Q149","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R324+R325","v":386.26295801689491},401.78871432957817,414.7020374783873,427.86326513345301,440.18029895056998,448.54599587182213,457.2019456378481,456.08509198751187,458.64817458647417,465.68143860532888,486.90144300041879,509.2580868072655,534.32280430871447,559.57941509245677,585.71866763068601,613.13847277386787,641.19966321564073,603.00359006513133,580.79801541568122,611.3646334338797,644.30252922122065,678.46354430787983,713.06722766075688,749.01741580653152,787.06190699078718,826.61787050747466,867.63574952847466,910.13599254445671,954.13641909215289]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R400*R24","v":367.3742667442416},363.06499331643482,356.0550181881901,348.76509102929225,340.48644890704384,328.92497660042312,317.64140589466092,300.12252988918556,285.78577979626056,274.68988661040652,271.74719410799264,268.83391701342566,266.70048827844442,264.03230787997359,261.20742389544722,258.42308458800255,255.4125962909161,227.01011667312929,206.64586801568882,205.57874089585331,204.75947819902706,203.77785323346794,202.41245425182768,200.94396045932697,199.55757749753491,198.07989981636746,196.49402269183057,194.80248069423826,193.00784184047518]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT158","v":13302.406362224789}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H402*AT24","v":2690.8822385177609}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R329+R380)-R326","v":469.70600176896835},{"$f":"(S329+S380)-S326","v":465.55571862068547},{"$f":"(T329+T380)-T326","v":460.01677296570591},471.75134787288971,475.56409050892097,484.85511557635471,494.51871005589976,494.48788200708668,509.09369281930873,518.88216840326515,541.51386338656562,565.63515340674292,592.81867407364348,620.19414353902005,648.6000254542447,678.59923560698235,709.38488115738971,664.48687229165,637.95994779790612,671.77870611142521,708.27851263551224,746.14442897966705,784.48370937546883,824.30584074200146,866.53427227315683,910.42774965002195,955.95328955445211,1003.1330019234911,1051.9860708972199]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R407-R157","v":337.50981888216785},{"$f":"S407-S157","v":333.90480237314989},322.96116249859875,332.30013867873521,332.83660093462061,347.33329849997972,360.95979812787709,373.14921963518748,397.57292787407204,413.93104057002694,431.78704890614563,449.41413168436554,467.9008096815719,485.90469574593192,503.91830620379727,521.54151351411303,538.89135090119771,546.795856220524,560.90898185902574,585.91641739958288,611.85460365190499,638.48741723900025,665.69228033973855,693.60876591837177,722.39767829226696,751.84067002694337,781.92164748968958,812.60888508999346,843.8654943958586]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R408-R354","v":337.50981888216785},{"$f":"S408-S354","v":333.90480237314989},322.96116249859875,332.30013867873521,332.83660093462061,347.33329849997972,360.95979812787709,373.14921963518748,371.49643516712075,384.46271926240621,402.43522634695637,419.43907497625349,436.53877675998405,453.21596439254756,469.59968438644182,484.87909185519976,499.54653249196872,527.47780754343307,556.89756796686129,579.84383228599461,603.13926224360387,626.93120539523466,651.36494382420892,676.33447655694727,701.57341132416377,727.22923654393674,753.23725036889255,779.55286056913019,806.12573559599446]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":132.1961828868005},{"$f":"S157","v":131.65091624753555},137.05561046710716,139.4512091941545,142.72748957430034,137.52181707637499,133.55891192802264,121.3386623718992,111.52076494523669,104.95112783323822,109.72681448042002,116.22102172237734,124.91786439207155,134.2894477930881,144.68171925044743,157.05772209286931,170.493530256192,117.691016071126,77.05096593888041,85.862288711842325,96.423908983607248,107.65701174066683,118.79142903573026,130.69707482362969,144.13659398088987,158.58707962307864,174.03164206476259,190.52411683349766,208.1205765013612]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154","v":332.20765098885721},{"$f":"S154","v":282.69659794338014},255.44331702685434,257.26998641175021,287.31001241515378,294.96630356373134,303.25041216601954,312.11737172737236,322.08368616770224,333.08199795974468,345.03994596912207,357.34727748162635,369.96143196060422,382.76207817549755,395.73298101750146,408.81716853876571,421.92692456978722,435.01970223527678,451.54381569352029,471.04461284315329,491.1020381676426,511.65393426300756,532.69108367813214,554.24389359365603,576.29905593285173,598.80285677105917,621.72601425685684,645.03860124715663,668.70632886312546]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R409+R410-R411","v":137.49835078011114},{"$f":"S409+S410-S411","v":182.85912067730527},204.57345593885157,214.4813614611395,188.25407809376713,189.88881201262336,191.26829788988022,182.37051027971432,160.9335139446552,156.33184913589974,167.12209485825429,178.31281921700446,191.49520919145135,204.74333401013814,218.54842261938785,233.11964540930342,248.1131381783735,210.14912137928229,182.40471821222138,194.66150815468364,208.46113305956851,222.9342828728939,237.46528918180707,252.78765778692093,269.41094937220191,287.01345939595626,305.54287817679824,325.03837615547116,345.53998323423025]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R413*R366","v":132.71483664539647},{"$f":"S413*S366","v":170.1723567483929},183.57176704088721,185.42914919605366,156.73132039826817,152.09219208904852,147.28585846992678,134.97893290964313,114.45480429920173,106.80559932774089,109.62601666950468,112.26521293423517,115.67861946547968,118.64168607664318,121.45973946536606,124.24973931963686,126.82308628860332,103.01680537758565,85.752839742170224,87.765629096861247,90.136652225188655,92.445363161736765,94.436602372084891,96.411319408201749,98.541540235593132,100.6788649421389,102.78746518202487,104.86596893878935,106.9129186553338]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R308+R357","v":0},{"$f":"S308+S357","v":0},0,0,0,0,0,0,15.254748233566504,17.2389679649581,17.170816197125699,17.535408174245564,18.346789259128911,19.122907841729841,20.076393763152947,21.447516670464282,23.016718769398942,11.301058476098159,2.3466771269162341,3.5524622914491069,5.0984747238561976,6.7603839286028844,8.3814918615848111,10.10545927643336,12.18219617634036,14.397688587558878,16.780372315666238,19.337774344705004,22.07775889792056]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R413+R416)*R366","v":132.71483664539647},{"$f":"(S413+S416)*S366","v":170.1723567483929},{"$f":"(T413+T416)*T366","v":183.57176704088721},185.42914919605366,156.73132039826817,152.09219208904852,147.28585846992678,134.97893290964313,125.30387594941678,118.58322695426823,120.88944766138906,123.30545300903667,126.76156645972161,129.72275027831702,132.61732883000479,135.68098678348701,138.58808725551475,108.55667598923452,86.856069031211604,89.36730212820423,92.341185206076844,95.248728078692082,97.769803687294171,100.26546589065396,102.99738131208279,105.72930037410958,108.4325384543265,111.10484592237108,113.74395921698543]
[]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"(R413+R416)*R366","v":132.71483664539647},{"$f":"(S413+S416)*S366","v":170.1723567483929},183.57176704088721,185.42914919605366,156.73132039826817,152.09219208904852,147.28585846992678,134.97893290964313,125.30387594941678,118.58322695426823,120.88944766138906,123.30545300903667,126.76156645972161,129.72275027831702,132.61732883000479,135.68098678348701,138.58808725551475,108.55667598923452,86.856069031211604,89.36730212820423,92.341185206076844,95.248728078692082,97.769803687294171,100.26546589065396,102.99738131208279,105.72930037410958,108.4325384543265,111.10484592237108,113.74395921698543]
[null,null,null,null,null,"Change",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R417-R419","v":0},{"$f":"S417-S419","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R417:AT417)","v":3626.8423919700167}]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT158","v":13302.406362224789}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H402*AT366)*Controls!F14","v":4468.3332955256146}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H422+H425","v":8095.1756874956318}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":5.1415390196078409E-2},{"$f":"S20","v":5.2541013919456057E-2},5.2460246144106895E-2,5.3302062077635819E-2,5.3801412911579999E-2,5.4822445724080071E-2,5.5506297184246323E-2,5.5787018298615834E-2,5.6067739412985339E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,{"$f":"AM20","v":5.809268523949182E-2},{"$f":"AN20","v":5.809268523949182E-2},{"$f":"AO20","v":5.809268523949182E-2},5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R385/Q158","v":6.1901725103366001E-2},{"$f":"S385/R158","v":5.8543510289266354E-2},5.4622294657424339E-2,5.5013114519695407E-2,5.3801412911579978E-2,5.4822445724080057E-2,5.550629718424633E-2,5.5787018298615827E-2,5.7815658857764247E-2,5.8258766408302784E-2,5.8727151110987218E-2,5.9062436561130825E-2,5.9442655182783875E-2,5.9696969888593576E-2,5.9906226591582255E-2,6.0030663733701424E-2,6.0107834579000048E-2,5.9052331688545311E-2,5.8284664585099129E-2,5.8371277149388674E-2,5.847618897570539E-2,{"$f":"AM385/AL158","v":5.858077096669137E-2},{"$f":"AN385/AM158","v":5.86739138252153E-2},5.8766214091867552E-2,5.8873555253728678E-2,5.8980883621099621E-2,5.9089704661156282E-2,5.9200129427697881E-2,5.9312294232465479E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R385-R320)/Q158","v":5.1415390196078402E-2},{"$f":"(S385-S320)/R158","v":5.2541013919456057E-2},{"$f":"(T385-T320)/S158","v":5.2460246144106881E-2},{"$f":"(U385-U320)/T158","v":5.3302062077635826E-2},{"$f":"(V385-V320)/U158","v":5.3801412911579978E-2},{"$f":"(W385-W320)/V158","v":5.4822445724080057E-2},5.550629718424633E-2,5.5787018298615827E-2,5.7815658857764247E-2,5.8258766408302784E-2,5.8727151110987218E-2,5.9062436561130825E-2,5.9442655182783875E-2,5.9696969888593576E-2,5.9906226591582255E-2,6.0030663733701424E-2,6.0107834579000048E-2,5.9052331688545311E-2,5.8284664585099129E-2,5.8371277149388674E-2,5.847618897570539E-2,{"$f":"(AM385-AM320)/AL158","v":5.858077096669137E-2},{"$f":"(AN385-AN320)/AM158","v":5.86739138252153E-2},{"$f":"(AO385-AO320)/AN158","v":5.8766214091867552E-2},5.8873555253728678E-2,5.8980883621099621E-2,5.9089704661156282E-2,5.9200129427697881E-2,5.9312294232465479E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R408/Q158","v":6.8301725103366004E-2},{"$f":"S408/R158","v":6.4943510289266343E-2},6.1022294657424349E-2,6.1413114519695403E-2,6.0201412911579967E-2,6.122244572408006E-2,6.1906297184246332E-2,6.218701829861583E-2,6.4215658857764243E-2,6.4658766408302773E-2,6.5127151110987228E-2,6.5462436561130821E-2,6.5842655182783871E-2,6.6096969888593579E-2,6.6306226591582251E-2,6.6430663733701434E-2,6.6507834579000044E-2,6.5452331688545307E-2,6.4684664585099153E-2,6.4771277149388684E-2,6.4876188975705379E-2,6.4980770966691359E-2,{"$f":"AN408/AM158","v":6.5073913825215296E-2},6.5166214091867541E-2,6.5273555253728674E-2,6.5380883621099631E-2,6.5489704661156278E-2,6.5600129427697884E-2,6.5712294232465482E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q158","v":1976.5815189668463},{"$f":"$O$14*R158","v":2056.5861062076688},2117.0043788860066,2164.3594615099055,2211.4869723969437,2269.3199815332846,2332.2977761282268,2400.1743762234255,2476.4858599656145,2560.7110284546006,2651.9633765052026,2746.0886291006841,2842.5391314043832,2940.556558431796,3039.9456105847594,3140.3661152915802,3241.0698938699388,3341.6432515953766,3468.5747260610365,3618.3718659628921,3772.4447956154163,3930.316047289029,4091.914816297965,4257.4746781549247,4426.8934056629359,4599.7583904437188,4775.8447013029117,4954.922450179748,5136.728243945211]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q158","v":2964.8722784502693},{"$f":"$O$13*R158","v":3084.8791593115034},3175.5065683290095,3246.5391922648578,3317.2304585954148,3403.9799722999269,3498.4466641923404,3600.2615643351382,3714.7287899484218,3841.0665426819005,3977.9450647578037,4119.1329436510259,4263.8086971065741,4410.8348376476933,4559.9184158771386,4710.5491729373698,4861.6048408049073,5012.4648773930639,5202.8620890915545,5427.5577989443373,5658.6671934231235,5895.4740709335429,6137.8722244469473,6386.2120172323876,6640.3401084944044,6899.6375856655786,7163.7670519543672,7432.3836752696216,7705.0923659178161,7981.4438173348726]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R439-S439","v":-120.00688086123409},{"$f":"S439-T439","v":-90.627409017506125},-71.032623935848278,-70.691266330557028,-86.749513704512083,-94.466691892413564,-101.8149001427978,-114.46722561328352,-126.33775273347874,-136.87852207590322,-141.18787889322221,-144.67575345554815,-147.02614054111928,-149.08357822944527,-150.63075706023119,-151.05566786753752,-150.86003658815662,-190.39721169849054,-224.69570985278278,-231.10939447878627,-236.80687751041933,-242.3981535134044,-248.3397927854403,-254.12809126201682,-259.29747717117425,-264.12946628878854,-268.6166233152544,-272.70869064819453,-276.35145141705652]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R384-R388-R165-R441","v":89.598032488019328},{"$f":"S384-S388-S165-S441","v":99.193701306438527},96.616195735497371,101.96113587216968,87.249174873883589,90.441532953473995,92.150945400830011,88.373325427898209,96.517397280131007,96.67682578773892,100.01673414877172,104.40840706702775,110.03490187816453,115.93919348785315,122.40359461721738,129.98321858147258,138.1364914515768,110.36797398296977,89.859291346999726,96.717021460225226,104.58695480054433,112.87052706663985,121.14733802926486,129.87113005901062,139.52255673591401,149.73380841587266,160.51458101618402,171.88794579341891,183.87755384810043]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R443-R307","v":89.598032488019328},{"$f":"S443-S307","v":99.193701306438527},96.616195735497371,101.96113587216968,87.249174873883589,90.441532953473995,92.150945400830011,88.373325427898209,70.440904573179708,67.208504480118222,70.664911589582459,74.433350358915675,78.67286895657665,83.250462134468791,88.084972799861902,93.320796922559282,98.791673042347838,91.049925305878901,85.847877454835242,90.644436346636979,95.871613392243177,101.31431522287421,106.82000151373528,112.59684069758607,118.69828976781085,125.12237493286605,131.83018389538702,138.83192127255563,146.13779504823626]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R444+R393","v":89.598032488019328},{"$f":"S444+S393","v":99.193701306438527},96.616195735497371,101.96113587216968,87.249174873883589,90.441532953473995,92.150945400830011,88.373325427898209,85.69565280674621,84.447472445076329,87.835727786708162,91.968758533161235,97.019658215705562,102.37336997619863,108.16136656301485,114.76831359302356,121.80839181174679,102.35098378197706,88.194554581751476,94.196898638086083,100.97008811609938,108.07469915147709,115.20149337532008,122.70229997401944,130.88048594415122,139.52006352042494,148.61055621105325,158.16969561726063,168.21555394615683]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R445+R388-R157+R441","v":169.60261972884194},{"$f":"S445+S388-S157+S441","v":159.61197398477699},143.97127835939625,149.08864675920836,145.08218401022495,153.41932754841679,160.02754549602912,164.68480917008787,169.92082129573305,175.6998204956796,181.96098038218804,188.41926083686212,195.0370852431189,201.76242212916281,208.58187126983768,215.47209217138243,222.38174953718533,229.28245824763735,237.99169448360863,248.2698282906108,258.84133978971545,269.67346816041345,280.76135523228163,292.12102748202892,303.74547072493885,315.60637437961691,327.68830508789301,339.97548938272507,352.44985489086457]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R447/R438","v":8.5806033346650309E-2},{"$f":"S447/S438","v":7.7610158652243563E-2},6.8007076317506576E-2,6.8883496207788331E-2,6.5603906249999788E-2,6.760585937499998E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.861368523949192E-2,6.8613685239491864E-2,6.8613685239491892E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491906E-2,6.8613685239491837E-2,6.8613685239491864E-2,6.8613685239491864E-2,6.8613685239491837E-2,6.8613685239491864E-2,6.8613685239491864E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"Real cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R445/R8","v":87.412714622457884},{"$f":"S445/S8","v":94.413992915111038},89.71774244529,92.371756787907557,77.11555730267456,77.987450418444325,77.523386745788599,72.53210379629688,68.6189396826598,65.970230503871022,66.943541620870704,68.383911647642989,70.38003690865591,72.452418053752012,74.681698192397747,77.310797612174056,80.051873008884399,65.623961588523315,55.16813832911059,57.485630146242514,60.116205731854834,62.776774348941274,65.284368113894544,67.839077557512979,70.595702460823986,73.420301758324939,76.296619167700598,79.223686576347987,82.200423249432731]
[null,null,null,null,null,"Inflation in equity component",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R153-Q158)*$O$14","v":49.414537974170891},51.41465265519146,52.925109472150147,54.108986537747484,55.287174309923287,56.732999538331939,58.307444403205594,60.004359405585639,61.91214649914,64.01777571136445,66.299084412629966,68.652215727516889,71.063478285109525,73.513913960794525,75.998640264618743,78.509152882289357,81.02674734674838,83.54108128988446,86.714368151525562,90.459296649071632,94.311119890384731,98.257901182225766,102.29787040744924,106.43686695387296,110.6723351415727,114.993959761093,119.39611753257196,123.87306125449322,128.41820609862916]
[null,null,null,null,null,"Real return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R447-R451","v":120.18808175467106},{"$f":"S447-S451","v":108.19732132958553},91.046168887246097,94.979660221460875,89.795009700301662,96.68632801008485,101.72010109282353,104.68044976450224,108.00867479659306,111.68204478431515,115.66189596955807,119.76704510934523,123.97360695800937,128.24850816836829,132.58323100521892,136.96293928909307,141.35500219043695,145.74137695775289,151.27732633208308,157.81053164153917,164.53021989933072,171.41556697818768,178.46348482483239,185.68416052815596,193.07313558336614,200.61241461852393,208.29218755532105,216.10242812823185,224.03164879223542]
[null,null,null,null,null,"Real return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R452/R438","v":6.0806033346650454E-2},{"$f":"S452/S438","v":5.2610158652243687E-2},4.3007076317506575E-2,4.3883496207788399E-2,4.0603906249999919E-2,4.2605859375000055E-2,4.3613685239491939E-2,4.3613685239491877E-2,4.3613685239492037E-2,4.3613685239492141E-2,4.3613685239491905E-2,4.3613685239491967E-2,4.3613685239491863E-2,4.3613685239492023E-2,4.3613685239491967E-2,4.3613685239491953E-2,4.3613685239491905E-2,4.361368523949187E-2,4.3613685239491953E-2,4.3613685239492071E-2,4.3613685239492057E-2,4.3613685239491905E-2,4.3613685239491808E-2,4.3613685239491898E-2,4.3613685239492016E-2,4.3613685239491835E-2,4.3613685239492037E-2,4.3613685239491967E-2,4.3613685239492099E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R370/R438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R373/R438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R359/R438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R165-R341)/R438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$335*Q158","v":1976.5815189668463},2056.5861062076688,2117.0043788860066,2164.3594615099055,2211.4869723969437,2269.3199815332846,2332.2977761282268,2400.1743762234255,2476.4858599656145,2560.7110284546006,2651.9633765052026,2746.0886291006841,2842.5391314043832,2940.556558431796,3039.9456105847594,3140.3661152915802,3241.0698938699388,3341.6432515953766,3468.5747260610365,3618.3718659628921,3772.4447956154163,3930.316047289029,4091.914816297965,4257.4746781549247,4426.8934056629359,4599.7583904437188,4775.8447013029117,4954.922450179748,5136.728243945211]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$334*Q158","v":2964.8722784502693},3084.8791593115034,3175.5065683290095,3246.5391922648578,3317.2304585954148,3403.9799722999269,3498.4466641923404,3600.2615643351382,3714.7287899484218,3841.0665426819005,3977.9450647578037,4119.1329436510259,4263.8086971065741,4410.8348376476933,4559.9184158771386,4710.5491729373698,4861.6048408049073,5012.4648773930639,5202.8620890915545,5427.5577989443373,5658.6671934231235,5895.4740709335429,6137.8722244469473,6386.2120172323876,6640.3401084944044,6899.6375856655786,7163.7670519543672,7432.3836752696216,7705.0923659178161,7981.4438173348726]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R465-S465","v":-120.00688086123409},{"$f":"S465-T465","v":-90.627409017506125},-71.032623935848278,-70.691266330557028,-86.749513704512083,-94.466691892413564,-101.8149001427978,-114.46722561328352,-126.33775273347874,-136.87852207590322,-141.18787889322221,-144.67575345554815,-147.02614054111928,-149.08357822944527,-150.63075706023119,-151.05566786753752,-150.86003658815662,-190.39721169849054,-224.69570985278278,-231.10939447878627,-236.80687751041933,-242.3981535134044,-248.3397927854403,-254.12809126201682,-259.29747717117425,-264.12946628878854,-268.6166233152544,-272.70869064819453,-276.35145141705652]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R407-R411-R341-R467","v":121.22333679148886},{"$f":"S407-S411-S341-S467","v":132.09907900576121},130.48826579767351,136.59088725632813,122.63296643223464,126.75065265800657,129.46770981888167,126.77611544747302,136.14117103958083,137.64820224301249,142.44814817285499,148.34582513263868,155.5155279806346,162.98809842276185,171.04272438657352,180.22907642613794,189.99360975349575,163.83426600849572,145.35648696397652,154.61097131563162,164.94607153039095,175.75558382326426,186.61797509003219,197.99072490948936,210.35285122652101,223.32994266297226,236.92809623703067,251.16670499629492,266.06520575122386]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R469-R354","v":121.22333679148886},132.09907900576121,130.48826579767351,136.59088725632813,122.63296643223464,126.75065265800657,129.46770981888167,126.77611544747302,110.06467833262953,108.17988093539179,113.09632561366573,118.3707684245266,124.15349505904672,130.2993670693775,136.72410256921805,143.56665476722463,150.64879134426678,144.51621733140485,141.34507307181204,148.53838620204337,156.2307301220898,164.19937197949861,172.29063857450262,180.71643554806479,189.52858425841785,198.71850917996565,208.24369911623367,218.11068047543165,228.32544695135968]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R470+R416","v":121.22333679148886},{"$f":"S470+S416","v":132.09907900576121},130.48826579767351,136.59088725632813,122.63296643223464,126.75065265800657,129.46770981888167,126.77611544747302,125.31942656619603,125.4188489003499,130.26714181079143,135.90617659877216,142.50028431817563,149.42227491110734,156.80049633237098,165.0141714376889,173.66551011366573,155.81727580750299,143.69175019872827,152.09084849349247,161.32920484594598,170.9597559081015,180.67213043608743,190.82189482449814,201.71078043475822,213.11619776752454,225.0240714318999,237.44845482013665,250.40320584928025]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R471+R411-R157+R467","v":201.22792403231148},{"$f":"S471+S411-S157+S467","v":192.51735168409971},177.84334842157239,183.71839814336681,{"$f":"V471+V411-V157+V467","v":180.46597556857603},189.72844725294937,197.34430991408078,203.08759918966268,209.54459505518287,216.67119695095317,224.39239440627125,232.35667890247305,240.51771134558896,248.81132706407152,257.22100103919382,265.71795001604778,274.23886783910427,282.74875027316318,293.48889010058542,306.16377814601719,319.20045651956195,332.55852491703786,346.23199229304896,360.24062233250766,374.57576521554586,389.20250862671651,404.10182030873966,419.25424858560109,434.637506793988]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R473/R464","v":0.10180603334665031},{"$f":"S473/S464","v":9.3610158652243564E-2},8.400707631750659E-2,8.4883496207788317E-2,8.1603906249999775E-2,8.3605859374999994E-2,{"$f":"X473/X464","v":8.461368523949192E-2},8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491906E-2,8.4613685239491851E-2,8.4613685239491879E-2,8.4613685239491823E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.461368523949192E-2,8.4613685239491851E-2,8.4613685239491823E-2,8.4613685239491906E-2,8.461368523949192E-2,8.4613685239491837E-2,8.4613685239491893E-2,8.4613685239491809E-2,8.4613685239491851E-2,8.4613685239491865E-2,8.4613685239491851E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491893E-2]
[]
[null,null,null,null,null,"Real cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R471/R8","v":118.26667004047695},{"$f":"S471/S8","v":125.733805121486},121.17132675165922,123.74460238364111,108.38967318340458,109.29669054544758,108.91668333649339,104.05106201451814,100.3468191321644,97.977004307233841,99.28242241948189,101.05383742402405,103.37260978088703,105.75020760691193,108.26534201275994,111.15766026151006,114.13211483103754,99.904725334164254,89.883172371683827,92.816625510323249,96.053196050732609,99.304482026367836,102.38639730896048,105.50072268744499,108.80089675697862,112.14914296098974,115.52729711355573,118.93265577389009,122.36234415287211]
[null,null,null,null,null,"Inflation in equity component",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R153-Q158)*$O$335","v":49.414537974170891},{"$f":"(S153-R158)*$O$335","v":51.41465265519146},52.925109472150147,54.108986537747484,55.287174309923287,56.732999538331939,58.307444403205594,60.004359405585639,61.91214649914,64.01777571136445,66.299084412629966,68.652215727516889,71.063478285109525,73.513913960794525,75.998640264618743,78.509152882289357,81.02674734674838,83.54108128988446,86.714368151525562,90.459296649071632,94.311119890384731,98.257901182225766,102.29787040744924,106.43686695387296,110.6723351415727,114.993959761093,119.39611753257196,123.87306125449322,128.41820609862916]
[null,null,null,null,null,"Real return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R473-R477","v":151.81338605814059},{"$f":"S473-S477","v":141.10269902890826},124.91823894942223,129.60941160561933,125.17880125865274,132.99544771461743,139.0368655108752,143.08323978407705,147.63244855604287,152.65342123958874,158.0933099936413,163.70446317495617,169.45423306047945,175.29741310327699,181.22236077457507,187.20879713375842,193.21212049235589,199.20766898327872,206.77452194905987,215.70448149694556,224.88933662917722,234.30062373481209,243.93412188559972,253.80375537863469,263.90343007397314,274.20854886562353,284.7057027761677,295.38118733110787,306.21930069535881]
[null,null,null,null,null,"Real return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R478/R464","v":7.6806033346650454E-2},{"$f":"S478/S464","v":6.8610158652243694E-2},5.9007076317506589E-2,5.9883496207788378E-2,5.6603906249999912E-2,5.8605859375000069E-2,5.9613685239491961E-2,5.9613685239491877E-2,5.961368523949203E-2,5.9613685239492127E-2,5.9613685239491898E-2,5.9613685239491961E-2,5.961368523949185E-2,5.9613685239492016E-2,5.9613685239491968E-2,5.9613685239491974E-2,5.9613685239491884E-2,5.9613685239491815E-2,5.9613685239492016E-2,5.9613685239492106E-2,5.9613685239492016E-2,5.9613685239491891E-2,5.961368523949178E-2,5.9613685239491884E-2,5.9613685239492023E-2,5.9613685239491856E-2,5.9613685239492051E-2,5.9613685239491974E-2,5.9613685239492099E-2]

{"sheet":"REV - ANT","index":7,"n_rows":462,"n_cols":47,"rows_kept":462,"cut":false,"hidden":false,"merged":[]}
["Revenue - AusNet Transmission"]
["This sheet provides a cash-flow projections for AusNet Transmission",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,4.3665204499304583E-2,4.16768756111075E-2,3.9688546722910424E-2,3.7700217834713341E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2,3.5711888946516258E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2,5.2524812432082263E-2]
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[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,0.9]
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[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W88","v":5.1012298225329308E-2},{"$f":"WACC!X88","v":5.2182709945456859E-2},{"$f":"WACC!Y88","v":5.2146730166857599E-2},{"$f":"WACC!Z88","v":5.3033334097136425E-2},{"$f":"WACC!AA88","v":5.3577472927830494E-2},{"$f":"WACC!AB88","v":5.4643293737080462E-2},{"$f":"WACC!AC88","v":5.5371933193996629E-2},{"$f":"WACC!AD88","v":5.5697442305116029E-2},{"$f":"WACC!AE88","v":5.6022951416235436E-2},{"$f":"WACC!AF88","v":5.6348460527354843E-2},{"$f":"WACC!AG88","v":5.6889869877018481E-2},{"$f":"WACC!AH88","v":5.7250455927724916E-2},{"$f":"WACC!AI88","v":5.7611159740041662E-2},{"$f":"WACC!AJ88","v":5.7851628948252791E-2},{"$f":"WACC!AK88","v":5.8032215687622304E-2},{"$f":"WACC!AL88","v":5.809268523949182E-2},{"$f":"WACC!AM88","v":5.809268523949182E-2},{"$f":"WACC!AN88","v":5.809268523949182E-2},{"$f":"WACC!AO88","v":5.809268523949182E-2},{"$f":"WACC!AP88","v":5.809268523949182E-2},{"$f":"WACC!AQ88","v":5.809268523949182E-2},{"$f":"WACC!AR88","v":5.809268523949182E-2},{"$f":"WACC!AS88","v":5.809268523949182E-2},{"$f":"WACC!AT88","v":5.809268523949182E-2},{"$f":"WACC!AU88","v":5.809268523949182E-2},{"$f":"WACC!AV88","v":5.809268523949182E-2},{"$f":"WACC!AW88","v":5.809268523949182E-2},{"$f":"WACC!AX88","v":5.809268523949182E-2},{"$f":"WACC!AY88","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W89","v":2.5377851927150807E-2},{"$f":"WACC!X89","v":2.6519717019958033E-2},{"$f":"WACC!Y89","v":2.6484614796934425E-2},{"$f":"WACC!Z89","v":2.7349594241108832E-2},{"$f":"WACC!AA89","v":2.7880461393005485E-2},{"$f":"WACC!AB89","v":2.8920286572761578E-2},{"$f":"WACC!AC89","v":2.963115433560648E-2},{"$f":"WACC!AD89","v":2.9948724200113297E-2},{"$f":"WACC!AE89","v":3.0266294064619892E-2},{"$f":"WACC!AF89","v":3.0583863929126709E-2},{"$f":"WACC!AG89","v":3.1112068172700846E-2},{"$f":"WACC!AH89","v":3.1463859441682951E-2},{"$f":"WACC!AI89","v":3.1815765600040846E-2},{"$f":"WACC!AJ89","v":3.205036970561248E-2},{"$f":"WACC!AK89","v":3.2226551890363275E-2},{"$f":"WACC!AL89","v":3.2285546575114177E-2},{"$f":"WACC!AM89","v":3.2285546575114177E-2},{"$f":"WACC!AN89","v":3.2285546575114177E-2},{"$f":"WACC!AO89","v":3.2285546575114177E-2},{"$f":"WACC!AP89","v":3.2285546575114177E-2},{"$f":"WACC!AQ89","v":3.2285546575114177E-2},{"$f":"WACC!AR89","v":3.2285546575114177E-2},{"$f":"WACC!AS89","v":3.2285546575114177E-2},{"$f":"WACC!AT89","v":3.2285546575114177E-2},{"$f":"WACC!AU89","v":3.2285546575114177E-2},{"$f":"WACC!AV89","v":3.2285546575114177E-2},{"$f":"WACC!AW89","v":3.2285546575114177E-2},{"$f":"WACC!AX89","v":3.2285546575114177E-2},{"$f":"WACC!AY89","v":3.2285546575114177E-2}]
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[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0510122982253294},{"$f":"R23*(1+S20)","v":1.1058569681327297},1.1635237930530864,1.2252293391000382,1.290874030846054,1.361411639691144,1.4367956340536514,1.5168214759855971,1.6017982918418407,1.6920571596624749,1.7883180713001505,1.8907000962258738,1.9996255214900549,2.1153071151947538,2.2380630739492977,2.3680781676503639,2.5056461872661893,2.6512059025445769,2.805221572546182,2.9681844263871398,3.1406142300020097,3.3230609439241854,3.5161064773712218,3.7203665442296865,3.9364926268591578,4.1651740539788671,4.4071401992643597,4.6631628076665352,4.9340584568728127]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.95146365241256892},{"$f":"1/S23","v":0.90427607621673523},0.85945814427739375,0.81617373016428518,0.77466892671517162,0.73453169551779696,0.69599320620058269,0.65927336593795394,0.62429833087794218,0.5909965832356846,0.55918464173041416,0.52890461157544377,0.50009363716003841,0.47274459241249761,0.4468149319113669,0.42228335772894365,0.39909864572342518,{"$f":"1/AI23","v":0.37718684883743625},{"$f":"1/AJ23","v":0.35647807994444514},0.33690628894552732,0.31840905210423126,0.300927372947637,0.28440549409858568,0.26879071943892374,0.25403324603655575,0.24008600530024182,0.22690451285550664,0.21444672666284278,0.20267291292568029]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
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[null,null,null,null,null,"Capex program"]
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[null,null,null,null,null,"Net capex",null,null,null,null,"AusNet T PTRM 2022-27","Real","$m",null,null,null,null,146.51115298584622,157.66893533075955,193.32525901147892,178.61597041782562,140.7660281867679,{"$f":"V147*Controls!$G$11","v":178.93687420905295},{"$f":"W147*Controls!$G$11","v":178.73633148890954},{"$f":"X147*Controls!$G$11","v":178.69721615800432},{"$f":"Y147*Controls!$G$11","v":178.78016208128844},{"$f":"Z147*Controls!$G$11","v":179.22644781534717},{"$f":"AA147*Controls!$G$11","v":179.72198570346876},{"$f":"AB147*Controls!$G$11","v":180.41967000684789},{"$f":"AC147*Controls!$G$11","v":181.00270498107227},{"$f":"AD147*Controls!$G$11","v":181.4545420601618},{"$f":"AE147*Controls!$G$11","v":182.84127038212947},{"$f":"AF147*Controls!$G$11","v":186.37495556398625},{"$f":"AG147*Controls!$G$11","v":189.97948271784378},{"$f":"AH147*Controls!$G$11","v":193.65203319508535},{"$f":"AI147*Controls!$G$11","v":197.40732617626938},{"$f":"AJ147*Controls!$G$11","v":201.2258710413472},{"$f":"AK147*Controls!$G$11","v":205.1670416908932},{"$f":"AL147*Controls!$G$11","v":209.2308147150614},{"$f":"AM147*Controls!$G$11","v":213.23528033491573},{"$f":"AN147*Controls!$G$11","v":217.16940860407803},{"$f":"AO147*Controls!$G$11","v":221.03492615636154},{"$f":"AP147*Controls!$G$11","v":224.7411194788202},{"$f":"AQ147*Controls!$G$11","v":228.33697128160071},{"$f":"AR147*Controls!$G$11","v":231.8326771562121},{"$f":"AS147*Controls!$G$11","v":235.23602315181785}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,"Net capex",null,null,null,null,null,"Nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"W152","v":210.49118054923633},215.5860895731692,220.96145041788958,226.62554477781333,232.90693512703766,239.45100414587066,246.43209929647134,253.45239239325326,260.4668189199345,269.04177779873515,281.10548678770368,293.70567347772959,306.86797077569821,320.63921155640708,335.01252730753561,350.11336773653397,365.974316267755,382.30316089809764,399.0904554351448,416.34893773334346,433.91330133574502,451.87729992161195,470.26515981590461,489.09795660985753]
[]
[]
[null,null,"RAB (Real)"]
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[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q147","v":3166.9096766958619},{"$f":"R147","v":3135.9355662530525},{"$f":"S147","v":3132.9176670696925},3159.3619740044874,{"$f":"U147","v":3163.4455195250744},{"$f":"V147","v":3123.7095869016521},{"$f":"W147","v":3120.2087030270213},3119.5258648211816,{"$f":"Y147","v":3120.9738557783407},3128.7646872217692,3137.4153158786103,3149.5948241925312,3159.7728936739277,3167.6606352135536,3191.8688179758033,3253.556529513462,3316.4809327507601,3380.5928224037384,3446.1491519126821,3512.8096725894993,3581.6108774614431,3652.5523578617099,3722.4585060631307,3791.1367717632775,3858.6172968913602,3923.3164913053042,3986.0894485231679,4047.1141534744493,4106.5265275924676]
[null,null,null,null,null,"Net capex",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,{"$f":"R31*(1+R21)^0.5","v":148.35857469421003},{"$f":"S31*(1+S21)^0.5","v":159.74592292894073},195.8686017031342,181.04203152251944,142.71484896959115,181.50588529993323,181.36508232548726,181.35335271236994,181.46550120491625,181.94652547207949,182.49633339548748,183.23603769596113,183.85952970030857,184.33945134272273,185.76408092075445,189.35966484425964,193.02191684432606,196.75328153004605,200.56871380289169,204.44841090948958,208.45269759615141,212.58155007813335,216.65014537497106,220.6472769007631,224.57469894056987,228.34024524621535,231.99368296344326,235.54537096147615,239.00321997947742]
[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,179.33268513701924,162.76382211230063,169.42429476833928,176.9584860019327,182.45078159301332,180.53334731933776,173.10609038887839,166.4961012088115,155.79590516305655,150.93647102142293,143.46434964516504,141.69500102799174,140.08375334958291,119.70687021786932,79.08093926093882,76.780457595704902,74.505736112144973,71.951360112022698,69.727418062587645,66.435784198025232,63.170619314091923,63.104033627042817,63.069629416782533,62.835266299536684,64.018145899572573,64.091401414327549,63.784667116097793,63.152869018488438,60.670766688525219]
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[null,null,null,null,null,"Future capex calculations"]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,6,null,null,{"$f":"IF($O44=R$2,R$40,IF(R$2>$O44,Q44-Q45,0))","v":0},{"$f":"IF($O44=S$2,S$40,IF(S$2>$O44,R44-R45,0))","v":0},{"$f":"IF($O44=T$2,T$40,IF(T$2>$O44,S44-S45,0))","v":0},0,0,181.50588529993323,177.03246344470691,172.55904158948059,168.08561973425427,163.61219787902795,159.13877602380163,154.66535416857531,150.19193231334899,145.71851045812267,141.24508860289635,136.77166674767003,132.29824489244371,127.82482303721739,123.35140118199106,118.87797932676474,114.40455747153842,109.9311356163121,105.45771376108578,100.98429190585946,96.510870050633145,92.037448195406824,87.564026340180504,83.090604484954184,78.617182629727864]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,6,null,null,{"$f":"IF(R$2>=$O45,IF(R44-HLOOKUP($O45,$R$2:$AT$33,30,FALSE)/HLOOKUP($O45,$R$2:$AT$33,31,FALSE)<=0,R44,HLOOKUP($O45,$R$2:$AT$33,30,FALSE)/HLOOKUP($O45,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236,4.4734218552263236]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,7,null,null,{"$f":"IF($O46=R$2,R$40,IF(R$2>$O46,Q46-Q47,0))","v":0},0,0,0,0,0,181.36508232548726,176.89667403826454,172.42826575104181,167.95985746381908,163.49144917659635,159.02304088937362,154.55463260215089,150.08622431492816,145.61781602770543,141.1494077404827,136.68099945325997,132.21259116603724,127.7441828788145,123.27577459159176,118.80736630436901,114.33895801714627,109.87054972992352,105.40214144270078,100.93373315547804,96.465324868255294,91.996916581032551,87.528508293809807,83.060100006587064]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,45,null,null,{"$f":"IF(R$2>=$O123,IF(R122-HLOOKUP($O123,$R$2:$AT$33,30,FALSE)/HLOOKUP($O123,$R$2:$AT$33,31,FALSE)<=0,R122,HLOOKUP($O123,$R$2:$AT$33,30,FALSE)/HLOOKUP($O123,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,46,null,null,{"$f":"IF(R$2>=$O125,IF(R124-HLOOKUP($O125,$R$2:$AT$33,30,FALSE)/HLOOKUP($O125,$R$2:$AT$33,31,FALSE)<=0,R124,HLOOKUP($O125,$R$2:$AT$33,30,FALSE)/HLOOKUP($O125,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,47,null,null,{"$f":"IF(R$2>=$O127,IF(R126-HLOOKUP($O127,$R$2:$AT$33,30,FALSE)/HLOOKUP($O127,$R$2:$AT$33,31,FALSE)<=0,R126,HLOOKUP($O127,$R$2:$AT$33,30,FALSE)/HLOOKUP($O127,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,48,null,null,{"$f":"IF(R$2>=$O129,IF(R128-HLOOKUP($O129,$R$2:$AT$33,30,FALSE)/HLOOKUP($O129,$R$2:$AT$33,31,FALSE)<=0,R128,HLOOKUP($O129,$R$2:$AT$33,30,FALSE)/HLOOKUP($O129,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$44:$L$143,$L$145,R44:R143)","v":0},{"$f":"SUMIF($L$44:$L$143,$L$145,S44:S143)","v":0},0,0,{"$f":"SUMIF($L$44:$L$143,$L$145,V44:V143)","v":0},4.4734218552263236,8.9418301424490618,13.409260546399171,17.878764598431381,22.35942579381506,26.852475436401779,31.362967186572977,35.888034811099786,40.424398362603831,44.995430122157067,49.654804011256722,54.404291079202814,59.245591909079948,64.180775063486678,69.211421839520355,{"$f":"SUMIF($L$44:$L$143,$L$145,AL44:AL143)","v":74.340597881792689},79.57136824966922,84.902250258042116,90.33148547314407,95.857358627053102,101.47588661402361,107.18431089606362,112.98012782496892,118.86102840376437]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$44:$L$143,$L$146,R44:R143)","v":0},{"$f":"SUMIF($L$44:$L$143,$L$146,S44:S143)","v":0},0,0,0,181.50588529993323,358.39754577019414,530.80906834011512,698.86530899863214,862.93306987228016,1023.0699774739526,1179.4535397335119,1331.9501022472475,1480.4015187788705,1625.741201337021,1770.105436059124,1913.4725488921931,2055.8215393430364,2197.1446612368477,2337.4122970828507,{"$f":"SUMIF($L$44:$L$143,$L$146,AL44:AL143)","v":2476.6535728394815},2614.894525035822,2751.9733021611241,2887.7183288038459,3021.9615422712714,3154.4444288904342,3284.9622252398531,3413.3232853052655,3539.346377459774]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"AusNet T PTRM 2022-27","On 31/3/2022",null,null,null,null,3166.9096766958619,{"$f":"R39+R40-R41-R145","v":3135.9355662530525},{"$f":"S39+S40-S41-S145","v":3132.9176670696925},{"$f":"T39+T40-T41-T145","v":3159.3619740044874},3163.4455195250744,{"$f":"V39+V40-V41-V145","v":3123.7095869016521},{"$f":"W39+W40-W41-W145","v":3120.2087030270213},3119.5258648211816,3120.9738557783407,3128.7646872217692,3137.4153158786103,3149.5948241925312,3159.7728936739277,3167.6606352135536,3191.8688179758033,{"$f":"AF39+AF40-AF41-AF145","v":3253.556529513462},3316.4809327507601,3380.5928224037384,3446.1491519126821,3512.8096725894993,3581.6108774614431,{"$f":"AL39+AL40-AL41-AL145","v":3652.5523578617099},3722.4585060631307,3791.1367717632775,3858.6172968913602,3923.3164913053042,3986.0894485231679,4047.1141534744493,4106.5265275924676,4165.9979524796563]
[]
[null,null,"RAB (Nominal)"]
[]
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[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":152.06753906156527},{"$f":"S40*S8","v":167.83306027721835},210.92906090596423,199.8365281394945,161.46875222564051,210.49118054923633,215.5860895731692,220.96145041788958,226.62554477781333,232.90693512703766,239.45100414587066,246.43209929647134,253.45239239325326,260.4668189199345,269.04177779873515,281.10548678770368,293.70567347772959,306.86797077569821,320.63921155640708,335.01252730753561,350.11336773653397,365.974316267755,382.30316089809764,399.0904554351448,416.34893773334346,433.91330133574502,451.87729992161195,470.26515981590461,489.09795660985753]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$8","v":79.17274191739655},{"$f":"R156*$O$8","v":80.358348885234477},{"$f":"S156*$O$8","v":82.288040599127385},{"$f":"T156*$O$8","v":85.057182269673149},87.296298581041924,88.354767032642741,90.462137408775391,92.703398842811211,95.065089723325741,97.684958988778916,100.40392136452849,103.31353365757357,106.23858129646122,109.16637929965565,112.7506769945572,117.80299890730748,123.08336463705218,128.59929430434201,134.37041418243717,{"$f":"AJ156*$O$8","v":140.39384588088467},146.72216166328062,153.36901627947455,160.21195231792544,167.24701115865852,174.47953085989053,181.84023637263601,189.36841709213925,197.07422555496373,204.9664939183169]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R145*R8)","v":183.81600226544469},{"$f":"(S41*S8)+(S145*S8)","v":171.00374060673585},182.45143468326108,195.3290579544169,206.42631274264886,214.55113253657339,216.39776962051178,219.19721404011858,216.8958638830118,221.83339908583278,223.47043378859576,232.74372739853899,242.57905356193749,226.26129042352747,179.69957828327995,187.69385650522312,196.15185142318822,204.62246995623451,214.072357800943,222.27374189258063,230.96134475205764,245.62589100919286,261.11275958670001,277.03667854452237,296.40024808341411,314.62630892824961,333.01337850077073,351.64865083674073,367.39519297555228]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154-R153","v":104.64326034804814},{"$f":"S154-S153","v":90.645391721501369},100.1633940841337,110.27187568474375,119.13001416160694,126.19636550393065,125.93563221173639,126.49381519730737,121.83077415968606,124.14844009705386,123.06651242406727,129.43019374096542,136.34047226547625,117.09491112387182,66.948901288722752,69.890857597915641,73.068486786136035,76.023175651892501,79.701943618505823,81.879896011695962,84.239183088777025,92.256874729718305,100.90080726877457,109.78966738586385,121.92071722352358,132.7860725556136,143.64496140863147,154.574425281777,162.42869905723538]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q147*Q8","v":3166.9096766958619},{"$f":"R147*R8","v":3214.3339554093786},3291.5216239650954,3402.287290786926,3491.8519432416765,3534.1906813057094,3618.4854963510152,3708.1359537124481,3802.6035889330296,3907.3983595511563,4016.1568545811392,4132.5413463029427,4249.5432518584485,4366.6551719862255,4510.0270797822877,4712.1199562922993,4923.3345854820873,5143.9717721736806,5374.8165672974865,5615.7538352353868,5868.8864665312249,6134.7606511789818,6408.4780927170168,6689.8804463463402,6979.1812343956208,7273.6094549054396,7574.7366836855699,7882.9690221985484,8198.6597567326753,8525.3290142852966]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$13","v":1900.1458060175171},{"$f":"R156*$O$13","v":1928.600373245627},1974.9129743790572,2041.3723744721556,2095.1111659450057,2120.5144087834256,2171.0912978106089,2224.881572227469,2281.5621533598178,2344.4390157306939,2409.6941127486834,2479.5248077817655,2549.7259511150692,2619.9931031917354,2706.0162478693724,2827.2719737753796,2954.0007512892521,3086.3830633042085,3224.8899403784917,3369.4523011412321,3521.331879918735,3680.856390707389,3845.0868556302098,4013.9282678078039,4187.5087406373723,4364.1656729432634,4544.8420102113414,4729.7814133191287,4919.1958540396054]
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[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160*WACC!W80","v":86.064633441495317},{"$f":"S160*WACC!X80","v":87.240697065417265},{"$f":"T160*WACC!Y80","v":89.219814484243713},{"$f":"U160*WACC!Z80","v":92.511553087142389},{"$f":"V160*WACC!AA80","v":95.452951947700583},{"$f":"W160*WACC!AB80","v":97.547020239524727},{"$f":"X160*WACC!AC80","v":101.0514872112761},{"$f":"Y160*WACC!AD80","v":104.7621390801179},{"$f":"Z160*WACC!AE80","v":108.66881782135242},{"$f":"AA160*WACC!AF80","v":112.93548176879943},{"$f":"AB160*WACC!AG80","v":118.25331194575361},{"$f":"AC160*WACC!AH80","v":123.17031974625117},{"$f":"AD160*WACC!AI80","v":128.1903858671842},{"$f":"AE160*WACC!AJ80","v":132.77319334669124},{"$f":"AF160*WACC!AK80","v":137.94703286143641},{"$f":"AG160*WACC!AL80","v":144.41333523490925},{"$f":"AH160*WACC!AM80","v":150.88647457232594},{"$f":"AI160*WACC!AN80","v":157.64838901901408},{"$f":"AJ160*WACC!AO80","v":164.72313819659635},{"$f":"AK160*WACC!AP80","v":172.10719351947424},{"$f":"AL160*WACC!AQ80","v":179.86500271815692},{"$f":"AM160*WACC!AR80","v":188.01330499271447},{"$f":"AN160*WACC!AS80","v":196.40198121724262},{"$f":"AO160*WACC!AT80","v":205.02617856525325},{"$f":"AP160*WACC!AU80","v":213.89244090063693},{"$f":"AQ160*WACC!AV80","v":222.91584474126375},{"$f":"AR160*WACC!AW80","v":232.14455450280417},{"$f":"AS160*WACC!AX80","v":241.59101606252631},{"$f":"AT160*WACC!AY80","v":251.26605665990192}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161*WACC!W81","v":75.486707438795207},{"$f":"S161*WACC!X81","v":80.491959397543411},{"$f":"T161*WACC!Y81","v":82.422275479041033},{"$f":"U161*WACC!Z81","v":87.923085499601783},{"$f":"V161*WACC!AA81","v":91.631651009322667},{"$f":"W161*WACC!AB81","v":95.572799281915692},{"$f":"X161*WACC!AC81","v":99.311049956118055},{"$f":"Y161*WACC!AD81","v":101.77154926130758},{"$f":"Z161*WACC!AE81","v":104.36425829664522},{"$f":"AA161*WACC!AF81","v":107.24040045901999},{"$f":"AB161*WACC!AG81","v":110.22532891706322},{"$f":"AC161*WACC!AH81","v":113.41955646976645},{"$f":"AD161*WACC!AI81","v":116.63072923784894},{"$f":"AE161*WACC!AJ81","v":119.84492140802487},{"$f":"AF161*WACC!AK81","v":123.77983138950665},{"$f":"AG161*WACC!AL81","v":129.32636619670723},{"$f":"AH161*WACC!AM81","v":135.12325183078886},{"$f":"AI161*WACC!AN81","v":141.17874402270246},{"$f":"AJ161*WACC!AO81","v":147.51438886742238},{"$f":"AK161*WACC!AP81","v":154.12702641332407},{"$f":"AL161*WACC!AQ81","v":161.07437148835484},{"$f":"AM161*WACC!AR81","v":168.37141453584596},{"$f":"AN161*WACC!AS81","v":175.88371948714587},{"$f":"AO161*WACC!AT81","v":183.60694049417572},{"$f":"AP161*WACC!AU81","v":191.54693777847581},{"$f":"AQ161*WACC!AV81","v":199.6276598775496},{"$f":"AR161*WACC!AW81","v":207.8922394345737},{"$f":"AS161*WACC!AX81","v":216.35182209671854},{"$f":"AT161*WACC!AY81","v":225.01610397365795}]
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[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,284.37942040363174,291.6038317862737,297.83146171504171,305.6394075904123,313.3245033060436,{"$f":"V166*(1+$O$8)","v":321.15761588869464},{"$f":"W166*(1+$O$8)","v":329.18655628591199},337.41622019305976,345.85162569788622,354.49791634033335,363.36036424884168,372.44437335506268,381.7554826889392,391.29936975616266,401.0818540000667,411.10890035006832,421.38662285881998,431.92128843029042,442.71932064104766,453.78730365707383,465.13198624850065,476.7602859047131,488.67929305233088,500.89627537863913,513.4186822631051,526.25414931968271,539.4105030526747,552.89576562899151,566.71815976971629]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":104.64326034804814},{"$f":"S155","v":90.645391721501369},{"$f":"T155","v":100.1633940841337},110.27187568474375,119.13001416160694,126.19636550393065,125.93563221173639,126.49381519730737,121.83077415968606,124.14844009705386,123.06651242406727,129.43019374096542,136.34047226547625,117.09491112387182,66.948901288722752,69.890857597915641,73.068486786136035,76.023175651892501,79.701943618505823,81.879896011695962,84.239183088777025,92.256874729718305,100.90080726877457,109.78966738586385,121.92071722352358,132.7860725556136,143.64496140863147,154.574425281777,162.42869905723538]
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[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R305","v":4.9560772626119851},{"$f":"S305","v":3.2179092921498853},3.6898882852475405,5.6198324792477594,6.9708912604383579,7.4833170441625745,9.4134549734914543,10.029731297863345,17.666738670424529,22.07053290343454,21.199155421425381,21.998082018988264,23.040537595913211,15.98151053878466,0,0,0,0,{"$f":"AJ305","v":0},{"$f":"AK305","v":0},0,0,0,3.0520077729949557,10.094738354464196,22.706716833081146,25.277387413538658,27.826411660227443,32.504946280260278]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169*$O$17","v":2.8993051986280109},{"$f":"S169*$O$17","v":1.8824769359076827},2.1585846468698109,3.2876020003599389,4.0779713873564392,4.3777404708351062,5.5068711594925004,5.867392809250056,10.335042122198349,12.911261748509204,12.401505921533847,12.868877981108133,13.478714493609228,9.3491836651890257,0,0,0,0,0,0,0,0,0,1.7854245472020489,5.9054219373615542,13.283429347352468,14.787271636920114,16.278450821233054,19.015393573952259]
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[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164+R166+R167+R169-R170+R316","v":577.6970864278851},{"$f":"S163+S164+S166+S167+S169-S170+S316","v":566.3783106430792},584.52413638740018,610.1933772680959,622.0023922229293,643.57937748739323,659.39130947904152,674.60606222040599,688.04717252379601,707.98150982013192,723.7031670356173,747.59364734992585,772.47889316175247,767.64472250834626,729.75761953973256,754.73945937960048,780.46483604807088,806.77159712389948,834.65879132357213,861.90141960156802,890.31054354378944,925.40188016299192,961.86580102549397,1000.5856450497248,1044.9680945828441,1091.0070139798383,1133.5823741753024,1176.9609899090078,1218.9185721668198]
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[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q183","v":2825.11},{"$f":"R183","v":2770.7055817347464},2835.9649756106633,2815.8714098735213,2878.8890953925138,2833.1216348132302,2643.7158426287269,2466.7183954465922,2298.5099564568127,2164.45111857557,2047.6666207431761,1935.8989438379976,1826.2435990220413,1718.7318219233455,1615.7631880043268,1516.2164738801914,1418.2354639599125,1320.0964981288282,1223.1556141842882,1127.8368790400741,1033.5825400756228,940.70876143741725,850.61974687902705,761.22272135017579,674.21933262794244,588.97510501378372,533.34824143084245,478.16779306662437,423.42101307397411]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"AusNet T PTRM 2022-27","TaxDep",null,null,null,null,null,165.66648230878729,161.74641916812075,171.81734558406066,181.79441673240751,190.41828084255044,189.40579218450347,176.99744718213475,168.20843898977964,134.05883788124257,116.78449783239398,111.76767690517836,109.65534481595637,107.51177709869582,102.96863391901861,99.546714124135434,97.981009920278936,98.138965831084406,96.940883944540019,95.318735144214187,94.254338964451378,92.873778638205579,90.089014558390176,89.397025528851216,87.003388722233368,85.244227614158717,55.626863582941311,55.18044836421808,54.746779992650268,44.905550416296961]
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[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,111.26206404353339,227.00581304403761,151.72377984691849,244.81210225139989,144.65082026326695]
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[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CEPA calculated",null,null,null,null,null,2825.11,{"$f":"R178-R179+R181","v":2770.7055817347464},{"$f":"S178-S179+S181","v":2835.9649756106633},2815.8714098735213,2878.8890953925138,2833.1216348132302,2643.7158426287269,2466.7183954465922,2298.5099564568127,2164.45111857557,2047.6666207431761,1935.8989438379976,1826.2435990220413,1718.7318219233455,1615.7631880043268,1516.2164738801914,1418.2354639599125,1320.0964981288282,1223.1556141842882,1127.8368790400741,1033.5825400756228,940.70876143741725,850.61974687902705,761.22272135017579,674.21933262794244,588.97510501378372,533.34824143084245,478.16779306662437,423.42101307397411,378.51546265767718]
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[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V40*V8","v":161.46875222564051},{"$f":"W40*W8","v":210.49118054923633},215.5860895731692,220.96145041788958,226.62554477781333,232.90693512703766,239.45100414587066,246.43209929647134,253.45239239325326,260.4668189199345,269.04177779873515,281.10548678770368,293.70567347772959,306.86797077569821,320.63921155640708,335.01252730753561,350.11336773653397,365.974316267755,382.30316089809764,399.0904554351448,416.34893773334346,433.91330133574502,451.87729992161195,470.26515981590461,489.09795660985753]
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[null,null,null,null,null,"Future TAB calculations"]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,6,null,null,{"$f":"IF($O188=R$2,R$185,IF(R$2>$O188,Q188-Q189,0))","v":0},0,0,0,0,210.49118054923633,199.96662152177453,189.9682904456858,180.4698759234015,171.44638212723143,162.87406302086987,154.73035986982637,146.99384187633507,139.64414978251833,132.6619422933924,126.02884517872278,119.72740291978664,113.74103277379731,108.05398113510745,102.65128207835208,97.51871797443448,92.642782075712759,88.010642971927126,83.610110823330771,79.429605282164232,75.458125018056023,71.685218767153216,68.100957828795558,64.695909937355779]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,6,null,null,{"$f":"IF(R$2>=$O189,IF(R188-(R188*HLOOKUP($O189,$R$2:$AT$34,32,FALSE))<=0,R188,R188*HLOOKUP($O189,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,10.524559027461818,9.9983310760887267,9.4984145222842908,9.0234937961700759,8.5723191063615722,8.1437031510434945,7.7365179934913186,7.3496920938167536,6.9822074891259165,6.6330971146696207,6.301442258936139,5.9863701459893326,5.6870516386898657,5.402699056755373,5.1325641039176046,4.8759358987217247,4.6321391037856383,4.4005321485963567,4.1805055411665384,3.9714802641082119,3.7729062509028015,3.5842609383576609,3.4050478914397782,3.2347954968677892]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,44,null,null,{"$f":"IF($O264=R$2,R$185,IF(R$2>$O264,Q264-Q265,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,44,null,null,{"$f":"IF(R$2>=$O265,IF(R264-(R264*HLOOKUP($O265,$R$2:$AT$34,32,FALSE))<=0,R264,R264*HLOOKUP($O265,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,45,null,null,{"$f":"IF($O266=R$2,R$185,IF(R$2>$O266,Q266-Q267,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,45,null,null,{"$f":"IF(R$2>=$O267,IF(R266-(R266*HLOOKUP($O267,$R$2:$AT$34,32,FALSE))<=0,R266,R266*HLOOKUP($O267,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,46,null,null,{"$f":"IF($O268=R$2,R$185,IF(R$2>$O268,Q268-Q269,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,46,null,null,{"$f":"IF(R$2>=$O269,IF(R268-(R268*HLOOKUP($O269,$R$2:$AT$34,32,FALSE))<=0,R268,R268*HLOOKUP($O269,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,47,null,null,{"$f":"IF($O270=R$2,R$185,IF(R$2>$O270,Q270-Q271,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,47,null,null,{"$f":"IF(R$2>=$O271,IF(R270-(R270*HLOOKUP($O271,$R$2:$AT$34,32,FALSE))<=0,R270,R270*HLOOKUP($O271,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,48,null,null,{"$f":"IF($O272=R$2,R$185,IF(R$2>$O272,Q272-Q273,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,48,null,null,{"$f":"IF(R$2>=$O273,IF(R272-(R272*HLOOKUP($O273,$R$2:$AT$34,32,FALSE))<=0,R272,R272*HLOOKUP($O273,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,49,null,null,{"$f":"IF($O274=R$2,R$185,IF(R$2>$O274,Q274-Q275,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,49,null,null,{"$f":"IF(R$2>=$O275,IF(R274-(R274*HLOOKUP($O275,$R$2:$AT$34,32,FALSE))<=0,R274,R274*HLOOKUP($O275,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,50,null,null,{"$f":"IF($O276=R$2,R$185,IF(R$2>$O276,Q276-Q277,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,50,null,null,{"$f":"IF(R$2>=$O277,IF(R276-(R276*HLOOKUP($O277,$R$2:$AT$34,32,FALSE))<=0,R276,R276*HLOOKUP($O277,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,51,null,null,{"$f":"IF($O278=R$2,R$185,IF(R$2>$O278,Q278-Q279,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,51,null,null,{"$f":"IF(R$2>=$O279,IF(R278-(R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE))<=0,R278,R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O280=R$2,R$185,IF(R$2>$O280,Q280-Q281,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O281,IF(R280-(R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE))<=0,R280,R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O282=R$2,R$185,IF(R$2>$O282,Q282-Q283,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O283,IF(R282-(R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE))<=0,R282,R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O284=R$2,R$185,IF(R$2>$O284,Q284-Q285,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,54,null,null,{"$f":"IF(R$2>=$O285,IF(R284-(R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE))<=0,R284,R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O286=R$2,R$185,IF(R$2>$O286,Q286-Q287,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O287,IF(R286-(R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE))<=0,R286,R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Closing TAB (New assets)",null,null,null,null,null,"TAB",null,null,null,null,null,{"$f":"SUMIF($L$188:$L$287,\"TAB\",R188:R287)-SUMIF($L$188:$L$287,\"TaxDep\",R188:R287)","v":0},{"$f":"SUMIF($L$188:$L$287,\"TAB\",S188:S287)-SUMIF($L$188:$L$287,\"TaxDep\",S188:S287)","v":0},0,0,0,199.96662152177453,394.77507554019655,584.94969966018175,770.99648221609527,953.70824647597635,1133.5012880907545,1310.9367180178647,1486.1696548905622,1659.3046501199717,1831.9291065227717,2007.3828636449516,2186.0341102665475,2368.2569769901329,2554.451379119213,2744.9907111054113,2940.3488748998479,3141.0070316092228,3347.1446828819544,3558.9233814012441,3776.5087031778585,3999.9009042879225,4229.1892939990576,4464.4817311242141,4705.900703347369]
[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R183+R289","v":2770.7055817347464},{"$f":"S183+S289","v":2835.9649756106633},2815.8714098735213,2878.8890953925138,2833.1216348132302,2843.6824641505013,2861.4934709867889,2883.4596561169947,2935.4476007916655,3001.3748672191523,3069.400231928752,3137.1803170399062,3204.9014768139077,3275.0678381242988,3348.1455804029629,3425.6183276048641,3506.1306083953759,3591.4125911744213,3682.2882581592871,3778.5732511810338,3881.0576363372652,3991.6267784882498,4108.36740423213,4233.1427140291862,4365.4838081916423,4533.2491457187652,4707.3570870656822,4887.902744198188,5084.4161660050459]
[]
[null,null,null,null,null,"Total tax depreciation",null,null,null,null,null,"TaxDep",null,null,null,null,null,{"$f":"SUMIF($L$179:$L$287,$L$293,R179:R287)","v":165.66648230878729},{"$f":"SUMIF($L$179:$L$287,$L$293,S179:S287)","v":161.74641916812075},171.81734558406066,181.79441673240751,190.41828084255044,199.93035121196527,197.77508273688193,198.99526528768394,174.63760010314232,166.97966869955064,171.4256394362707,178.65201418531768,185.73123261925173,190.30045760954346,195.96403552007084,203.63273958580268,213.19339268721848,221.58598799665231,229.76354457154116,238.72753428578881,247.62898258030285,255.40517411677033,265.56253515421724,274.31514563808832,284.00784357088816,266.14796380862145,277.76935857469482,289.71950268339845,292.58453480300051]
[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R166+R293+R324","v":561.17682888584511},{"$f":"S163+S166+S293+S324","v":555.65194633591295},572.22450876990843,591.46060233727007,598.76608802146814,618.63498734018458,628.01312623407,641.17362456086153,629.158043622381,634.41306680868342,653.03931563086599,674.26670728663157,695.67710117537513,714.37302071239742,734.99292238157398,759.15497517078029,785.46649011836439,811.15566544595674,837.2060034091852,864.62203146233685,892.62597154696039,920.17876501419789,950.64380942379069,980.2375995819807,1011.3189667346301,1015.3179578695679,1049.3244161301736,1084.2062843749163,1110.5687512326188]
[]
[null,null,null,null,null,"Tax calculation"]
[]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R172-R295","v":16.520257542039985},{"$f":"S172-S295","v":10.72636430716625},12.299627617491751,18.732774930825826,23.236304201461166,24.944390147208651,31.378183244971524,33.432437659544462,58.889128901415006,73.568443011448494,70.663851404751313,73.326940063294273,76.801791986377339,53.271701795948843,-5.2353028418414169,-4.4155157911798142,-5.0016540702935117,-4.38406832205726,-2.5472120856130687,-2.7206118607688268,-2.3154280031709504,5.2231151487940224,11.22199160170328,20.3480454677441,33.649127848213993,75.689056110270485,84.257958045128817,92.754705534091499,108.34982093420103]
[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R301<0,R301,0)","v":0},{"$f":"IF(S301<0,S301,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-5.2353028418414169,-9.6508186330212311,-14.652472703314743,-19.036541025372003,-21.583753110985072,-24.304364971753898,-26.619792974924849,-21.396677826130826,-10.174686224427546,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R299+Q300","v":16.520257542039985},{"$f":"S299+R300","v":10.72636430716625},12.299627617491751,18.732774930825826,{"$f":"V299+U300","v":23.236304201461166},24.944390147208651,31.378183244971524,33.432437659544462,58.889128901415006,73.568443011448494,70.663851404751313,73.326940063294273,76.801791986377339,53.271701795948843,-5.2353028418414169,-9.6508186330212311,-14.652472703314743,-19.036541025372003,-21.583753110985072,-24.304364971753898,-26.619792974924849,-21.396677826130826,-10.174686224427546,10.173359243316554,33.649127848213993,75.689056110270485,84.257958045128817,92.754705534091499,108.34982093420103]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R301>0,R301*$O$16,0)","v":4.9560772626119958},{"$f":"IF(S301>0,S301*$O$16,0)","v":3.2179092921498751},3.689888285247525,5.6198324792477479,{"$f":"IF(V301>0,V301*$O$16,0)","v":6.9708912604383499},7.4833170441625949,9.4134549734914561,10.029731297863338,17.6667386704245,22.070532903434547,21.199155421425392,21.998082018988281,23.0405375959132,15.981510538784653,{"$f":"IF(AF301>0,AF301*$O$16,0)","v":0},0,0,0,0,0,0,0,0,3.052007772994966,10.094738354464198,22.706716833081146,25.277387413538644,27.82641166022745,32.504946280260306]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R170","v":2.8993051986280109},{"$f":"S170","v":1.8824769359076827},2.1585846468698109,3.2876020003599389,4.0779713873564392,4.3777404708351062,5.5068711594925004,5.867392809250056,10.335042122198349,12.911261748509204,12.401505921533847,12.868877981108133,13.478714493609228,9.3491836651890257,0,0,0,0,0,0,0,0,0,1.7854245472020489,5.9054219373615542,13.283429347352468,14.787271636920114,16.278450821233054,19.015393573952259]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R295+Q300+R316)*$O$16/(1-(1-$O$17)*$O$16))","v":4.9560772626119851},{"$f":"MAX(0,(S163+S164+S166+S167-S295+R300+S316)*$O$16/(1-(1-$O$17)*$O$16))","v":3.2179092921498853},3.6898882852475405,5.6198324792477594,6.9708912604383579,7.4833170441625745,9.4134549734914543,10.029731297863345,17.666738670424529,22.07053290343454,21.199155421425381,21.998082018988264,23.040537595913211,15.98151053878466,0,0,0,0,0,0,0,0,0,3.0520077729949557,10.094738354464196,22.706716833081146,25.277387413538658,27.826411660227443,32.504946280260278]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS (real)",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,24.565086438367231,14.769560383314428,13.268874663587923,11.661575209095332,0]
[null,null,null,null,null,"CESS (real",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,1.6491052062794365,1.6491052062794365,1.6491052062794365,1.6491052062794365,1.6491052062794365]
[null,null,null,null,null,"Shared asset decrements (real)",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,-1.75225173864529,-1.9303071244569601,-2.13484505935181,-2.3709578152981603,-2.6441662520369702]
[null,null,null,null,null,"DMIS (real)",null,null,null,null,"AusNet T PTRM 2022-27",null,null,null,null,null,null,0.60435282592934436,0.57263985096444148,0.57275217604687523,0.57550232723125716,0.56541297093114318]
[]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R311:R315)","v":25.066292731930719},{"$f":"SUM(S311:S315)","v":15.060998316101346},{"$f":"SUM(T311:T315)","v":13.355886986562425},{"$f":"SUM(U311:U315)","v":11.515224927307866},{"$f":"SUM(V311:V315)","v":-0.42964807482639056}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164","v":161.55134088029052},167.73265646296068,171.64208996328475,180.43463858674417,187.08460295702326,193.11981952144043,200.36253716739415,206.53368834142549,213.03307611799764,220.17588222781944,228.47864086281683,236.58987621601761,244.82111510503313,252.61811475471612,261.72686425094309,273.73970143161648,286.00972640311477,298.82713304171654,312.23752706401876,326.23421993279828,340.93937420651173,356.38471952856042,372.28570070438849,388.63311905942896,405.43937867911274,422.54350461881336,440.03679393737787,457.94283815924484,476.2821606335599]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":104.64326034804814},90.645391721501369,100.1633940841337,110.27187568474375,119.13001416160694,126.19636550393065,125.93563221173639,126.49381519730737,121.83077415968606,124.14844009705386,123.06651242406727,129.43019374096542,136.34047226547625,117.09491112387182,66.948901288722752,69.890857597915641,73.068486786136035,76.023175651892501,79.701943618505823,81.879896011695962,84.239183088777025,92.256874729718305,100.90080726877457,109.78966738586385,121.92071722352358,132.7860725556136,143.64496140863147,154.574425281777,162.42869905723538]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R166","v":284.37942040363174},291.6038317862737,297.83146171504171,305.6394075904123,313.3245033060436,321.15761588869464,329.18655628591199,337.41622019305976,{"$f":"Z166","v":345.85162569788622},354.49791634033335,363.36036424884168,372.44437335506268,381.7554826889392,391.29936975616266,401.0818540000667,411.10890035006832,421.38662285881998,431.92128843029042,442.71932064104766,453.78730365707383,465.13198624850065,476.7602859047131,488.67929305233088,500.89627537863913,513.4186822631051,526.25414931968271,539.4105030526747,552.89576562899151,566.71815976971629]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R303-R304","v":2.0567720639839848},1.3354323562421924,1.5313036383777141,2.332230478887809,2.8929198730819108,3.1055765733274887,3.9065838139989557,4.1623384886132815,7.3316965482261516,9.1592711549253423,8.7976494998915449,9.1292040378801484,9.5618231023039719,6.6323268735956269,0,0,0,0,0,0,0,0,0,1.266583225792917,4.1893164171026438,9.423287485728677,10.490115776618531,11.547960838994396,13.489552706308046]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R316","v":25.066292731930719},15.060998316101346,13.355886986562425,11.515224927307866,-0.42964807482639056,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R320:R324)","v":577.69708642788521},{"$f":"SUM(S320:S324)","v":566.3783106430792},584.52413638740018,610.1933772680959,622.0023922229293,643.57937748739323,659.39130947904152,674.60606222040587,688.04717252379612,707.98150982013203,723.7031670356173,747.59364734992585,772.47889316175258,767.64472250834626,729.75761953973256,754.73945937960048,780.46483604807077,806.77159712389948,834.65879132357225,861.90141960156802,890.31054354378944,925.4018801629918,961.86580102549397,1000.5856450497248,1044.9680945828441,1091.0070139798383,1133.5823741753024,1176.9609899090078,1218.9185721668196]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!W80-($O$332/10000)","v":4.5293699656594619E-2},{"$f":"WACC!X80-($O$332/10000)","v":4.5235238090616227E-2},{"$f":"WACC!Y80-($O$332/10000)","v":4.5176580255287341E-2},{"$f":"WACC!Z80-($O$332/10000)","v":4.5318313426801128E-2},{"$f":"WACC!AA80-($O$332/10000)","v":4.5559850713050951E-2},{"$f":"WACC!AB80-($O$332/10000)","v":4.6001583311800778E-2},{"$f":"WACC!AC80-($O$332/10000)","v":4.6544098496999795E-2},{"$f":"WACC!AD80-($O$332/10000)","v":4.7086613682198797E-2},{"$f":"WACC!AE80-($O$332/10000)","v":4.7629128867397813E-2},{"$f":"WACC!AF80-($O$332/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG80-($O$332/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH80-($O$332/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI80-($O$332/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ80-($O$332/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK80-($O$332/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX80-($O$332/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY80-($O$332/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!F31","v":3.842959513389025E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O333","v":1.4095217298192013E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$330)*R332","v":86.064633441495317},87.240697065417265,89.219814484243713,92.511553087142389,95.452951947700583,97.547020239524727,101.0514872112761,104.7621390801179,108.66881782135242,112.93548176879943,118.25331194575361,123.17031974625117,128.1903858671842,132.77319334669124,137.94703286143641,144.41333523490925,150.88647457232594,157.64838901901408,164.72313819659635,172.10719351947424,179.86500271815692,188.01330499271447,196.40198121724262,205.02617856525325,213.89244090063693,222.91584474126375,232.14455450280417,241.59101606252631,251.26605665990192]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O341=R$2,R$185,IF(R$2>$O341,Q341-Q342,0))","v":0},{"$f":"IF($O341=S$2,S$185,IF(S$2>$O341,R341-R342,0))","v":0},{"$f":"IF($O341=T$2,T$185,IF(T$2>$O341,S341-S342,0))","v":0},{"$f":"IF($O341=U$2,U$185,IF(U$2>$O341,T341-T342,0))","v":0},{"$f":"IF($O341=V$2,V$185,IF(V$2>$O341,U341-U342,0))","v":0},{"$f":"IF($O341=W$2,W$185,IF(W$2>$O341,V341-V342,0))","v":0},{"$f":"IF($O341=X$2,X$185,IF(X$2>$O341,W341-W342,0))","v":0},{"$f":"IF($O341=Y$2,Y$185,IF(Y$2>$O341,X341-X342,0))","v":0},{"$f":"IF($O341=Z$2,Z$185,IF(Z$2>$O341,Y341-Y342,0))","v":0},{"$f":"IF($O341=AA$2,AA$185,IF(AA$2>$O341,Z341-Z342,0))","v":0},{"$f":"IF($O341=AB$2,AB$185,IF(AB$2>$O341,AA341-AA342,0))","v":0},{"$f":"IF($O341=AC$2,AC$185,IF(AC$2>$O341,AB341-AB342,0))","v":0},{"$f":"IF($O341=AD$2,AD$185,IF(AD$2>$O341,AC341-AC342,0))","v":0},{"$f":"IF($O341=AE$2,AE$185,IF(AE$2>$O341,AD341-AD342,0))","v":0},{"$f":"IF($O341=AF$2,AF$185,IF(AF$2>$O341,AE341-AE342,0))","v":0},{"$f":"IF($O341=AG$2,AG$185,IF(AG$2>$O341,AF341-AF342,0))","v":0},{"$f":"IF($O341=AH$2,AH$185,IF(AH$2>$O341,AG341-AG342,0))","v":0},{"$f":"IF($O341=AI$2,AI$185,IF(AI$2>$O341,AH341-AH342,0))","v":0},{"$f":"IF($O341=AJ$2,AJ$185,IF(AJ$2>$O341,AI341-AI342,0))","v":0},{"$f":"IF($O341=AK$2,AK$185,IF(AK$2>$O341,AJ341-AJ342,0))","v":0},{"$f":"IF($O341=AL$2,AL$185,IF(AL$2>$O341,AK341-AK342,0))","v":0},{"$f":"IF($O341=AM$2,AM$185,IF(AM$2>$O341,AL341-AL342,0))","v":0},{"$f":"IF($O341=AN$2,AN$185,IF(AN$2>$O341,AM341-AM342,0))","v":0},{"$f":"IF($O341=AO$2,AO$185,IF(AO$2>$O341,AN341-AN342,0))","v":0},{"$f":"IF($O341=AP$2,AP$185,IF(AP$2>$O341,AO341-AO342,0))","v":0},{"$f":"IF($O341=AQ$2,AQ$185,IF(AQ$2>$O341,AP341-AP342,0))","v":0},{"$f":"IF($O341=AR$2,AR$185,IF(AR$2>$O341,AQ341-AQ342,0))","v":0},{"$f":"IF($O341=AS$2,AS$185,IF(AS$2>$O341,AR341-AR342,0))","v":0},{"$f":"IF($O341=AT$2,AT$185,IF(AT$2>$O341,AS341-AS342,0))","v":0}]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O342,IF(R341-(R341*HLOOKUP($O342,$R$2:$AT$34,32,FALSE))<=0,R341,R341*HLOOKUP($O342,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164+R166+R167+R169-R170+R316","v":577.6970864278851},566.3783106430792,584.52413638740018,610.1933772680959,622.0023922229293,643.57937748739323,659.39130947904152,674.60606222040599,688.04717252379601,707.98150982013192,723.7031670356173,747.59364734992585,772.47889316175247,767.64472250834626,729.75761953973256,754.73945937960048,780.46483604807088,806.77159712389948,834.65879132357213,861.90141960156802,890.31054354378944,925.40188016299192,961.86580102549397,1000.5856450497248,1044.9680945828441,1091.0070139798383,1133.5823741753024,1176.9609899090078,1218.9185721668198]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R337+R370+R293+R324+R342","v":561.17682888584511},555.65194633591295,572.22450876990843,591.46060233727007,598.76608802146814,618.63498734018458,628.01312623407,641.17362456086153,629.158043622381,634.41306680868342,653.03931563086599,674.26670728663157,695.67710117537513,714.37302071239742,734.99292238157398,759.15497517078029,785.46649011836439,811.15566544595674,837.2060034091852,864.62203146233685,892.62597154696039,920.17876501419789,950.64380942379069,980.2375995819807,1011.3189667346301,1015.3179578695679,1049.3244161301736,1084.2062843749163,1110.5687512326188]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R344-R345","v":16.520257542039985},{"$f":"S344-S345","v":10.72636430716625},12.299627617491751,18.732774930825826,23.236304201461166,24.944390147208651,31.378183244971524,33.432437659544462,58.889128901415006,73.568443011448494,70.663851404751313,73.326940063294273,76.801791986377339,53.271701795948843,-5.2353028418414169,-4.4155157911798142,-5.0016540702935117,-4.38406832205726,-2.5472120856130687,-2.7206118607688268,-2.3154280031709504,5.2231151487940224,11.22199160170328,20.3480454677441,33.649127848213993,75.689056110270485,84.257958045128817,92.754705534091499,108.34982093420103]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q300","v":0},{"$f":"IF(R348<0,R348,0)","v":0},{"$f":"IF(S348<0,S348,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-5.2353028418414169,-9.6508186330212311,-14.652472703314743,-19.036541025372003,-21.583753110985072,-24.304364971753898,-26.619792974924849,-21.396677826130826,-10.174686224427546,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R346+Q347","v":16.520257542039985},{"$f":"S346+R347","v":10.72636430716625},12.299627617491751,18.732774930825826,23.236304201461166,24.944390147208651,31.378183244971524,33.432437659544462,58.889128901415006,73.568443011448494,70.663851404751313,73.326940063294273,76.801791986377339,53.271701795948843,-5.2353028418414169,-9.6508186330212311,-14.652472703314743,-19.036541025372003,-21.583753110985072,-24.304364971753898,-26.619792974924849,-21.396677826130826,-10.174686224427546,10.173359243316554,33.649127848213993,75.689056110270485,84.257958045128817,92.754705534091499,108.34982093420103]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R345+Q347+R316)*$O$335/(1-(1-$O$17)*$O$335))","v":4.9560772626119851},3.2179092921498853,3.6898882852475405,5.6198324792477594,6.9708912604383579,7.4833170441625745,9.4134549734914543,10.029731297863345,17.666738670424529,22.07053290343454,21.199155421425381,21.998082018988264,23.040537595913211,15.98151053878466,0,0,0,0,0,0,0,0,0,3.0520077729949557,10.094738354464196,22.706716833081146,25.277387413538658,27.826411660227443,32.504946280260278]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R348>0,R348*$O$335,0)","v":4.9560772626119958},{"$f":"IF(S348>0,S348*$O$335,0)","v":3.2179092921498751},3.689888285247525,5.6198324792477479,6.9708912604383499,7.4833170441625949,9.4134549734914561,10.029731297863338,17.6667386704245,22.070532903434547,21.199155421425392,21.998082018988281,23.0405375959132,15.981510538784653,0,0,0,0,0,0,0,0,0,3.052007772994966,10.094738354464198,22.706716833081146,25.277387413538644,27.82641166022745,32.504946280260306]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R303-R350","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R303*$O$17)-(R350*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R351+R353","v":0},{"$f":"S351+S353","v":0},{"$f":"T351+T353","v":0},{"$f":"U351+U353","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R355*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W86","v":3.5640460171773206E-2},{"$f":"WACC!X86","v":3.6810871891900757E-2},{"$f":"WACC!Y86","v":3.6774892113301497E-2},{"$f":"WACC!Z86","v":3.7661496043580323E-2},{"$f":"WACC!AA86","v":3.8205634874274398E-2},{"$f":"WACC!AB86","v":3.9271455683524366E-2},{"$f":"WACC!AC86","v":4.0000095140440527E-2},{"$f":"WACC!AD86","v":4.0325604251559927E-2},{"$f":"WACC!AE86","v":4.0651113362679341E-2},{"$f":"WACC!AF86","v":4.0976622473798748E-2},{"$f":"WACC!AG86","v":4.1518031823462379E-2},{"$f":"WACC!AH86","v":4.1878617874168821E-2},{"$f":"WACC!AI86","v":4.2239321686485559E-2},{"$f":"WACC!AJ86","v":4.2479790894696688E-2},{"$f":"WACC!AK86","v":4.2660377634066202E-2},{"$f":"WACC!AL86","v":4.2720847185935718E-2},{"$f":"WACC!AM86","v":4.2720847185935718E-2},{"$f":"WACC!AN86","v":4.2720847185935718E-2},{"$f":"WACC!AO86","v":4.2720847185935718E-2},{"$f":"WACC!AP86","v":4.2720847185935718E-2},{"$f":"WACC!AQ86","v":4.2720847185935718E-2},{"$f":"WACC!AR86","v":4.2720847185935718E-2},{"$f":"WACC!AS86","v":4.2720847185935718E-2},{"$f":"WACC!AT86","v":4.2720847185935718E-2},{"$f":"WACC!AU86","v":4.2720847185935718E-2},{"$f":"WACC!AV86","v":4.2720847185935718E-2},{"$f":"WACC!AW86","v":4.2720847185935718E-2},{"$f":"WACC!AX86","v":4.2720847185935718E-2},{"$f":"WACC!AY86","v":4.2720847185935718E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q361*(1+R360)","v":1.0356404601717732},{"$f":"R361*(1+S360)","v":1.0737632884772255},1.1132508175661993,1.1551775088274814,1.199311798944718,1.2464105191077033,1.2962670584560572,1.3485398108596898,1.4033594555850331,1.4608643861915769,1.5215166002672418,1.5852356125590381,1.6521948895467924,1.7223797829720269,1.7958571549428946,1.8725776940269792,1.9525757995372977,2.0359914918882867,2.1229707732851115,2.2136658832708327,2.3082355651907656,2.4068453440404221,2.5096678161833537,2.6168829514459837,2.7286784081181881,2.8452498614109674,2.9668013459461102,3.0935456128773025,3.2257045022677557]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q361","v":1},{"$f":"1/R361","v":0.96558606819410875},{"$f":"1/S361","v":0.93130395752136952},0.89827016896893963,0.86566782365336359,0.8338115249761624,0.80230388356790594,0.77144597131941972,0.7415428094499511,0.7125758094408674,0.68452623628327713,0.65723896789844971,0.63082105402975708,0.60525547338686325,0.5805920447315428,0.55683716115594861,0.53402323609307745,0.51214401010038646,0.49116118804236597,0.47103804375629132,0.4517393557705448,0.43323134565659221,0.41548161890671337,0.39845910823400427,0.38213401919540974,0.36647777804261011,0.35146298170948587,0.33706334984862324,0.3232536788329109,0.31000979764171627]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R325*0","v":0},{"$f":"S325*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R366*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R322*0","v":0},{"$f":"S322*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R322-R369","v":284.37942040363174},291.6038317862737,297.83146171504171,305.6394075904123,313.3245033060436,321.15761588869464,329.18655628591199,337.41622019305976,345.85162569788622,354.49791634033335,363.36036424884168,372.44437335506268,381.7554826889392,391.29936975616266,401.0818540000667,411.10890035006832,421.38662285881998,431.92128843029042,442.71932064104766,453.78730365707383,465.13198624850065,476.7602859047131,488.67929305233088,500.89627537863913,513.4186822631051,526.25414931968271,539.4105030526747,552.89576562899151,566.71815976971629]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R369*R24","v":0},{"$f":"S369*S24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$14)*Controls!$G$16","v":20.268221930853517},{"$f":"(R156*$O$14)*Controls!$G$16","v":20.571737314620027},{"$f":"(S156*$O$14)*Controls!$G$16","v":21.065738393376609},{"$f":"(T156*$O$14)*Controls!$G$16","v":21.774638661036327},{"$f":"(U156*$O$14)*Controls!$G$16","v":22.347852436746734},{"$f":"(V156*$O$14)*Controls!$G$16","v":22.618820360356541},{"$f":"(W156*$O$14)*Controls!$G$16","v":23.158307176646499},{"$f":"(X156*$O$14)*Controls!$G$16","v":23.732070103759671},{"$f":"(Y156*$O$14)*Controls!$G$16","v":24.336662969171389},{"$f":"(Z156*$O$14)*Controls!$G$16","v":25.007349501127404},{"$f":"(AA156*$O$14)*Controls!$G$16","v":25.703403869319292},{"$f":"(AB156*$O$14)*Controls!$G$16","v":26.448264616338836},{"$f":"(AC156*$O$14)*Controls!$G$16","v":27.197076811894071},{"$f":"(AD156*$O$14)*Controls!$G$16","v":27.946593100711844},{"$f":"(AE156*$O$14)*Controls!$G$16","v":28.864173310606642},{"$f":"(AF156*$O$14)*Controls!$G$16","v":30.157567720270716},{"$f":"(AG156*$O$14)*Controls!$G$16","v":31.50934134708536},{"$f":"(AH156*$O$14)*Controls!$G$16","v":32.921419341911552},{"$f":"(AI156*$O$14)*Controls!$G$16","v":34.398826030703916},{"$f":"(AJ156*$O$14)*Controls!$G$16","v":35.940824545506473},{"$f":"(AK156*$O$14)*Controls!$G$16","v":37.560873385799837},{"$f":"(AL156*$O$14)*Controls!$G$16","v":39.262468167545485},{"$f":"(AM156*$O$14)*Controls!$G$16","v":41.014259793388909},{"$f":"(AN156*$O$14)*Controls!$G$16","v":42.815234856616584},{"$f":"(AO156*$O$14)*Controls!$G$16","v":44.666759900131979},{"$f":"(AP156*$O$14)*Controls!$G$16","v":46.551100511394822},{"$f":"(AQ156*$O$14)*Controls!$G$16","v":48.478314775587648},{"$f":"(AR156*$O$14)*Controls!$G$16","v":50.451001742070716},{"$f":"(AS156*$O$14)*Controls!$G$16","v":52.471422443089125}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R373*R24","v":19.284476466238416},{"$f":"S373*S24","v":18.602529899825996},18.105120427404508,17.771888058957476,17.312186861563625,16.614240469905155,16.118024462052162,15.645921737981126,15.193338070792722,14.779258110946898,14.37294868391745,13.988609123749246,13.601085062981047,13.211600764713939,12.896943632456601,12.735038957853922,12.575335459258893,12.417526420831443,12.26242745576833,12.108689819268905,11.959722090979573,11.815151401099685,11.664680821626529,11.508337780056456,11.346842007365989,11.176267764110827,10.999948398210625,10.819052180448445,10.63453603189479]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R366+R369+R373","v":20.268221930853517},{"$f":"S366+S369+S373","v":20.571737314620027},21.065738393376609,21.774638661036327,22.347852436746734,22.618820360356541,23.158307176646499,23.732070103759671,24.336662969171389,25.007349501127404,25.703403869319292,26.448264616338836,27.197076811894071,27.946593100711844,28.864173310606642,30.157567720270716,31.50934134708536,32.921419341911552,34.398826030703916,35.940824545506473,37.560873385799837,39.262468167545485,41.014259793388909,42.815234856616584,44.666759900131979,46.551100511394822,48.478314775587648,50.451001742070716,52.471422443089125]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R325-R322","v":293.31766602425347},274.7744788568055,286.69267467235846,304.5539696776836,308.67788891688571,322.42176159869859,330.20475319312953,337.18984202734612,342.1955468259099,353.48359347979869,360.34280278677562,375.14927399486317,390.72341047281338,376.3453527521836,328.67576553966586,343.63055902953215,359.07821318925079,374.85030869360907,391.93947068252459,408.11411594449419,425.17855729528878,448.6415942582787,473.18650797316309,499.68936967108567,531.54941231973896,564.75286466015564,594.17187112262775,624.06522428001631,652.20041239710326]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R380-R155","v":188.67440567620531},184.12908713530413,186.52928058822476,194.28209399293985,189.54787475527877,196.22539609476794,204.26912098139314,210.69602683003876,220.36477266622384,229.33515338274481,237.27629036270835,245.71908025389774,254.38293820733713,259.25044162831176,261.72686425094309,273.73970143161648,286.00972640311477,298.82713304171659,312.23752706401876,326.23421993279823,340.93937420651173,356.38471952856037,372.28570070438855,389.89970228522179,409.62869509621538,431.96679210454204,450.52690971399625,469.49079899823931,489.77171333986792]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R381-R303","v":183.71832841359333},180.91117784315426,182.83939230297725,188.6622615136921,182.57698349484042,188.74207905060535,194.85566600790168,200.66629553217541,202.69803399579934,207.26462047931025,216.07713494128296,223.72099823490947,231.34240061142393,243.26893108952711,261.72686425094309,273.73970143161648,286.00972640311477,298.82713304171659,312.23752706401876,326.23421993279823,340.93937420651173,356.38471952856037,372.28570070438855,386.84769451222684,399.53395674175118,409.26007527146089,425.24952230045761,441.66438733801186,457.26676705960762]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":104.64326034804814},90.645391721501369,100.1633940841337,110.27187568474375,119.13001416160694,126.19636550393065,125.93563221173639,126.49381519730737,121.83077415968606,124.14844009705386,123.06651242406727,129.43019374096542,136.34047226547625,117.09491112387182,66.948901288722752,69.890857597915641,73.068486786136035,76.023175651892501,79.701943618505823,81.879896011695962,84.239183088777025,92.256874729718305,100.90080726877457,109.78966738586385,121.92071722352358,132.7860725556136,143.64496140863147,154.574425281777,162.42869905723538]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":152.06753906156527},167.83306027721835,210.92906090596423,199.8365281394945,161.46875222564051,210.49118054923633,215.5860895731692,220.96145041788958,226.62554477781333,232.90693512703766,239.45100414587066,246.43209929647134,253.45239239325326,260.4668189199345,269.04177779873515,281.10548678770368,293.70567347772959,306.86797077569821,320.63921155640708,335.01252730753561,350.11336773653397,365.974316267755,382.30316089809764,399.0904554351448,416.34893773334346,433.91330133574502,451.87729992161195,470.26515981590461,489.09795660985753]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382+R383-R384","v":136.29404970007622},{"$f":"S382+S383-S384","v":103.72350928743731},72.073725481146738,99.097609058941345,140.23824543080684,104.44726400529964,105.20520864646886,106.19866031159319,97.90326337767209,98.506125449326447,99.692643219479606,106.71909267940356,114.23048048364694,99.897023293464429,59.633987740930706,62.525072241828468,65.372539711521199,67.982337917910911,71.30025912611751,73.101588636958581,75.06518955875481,82.667277990523701,90.883347075065444,97.546906462945913,105.1057362319313,108.13284649132947,117.01718378747711,125.97365280388425,130.59750950698549]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R386*R24","v":129.67883432973471},93.794687989873907,61.944350353184682,80.880865235998215,108.63821107230196,76.719825922007715,73.222110474857132,70.013948241725444,61.120843914184249,58.216783568337647,55.746594981842705,56.444220261283725,57.125936459605782,47.22577756009062,26.645356172067242,26.403297448524096,26.090092066368943,25.642043815858575,25.416979472819772,24.628384943700244,23.901435853427557,24.87684679442031,25.847723230217238,26.219703167216633,26.700351352059538,25.961183155847564,26.551727083020783,27.014637489554424,26.468577672619976]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304","v":2.8993051986280109},1.8824769359076827,2.1585846468698109,3.2876020003599389,4.0779713873564392,4.3777404708351062,5.5068711594925004,5.867392809250056,10.335042122198349,12.911261748509204,12.401505921533847,12.868877981108133,13.478714493609228,9.3491836651890257,0,0,0,0,0,0,0,0,0,1.7854245472020489,5.9054219373615542,13.283429347352468,14.787271636920114,16.278450821233054,19.015393573952259]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R386+R389)*R24","v":132.43741784348006},{"$f":"(S386+S389)*S24","v":95.496966847045016},63.799563508049083,83.564119623927553,111.79728879012055,79.935415052587103,77.054855389285834,73.882164048359869,67.572993460625895,65.847295146968179,62.681326627493213,63.250629171293497,63.866555814956548,51.645553581279991,26.645356172067242,26.403297448524096,26.090092066368943,25.642043815858575,25.416979472819772,24.628384943700244,23.901435853427557,24.87684679442031,25.847723230217238,26.699608715762988,28.200524856022977,29.150348644541417,29.907025750258189,30.505497983309919,30.322482878681139]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R390:AT390)","v":1497.0697935314531}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H392+H399","v":3224.9230585064729}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H393=Q147","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R320+R321","v":266.19460122833868},258.37804818446205,271.80548404741842,290.70651427148789,306.2146171186302,319.31618502537106,326.29816937913051,333.02750353873284,334.8638502776837,344.32432232487332,351.5451532868841,366.02006995698304,381.16158737050938,369.71302587858793,328.67576553966586,343.63055902953215,359.07821318925079,374.85030869360901,391.93947068252459,408.11411594449424,425.17855729528878,448.6415942582787,473.18650797316309,498.42278644529279,527.36009590263632,555.32957717442696,583.68175534600937,612.5172634410219,638.71085969079525]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R396*R24","v":253.27448753722243},233.64508759278388,233.60543692381299,237.26702013601727,237.21494878778648,234.54785879296037,227.10130908356183,219.55616320789426,209.05494279971907,203.49449801894269,196.57865059278981,193.58970292941487,190.61648457381179,174.77983372856423,146.85723980052219,145.1094662852648,143.30762859261733,141.38860672188261,139.71782996334852,137.49621226914422,135.38070140343748,135.00853635518348,134.57684260089181,133.97141935338328,133.96699699229606,133.32685980888053,132.44002435943327,131.35232216940929,129.44939045079894]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT156","v":8525.3290142852966}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H398*AT24","v":1727.8532649750198}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R325+R376)-R322","v":313.58588795510701},295.34621617142551,307.75841306573506,326.3286083387199,331.02574135363244,345.04058195905509,353.36306036977606,360.92191213110584,366.53220979508126,378.49094298092604,386.04620665609497,401.59753861120203,417.92048728470741,404.29194585289548,357.53993885027245,373.78812674980281,390.5875545363362,407.77172803552065,426.33829671322854,444.05494049000072,462.73943068108861,487.90406242582424,514.20076776655196,542.50460452770221,576.21617221987105,611.30396517155054,642.65018589821545,674.51622602208704,704.67183484019233]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R403-R155","v":208.94262760705885},204.70082444992414,207.59501898160136,216.05673265397616,211.8957271920255,218.84421645512444,227.42742815803967,234.42809693379849,244.7014356353952,254.34250288387216,262.97969423202767,272.1673448702366,281.58001501923115,287.19703472902364,290.59103756154968,303.89726915188714,317.51906775020018,331.74855238362818,346.63635309472272,362.17504447830476,378.50024759231155,395.6471876961059,413.29996049777742,432.71493714183839,454.29545499634747,478.51789261593694,499.00522448958395,519.9418007403101,542.24313578295698]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404-R350","v":203.98655034444687},{"$f":"S404-S350","v":201.48291515777427},203.90513069635384,210.43690017472841,204.92483593158715,211.36089941096185,218.01397318454821,224.39836563593514,227.03469696497069,232.2719699804376,241.78053881060228,250.16926285124833,258.53947742331798,271.21552419023897,290.59103756154968,303.89726915188714,317.51906775020018,331.74855238362818,346.63635309472272,362.17504447830476,378.50024759231155,395.6471876961059,413.29996049777742,429.66292936884344,444.20071664188328,455.8111757828558,473.72783707604532,492.11538908008265,509.73818950269668]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":104.64326034804814},90.645391721501369,100.1633940841337,110.27187568474375,119.13001416160694,126.19636550393065,125.93563221173639,126.49381519730737,121.83077415968606,124.14844009705386,123.06651242406727,129.43019374096542,136.34047226547625,117.09491112387182,66.948901288722752,69.890857597915641,73.068486786136035,76.023175651892501,79.701943618505823,81.879896011695962,84.239183088777025,92.256874729718305,100.90080726877457,109.78966738586385,121.92071722352358,132.7860725556136,143.64496140863147,154.574425281777,162.42869905723538]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":152.06753906156527},167.83306027721835,210.92906090596423,199.8365281394945,161.46875222564051,210.49118054923633,215.5860895731692,220.96145041788958,226.62554477781333,232.90693512703766,239.45100414587066,246.43209929647134,253.45239239325326,260.4668189199345,269.04177779873515,281.10548678770368,293.70567347772959,306.86797077569821,320.63921155640708,335.01252730753561,350.11336773653397,365.974316267755,382.30316089809764,399.0904554351448,416.34893773334346,433.91330133574502,451.87729992161195,470.26515981590461,489.09795660985753]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R405+R406-R407","v":156.56227163092976},124.29524660205732,93.139463874523329,120.87224771997765,162.58609786755358,127.06608436565614,128.36351582311539,129.93073041535291,122.23992634684345,123.5134749504538,125.39604708879889,133.16735729574242,141.42755729554096,127.84361639417631,88.498161051537295,92.682639962099131,96.881881058606609,100.9037572598225,105.69908515682147,109.04241318246511,112.62606294455463,121.92974615806924,131.89760686845432,140.36214131956251,149.7724961320634,154.68394700272438,165.49549856306481,176.42465454595498,183.06893195007456]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R409*R362","v":151.1743482916475},{"$f":"S409*S362","v":115.75665506159054},83.664401952244518,104.63521562384329,135.56616220286844,101.94561295633309,99.025517146138952,96.349198866085004,87.105214462593977,84.548214138102963,82.415168567187578,84.004772691657493,85.599803140860374,74.224986648169804,49.279064767459964,49.49468332220976,49.617475071423463,49.560009293672927,49.788290299098833,49.258749482712354,48.793140805473463,50.659568326639217,52.555802811003581,53.637149205318515,54.88829159437401,54.3656812361696,55.782467130534641,57.029918618805382,56.753162548327737]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304+R353","v":2.8993051986280109},1.8824769359076827,2.1585846468698109,3.2876020003599389,4.0779713873564392,4.3777404708351062,5.5068711594925004,5.867392809250056,10.335042122198349,12.911261748509204,12.401505921533847,12.868877981108133,13.478714493609228,9.3491836651890257,0,0,0,0,0,0,0,0,0,1.7854245472020489,5.9054219373615542,13.283429347352468,14.787271636920114,16.278450821233054,19.015393573952259]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R409+R412)*R362","v":153.97387699888549},{"$f":"(S409+S412)*S362","v":117.50981328194408},85.603394147722028,107.48118689253333,138.96642174416925,105.45789113733649,103.27377071670455,100.70012181400273,94.469715468424937,93.386311548478204,90.565921519442995,92.12273186388046,93.757868862336196,79.653048308912645,49.279064767459964,49.49468332220976,49.617475071423463,49.560009293672927,49.788290299098833,49.258749482712354,48.793140805473463,50.659568326639217,52.555802811003581,54.319420663510975,57.052497504382359,59.034314921917385,60.76671444359647,62.291987732469593,62.648120862266268]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R413:AT413)","v":2262.0419146126105}]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT156","v":8525.3290142852966}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H398*AT362)*Controls!$G$14","v":2869.2608970155406}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H415+H418","v":5131.3028116281512}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":5.1012298225329308E-2},5.2182709945456859E-2,5.2146730166857599E-2,5.3033334097136425E-2,5.3577472927830494E-2,5.4643293737080462E-2,5.5371933193996629E-2,5.5697442305116029E-2,5.6022951416235436E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R380/Q156","v":9.2619523752973332E-2},8.5484110446703759E-2,8.7100346716543001E-2,8.951447765812931E-2,8.8399477965930937E-2,9.1229305567513866E-2,9.1254961095219952E-2,9.0932437816840059E-2,8.9989802729325871E-2,9.0465204965792995E-2,8.9723289162807654E-2,9.0779315331104796E-2,9.194480143293958E-2,8.6186185519430053E-2,7.2876672296063469E-2,7.2924832605474582E-2,7.2933944860887459E-2,7.2871766272389379E-2,7.2921459881485004E-2,7.2673077901639876E-2,7.244620588930703E-2,7.3131067333826377E-2,7.3837579083077615E-2,7.4693318315425153E-2,7.6162144880275451E-2,7.7644100657518422E-2,7.8441257555837182E-2,7.9166266228199056E-2,7.9549637593086045E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R381-R316)/Q156","v":5.1661755353557208E-2},5.259817155422801E-2,5.2611956835043029E-2,5.3718823087205915E-2,5.4405950171455053E-2,5.5522017284667935E-2,5.6451551674694844E-2,5.681993040710865E-2,5.7951024216030857E-2,5.8692544829007036E-2,5.9080434095110768E-2,5.9459557609441258E-2,5.986124228670648E-2,5.9370486428949827E-2,5.8032215687622304E-2,5.8092685239491813E-2,5.8092685239491806E-2,5.8092685239491827E-2,5.8092685239491813E-2,5.8092685239491799E-2,5.8092685239491806E-2,5.8092685239491806E-2,5.809268523949182E-2,5.828201346978696E-2,5.8692944249310382E-2,5.9388230119121484E-2,5.9477567145579974E-2,5.955761054954635E-2,5.9738021563545338E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404/Q156","v":6.5976819340504644E-2},6.3683745152066304E-2,6.3069620284470218E-2,6.3503377048445456E-2,6.068290713245738E-2,6.1922017284667924E-2,6.2851551674694847E-2,6.321993040710866E-2,6.4351024216030853E-2,6.5092544829007032E-2,6.5480434095110771E-2,6.585955760944126E-2,6.6261242286706476E-2,6.5770486428949837E-2,6.4432215687622293E-2,6.4492685239491809E-2,6.4492685239491823E-2,6.4492685239491837E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491823E-2,6.4682013469786956E-2,6.5092944249310405E-2,6.5788230119121494E-2,6.5877567145579977E-2,6.5957610549546353E-2,6.6138021563545327E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q156","v":1266.7638706783448},{"$f":"$O$14*R156","v":1285.7335821637516},1316.6086495860382,1360.9149163147704,1396.7407772966708,1413.6762725222839,1447.3941985404063,1483.2543814849794,1521.0414355732119,1562.9593438204627,1606.4627418324558,1653.0165385211772,1699.8173007433795,1746.6620687944903,1804.0108319129151,1884.8479825169197,1969.333834192835,2057.5887088694722,2149.9266269189948,2246.3015340941547,2347.5545866124899,2453.9042604715928,2563.391237086807,2675.9521785385364,2791.6724937582485,2909.4437819621762,3029.8946734742281,3153.1876088794197,3279.4639026930704]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q156","v":1900.1458060175171},{"$f":"$O$13*R156","v":1928.600373245627},1974.9129743790572,2041.3723744721556,2095.1111659450057,2120.5144087834256,2171.0912978106089,2224.881572227469,2281.5621533598178,2344.4390157306939,2409.6941127486834,2479.5248077817655,2549.7259511150692,2619.9931031917354,2706.0162478693724,2827.2719737753796,2954.0007512892521,3086.3830633042085,3224.8899403784917,3369.4523011412321,3521.331879918735,3680.856390707389,3845.0868556302098,4013.9282678078039,4187.5087406373723,4364.1656729432634,4544.8420102113414,4729.7814133191287,4919.1958540396054,5115.1974085711781]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R432-S432","v":-28.454567228109909},{"$f":"S432-T432","v":-46.312601133430235},-66.459400093098338,-53.738791472850153,-25.403242838419828,-50.57688902718337,-53.790274416860029,-56.680581132348834,-62.876862370876097,-65.255097017989556,-69.830695033082065,-70.201143333303662,-70.267152076666207,-86.023144677636992,-121.25572590600723,-126.7287775138725,-132.38231201495637,-138.50687707428324,-144.56236076274035,-151.87957877750296,-159.52451078865397,-164.23046492282083,-168.84141217759407,-173.58047282956841,-176.65693230589113,-180.67633726807799,-184.93940310778726,-189.4144407204767,-196.00155453157276]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R380-R384-R163-R434","v":83.640060749302791},{"$f":"S380-S384-S163-S434","v":66.01332264760012},53.003199375248855,65.944679923896857,77.159427581964437,64.960449837120905,67.357450825544262,68.146833661687467,69.778046597620246,72.896273601951151,72.469181728233423,75.747998285444325,79.347784289042124,69.128485163194853,42.942680785501523,44.840514520791714,46.868377154151631,48.840825973180017,51.139481692261512,52.873973894987301,54.724697629251864,58.884437920630063,63.322778035416889,69.153208500256028,77.964965991649706,88.600055851224852,95.089419805998887,101.6234891220621,107.83795365891658]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R436-R303","v":78.683983486690792},{"$f":"S436-S303","v":62.795413355450243},49.313311090001328,60.324847444649109,70.188536321526087,57.477132792958308,57.943995852052808,58.117102363824131,52.111307927195746,50.825740698516604,51.270026306808035,53.74991626645604,56.307246693128924,53.146974624410198,42.942680785501523,44.840514520791714,46.868377154151631,48.840825973180017,51.139481692261512,52.873973894987301,54.724697629251864,58.884437920630063,63.322778035416889,66.101200727261059,67.870227637185508,65.893339018143706,69.812032392460239,73.797077461834647,75.333007378656276]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R437+R389","v":81.583288685318806},{"$f":"S437+S389","v":64.677890291357926},51.47189573687114,63.612449445009048,74.266507708882529,61.854873263793415,63.450867011545306,63.984495173074187,62.446350049394098,63.737002447025809,63.671532228341881,66.618794247564168,69.785961186738149,62.496158289599222,42.942680785501523,44.840514520791714,46.868377154151631,48.840825973180017,51.139481692261512,52.873973894987301,54.724697629251864,58.884437920630063,63.322778035416889,67.886625274463114,73.77564957454706,79.176768365496173,84.599304029380349,90.075528283067698,94.348400952608529]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R438+R384-R155+R434","v":100.55300017072602},{"$f":"S438+S384-S155+S434","v":95.552957713644673},95.778162465603316,99.438310426909652,91.202002934496278,95.572799281915735,99.311049956118097,101.7715492613076,104.36425829664526,107.24040045902001,110.22532891706319,113.41955646976641,116.63072923784898,119.8449214080249,123.77983138950668,129.32636619670723,135.12325183078883,141.17874402270252,147.51438886742238,154.12702641332402,161.07437148835481,168.37141453584593,175.88371948714587,183.60694049417566,191.54693777847581,199.6276598775496,207.89223943457353,216.35182209671865,225.01610397365801]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R440/R431","v":7.9377856045799972E-2},{"$f":"S440/S431","v":7.4317851722313505E-2},7.2746113657780873E-2,7.306725000573823E-2,6.5296298652505635E-2,6.7605859375000021E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491864E-2,6.8613685239491851E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491864E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491851E-2,6.8613685239491864E-2,6.8613685239491864E-2,6.8613685239491878E-2,6.8613685239491864E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491823E-2,6.861368523949192E-2,6.8613685239491892E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R366/R431","v":0},{"$f":"S366/S431","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R369/R431","v":0},{"$f":"S369/S431","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R355/R431","v":0},{"$f":"S355/S431","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R163-R337)/R431","v":0},{"$f":"(S163-S337)/S431","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$331*Q156","v":1266.7638706783448},{"$f":"$O$331*R156","v":1285.7335821637516},1316.6086495860382,1360.9149163147704,1396.7407772966708,1413.6762725222839,1447.3941985404063,1483.2543814849794,1521.0414355732119,1562.9593438204627,1606.4627418324558,1653.0165385211772,1699.8173007433795,1746.6620687944903,1804.0108319129151,1884.8479825169197,1969.333834192835,2057.5887088694722,2149.9266269189948,2246.3015340941547,2347.5545866124899,2453.9042604715928,2563.391237086807,2675.9521785385364,2791.6724937582485,2909.4437819621762,3029.8946734742281,3153.1876088794197,3279.4639026930704]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$330*Q156","v":1900.1458060175171},{"$f":"$O$330*R156","v":1928.600373245627},1974.9129743790572,2041.3723744721556,2095.1111659450057,2120.5144087834256,2171.0912978106089,2224.881572227469,2281.5621533598178,2344.4390157306939,2409.6941127486834,2479.5248077817655,2549.7259511150692,2619.9931031917354,2706.0162478693724,2827.2719737753796,2954.0007512892521,3086.3830633042085,3224.8899403784917,3369.4523011412321,3521.331879918735,3680.856390707389,3845.0868556302098,4013.9282678078039,4187.5087406373723,4364.1656729432634,4544.8420102113414,4729.7814133191287,4919.1958540396054,5115.1974085711781]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R453-S453","v":-28.454567228109909},{"$f":"S453-T453","v":-46.312601133430235},-66.459400093098338,-53.738791472850153,-25.403242838419828,-50.57688902718337,-53.790274416860029,-56.680581132348834,-62.876862370876097,-65.255097017989556,-69.830695033082065,-70.201143333303662,-70.267152076666207,-86.023144677636992,-121.25572590600723,-126.7287775138725,-132.38231201495637,-138.50687707428324,-144.56236076274035,-151.87957877750296,-159.52451078865397,-164.23046492282083,-168.84141217759407,-173.58047282956841,-176.65693230589113,-180.67633726807799,-184.93940310778726,-189.4144407204767,-196.00155453157276]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R403-R407-R337-R455","v":103.90828268015633},{"$f":"S403-S407-S337-S455","v":86.585059962220129},74.068937768625446,87.719318584933163,99.507280018711171,87.579270197477399,90.515758002190793,91.878903765447191,94.114709566791603,97.903623103078502,98.172585597552768,102.19626290178319,106.54486110093615,97.075078263906732,71.806854096108111,74.998082241062377,78.377718501237041,81.762245315091604,85.53830772296547,88.814798440493831,92.285571015051687,98.146906088175598,104.33703782880576,111.96844335687257,122.6317258917818,135.15115636261976,143.56773458158659,152.07449086413283,160.30937610200564]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R457-R350","v":98.952205417544334},{"$f":"S457-S350","v":83.367150670070259},70.379049483377926,82.099486105685415,92.536388758272821,80.095953153314809,81.102303028699339,81.849172467583855,76.44797089636711,75.833090199643948,76.97343017612738,80.198180882794901,83.504323505022938,81.093567725122085,71.806854096108111,74.998082241062377,78.377718501237041,81.762245315091604,85.53830772296547,88.814798440493831,92.285571015051687,98.146906088175598,104.33703782880576,108.9164355838776,112.5369875373176,112.44443952953861,118.29034716804794,124.24807920390538,127.80442982174534]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R458+R412","v":101.85151061617235},{"$f":"S458+S412","v":85.249627605977949},72.537634130247739,85.387088106045354,96.614360145629263,84.473693624149917,86.609174188191844,87.716565276833904,86.783013018565455,88.744351948153152,89.374936097661219,93.067058863903029,96.98303799863217,90.442751390311116,71.806854096108111,74.998082241062377,78.377718501237041,81.762245315091604,85.53830772296547,88.814798440493831,92.285571015051687,98.146906088175598,104.33703782880576,110.70186013107966,118.44240947467915,125.72786887689108,133.07761880496807,140.52653002513844,146.8198233956976]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R459+R407-R155+R455","v":120.82122210157956},{"$f":"S459+S407-S155+S455","v":116.12469502826468},116.84390085897991,121.21294908794596,113.54985537124298,118.19161964227223,122.46935713276463,125.50361936506732,128.70092126581662,132.24774996014736,135.92873278638254,139.86782108610527,143.827806049743,147.79151450873678,152.64400470011327,159.48393391697789,166.63259317787424,174.1001633646141,181.91321489812634,190.06785095883055,198.63524487415464,207.63388270339146,216.89797928053474,226.42217535079226,236.21369767860796,246.17876038894451,256.37055421016123,266.80282383878938,277.48752641674707]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R461/R452","v":9.5377856045799986E-2},{"$f":"S461/S452","v":9.0317851722313491E-2},8.8746113657780859E-2,8.9067250005738216E-2,8.1296298652505622E-2,8.3605859374999994E-2,8.4613685239491934E-2,8.461368523949192E-2,8.4613685239491879E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491865E-2,8.4613685239491865E-2,8.461368523949192E-2,8.4613685239491865E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.461368523949192E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491865E-2,8.4613685239491865E-2,8.4613685239491934E-2,8.4613685239491906E-2,8.4613685239491837E-2,8.461368523949192E-2,8.4613685239491879E-2]

{"sheet":"REV - AGD","index":8,"n_rows":480,"n_cols":47,"rows_kept":480,"cut":false,"hidden":false,"merged":[]}
["Revenue - AusNet Gas Distribution"]
["This sheet provides a cash-flow projections for AusNet Gas Distribution.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1","Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7",null,null,null,null,"Period 8"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2,5.04E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2,5.9421966883932337E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W123","v":5.599916039161755E-2},{"$f":"WACC!X123","v":5.4446587426601974E-2},{"$f":"WACC!Y123","v":5.412762296285957E-2},{"$f":"WACC!Z123","v":5.4731242207995259E-2},{"$f":"WACC!AA123","v":5.4992396353546191E-2},{"$f":"WACC!AB123","v":5.5775232477653022E-2},{"$f":"WACC!AC123","v":5.6220887249426046E-2},{"$f":"WACC!AD123","v":5.626341167540231E-2},{"$f":"WACC!AE123","v":5.630593610137858E-2},{"$f":"WACC!AF123","v":5.6348460527354843E-2},{"$f":"WACC!AG123","v":5.6889869877018481E-2},{"$f":"WACC!AH123","v":5.7250455927724916E-2},{"$f":"WACC!AI123","v":5.7611159740041662E-2},{"$f":"WACC!AJ123","v":5.7851628948252791E-2},{"$f":"WACC!AK123","v":5.8032215687622304E-2},{"$f":"WACC!AL123","v":5.809268523949182E-2},{"$f":"WACC!AM123","v":5.809268523949182E-2},{"$f":"WACC!AN123","v":5.809268523949182E-2},{"$f":"WACC!AO123","v":5.809268523949182E-2},{"$f":"WACC!AP123","v":5.809268523949182E-2},{"$f":"WACC!AQ123","v":5.809268523949182E-2},{"$f":"WACC!AR123","v":5.809268523949182E-2},{"$f":"WACC!AS123","v":5.809268523949182E-2},{"$f":"WACC!AT123","v":5.809268523949182E-2},{"$f":"WACC!AU123","v":5.809268523949182E-2},{"$f":"WACC!AV123","v":5.809268523949182E-2},{"$f":"WACC!AW123","v":5.809268523949182E-2},{"$f":"WACC!AX123","v":5.809268523949182E-2},{"$f":"WACC!AY123","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W124","v":3.0243083308895136E-2},{"$f":"WACC!X124","v":2.8728377977172759E-2},{"$f":"WACC!Y124","v":2.8417193134497198E-2},{"$f":"WACC!Z124","v":2.9006089959019876E-2},{"$f":"WACC!AA124","v":2.9260874491264577E-2},{"$f":"WACC!AB124","v":3.002461705136894E-2},{"$f":"WACC!AC124","v":3.0459402194562113E-2},{"$f":"WACC!AD124","v":3.0500889439416978E-2},{"$f":"WACC!AE124","v":3.0542376684272066E-2},{"$f":"WACC!AF124","v":3.0583863929126709E-2},{"$f":"WACC!AG124","v":3.1112068172700846E-2},{"$f":"WACC!AH124","v":3.1463859441682951E-2},{"$f":"WACC!AI124","v":3.1815765600040846E-2},{"$f":"WACC!AJ124","v":3.205036970561248E-2},{"$f":"WACC!AK124","v":3.2226551890363275E-2},{"$f":"WACC!AL124","v":3.2285546575114177E-2},{"$f":"WACC!AM124","v":3.2285546575114177E-2},{"$f":"WACC!AN124","v":3.2285546575114177E-2},{"$f":"WACC!AO124","v":3.2285546575114177E-2},{"$f":"WACC!AP124","v":3.2285546575114177E-2},{"$f":"WACC!AQ124","v":3.2285546575114177E-2},{"$f":"WACC!AR124","v":3.2285546575114177E-2},{"$f":"WACC!AS124","v":3.2285546575114177E-2},{"$f":"WACC!AT124","v":3.2285546575114177E-2},{"$f":"WACC!AU124","v":3.2285546575114177E-2},{"$f":"WACC!AV124","v":3.2285546575114177E-2},{"$f":"WACC!AW124","v":3.2285546575114177E-2},{"$f":"WACC!AX124","v":3.2285546575114177E-2},{"$f":"WACC!AY124","v":3.2285546575114177E-2}]
[]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0559991603916175},{"$f":"R23*(1+S20)","v":1.113494711000298},1.1737655328884604,1.2380071785643754,1.3060881600165228,1.3789355307777544,1.456460509777838,1.538405947028435,1.6250273339797991,1.7165951225644325,1.8142519957186474,1.9181187496413248,2.0286237953272801,2.1459829864101501,2.2705191339394717,2.4024196873176611,2.5419826980261644,2.6896532987868325,2.8459024812766169,3.0112285983437084,3.1861589534914456,3.3712514826996127,3.5670965339472516,3.7743187501127315,3.9935790612565429,4.2255767926411449,4.4710518952113487,4.7307873056492955,5.0056114435313637]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.94697044989046186},{"$f":"1/S23","v":0.89807341707232624},0.85195890659623508,0.80774975889851097,0.76564510008830444,0.725197065185473,0.68659602734614178,0.65002348822921996,0.61537426422910313,0.58254855024060281,0.55119134627375055,0.52134415566658387,0.49294502130133444,0.46598691897032374,0.44042791141995208,0.41624700516690966,0.39339370829569159,{"$f":"1/AI23","v":0.37179513078918008},{"$f":"1/AJ23","v":0.35138238452619758},0.33209036356457244,0.31385753648736936,0.29662575014997855,0.28034004420211955,0.26494847579318304,0.25040195390181136,0.2366540827613175,0.22366101388155091,0.21138130619523826,0.19977579388273872]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
[]
[null,null,null,null,null,"Net capex",null,null,null,null,"AusNet G PTRM 2018-22","Real","$m",null,null,null,null,86.27244362506724,{"$f":"R155*Controls!$H$11","v":90.057585216439378},{"$f":"S155*Controls!$H$11","v":90.563086950096221},{"$f":"T155*Controls!$H$11","v":91.43915759913186},{"$f":"U155*Controls!$H$11","v":92.485826914827683},{"$f":"V155*Controls!$H$11","v":93.60483133230079},{"$f":"W155*Controls!$H$11","v":94.772942922447939},{"$f":"X155*Controls!$H$11","v":95.95946480415202},{"$f":"Y155*Controls!$H$11","v":97.087652544470515},{"$f":"Z155*Controls!$H$11","v":98.151751246127134},{"$f":"AA155*Controls!$H$11","v":99.147708271180861},{"$f":"AB155*Controls!$H$11","v":100.07179074315204},{"$f":"AC155*Controls!$H$11","v":100.91875881078857},{"$f":"AD155*Controls!$H$11","v":101.76568472064115},{"$f":"AE155*Controls!$H$11","v":102.60988821566944},{"$f":"AF155*Controls!$H$11","v":103.44275993897321},{"$f":"AG155*Controls!$H$11","v":104.34142209735566},{"$f":"AH155*Controls!$H$11","v":105.31347887713186},{"$f":"AI155*Controls!$H$11","v":106.21728749967275},{"$f":"AJ155*Controls!$H$11","v":107.05672840809957},{"$f":"AK155*Controls!$H$11","v":107.80347578687143},{"$f":"AL155*Controls!$H$11","v":108.45179343647629},{"$f":"AM155*Controls!$H$11","v":108.99577399050008},{"$f":"AN155*Controls!$H$11","v":109.42933758261834},{"$f":"AO155*Controls!$H$11","v":110.31128983338986},{"$f":"AP155*Controls!$H$11","v":111.61551018552629},{"$f":"AQ155*Controls!$H$11","v":112.86641024998828},{"$f":"AR155*Controls!$H$11","v":114.1998922163755},{"$f":"AS155*Controls!$H$11","v":116.0029883946241}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,"Net capex",null,null,null,null,null,"Nominal",null,null,null,null,null,null,null,null,null,{"$f":"V160","v":106.15910366263559},{"$f":"W160","v":110.17048454444607},114.35808324720057,118.68693802278392,123.08686673690508,127.54938703934604,132.0985755380394,136.68632401476032,141.31336247503489,146.07837243118468,150.98531468074606,156.02057314683287,161.31040684136735,166.8835231169418,172.52362400747302,178.23426462845023,183.96443039964535,189.69754051275075,195.41526550229023,201.09740342587682,207.78611389965172,215.49885760642661,223.36185169378808,231.65082344240128,241.19105494242501]
[]
[]
[null,null,"RAB (Real)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q155","v":1760.9563924902095},{"$f":"R155","v":1771.6778391410503},{"$f":"S155","v":1781.6224342244604},1798.8571285668424,{"$f":"U155","v":1819.4479630542492},{"$f":"V155","v":1841.4618258907151},{"$f":"W155","v":1864.4417604840505},1887.7838756253673,{"$f":"Y155","v":1909.9783994193278},1930.9121173716017,1950.5053030625547,1968.6845206508935,1985.3466879995451,2002.0080259898323,2018.6158066700766,2035.0006605552678,2052.6797913808878,2071.8027941904493,2089.5831699748092,2106.0972576127792,2120.7878112094268,2133.5419841063399,2144.243562326224,2152.7729383490014,2170.1233398073255,2195.780904238834,2220.3895134732602,2246.6227335075814,2282.0945433852885]
[null,null,null,null,null,"Net capex",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,{"$f":"R31*(1+R21)^0.5","v":87.567298793926639},{"$f":"S31*(1+S21)^0.5","v":91.34202970851787},91.840847315244531,92.755824227080083,93.829178941003661,94.999663544026063,96.205479786645412,97.411897382505884,98.55914515750527,99.64137729623333,100.67824007859672,101.63392062638493,102.51159249156397,103.3836368819015,104.25015937555088,105.09934821089341,106.01240203083702,107.00002585331363,107.91830855567456,108.77119272455469,109.52989891949204,110.18859907837496,110.7412912310305,111.18179814486851,112.07787445570845,113.40298129753853,114.67391395178596,116.02875101917434,117.86072295425495]
[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,76.845852143085963,79.145994994696807,70.090636168699135,65.363493995531627,62.701674687525305,60.565966750370755,59.040278871947407,58.995301195060343,58.976163498134888,58.945134117030349,58.917272295228393,58.888208314125251,57.243740567398589,55.625200149763117,54.149402233073893,51.118245129513362,47.978891413081968,47.676305288832005,47.205443950090732,47.205443950090732,47.205443950090732,47.205443950090732,47.205443950090732,36.089191988816367,25.920323080636841,25.503997364911204,22.328658963013634,11.58990888160732,11.58990888160732]
[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,6,null,null,{"$f":"IF($O52=R$2,R$40,IF(R$2>$O52,Q52-Q53,0))","v":0},0,0,0,0,94.999663544026063,92.659542760718537,90.319421977411011,87.979301194103485,85.639180410795959,83.299059627488433,80.958938844180906,78.61881806087338,76.278697277565854,73.938576494258328,71.598455710950802,69.258334927643276,66.918214144335749,64.578093361028223,62.237972577720704,59.897851794413185,57.557731011105666,55.217610227798147,52.877489444490628,50.537368661183109,48.19724787787559,45.857127094568071,43.517006311260552,41.176885527953033]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,45,null,null,{"$f":"IF(R$2>=$O131,IF(R130-HLOOKUP($O131,$R$2:$AT$33,30,FALSE)/HLOOKUP($O131,$R$2:$AT$33,31,FALSE)<=0,R130,HLOOKUP($O131,$R$2:$AT$33,30,FALSE)/HLOOKUP($O131,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,46,null,null,{"$f":"IF($O132=R$2,R$40,IF(R$2>$O132,Q132-Q133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,46,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AT$33,30,FALSE)/HLOOKUP($O133,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,47,null,null,{"$f":"IF($O134=R$2,R$40,IF(R$2>$O134,Q134-Q135,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,47,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AT$33,30,FALSE)/HLOOKUP($O135,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,48,null,null,{"$f":"IF($O136=R$2,R$40,IF(R$2>$O136,Q136-Q137,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,48,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AT$33,30,FALSE)/HLOOKUP($O137,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,49,null,null,{"$f":"IF($O138=R$2,R$40,IF(R$2>$O138,Q138-Q139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,49,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AT$33,30,FALSE)/HLOOKUP($O139,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,50,null,null,{"$f":"IF($O140=R$2,R$40,IF(R$2>$O140,Q140-Q141,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AT$33,30,FALSE)/HLOOKUP($O141,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,51,null,null,{"$f":"IF($O142=R$2,R$40,IF(R$2>$O142,Q142-Q143,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AT$33,30,FALSE)/HLOOKUP($O143,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,52,null,null,{"$f":"IF($O144=R$2,R$40,IF(R$2>$O144,Q144-Q145,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O145,IF(R144-HLOOKUP($O145,$R$2:$AT$33,30,FALSE)/HLOOKUP($O145,$R$2:$AT$33,31,FALSE)<=0,R144,HLOOKUP($O145,$R$2:$AT$33,30,FALSE)/HLOOKUP($O145,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,53,null,null,{"$f":"IF($O146=R$2,R$40,IF(R$2>$O146,Q146-Q147,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O147,IF(R146-HLOOKUP($O147,$R$2:$AT$33,30,FALSE)/HLOOKUP($O147,$R$2:$AT$33,31,FALSE)<=0,R146,HLOOKUP($O147,$R$2:$AT$33,30,FALSE)/HLOOKUP($O147,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,54,null,null,{"$f":"IF($O148=R$2,R$40,IF(R$2>$O148,Q148-Q149,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O149,IF(R148-HLOOKUP($O149,$R$2:$AT$33,30,FALSE)/HLOOKUP($O149,$R$2:$AT$33,31,FALSE)<=0,R148,HLOOKUP($O149,$R$2:$AT$33,30,FALSE)/HLOOKUP($O149,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,55,null,null,{"$f":"IF($O150=R$2,R$40,IF(R$2>$O150,Q150-Q151,0))","v":0},{"$f":"IF($O150=S$2,S$40,IF(S$2>$O150,R150-R151,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O151,IF(R150-HLOOKUP($O151,$R$2:$AT$33,30,FALSE)/HLOOKUP($O151,$R$2:$AT$33,31,FALSE)<=0,R150,HLOOKUP($O151,$R$2:$AT$33,30,FALSE)/HLOOKUP($O151,$R$2:$AT$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$151,$L$153,R43:R151)","v":0},{"$f":"SUMIF($L$43:$L$151,$L$153,S43:S151)","v":2.2514396304109843},{"$f":"SUMIF($L$43:$L$151,$L$153,T43:T151)","v":4.51551680416339},6.8014957441416861,9.1136414170123778,11.453762200319897,13.823085773381095,16.222072393484897,18.649263707096658,21.103057488249835,23.581750195029358,26.083544963608158,28.606513933877874,31.150656051893904,33.715903257285639,36.301972255759971,38.910507808193863,41.543344780122162,44.198776967613981,46.875195177816472,49.570282072488261,52.281576908400169,55.006471258162669,57.742204697728127,60.499986943562874,63.290374698201035,66.112034954450735,68.967032259860119,71.867106969725725]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$151,$L$154,R43:R151)","v":0},{"$f":"SUMIF($L$43:$L$151,$L$154,S43:S151)","v":91.34202970851787},{"$f":"SUMIF($L$43:$L$151,$L$154,T43:T151)","v":180.93143739335142},269.17174481626813,356.19942801313005,442.08545014014379,526.83716772646926,610.42597933559409,692.76305209961424,773.75516568875105,853.33034827909796,931.3825187104535,1007.8105662384094,1082.587689186433,1155.68719251009,1227.0706374636977,1296.7810672387745,1364.8705852838946,1431.2455490594464,1495.8179648163875,1558.4726685580631,1619.0909855639493,1677.5506998865801,1733.7260267732861,1788.0616965312665,1840.9646908852419,1892.3482301388269,1942.2649462035504,1991.1586368979451]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"CEPA historical model","On 30/6/2022",null,null,null,null,1760.9563924902095,{"$f":"R39+R40-R41-R153","v":1771.6778391410503},{"$f":"S39+S40-S41-S153","v":1781.6224342244604},{"$f":"T39+T40-T41-T153","v":1798.8571285668424},{"$f":"U39+U40-U41-U153","v":1819.4479630542492},{"$f":"V39+V40-V41-V153","v":1841.4618258907151},{"$f":"W39+W40-W41-W153","v":1864.4417604840505},1887.7838756253673,1909.9783994193278,1930.9121173716017,1950.5053030625547,1968.6845206508935,1985.3466879995451,2002.0080259898323,2018.6158066700766,{"$f":"AF39+AF40-AF41-AF153","v":2035.0006605552678},2052.6797913808878,2071.8027941904493,2089.5831699748092,2106.0972576127792,2120.7878112094268,{"$f":"AL39+AL40-AL41-AL153","v":2133.5419841063399},2144.243562326224,2152.7729383490014,2170.1233398073255,2195.780904238834,2220.3895134732602,2246.6227335075814,2282.0945433852885,2316.4982504882105]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":1804.9803023024647},{"$f":"S39*S8","v":1861.3690297475657},1918.6124967060005,1985.6016869047533,2058.5383683266955,2135.5311593757533,2216.2353592314721,2300.0813439344493,2385.3012964347099,2471.7307576488488,2559.2319841189919,2647.6618102900652,2736.822337268613,2828.7849301029992,2923.5575716643743,3020.9699186422522,3123.3950549143096,3231.3052893278259,3340.5125226095997,3451.0855911748135,3562.0367181606284,3673.0448553737606,3783.7550960047311,3893.7762771509938,4023.2873584669483,4172.6264248376146,4324.8747349757004,4485.3710964745769,4670.0951479067635]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":89.756481263774802},{"$f":"S40*S8","v":95.966219962511573},98.902547465843242,102.38507446239765,106.15910366263559,110.17048454444607,114.35808324720057,118.68693802278392,123.08686673690508,127.54938703934604,132.0985755380394,136.68632401476032,141.31336247503489,146.07837243118468,150.98531468074606,156.02057314683287,161.31040684136735,166.8835231169418,172.52362400747302,178.23426462845023,183.96443039964535,189.69754051275075,195.41526550229023,201.09740342587682,207.78611389965172,215.49885760642661,223.36185169378808,231.65082344240128,241.19105494242501]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q164*$O$8","v":44.023909812255241},{"$f":"R164*$O$8","v":45.399244627989418},{"$f":"S164*$O$8","v":46.795426748926843},{"$f":"T164*$O$8","v":48.429309436701303},50.208252886016965,52.086125838433013,54.054520956865183,56.099544974010968,58.178080400846596,60.28611604021583,62.42029229558517,64.577117324147935,66.751764323624712,68.994754392756093,71.306282235716466,73.682193137615911,76.180367193031955,78.812324129946987,81.475915185600016,{"$f":"AJ164*$O$8","v":84.172819296946685},86.878944345381186,89.586459887164906,92.286709658651986,94.970153101243767,98.128959962608519,101.7713762155516,105.4847496335537,109.3992950359653,113.90475970504303]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R153*R8)","v":78.766998446663109},{"$f":"(S41*S8)+(S153*S8)","v":85.518179753003864},80.342666703791522,79.656645926472251,81.252438452010281,83.52080564559229,86.611643518234075,91.645065923369458,96.943521562981758,102.46845286478771,108.24586669111373,114.27756135983734,118.34552403340376,122.61201310552536,127.255160840484,129.77580406780646,132.21249655779852,139.15220502076795,146.12337473920593,154.1620819880165,162.54275307367777,171.27400954043225,180.36423745727126,169.71528207253061,160.21842374453576,168.73529710189396,172.26478523087616,160.83153171525692,170.78705433821551]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R162-R161","v":34.743088634407869},{"$f":"S162-S161","v":40.118935125014445},33.547239954864679,31.227336489770948,31.044185565993317,31.434679807159277,32.557122561368892,35.54552094935849,38.765441162135161,42.182336824571877,45.825574395528562,49.700444035689401,51.59375970977905,53.617258712769271,55.948878604767529,56.09361093019055,56.032129364766561,60.339880890820965,64.647459553605913,69.989262691069811,75.663808728296587,81.68754965326734,88.077527798619272,74.745128971286846,62.089463781927236,66.963920886342365,66.780035597322453,51.43223667929162,56.882294633172478]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q155*Q8","v":1760.9563924902095},{"$f":"R155*R8","v":1815.9697851195765},1871.8170699570737,1937.172377468052,2008.3301154406786,2083.4450335373203,2162.1808382746071,2243.9817989604385,2327.1232160338636,2411.444641608633,2496.8116918234068,2583.0846929659174,2670.0705729449883,2759.7901757102436,2852.2512894286583,2947.2877255046365,3047.2146877212781,3152.4929651978791,3259.0366074240005,3366.9127718778673,3475.1577738152473,3583.4583954865961,3691.4683863460791,3798.8061240497505,3925.1583985043403,4070.8550486220638,4219.3899853421481,4375.9718014386117,4556.1903882017214,4740.499148510974]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q164*$O$13","v":1056.5738354941257},{"$f":"R164*$O$13","v":1089.5818710717458},1123.0902419742442,1162.3034264808311,1204.9980692644071,1250.0670201223923,1297.3085029647643,1346.389079376263,1396.2739296203181,1446.8667849651797,1498.0870150940441,1549.8508157795504,1602.0423437669929,1655.8741054261461,1711.3507736571948,1768.3726353027819,1828.3288126327668,1891.4957791187273,1955.4219644544003,2020.1476631267203,2085.0946642891481,2150.0750372919574,2214.8810318076476,2279.2836744298502,2355.095039102604,2442.513029173238,2531.6339912052886,2625.5830808631667,2733.7142329210328]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q164*$O$14","v":704.38255699608385},{"$f":"R164*$O$14","v":726.38791404783069},748.72682798282949,774.86895098722084,803.33204617627143,833.3780134149282,864.87233530984292,897.59271958417548,930.84928641354554,964.57785664345329,998.72467672936273,1033.233877186367,1068.0282291779954,1103.9160702840975,1140.9005157714635,1178.9150902018546,1218.8858750885113,1260.9971860791518,1303.6146429696003,1346.765108751147,1390.063109526099,1433.3833581946385,1476.5873545384318,1519.5224496199003,1570.0633594017363,1628.3420194488256,1687.7559941368593,1750.3887205754447,1822.4761552806885]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R168*WACC!W114","v":52.341051182403902},{"$f":"S168*WACC!X114","v":53.398628460121678},{"$f":"T168*WACC!Y114","v":54.44524539979102},{"$f":"U168*WACC!Z114","v":55.962771670137911},{"$f":"V168*WACC!AA114","v":57.741165472108342},{"$f":"W168*WACC!AB114","v":59.863394318809149},{"$f":"X168*WACC!AC114","v":62.217646934212347},{"$f":"Y168*WACC!AD114","v":64.6669274122129},{"$f":"Z168*WACC!AE114","v":67.161851158652709},{"$f":"AA168*WACC!AF114","v":69.697951756867781},{"$f":"AB168*WACC!AG114","v":73.517111645230202},{"$f":"AC168*WACC!AH114","v":76.988792344180922},{"$f":"AD168*WACC!AI114","v":80.544509551407401},{"$f":"AE168*WACC!AJ114","v":83.914607442932521},{"$f":"AF168*WACC!AK114","v":87.241073144705595},{"$f":"AG168*WACC!AL114","v":90.326149224761366},{"$f":"AH168*WACC!AM114","v":93.388631934762827},{"$f":"AI168*WACC!AN114","v":96.615117533432723},{"$f":"AJ168*WACC!AO114","v":99.880383032754978},{"$f":"AK168*WACC!AP114","v":103.1864866221446},{"$f":"AL168*WACC!AQ114","v":106.50389405176917},{"$f":"AM168*WACC!AR114","v":109.82300607112442},{"$f":"AN168*WACC!AS114","v":113.13321106662359},{"$f":"AO168*WACC!AT114","v":116.42281337771456},{"$f":"AP168*WACC!AU114","v":120.29515821141048},{"$f":"AQ168*WACC!AV114","v":124.76035421049741},{"$f":"AR168*WACC!AW114","v":129.31253577837322},{"$f":"AS168*WACC!AX114","v":134.11133175754478},{"$f":"AT168*WACC!AY114","v":139.63452883809214}]
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[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R321","v":10.736839121306101},{"$f":"S321","v":10.220912055216189},8.3064865067217628,8.2617692324469179,8.5184437291272026,9.6191333550887759,9.6772725639183932,9.9298187393222221,10.275546476309673,10.700160933607755,11.252617112112896,11.897779177255414,12.176714824213734,12.955385191298021,13.50194177256135,13.262917698824921,13.008859402118077,13.941297179397401,{"$f":"AJ321","v":14.851591810014662},{"$f":"AK321","v":16.061630022411283},17.372725425797185,18.788340860984611,20.312106288113213,16.207199791366477,14.12849902424656,15.537618440747975,15.054675390403844,9.4001483194715263,12.794154903372498]
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[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171+R172+R174+R175+R177-R178+R332","v":201.76349655657634},{"$f":"S171+S172+S174+S175+S177-S178+S332","v":208.11912657495438},204.81872463261593,208.84978757444358,214.89644085060741,223.2523220549248,231.54451337248545,241.16735498817209,251.18870375468921,261.5603580090239,273.57137047761228,285.579283184914,295.60790518584446,305.91542097950122,316.51954966072708,324.49460570000849,332.42474114886232,345.58467847402329,358.86749512329556,373.4465411141029,388.48340202198642,403.97931391680891,419.93429217034992,413.85839278817178,410.47282037597154,427.25839762746,438.43687090082022,432.84603767245574,453.25650966785878]
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[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q191","v":996.5},{"$f":"R191","v":1048.9434733825847},997.97614839404275,951.30176449784926,908.27154603528766,868.13347407367166,831.7486860087065,795.96222298607518,760.22009471961633,724.51888194791854,688.85587996227707,653.35008430026073,618.01837615400484,583.75862722052591,551.83533802207739,521.20561051181051,491.71643870544665,463.43087249623284,435.34275158067652,407.40123200759263,379.45971243450867,351.51819286142472,323.57667328834077,295.63515371525682,271.04685201409706,254.61343883550185,238.58646725503803,222.55949567457421,206.53252409411039]
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[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,102.12391479794722]
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[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CEPA calculated",null,null,null,null,null,996.5,{"$f":"R186-R187+R189","v":1048.9434733825847},{"$f":"S186-S187+S189","v":997.97614839404275},951.30176449784926,908.27154603528766,868.13347407367166,831.7486860087065,795.96222298607518,760.22009471961633,724.51888194791854,688.85587996227707,653.35008430026073,618.01837615400484,583.75862722052591,551.83533802207739,521.20561051181051,491.71643870544665,463.43087249623284,435.34275158067652,407.40123200759263,379.45971243450867,351.51819286142472,323.57667328834077,295.63515371525682,271.04685201409706,254.61343883550185,238.58646725503803,222.55949567457421,206.53252409411039,195.67004931764211]
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[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S40*S8","v":95.966219962511573},{"$f":"T40*T8","v":98.902547465843242},102.38507446239765,106.15910366263559,110.17048454444607,114.35808324720057,118.68693802278392,123.08686673690508,127.54938703934604,132.0985755380394,136.68632401476032,141.31336247503489,146.07837243118468,150.98531468074606,156.02057314683287,161.31040684136735,166.8835231169418,172.52362400747302,178.23426462845023,183.96443039964535,189.69754051275075,195.41526550229023,201.09740342587682,207.78611389965172,215.49885760642661,223.36185169378808,231.65082344240128,241.19105494242501]
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[null,null,null,null,null,"Future TAB calculations"]
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[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,2,null,null,{"$f":"IF(R$2>=$O197,IF(R196-(R196*HLOOKUP($O197,$R$2:$AT$34,32,FALSE))<=0,R196,R196*HLOOKUP($O197,$R$2:$AT$34,32,FALSE)),0)","v":0},4.7983109981255794,4.5583954482192999,4.3304756758083345,4.1139518920179183,3.908254297417022,3.7128415825461709,3.5271995034188621,3.3508395282479193,3.1832975518355235,3.0241326742437473,2.87292604053156,2.7292797385049821,2.592815751579733,2.4631749640007463,2.3400162158007087,2.2230154050106732,2.1118646347601397,2.0062714030221325,1.905957832871026,1.8106599412274749,1.7201269441661009,1.6341205969577957,1.5524145671099059,1.4747938387544106,1.4010541468166899,1.3310014394758554,1.2644513675020628,1.2012287991269597]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,3,null,null,{"$f":"IF($O198=R$2,R$193,IF(R$2>$O198,Q198-Q199,0))","v":0},{"$f":"IF($O198=S$2,S$193,IF(S$2>$O198,R198-R199,0))","v":0},98.902547465843242,93.957420092551075,89.259549087923517,84.796571633527336,80.556743051850972,76.528905899258419,72.702460604295496,69.067337574080724,65.613970695376693,62.333272160607862,59.216608552577469,56.255778124948598,53.442989218701172,50.770839757766112,48.232297769877803,45.820682881383917,43.529648737314723,41.35316630044899,39.285507985426541,37.321232586155212,35.455170956847454,33.682412409005082,31.998291788554827,30.398377199127086,28.878458339170731,27.434535422212193,26.062808651101584]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,4,null,null,{"$f":"IF($O200=R$2,R$193,IF(R$2>$O200,Q200-Q201,0))","v":0},0,0,102.38507446239765,97.265820739277771,92.402529702313885,87.782403217198194,83.393283056338291,79.22361890352137,75.262437958345302,71.499316060428043,67.924350257406644,64.528132744536308,61.301726107309491,58.236639801944015,55.324807811846817,52.558567421254473,49.930639050191751,47.434107097682165,45.062401742798059,42.809281655658154,40.668817572875248,38.635376694231489,36.703607859519913,34.86842746654392,33.125006093216726,31.468755788555889,29.895317999128096,28.400552099171691]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,40,null,null,{"$f":"IF($O272=R$2,R$193,IF(R$2>$O272,Q272-Q273,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,41,null,null,{"$f":"IF($O274=R$2,R$193,IF(R$2>$O274,Q274-Q275,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,42,null,null,{"$f":"IF($O276=R$2,R$193,IF(R$2>$O276,Q276-Q277,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,43,null,null,{"$f":"IF($O278=R$2,R$193,IF(R$2>$O278,Q278-Q279,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,43,null,null,{"$f":"IF(R$2>=$O279,IF(R278-(R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE))<=0,R278,R278*HLOOKUP($O279,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,44,null,null,{"$f":"IF($O280=R$2,R$193,IF(R$2>$O280,Q280-Q281,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,44,null,null,{"$f":"IF(R$2>=$O281,IF(R280-(R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE))<=0,R280,R280*HLOOKUP($O281,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,45,null,null,{"$f":"IF($O282=R$2,R$193,IF(R$2>$O282,Q282-Q283,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,45,null,null,{"$f":"IF(R$2>=$O283,IF(R282-(R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE))<=0,R282,R282*HLOOKUP($O283,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,46,null,null,{"$f":"IF($O284=R$2,R$193,IF(R$2>$O284,Q284-Q285,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,46,null,null,{"$f":"IF(R$2>=$O285,IF(R284-(R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE))<=0,R284,R284*HLOOKUP($O285,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,47,null,null,{"$f":"IF($O286=R$2,R$193,IF(R$2>$O286,Q286-Q287,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,47,null,null,{"$f":"IF(R$2>=$O287,IF(R286-(R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE))<=0,R286,R286*HLOOKUP($O287,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,48,null,null,{"$f":"IF($O288=R$2,R$193,IF(R$2>$O288,Q288-Q289,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,48,null,null,{"$f":"IF(R$2>=$O289,IF(R288-(R288*HLOOKUP($O289,$R$2:$AT$34,32,FALSE))<=0,R288,R288*HLOOKUP($O289,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,49,null,null,{"$f":"IF($O290=R$2,R$193,IF(R$2>$O290,Q290-Q291,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,49,null,null,{"$f":"IF(R$2>=$O291,IF(R290-(R290*HLOOKUP($O291,$R$2:$AT$34,32,FALSE))<=0,R290,R290*HLOOKUP($O291,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,50,null,null,{"$f":"IF($O292=R$2,R$193,IF(R$2>$O292,Q292-Q293,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,51,null,null,{"$f":"IF($O294=R$2,R$193,IF(R$2>$O294,Q294-Q295,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,51,null,null,{"$f":"IF(R$2>=$O295,IF(R294-(R294*HLOOKUP($O295,$R$2:$AT$34,32,FALSE))<=0,R294,R294*HLOOKUP($O295,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O296=R$2,R$193,IF(R$2>$O296,Q296-Q297,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O297,IF(R296-(R296*HLOOKUP($O297,$R$2:$AT$34,32,FALSE))<=0,R296,R296*HLOOKUP($O297,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O298=R$2,R$193,IF(R$2>$O298,Q298-Q299,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O299,IF(R298-(R298*HLOOKUP($O299,$R$2:$AT$34,32,FALSE))<=0,R298,R298*HLOOKUP($O299,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O300=R$2,R$193,IF(R$2>$O300,Q300-Q301,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,54,null,null,{"$f":"IF(R$2>=$O301,IF(R300-(R300*HLOOKUP($O301,$R$2:$AT$34,32,FALSE))<=0,R300,R300*HLOOKUP($O301,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O302=R$2,R$193,IF(R$2>$O302,Q302-Q303,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O303,IF(R302-(R302*HLOOKUP($O303,$R$2:$AT$34,32,FALSE))<=0,R302,R302*HLOOKUP($O303,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Closing TAB (New assets)",null,null,null,null,null,"TAB",null,null,null,null,null,{"$f":"SUMIF($L$195:$L$303,\"TAB\",R195:R303)-SUMIF($L$195:$L$303,\"TaxDep\",R195:R303)","v":0},{"$f":"SUMIF($L$195:$L$303,\"TAB\",S195:S303)-SUMIF($L$195:$L$303,\"TaxDep\",S195:S303)","v":91.167908964385987},180.56693360871776,268.80440766755964,356.21533576368546,443.06652929272497,529.55338191292924,615.82830393892755,701.96941214204094,788.04285922231759,874.13436302233924,960.27965268524451,1046.5133644022656,1132.9621499917773,1219.7500914388975,1306.9821313564439,1394.8779112879206,1483.6733626846194,1573.3871373574875,1664.0403318866413,1755.6045241719721,1848.0369614504864,1941.2796156051379,2035.2581680794644,2130.8920678801601,2229.0713792122569,2329.8115693607433,2433.3892731629876,2540.8513117001417]
[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R191+R305","v":1048.9434733825847},1089.1440573584287,1131.8686981065671,1177.0759537028473,1224.3488098373571,1274.8152153014314,1325.5156048990043,1376.0483986585439,1426.4882940899595,1476.8987391845947,1527.4844473225999,1578.2980288392494,1630.2719916227916,1684.7974880138547,1740.9557019507079,1798.6985700618907,1858.3087837841535,1919.016114265296,1980.7883693650801,2043.50004432115,2107.1227170333968,2171.6136347388274,2236.914769320395,2306.3050200935613,2385.5055067156618,2467.6578464672948,2552.3710650353173,2639.9217972570978,2736.5213610177839]
[]
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[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171+R174+R309+R340","v":165.97403281888936},174.04941972423376,177.13043627687671,181.31055679962054,186.50162842018341,191.1885442046289,199.28693815942415,208.06795919043134,216.9368821669903,225.893154896998,236.06264677056927,245.9200192607293,255.01885577179868,262.73080367517446,271.51307708552258,280.28488003725874,289.06187647513536,299.11368787603197,309.36218908991333,319.90777437273198,330.57431726932913,341.3515110468602,352.22727120997251,359.83439348361685,363.37782362848304,375.46633615830012,388.2546195994741,401.51220994088396,410.60932665661716]
[]
[null,null,null,null,null,"Tax calculation"]
[]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R180-R311","v":35.789463737686987},34.069706850720621,27.688288355739218,27.539230774823039,28.394812430423997,32.063777850295907,32.257575213061301,33.099395797740755,34.251821587698913,35.667203112025902,37.508723707043004,39.6592639241847,40.589049414045775,43.184617304326764,45.006472575204498,44.209725662749747,43.362864673726961,46.470990597991317,49.505306033382226,53.538766741370921,57.909084752657293,62.627802869948709,67.707020960377406,54.023999304554934,47.094996747488494,51.792061469159876,50.182251301346128,31.333827731571773,42.647183011241623]
[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R317<0,R317,0)","v":0},{"$f":"IF(S317<0,S317,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R315+Q316","v":35.789463737686987},{"$f":"S315+R316","v":34.069706850720621},27.688288355739218,27.539230774823039,{"$f":"V315+U316","v":28.394812430423997},32.063777850295907,32.257575213061301,33.099395797740755,34.251821587698913,35.667203112025902,37.508723707043004,39.6592639241847,40.589049414045775,43.184617304326764,45.006472575204498,44.209725662749747,43.362864673726961,46.470990597991317,49.505306033382226,53.538766741370921,57.909084752657293,62.627802869948709,67.707020960377406,54.023999304554934,47.094996747488494,51.792061469159876,50.182251301346128,31.333827731571773,42.647183011241623]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R317>0,R317*$O$16,0)","v":10.736839121306096},{"$f":"IF(S317>0,S317*$O$16,0)","v":10.220912055216186},8.3064865067217646,8.2617692324469107,{"$f":"IF(V317>0,V317*$O$16,0)","v":8.518443729127199},9.6191333550887723,9.6772725639183896,9.9298187393222257,10.275546476309673,10.700160933607771,11.252617112112901,11.89777917725541,12.176714824213732,12.95538519129803,{"$f":"IF(AF317>0,AF317*$O$16,0)","v":13.501941772561349},13.262917698824923,13.008859402118087,13.941297179397395,14.851591810014668,16.061630022411276,17.372725425797189,18.788340860984611,20.31210628811322,16.207199791366481,14.128499024246548,15.537618440747963,15.054675390403837,9.4001483194715316,12.794154903372487]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R178","v":6.2810508859640688},5.9792335523014701,4.8592946064322309,4.8331350009814464,4.9832895815394131,5.6271930127269334,5.66120444989226,5.8089439625034993,6.011194688641158,6.259594146160536,6.5827810105860438,6.9602008186944166,7.123378172165034,{"$f":"AE178","v":7.5789003369093413},7.8986359369483896,7.7588068538125787,7.6101827502390744,8.1556588499474785,8.6881812088585768,9.3960535631106001,10.163044374091353,10.991179403675996,11.88258217854623,9.4812118779493879,8.2651719291842376,9.0895067878375642,8.8069851033862481,5.4990867668908425,7.4845806184729105]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R171+R172+R174+R175-R311+Q316+R332)*$O$16/(1-(1-$O$17)*$O$16))","v":10.736839121306101},10.220912055216189,8.3064865067217628,8.2617692324469179,8.5184437291272026,9.6191333550887759,9.6772725639183932,9.9298187393222221,10.275546476309673,10.700160933607755,11.252617112112896,11.897779177255414,12.176714824213734,12.955385191298021,13.50194177256135,13.262917698824921,13.008859402118077,13.941297179397401,14.851591810014662,16.061630022411283,17.372725425797185,18.788340860984611,20.312106288113213,16.207199791366477,14.12849902424656,15.537618440747975,15.054675390403844,9.4001483194715263,12.794154903372498]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"Opex incentive mehcanism carryovers",null,null,null,null,"AusNet G PTRM 2018-22",null,null,null,null,null,null,0.63409727467599453]
[]
[]
[]
[]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R327:R331)*R8","v":0.6499497065428943}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171+R172","v":98.612079465703488},98.873357669580628,101.31700861808102,106.02385058984197,110.44288571707698,116.20463109995563,121.55972512150619,126.25407174702102,131.03085110203733,135.8811932015854,142.04329225525197,147.88277637222612,153.82586229511827,159.6583572202224,165.52246202342275,171.21585814795861,177.02088371094857,183.13678154695262,189.3261878190637,195.59300388552583,201.88124671182226,208.17272063781718,214.44731103953754,220.68284845027605,228.02299135946043,236.48690099519769,245.11569432114538,254.21195247786522,264.68133411300062]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163","v":34.743088634407869},40.118935125014445,33.547239954864679,31.227336489770948,31.044185565993317,31.434679807159277,32.557122561368892,35.54552094935849,38.765441162135161,42.182336824571877,45.825574395528562,49.700444035689401,51.59375970977905,53.617258712769271,55.948878604767529,56.09361093019055,56.032129364766561,60.339880890820965,64.647459553605913,69.989262691069811,75.663808728296587,81.68754965326734,88.077527798619272,74.745128971286846,62.089463781927236,66.963920886342365,66.780035597322453,51.43223667929162,56.882294633172478]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R174","v":63.302590514580082},64.885155277444582,66.507284159380688,68.169966263365197,69.874215419949323,71.621070805448056,73.411597575584253,75.246887514973849,77.128059702848191,79.056261195419395,81.032667725304876,83.058484418437487,85.134946528898411,87.263320192120858,89.444903196923875,91.681025776846965,93.973051421268138,96.322377706799827,98.730437149469807,101.19869807820655,103.72866553016171,106.32188216841574,108.97992922262613,111.70442745319177,114.49703813952155,117.35946409300958,120.29345069533481,123.30078696271818,126.38330663678612]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R319-R320","v":4.4557882353420268},4.2416785029147155,3.4471919002895337,3.4286342314654643,3.5351541475877859,3.9919403423618389,4.0160681140261296,4.1208747768187264,4.2643517876685149,4.440566787447235,4.6698361015268572,4.9375783585609936,5.0533366520486984,5.3764848543886883,5.603305835612959,5.5041108450123444,5.398676651879013,5.7856383294499167,6.163410601156091,6.6655764593006754,7.2096810517058358,7.797161457308615,8.4295241095669908,6.725987913417093,5.86332709506231,6.4481116529103986,6.2476902870175888,3.9010615525806891,5.3095742848995764]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R332","v":0.6499497065428943},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R336:R340)","v":201.76349655657637},{"$f":"SUM(S336:S340)","v":208.11912657495438},204.81872463261593,208.84978757444358,214.89644085060741,223.2523220549248,231.54451337248545,241.16735498817209,251.18870375468921,261.5603580090239,273.57137047761228,285.579283184914,295.60790518584446,305.91542097950122,316.51954966072708,324.49460570000849,332.42474114886227,345.58467847402335,358.86749512329556,373.4465411141029,388.48340202198642,403.97931391680891,419.93429217034998,413.85839278817178,410.47282037597148,427.25839762746,438.43687090082022,432.84603767245574,453.25650966785878]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!W114-($O$348/10000)","v":4.9538469933741711E-2},{"$f":"WACC!X114-($O$348/10000)","v":4.9008367225858086E-2},{"$f":"WACC!Y114-($O$348/10000)","v":4.8478068248623968E-2},{"$f":"WACC!Z114-($O$348/10000)","v":4.8148160278232523E-2},{"$f":"WACC!AA114-($O$348/10000)","v":4.7918056422577113E-2},{"$f":"WACC!AB114-($O$348/10000)","v":4.7888147879421708E-2},{"$f":"WACC!AC114-($O$348/10000)","v":4.7959021922715492E-2},{"$f":"WACC!AD114-($O$348/10000)","v":4.8029895966009262E-2},{"$f":"WACC!AE114-($O$348/10000)","v":4.8100770009303045E-2},{"$f":"WACC!AF114-($O$348/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG114-($O$348/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH114-($O$348/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI114-($O$348/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ114-($O$348/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK114-($O$348/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX114-($O$348/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY114-($O$348/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!F31","v":3.842959513389025E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O349","v":2.0992371750042087E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q164*$O$346)*R348","v":52.341051182403902},{"$f":"(R164*$O$346)*S348","v":53.398628460121678},{"$f":"(S164*$O$346)*T348","v":54.44524539979102},55.962771670137911,57.741165472108342,59.863394318809149,62.217646934212347,64.6669274122129,67.161851158652709,69.697951756867781,73.517111645230202,76.988792344180922,80.544509551407401,83.914607442932521,87.241073144705595,90.326149224761366,93.388631934762827,96.615117533432723,99.880383032754978,103.1864866221446,106.50389405176917,109.82300607112442,113.13321106662359,116.42281337771456,120.29515821141048,124.76035421049741,129.31253577837322,134.11133175754478,139.63452883809214]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O357=R$2,R$193,IF(R$2>$O357,Q357-Q358,0))","v":0},{"$f":"IF($O357=S$2,S$193,IF(S$2>$O357,R357-R358,0))","v":0},{"$f":"IF($O357=T$2,T$193,IF(T$2>$O357,S357-S358,0))","v":0},{"$f":"IF($O357=U$2,U$193,IF(U$2>$O357,T357-T358,0))","v":0},{"$f":"IF($O357=V$2,V$193,IF(V$2>$O357,U357-U358,0))","v":0},{"$f":"IF($O357=W$2,W$193,IF(W$2>$O357,V357-V358,0))","v":0},{"$f":"IF($O357=X$2,X$193,IF(X$2>$O357,W357-W358,0))","v":0},{"$f":"IF($O357=Y$2,Y$193,IF(Y$2>$O357,X357-X358,0))","v":0},{"$f":"IF($O357=Z$2,Z$193,IF(Z$2>$O357,Y357-Y358,0))","v":0},{"$f":"IF($O357=AA$2,AA$193,IF(AA$2>$O357,Z357-Z358,0))","v":0},{"$f":"IF($O357=AB$2,AB$193,IF(AB$2>$O357,AA357-AA358,0))","v":0},{"$f":"IF($O357=AC$2,AC$193,IF(AC$2>$O357,AB357-AB358,0))","v":0},{"$f":"IF($O357=AD$2,AD$193,IF(AD$2>$O357,AC357-AC358,0))","v":0},{"$f":"IF($O357=AE$2,AE$193,IF(AE$2>$O357,AD357-AD358,0))","v":0},{"$f":"IF($O357=AF$2,AF$193,IF(AF$2>$O357,AE357-AE358,0))","v":0},{"$f":"IF($O357=AG$2,AG$193,IF(AG$2>$O357,AF357-AF358,0))","v":0},{"$f":"IF($O357=AH$2,AH$193,IF(AH$2>$O357,AG357-AG358,0))","v":0},{"$f":"IF($O357=AI$2,AI$193,IF(AI$2>$O357,AH357-AH358,0))","v":0},{"$f":"IF($O357=AJ$2,AJ$193,IF(AJ$2>$O357,AI357-AI358,0))","v":0},{"$f":"IF($O357=AK$2,AK$193,IF(AK$2>$O357,AJ357-AJ358,0))","v":0},{"$f":"IF($O357=AL$2,AL$193,IF(AL$2>$O357,AK357-AK358,0))","v":0},{"$f":"IF($O357=AM$2,AM$193,IF(AM$2>$O357,AL357-AL358,0))","v":0},{"$f":"IF($O357=AN$2,AN$193,IF(AN$2>$O357,AM357-AM358,0))","v":0},{"$f":"IF($O357=AO$2,AO$193,IF(AO$2>$O357,AN357-AN358,0))","v":0},{"$f":"IF($O357=AP$2,AP$193,IF(AP$2>$O357,AO357-AO358,0))","v":0},{"$f":"IF($O357=AQ$2,AQ$193,IF(AQ$2>$O357,AP357-AP358,0))","v":0},{"$f":"IF($O357=AR$2,AR$193,IF(AR$2>$O357,AQ357-AQ358,0))","v":0},{"$f":"IF($O357=AS$2,AS$193,IF(AS$2>$O357,AR357-AR358,0))","v":0},{"$f":"IF($O357=AT$2,AT$193,IF(AT$2>$O357,AS357-AS358,0))","v":0}]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O358,IF(R357-(R357*HLOOKUP($O358,$R$2:$AT$34,32,FALSE))<=0,R357,R357*HLOOKUP($O358,$R$2:$AT$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171+R172+R174+R175+R177-R178+R332","v":201.76349655657634},208.11912657495438,204.81872463261593,208.84978757444358,214.89644085060741,223.2523220549248,231.54451337248545,241.16735498817209,251.18870375468921,261.5603580090239,273.57137047761228,285.579283184914,295.60790518584446,305.91542097950122,316.51954966072708,324.49460570000849,332.42474114886232,345.58467847402329,358.86749512329556,373.4465411141029,388.48340202198642,403.97931391680891,419.93429217034992,413.85839278817178,410.47282037597154,427.25839762746,438.43687090082022,432.84603767245574,453.25650966785878]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R353+R386+R309+R340+R358","v":165.97403281888936},174.04941972423376,177.13043627687671,181.31055679962054,186.50162842018341,191.1885442046289,199.28693815942415,208.06795919043134,216.9368821669903,225.893154896998,236.06264677056927,245.9200192607293,255.01885577179868,262.73080367517446,271.51307708552258,280.28488003725874,289.06187647513536,299.11368787603197,309.36218908991333,319.90777437273198,330.57431726932913,341.3515110468602,352.22727120997251,359.83439348361685,363.37782362848304,375.46633615830012,388.2546195994741,401.51220994088396,410.60932665661716]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R360-R361","v":35.789463737686987},{"$f":"S360-S361","v":34.069706850720621},27.688288355739218,27.539230774823039,28.394812430423997,32.063777850295907,32.257575213061301,33.099395797740755,34.251821587698913,35.667203112025902,37.508723707043004,39.6592639241847,40.589049414045775,43.184617304326764,45.006472575204498,44.209725662749747,43.362864673726961,46.470990597991317,49.505306033382226,53.538766741370921,57.909084752657293,62.627802869948709,67.707020960377406,54.023999304554934,47.094996747488494,51.792061469159876,50.182251301346128,31.333827731571773,42.647183011241623]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q316","v":0},{"$f":"IF(R364<0,R364,0)","v":0},{"$f":"IF(S364<0,S364,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R362+Q363","v":35.789463737686987},{"$f":"S362+R363","v":34.069706850720621},27.688288355739218,27.539230774823039,28.394812430423997,32.063777850295907,32.257575213061301,33.099395797740755,34.251821587698913,35.667203112025902,37.508723707043004,39.6592639241847,40.589049414045775,43.184617304326764,45.006472575204498,44.209725662749747,43.362864673726961,46.470990597991317,49.505306033382226,53.538766741370921,57.909084752657293,62.627802869948709,67.707020960377406,54.023999304554934,47.094996747488494,51.792061469159876,50.182251301346128,31.333827731571773,42.647183011241623]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R171+R172+R174+R175-R361+Q363+R332)*$O$351/(1-(1-$O$17)*$O$351))","v":10.736839121306101},10.220912055216189,8.3064865067217628,8.2617692324469179,8.5184437291272026,9.6191333550887759,9.6772725639183932,9.9298187393222221,10.275546476309673,10.700160933607755,11.252617112112896,11.897779177255414,12.176714824213734,12.955385191298021,13.50194177256135,13.262917698824921,13.008859402118077,13.941297179397401,14.851591810014662,16.061630022411283,17.372725425797185,18.788340860984611,20.312106288113213,16.207199791366477,14.12849902424656,15.537618440747975,15.054675390403844,9.4001483194715263,12.794154903372498]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R364>0,R364*$O$351,0)","v":10.736839121306096},{"$f":"IF(S364>0,S364*$O$351,0)","v":10.220912055216186},8.3064865067217646,8.2617692324469107,8.518443729127199,9.6191333550887723,9.6772725639183896,9.9298187393222257,10.275546476309673,10.700160933607771,11.252617112112901,11.89777917725541,12.176714824213732,12.95538519129803,13.501941772561349,13.262917698824923,13.008859402118087,13.941297179397395,14.851591810014668,16.061630022411276,17.372725425797189,18.788340860984611,20.31210628811322,16.207199791366481,14.128499024246548,15.537618440747963,15.054675390403837,9.4001483194715316,12.794154903372487]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R319-R366","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R319*$O$17)-(R366*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R367+R369","v":0},{"$f":"S367+S369","v":0},{"$f":"T367+T369","v":0},{"$f":"U367+U369","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R371*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!W120","v":4.0627322338061454E-2},{"$f":"WACC!X120","v":3.9074749373045878E-2},{"$f":"WACC!Y120","v":3.8755784909303474E-2},{"$f":"WACC!Z120","v":3.9359404154439157E-2},{"$f":"WACC!AA120","v":3.9620558299990088E-2},{"$f":"WACC!AB120","v":4.040339442409692E-2},{"$f":"WACC!AC120","v":4.0849049195869944E-2},{"$f":"WACC!AD120","v":4.0891573621846207E-2},{"$f":"WACC!AE120","v":4.0934098047822477E-2},{"$f":"WACC!AF120","v":4.0976622473798748E-2},{"$f":"WACC!AG120","v":4.1518031823462379E-2},{"$f":"WACC!AH120","v":4.1878617874168821E-2},{"$f":"WACC!AI120","v":4.2239321686485559E-2},{"$f":"WACC!AJ120","v":4.2479790894696688E-2},{"$f":"WACC!AK120","v":4.2660377634066202E-2},{"$f":"WACC!AL120","v":4.2720847185935718E-2},{"$f":"WACC!AM120","v":4.2720847185935718E-2},{"$f":"WACC!AN120","v":4.2720847185935718E-2},{"$f":"WACC!AO120","v":4.2720847185935718E-2},{"$f":"WACC!AP120","v":4.2720847185935718E-2},{"$f":"WACC!AQ120","v":4.2720847185935718E-2},{"$f":"WACC!AR120","v":4.2720847185935718E-2},{"$f":"WACC!AS120","v":4.2720847185935718E-2},{"$f":"WACC!AT120","v":4.2720847185935718E-2},{"$f":"WACC!AU120","v":4.2720847185935718E-2},{"$f":"WACC!AV120","v":4.2720847185935718E-2},{"$f":"WACC!AW120","v":4.2720847185935718E-2},{"$f":"WACC!AX120","v":4.2720847185935718E-2},{"$f":"WACC!AY120","v":4.2720847185935718E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q377*(1+R376)","v":1.0406273223380615},{"$f":"R377*(1+S376)","v":1.081289574149165},1.1231958003095623,1.1674041177585153,1.213657320665815,1.2626931960883685,1.3142730125746724,1.3680157042275753,1.424014193195388,1.4823654851872867,1.5439103825752949,1.6085672155191275,1.6765120035897743,{"$f":"AD377*(1+AE376)","v":1.747729882934717},1.8222886997430543,1.9001384168134348,1.9813139397502473,2.065957349797682,2.1542167980310496,2.2462467646651096,2.3422083294402705,2.4422694535599141,2.5466052736723257,2.655398408411779,2.7688392780353155,2.8871264377146786,3.0104669250667624,3.1390766225308533,3.2731806352269373]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q377","v":1},{"$f":"1/R377","v":0.96095881641202652},{"$f":"1/S377","v":0.92482164251594734},0.89031671924377875,0.85660139859713613,0.82395580941364721,0.79195801727438453,0.76087691859470752,0.73098576055063014,0.70224019169083574,0.67459746600458448,0.64770598817527614,0.62167125523397748,0.59647649277713732,0.57217079696597084,0.54876046816347024,0.52627744965917667,0.50471557280117563,0.48403709790907806,0.46420583151797823,0.44518706302915428,0.42694750395622372,0.40945522966041875,0.39267962347299806,0.37659132310699478,0.36116216926450484,0.3463651563495625,0.33217438520033676,0.3185650177579159,0.30551323359233662]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R341*0","v":0},{"$f":"S341*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R382*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338*0","v":0},{"$f":"S338*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338-R385","v":63.302590514580082},{"$f":"S338-S385","v":64.885155277444582},66.507284159380688,68.169966263365197,69.874215419949323,71.621070805448056,73.411597575584253,75.246887514973849,77.128059702848191,79.056261195419395,81.032667725304876,83.058484418437487,85.134946528898411,87.263320192120858,89.444903196923875,91.681025776846965,93.973051421268138,96.322377706799827,98.730437149469807,101.19869807820655,103.72866553016171,106.32188216841574,108.97992922262613,111.70442745319177,114.49703813952155,117.35946409300958,120.29345069533481,123.30078696271818,126.38330663678612]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R385*R24","v":0},{"$f":"S385*S24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q164*$O$14)*Controls!$H$16","v":11.270120911937342},{"$f":"(R164*$O$14)*Controls!$H$16","v":11.62220662476529},{"$f":"(S164*$O$14)*Controls!$H$16","v":11.979629247725272},{"$f":"(T164*$O$14)*Controls!$H$16","v":12.397903215795534},{"$f":"(U164*$O$14)*Controls!$H$16","v":12.853312738820343},{"$f":"(V164*$O$14)*Controls!$H$16","v":13.334048214638852},{"$f":"(W164*$O$14)*Controls!$H$16","v":13.837957364957488},{"$f":"(X164*$O$14)*Controls!$H$16","v":14.361483513346808},{"$f":"(Y164*$O$14)*Controls!$H$16","v":14.893588582616729},{"$f":"(Z164*$O$14)*Controls!$H$16","v":15.433245706295253},{"$f":"(AA164*$O$14)*Controls!$H$16","v":15.979594827669803},{"$f":"(AB164*$O$14)*Controls!$H$16","v":16.531742034981871},{"$f":"(AC164*$O$14)*Controls!$H$16","v":17.088451666847927},{"$f":"(AD164*$O$14)*Controls!$H$16","v":17.662657124545561},{"$f":"(AE164*$O$14)*Controls!$H$16","v":18.254408252343417},{"$f":"(AF164*$O$14)*Controls!$H$16","v":18.862641443229673},{"$f":"(AG164*$O$14)*Controls!$H$16","v":19.502174001416179},{"$f":"(AH164*$O$14)*Controls!$H$16","v":20.175954977266429},{"$f":"(AI164*$O$14)*Controls!$H$16","v":20.857834287513604},{"$f":"(AJ164*$O$14)*Controls!$H$16","v":21.548241740018351},{"$f":"(AK164*$O$14)*Controls!$H$16","v":22.241009752417582},{"$f":"(AL164*$O$14)*Controls!$H$16","v":22.934133731114215},{"$f":"(AM164*$O$14)*Controls!$H$16","v":23.625397672614909},{"$f":"(AN164*$O$14)*Controls!$H$16","v":24.312359193918404},{"$f":"(AO164*$O$14)*Controls!$H$16","v":25.121013750427782},{"$f":"(AP164*$O$14)*Controls!$H$16","v":26.05347231118121},{"$f":"(AQ164*$O$14)*Controls!$H$16","v":27.00409590618975},{"$f":"(AR164*$O$14)*Controls!$H$16","v":28.006219529207115},{"$f":"(AS164*$O$14)*Controls!$H$16","v":29.159618484491016}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R389*R24","v":10.672471470297207},{"$f":"S389*S24","v":10.437594817423591},10.206151835320302,10.014403333405916,9.8410759183803798,9.6698126322976918,9.501086553365095,9.3353016094921255,9.1651311157587401,8.9906149117093079,8.8078143859723799,8.618727092925397,8.4236671709211759,8.2305671742962243,8.039750900786748,7.8515180102815858,7.6720325502449365,7.5013218195693812,7.3290755479988139,7.1559634336199895,6.9805085298853395,6.8028546220316803,6.623145027833516,6.4415225113650614,6.2903509271013869,6.1656605925499717,6.039763469333038,5.9199912656743905,5.8253859320569754]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382+R385+R389","v":11.270120911937342},{"$f":"S382+S385+S389","v":11.62220662476529},11.979629247725272,12.397903215795534,12.853312738820343,13.334048214638852,13.837957364957488,14.361483513346808,14.893588582616729,15.433245706295253,15.979594827669803,16.531742034981871,17.088451666847927,17.662657124545561,18.254408252343417,18.862641443229673,19.502174001416179,20.175954977266429,20.857834287513604,21.548241740018351,22.241009752417582,22.934133731114215,23.625397672614909,24.312359193918404,25.121013750427782,26.05347231118121,27.00409590618975,28.006219529207115,29.159618484491016]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R341-R338","v":138.46090604199628},143.23397129750981,138.31144047323522,140.6798213110784,145.02222543065807,151.63125124947675,158.13291579690122,165.92046747319824,174.06064405184102,182.50409681360452,192.53870275230742,202.5207987664765,210.47295865694605,218.65210078738036,227.07464646380322,232.81357992316151,238.45168972759413,249.26230076722351,260.13705797382573,272.24784303589638,284.7547364918247,297.65743174839315,310.95436294772384,302.15396533498,295.97578223644996,309.89893353445041,318.14342020548543,309.54525070973756,326.87320303107265]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R396-R163","v":103.71781740758841},103.11503617249537,104.76420051837054,109.45248482130745,113.97803986466475,120.19657144231746,125.57579323553233,130.37494652383975,135.29520288970588,140.32175998903264,146.71312835677884,152.8203547307871,158.879198947167,165.03484207461111,171.1257678590357,176.71996899297096,182.41956036282755,188.92241987640256,195.48959842021981,202.25858034482656,209.0909277635281,215.9698820951258,222.87683514910458,227.40883636369315,233.88631845452272,242.93501264810806,251.36338460816296,258.11301403044592,269.99090839790017]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R397-R319","v":92.980978286282323},92.894124117279176,96.457714011648775,101.19071558886054,105.45959613553755,110.57743808722869,115.89852067161394,120.44512778451752,125.01965641339621,129.62159905542487,135.46051124466595,140.92257555353169,146.70248412295325,152.07945688331307,157.62382608647437,163.45705129414603,169.41070096070948,174.98112269700516,180.63800661020514,186.19695032241529,191.7182023377309,197.18154123414118,202.56472886099135,211.20163657232666,219.75781943027619,227.39739420736009,236.30870921775912,248.7128657109744,257.19675349452768]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163","v":34.743088634407869},40.118935125014445,33.547239954864679,31.227336489770948,31.044185565993317,31.434679807159277,32.557122561368892,35.54552094935849,38.765441162135161,42.182336824571877,45.825574395528562,49.700444035689401,51.59375970977905,53.617258712769271,55.948878604767529,56.09361093019055,56.032129364766561,60.339880890820965,64.647459553605913,69.989262691069811,75.663808728296587,81.68754965326734,88.077527798619272,74.745128971286846,62.089463781927236,66.963920886342365,66.780035597322453,51.43223667929162,56.882294633172478]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160","v":89.756481263774802},95.966219962511573,98.902547465843242,102.38507446239765,106.15910366263559,110.17048454444607,114.35808324720057,118.68693802278392,123.08686673690508,127.54938703934604,132.0985755380394,136.68632401476032,141.31336247503489,146.07837243118468,150.98531468074606,156.02057314683287,161.31040684136735,166.8835231169418,172.52362400747302,178.23426462845023,183.96443039964535,189.69754051275075,195.41526550229023,201.09740342587682,207.78611389965172,215.49885760642661,223.36185169378808,231.65082344240128,241.19105494242501]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R398+R399-R400","v":37.967585656915389},{"$f":"S398+S399-S400","v":37.046839279782048},31.102406500670213,30.032977616233836,30.344678038895282,31.841633349941887,34.097559985782254,37.303710711092094,40.698230838626301,44.254548840650699,49.18751010215513,53.936695574460771,56.982881357697408,59.618343164897681,62.587390010495824,63.530089077503703,64.132423484108699,68.43748047088431,72.761842156338048,77.951948385034854,83.417580666382122,89.171550374657755,95.226991157320384,84.849362117736717,74.061169312551698,78.862457487275833,79.726893121293472,68.494278947864728,72.88799318527515]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R402*R24","v":35.954181670783811},33.270781543723139,26.49797223482263,24.25913042851726,23.233254054237353,23.091459056089736,23.411249228434862,24.248288160317799,25.044643857745854,25.780423268673015,27.111729913060593,28.119581013712821,28.089427664681562,27.781368045526129,27.565233463548648,26.444209316497915,25.229291896403218,25.444722002554389,25.567229599412869,25.887090879753011,26.181236367687102,26.450578021919458,26.695938910278045,22.480709165118189,18.545061504115818,18.663122540954657,17.831797749134545,14.478410150900656,14.561256703107993]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R320","v":6.2810508859640688},5.9792335523014701,4.8592946064322309,4.8331350009814464,4.9832895815394131,5.6271930127269334,5.66120444989226,5.8089439625034993,6.011194688641158,6.259594146160536,6.5827810105860438,6.9602008186944166,7.123378172165034,7.5789003369093413,7.8986359369483896,7.7588068538125787,7.6101827502390744,8.1556588499474785,8.6881812088585768,9.3960535631106001,10.163044374091353,10.991179403675996,11.88258217854623,9.4812118779493879,8.2651719291842376,9.0895067878375642,8.8069851033862481,5.4990867668908425,7.4845806184729105]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R402+R405)*R24","v":41.902151254050096},38.640572251512026,30.637891554547615,28.163094060283974,27.048685304664097,27.172282914151509,27.298209713725189,28.024238177752391,28.7437783664063,29.426940763613398,30.740101840510796,31.748241032804927,31.600861469496916,31.313036462705661,31.044013192325405,29.673789433065892,28.223089909327673,28.47695625134255,28.620103429777298,29.007429723598605,29.370984438151236,29.710844857567846,30.027102523447013,24.992741800853103,20.614676704517951,20.814191432583126,19.801576966597629,15.640814294566992,16.056494738042776]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R406:AT406)","v":814.5348948619901}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H408+H415","v":1761.5718756562169}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H409=Q155","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R336+R337","v":133.35516810011137},138.99229279459507,134.86424857294571,137.25118707961292,141.48707128307029,147.63931090711492,154.11684768287509,161.79959269637951,169.79629226417251,178.06353002615728,187.86886665078055,197.58322040791552,205.41962200489732,213.27561593299168,221.47134062819026,227.30946907814916,233.05301307571511,243.4766624377736,253.97364737266963,265.58226657659566,277.54505544011886,289.86027029108453,302.52483883815682,295.4279774215629,290.11245514138767,303.45082188154004,311.89572991846785,305.64418915715686,321.56362874617309]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT164","v":4740.499148510974}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H414*AT24","v":947.03698079422679}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R341+R392)-R338","v":149.73102695393362},154.85617792227509,150.29106972096054,153.07772452687391,157.87553816947843,164.96529946411559,171.97087316185866,180.28195098654504,188.95423263445775,197.9373425198998,208.51829757997723,219.05254080145835,227.56141032379395,236.31475791192591,245.32905471614663,251.67622136639119,257.95386372901032,269.43825574448994,280.99489226133932,293.79608477591466,306.9957462442423,320.59156547950738,334.57976062033873,326.46632452889838,321.09679598687774,335.95240584563163,345.1475161116752,337.55147023894466,356.03282151556368]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R419-R163","v":114.98793831952575},114.73724279726065,116.74382976609586,121.85038803710296,126.83135260348512,133.5306196569563,139.41375060048978,144.73643003718655,150.18879147232258,155.75500569532792,162.69272318444865,169.35209676576895,175.9676506140149,182.69749919915665,189.38017611137911,195.58261043620064,201.92173436424378,209.09837485366899,216.34743270773339,223.80682208484484,231.3319375159457,238.90401582624003,246.50223282171947,251.72119555761154,259.0073322049505,268.98848495928928,278.36748051435274,286.11923355965303,299.1505268823912]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R420-R366","v":104.25109919821966},{"$f":"S420-S366","v":104.51633074204446},{"$f":"T420-T366","v":108.43734325937409},113.58861880465605,118.31290887435792,123.91148630186753,129.73647803657138,134.80661129786432,139.91324499601291,145.05484476172015,151.44010607233577,157.45431758851353,163.79093578980115,169.74211400785862,175.87823433881778,182.3196927373757,188.9128749621257,195.15707767427159,201.49584089771872,207.74519206243357,213.9592120901485,220.11567496525541,226.19012653360625,235.51399576624505,244.87883318070396,253.45086651854132,263.31280512394892,276.71908524018147,286.35637197901872]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163","v":34.743088634407869},40.118935125014445,33.547239954864679,31.227336489770948,31.044185565993317,31.434679807159277,32.557122561368892,35.54552094935849,38.765441162135161,42.182336824571877,45.825574395528562,49.700444035689401,51.59375970977905,53.617258712769271,55.948878604767529,56.09361093019055,56.032129364766561,60.339880890820965,64.647459553605913,69.989262691069811,75.663808728296587,81.68754965326734,88.077527798619272,74.745128971286846,62.089463781927236,66.963920886342365,66.780035597322453,51.43223667929162,56.882294633172478]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160","v":89.756481263774802},95.966219962511573,98.902547465843242,102.38507446239765,106.15910366263559,110.17048454444607,114.35808324720057,118.68693802278392,123.08686673690508,127.54938703934604,132.0985755380394,136.68632401476032,141.31336247503489,146.07837243118468,150.98531468074606,156.02057314683287,161.31040684136735,166.8835231169418,172.52362400747302,178.23426462845023,183.96443039964535,189.69754051275075,195.41526550229023,201.09740342587682,207.78611389965172,215.49885760642661,223.36185169378808,231.65082344240128,241.19105494242501]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R421+R422-R423","v":49.237706568852715},48.669045904547332,43.082035748395526,42.430880832029345,43.197990777715646,45.175681564580728,47.935517350739701,51.665194224438892,55.591819421243002,59.68779454694598,65.167104929824944,70.468437609442617,74.071333024545311,77.281000289443227,80.841798262839234,82.39273052073338,83.634597485524921,88.613435448150739,93.619676443851631,99.500190125053138,105.65859041879972,112.10568410577199,118.85238882993528,109.1617213116551,99.182183062979476,104.91592979845706,106.7309890274833,96.500498477071829,102.04761166976618]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R425*R378","v":47.315408227247367},45.010186973127503,38.356656725854698,36.346351864424754,35.593235456295965,35.777243200904316,36.47302873307396,37.766521294147488,39.038809926816008,40.265234952772012,42.209124095094175,43.808202063039417,44.181808937808135,{"$f":"AE425*AE378","v":44.217931525938155},44.362783061892472,43.361436088907368,42.211683775902472,42.892190130076308,43.458799750062227,44.296197412614866,45.110671450839511,45.902258631767225,46.670911294605347,41.109357061393226,35.820852387414895,36.339222428202305,35.453300662028155,30.741683010996123,31.176895821605331]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R320+R369","v":6.2810508859640688},5.9792335523014701,4.8592946064322309,4.8331350009814464,4.9832895815394131,5.6271930127269334,5.66120444989226,5.8089439625034993,6.011194688641158,6.259594146160536,6.5827810105860438,6.9602008186944166,7.123378172165034,{"$f":"AE320+AE369","v":7.5789003369093413},7.8986359369483896,7.7588068538125787,7.6101827502390744,8.1556588499474785,8.6881812088585768,9.3960535631106001,10.163044374091353,10.991179403675996,11.88258217854623,9.4812118779493879,8.2651719291842376,9.0895067878375642,8.8069851033862481,5.4990867668908425,7.4845806184729105]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R425+R428)*R378","v":53.351239452447111},50.539911567953411,42.682967957692433,40.48642206587423,39.699245856995859,40.23374382208381,40.780508530442631,42.012776614574101,43.260112437258307,44.487941301989046,46.472830774497254,48.135158842677733,48.430736566666347,{"$f":"(AE425+AE428)*AE378","v":48.554356971833236},48.697242216505082,47.444721172329992,46.052661521811018,46.839831571341378,47.491904132499293,48.479198902440693,49.449757878954159,50.402654518738245,51.336959190363842,44.679899187167941,38.805919810703166,39.487510867912071,38.378755524214007,32.493499684543025,33.463534248437519]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R429:AT429)","v":1292.632003190947}]
[]
[null,null,null,null,null,"Return on/of capital"]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AT164","v":4740.499148510974}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H414*AT378)*Controls!$H$14","v":1572.3078087397421}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H431+H436","v":2864.9398119306888}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":5.599916039161755E-2},5.4446587426601974E-2,5.412762296285957E-2,5.4731242207995259E-2,5.4992396353546191E-2,5.5775232477653022E-2,5.6220887249426046E-2,5.626341167540231E-2,5.630593610137858E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R397/Q164","v":5.8898572304177631E-2},5.6782352337269491E-2,5.5969251589725641E-2,5.6501159160841148E-2,5.675264190302453E-2,5.7691261112007834E-2,5.8078302708361902E-2,5.8099823529869137E-2,5.8138392482840112E-2,5.8189915525253953E-2,5.8760189579869802E-2,5.9161960560928269E-2,5.9503745165780081E-2,5.9799778811857933E-2,5.999673608467869E-2,5.9960202549519614E-2,5.9864361082888382E-2,5.9927943364829706E-2,5.9983860867011921E-2,6.0072414715994719E-2,6.016731940604092E-2,6.0268561333694334E-2,6.0376200422974348E-2,5.9863238327430617E-2,5.9586466254111882E-2,5.9676655087569058E-2,5.9573394609500653E-2,5.8984158432097443E-2,5.9258039149778077E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R397-R332)/Q164","v":5.8529483262952833E-2},5.6782352337269491E-2,5.5969251589725641E-2,5.6501159160841148E-2,5.675264190302453E-2,5.7691261112007834E-2,5.8078302708361902E-2,5.8099823529869137E-2,5.8138392482840112E-2,5.8189915525253953E-2,5.8760189579869802E-2,5.9161960560928269E-2,5.9503745165780081E-2,5.9799778811857933E-2,5.999673608467869E-2,5.9960202549519614E-2,5.9864361082888382E-2,5.9927943364829706E-2,5.9983860867011921E-2,6.0072414715994719E-2,6.016731940604092E-2,6.0268561333694334E-2,6.0376200422974348E-2,5.9863238327430617E-2,5.9586466254111882E-2,5.9676655087569058E-2,5.9573394609500653E-2,5.8984158432097443E-2,5.9258039149778077E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R420/Q164","v":6.5298572304177627E-2},6.3182352337269487E-2,6.2369251589725665E-2,6.290115916084113E-2,6.315264190302454E-2,6.409126111200783E-2,6.4478302708361884E-2,6.4499823529869132E-2,6.4538392482840101E-2,6.4589915525253963E-2,6.5160189579869812E-2,6.5561960560928251E-2,6.590374516578007E-2,6.6199778811857929E-2,6.6396736084678692E-2,6.6360202549519617E-2,6.6264361082888398E-2,6.6327943364829708E-2,6.6383860867011923E-2,6.6472414715994702E-2,6.6567319406040923E-2,6.6668561333694337E-2,6.6776200422974344E-2,6.6263238327430612E-2,6.5986466254111878E-2,6.6076655087569061E-2,6.5973394609500663E-2,6.5384158432097439E-2,6.565803914977808E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q164","v":704.38255699608385},{"$f":"$O$14*R164","v":726.38791404783069},748.72682798282949,774.86895098722084,803.33204617627143,833.3780134149282,864.87233530984292,897.59271958417548,930.84928641354554,964.57785664345329,998.72467672936273,1033.233877186367,1068.0282291779954,1103.9160702840975,1140.9005157714635,1178.9150902018546,1218.8858750885113,1260.9971860791518,1303.6146429696003,1346.765108751147,1390.063109526099,1433.3833581946385,1476.5873545384318,1519.5224496199003,1570.0633594017363,1628.3420194488256,1687.7559941368593,1750.3887205754447,1822.4761552806885]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q164","v":1056.5738354941257},{"$f":"$O$13*R164","v":1089.5818710717458},1123.0902419742442,1162.3034264808311,1204.9980692644071,1250.0670201223923,1297.3085029647643,1346.389079376263,1396.2739296203181,1446.8667849651797,1498.0870150940441,1549.8508157795504,1602.0423437669929,1655.8741054261461,1711.3507736571948,1768.3726353027819,1828.3288126327668,1891.4957791187273,1955.4219644544003,2020.1476631267203,2085.0946642891481,2150.0750372919574,2214.8810318076476,2279.2836744298502,2355.095039102604,2442.513029173238,2531.6339912052886,2625.5830808631667,2733.7142329210328,2844.2994891065841]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R450-S450","v":-33.008035577620149},{"$f":"S450-T450","v":-33.508370902498427},-39.213184506586913,-42.694642783576001,-45.068950857985101,-47.241482842372079,-49.080576411498669,-49.884850244055087,-50.592855344861619,-51.220230128864387,-51.76380068550634,-52.191527987442441,-53.831761659153244,-55.476668231048734,-57.021861645587023,-59.956177329984939,-63.166966485960529,-63.926185335672926,-64.72569867232005,-64.947001162427796,-64.980373002809301,-64.805994515690145,-64.40264262220262,-75.811364672753825,-87.417990070634005,-89.120962032050556,-93.949089657878176,-108.13115205786607,-110.58525618555132]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R396-R400-R171-R452","v":29.371409173437726},{"$f":"S396-S400-S171-S452","v":27.377493777374987},24.176832114187874,25.026617962118834,26.190907153899239,28.838855228593609,30.637762026986969,32.451452282256511,34.404781501144853,36.476988146255081,38.686816254544155,41.037210394977706,42.446848289656998,44.1357891443119,45.87012028393859,46.423034881552212,46.919617437424478,49.689845452521908,52.458749605917788,55.774092947729343,59.266785043219485,62.942879680208122,66.808529001012644,60.445113204142444,55.312500196021759,58.760683749576941,59.418122391202303,51.914247567657583,56.632875436106815]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R454-R319","v":18.634570052131629},{"$f":"S454-S319","v":17.156581722158801},15.87034560746611,16.764848729671925,17.67246342477204,19.219721873504838,20.96048946306858,22.521633542934286,24.129235024835182,25.776827212647312,27.434199142431254,29.139431217722297,30.270133465443266,31.180403953013872,32.368178511377238,33.160117182727291,33.910758035306387,35.748548273124513,37.60715779590312,39.712462925318064,41.8940596174223,44.154538819223511,46.496422712899424,44.237913412775967,41.184001171775208,43.223065308828978,44.363447000798466,42.514099248186049,43.838720532734328]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R455+R405","v":24.915620938095699},{"$f":"S455+S405","v":23.135815274460271},20.729640213898342,21.597983730653372,22.655753006311453,24.846914886231772,26.62169391296084,28.330577505437784,30.14042971347634,32.03642135880785,34.0169801530173,36.099632036416715,37.393511637608299,38.759304289923215,40.266814448325626,40.91892403653987,41.520940785545463,43.904207123071991,46.295339004761701,49.108516488428663,52.057103991513657,55.145718222899504,58.379004891445653,53.719125290725358,49.449173100959442,52.312572096666543,53.170432104184712,48.01318601507689,51.323301151207239]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R456+R400-R163+R452","v":46.920977989842484},{"$f":"S456+S400-S163+S452","v":45.474729209458971},46.871763218289985,50.061078919704073,52.701720244968627,56.341236781146478,59.342078187293851,61.58714433480813,63.868999943384651,66.183241444717623,68.526180610021797,70.893984028045196,73.281352743710897,75.743749777289906,78.281388878717109,80.889708923197247,83.63225177618574,86.52166401351991,89.44580478630877,92.406517263381261,95.377352660053134,98.349714566692739,101.31409997291399,104.26003507256152,107.72783314804991,111.72654678470025,115.80315854277217,120.10062072032048,125.04680527490848]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R458/R449","v":6.6612918681493341E-2},{"$f":"S458/S449","v":6.2603917727717839E-2},6.2601955034212953E-2,6.4605865102639382E-2,6.5603906249999802E-2,6.760585937499998E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491906E-2,6.861368523949192E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.861368523949192E-2,6.8613685239491864E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491851E-2,6.8613685239491864E-2,6.8613685239491878E-2,6.8613685239491892E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382/R449","v":0},{"$f":"S382/S449","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R385/R449","v":0},{"$f":"S385/S449","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R371/R449","v":0},{"$f":"S371/S449","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R171-R353)/R449","v":0},{"$f":"(S171-S353)/S449","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$347*Q164","v":704.38255699608385},{"$f":"$O$347*R164","v":726.38791404783069},748.72682798282949,774.86895098722084,803.33204617627143,833.3780134149282,864.87233530984292,897.59271958417548,930.84928641354554,964.57785664345329,998.72467672936273,1033.233877186367,1068.0282291779954,1103.9160702840975,1140.9005157714635,1178.9150902018546,1218.8858750885113,1260.9971860791518,1303.6146429696003,1346.765108751147,1390.063109526099,1433.3833581946385,1476.5873545384318,1519.5224496199003,1570.0633594017363,1628.3420194488256,1687.7559941368593,1750.3887205754447,1822.4761552806885]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$346*Q164","v":1056.5738354941257},{"$f":"$O$346*R164","v":1089.5818710717458},1123.0902419742442,1162.3034264808311,1204.9980692644071,1250.0670201223923,1297.3085029647643,1346.389079376263,1396.2739296203181,1446.8667849651797,1498.0870150940441,1549.8508157795504,1602.0423437669929,1655.8741054261461,1711.3507736571948,1768.3726353027819,1828.3288126327668,1891.4957791187273,1955.4219644544003,2020.1476631267203,2085.0946642891481,2150.0750372919574,2214.8810318076476,2279.2836744298502,2355.095039102604,2442.513029173238,2531.6339912052886,2625.5830808631667,2733.7142329210328,2844.2994891065841]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R471-S471","v":-33.008035577620149},{"$f":"S471-T471","v":-33.508370902498427},-39.213184506586913,-42.694642783576001,-45.068950857985101,-47.241482842372079,-49.080576411498669,-49.884850244055087,-50.592855344861619,-51.220230128864387,-51.76380068550634,-52.191527987442441,-53.831761659153244,-55.476668231048734,-57.021861645587023,-59.956177329984939,-63.166966485960529,-63.926185335672926,-64.72569867232005,-64.947001162427796,-64.980373002809301,-64.805994515690145,-64.40264262220262,-75.811364672753825,-87.417990070634005,-89.120962032050556,-93.949089657878176,-108.13115205786607,-110.58525618555132]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R419-R423-R353-R473","v":40.641530085375067},{"$f":"S419-S423-S353-S473","v":38.99970040214027},36.156461361913188,37.424521177914343,39.044219892719603,42.17290344323245,44.475719391944416,46.812935795603309,49.298370083761583,51.910233852550363,54.666411082213969,57.568952429959552,59.5352999565049,61.798446268857447,64.124528536282,65.285676324781889,66.421791438840671,69.865800429788337,73.316583893431371,77.322334687747627,81.507794795637082,85.877013411322352,90.433926673627539,84.757472398060827,80.433513946449537,84.814156060758165,86.422218297392078,79.920467096864684,85.792493920597849]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R475-R366","v":29.904690964068969},{"$f":"S475-S366","v":28.778788346924085},27.849974855191423,29.162751945467434,30.525776163592404,32.553770088143679,34.79844682802603,36.88311705628108,39.022823607451912,41.210072918942593,43.413793970101068,45.671173252704143,47.358585132291168,48.843061077559419,50.622586763720648,52.022758625956968,53.41293203672258,55.924503250390941,58.464992083416703,61.260704665336348,64.135069369839897,67.088672550337748,70.121820385514326,68.55027260669435,66.305014922202986,69.276537620010203,71.367542906988234,70.520318777393157,72.998339017225362]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R476+R428","v":36.18574185003304},{"$f":"S476+S428","v":34.758021899225554},32.709269461623656,33.995886946448877,35.509065745131821,38.180963100870613,40.45965127791829,42.692061018784578,45.034018296093066,47.469667065103131,49.996574980687114,52.631374071398561,54.481963304456201,56.421961414468761,58.521222700669036,59.781565479769547,61.023114786961656,64.080162100338413,67.153173292275284,70.656758228446947,74.298113743931253,78.079851954013748,82.004402564060555,78.031484484643741,74.57018685138722,78.366044407847767,80.174528010374488,76.019405544283998,80.482919635698266]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R477+R423-R163+R473","v":58.191098901779824},{"$f":"S477+S423-S163+S473","v":57.096935834224269},58.851392466015298,62.458982135499582,65.55503298378899,69.675284995785319,73.180035552251297,75.948627848154928,78.762588526001366,81.616487151012905,84.505775437691625,87.425726063027042,90.3698044105588,93.406406901835453,96.535797131060519,99.752350366426924,103.1344257776019,106.69761899078634,110.30363907382235,113.95475900339954,117.61836241247073,121.28384829780697,124.93949764552889,128.5723942664799,132.84884689847769,137.78001909588147,142.80725444896194,148.10684024952758,154.20642375939951]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R479/R470","v":8.2612918681493341E-2},{"$f":"S479/S470","v":7.8603917727717854E-2},7.8601955034213009E-2,8.060586510263934E-2,8.160390624999983E-2,8.3605859374999966E-2,8.4613685239491851E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491906E-2,8.461368523949192E-2,8.4613685239491865E-2,8.4613685239491879E-2,8.4613685239491906E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.4613685239491837E-2,8.4613685239491934E-2,8.4613685239491865E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491851E-2,8.4613685239491865E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491879E-2]

{"sheet":"REV - SAPN","index":9,"n_rows":471,"n_cols":48,"rows_kept":471,"cut":false,"hidden":false,"merged":[]}
["Revenue - SAPN"]
["This sheet provides a cash-flow projections for SAPN",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,4.5693110895157554E-2,4.3228483617943132E-2,4.0495321065876499E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2,3.776215851380986E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2,4.5596686540159269E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V153","v":4.8055866537094455E-2},{"$f":"WACC!W153","v":5.1033670079463453E-2},{"$f":"WACC!X153","v":5.2201707149131651E-2},{"$f":"WACC!Y153","v":5.2163352720073039E-2},{"$f":"WACC!Z153","v":5.3047581999892512E-2},{"$f":"WACC!AA153","v":5.3589346180127242E-2},{"$f":"WACC!AB153","v":5.4652792338917858E-2},{"$f":"WACC!AC153","v":5.5379057145374666E-2},{"$f":"WACC!AD153","v":5.5702191606034734E-2},{"$f":"WACC!AE153","v":5.6025326066694789E-2},{"$f":"WACC!AF153","v":5.6348460527354843E-2},{"$f":"WACC!AG153","v":5.6889869877018481E-2},{"$f":"WACC!AH153","v":5.7250455927724916E-2},{"$f":"WACC!AI153","v":5.7611159740041662E-2},{"$f":"WACC!AJ153","v":5.7851628948252791E-2},{"$f":"WACC!AK153","v":5.8032215687622304E-2},{"$f":"WACC!AL153","v":5.809268523949182E-2},{"$f":"WACC!AM153","v":5.809268523949182E-2},{"$f":"WACC!AN153","v":5.809268523949182E-2},{"$f":"WACC!AO153","v":5.809268523949182E-2},{"$f":"WACC!AP153","v":5.809268523949182E-2},{"$f":"WACC!AQ153","v":5.809268523949182E-2},{"$f":"WACC!AR153","v":5.809268523949182E-2},{"$f":"WACC!AS153","v":5.809268523949182E-2},{"$f":"WACC!AT153","v":5.809268523949182E-2},{"$f":"WACC!AU153","v":5.809268523949182E-2},{"$f":"WACC!AV153","v":5.809268523949182E-2},{"$f":"WACC!AW153","v":5.809268523949182E-2},{"$f":"WACC!AX153","v":5.809268523949182E-2},{"$f":"WACC!AY153","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V154","v":2.2493528328872747E-2},{"$f":"WACC!W154","v":2.5398702516549632E-2},{"$f":"WACC!X154","v":2.653825087720163E-2},{"$f":"WACC!Y154","v":2.6500831922022572E-2},{"$f":"WACC!Z154","v":2.736349463404153E-2},{"$f":"WACC!AA154","v":2.7892045053782955E-2},{"$f":"WACC!AB154","v":2.8929553501383376E-2},{"$f":"WACC!AC154","v":2.9638104532073051E-2},{"$f":"WACC!AD154","v":2.9953357664424196E-2},{"$f":"WACC!AE154","v":3.0268610796775341E-2},{"$f":"WACC!AF154","v":3.0583863929126709E-2},{"$f":"WACC!AG154","v":3.1112068172700846E-2},{"$f":"WACC!AH154","v":3.1463859441682951E-2},{"$f":"WACC!AI154","v":3.1815765600040846E-2},{"$f":"WACC!AJ154","v":3.205036970561248E-2},{"$f":"WACC!AK154","v":3.2226551890363275E-2},{"$f":"WACC!AL154","v":3.2285546575114177E-2},{"$f":"WACC!AM154","v":3.2285546575114177E-2},{"$f":"WACC!AN154","v":3.2285546575114177E-2},{"$f":"WACC!AO154","v":3.2285546575114177E-2},{"$f":"WACC!AP154","v":3.2285546575114177E-2},{"$f":"WACC!AQ154","v":3.2285546575114177E-2},{"$f":"WACC!AR154","v":3.2285546575114177E-2},{"$f":"WACC!AS154","v":3.2285546575114177E-2},{"$f":"WACC!AT154","v":3.2285546575114177E-2},{"$f":"WACC!AU154","v":3.2285546575114177E-2},{"$f":"WACC!AV154","v":3.2285546575114177E-2},{"$f":"WACC!AW154","v":3.2285546575114177E-2},{"$f":"WACC!AX154","v":3.2285546575114177E-2},{"$f":"WACC!AY154","v":3.2285546575114177E-2}]
[]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0480558665370945},{"$f":"R23*(1+S20)","v":1.1015420038547947},1.1590443769524903,1.2195040176056804,1.284195756978816,1.3530149679626045,1.4269610140381124,1.5059847695787509,1.5898714217695966,1.6789444865783578,1.7735504237079383,1.8744474765330137,1.9817604491771021,2.0959319669811411,2.2171850454357154,2.3458532062118116,2.4821301181383273,2.6263237218147997,2.7788939191231976,2.9403273288807594,3.1111388388985053,3.2918732482029944,3.4831070046591548,3.6854500435362882,3.8995477328813135,4.1260829319039614,4.365778168939098,4.6193979459327217,4.8877511768017463,5.1716937674446459]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.95414760980645341},{"$f":"1/S23","v":0.90781830969726685},0.86277973465462088,0.82000549859881167,0.77869748016656615,0.73909012367085558,0.70078999367342998,0.66401733948459296,0.62898168135317267,0.59561230760998662,0.56384074939877571,0.53349054189003176,0.50460185559522885,0.47711472307011094,0.45102234568043581,0.4262841329338099,0.40287976552576149,{"$f":"1/AI23","v":0.38076037302400645},{"$f":"1/AJ23","v":0.35985540618100387},0.34009818912938911,0.32142570672096676,0.30377840354147639,0.28709999396009273,0.27133728260781775,0.25643999471218576,0.24236061574713788,0.22905423988663265,0.21647842677864071,0.20459306618270623,0.19336025003934135]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
[]
[null,null,null,null,null,"Net capex",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update","Real","$m",null,null,null,null,335.10195269423684,314.60930419130409,312.41130932901228,303.34913201016809,{"$f":"U149*Controls!$I$11","v":206.16859092282112},{"$f":"V149*Controls!$I$11","v":201.49997099190193},{"$f":"W149*Controls!$I$11","v":197.15245845634328},{"$f":"X149*Controls!$I$11","v":193.15884534511696},{"$f":"Y149*Controls!$I$11","v":191.78112982669438},{"$f":"Z149*Controls!$I$11","v":191.12338676280132},{"$f":"AA149*Controls!$I$11","v":190.74116672080973},{"$f":"AB149*Controls!$I$11","v":194.57311341479772},{"$f":"AC149*Controls!$I$11","v":198.85077280870595},{"$f":"AD149*Controls!$I$11","v":203.30829706967739},{"$f":"AE149*Controls!$I$11","v":207.87226120700245},{"$f":"AF149*Controls!$I$11","v":212.55662057398769},{"$f":"AG149*Controls!$I$11","v":217.29190298041726},{"$f":"AH149*Controls!$I$11","v":222.09203866177285},{"$f":"AI149*Controls!$I$11","v":226.94021644010911},{"$f":"AJ149*Controls!$I$11","v":231.83099543050679},{"$f":"AK149*Controls!$I$11","v":236.75852762346227},{"$f":"AL149*Controls!$I$11","v":241.65142285713648},{"$f":"AM149*Controls!$I$11","v":246.50029145071036},{"$f":"AN149*Controls!$I$11","v":251.29644937249185},{"$f":"AO149*Controls!$I$11","v":256.03154132353387},{"$f":"AP149*Controls!$I$11","v":260.02486459936165},{"$f":"AQ149*Controls!$I$11","v":263.57768179199206},{"$f":"AR149*Controls!$I$11","v":267.00170225711196},{"$f":"AS149*Controls!$I$11","v":270.28651500374582},{"$f":"AT149*Controls!$I$11","v":273.42137916054372}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,"Net capex",null,null,null,null,null,"Nominal",null,null,null,null,null,null,null,null,null,{"$f":"V154","v":236.43071445695085},{"$f":"W154","v":236.91465871044883},237.71800424203508,238.80742567767646,243.06892497241523,248.3291607162073,254.0672128033292,265.71871763329852,278.3969936471895,291.8033664103188,305.84752331709791,320.58558900112956,335.93030043620951,351.93502544287139,368.60806272621642,385.965717457062,404.0235934750184,422.68254977503784,441.94300509697661,461.80544061867158,482.26975758969201,502.03651067210302,521.6184242930816,541.6044007396514,561.9742266354076,582.70447676471667]
[]
[]
[null,null,"RAB (Real)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q149","v":4304.7108632588152},{"$f":"R149","v":4318.3914454725036},{"$f":"S149","v":4303.9637880183764},4285.764755149642,{"$f":"U149","v":4267.6331125496254},{"$f":"V149","v":4170.993964375215},{"$f":"W149","v":4081.0016509441157},3998.3349582345463,{"$f":"Y149","v":3969.8166260299345},3956.2015255606748,3948.2896758449538,4027.6099181941386,4116.1562908105461,4208.4258166920918,4302.8986187312184,4399.8635689020803,4497.8826119798769,4597.2441000066956,4697.6000462240345,4798.8378258109187,4900.8363865794854,5002.1179718199892,5102.4882177226946,5201.7673672206611,5299.7824679243322,5382.4431611208884,5455.9854995839823,5526.8617812211951,5594.8565013835278,5659.7473269889861]
[null,null,null,null,null,"Net capex",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,{"$f":"R31*(1+R21)^0.5","v":338.84980691273927},{"$f":"S31*(1+S21)^0.5","v":318.57958632484673},{"$f":"T31*(1+T21)^0.5","v":316.52959009877276},{"$f":"U31*(1+U21)^0.5","v":307.34235127376422},{"$f":"V31*(1+V21)^0.5","v":208.97030069535748},204.29076770612261,199.9838927222369,196.00037570965529,194.63218209008252,193.99434345339242,193.63600055889856,197.57671626293174,201.95485171247725,206.51717822289126,211.17718049496483,215.9544460724091,220.77173296825734,225.64874061704737,230.5745597349275,235.54366230370636,240.55010666069512,245.52135936341426,250.44788035962063,255.32084654684465,260.13176881986556,264.18904333315669,267.79875726072595,271.27761184037138,274.61502935388057,277.80009691978393]
[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,325.16922469905086,333.00724377897416,334.72862296750776,325.47399387378158,300.45523409669755,284.09136708935438,267.53005992252963,204.56921127136266,183.50325767077032,172.38408361147125,80.025119484052126,69.875377085491806,65.559089949681805,62.835432875772284,59.806480485936284,58.215737642096521,56.258282014411925,54.588530506137154,52.959010843469073,51.371557344803158,51.176014039268459,51.017320508357059,50.872430623034177,50.727034370241356,64.491575617289683,71.166583249058235,70.852911957709864,70.538285455807156,70.222434651096222,74.664355331713494]
[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,6,null,null,{"$f":"IF($O46=R$2,R$40,IF(R$2>$O46,Q46-Q47,0))","v":0},{"$f":"IF($O46=S$2,S$40,IF(S$2>$O46,R46-R47,0))","v":0},{"$f":"IF($O46=T$2,T$40,IF(T$2>$O46,S46-S47,0))","v":0},0,0,204.29076770612261,199.25326843132507,194.21576915652753,189.17826988172999,184.14077060693245,179.10327133213491,174.06577205733737,169.02827278253983,163.99077350774229,158.95327423294475,153.91577495814721,148.87827568334967,143.84077640855213,138.80327713375459,133.76577785895705,128.72827858415951,123.69077930936196,118.6532800345644,113.61578075976685,108.5782814849693,103.54078221017174,98.503282935374187,93.465783660576633,88.428284385779079,83.390785110981525]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,6,null,null,{"$f":"IF(R$2>=$O47,IF(R46-HLOOKUP($O47,$R$2:$AU$33,30,FALSE)/HLOOKUP($O47,$R$2:$AU$33,31,FALSE)<=0,R46,HLOOKUP($O47,$R$2:$AU$33,30,FALSE)/HLOOKUP($O47,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487,5.0374992747975487]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,7,null,null,{"$f":"IF($O48=R$2,R$40,IF(R$2>$O48,Q48-Q49,0))","v":0},0,0,0,0,0,199.9838927222369,195.05508126082833,190.12626979941976,185.19745833801119,180.26864687660262,175.33983541519405,170.41102395378547,165.4822124923769,160.55340103096833,155.62458956955976,150.69577810815119,145.76696664674262,140.83815518533405,135.90934372392547,130.9805322625169,126.05172080110832,121.12290933969973,116.19409787829115,111.26528641688256,106.33647495547397,101.40766349406539,96.478852032656803,91.550040571248218,86.621229109839632]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,39,null,null,{"$f":"IF(R$2>=$O113,IF(R112-HLOOKUP($O113,$R$2:$AU$33,30,FALSE)/HLOOKUP($O113,$R$2:$AU$33,31,FALSE)<=0,R112,HLOOKUP($O113,$R$2:$AU$33,30,FALSE)/HLOOKUP($O113,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,40,null,null,{"$f":"IF($O114=R$2,R$40,IF(R$2>$O114,Q114-Q115,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,40,null,null,{"$f":"IF(R$2>=$O115,IF(R114-HLOOKUP($O115,$R$2:$AU$33,30,FALSE)/HLOOKUP($O115,$R$2:$AU$33,31,FALSE)<=0,R114,HLOOKUP($O115,$R$2:$AU$33,30,FALSE)/HLOOKUP($O115,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,41,null,null,{"$f":"IF($O116=R$2,R$40,IF(R$2>$O116,Q116-Q117,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,41,null,null,{"$f":"IF(R$2>=$O117,IF(R116-HLOOKUP($O117,$R$2:$AU$33,30,FALSE)/HLOOKUP($O117,$R$2:$AU$33,31,FALSE)<=0,R116,HLOOKUP($O117,$R$2:$AU$33,30,FALSE)/HLOOKUP($O117,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,42,null,null,{"$f":"IF($O118=R$2,R$40,IF(R$2>$O118,Q118-Q119,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,42,null,null,{"$f":"IF(R$2>=$O119,IF(R118-HLOOKUP($O119,$R$2:$AU$33,30,FALSE)/HLOOKUP($O119,$R$2:$AU$33,31,FALSE)<=0,R118,HLOOKUP($O119,$R$2:$AU$33,30,FALSE)/HLOOKUP($O119,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,43,null,null,{"$f":"IF($O120=R$2,R$40,IF(R$2>$O120,Q120-Q121,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,43,null,null,{"$f":"IF(R$2>=$O121,IF(R120-HLOOKUP($O121,$R$2:$AU$33,30,FALSE)/HLOOKUP($O121,$R$2:$AU$33,31,FALSE)<=0,R120,HLOOKUP($O121,$R$2:$AU$33,30,FALSE)/HLOOKUP($O121,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,44,null,null,{"$f":"IF($O122=R$2,R$40,IF(R$2>$O122,Q122-Q123,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,44,null,null,{"$f":"IF(R$2>=$O123,IF(R122-HLOOKUP($O123,$R$2:$AU$33,30,FALSE)/HLOOKUP($O123,$R$2:$AU$33,31,FALSE)<=0,R122,HLOOKUP($O123,$R$2:$AU$33,30,FALSE)/HLOOKUP($O123,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,45,null,null,{"$f":"IF($O124=R$2,R$40,IF(R$2>$O124,Q124-Q125,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,45,null,null,{"$f":"IF(R$2>=$O125,IF(R124-HLOOKUP($O125,$R$2:$AU$33,30,FALSE)/HLOOKUP($O125,$R$2:$AU$33,31,FALSE)<=0,R124,HLOOKUP($O125,$R$2:$AU$33,30,FALSE)/HLOOKUP($O125,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,46,null,null,{"$f":"IF($O126=R$2,R$40,IF(R$2>$O126,Q126-Q127,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,46,null,null,{"$f":"IF(R$2>=$O127,IF(R126-HLOOKUP($O127,$R$2:$AU$33,30,FALSE)/HLOOKUP($O127,$R$2:$AU$33,31,FALSE)<=0,R126,HLOOKUP($O127,$R$2:$AU$33,30,FALSE)/HLOOKUP($O127,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,47,null,null,{"$f":"IF($O128=R$2,R$40,IF(R$2>$O128,Q128-Q129,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,47,null,null,{"$f":"IF(R$2>=$O129,IF(R128-HLOOKUP($O129,$R$2:$AU$33,30,FALSE)/HLOOKUP($O129,$R$2:$AU$33,31,FALSE)<=0,R128,HLOOKUP($O129,$R$2:$AU$33,30,FALSE)/HLOOKUP($O129,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,48,null,null,{"$f":"IF($O130=R$2,R$40,IF(R$2>$O130,Q130-Q131,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,48,null,null,{"$f":"IF(R$2>=$O131,IF(R130-HLOOKUP($O131,$R$2:$AU$33,30,FALSE)/HLOOKUP($O131,$R$2:$AU$33,31,FALSE)<=0,R130,HLOOKUP($O131,$R$2:$AU$33,30,FALSE)/HLOOKUP($O131,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,49,null,null,{"$f":"IF($O132=R$2,R$40,IF(R$2>$O132,Q132-Q133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,49,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,50,null,null,{"$f":"IF($O134=R$2,R$40,IF(R$2>$O134,Q134-Q135,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,51,null,null,{"$f":"IF($O136=R$2,R$40,IF(R$2>$O136,Q136-Q137,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,52,null,null,{"$f":"IF($O138=R$2,R$40,IF(R$2>$O138,Q138-Q139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,53,null,null,{"$f":"IF($O140=R$2,R$40,IF(R$2>$O140,Q140-Q141,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,54,null,null,{"$f":"IF($O142=R$2,R$40,IF(R$2>$O142,Q142-Q143,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,55,null,null,{"$f":"IF($O144=R$2,R$40,IF(R$2>$O144,Q144-Q145,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O145,IF(R144-HLOOKUP($O145,$R$2:$AU$33,30,FALSE)/HLOOKUP($O145,$R$2:$AU$33,31,FALSE)<=0,R144,HLOOKUP($O145,$R$2:$AU$33,30,FALSE)/HLOOKUP($O145,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$145,$L$147,R43:R145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$147,S43:S145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$147,T43:T145)","v":0},0,5.1542147730705281,10.191714047868077,15.120525509276659,19.949496642904585,24.744024888571943,29.522109557641976,34.29063872566222,39.154966561032161,44.126235881249812,49.208943307991746,54.405749838166805,59.7196653525165,65.151962927026929,70.704263893571252,76.377769304573974,82.173544190336642,88.092507380923195,94.133792952351612,100.29630023861937,106.57871147293166,112.97950000602,119.48012162100405,126.06956366580384,132.74460622223165,139.50176909732531,146.33730357633891]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$145,$L$148,R43:R145)","v":0},{"$f":"SUMIF($L$43:$L$145,$L$148,S43:S145)","v":0},0,0,208.97030069535748,408.10685362840957,597.89903230277844,778.77888250315698,953.46156795033505,1122.7118865151556,1286.8257775164122,1450.1118550536819,1612.9117402051268,1775.3026825467682,1937.2709197337413,2098.8196159679833,2259.8716835837249,2420.3684612737447,2580.2387571151007,2739.4046501142329,2897.7812125845921,3055.2100645670826,3211.5241519743518,3366.5486982825769,3520.1017556295105,3671.3112989566475,3819.6299345963689,3964.8379827709364,4106.7084059025856,4245.0067337250448]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"CEPA historical model","On 30/6/2021",null,null,null,null,4304.7108632588152,{"$f":"R39+R40-R41-R147","v":4318.3914454725036},{"$f":"S39+S40-S41-S147","v":4303.9637880183764},{"$f":"T39+T40-T41-T147","v":4285.764755149642},4267.6331125496254,{"$f":"V39+V40-V41-V147","v":4170.993964375215},{"$f":"W39+W40-W41-W147","v":4081.0016509441157},3998.3349582345463,3969.8166260299345,3956.2015255606748,3948.2896758449538,4027.6099181941386,4116.1562908105461,4208.4258166920918,4302.8986187312184,{"$f":"AF39+AF40-AF41-AF147","v":4399.8635689020803},4497.8826119798769,4597.2441000066956,4697.6000462240345,4798.8378258109187,4900.8363865794854,{"$f":"AL39+AL40-AL41-AL147","v":5002.1179718199892},5102.4882177226946,5201.7673672206611,5299.7824679243322,5382.4431611208884,5455.9854995839823,5526.8617812211951,5594.8565013835278,5659.7473269889861,5716.5457650007174]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":4412.3286348402853},{"$f":"S39*S8","v":4537.0100123995489},4634.8982536564763,4730.6823829204704,4828.4351531426255,4837.0742478916272,4851.0285231737244,4871.5828983281663,4957.7569817313633,5064.272426596267,5180.4982048106476,5416.6875674028397,5674.1669092212496,5946.3955064960655,6231.8801801356722,6531.6221981747794,6844.0603190194252,7170.1318380002285,7509.8191860015804,7863.4545556611829,8231.3558510780767,8611.5032276066486,9003.9052164238474,9408.571620783905,9825.5004287995234,10228.217451442359,10627.168655932634,11034.352015567678,11449.355714065401,11871.702498886896]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":347.32105208555771},{"$f":"S40*S8","v":334.70767788254204},340.86774811246119,339.24844917097778,236.43071445695085,236.91465871044883,237.71800424203508,238.80742567767646,243.06892497241523,248.3291607162073,254.0672128033292,265.71871763329852,278.3969936471895,291.8033664103188,305.84752331709791,320.58558900112956,335.93030043620951,351.93502544287139,368.60806272621642,385.965717457062,404.0235934750184,422.68254977503784,441.94300509697661,461.80544061867158,482.26975758969201,502.03651067210302,521.6184242930816,541.6044007396514,561.9742266354076,582.70447676471667]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$8","v":107.61777158147038},{"$f":"R158*$O$8","v":110.6587807902329},{"$f":"S158*$O$8","v":113.04629886967017},{"$f":"T158*$O$8","v":115.38249714440174},117.76671105225917,117.97742068028361,118.31776885789576,118.81909508117479,120.92090199344791,123.5188396730797,126.3536147514792,132.11433091226442,138.39431485905487,145.0340367438065,151.99707756428469,159.30785849206779,166.92830046388846,174.88126434146901,183.16632160979466,{"$f":"AJ158*$O$8","v":191.79157452832158},200.7647768555629,210.0366640879671,219.60744430302071,229.47735660448549,239.64635192193964,249.46871832786243,259.19923551055211,269.13053696506535,279.25257839183911,289.55371948504626]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R147*R8)","v":333.29845531652711},{"$f":"(S41*S8)+(S147*S8)","v":349.8657354952847},360.46611599286877,359.26239000108234,345.76904038823307,341.27815228624684,335.98272416876813,273.55424426792604,260.07231978059082,258.45699725330587,149.99218112340168,146.63369067394336,151.20243311617946,158.31577033499505,165.41336377005831,175.07576862037155,184.74004579687511,195.41399905131371,206.7642675949343,218.82919889573003,233.91288103441246,249.88800526085919,266.75395734140375,284.52298452499019,329.02145327471925,362.28454169237739,383.56560162310421,405.85328063376454,429.18116129895782,463.56591464882206]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R156-R155","v":225.68068373505673},{"$f":"S156-S155","v":239.2069547050518},247.41981712319858,243.87989285668061,228.00232933597391,223.30073160596322,217.66495531087236,154.73514918675124,139.15141778714292,134.93815758022618,23.638566371922479,14.519359761678942,12.80811825712459,13.281733591188555,13.416286205773616,15.767910128303754,17.811745332986646,20.532734709844704,23.597945985139631,27.037624367408455,33.148104178849565,39.851341172892091,47.146513038383034,55.0456279205047,89.375101352779609,112.81582336451496,124.3663661125521,136.7227436686992,149.92858290711871,174.0121951637758]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q149*Q8","v":4304.7108632588152},{"$f":"R149*R8","v":4426.3512316093156},4521.8519547868063,4615.2998857760695,4710.6684420903666,4719.0968272113441,4732.7107543158299,4752.7638032469913,4836.8360797379164,4940.7535869231879,5054.144590059168,5284.5732364905762,5535.7725943621945,5801.3614697522598,6079.883102571388,6372.3143396827118,6677.1320185555378,6995.25057365876,7326.6528643917864,7671.6629811328621,8030.5910742225151,8401.466563518683,8784.2977721208281,9179.094264179419,9585.8540768775856,9978.7487331144966,10367.969420422083,10765.221478602612,11170.103135673564,11582.14877940185,11990.84106100279]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$13","v":2582.8265179552891},{"$f":"R158*$O$13","v":2655.8107389655893},2713.1111728720839,2769.1799314656414,2826.4010652542197,2831.4580963268063,2839.6264525894981,2851.6582819481946,2902.1016478427496,2964.4521521539127,3032.4867540355008,3170.7439418943454,3321.4635566173165,3480.8168818513559,3647.9298615428329,3823.3886038096271,4006.2792111333224,4197.1503441952555,4395.9917186350713,4602.9977886797169,4818.3546445335087,5040.8799381112094,5270.5786632724967,5507.4565585076516,5751.5124461265514,5987.2492398686982,6220.7816522532494,6459.1328871615669,6702.0618814041381,6949.2892676411102]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q158*$O$14","v":1721.8843453035261},{"$f":"R158*$O$14","v":1770.5404926437263},1808.7407819147227,1846.1199543104278,1884.2673768361467,1887.6387308845378,1893.0843017263321,1901.1055212987967,1934.7344318951666,1976.3014347692751,2021.6578360236672,2113.8292945962307,2214.309037744878,2320.5445879009039,2431.9532410285551,2548.9257358730847,2670.8528074222154,2798.1002294635041,2930.6611457567146,3068.6651924531452,3212.2364296890064,3360.5866254074735,3513.7191088483314,3671.6377056717679,3834.3416307510342,3991.4994932457989,4147.1877681688338,4306.0885914410455,4468.0412542694257,4632.8595117607401]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R162*WACC!V145","v":118.01737850788449},{"$f":"S162*WACC!W145","v":120.38609328833445},{"$f":"T162*WACC!X145","v":122.81413241375209},{"$f":"U162*WACC!Y145","v":125.1787974831452},{"$f":"V162*WACC!Z145","v":128.15484649091442},{"$f":"W162*WACC!AA145","v":129.05683919615097},{"$f":"X162*WACC!AB145","v":130.67226696825588},{"$f":"Y162*WACC!AC145","v":132.76172241302763},{"$f":"Z162*WACC!AD145","v":136.67311074848118},{"$f":"AA162*WACC!AE145","v":141.20600613894823},{"$f":"AB162*WACC!AF145","v":146.07987250961287},{"$f":"AC162*WACC!AG145","v":155.60106591008037},{"$f":"AD162*WACC!AH145","v":164.99360160065106},{"$f":"AE162*WACC!AI145","v":175.00204640518126},{"$f":"AF162*WACC!AJ145","v":184.86586710161649},{"$f":"AG162*WACC!AK145","v":194.90833204975957},{"$f":"AH162*WACC!AL145","v":204.63547480699839},{"$f":"AI162*WACC!AM145","v":214.38492133397401},{"$f":"AJ162*WACC!AN145","v":224.54147731157329},{"$f":"AK162*WACC!AO145","v":235.11507520604792},{"$f":"AL162*WACC!AP145","v":246.11522026037036},{"$f":"AM162*WACC!AQ145","v":257.48151968885122},{"$f":"AN162*WACC!AR145","v":269.21422857127715},{"$f":"AO162*WACC!AS145","v":281.31364002218692},{"$f":"AP162*WACC!AT145","v":293.7796938867175},{"$f":"AQ162*WACC!AU145","v":305.82081937363961},{"$f":"AR162*WACC!AV145","v":317.74934795904926},{"$f":"AS162*WACC!AW145","v":329.92401566337543},{"$f":"AT162*WACC!AX145","v":342.33250929583801},{"$f":"AU162*WACC!AY145","v":354.96055914001857}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163*WACC!V146","v":88.849232217661779},{"$f":"S163*WACC!W146","v":105.50685512144207},{"$f":"T163*WACC!X146","v":113.23425910175729},{"$f":"U163*WACC!Y146","v":115.57071836750472},{"$f":"V163*WACC!Z146","v":121.73472396518021},{"$f":"W163*WACC!AA146","v":123.83647433481785},{"$f":"X163*WACC!AB146","v":127.98359108753047},{"$f":"Y163*WACC!AC146","v":130.44185584545576},{"$f":"Z163*WACC!AD146","v":132.74925933206211},{"$f":"AA163*WACC!AE146","v":135.60132458361522},{"$f":"AB163*WACC!AF146","v":138.71339442288019},{"$f":"AC163*WACC!AG146","v":145.03761786944293},{"$f":"AD163*WACC!AH146","v":151.9319033387892},{"$f":"AE163*WACC!AI146","v":159.22111593843903},{"$f":"AF163*WACC!AJ146","v":166.8652741970954},{"$f":"AG163*WACC!AK146","v":174.89118814003604},{"$f":"AH163*WACC!AL146","v":183.25705384948111},{"$f":"AI163*WACC!AM146","v":191.98796841295888},{"$f":"AJ163*WACC!AN146","v":201.08346139855985},{"$f":"AK163*WACC!AO146","v":210.55242762036488},{"$f":"AL163*WACC!AP146","v":220.40337930151068},{"$f":"AM163*WACC!AQ146","v":230.5822329357546},{"$f":"AN163*WACC!AR146","v":241.08921695450732},{"$f":"AO163*WACC!AS146","v":251.9245938504128},{"$f":"AP163*WACC!AT146","v":263.08830975303147},{"$f":"AQ163*WACC!AU146","v":273.87148986315856},{"$f":"AR163*WACC!AV146","v":284.5538361542072},{"$f":"AS163*WACC!AW146","v":295.45660722650285},{"$f":"AT163*WACC!AX146","v":306.5687762575069},{"$f":"AU163*WACC!AY146","v":317.87756429873747}]
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[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,304.41233794992928,314.93669415158342,324.87668727307954,334.94189434828849,{"$f":"U168*(1+$O$8)","v":343.31544170699567},{"$f":"V168*(1+$O$8)","v":351.89832774967056},360.69578594341226,369.71318059199751,378.95601010679741,388.42991035946733,398.14065811845398,408.09417457141529,418.29652893570062,428.75394215909307,439.47279071307037,450.45961048089708,461.72110074291948,473.26412826149243,485.09573146802973,497.22312475473041,509.6537028735986,522.39504544543854,535.45492158157447,548.84129462111378,562.56232698664155,576.62638516130755,591.04204479034024,605.81809591009869,620.96354830785106,636.48763701554731]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":225.68068373505673},239.2069547050518,247.41981712319858,243.87989285668061,228.00232933597391,223.30073160596322,217.66495531087236,154.73514918675124,139.15141778714292,134.93815758022618,23.638566371922479,14.519359761678942,12.80811825712459,13.281733591188555,13.416286205773616,15.767910128303754,17.811745332986646,20.532734709844704,23.597945985139631,27.037624367408455,33.148104178849565,39.851341172892091,47.146513038383034,55.0456279205047,89.375101352779609,112.81582336451496,124.3663661125521,136.7227436686992,149.92858290711871,174.0121951637758]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R310","v":7.0938747631136474},{"$f":"S310","v":15.178825098326355},19.41435830802682,19.300270586457852,36.138737117744938,39.730402522152161,41.939299857573047,23.991519224408165,20.801778482866595,19.501160797770623,0,0,0,0,0,0,0,0,{"$f":"AJ310","v":0},{"$f":"AK310","v":0},0,0,0,0,0,0,17.62467645646997,30.50285639011669,34.057880361883932,41.826814266300516]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R171*$O$17","v":4.1499167364214831},{"$f":"S171*$O$17","v":8.8796126825209178},11.357399610195689,11.290658293077843,21.141161213880789,23.242285475459013,24.534490416680232,14.035038746278776,12.169040412476958,11.408179066695814,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10.310435727034932,17.844170988218263,19.9238600117021,24.468686345785802]
[]
[null,null,null,null,null,"Additional tax income calculations",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,76.066820821646402,83.306304680533628,81.236947338478757,80.918510158059718]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166+R168+R169+R171-R172+R321+R174","v":812.80177923388078},893.63263430459574,915.78160099544164,924.78169352560019,836.20491740292834,844.58048993329578,854.42140875096368,797.60838851536141,796.16253604487315,808.26838039333177,706.57249142286946,723.25221811261758,748.03015213226536,776.25883809390189,804.62021821755593,836.0270407989965,867.42537473238565,900.16975271826993,934.31861616330252,969.92825194855163,1009.3204066143292,1050.3101392429364,1092.904880145742,1137.1251564142183,1208.8054319791702,1269.1345177626206,1325.0258357455839,1380.5801478705746,1433.9274371184965,1500.6960835385937]
[]
[null,null,"Tax"]
[]
[null,null,null,null,null,"Tax depreciation"]
[]
[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q186","v":3504.21},{"$f":"R186","v":3559.5918679810352},3594.379020370799,3630.800223713677,3665.6883967661261,3433.237760343105,3225.1233043016991,3035.6758971450317,2864.5723820327885,2707.3870023689324,2557.4832010561026,2433.5093644410817,2334.220351913149,2243.0755868755459,2154.3228249691142,2068.5474562705954,1985.4661214843895,1902.9797429832436,1822.1613224586431,1742.767917998279,1664.5792355996525,1588.6049167240121,1513.3994401188393,1438.9289154748333,1365.1609266040857,1292.0645418712882,1219.4835864388044,1147.5191827559281,1076.1471642379977,1005.3411022494158]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update","TaxDep",null,null,null,null,null,369.89444559067829,383.7232432617451,385.23345456784301,384.04449838743221,232.45063642302085,208.1144560414061,189.4474071566674,171.10351511224323,157.18537966385594,149.90380131282953,123.97383661502091,99.289012527932726,91.144765037603051,88.752761906431672,85.775368698518889,83.081334786205844,82.486378501145879,80.818420524600398,79.39340446036411,78.188682398626568,75.974318875640506,75.205476605172976,74.47052464400609,73.767988870747473,73.096384732797517,72.580955432483648,71.964403682876366,71.372018517930343,70.806061988581902,68.705852153174732]
[]
[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,425.27631357171367,418.51039565150904,421.6546579107212,418.93267143988123]
[]
[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CEPA calculated",null,null,null,null,null,3504.21,{"$f":"R181-R182+R184","v":3559.5918679810352},{"$f":"S181-S182+S184","v":3594.379020370799},3630.800223713677,3665.6883967661261,3433.237760343105,3225.1233043016991,3035.6758971450317,2864.5723820327885,2707.3870023689324,2557.4832010561026,2433.5093644410817,2334.220351913149,2243.0755868755459,2154.3228249691142,2068.5474562705954,1985.4661214843895,1902.9797429832436,1822.1613224586431,1742.767917998279,1664.5792355996525,1588.6049167240121,1513.3994401188393,1438.9289154748333,1365.1609266040857,1292.0645418712882,1219.4835864388044,1147.5191827559281,1076.1471642379977,1005.3411022494158,936.63525009624107]
[]
[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V40*V8","v":236.43071445695085},236.91465871044883,237.71800424203508,238.80742567767646,243.06892497241523,248.3291607162073,254.0672128033292,265.71871763329852,278.3969936471895,291.8033664103188,305.84752331709791,320.58558900112956,335.93030043620951,351.93502544287139,368.60806272621642,385.965717457062,404.0235934750184,422.68254977503784,441.94300509697661,461.80544061867158,482.26975758969201,502.03651067210302,521.6184242930816,541.6044007396514,561.9742266354076,582.70447676471667]
[]
[null,null,null,null,null,"Future TAB calculations"]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,41,null,null,{"$f":"IF($O263=R$2,R$188,IF(R$2>$O263,Q263-Q264,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,42,null,null,{"$f":"IF($O265=R$2,R$188,IF(R$2>$O265,Q265-Q266,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,42,null,null,{"$f":"IF(R$2>=$O266,IF(R265-(R265*HLOOKUP($O266,$R$2:$AU$34,32,FALSE))<=0,R265,R265*HLOOKUP($O266,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,43,null,null,{"$f":"IF($O267=R$2,R$188,IF(R$2>$O267,Q267-Q268,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,44,null,null,{"$f":"IF($O269=R$2,R$188,IF(R$2>$O269,Q269-Q270,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,46,null,null,{"$f":"IF(R$2>=$O274,IF(R273-(R273*HLOOKUP($O274,$R$2:$AU$34,32,FALSE))<=0,R273,R273*HLOOKUP($O274,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,47,null,null,{"$f":"IF($O275=R$2,R$188,IF(R$2>$O275,Q275-Q276,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,48,null,null,{"$f":"IF($O277=R$2,R$188,IF(R$2>$O277,Q277-Q278,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,48,null,null,{"$f":"IF(R$2>=$O278,IF(R277-(R277*HLOOKUP($O278,$R$2:$AU$34,32,FALSE))<=0,R277,R277*HLOOKUP($O278,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,49,null,null,{"$f":"IF($O279=R$2,R$188,IF(R$2>$O279,Q279-Q280,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,50,null,null,{"$f":"IF($O281=R$2,R$188,IF(R$2>$O281,Q281-Q282,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,50,null,null,{"$f":"IF(R$2>=$O282,IF(R281-(R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE))<=0,R281,R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,51,null,null,{"$f":"IF($O283=R$2,R$188,IF(R$2>$O283,Q283-Q284,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,51,null,null,{"$f":"IF(R$2>=$O284,IF(R283-(R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE))<=0,R283,R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O285=R$2,R$188,IF(R$2>$O285,Q285-Q286,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O286,IF(R285-(R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE))<=0,R285,R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O287=R$2,R$188,IF(R$2>$O287,Q287-Q288,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O288,IF(R287-(R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE))<=0,R287,R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O289=R$2,R$188,IF(R$2>$O289,Q289-Q290,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O291=R$2,R$188,IF(R$2>$O291,Q291-Q292,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O292,IF(R291-(R291*HLOOKUP($O292,$R$2:$AU$34,32,FALSE))<=0,R291,R291*HLOOKUP($O292,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R186+R294","v":3559.5918679810352},{"$f":"S186+S294","v":3594.379020370799},3630.800223713677,3665.6883967661261,3657.8469390772084,3663.5709498740234,3678.0332644686732,3701.6789353840404,3733.5537067764162,3768.2542729236093,3825.1057348783761,3908.6696855802124,4003.2795978240856,4103.72983346003,4211.0392614882085,4325.3896459921943,4445.0408766800583,4571.4576736413437,4704.7771112117507,4845.1554007366594,4993.9746874054363,5150.0491445524776,5313.5919895289189,5484.8060155432049,5663.8836460736575,5849.6464205695538,6041.7113782585675,6240.1539306681734,6445.023045661721,6657.9023492644119]
[]
[null,null,null,null,null,"Total tax depreciation",null,null,null,null,null,"TaxDep",null,null,null,null,null,{"$f":"SUMIF($L$182:$L$292,$L$298,R182:R292)","v":369.89444559067829},{"$f":"SUMIF($L$182:$L$292,$L$298,S182:S292)","v":383.7232432617451},385.23345456784301,384.04449838743221,244.27217214586841,231.19064791363371,223.25568964738537,215.16175476230913,211.19415358003931,213.62859456901413,197.21575084856272,182.15476693146235,183.78708140331568,191.35313077437459,198.53809528891961,206.235204497143,216.27906974834667,225.51822848158469,235.28862515580994,245.58742793215328,255.20430680624179,266.60809262799609,278.4001601205369,290.59141460438531,303.19212705923803,316.27373617620731,329.55346660406792,343.1618483300449,357.10511164186107,369.82517316202586]
[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R168+R298+R329","v":789.15553002350202},843.03655064350801,851.0670733020188,860.44745823740743,715.74246034377848,712.14581485945519,714.62374255905354,717.63665776733421,726.8232744353179,743.26451106742968,741.43628147662957,745.85000741295789,767.07721193966734,795.10911933864884,822.87675310360646,851.60314702779965,882.63564529826454,913.16727807705115,944.92583393541304,977.92562789293152,1010.9732299402108,1046.4846577622859,1083.0693102733885,1120.7463492476861,1159.5341479325971,1198.7209407111545,1238.3448593534574,1278.9039599035191,1320.4011692455501,1361.2733693175919]
[]
[null,null,null,null,null,"Tax calculation"]
[]
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[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R306<0,R306,0)","v":0},{"$f":"IF(S306<0,S306,0)","v":0},0,0,0,0,0,0,0,0,-34.863790053760113,-57.461579354100422,-76.508639161502401,-95.358920406249354,-113.61545529229988,-129.19156152110304,-144.40183208698193,-157.39935744576314,-168.00657521787366,-176.00395116225354,-177.65677448813517,-173.83129300748465,-163.99572313513113,-147.61691596859896,-98.345631922025859,-27.932054870559796,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304+Q305","v":23.646249210378755},{"$f":"S304+R305","v":50.596083661087732},64.714527693422838,64.334235288192758,{"$f":"V304+U305","v":120.46245705914987},132.43467507384059,139.79766619191014,79.971730748027198,69.339261609555251,65.003869325902087,-34.863790053760113,-57.461579354100422,-76.508639161502401,-95.358920406249354,-113.61545529229988,-129.19156152110304,-144.40183208698193,-157.39935744576314,-168.00657521787366,-176.00395116225354,-177.65677448813517,-173.83129300748465,-163.99572313513113,-147.61691596859896,-98.345631922025859,-27.932054870559796,58.748921521566672,101.67618796705551,113.52626787294639,139.4227142210018]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R306>0,R306*$O$16,0)","v":7.0938747631136261},{"$f":"IF(S306>0,S306*$O$16,0)","v":15.178825098326319},19.414358308026852,19.300270586457827,{"$f":"IF(V306>0,V306*$O$16,0)","v":36.138737117744959},39.730402522152175,41.93929985757304,23.991519224408158,20.801778482866574,19.501160797770627,0,0,0,0,{"$f":"IF(AF306>0,AF306*$O$16,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,17.624676456470002,30.502856390116651,34.057880361883917,41.826814266300538]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R172","v":4.1499167364214831},{"$f":"S172","v":8.8796126825209178},11.357399610195689,11.290658293077843,21.141161213880789,23.242285475459013,24.534490416680232,14.035038746278776,12.169040412476958,11.408179066695814,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10.310435727034932,17.844170988218263,19.9238600117021,24.468686345785802]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R165+R166+R168+R169-R300+Q305+R321+R174)*$O$16/(1-(1-$O$17)*$O$16))","v":7.0938747631136474},15.178825098326355,19.41435830802682,19.300270586457852,36.138737117744938,39.730402522152161,41.939299857573047,23.991519224408165,20.801778482866595,19.501160797770623,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,17.62467645646997,30.50285639011669,34.057880361883932,41.826814266300516]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS (real)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,-17.866940885457524,8.0574575586749688,2.0803031472252087,0]
[null,null,null,null,null,"CESS (real",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,15.276163127129838,15.276163127129838,15.276163127129838,15.276163127129838]
[null,null,null,null,null,"Shared asset derements (real)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,0.74810674126423105,0.77174106699240685,0.76545923344411404,0.7529948830702482]
[null,null,null,null,null,"DMIS (real)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update",null,null,null,null,null,null,-1.2486773,-1.2708395000000001,-1.2745329999999999,-1.2782268000000001]
[null,null,null,null,null,"REFCL T3 KLO capex adjustment (real)",null,null,null,null,"SAPN PTRM 2020-25 March 2021 update"]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R316:R320)*R8","v":-3.1686320249900413},{"$f":"SUM(S316:S320)*S8","v":23.990519941845072},{"$f":"SUM(T316:T320)*T8","v":18.142799047344155},{"$f":"SUM(U316:U320)*U8","v":16.28226801854148}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166","v":206.86661072554625},225.89294840977652,236.04839151550937,240.74951585064991,249.88957045609465,252.89331353096884,258.65585805578633,263.20357825848339,269.42237008054326,276.80733072256345,284.79326693249305,300.63868377952326,316.92550493944026,334.22316234362029,351.73114129871192,369.7995201897956,387.8925286564795,406.37288974693286,425.62493871013316,445.66750282641283,466.51859956188105,488.06375262460585,510.30344552578447,533.23823387259972,556.86800363974896,579.69230923679811,602.30318411325652,625.38062288987828,648.90128555334491,672.83812343875604]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":225.68068373505673},239.2069547050518,247.41981712319858,243.87989285668061,228.00232933597391,223.30073160596322,217.66495531087236,154.73514918675124,139.15141778714292,134.93815758022618,23.638566371922479,14.519359761678942,12.80811825712459,13.281733591188555,13.416286205773616,15.767910128303754,17.811745332986646,20.532734709844704,23.597945985139631,27.037624367408455,33.148104178849565,39.851341172892091,47.146513038383034,55.0456279205047,89.375101352779609,112.81582336451496,124.3663661125521,136.7227436686992,149.92858290711871,174.0121951637758]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R168","v":304.41233794992928},314.93669415158342,324.87668727307954,334.94189434828849,343.31544170699567,351.89832774967056,360.69578594341226,369.71318059199751,{"$f":"Z168","v":378.95601010679741},388.42991035946733,398.14065811845398,408.09417457141529,418.29652893570062,428.75394215909307,439.47279071307037,450.45961048089708,461.72110074291948,473.26412826149243,485.09573146802973,497.22312475473041,509.6537028735986,522.39504544543854,535.45492158157447,548.84129462111378,562.56232698664155,576.62638516130755,591.04204479034024,605.81809591009869,620.96354830785106,636.48763701554731]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R308-R309","v":2.943958026692143},6.2992124158054015,8.0569586978311634,8.009612293379984,14.99757590386417,16.488117046693162,17.404809440892809,9.9564804781293823,8.6327380703896157,8.0929817310748131,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,7.3142407294350704,12.658685401898389,14.134020350181817,17.358127920514736]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R321","v":-3.1686320249900413},23.990519941845072,18.142799047344155,16.28226801854148,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R325:R329)","v":736.73495841223439},{"$f":"SUM(S325:S329)","v":810.32632962406217},834.54465365696285,843.86318336754039,836.20491740292834,844.58048993329567,854.42140875096368,797.60838851536153,796.16253604487315,808.26838039333177,706.57249142286946,723.25221811261758,748.03015213226547,776.25883809390189,804.62021821755593,836.0270407989965,867.42537473238565,900.16975271827005,934.31861616330252,969.92825194855163,1009.3204066143292,1050.3101392429367,1092.904880145742,1137.1251564142181,1208.80543197917,1269.1345177626206,1325.0258357455839,1380.5801478705744,1433.9274371184965,1500.6960835385939]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!V145-($O$337/10000)","v":4.5693110895157485E-2},{"$f":"WACC!W145-($O$337/10000)","v":4.5329319413484857E-2},{"$f":"WACC!X145-($O$337/10000)","v":4.5266900096740878E-2},{"$f":"WACC!Y145-($O$337/10000)","v":4.5204284510646418E-2},{"$f":"WACC!Z145-($O$337/10000)","v":4.5342059931394618E-2},{"$f":"WACC!AA145-($O$337/10000)","v":4.557963946687886E-2},{"$f":"WACC!AB145-($O$337/10000)","v":4.60174143148631E-2},{"$f":"WACC!AC145-($O$337/10000)","v":4.6555971749296529E-2},{"$f":"WACC!AD145-($O$337/10000)","v":4.7094529183729965E-2},{"$f":"WACC!AE145-($O$337/10000)","v":4.7633086618163394E-2},{"$f":"WACC!AF145-($O$337/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG145-($O$337/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH145-($O$337/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI145-($O$337/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ145-($O$337/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK145-($O$337/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX145-($O$337/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY145-($O$337/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!G31","v":2.410923917605513E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O338","v":2.1487447364104139E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$335)*R337","v":118.01737850788449},120.38609328833445,122.81413241375209,125.1787974831452,128.15484649091442,129.05683919615097,130.67226696825588,132.76172241302763,136.67311074848118,141.20600613894823,146.07987250961287,155.60106591008037,164.99360160065106,175.00204640518126,184.86586710161649,194.90833204975957,204.63547480699839,214.38492133397401,224.54147731157329,235.11507520604792,246.11522026037036,257.48151968885122,269.21422857127715,281.31364002218692,293.7796938867175,305.82081937363961,317.74934795904926,329.92401566337543,342.33250929583801,354.96055914001857]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O346=R$2,R$188,IF(R$2>$O346,Q346-Q347,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O347,IF(R346-(R346*HLOOKUP($O347,$R$2:$AU$34,32,FALSE))<=0,R346,R346*HLOOKUP($O347,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R165+R166+R168+R169+R171-R172+R321+R174","v":812.80177923388078},893.63263430459574,915.78160099544164,924.78169352560019,836.20491740292834,844.58048993329578,854.42140875096368,797.60838851536141,796.16253604487315,808.26838039333177,706.57249142286946,723.25221811261758,748.03015213226536,776.25883809390189,804.62021821755593,836.0270407989965,867.42537473238565,900.16975271826993,934.31861616330252,969.92825194855163,1009.3204066143292,1050.3101392429364,1092.904880145742,1137.1251564142183,1208.8054319791702,1269.1345177626206,1325.0258357455839,1380.5801478705746,1433.9274371184965,1500.6960835385937]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R342+R375+R298+R329+R347","v":789.15553002350202},843.03655064350801,851.0670733020188,860.44745823740743,715.74246034377848,712.14581485945519,714.62374255905354,717.63665776733421,726.8232744353179,743.26451106742968,741.43628147662957,745.85000741295789,767.07721193966734,795.10911933864884,822.87675310360646,851.60314702779965,882.63564529826454,913.16727807705115,944.92583393541304,977.92562789293152,1010.9732299402108,1046.4846577622859,1083.0693102733885,1120.7463492476861,1159.5341479325971,1198.7209407111545,1238.3448593534574,1278.9039599035191,1320.4011692455501,1361.2733693175919]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R349-R350","v":23.646249210378755},{"$f":"S349-S350","v":50.596083661087732},64.714527693422838,64.334235288192758,120.46245705914987,132.43467507384059,139.79766619191014,79.971730748027198,69.339261609555251,65.003869325902087,-34.863790053760113,-22.59778930034031,-19.047059807401979,-18.850281244746952,-18.256534886050531,-15.576106228803155,-15.210270565878886,-12.997525358781218,-10.607217772110516,-7.9973759443798826,-1.6528233258816272,3.8254814806505237,9.835569872353517,16.37880716653217,49.271284046573101,70.413577051466063,86.680976392126468,101.67618796705551,113.52626787294639,139.4227142210018]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q305","v":0},{"$f":"IF(R353<0,R353,0)","v":0},{"$f":"IF(S353<0,S353,0)","v":0},0,0,0,0,0,0,0,0,-34.863790053760113,-57.461579354100422,-76.508639161502401,-95.358920406249354,-113.61545529229988,-129.19156152110304,-144.40183208698193,-157.39935744576314,-168.00657521787366,-176.00395116225354,-177.65677448813517,-173.83129300748465,-163.99572313513113,-147.61691596859896,-98.345631922025859,-27.932054870559796,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R351+Q352","v":23.646249210378755},{"$f":"S351+R352","v":50.596083661087732},64.714527693422838,64.334235288192758,120.46245705914987,132.43467507384059,139.79766619191014,79.971730748027198,69.339261609555251,65.003869325902087,-34.863790053760113,-57.461579354100422,-76.508639161502401,-95.358920406249354,-113.61545529229988,-129.19156152110304,-144.40183208698193,-157.39935744576314,-168.00657521787366,-176.00395116225354,-177.65677448813517,-173.83129300748465,-163.99572313513113,-147.61691596859896,-98.345631922025859,-27.932054870559796,58.748921521566672,101.67618796705551,113.52626787294639,139.4227142210018]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R165+R166+R168+R169-R350+Q352+R321)*$O$340/(1-(1-$O$17)*$O$340))","v":0},0,0,0,36.138737117744938,39.730402522152161,41.939299857573047,23.991519224408165,20.801778482866595,19.501160797770623,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,17.62467645646997,30.50285639011669,34.057880361883932,41.826814266300516]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R353>0,R353*$O$340,0)","v":7.0938747631136261},{"$f":"IF(S353>0,S353*$O$340,0)","v":15.178825098326319},19.414358308026852,19.300270586457827,36.138737117744959,39.730402522152175,41.93929985757304,23.991519224408158,20.801778482866574,19.501160797770627,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,17.624676456470002,30.502856390116651,34.057880361883917,41.826814266300538]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R308-R355","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R308*$O$17)-(R355*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R356+R358","v":0},{"$f":"S356+S358","v":0},{"$f":"T356+T358","v":0},{"$f":"U356+U358","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R360*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V151","v":3.8412170866672403E-2},{"$f":"WACC!W151","v":4.1389974409041401E-2},{"$f":"WACC!X151","v":4.2558011478709599E-2},{"$f":"WACC!Y151","v":4.2519657049650987E-2},{"$f":"WACC!Z151","v":4.340388632947046E-2},{"$f":"WACC!AA151","v":4.3945650509705191E-2},{"$f":"WACC!AB151","v":4.5009096668495799E-2},{"$f":"WACC!AC151","v":4.5735361474952614E-2},{"$f":"WACC!AD151","v":4.6058495935612676E-2},{"$f":"WACC!AE151","v":4.638163039627273E-2},{"$f":"WACC!AF151","v":4.6704764856932791E-2},{"$f":"WACC!AG151","v":4.7246174206596422E-2},{"$f":"WACC!AH151","v":4.7606760257302864E-2},{"$f":"WACC!AI151","v":4.7967464069619603E-2},{"$f":"WACC!AJ151","v":4.8207933277830739E-2},{"$f":"WACC!AK151","v":4.8388520017200246E-2},{"$f":"WACC!AL151","v":4.8448989569069761E-2},{"$f":"WACC!AM151","v":4.8448989569069761E-2},{"$f":"WACC!AN151","v":4.8448989569069761E-2},{"$f":"WACC!AO151","v":4.8448989569069761E-2},{"$f":"WACC!AP151","v":4.8448989569069761E-2},{"$f":"WACC!AQ151","v":4.8448989569069761E-2},{"$f":"WACC!AR151","v":4.8448989569069761E-2},{"$f":"WACC!AS151","v":4.8448989569069761E-2},{"$f":"WACC!AT151","v":4.8448989569069761E-2},{"$f":"WACC!AU151","v":4.8448989569069761E-2},{"$f":"WACC!AV151","v":4.8448989569069761E-2},{"$f":"WACC!AW151","v":4.8448989569069761E-2},{"$f":"WACC!AX151","v":4.8448989569069761E-2},{"$f":"WACC!AY151","v":4.8448989569069761E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q366*(1+R365)","v":1.0384121708666725},{"$f":"R366*(1+S365)","v":1.0813920240448811},1.1274139182171683,1.1753511713727653,1.2263659800122388,1.2802594307668487,1.3378827512469871,1.3990713024863723,1.4635104223855733,1.5313904218777539,1.6029136514357134,1.6786451890495766,1.7585600481217347,1.8429137140442824,1.9317567754077283,2.0252316268029076,2.1233520527648322,2.2262263142206984,2.3340847296967659,2.4471687764191699,2.5657316309416558,2.6900387359661808,2.8203683946254001,2.9570123935575405,3.1002766561686199,3.250481927544564,3.4079644925466206,3.5730769286977724,3.746188895545735,3.9276879622697956]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q366","v":1},{"$f":"1/R366","v":0.96300874359493194},{"$f":"1/S366","v":0.92473402592665777},0.8869856792094124,0.85080954897253225,0.8154172704546323,0.78109168811279206,0.74744965436465938,0.71475985407094034,0.68328860847465978,0.65300134160028522,0.62386392373931698,0.59571850354283906,0.56864705931882742,0.54261900184436496,0.51766351371483299,0.4937706812225871,0.47095346186134923,0.44919062972717355,0.42843346142362004,0.40863548506991587,0.38975237625806852,0.37174185881781741,0.35456361016725246,0.33817917103719469,0.3225518593672278,0.30764668818060675,0.2934302872541798,0.2798708284079558,0.26693795424705158,0.25460271019648512]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R330*0","v":0},{"$f":"S330*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R371*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R327*0","v":0},{"$f":"S327*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R327-R374","v":304.41233794992928},314.93669415158342,324.87668727307954,334.94189434828849,343.31544170699567,351.89832774967056,360.69578594341226,369.71318059199751,378.95601010679741,388.42991035946733,398.14065811845398,408.09417457141529,418.29652893570062,428.75394215909307,439.47279071307037,450.45961048089708,461.72110074291948,473.26412826149243,485.09573146802973,497.22312475473041,509.6537028735986,522.39504544543854,535.45492158157447,548.84129462111378,562.56232698664155,576.62638516130755,591.04204479034024,605.81809591009869,620.96354830785106,636.48763701554731]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R374*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q158*$O$14)*Controls!$I$16","v":27.550149524856419},{"$f":"(R158*$O$14)*Controls!$I$16","v":28.328647882299624},{"$f":"(S158*$O$14)*Controls!$I$16","v":28.939852510635564},{"$f":"(T158*$O$14)*Controls!$I$16","v":29.537919268966846},{"$f":"(U158*$O$14)*Controls!$I$16","v":30.148278029378346},{"$f":"(V158*$O$14)*Controls!$I$16","v":30.202219694152607},{"$f":"(W158*$O$14)*Controls!$I$16","v":30.289348827621314},{"$f":"(X158*$O$14)*Controls!$I$16","v":30.417688340780749},{"$f":"(Y158*$O$14)*Controls!$I$16","v":30.955750910322667},{"$f":"(Z158*$O$14)*Controls!$I$16","v":31.620822956308402},{"$f":"(AA158*$O$14)*Controls!$I$16","v":32.346525376378679},{"$f":"(AB158*$O$14)*Controls!$I$16","v":33.821268713539695},{"$f":"(AC158*$O$14)*Controls!$I$16","v":35.428944603918048},{"$f":"(AD158*$O$14)*Controls!$I$16","v":37.128713406414462},{"$f":"(AE158*$O$14)*Controls!$I$16","v":38.911251856456886},{"$f":"(AF158*$O$14)*Controls!$I$16","v":40.782811773969357},{"$f":"(AG158*$O$14)*Controls!$I$16","v":42.733644918755445},{"$f":"(AH158*$O$14)*Controls!$I$16","v":44.769603671416064},{"$f":"(AI158*$O$14)*Controls!$I$16","v":46.890578332107438},{"$f":"(AJ158*$O$14)*Controls!$I$16","v":49.098643079250323},{"$f":"(AK158*$O$14)*Controls!$I$16","v":51.395782875024103},{"$f":"(AL158*$O$14)*Controls!$I$16","v":53.769386006519575},{"$f":"(AM158*$O$14)*Controls!$I$16","v":56.2195057415733},{"$f":"(AN158*$O$14)*Controls!$I$16","v":58.746203290748291},{"$f":"(AO158*$O$14)*Controls!$I$16","v":61.349466092016549},{"$f":"(AP158*$O$14)*Controls!$I$16","v":63.863991891932784},{"$f":"(AQ158*$O$14)*Controls!$I$16","v":66.355004290701345},{"$f":"(AR158*$O$14)*Controls!$I$16","v":68.897417463056726},{"$f":"(AS158*$O$14)*Controls!$I$16","v":71.488660068310807},{"$f":"(AT158*$O$14)*Controls!$I$16","v":74.125752188171845}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R378*R24","v":26.286909318952151},{"$f":"S378*S24","v":25.717265236518301},24.968718270070017,24.221256217720605,23.476388132837968,22.3221622888856,21.226472573281054,20.197872485316758,19.470600255124758,18.833751329533687,18.238289108663871,18.04332697339467,17.877511188917616,17.71465581485095,17.549844085661398,17.3850655556693,17.216520844929342,17.046490994065309,16.873828111762702,16.698359599963247,16.519925833081984,16.333978240465918,16.140619758845094,15.940035164438083,15.732456760232143,15.478116398999051,15.198895070480845,14.914804541513767,14.626084160668901,14.332973977459162]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R371+R374+R378","v":27.550149524856419},{"$f":"S371+S374+S378","v":28.328647882299624},28.939852510635564,29.537919268966846,30.148278029378346,30.202219694152607,30.289348827621314,30.417688340780749,30.955750910322667,31.620822956308402,32.346525376378679,33.821268713539695,35.428944603918048,37.128713406414462,38.911251856456886,40.782811773969357,42.733644918755445,44.769603671416064,46.890578332107438,49.098643079250323,51.395782875024103,53.769386006519575,56.2195057415733,58.746203290748291,61.349466092016549,63.863991891932784,66.355004290701345,68.897417463056726,71.488660068310807,74.125752188171845]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R330-R327","v":432.32262046230511},{"$f":"S330-S327","v":495.38963547247874},{"$f":"T330-T327","v":509.66796638388331},{"$f":"U330-U327","v":508.9212890192519},492.88947569593267,492.68216218362511,493.72562280755142,427.89520792336401,417.20652593807574,419.83847003386444,308.43183330441548,315.15804354120229,329.73362319656485,347.50489593480881,365.14742750448556,385.56743031809941,405.70427398946617,426.90562445677762,449.2228846952728,472.70512719382123,499.66670374073055,527.91509379749812,557.44995856416756,588.28386179310428,646.2431049925284,692.50813260131304,733.98379095524365,774.76205196047567,812.96388881064547,864.20844652304663]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R385-R157","v":206.64193672724838},256.18268076742697,262.24814926068473,265.04139616257129,264.88714635995876,269.38143057766189,276.06066749667906,273.16005873661277,278.05510815093282,284.90031245363826,284.793266932493,300.63868377952338,316.92550493944026,334.22316234362029,351.73114129871192,369.79952018979566,387.8925286564795,406.37288974693291,425.62493871013316,445.66750282641277,466.51859956188099,488.06375262460602,510.30344552578453,533.23823387259961,556.86800363974885,579.69230923679811,609.61742484269155,638.03930829177648,663.03530590352671,690.19625135927083]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R386-R308","v":199.54806196413475},{"$f":"S386-S308","v":241.00385566910066},242.83379095265786,245.74112557611346,228.7484092422138,229.6510280555097,234.12136763910601,249.1685395122046,257.25332966806627,265.39915165586763,284.793266932493,300.63868377952338,316.92550493944026,334.22316234362029,351.73114129871192,369.79952018979566,387.8925286564795,406.37288974693291,425.62493871013316,445.66750282641277,466.51859956188099,488.06375262460602,510.30344552578453,533.23823387259961,556.86800363974885,579.69230923679811,591.99274838622159,607.5364519016598,628.97742554164279,648.36943709297032]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":225.68068373505673},239.2069547050518,247.41981712319858,243.87989285668061,228.00232933597391,223.30073160596322,217.66495531087236,154.73514918675124,139.15141778714292,134.93815758022618,23.638566371922479,14.519359761678942,12.80811825712459,13.281733591188555,13.416286205773616,15.767910128303754,17.811745332986646,20.532734709844704,23.597945985139631,27.037624367408455,33.148104178849565,39.851341172892091,47.146513038383034,55.0456279205047,89.375101352779609,112.81582336451496,124.3663661125521,136.7227436686992,149.92858290711871,174.0121951637758]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154","v":347.32105208555771},334.70767788254204,340.86774811246119,339.24844917097778,236.43071445695085,236.91465871044883,237.71800424203508,238.80742567767646,243.06892497241523,248.3291607162073,254.0672128033292,265.71871763329852,278.3969936471895,291.8033664103188,305.84752331709791,320.58558900112956,335.93030043620951,351.93502544287139,368.60806272621642,385.965717457062,404.0235934750184,422.68254977503784,441.94300509697661,461.80544061867158,482.26975758969201,502.03651067210302,521.6184242930816,541.6044007396514,561.9742266354076,582.70447676471667]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R387+R388-R389","v":77.907693613633739},{"$f":"S387+S388-S389","v":145.50313249161042},149.38585996339526,150.3725692618163,220.32002412123683,216.03710095102409,214.06831870794332,165.09626302127941,153.33582248279396,152.0081485198865,54.364620501086279,49.439325907903822,51.336629549375346,55.701529524490013,59.299904187387654,64.981841316969849,69.773973553256667,74.970599013906224,80.614821969056379,86.739409736759228,95.643110265712153,105.23254402246027,115.50695346719095,126.4784211744327,163.97334740283651,190.47162192921002,194.74069020569209,202.6547948307076,216.93178181335384,239.67715549202944]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R391*R24","v":74.335439646982124},132.09040779419124,128.88709262037051,123.30633363312002,171.5626476134442,159.6708876593855,150.01693571302138,109.62678133023854,96.445423436899361,90.537924115451176,30.652988364112534,26.375412769285496,25.904558530619656,26.576019833658659,26.745581885220677,27.700727882246916,28.110522104936731,28.545833246368144,29.009679503884097,29.499916177623916,30.742154310147878,31.967374223751118,33.162045642779233,34.318311109997644,42.049324340922794,46.162819573119393,44.606180770063013,43.870391164099793,44.382738393671886,46.344034714656907]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R309","v":4.1499167364214831},{"$f":"S309","v":8.8796126825209178},11.357399610195689,11.290658293077843,21.141161213880789,23.242285475459013,24.534490416680232,14.035038746278776,12.169040412476958,11.408179066695814,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10.310435727034932,17.844170988218263,19.9238600117021,24.468686345785802]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R391+R394)*R24","v":78.295072781934493},140.15148277040379,138.68602684242165,132.56473551624413,188.02521657848831,176.84903130583584,167.21046109690755,118.94629041810576,104.09952693599382,97.332775974993822,30.652988364112534,26.375412769285496,25.904558530619656,26.576019833658659,26.745581885220677,27.700727882246916,28.110522104936731,28.545833246368144,29.009679503884097,29.499916177623916,30.742154310147878,31.967374223751118,33.162045642779233,34.318311109997644,42.049324340922794,46.162819573119393,46.967829788418975,47.733269226798342,48.459022003661026,51.075306024612267]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R395:AU395)","v":2033.9193167634946}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H397+H404","v":4352.471342500995}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H398=Q149","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R325+R326","v":432.54729446060298},465.09990311482829,483.46820863870795,484.62940870733053,477.89189979206856,476.19404513693206,476.32081336665868,417.93872744523463,408.57378786768618,411.74548830278962,308.43183330441553,315.15804354120223,329.73362319656485,347.50489593480881,365.14742750448556,385.56743031809935,405.70427398946617,426.90562445677756,449.2228846952728,472.70512719382128,499.66670374073061,527.915093797498,557.44995856416745,588.28386179310439,646.24310499252852,692.50813260131304,726.66955022580862,762.10336655857748,798.82986846046356,846.85031860253184]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU158","v":11990.84106100279}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H403*AU24","v":2318.5520257375006}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R330+R381)-R327","v":459.87276998716158},523.71828335477835,538.60781889451891,538.45920828821863,523.03775372531106,522.88438187777774,524.01497163517274,458.31289626414474,448.16227684839839,451.45929299017286,340.7783586807941,348.97931225474196,365.16256780048286,384.63360934122329,404.05867936094239,426.35024209206875,448.4379189082216,471.67522812819362,496.11346302738025,521.80377027307156,551.06248661575455,581.68447980401777,613.66946430574092,647.03006508385261,707.59257108454506,756.37212449324579,800.33879524594499,843.6594694235323,884.45254887895624,938.33419871121851]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R408-R157","v":234.19208625210484},284.51132864972658,291.18800177132033,294.57931543153802,295.03542438933715,299.58365027181452,306.35001632430038,303.5777470773935,309.01085906125547,316.52113540994668,317.13979230887162,334.45995249306304,352.35444954335827,371.35187575003476,390.64239315516875,410.582331963765,430.62617357523493,451.14249341834892,472.51551704224062,494.76614590566311,517.91438243690504,541.83313863112562,566.52295126735794,591.98443716334793,618.2174697317655,643.55630112873087,675.97242913339289,706.93672575483311,734.52396597183747,764.3220035474427]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R409-R355","v":227.09821148899121},{"$f":"S409-S355","v":269.33250355140024},271.77364346329347,275.27904484508019,258.89668727159221,259.85324774966233,264.41071646672737,279.58622785298536,288.20908057838892,297.01997461217604,317.13979230887162,334.45995249306304,352.35444954335827,371.35187575003476,390.64239315516875,410.582331963765,430.62617357523493,451.14249341834892,472.51551704224062,494.76614590566311,517.91438243690504,541.83313863112562,566.52295126735794,591.98443716334793,618.2174697317655,643.55630112873087,658.34775267692294,676.43386936471643,700.46608560995355,722.49518928114219]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R157","v":225.68068373505673},239.2069547050518,247.41981712319858,243.87989285668061,228.00232933597391,223.30073160596322,217.66495531087236,154.73514918675124,139.15141778714292,134.93815758022618,23.638566371922479,14.519359761678942,12.80811825712459,13.281733591188555,13.416286205773616,15.767910128303754,17.811745332986646,20.532734709844704,23.597945985139631,27.037624367408455,33.148104178849565,39.851341172892091,47.146513038383034,55.0456279205047,89.375101352779609,112.81582336451496,124.3663661125521,136.7227436686992,149.92858290711871,174.0121951637758]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154","v":347.32105208555771},334.70767788254204,340.86774811246119,339.24844917097778,236.43071445695085,236.91465871044883,237.71800424203508,238.80742567767646,243.06892497241523,248.3291607162073,254.0672128033292,265.71871763329852,278.3969936471895,291.8033664103188,305.84752331709791,320.58558900112956,335.93030043620951,351.93502544287139,368.60806272621642,385.965717457062,404.0235934750184,422.68254977503784,441.94300509697661,461.80544061867158,482.26975758969201,502.03651067210302,521.6184242930816,541.6044007396514,561.9742266354076,582.70447676471667]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R410+R411-R412","v":105.4578431384902},173.83178037390996,178.32571247403087,179.91048853078303,250.46830215061527,246.23932064517672,244.35766753556464,195.51395136206014,184.29157339311661,183.62897147619492,86.711145877464901,83.260594621443488,86.765574153293358,92.83024293090449,98.211156043844483,105.76465309093919,112.5076184720121,119.74020268532223,127.50540030116383,135.83805281600957,147.03889314073615,159.00193002897981,171.72645920876442,185.22462446518102,225.32281349485316,254.33561382114277,261.09569449639343,271.55221229376423,288.4204418816646,313.80290768020132]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R414*R367","v":101.55682502302886},160.74816209916435,158.17235319928065,153.06956160230345,204.23617927506081,192.33548664248818,182.64505414081214,139.74552334437902,125.92433273738828,119.90996473063579,54.095955699047551,49.599876831973269,49.338988592379927,50.371453760137307,50.840332123652288,52.223484805983645,52.985852405169979,53.786177047879292,54.627580001231905,55.508248603422921,57.308758003958125,59.107673024593495,60.887953338298928,62.639109957310609,72.678292450619978,78.245509278456325,76.613384636906304,75.999542610668868,76.990362718922185,79.895070762916674]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R309+R358","v":4.1499167364214831},8.8796126825209178,11.357399610195689,11.290658293077843,21.141161213880789,23.242285475459013,24.534490416680232,14.035038746278776,12.169040412476958,11.408179066695814,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10.310435727034932,17.844170988218263,19.9238600117021,24.468686345785802]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R414+R417)*R367","v":105.55323112539371},{"$f":"(S414+S417)*S367","v":168.95944208374132},168.24620400658281,162.67576149223999,221.47504724632481,210.48984264011386,200.98335052277284,149.77720559054924,134.23929942730157,127.35952096640445,54.095955699047551,49.599876831973269,49.338988592379927,50.371453760137307,50.840332123652288,52.223484805983645,52.985852405169979,53.786177047879292,54.627580001231905,55.508248603422921,57.308758003958125,59.107673024593495,60.887953338298928,62.639109957310609,72.678292450619978,78.245509278456325,79.638778754005912,80.99360552739472,82.308797151150586,86.124864621501459]
[null,null,null,null,null,null,null,0]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R418:AU418)","v":2893.0701970795931}]
[]
[null,null,null,null,null,"Return on/of capital"]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU158","v":11990.84106100279}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H403*AU367)*Controls!$I$14","v":3314.3329945754117}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H420+H425","v":6207.4031916550048}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":4.8055866537094455E-2},5.1033670079463453E-2,5.2201707149131651E-2,5.2163352720073039E-2,5.3047581999892512E-2,5.3589346180127242E-2,5.4652792338917858E-2,5.5379057145374666E-2,5.5702191606034734E-2,5.6025326066694789E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R386/Q158","v":4.8003673949616507E-2},5.7876717721355581E-2,5.7995739772742971E-2,5.7426690079100721E-2,5.623132886899055E-2,5.7083259878108382E-2,5.8330348467827912E-2,5.7473939384489373E-2,5.7486981896231477E-2,5.7663331603440178E-2,5.6348460527354829E-2,5.6889869877018495E-2,5.7250455927724923E-2,5.7611159740041655E-2,5.7851628948252791E-2,5.8032215687622311E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491813E-2,5.8092685239491813E-2,5.8092685239491813E-2,5.8092685239491841E-2,5.809268523949182E-2,5.8092685239491799E-2,5.8092685239491806E-2,5.8092685239491806E-2,5.8798150353521574E-2,5.9268572370756056E-2,5.9358029003869647E-2,5.9591381919281081E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R386-R321)/Q158","v":4.8739758700867671E-2},5.2456786340735639E-2,5.3983490095232338E-2,5.3898800576465809E-2,5.623132886899055E-2,5.7083259878108382E-2,5.8330348467827912E-2,5.7473939384489373E-2,5.7486981896231477E-2,5.7663331603440178E-2,5.6348460527354829E-2,5.6889869877018495E-2,5.7250455927724923E-2,5.7611159740041655E-2,5.7851628948252791E-2,5.8032215687622311E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491813E-2,5.8092685239491813E-2,5.8092685239491813E-2,5.8092685239491841E-2,5.809268523949182E-2,5.8092685239491799E-2,5.8092685239491806E-2,5.8092685239491806E-2,5.8798150353521574E-2,5.9268572370756056E-2,5.9358029003869647E-2,5.9591381919281081E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R409/Q158","v":5.4403673949616517E-2},6.427671772135557E-2,6.4395739772742974E-2,6.382669007910069E-2,6.263132886899056E-2,6.3483259878108392E-2,6.4730348467827922E-2,6.3873939384489375E-2,6.3886981896231473E-2,6.4063331603440174E-2,6.2748460527354818E-2,6.3289869877018498E-2,6.3650455927724919E-2,6.4011159740041665E-2,6.4251628948252787E-2,6.4432215687622307E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491837E-2,6.4492685239491837E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.519815035352157E-2,6.5668572370756045E-2,6.575802900386965E-2,6.5991381919281084E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q158","v":1721.8843453035261},{"$f":"$O$14*R158","v":1770.5404926437263},1808.7407819147227,1846.1199543104278,1884.2673768361467,1887.6387308845378,1893.0843017263321,1901.1055212987967,1934.7344318951666,1976.3014347692751,2021.6578360236672,2113.8292945962307,2214.309037744878,2320.5445879009039,2431.9532410285551,2548.9257358730847,2670.8528074222154,2798.1002294635041,2930.6611457567146,3068.6651924531452,3212.2364296890064,3360.5866254074735,3513.7191088483314,3671.6377056717679,3834.3416307510342,3991.4994932457989,4147.1877681688338,4306.0885914410455,4468.0412542694257,4632.8595117607401]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q158","v":2582.8265179552891},{"$f":"$O$13*R158","v":2655.8107389655893},2713.1111728720839,2769.1799314656414,2826.4010652542197,2831.4580963268063,2839.6264525894981,2851.6582819481946,2902.1016478427496,2964.4521521539127,3032.4867540355008,3170.7439418943454,3321.4635566173165,3480.8168818513559,3647.9298615428329,3823.3886038096271,4006.2792111333224,4197.1503441952555,4395.9917186350713,4602.9977886797169,4818.3546445335087,5040.8799381112094,5270.5786632724967,5507.4565585076516,5751.5124461265514,5987.2492398686982,6220.7816522532494,6459.1328871615669,6702.0618814041381,6949.2892676411102,7194.5046366016732]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R439-S439","v":-72.984221010300189},{"$f":"S439-T439","v":-57.300433906494618},-56.068758593557504,-57.2211337885783,-5.0570310725865966,-8.1683562626917592,-12.031829358696541,-50.443365894554972,-62.350504311163149,-68.03460188158806,-138.25718785884465,-150.71961472297107,-159.3533252340394,-167.11297969147699,-175.45874226679416,-182.89060732369535,-190.87113306193305,-198.84137443981581,-207.00607004464564,-215.35685585379179,-222.52529357770072,-229.69872516128726,-236.87789523515494,-244.05588761889976,-235.7367937421468,-233.53241238455121,-238.35123490831756,-242.92899424257121,-247.22738623697205,-245.21536896056296]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R385-R389-R165-R441","v":39.968410879163102},{"$f":"S385-S389-S165-S441","v":97.596298208096869},102.05484445122754,101.71517615370722,133.360945820654,134.87902053971706,137.367180955957,106.76942572721489,99.814994528342481,98.337905060296976,46.541935850318055,44.557874720794473,45.696353182763687,47.812462810785746,49.892779352565327,52.964116590905633,56.00963180819133,59.427052119748026,63.07941470212873,66.981190384503094,72.053183583042511,77.449749494896309,83.170620131068745,89.22066877114554,105.9304472582657,118.18321494012162,132.96725361143035,146.16262980002006,155.88453911637191,171.75877957887434]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R443-R308","v":32.874536116049477},{"$f":"S443-S308","v":82.417473109770555},82.64048614320069,82.414905567249392,97.222208702909029,95.148618017564885,95.427881098383949,82.777906502806729,79.0132160454759,78.836744262526352,46.541935850318055,44.557874720794473,45.696353182763687,47.812462810785746,49.892779352565327,52.964116590905633,56.00963180819133,59.427052119748026,63.07941470212873,66.981190384503094,72.053183583042511,77.449749494896309,83.170620131068745,89.22066877114554,105.9304472582657,118.18321494012162,115.34257715496035,115.65977340990341,121.82665875448799,129.93196531257379]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R444+R394","v":37.024452852470958},{"$f":"S444+S394","v":91.297085792291469},93.997885753396375,93.705563860327231,118.36336991678982,118.3909034930239,119.96237151506418,96.812945249085502,91.18225645795286,90.244923329222161,46.541935850318055,44.557874720794473,45.696353182763687,47.812462810785746,49.892779352565327,52.964116590905633,56.00963180819133,59.427052119748026,63.07941470212873,66.981190384503094,72.053183583042511,77.449749494896309,83.170620131068745,89.22066877114554,105.9304472582657,118.18321494012162,125.65301288199528,133.50394439812166,141.75051876619008,154.40065165835961]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R445+R389-R157+R441","v":85.680600192671761},{"$f":"S445+S389-S157+S441","v":129.49737506328708},131.37705814910146,131.8529863860461,121.73472396518019,123.83647433481775,127.98359108753033,130.44185584545573,132.74925933206202,135.60132458361522,138.71339442288013,145.03761786944301,151.9319033387892,159.22111593843897,166.86527419709546,174.89118814003609,183.25705384948117,191.98796841295894,201.08346139855985,210.55242762036488,220.4033793015106,230.5822329357548,241.08921695450732,251.92459385041263,263.0883097530313,273.87148986315856,284.55383615420726,295.45660722650268,306.5687762575069,317.87756429873752]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R447/R438","v":4.9759788121872012E-2},{"$f":"S447/S438","v":7.3140024529981168E-2},7.2634541921494392E-2,7.1421678790800192E-2,6.4605865102639354E-2,6.5603906249999761E-2,6.7605859374999924E-2,6.8613685239491864E-2,6.8613685239491837E-2,6.8613685239491878E-2,6.8613685239491851E-2,6.861368523949192E-2,6.8613685239491878E-2,6.8613685239491864E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491851E-2,6.8613685239491948E-2,6.8613685239491878E-2,6.8613685239491837E-2,6.8613685239491837E-2,6.8613685239491864E-2,6.8613685239491892E-2,6.8613685239491837E-2,6.8613685239491878E-2,6.8613685239491892E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R371/R438","v":0},{"$f":"S371/S438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R374/R438","v":0},{"$f":"S374/S438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R360/R438","v":0},{"$f":"S360/S438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R165-R342)/R438","v":0},{"$f":"(S165-S342)/S438","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$336*Q158","v":1721.8843453035261},{"$f":"$O$336*R158","v":1770.5404926437263},1808.7407819147227,1846.1199543104278,1884.2673768361467,1887.6387308845378,1893.0843017263321,1901.1055212987967,1934.7344318951666,1976.3014347692751,2021.6578360236672,2113.8292945962307,2214.309037744878,2320.5445879009039,2431.9532410285551,2548.9257358730847,2670.8528074222154,2798.1002294635041,2930.6611457567146,3068.6651924531452,3212.2364296890064,3360.5866254074735,3513.7191088483314,3671.6377056717679,3834.3416307510342,3991.4994932457989,4147.1877681688338,4306.0885914410455,4468.0412542694257,4632.8595117607401]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$335*Q158","v":2582.8265179552891},{"$f":"$O$335*R158","v":2655.8107389655893},2713.1111728720839,2769.1799314656414,2826.4010652542197,2831.4580963268063,2839.6264525894981,2851.6582819481946,2902.1016478427496,2964.4521521539127,3032.4867540355008,3170.7439418943454,3321.4635566173165,3480.8168818513559,3647.9298615428329,3823.3886038096271,4006.2792111333224,4197.1503441952555,4395.9917186350713,4602.9977886797169,4818.3546445335087,5040.8799381112094,5270.5786632724967,5507.4565585076516,5751.5124461265514,5987.2492398686982,6220.7816522532494,6459.1328871615669,6702.0618814041381,6949.2892676411102,7194.5046366016732]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R460-S460","v":-72.984221010300189},{"$f":"S460-T460","v":-57.300433906494618},-56.068758593557504,-57.2211337885783,-5.0570310725865966,-8.1683562626917592,-12.031829358696541,-50.443365894554972,-62.350504311163149,-68.03460188158806,-138.25718785884465,-150.71961472297107,-159.3533252340394,-167.11297969147699,-175.45874226679416,-182.89060732369535,-190.87113306193305,-198.84137443981581,-207.00607004464564,-215.35685585379179,-222.52529357770072,-229.69872516128726,-236.87789523515494,-244.05588761889976,-235.7367937421468,-233.53241238455121,-238.35123490831756,-242.92899424257121,-247.22738623697205,-245.21536896056296]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R408-R412-R342-R462","v":67.518560404019567},{"$f":"S408-S412-S342-S462","v":125.92494609039647},130.99469696186316,131.25309542267394,163.50922385003238,165.08124023386966,167.65652978357832,137.18711406799562,130.77074543866513,129.95872801660539,78.888461226696677,78.379143434334139,81.125297786681699,84.941176217200223,88.804031209022156,93.746928364874975,98.74327672694676,104.19665579116403,109.96999303423618,116.07983346375343,123.44896645806651,131.21913550141596,139.3901258726421,147.96687206189387,167.27991335028236,182.04720683205437,199.3222579021317,215.06004726307668,227.37319918468268,245.88453176704621]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R464-R355","v":60.424685640905942},{"$f":"S464-S355","v":110.74612099207016},111.58033865383631,111.95282483621611,127.37048673228742,125.35083771171749,125.71722992600527,113.19559484358746,109.96896695579855,110.45756721883477,78.888461226696677,78.379143434334139,81.125297786681699,84.941176217200223,88.804031209022156,93.746928364874975,98.74327672694676,104.19665579116403,109.96999303423618,116.07983346375343,123.44896645806651,131.21913550141596,139.3901258726421,147.96687206189387,167.27991335028236,182.04720683205437,181.69758144566168,184.55719087296004,193.31531882279876,204.05771750074567]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R465+R417","v":64.574602377327423},{"$f":"S465+S417","v":119.62573367459107},122.93773826403199,123.24348312929395,148.51164794616821,148.5931231871765,150.2517203426855,127.23063358986623,122.13800736827551,121.86574628553058,78.888461226696677,78.379143434334139,81.125297786681699,84.941176217200223,88.804031209022156,93.746928364874975,98.74327672694676,104.19665579116403,109.96999303423618,116.07983346375343,123.44896645806651,131.21913550141596,139.3901258726421,147.96687206189387,167.27991335028236,182.04720683205437,192.00801717269661,202.40136186117829,213.23917883450085,228.52640384653148]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R466+R412-R157+R462","v":113.23074971752823},{"$f":"S466+S412-S157+S462","v":157.82602294558669},160.31691065973706,161.39090565501283,151.88300199455858,154.03869402897038,158.27293991515165,160.85954418623646,163.70501024238467,167.22214753992364,171.05991979925875,178.85888658298268,187.36084794270721,196.34982934485345,205.77652605355229,215.67399991400544,225.9906987682366,236.75757208437494,247.9740397306673,259.65107069961522,271.79916217653459,284.3516189422744,297.30872269608062,310.67079714116096,324.43777584504801,337.73548175509131,350.90884044490861,364.35402468955931,378.05743632581766,392.0033164869094]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R468/R459","v":6.575978812187204E-2},{"$f":"S468/S459","v":8.9140024529981154E-2},8.8634541921494406E-2,8.7421678790800122E-2,8.0605865102639368E-2,8.1603906249999775E-2,8.3605859374999925E-2,8.4613685239491851E-2,8.4613685239491837E-2,8.4613685239491879E-2,8.4613685239491823E-2,8.4613685239491906E-2,8.4613685239491865E-2,8.4613685239491865E-2,8.4613685239491879E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491823E-2,8.4613685239491948E-2,8.4613685239491879E-2,8.4613685239491837E-2,8.4613685239491879E-2,8.4613685239491865E-2,8.4613685239491893E-2,8.4613685239491823E-2,8.4613685239491879E-2,8.4613685239491906E-2]
[]
[null,null,null,null,null,"Excess returns"]

{"sheet":"REV - Citi","index":10,"n_rows":465,"n_cols":48,"rows_kept":465,"cut":false,"hidden":false,"merged":[]}
["Revenue - CitiPower"]
["This sheet provides a cash-flow projections for CitiPower",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,4.5181781312518175E-2,4.2062200224605911E-2,3.8942619136693654E-2,3.5823038048781383E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V184","v":4.7749068787510854E-2},{"$f":"WACC!W184","v":5.0757552104838212E-2},{"$f":"WACC!X184","v":5.1956268949464771E-2},{"$f":"WACC!Y184","v":5.1948594295364525E-2},{"$f":"WACC!Z184","v":5.2863503350142359E-2},{"$f":"WACC!AA184","v":5.3435947305335442E-2},{"$f":"WACC!AB184","v":5.4530073239084417E-2},{"$f":"WACC!AC184","v":5.5287017820499593E-2},{"$f":"WACC!AD184","v":5.5640832056118014E-2},{"$f":"WACC!AE184","v":5.5994646291736422E-2},{"$f":"WACC!AF184","v":5.6348460527354843E-2},{"$f":"WACC!AG184","v":5.6889869877018481E-2},{"$f":"WACC!AH184","v":5.7250455927724916E-2},{"$f":"WACC!AI184","v":5.7611159740041662E-2},{"$f":"WACC!AJ184","v":5.7851628948252791E-2},{"$f":"WACC!AK184","v":5.8032215687622304E-2},{"$f":"WACC!AL184","v":5.809268523949182E-2},{"$f":"WACC!AM184","v":5.809268523949182E-2},{"$f":"WACC!AN184","v":5.809268523949182E-2},{"$f":"WACC!AO184","v":5.809268523949182E-2},{"$f":"WACC!AP184","v":5.809268523949182E-2},{"$f":"WACC!AQ184","v":5.809268523949182E-2},{"$f":"WACC!AR184","v":5.809268523949182E-2},{"$f":"WACC!AS184","v":5.809268523949182E-2},{"$f":"WACC!AT184","v":5.809268523949182E-2},{"$f":"WACC!AU184","v":5.809268523949182E-2},{"$f":"WACC!AV184","v":5.809268523949182E-2},{"$f":"WACC!AW184","v":5.809268523949182E-2},{"$f":"WACC!AX184","v":5.809268523949182E-2},{"$f":"WACC!AY184","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V185","v":2.2194213451230071E-2},{"$f":"WACC!W185","v":2.512931912667149E-2},{"$f":"WACC!X185","v":2.62987989750878E-2},{"$f":"WACC!Y185","v":2.6291311507672832E-2},{"$f":"WACC!Z185","v":2.7183905707456102E-2},{"$f":"WACC!AA185","v":2.7742387614961395E-2},{"$f":"WACC!AB185","v":2.880982755032635E-2},{"$f":"WACC!AC185","v":2.9548310068780115E-2},{"$f":"WACC!AD185","v":2.9893494688895572E-2},{"$f":"WACC!AE185","v":3.0238679309011252E-2},{"$f":"WACC!AF185","v":3.0583863929126709E-2},{"$f":"WACC!AG185","v":3.1112068172700846E-2},{"$f":"WACC!AH185","v":3.1463859441682951E-2},{"$f":"WACC!AI185","v":3.1815765600040846E-2},{"$f":"WACC!AJ185","v":3.205036970561248E-2},{"$f":"WACC!AK185","v":3.2226551890363275E-2},{"$f":"WACC!AL185","v":3.2285546575114177E-2},{"$f":"WACC!AM185","v":3.2285546575114177E-2},{"$f":"WACC!AN185","v":3.2285546575114177E-2},{"$f":"WACC!AO185","v":3.2285546575114177E-2},{"$f":"WACC!AP185","v":3.2285546575114177E-2},{"$f":"WACC!AQ185","v":3.2285546575114177E-2},{"$f":"WACC!AR185","v":3.2285546575114177E-2},{"$f":"WACC!AS185","v":3.2285546575114177E-2},{"$f":"WACC!AT185","v":3.2285546575114177E-2},{"$f":"WACC!AU185","v":3.2285546575114177E-2},{"$f":"WACC!AV185","v":3.2285546575114177E-2},{"$f":"WACC!AW185","v":3.2285546575114177E-2},{"$f":"WACC!AX185","v":3.2285546575114177E-2},{"$f":"WACC!AY185","v":3.2285546575114177E-2}]
[]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0477490687875108},{"$f":"R23*(1+S20)","v":1.1009302467392887},1.158130474733476,1.2182937249065033,1.2826969993145556,1.35123912857864,1.4249222972235498,1.5037020016629754,1.5873692321999533,1.6762534108913749,1.7707077100488313,1.8714430412637426,1.97858400861886,2.092572527998493,2.2136312574355688,2.3420931840199324,2.4781516661607617,2.6221141508787609,2.7744398029077781,2.9356144610940174,3.1061521879668526,3.2865969093283698,3.4775241490910695,3.6795428648969488,3.8932973903726253,4.1194694902152769,4.3587805346640431,4.6119938002923053,4.8799169044591739,5.1634043811847965]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.95442699954601951},{"$f":"1/S23","v":0.90832275974048149},0.86346057013147248,0.82082011879092942,0.77960734338224658,0.74006145829413161,0.70179265350011877,0.66502538328344252,0.62997315288396294,0.5965685101683007,0.56474594554762669,0.53434701348149127,0.50541194897154995,0.47788068830115127,0.45174642192145076,0.42696849417563121,0.40352655313838587,{"$f":"1/AI23","v":0.3813716499203002},{"$f":"1/AJ23","v":0.36043312201329453},0.34064418650783229,0.32194172709050517,0.30426609273613486,0.28756090745232432,0.27177289046964437,0.25685168630395599,0.24274970414885672,0.22942196608599746,0.21682596362914031,0.20492152214440768,0.19367067271429547]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
[]
[null,null,null,null,null,"Net capex",null,null,null,null,"CitiPower PTRM 2021-26","Real","$m",null,null,null,null,129.44520756786969,129.04937099491909,121.62930863360309,110.63931438324403,100.93643423495023,{"$f":"V147*Controls!$J$11","v":105.39157507416407},{"$f":"W147*Controls!$J$11","v":104.08487840747115},{"$f":"X147*Controls!$J$11","v":102.92180785906609},{"$f":"Y147*Controls!$J$11","v":101.82693853742144},{"$f":"Z147*Controls!$J$11","v":100.74333797939686},{"$f":"AA147*Controls!$J$11","v":99.616125764485361},{"$f":"AB147*Controls!$J$11","v":98.416246296104205},{"$f":"AC147*Controls!$J$11","v":100.09815661496947},{"$f":"AD147*Controls!$J$11","v":102.039333385303},{"$f":"AE147*Controls!$J$11","v":104.32948524547422},{"$f":"AF147*Controls!$J$11","v":106.65107693813859},{"$f":"AG147*Controls!$J$11","v":109.00402887688153},{"$f":"AH147*Controls!$J$11","v":111.36421019433931},{"$f":"AI147*Controls!$J$11","v":113.73020784442345},{"$f":"AJ147*Controls!$J$11","v":116.0997635168254},{"$f":"AK147*Controls!$J$11","v":118.44313568104029},{"$f":"AL147*Controls!$J$11","v":120.75581819942666},{"$f":"AM147*Controls!$J$11","v":123.03310334095583},{"$f":"AN147*Controls!$J$11","v":125.27007717237987},{"$f":"AO147*Controls!$J$11","v":127.46162446076946},{"$f":"AP147*Controls!$J$11","v":129.60137896229503},{"$f":"AQ147*Controls!$J$11","v":131.68385438584477},{"$f":"AR147*Controls!$J$11","v":133.70412406775077},{"$f":"AS147*Controls!$J$11","v":135.65615778170931},{"$f":"AT147*Controls!$J$11","v":137.53370683562983}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
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[]
[]
[null,null,"RAB (Real)"]
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[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q147","v":1983.4687249999999},{"$f":"R147","v":2006.5237254992494},{"$f":"S147","v":2024.087274587858},2028.5277389525149,{"$f":"U147","v":2017.1537593339901},{"$f":"V147","v":1992.3949135758721},{"$f":"W147","v":1967.6922199262758},1945.7047333255541,{"$f":"Y147","v":1925.0065696825873},1904.521438507378,1883.2118425370184,1860.5284947644432,1892.3244856872452,1929.0218281535906,1972.3164360414655,2016.2054041739705,2060.687227994717,2105.305720969232,2150.0341699011592,2194.82988213723,2239.1306033031437,2282.8511462697552,2325.9025128476983,2368.1918066588519,2409.6223258172927,2450.0737184655245,2489.4422679782115,2527.6348373126057,2564.537426917921,2600.0319072156867]
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[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,50,null,null,{"$f":"IF($O132=R$2,R$40,IF(R$2>$O132,Q132-Q133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,51,null,null,{"$f":"IF($O134=R$2,R$40,IF(R$2>$O134,Q134-Q135,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,52,null,null,{"$f":"IF($O136=R$2,R$40,IF(R$2>$O136,Q136-Q137,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,53,null,null,{"$f":"IF($O138=R$2,R$40,IF(R$2>$O138,Q138-Q139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,54,null,null,{"$f":"IF($O140=R$2,R$40,IF(R$2>$O140,Q140-Q141,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,55,null,null,{"$f":"IF($O142=R$2,R$40,IF(R$2>$O142,Q142-Q143,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$44:$L$143,$L$145,R44:R143)","v":0},{"$f":"SUMIF($L$44:$L$143,$L$145,S44:S143)","v":0},0,0,{"$f":"SUMIF($L$44:$L$143,$L$145,V44:V143)","v":0},2.6347893768541018,5.2369113370408806,7.8099565335175329,10.35562999695307,12.874213446437992,15.364616590550126,17.82502274795273,20.327476663326966,22.878459997959542,25.486697129096399,28.152974052549865,30.878074774471905,33.662180029330386,36.505435225440969,39.407929313361606,{"$f":"SUMIF($L$44:$L$143,$L$145,AL44:AL143)","v":42.369007705387617},45.387903160373284,48.46373074389718,51.595482673206675,54.782023284725909,58.022057758783284,61.3141541184294,64.656757220123168,68.048161164665899,71.486503835556647]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$44:$L$143,$L$146,R44:R143)","v":0},{"$f":"SUMIF($L$44:$L$143,$L$146,S44:S143)","v":0},0,0,0,106.84348109084456,209.78225774523213,308.97666730071899,404.50442338914388,496.40396030565131,584.65772314154958,669.22859315985681,753.06426848379715,836.38664528048719,919.49638403835138,1002.3656354607826,1084.9623397238572,1167.231921801842,1249.1212866403214,1330.5748993004538,{"$f":"SUMIF($L$44:$L$143,$L$146,AL44:AL143)","v":1411.5069180653886},1491.8275775046159,1571.4430963055909,1650.2555854625616,1728.1629666014933,1805.0578288156266,1880.8284818663328,1955.3596619300083,2028.5315335289827,2100.219618322762]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"CitiPower PTRM 2021-26","On 30/6/2021",null,null,null,null,1983.4687249999999,{"$f":"R39+R40-R41-R145","v":2006.5237254992494},{"$f":"S39+S40-S41-S145","v":2024.087274587858},{"$f":"T39+T40-T41-T145","v":2028.5277389525149},2017.1537593339901,{"$f":"V39+V40-V41-V145","v":1992.3949135758721},{"$f":"W39+W40-W41-W145","v":1967.6922199262758},1945.7047333255541,1925.0065696825873,1904.521438507378,1883.2118425370184,1860.5284947644432,1892.3244856872452,1929.0218281535906,1972.3164360414655,{"$f":"AF39+AF40-AF41-AF145","v":2016.2054041739705},2060.687227994717,2105.305720969232,2150.0341699011592,2194.82988213723,2239.1306033031437,{"$f":"AL39+AL40-AL41-AL145","v":2282.8511462697552},2325.9025128476983,2368.1918066588519,2409.6223258172927,2450.0737184655245,2489.4422679782115,2527.6348373126057,2564.537426917921,2600.0319072156867,2633.99566198191]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":2033.0554431249998},{"$f":"S39*S8","v":2108.1039891026489},2179.7206101854649,2239.1150672461704,2282.2243299736751,2310.5672677547791,2338.9677094301428,2370.6522847826163,2404.069421782563,2437.9484575239062,2470.9371324061594,2502.2039798004848,2608.590203964608,2725.6573432679779,2856.5022780729405,2993.0682549024596,3135.5793166911303,3283.5584211470368,3437.1525248645371,3596.4843285106936,3760.803123993127,3930.0912383509444,4104.3124206702232,4283.4099742927347,4467.3050901342667,4655.8572035734524,4848.9356951240325,5046.4103619317902,5248.0883532144935,5453.7426331538063]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":134.1456365696767},{"$f":"S40*S8","v":137.27547344393764},132.69261247567945,123.72010033115401,115.74210814921729,123.90568180000582,125.49379390528729,127.23942396624373,129.0546426926374,130.8952587301394,132.68866841049626,134.40211908586764,140.14039511951538,146.45452948677089,153.50251392849671,160.85501465674957,168.51873294454109,176.47172939799796,184.72649865497198,193.28963514630237,202.12079277840911,211.21902173479057,220.58237374450047,230.20780169947943,240.0910700803307,250.22462437495383,260.60144456309138,271.21453301597933,282.05352515145051,293.10621914503344]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$8","v":49.586718125000004},{"$f":"R156*$O$8","v":51.417170465918268},{"$f":"S156*$O$8","v":53.163917321596706},{"$f":"T156*$O$8","v":54.612562615760261},55.66400804813842,56.355299213531204,57.047992912930319,57.820787433722359,58.635839555672284,59.462157500583089,60.266759326979503,61.029365360987441,63.624151316209954,66.479447396779946,69.670787270071727,73.001664753718543,76.477544309539766,80.086790759683836,83.832988411330192,{"$f":"AJ156*$O$8","v":87.719129963675471},91.726905463247022,95.855883862218178,100.10518099195667,104.47341400713988,108.95866073498212,113.5574927700842,118.26672427131787,123.08317955931196,128.00215495645111,133.01811300375138]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R145*R8)","v":110.51426105794611},{"$f":"(S41*S8)+(S145*S8)","v":118.82276968271813},127.91071803073389,136.27484565178784,143.75446958164406,152.55323303757234,151.63000598653571,152.45812652196889,154.63776445187693,158.17334317486561,162.45118637715819,91.640046237954436,89.552703212925138,85.280381951879406,89.938201852695329,94.821497177618951,100.6264192483182,106.71061409182707,113.11382497249056,120.69774512711523,128.68856228280964,137.10302040746774,145.95823412912912,155.27134659292938,165.0964494112296,175.41285709569041,186.20995731464518,197.53869668972527,209.4173582158883,221.86494828351942]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154-R153","v":60.92754293294611},{"$f":"S154-S153","v":67.405599216799857},74.746800709137176,81.662283036027588,88.090461533505646,96.197933824041144,94.582013073605395,94.637339088246534,96.001924896204656,98.711185674282518,102.1844270501787,30.610680876966995,25.928551896715184,18.80093455509946,20.267414582623601,21.819832423900408,24.148874938778434,26.623823332143232,29.28083656116037,32.978615163439756,36.96165681956262,41.24713654524956,45.853053137172452,50.797932585789496,56.137788676247482,61.855364325606217,67.943233043327311,74.455517130413313,81.415203259437192,88.846835279768044]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q147*Q8","v":1983.4687249999999},{"$f":"R147*R8","v":2056.6868186367305},2126.5566928638682,2184.5025046304104,2226.5603219255368,2254.2119685412481,2281.9197165172127,2312.8314973488941,2345.4335822268913,2378.4863000233236,2410.6703730791801,2441.1746144394974,2544.9660526483981,2659.177895871198,2786.8314908028692,2920.0665901487414,3059.1017723815908,3203.4716303873533,3353.3195364532075,3508.7651985470184,3669.0762185298804,3834.2353544887269,4004.2072396782669,4178.9365602855951,4358.3464293992847,4542.2997108033678,4730.6689708527147,4923.3271823724781,5120.0861982580436,5320.7245201500546,5524.9839040153211]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$13","v":1190.0812349999999},{"$f":"R156*$O$13","v":1234.0120911820384},1275.9340157183208,1310.7015027782461,1335.9361931553219,1352.5271811247487,1369.1518299103275,1387.6988984093364,1407.2601493361346,1427.0917800139941,1446.4022238475079,1464.7047686636984,1526.9796315890387,1595.5067375227188,1672.0988944817216,1752.0399540892447,1835.4610634289545,1922.082978232412,2011.9917218719245,2105.2591191282108,2201.4457311179281,2300.541212693236,2402.5243438069601,2507.3619361713568,2615.0078576395708,2725.3798264820207,2838.4013825116285,2953.9963094234868,3072.0517189548259,3192.4347120900325]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$14","v":793.38749000000007},{"$f":"R156*$O$14","v":822.67472745469229},850.6226771455473,873.80100185216418,890.62412877021472,901.68478741649926,912.7678866068851,925.13259893955774,938.17343289075654,951.39452000932943,964.26814923167206,976.46984577579906,1017.9864210593593,1063.6711583484791,1114.7325963211476,1168.0266360594967,1223.6407089526363,1281.3886521549414,1341.3278145812831,1403.5060794188075,1467.6304874119523,1533.6941417954909,1601.6828958713068,1671.5746241142381,1743.3385717597139,1816.9198843213471,1892.2675883410859,1969.3308729489913,2048.0344793032177,2128.2898080600221]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160*WACC!V176","v":53.76999010390152},{"$f":"S160*WACC!W176","v":55.369040042492621},{"$f":"T160*WACC!X176","v":57.235639373368571},{"$f":"U160*WACC!Y176","v":58.780183323453414},{"$f":"V160*WACC!Z176","v":60.164236716920456},{"$f":"W160*WACC!AA176","v":61.301907705303577},{"$f":"X160*WACC!AB176","v":62.724791883433348},{"$f":"Y160*WACC!AC176","v":64.392799261309179},{"$f":"Z160*WACC!AD176","v":66.130339423045783},{"$f":"AA160*WACC!AE176","v":67.903814945049305},{"$f":"AB160*WACC!AF176","v":69.675573084066627},{"$f":"AC160*WACC!AG176","v":71.878911518627916},{"$f":"AD160*WACC!AH176","v":75.852666962059445},{"$f":"AE160*WACC!AI176","v":80.215924478975168},{"$f":"AF160*WACC!AJ176","v":84.736829857052953},{"$f":"AG160*WACC!AK176","v":89.31532222380271},{"$f":"AH160*WACC!AL176","v":93.752937928230409},{"$f":"AI160*WACC!AM176","v":98.17747144931829},{"$f":"AJ160*WACC!AN176","v":102.76989186595911},{"$f":"AK160*WACC!AO176","v":107.5338678935196},{"$f":"AL160*WACC!AP176","v":112.44695357159549},{"$f":"AM160*WACC!AQ176","v":117.50862048363649},{"$f":"AN160*WACC!AR176","v":122.71778473753223},{"$f":"AO160*WACC!AS176","v":128.0727511191794},{"$f":"AP160*WACC!AT176","v":133.57116325916934},{"$f":"AQ160*WACC!AU176","v":139.20881831493583},{"$f":"AR160*WACC!AV176","v":144.98181080064975},{"$f":"AS160*WACC!AW176","v":150.88624768766263},{"$f":"AT160*WACC!AX176","v":156.91636279193318},{"$f":"AU160*WACC!AY176","v":163.06536780647431}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161*WACC!V177","v":40.938794483999928},{"$f":"S161*WACC!W177","v":49.023348317795175},{"$f":"T161*WACC!X177","v":53.252312097350917},{"$f":"U161*WACC!Y177","v":54.701651026799432},{"$f":"V161*WACC!Z177","v":57.539542320484195},{"$f":"W161*WACC!AA177","v":59.154044260723033},{"$f":"X161*WACC!AB177","v":61.708457383961012},{"$f":"Y161*WACC!AC177","v":63.476756948431891},{"$f":"Z161*WACC!AD177","v":64.371536624419932},{"$f":"AA161*WACC!AE177","v":65.278684134497581},{"$f":"AB161*WACC!AF177","v":66.161991277849324},{"$f":"AC161*WACC!AG177","v":66.999194643915857},{"$f":"AD161*WACC!AH177","v":69.847799872643719},{"$f":"AE161*WACC!AI177","v":72.982398057248275},{"$f":"AF161*WACC!AJ177","v":76.485911490180783},{"$f":"AG161*WACC!AK177","v":80.142611957928835},{"$f":"AH161*WACC!AL177","v":83.958498450304873},{"$f":"AI161*WACC!AM177","v":87.920797648415899},{"$f":"AJ161*WACC!AN177","v":92.033444472655674},{"$f":"AK161*WACC!AO177","v":96.299724364955352},{"$f":"AL161*WACC!AP177","v":100.69953631116574},{"$f":"AM161*WACC!AQ177","v":105.23240709880844},{"$f":"AN161*WACC!AR177","v":109.89736607079169},{"$f":"AO161*WACC!AS177","v":114.69289511329629},{"$f":"AP161*WACC!AT177","v":119.61688402858633},{"$f":"AQ161*WACC!AU177","v":124.6655690481989},{"$f":"AR161*WACC!AV177","v":129.83545269532766},{"$f":"AS161*WACC!AW177","v":135.12304864893585},{"$f":"AT161*WACC!AX177","v":140.52319312253763},{"$f":"AU161*WACC!AY177","v":146.02980698864894}]
[]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,96.756793205622444,97.459152632965768,101.9451809238052,103.49829469020212,106.56285499553108,{"$f":"V166*(1+$O$8)","v":109.22692637041935},{"$f":"W166*(1+$O$8)","v":111.95759952967983},114.75653951792181,117.62545300586984,120.56608933101658,123.580241564292,126.66974760339929,129.83649129348427,133.08240357582136,136.40946366521689,139.81970025684731,143.31519276326847,146.89807258235018,150.57052439690892,154.33478750683165,158.19315719450242,162.14798612436496,166.20168577747407,170.3567279219109,174.61564611995865,178.98103727295759,183.45556320478153,188.04195228490104,192.74300109202355,197.56157611932412]
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[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R306","v":16.918715244619367},{"$f":"S306","v":17.286113465794259},15.308567657881138,18.118352840028642,19.509367457046679,17.650448717255397,18.525706365856415,19.975135152315929,20.924968456533904,21.700153983725013,22.375149495047975,0,0,0,0,0,0,0,{"$f":"AJ306","v":0},{"$f":"AK306","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169*$O$17","v":9.8974484181023286},{"$f":"S169*$O$17","v":10.112376377489641},8.9555120798604655,10.599236411416754,11.412979962372306,10.325512499594407,10.837538224026002,11.685454064104817,12.241106547072333,12.694590080479133,13.089462454603064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Additional tax income calculations",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,58.108926340790433,59.845721974587029,53.045685579536752,52.682514348150967,54.256938380740692]
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[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q184","v":1766.2595024225755},{"$f":"R184","v":1845.8009342055223},1914.0799802611295,1959.8280399293508,1996.0961732300668,2018.839638806845,1921.1928376519381,1831.1267631861606,1749.2209402023627,1673.384705547058,1601.5655156076409,1532.5519526120352,1463.8775024501508,1396.4571321777094,1330.2301543767237,1264.7502392821066,1200.0716802526417,1136.5764172128956,1073.6913421331817,1011.3868096605703,949.88692639146052,888.85717509982635,828.27751940688393,768.12878015539013,708.39259858797743,649.0514011136712,590.08836559380018,531.48738908150267,473.23305695189367,415.31061336269312]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"CitiPower PTRM 2021-26","TaxDep",null,null,null,null,null,110.60081310218889,125.82802837817248,136.3692951044417,136.17105537282774,142.95210487258262,97.64680115490691,90.066074465777447,81.90582298379779,75.836234655304622,71.819189939417214,69.013562995605739,68.674450161884295,67.420370272441517,66.226977800985736,65.479915094617226,64.678559029464921,63.495263039746007,62.885075079713914,62.304532472611442,61.499883269109816,61.029751291634149,60.579655692942374,60.148739251493758,59.736181567412658,59.341197474306185,58.96303551987107,58.600976512297564,58.254332129609026,57.92244358920054,57.604680374959756]
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[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,190.14224488513565,194.10707443377999,182.11735477266294,172.43918867354395,165.69557044936084]
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[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,1766.2595024225755,{"$f":"R179-R180+R182","v":1845.8009342055223},{"$f":"S179-S180+S182","v":1914.0799802611295},1959.8280399293508,1996.0961732300668,2018.839638806845,1921.1928376519381,1831.1267631861606,1749.2209402023627,1673.384705547058,1601.5655156076409,1532.5519526120352,1463.8775024501508,1396.4571321777094,1330.2301543767237,1264.7502392821066,1200.0716802526417,1136.5764172128956,1073.6913421331817,1011.3868096605703,949.88692639146052,888.85717509982635,828.27751940688393,768.12878015539013,708.39259858797743,649.0514011136712,590.08836559380018,531.48738908150267,473.23305695189367,415.31061336269312,357.70593298773338]
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[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V40*V8","v":115.74210814921729},{"$f":"W40*W8","v":123.90568180000582},125.49379390528729,127.23942396624373,129.0546426926374,130.8952587301394,132.68866841049626,134.40211908586764,140.14039511951538,146.45452948677089,153.50251392849671,160.85501465674957,168.51873294454109,176.47172939799796,184.72649865497198,193.28963514630237,202.12079277840911,211.21902173479057,220.58237374450047,230.20780169947943,240.0910700803307,250.22462437495383,260.60144456309138,271.21453301597933,282.05352515145051,293.10621914503344]
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[null,null,null,null,null,"Future TAB calculations"]
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[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,6,null,null,{"$f":"IF(R$2>=$O190,IF(R189-(R189*HLOOKUP($O190,$R$2:$AU$34,32,FALSE))<=0,R189,R189*HLOOKUP($O190,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,6.1952840900002917,5.885519885500277,5.5912438912252638,5.3116816966640004,5.0460976118308007,4.7937927312392601,4.5541030946772976,4.3263979399434325,4.1100780429462604,3.9045741407989478,3.7093454337590006,3.5238781620710506,3.3476842539674978,3.1803000412691227,3.0212850392056669,2.8702207872453833,2.7267097478831142,2.5903742604889586,2.4608555474645106,2.337812770091285,2.2209221315867209,2.1098760250073849,2.0043822237570157,1.9041631125691649,1.8089549569407066]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,7,null,null,{"$f":"IF($O191=R$2,R$186,IF(R$2>$O191,Q191-Q192,0))","v":0},0,0,0,0,0,125.49379390528729,119.21910421002292,113.25814899952178,107.59524154954569,102.21547947206841,97.104705498464995,92.249470223541749,87.636996712364663,83.255146876746437,79.09238953290911,75.137770056263648,71.380881553450465,67.811837475777935,64.421245601989042,61.20018332188959,58.140174155795108,55.233165448005352,52.471507175605083,49.847931816824826,47.355535225983587,44.987758464684404,42.73837054145018,40.601452014377671,38.571379413658789]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,7,null,null,{"$f":"IF(R$2>=$O192,IF(R191-(R191*HLOOKUP($O192,$R$2:$AU$34,32,FALSE))<=0,R191,R191*HLOOKUP($O192,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,6.2746896952643647,5.9609552105011465,5.662907449976089,5.3797620774772845,5.110773973603421,4.8552352749232499,4.6124735111770878,4.3818498356182332,4.1627573438373222,3.9546194766454557,3.7568885028131827,3.5690440776725234,3.3905918737888969,3.2210622800994524,3.0600091660944795,2.9070087077897555,2.7616582724002678,2.6235753587802542,2.4923965908412415,2.3677767612991794,2.2493879232342202,2.1369185270725093,2.0300726007188836,1.9285689706829396]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,8,null,null,{"$f":"IF($O193=R$2,R$186,IF(R$2>$O193,Q193-Q194,0))","v":0},0,0,0,0,0,0,127.23942396624373,120.87745276793154,114.83358012953497,109.09190112305822,103.63730606690531,98.455440763560048,93.532668725382052,88.856035289112953,84.413233524657301,80.192571848424436,76.182943256003213,72.373796093203055,68.755106288542905,65.317350974115755,62.05148342540997,58.948909254139473,56.001463791432499,53.201390601860872,50.541321071767825,48.014255018179433,45.613542267270461,43.332865153906937,41.166221896211589]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,8,null,null,{"$f":"IF(R$2>=$O194,IF(R193-(R193*HLOOKUP($O194,$R$2:$AU$34,32,FALSE))<=0,R193,R193*HLOOKUP($O194,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,6.3619711983121867,6.0438726383965777,5.7416790064767484,5.4545950561529111,5.1818653033452655,4.9227720381780031,4.6766334362691024,4.4428017644556475,4.220661676232865,4.0096285924212216,3.8091471628001607,3.618689804660153,3.4377553144271453,3.265867548705788,3.1025741712704988,2.9474454627069737,2.8000731895716253,2.6600695300930437,2.5270660535883915,2.4007127509089718,2.2806771133635233,2.1666432576953469,2.0583110948105796]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,9,null,null,{"$f":"IF($O195=R$2,R$186,IF(R$2>$O195,Q195-Q196,0))","v":0},0,0,0,0,0,0,0,129.0546426926374,122.60191055800553,116.47181503010525,110.64822427859998,105.11581306466998,99.860022411436475,94.867021290864656,90.123670226321423,85.617486715005356,81.336612379255087,77.269781760292332,73.406292672277715,69.735978038663831,66.249179136730646,62.936720179894117,59.789884170899413,56.800389962354444,53.960370464236725,51.262351941024889,48.699234343973643,46.264272626774961,43.951058995436213]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,9,null,null,{"$f":"IF(R$2>=$O196,IF(R195-(R195*HLOOKUP($O196,$R$2:$AU$34,32,FALSE))<=0,R195,R195*HLOOKUP($O196,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,6.4527321346318702,6.1300955279002771,5.8235907515052627,5.5324112139299997,5.2557906532334995,4.9930011205718241,4.7433510645432326,4.5061835113160713,4.2808743357502683,4.0668306189627543,3.8634890880146169,3.6703146336138861,3.4867989019331915,3.3124589568365326,3.1468360089947058,2.9894942085449707,2.8400194981177225,2.6980185232118363,2.5631175970512445,2.4349617171986822,2.3132136313387481,2.1975529497718109]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,10,null,null,{"$f":"IF($O197=R$2,R$186,IF(R$2>$O197,Q197-Q198,0))","v":0},0,0,0,0,0,0,0,0,130.8952587301394,124.35049579363243,118.13297100395081,112.22632245375327,106.6150063310656,101.28425601451232,96.22004321378671,91.409041053097368,86.838589000442497,82.496659550420375,78.371826572899352,74.453235244254387,70.730573482041663,67.194044807939576,63.834342567542599,60.642625439165471,57.6104941672072,54.729969458846838,51.993470985904494,49.393797436609269,46.924107564778808]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,10,null,null,{"$f":"IF(R$2>=$O198,IF(R197-(R197*HLOOKUP($O198,$R$2:$AU$34,32,FALSE))<=0,R197,R197*HLOOKUP($O198,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,6.5447629365069702,6.2175247896816224,5.9066485501975414,5.611316122687664,5.3307503165532806,5.0642128007256169,4.8110021606893358,4.5704520526548684,4.3419294500221248,4.1248329775210193,3.9185913286449678,3.7226617622127196,3.5365286741020832,3.3597022403969792,3.19171712837713,3.0321312719582738,2.88052470836036,2.7364984729423423,2.599673549295225,2.4696898718304636,2.3462053782389405]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,11,null,null,{"$f":"IF($O199=R$2,R$186,IF(R$2>$O199,Q199-Q200,0))","v":0},0,0,0,0,0,0,0,0,0,132.68866841049626,126.05423498997145,119.75152324047288,113.76394707844923,108.07574972452677,102.67196223830044,97.538364126385417,92.661445920066143,88.028373624062837,83.626954942859697,79.445607195716718,75.473326835930877,71.699660494134335,68.114677469427619,64.708943595956242,61.473496416158433,58.39982159535051,55.479830515582982,52.70583898980383,50.070547040313642]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O281=R$2,R$186,IF(R$2>$O281,Q281-Q282,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O282,IF(R281-(R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE))<=0,R281,R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O283=R$2,R$186,IF(R$2>$O283,Q283-Q284,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O284,IF(R283-(R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE))<=0,R283,R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O285=R$2,R$186,IF(R$2>$O285,Q285-Q286,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,54,null,null,{"$f":"IF(R$2>=$O286,IF(R285-(R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE))<=0,R285,R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O287=R$2,R$186,IF(R$2>$O287,Q287-Q288,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O288,IF(R287-(R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE))<=0,R287,R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Closing TAB (New assets)",null,null,null,null,null,"TAB",null,null,null,null,null,{"$f":"SUMIF($L$189:$L$288,\"TAB\",R189:R288)-SUMIF($L$189:$L$288,\"TaxDep\",R189:R288)","v":0},{"$f":"SUMIF($L$189:$L$288,\"TAB\",S189:S288)-SUMIF($L$189:$L$288,\"TaxDep\",S189:S288)","v":0},0,0,0,117.71039771000554,231.04398203452817,340.36923570073333,445.95268447370222,548.00554604364959,646.65950373143846,742.00854167644081,838.04148995615822,935.27121847078274,1034.3350457793156,1135.4305574142618,1238.7518258408627,1344.4623774769175,1452.7294323252952,1563.7181140980176,1677.5469615326056,1794.3276841040265,1914.1645549561006,2037.153738822801,2163.3825684579751,2292.9268331912822,2425.8518638666546,2562.2130770385024,2702.0532720804558,2845.4015166642143]
[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R184+R290","v":1845.8009342055223},{"$f":"S184+S290","v":1914.0799802611295},1959.8280399293508,1996.0961732300668,2018.839638806845,2038.9032353619436,2062.1707452206888,2089.5901759030962,2119.3373900207603,2149.5710616512906,2179.2114563434734,2205.8860441265915,2234.4986221338677,2265.5013728475064,2299.0852850614219,2335.5022376669035,2375.3282430537583,2418.153719610099,2464.1162419858656,2513.6050404894781,2566.4041366324318,2622.6052035109105,2682.2933351114907,2745.5463374107785,2812.4339695716462,2883.0151987850822,2957.3392529481571,3035.446133990396,3117.3638854431488,3203.1074496519477]
[]
[null,null,null,null,null,"Total tax depreciation",null,null,null,null,null,"TaxDep",null,null,null,null,null,{"$f":"SUMIF($L$180:$L$288,$L$294,R180:R288)","v":110.60081310218889},{"$f":"SUMIF($L$180:$L$288,$L$294,S180:S288)","v":125.82802837817248},136.3692951044417,136.17105537282774,142.95210487258262,103.8420852449072,102.22628404654209,99.819993283836382,99.307428574973159,100.66158709960929,103.04827371831303,107.72753130274961,111.52781711223935,115.45177877313219,119.9186017145812,124.43806205126818,128.69272755768617,133.64625284165697,138.76397627920593,143.80083664268969,149.32169663545551,155.0179548563122,160.89424214392011,166.95479940019166,173.20343791946277,179.64339516151747,186.27739040001623,193.1076519737407,200.13577369869819,207.36265493623415]
[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R166+R294+R325","v":280.63591650838629},{"$f":"S163+S166+S294+S325","v":295.03440530086436},307.24146271719098,309.49546932322829,325.29317401155424,274.37091932063015,276.90867545965529,278.96933206306738,283.06322100388877,289.13149137567518,296.30408836667164,306.27619042477681,317.21697536778305,328.75010682792868,341.06489523685104,353.5730845319182,365.76085824918505,378.72179687332545,392.10439254207392,405.66949204304092,419.96180740155341,434.67456146431363,449.81371265892642,465.38427844128194,481.39024729859079,497.83325074941092,514.71476440544745,532.03585194630432,549.79513758265489,567.98959886203261]
[]
[null,null,null,null,null,"Tax calculation"]
[]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R173-R296","v":56.395717482064583},{"$f":"S173-S296","v":57.620378219314205},51.028558859603777,60.394509466762145,65.031224856822234,58.834829057517993,61.75235455285474,66.583783841053105,69.749894855113041,72.333846612416664,74.583831650159937,-10.117655781866802,-15.751465342880465,-23.668446160784413,-23.165275641776816,-22.475617669438975,-20.585354168602919,-19.101631861097871,-17.449695245389876,-14.522497114294595,-11.66050350472716,-8.5384112122541751,-5.1438229359559955,-1.4639717011058337,2.5512347853709798,6.8775382122875612,11.501295338638784,16.470913805608575,21.802622683276695,27.513987332182865]
[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R302<0,R302,0)","v":0},{"$f":"IF(S302<0,S302,0)","v":0},0,0,0,0,0,0,0,0,0,-10.117655781866802,-25.869121124747267,-49.537567285531679,-72.702842927308495,-95.17846059674747,-115.76381476535039,-134.86544662644826,-152.31514187183814,-166.83763898613273,-178.49814249085989,-187.03655370311407,-192.18037663907006,-193.6443483401759,-191.09311355480492,-184.21557534251735,-172.71428000387857,-156.24336619827,-134.4407435149933,-106.92675618281044]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R300+Q301","v":56.395717482064583},{"$f":"S300+R301","v":57.620378219314205},51.028558859603777,60.394509466762145,{"$f":"V300+U301","v":65.031224856822234},58.834829057517993,61.75235455285474,66.583783841053105,69.749894855113041,72.333846612416664,74.583831650159937,-10.117655781866802,-25.869121124747267,-49.537567285531679,-72.702842927308495,-95.17846059674747,-115.76381476535039,-134.86544662644826,-152.31514187183814,-166.83763898613273,-178.49814249085989,-187.03655370311407,-192.18037663907006,-193.6443483401759,-191.09311355480492,-184.21557534251735,-172.71428000387857,-156.24336619827,-134.4407435149933,-106.92675618281044]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R302>0,R302*$O$16,0)","v":16.918715244619374},{"$f":"IF(S302>0,S302*$O$16,0)","v":17.286113465794262},15.308567657881133,18.118352840028642,{"$f":"IF(V302>0,V302*$O$16,0)","v":19.509367457046668},17.650448717255397,18.525706365856422,19.975135152315932,20.924968456533911,21.700153983724999,22.375149495047982,0,0,0,{"$f":"IF(AF302>0,AF302*$O$16,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R170","v":9.8974484181023286},{"$f":"S170","v":10.112376377489641},8.9555120798604655,10.599236411416754,11.412979962372306,10.325512499594407,10.837538224026002,11.685454064104817,12.241106547072333,12.694590080479133,13.089462454603064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R296+Q301+R317+R172)*$O$16/(1-(1-$O$17)*$O$16))","v":16.918715244619367},{"$f":"MAX(0,(S163+S164+S166+S167-S296+R301+S317+S172)*$O$16/(1-(1-$O$17)*$O$16))","v":17.286113465794259},15.308567657881138,18.118352840028642,19.509367457046679,17.650448717255397,18.525706365856415,19.975135152315929,20.924968456533904,21.700153983725013,22.375149495047975,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,5.2502267207725541,1.8049912132940875,-2.9307783098146984,-3.7852270365326106,0]
[null,null,null,null,null,"CESS",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,13.651595014998703,13.651595014998703,13.651595014998703,13.651595014998703,13.651595014998703]
[null,null,null,null,null,"Shared asset decrements",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,-0.29925969182712242,-0.29925969182712242,-0.29925969182712242,-0.29925969182712242,-0.29925969182712242]
[null,null,null,null,null,"DMIS",null,null,null,null,"CitiPower PTRM 2021-26",null,null,null,null,null,null,0.42994536744453205,0.43166501354836262,0.43502121674474198,0.43996449767196089,0.44814557189643334]
[null,null,null,null,null,null,null,null,null,null,"CitiPower PTRM 2021-26"]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R312:R316)*R8","v":19.508320096673383},{"$f":"SUM(S312:S316)*S8","v":16.378184247233492},{"$f":"SUM(T312:T316)*T8","v":11.691347315575531},{"$f":"SUM(U312:U316)*U8","v":11.045935936745012},{"$f":"SUM(V312:V316)*V8","v":15.613977426520108}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164","v":94.708784587901448},104.3923883602878,110.48795147071948,113.48183435025285,117.70377903740464,120.45595196602662,124.43324926739436,127.86955620974106,130.50187604746571,133.18249907954689,135.83756436191595,138.87810616254376,145.70046683470315,153.19832253622343,161.22274134723375,169.45793418173156,177.71143637853527,186.0982690977342,194.80333633861477,203.83359225847494,213.14648988276122,222.74102758244493,232.6151508083239,242.76564623247569,253.18804728775567,263.8743873631347,274.81726349597739,286.00929633659848,297.43955591447082,309.09517479512328]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":60.92754293294611},67.405599216799857,74.746800709137176,81.662283036027588,88.090461533505646,96.197933824041144,94.582013073605395,94.637339088246534,96.001924896204656,98.711185674282518,102.1844270501787,30.610680876966995,25.928551896715184,18.80093455509946,20.267414582623601,21.819832423900408,24.148874938778434,26.623823332143232,29.28083656116037,32.978615163439756,36.96165681956262,41.24713654524956,45.853053137172452,50.797932585789496,56.137788676247482,61.855364325606217,67.943233043327311,74.455517130413313,81.415203259437192,88.846835279768044]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R166","v":96.756793205622444},97.459152632965768,101.9451809238052,103.49829469020212,106.56285499553108,109.22692637041935,111.95759952967983,114.75653951792181,{"$f":"Z166","v":117.62545300586984},120.56608933101658,123.580241564292,126.66974760339929,129.83649129348427,133.08240357582136,136.40946366521689,139.81970025684731,143.31519276326847,146.89807258235018,150.57052439690892,154.33478750683165,158.19315719450242,162.14798612436496,166.20168577747407,170.3567279219109,174.61564611995865,178.98103727295759,183.45556320478153,188.04195228490104,192.74300109202355,197.56157611932412]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304-R305","v":7.0212668265170457},7.1737370883046214,6.3530555780206672,7.5191164286118877,8.0963874946743619,7.3249362176609907,7.6881681418304204,8.2896810882111147,8.6838619094615783,9.0055639032458661,9.2856870404449179,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R317","v":19.508320096673383},{"$f":"S317","v":16.378184247233492},11.691347315575531,11.045935936745012,15.613977426520108,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R321:R325)","v":278.92270764966042},{"$f":"SUM(S321:S325)","v":292.80906154559153},305.22433599725798,317.20746444183948,336.06746048763591,333.20574837814809,338.66103001251003,345.55311590412055,352.81311585900181,361.46533798809185,370.88792001683157,296.15853464291001,301.46551002490264,305.08166066714421,317.89961959507423,331.09746686247928,345.17550408058219,359.62016501222763,374.65469729668405,391.14699492874638,408.30130389682625,426.13615025205945,444.66988972297042,463.9203067401761,483.94148208396177,504.71078896169854,526.21605974408624,548.50676575191289,571.59776026593158,595.50358619421536]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!V176-($O$333/10000)","v":4.5181781312518154E-2},{"$f":"WACC!W176-($O$333/10000)","v":4.4869122789109463E-2},{"$f":"WACC!X176-($O$333/10000)","v":4.4857836430629412E-2},{"$f":"WACC!Y176-($O$333/10000)","v":4.4846353802798888E-2},{"$f":"WACC!Z176-($O$333/10000)","v":4.5035262181811024E-2},{"$f":"WACC!AA176-($O$333/10000)","v":4.5323974675559195E-2},{"$f":"WACC!AB176-($O$333/10000)","v":4.5812882481807371E-2},{"$f":"WACC!AC176-($O$333/10000)","v":4.6402572874504736E-2},{"$f":"WACC!AD176-($O$333/10000)","v":4.69922632672021E-2},{"$f":"WACC!AE176-($O$333/10000)","v":4.7581953659899458E-2},{"$f":"WACC!AF176-($O$333/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG176-($O$333/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH176-($O$333/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI176-($O$333/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ176-($O$333/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK176-($O$333/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX176-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY176-($O$333/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!G31","v":2.410923917605513E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O334","v":2.6285958228514966E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$331)*R333","v":53.76999010390152},{"$f":"(R156*$O$331)*S333","v":55.369040042492621},57.235639373368571,58.780183323453414,60.164236716920456,61.301907705303577,62.724791883433348,64.392799261309179,66.130339423045783,67.903814945049305,69.675573084066627,71.878911518627916,75.852666962059445,80.215924478975168,84.736829857052953,89.31532222380271,93.752937928230409,98.17747144931829,102.76989186595911,107.5338678935196,112.44695357159549,117.50862048363649,122.71778473753223,128.0727511191794,133.57116325916934,139.20881831493583,144.98181080064975,150.88624768766263,156.91636279193318,163.06536780647431]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O342=R$2,R$186,IF(R$2>$O342,Q342-Q343,0))","v":0},{"$f":"IF($O342=S$2,S$186,IF(S$2>$O342,R342-R343,0))","v":0},{"$f":"IF($O342=T$2,T$186,IF(T$2>$O342,S342-S343,0))","v":0},{"$f":"IF($O342=U$2,U$186,IF(U$2>$O342,T342-T343,0))","v":0},{"$f":"IF($O342=V$2,V$186,IF(V$2>$O342,U342-U343,0))","v":0},{"$f":"IF($O342=W$2,W$186,IF(W$2>$O342,V342-V343,0))","v":0},{"$f":"IF($O342=X$2,X$186,IF(X$2>$O342,W342-W343,0))","v":0},{"$f":"IF($O342=Y$2,Y$186,IF(Y$2>$O342,X342-X343,0))","v":0},{"$f":"IF($O342=Z$2,Z$186,IF(Z$2>$O342,Y342-Y343,0))","v":0},{"$f":"IF($O342=AA$2,AA$186,IF(AA$2>$O342,Z342-Z343,0))","v":0},{"$f":"IF($O342=AB$2,AB$186,IF(AB$2>$O342,AA342-AA343,0))","v":0},{"$f":"IF($O342=AC$2,AC$186,IF(AC$2>$O342,AB342-AB343,0))","v":0},{"$f":"IF($O342=AD$2,AD$186,IF(AD$2>$O342,AC342-AC343,0))","v":0},{"$f":"IF($O342=AE$2,AE$186,IF(AE$2>$O342,AD342-AD343,0))","v":0},{"$f":"IF($O342=AF$2,AF$186,IF(AF$2>$O342,AE342-AE343,0))","v":0},{"$f":"IF($O342=AG$2,AG$186,IF(AG$2>$O342,AF342-AF343,0))","v":0},{"$f":"IF($O342=AH$2,AH$186,IF(AH$2>$O342,AG342-AG343,0))","v":0},{"$f":"IF($O342=AI$2,AI$186,IF(AI$2>$O342,AH342-AH343,0))","v":0},{"$f":"IF($O342=AJ$2,AJ$186,IF(AJ$2>$O342,AI342-AI343,0))","v":0},{"$f":"IF($O342=AK$2,AK$186,IF(AK$2>$O342,AJ342-AJ343,0))","v":0},{"$f":"IF($O342=AL$2,AL$186,IF(AL$2>$O342,AK342-AK343,0))","v":0},{"$f":"IF($O342=AM$2,AM$186,IF(AM$2>$O342,AL342-AL343,0))","v":0},{"$f":"IF($O342=AN$2,AN$186,IF(AN$2>$O342,AM342-AM343,0))","v":0},{"$f":"IF($O342=AO$2,AO$186,IF(AO$2>$O342,AN342-AN343,0))","v":0},{"$f":"IF($O342=AP$2,AP$186,IF(AP$2>$O342,AO342-AO343,0))","v":0},{"$f":"IF($O342=AQ$2,AQ$186,IF(AQ$2>$O342,AP342-AP343,0))","v":0},{"$f":"IF($O342=AR$2,AR$186,IF(AR$2>$O342,AQ342-AQ343,0))","v":0},{"$f":"IF($O342=AS$2,AS$186,IF(AS$2>$O342,AR342-AR343,0))","v":0},{"$f":"IF($O342=AT$2,AT$186,IF(AT$2>$O342,AS342-AS343,0))","v":0},{"$f":"IF($O342=AU$2,AU$186,IF(AU$2>$O342,AT342-AT343,0))","v":0}]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O343,IF(R342-(R342*HLOOKUP($O343,$R$2:$AU$34,32,FALSE))<=0,R342,R342*HLOOKUP($O343,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164+R166+R167+R169-R170+R317+R172","v":337.03163399045087},352.65478352017857,358.27002157679476,369.88997878999044,390.32439886837648,333.20574837814814,338.66103001251003,345.55311590412049,352.81311585900181,361.46533798809185,370.88792001683157,296.15853464291001,301.46551002490258,305.08166066714426,317.89961959507423,331.09746686247922,345.17550408058213,359.62016501222757,374.65469729668405,391.14699492874632,408.30130389682625,426.13615025205945,444.66988972297042,463.9203067401761,483.94148208396177,504.71078896169848,526.21605974408624,548.50676575191289,571.59776026593158,595.50358619421547]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338+R166+R294+R325+R343","v":280.63591650838629},295.03440530086436,307.24146271719098,309.49546932322829,325.29317401155424,274.37091932063015,276.90867545965529,278.96933206306738,283.06322100388877,289.13149137567518,296.30408836667164,306.27619042477681,317.21697536778305,328.75010682792868,341.06489523685104,353.5730845319182,365.76085824918505,378.72179687332545,392.10439254207392,405.66949204304092,419.96180740155341,434.67456146431363,449.81371265892642,465.38427844128194,481.39024729859079,497.83325074941092,514.71476440544745,532.03585194630432,549.79513758265489,567.98959886203261]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R345-R346","v":56.395717482064583},{"$f":"S345-S346","v":57.620378219314205},51.028558859603777,60.394509466762145,65.031224856822234,58.834829057517993,61.75235455285474,66.583783841053105,69.749894855113041,72.333846612416664,74.583831650159937,-10.117655781866802,-15.751465342880465,-23.668446160784413,-23.165275641776816,-22.475617669438975,-20.585354168602919,-19.101631861097871,-17.449695245389876,-14.522497114294595,-11.66050350472716,-8.5384112122541751,-5.1438229359559955,-1.4639717011058337,2.5512347853709798,6.8775382122875612,11.501295338638784,16.470913805608575,21.802622683276695,27.513987332182865]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q301","v":0},{"$f":"IF(R349<0,R349,0)","v":0},{"$f":"IF(S349<0,S349,0)","v":0},0,0,0,0,0,0,0,0,0,-10.117655781866802,-25.869121124747267,-49.537567285531679,-72.702842927308495,-95.17846059674747,-115.76381476535039,-134.86544662644826,-152.31514187183814,-166.83763898613273,-178.49814249085989,-187.03655370311407,-192.18037663907006,-193.6443483401759,-191.09311355480492,-184.21557534251735,-172.71428000387857,-156.24336619827,-134.4407435149933,-106.92675618281044]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R347+Q348","v":56.395717482064583},{"$f":"S347+R348","v":57.620378219314205},51.028558859603777,60.394509466762145,65.031224856822234,58.834829057517993,61.75235455285474,66.583783841053105,69.749894855113041,72.333846612416664,74.583831650159937,-10.117655781866802,-25.869121124747267,-49.537567285531679,-72.702842927308495,-95.17846059674747,-115.76381476535039,-134.86544662644826,-152.31514187183814,-166.83763898613273,-178.49814249085989,-187.03655370311407,-192.18037663907006,-193.6443483401759,-191.09311355480492,-184.21557534251735,-172.71428000387857,-156.24336619827,-134.4407435149933,-106.92675618281044]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R346+Q348+R317)*$O$336/(1-(1-$O$17)*$O$336))","v":0},0,0,6.6092069674229065E-2,0.91761244365752015,17.650448717255397,18.525706365856415,19.975135152315929,20.924968456533904,21.700153983725013,22.375149495047975,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R349>0,R349*$O$336,0)","v":16.918715244619374},{"$f":"IF(S349>0,S349*$O$336,0)","v":17.286113465794262},15.308567657881133,18.118352840028642,19.509367457046668,17.650448717255397,18.525706365856422,19.975135152315932,20.924968456533911,21.700153983724999,22.375149495047982,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304-R351","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R304*$O$17)-(R351*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R352+R354","v":0},{"$f":"S352+S354","v":0},{"$f":"T352+T354","v":0},{"$f":"U352+U354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R356*R24","v":0},{"$f":"S356*S24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V182","v":3.8105373117088802E-2},{"$f":"WACC!W182","v":4.111385643441616E-2},{"$f":"WACC!X182","v":4.2312573279042719E-2},{"$f":"WACC!Y182","v":4.2304898624942473E-2},{"$f":"WACC!Z182","v":4.3219807679720307E-2},{"$f":"WACC!AA182","v":4.379225163491339E-2},{"$f":"WACC!AB182","v":4.4886377568662365E-2},{"$f":"WACC!AC182","v":4.5643322150077534E-2},{"$f":"WACC!AD182","v":4.5997136385695955E-2},{"$f":"WACC!AE182","v":4.635095062131437E-2},{"$f":"WACC!AF182","v":4.6704764856932791E-2},{"$f":"WACC!AG182","v":4.7246174206596422E-2},{"$f":"WACC!AH182","v":4.7606760257302864E-2},{"$f":"WACC!AI182","v":4.7967464069619603E-2},{"$f":"WACC!AJ182","v":4.8207933277830739E-2},{"$f":"WACC!AK182","v":4.8388520017200246E-2},{"$f":"WACC!AL182","v":4.8448989569069761E-2},{"$f":"WACC!AM182","v":4.8448989569069761E-2},{"$f":"WACC!AN182","v":4.8448989569069761E-2},{"$f":"WACC!AO182","v":4.8448989569069761E-2},{"$f":"WACC!AP182","v":4.8448989569069761E-2},{"$f":"WACC!AQ182","v":4.8448989569069761E-2},{"$f":"WACC!AR182","v":4.8448989569069761E-2},{"$f":"WACC!AS182","v":4.8448989569069761E-2},{"$f":"WACC!AT182","v":4.8448989569069761E-2},{"$f":"WACC!AU182","v":4.8448989569069761E-2},{"$f":"WACC!AV182","v":4.8448989569069761E-2},{"$f":"WACC!AW182","v":4.8448989569069761E-2},{"$f":"WACC!AX182","v":4.8448989569069761E-2},{"$f":"WACC!AY182","v":4.8448989569069761E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q362*(1+R361)","v":1.0381053731170888},{"$f":"R362*(1+S361)","v":1.0807858883912209},1.1265167204927298,1.1741738961524775,1.2249214661267354,1.2785635352043645,1.3359536207910714,1.3969309822824008,1.4611858071958486,1.5289131583937488,1.6003206879431993,1.6759297179521837,1.7557153022428227,1.8399325129196364,1.9286318567381777,2.0219554979437633,2.1199171987727641,2.2226250450233973,2.3303089826456893,2.4432100982386,2.5615811588032082,2.6856871776463906,2.8158060077019651,2.952228963597642,3.0952614738604902,3.2452237647211009,3.4024515770473709,3.5672969180130041,3.7401288491835913,3.9213343127846643]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q362","v":1},{"$f":"1/R362","v":0.96329334756964902},{"$f":"1/S362","v":0.92525264323031375},0.88769210594815462,0.8516626057492771,0.81637886807719307,0.78212773355855236,0.7485289791780797,0.71585497972572132,0.6843756591908684,0.65405938493627969,0.6248747563747632,0.59668373278916409,0.56956842531506047,0.54349819516650799,0.51850227222278811,0.49457072671330032,0.47171653712650075,0.44991844316659046,0.42912764249171009,0.40929758792374704,0.39038388323687084,0.37234418376169659,0.35513810158254466,0.3387271151155502,0.32307448286518237,0.30814516116608726,0.29390572572609386,0.28032429679472914,0.26737046778970824,0.25501523722160485]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R326*0","v":0},{"$f":"S326*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R367*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R323*0","v":0},{"$f":"S323*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R323-R370","v":96.756793205622444},{"$f":"S323-S370","v":97.459152632965768},101.9451809238052,103.49829469020212,106.56285499553108,109.22692637041935,111.95759952967983,114.75653951792181,117.62545300586984,120.56608933101658,123.580241564292,126.66974760339929,129.83649129348427,133.08240357582136,136.40946366521689,139.81970025684731,143.31519276326847,146.89807258235018,150.57052439690892,154.33478750683165,158.19315719450242,162.14798612436496,166.20168577747407,170.3567279219109,174.61564611995865,178.98103727295759,183.45556320478153,188.04195228490104,192.74300109202355,197.56157611932412]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R370*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$14)*Controls!$J$16","v":12.694199840000001},{"$f":"(R156*$O$14)*Controls!$J$16","v":13.162795639275076},{"$f":"(S156*$O$14)*Controls!$J$16","v":13.609962834328757},{"$f":"(T156*$O$14)*Controls!$J$16","v":13.980816029634628},{"$f":"(U156*$O$14)*Controls!$J$16","v":14.249986060323437},{"$f":"(V156*$O$14)*Controls!$J$16","v":14.426956598663988},{"$f":"(W156*$O$14)*Controls!$J$16","v":14.604286185710162},{"$f":"(X156*$O$14)*Controls!$J$16","v":14.802121583032925},{"$f":"(Y156*$O$14)*Controls!$J$16","v":15.010774926252106},{"$f":"(Z156*$O$14)*Controls!$J$16","v":15.222312320149271},{"$f":"(AA156*$O$14)*Controls!$J$16","v":15.428290387706753},{"$f":"(AB156*$O$14)*Controls!$J$16","v":15.623517532412786},{"$f":"(AC156*$O$14)*Controls!$J$16","v":16.287782736949747},{"$f":"(AD156*$O$14)*Controls!$J$16","v":17.018738533575668},{"$f":"(AE156*$O$14)*Controls!$J$16","v":17.835721541138362},{"$f":"(AF156*$O$14)*Controls!$J$16","v":18.688426176951946},{"$f":"(AG156*$O$14)*Controls!$J$16","v":19.578251343242179},{"$f":"(AH156*$O$14)*Controls!$J$16","v":20.502218434479062},{"$f":"(AI156*$O$14)*Controls!$J$16","v":21.461245033300528},{"$f":"(AJ156*$O$14)*Controls!$J$16","v":22.456097270700919},{"$f":"(AK156*$O$14)*Controls!$J$16","v":23.482087798591238},{"$f":"(AL156*$O$14)*Controls!$J$16","v":24.539106268727853},{"$f":"(AM156*$O$14)*Controls!$J$16","v":25.626926333940908},{"$f":"(AN156*$O$14)*Controls!$J$16","v":26.745193985827811},{"$f":"(AO156*$O$14)*Controls!$J$16","v":27.893417148155422},{"$f":"(AP156*$O$14)*Controls!$J$16","v":29.070718149141555},{"$f":"(AQ156*$O$14)*Controls!$J$16","v":30.276281413457376},{"$f":"(AR156*$O$14)*Controls!$J$16","v":31.509293967183861},{"$f":"(AS156*$O$14)*Controls!$J$16","v":32.768551668851487},{"$f":"(AT156*$O$14)*Controls!$J$16","v":34.052636928960354}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R374*R24","v":12.115687064928762},{"$f":"S374*S24","v":11.956066860966313},11.75166626839766,11.475735074238825,11.109393775722801,10.676834539153417,10.249180754744662,9.843786579164588,9.4563852075225761,9.0811521821480188,8.7130644431888093,8.3483799335204907,8.2320400175069377,8.132926484442466,8.0572233885965989,7.9793691832856206,7.9003442810154896,7.8189648713836739,7.7353435496448206,7.6495389869186674,7.5598639015693418,7.466417983622617,7.3693021918019141,7.2686186756997726,7.1644712312834029,7.0569082300989123,6.9460440076483332,6.8320330277084977,6.7149814864487167,6.5949971017274125]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R367+R370+R374","v":12.694199840000001},{"$f":"S367+S370+S374","v":13.162795639275076},13.609962834328757,13.980816029634628,14.249986060323437,14.426956598663988,14.604286185710162,14.802121583032925,15.010774926252106,15.222312320149271,15.428290387706753,15.623517532412786,16.287782736949747,17.018738533575668,17.835721541138362,18.688426176951946,19.578251343242179,20.502218434479062,21.461245033300528,22.456097270700919,23.482087798591238,24.539106268727853,25.626926333940908,26.745193985827811,27.893417148155422,29.070718149141555,30.276281413457376,31.509293967183861,32.768551668851487,34.052636928960354]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R326-R323","v":182.16591444403798},195.34990891262578,203.27915507345278,213.70916975163738,229.50460549210482,223.97882200772875,226.70343048283019,230.79657638619875,235.18766285313197,240.89924865707525,247.30767845253956,169.48878703951073,171.62901873141837,171.99925709132285,181.49015592985734,191.27776660563197,201.86031131731372,212.72209242987745,224.08417289977513,236.81220742191474,250.10814670232384,263.98816412769452,278.46820394549638,293.56357881826523,309.32583596400309,325.72975168874098,342.76049653930471,360.46481346701182,378.85475917390806,397.94201007489124]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R381-R155","v":121.23837151109187},127.94430969582592,128.53235436431561,132.04688671560979,141.41414395859917,127.78088818368761,132.12141740922479,136.15923729795222,139.18573795692731,142.18806298279273,145.12325140236086,138.87810616254373,145.70046683470318,153.19832253622337,161.22274134723375,169.45793418173156,177.71143637853527,186.0982690977342,194.80333633861477,203.83359225847499,213.14648988276122,222.74102758244496,232.61515080832393,242.76564623247572,253.18804728775561,263.87438736313476,274.81726349597739,286.00929633659848,297.43955591447087,309.09517479512317]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382-R304","v":104.31965626647249},{"$f":"S382-S304","v":110.65819623003166},113.22378670643448,113.92853387558114,121.9047765015525,110.13043946643221,113.59571104336837,116.18410214563629,118.26076950039339,120.48790899906773,122.74810190731289,138.87810616254373,145.70046683470318,153.19832253622337,161.22274134723375,169.45793418173156,177.71143637853527,186.0982690977342,194.80333633861477,203.83359225847499,213.14648988276122,222.74102758244496,232.61515080832393,242.76564623247572,253.18804728775561,263.87438736313476,274.81726349597739,286.00929633659848,297.43955591447087,309.09517479512317]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":60.92754293294611},67.405599216799857,74.746800709137176,81.662283036027588,88.090461533505646,96.197933824041144,94.582013073605395,94.637339088246534,96.001924896204656,98.711185674282518,102.1844270501787,30.610680876966995,25.928551896715184,18.80093455509946,20.267414582623601,21.819832423900408,24.148874938778434,26.623823332143232,29.28083656116037,32.978615163439756,36.96165681956262,41.24713654524956,45.853053137172452,50.797932585789496,56.137788676247482,61.855364325606217,67.943233043327311,74.455517130413313,81.415203259437192,88.846835279768044]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":134.1456365696767},137.27547344393764,132.69261247567945,123.72010033115401,115.74210814921729,123.90568180000582,125.49379390528729,127.23942396624373,129.0546426926374,130.8952587301394,132.68866841049626,134.40211908586764,140.14039511951538,146.45452948677089,153.50251392849671,160.85501465674957,168.51873294454109,176.47172939799796,184.72649865497198,193.28963514630237,202.12079277840911,211.21902173479057,220.58237374450047,230.20780169947943,240.0910700803307,250.22462437495383,260.60144456309138,271.21453301597933,282.05352515145051,293.10621914503344]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R383+R384-R385","v":31.10156262974192},{"$f":"S383+S384-S385","v":40.788322002893892},55.277974939892204,71.870716580454712,94.253129885840863,82.422691490467514,82.683930211686473,83.582017267639074,85.208051703960649,88.303835943210856,92.243860546995307,35.086667953643087,31.488623611902995,25.544727604551923,27.987642001360626,30.422751948882393,33.341578372772602,36.250363031879459,39.35767424480315,43.52257227561239,47.987353923914725,52.769142392903944,57.885830200995912,63.355777118785795,69.234765883672395,75.505127313787142,82.159051976213334,89.250280451032495,96.80123402245755,104.83579092985775]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R387*R24","v":29.684171101897189},37.048961206851985,47.730351757312569,58.992930121158054,73.480432195762219,60.997857260962704,58.026974785078089,55.584163069014984,53.678784983043819,52.67928785078734,52.094346245576283,18.748456234045928,15.914726630123459,12.207332010128692,12.643317132133173,12.989556588293064,13.454212196958281,13.824860759677726,14.185809403236632,14.825711227554319,15.449131600768437,16.055860772925616,16.645701861229547,17.218382675522975,17.783066368080856,18.328847317143588,18.849091236144517,19.351778062966144,19.836656221339023,20.303618153920787]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R305","v":9.8974484181023286},{"$f":"S305","v":10.112376377489641},8.9555120798604655,10.599236411416754,11.412979962372306,10.325512499594407,10.837538224026002,11.685454064104817,12.241106547072333,12.694590080479133,13.089462454603064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R387+R390)*R24","v":39.130563098748091},46.234262825587827,55.463083323608181,67.692996611470306,82.378075184302105,68.639371099046826,65.632679492726268,63.355286636837356,61.390353469291497,60.25248054229607,59.486567096211246,18.748456234045928,15.914726630123459,12.207332010128692,12.643317132133173,12.989556588293064,13.454212196958281,13.824860759677726,14.185809403236632,14.825711227554319,15.449131600768437,16.055860772925616,16.645701861229547,17.218382675522975,17.783066368080856,18.328847317143588,18.849091236144517,19.351778062966144,19.836656221339023,20.303618153920787]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R391:AU391)","v":978.27183583231829}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H393+H400","v":2048.2991852586201}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H394=Q147","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R321+R322","v":155.63632752084754},171.79798757708767,185.23475217985666,195.14411738628044,205.79424057091029,216.65388579006776,219.01526234099975,222.5068952979876,226.50380094367037,231.8936847538294,238.02199141209465,169.48878703951075,171.62901873141834,171.99925709132287,181.49015592985734,191.27776660563197,201.86031131731369,212.72209242987742,224.08417289977513,236.81220742191471,250.10814670232384,263.98816412769452,278.46820394549638,293.56357881826517,309.32583596400315,325.72975168874092,342.76049653930471,360.46481346701182,378.85475917390801,397.9420100748913]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU156","v":5524.9839040153211}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H399*AU24","v":1070.0273494263017}]
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[null,null,"Cashflows (adjusted)"]
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[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R326+R377)-R323","v":194.86011428403799},{"$f":"(S326+S377)-S323","v":208.51270455190087},216.88911790778155,227.68998578127201,243.75459155242822,238.40577860639274,241.30771666854037,245.59869796923169,250.19843777938408,256.12156097722453,262.7359688402463,185.11230457192352,187.91680146836811,189.01799562489853,199.32587747099569,209.96619278258393,221.4385626605559,233.22431086435651,245.54541793307567,259.26830469261563,273.59023450091507,288.5272703964223,304.09513027943729,320.308772804093,337.21925311215853,354.80046983788247,373.03677795276207,391.97410743419573,411.62331084275957,431.99464700385164]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404-R155","v":133.93257135109189},{"$f":"S404-S155","v":141.10710533510101},142.14231719864438,146.02770274524443,155.66413001892258,142.2078447823516,146.72570359493497,150.96135888098516,154.19651288317942,157.41037530294201,160.5515417900676,154.50162369495652,161.98824957165291,170.21706106979906,179.05846288837211,188.14636035868352,197.28968772177745,206.60048753221326,216.26458137191531,226.28968952917586,236.62857768135245,247.28013385117274,258.24207714226486,269.51084021830349,281.08146443591102,292.94510551227626,305.09354490943474,317.51859030378239,330.20810758332237,343.14781172408357]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R405-R351","v":117.01385610647252},{"$f":"S405-S351","v":123.82099186930675},126.83374954076325,127.90934990521578,136.15476256187591,124.5573960650962,128.19999722907855,130.98622372866922,133.27154442664551,135.71022131921703,138.17639229501961,154.50162369495652,161.98824957165291,170.21706106979906,179.05846288837211,188.14636035868352,197.28968772177745,206.60048753221326,216.26458137191531,226.28968952917586,236.62857768135245,247.28013385117274,258.24207714226486,269.51084021830349,281.08146443591102,292.94510551227626,305.09354490943474,317.51859030378239,330.20810758332237,343.14781172408357]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":60.92754293294611},{"$f":"S155","v":67.405599216799857},74.746800709137176,81.662283036027588,88.090461533505646,96.197933824041144,94.582013073605395,94.637339088246534,96.001924896204656,98.711185674282518,102.1844270501787,30.610680876966995,25.928551896715184,18.80093455509946,20.267414582623601,21.819832423900408,24.148874938778434,26.623823332143232,29.28083656116037,32.978615163439756,36.96165681956262,41.24713654524956,45.853053137172452,50.797932585789496,56.137788676247482,61.855364325606217,67.943233043327311,74.455517130413313,81.415203259437192,88.846835279768044]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":134.1456365696767},{"$f":"S152","v":137.27547344393764},132.69261247567945,123.72010033115401,115.74210814921729,123.90568180000582,125.49379390528729,127.23942396624373,129.0546426926374,130.8952587301394,132.68866841049626,134.40211908586764,140.14039511951538,146.45452948677089,153.50251392849671,160.85501465674957,168.51873294454109,176.47172939799796,184.72649865497198,193.28963514630237,202.12079277840911,211.21902173479057,220.58237374450047,230.20780169947943,240.0910700803307,250.22462437495383,260.60144456309138,271.21453301597933,282.05352515145051,293.10621914503344]
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[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R406+R407-R408","v":43.795762469741931},{"$f":"S406+S407-S408","v":53.951117642168981},68.887937774220973,85.85153261008935,108.50311594616427,96.849648089131506,97.288216397396653,98.384138850672016,100.21882663021276,103.52614826336014,107.67215093470205,50.710185486055877,47.776406348852731,42.563466138127609,45.823363542498981,49.111178125834357,52.919829716014789,56.752581466358521,60.818919278103692,65.978669546313256,71.469441722505962,77.308248661631723,83.512756534936813,90.100971104613564,97.128183031827831,104.57584546292864,112.43533338967069,120.7595744182164,129.56978569130905,138.88842785881815]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R410*R363","v":42.188166638842901},49.918414203646464,61.151278557223648,73.116539970277728,88.579650978978023,75.748795755895813,72.823049305999433,70.428775722280363,68.587325538387219,67.71224885795543,67.28160908366867,30.257942766250711,27.211932531328507,23.133167026103134,23.759518117676592,24.288951055440236,24.963158818962587,25.53403309902912,26.099079448706256,27.004910299724003,27.900518192403112,28.785276745961536,29.658561813742711,30.5196420113753,31.379637504642556,32.224540754253979,33.045388257146477,33.851842780017279,34.64313421169755,35.418665377752262]
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[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R305+R354","v":9.8974484181023286},10.112376377489641,8.9555120798604655,10.599236411416754,11.412979962372306,10.325512499594407,10.837538224026002,11.685454064104817,12.241106547072333,12.694590080479133,13.089462454603064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R410+R413)*R363","v":51.722312857914623},{"$f":"(S410+S413)*S363","v":59.274917176258533},69.101015935239118,82.143513271377543,97.896966642047218,83.824665445034086,80.935260729633029,78.793866204425967,76.964840900765495,76.015264638011814,75.460883746065377,30.257942766250711,27.211932531328507,23.133167026103134,23.759518117676592,24.288951055440236,24.963158818962587,25.53403309902912,26.099079448706256,27.004910299724003,27.900518192403112,28.785276745961536,29.658561813742711,30.5196420113753,31.379637504642556,32.224540754253979,33.045388257146477,33.851842780017279,34.64313421169755,35.418665377752262]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R414:AU414)","v":1381.8134083589864}]
[]
[null,null,null,null,null,"Return on/of capital"]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU156","v":5524.9839040153211}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H399*AU363)*Controls!$J$14","v":1529.6096650368645}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H416+H421","v":2911.4230733958511}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":4.7749068787510854E-2},{"$f":"S20","v":5.0757552104838212E-2},5.1956268949464771E-2,5.1948594295364525E-2,5.2863503350142359E-2,5.3435947305335442E-2,5.4530073239084417E-2,5.5287017820499593E-2,5.5640832056118014E-2,5.5994646291736422E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382/Q156","v":6.112441803744189E-2},{"$f":"S382/R156","v":6.2208941359693001E-2},6.0441536684930332E-2,6.0447120768099286E-2,6.3512379415934142E-2,5.6685391598899876E-2,5.7899240035874502E-2,5.8871230979872978E-2,5.9343286892300853E-2,5.9780904763419671E-2,6.0200371242374824E-2,5.6889869877018467E-2,5.7250455927724923E-2,5.7611159740041627E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.8092685239491806E-2,5.809268523949182E-2,5.8092685239491813E-2,5.8092685239491827E-2,5.8092685239491813E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491799E-2,5.809268523949182E-2,5.8092685239491806E-2,5.8092685239491813E-2,5.8092685239491827E-2,5.8092685239491799E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R382-R317)/Q156","v":5.1288961672142565E-2},5.4245558651726929E-2,5.4943753646834785E-2,5.5390621215761243E-2,5.6499779185540618E-2,5.6685391598899876E-2,5.7899240035874502E-2,5.8871230979872978E-2,5.9343286892300853E-2,5.9780904763419671E-2,6.0200371242374824E-2,5.6889869877018467E-2,5.7250455927724923E-2,5.7611159740041627E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.8092685239491806E-2,5.809268523949182E-2,5.8092685239491813E-2,5.8092685239491827E-2,5.8092685239491813E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491799E-2,5.809268523949182E-2,5.8092685239491806E-2,5.8092685239491813E-2,5.8092685239491827E-2,5.8092685239491799E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R405/Q156","v":6.75244180374419E-2},6.8608941359693004E-2,6.6841536684930342E-2,6.6847120768099288E-2,6.9912379415934131E-2,6.3085391598899879E-2,6.4299240035874505E-2,6.5271230979872988E-2,6.5743286892300856E-2,6.6180904763419673E-2,6.660037124237482E-2,6.328986987701847E-2,6.3650455927724919E-2,6.4011159740041637E-2,6.4251628948252787E-2,6.4432215687622307E-2,6.4492685239491809E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491795E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491795E-2,6.4492685239491809E-2,6.4492685239491795E-2,6.4492685239491823E-2,6.4492685239491837E-2,6.4492685239491809E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q156","v":793.38749000000007},{"$f":"$O$14*R156","v":822.67472745469229},850.6226771455473,873.80100185216418,890.62412877021472,901.68478741649926,912.7678866068851,925.13259893955774,938.17343289075654,951.39452000932943,964.26814923167206,976.46984577579906,1017.9864210593593,1063.6711583484791,1114.7325963211476,1168.0266360594967,1223.6407089526363,1281.3886521549414,1341.3278145812831,1403.5060794188075,1467.6304874119523,1533.6941417954909,1601.6828958713068,1671.5746241142381,1743.3385717597139,1816.9198843213471,1892.2675883410859,1969.3308729489913,2048.0344793032177,2128.2898080600221]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q156","v":1190.0812349999999},{"$f":"$O$13*R156","v":1234.0120911820384},1275.9340157183208,1310.7015027782461,1335.9361931553219,1352.5271811247487,1369.1518299103275,1387.6988984093364,1407.2601493361346,1427.0917800139941,1446.4022238475079,1464.7047686636984,1526.9796315890387,1595.5067375227188,1672.0988944817216,1752.0399540892447,1835.4610634289545,1922.082978232412,2011.9917218719245,2105.2591191282108,2201.4457311179281,2300.541212693236,2402.5243438069601,2507.3619361713568,2615.0078576395708,2725.3798264820207,2838.4013825116285,2953.9963094234868,3072.0517189548259,3192.4347120900325,3314.9903424091926]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R435-S435","v":-43.930856182038497},{"$f":"S435-T435","v":-41.921924536282404},-34.767487059925315,-25.234690377075822,-16.590987969426806,-16.624648785578756,-18.547068499008901,-19.561250926798266,-19.831630677859494,-19.310443833513773,-18.302544816190448,-62.274862925340358,-68.527105933680104,-76.59215695900275,-79.94105960752313,-83.421109339709801,-86.621914803457457,-89.908743639512522,-93.267397256286358,-96.186611989717221,-99.095481575307986,-101.98313111372408,-104.83759236439664,-107.64592146821406,-110.37196884244986,-113.02155602960784,-115.59492691185824,-118.05540953133914,-120.38299313520656,-122.55563031916017]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R381-R385-R163-R437","v":38.18114395249826},{"$f":"S381-S385-S163-S437","v":44.62731996247792},48.118390284330076,56.443576474105768,70.189248595393877,55.395881287998108,57.031913193118449,58.725604085444104,59.834311415308278,61.410618815400312,63.24598177416712,25.482619360355528,24.163062583523654,21.920960084579534,23.191871751830803,24.528539064789484,{"$f":"AH381-AH385-AH163-AH437","v":26.210555247999679},27.98163522207372,29.855179635130398,32.175316371809984,34.635881927627224,37.243653022991538,40.005637827860326,42.92894746782045,46.035571466952916,49.317865028459153,52.772168087421818,56.419442294709,60.267864365730929,64.326053442543667]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R439-R304","v":21.262428707878886},{"$f":"S439-S304","v":27.341206496683657},32.809822626448941,38.325223634077126,50.679881138347213,37.745432570742707,38.506206827262027,38.750468933128175,38.909342958774367,39.71046483167531,40.870832279119142,25.482619360355528,24.163062583523654,21.920960084579534,23.191871751830803,24.528539064789484,{"$f":"AH439-AH304","v":26.210555247999679},27.98163522207372,29.855179635130398,32.175316371809984,34.635881927627224,37.243653022991538,40.005637827860326,42.92894746782045,46.035571466952916,49.317865028459153,52.772168087421818,56.419442294709,60.267864365730929,64.326053442543667]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R440+R390","v":31.159877125981215},{"$f":"S440+S390","v":37.4535828741733},41.765334706309403,48.924460045493881,62.092861100719517,48.070945070337117,49.343745051288025,50.435922997232993,51.150449505846701,52.405054912154441,53.960294733722208,25.482619360355528,24.163062583523654,21.920960084579534,23.191871751830803,24.528539064789484,{"$f":"AH440+AH390","v":26.210555247999679},27.98163522207372,29.855179635130398,32.175316371809984,34.635881927627224,37.243653022991538,40.005637827860326,42.92894746782045,46.035571466952916,49.317865028459153,52.772168087421818,56.419442294709,60.267864365730929,64.326053442543667]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R441+R385-R155+R437","v":60.447114580673301},{"$f":"S441+S385-S155+S437","v":65.401532565028674},64.943659412926365,65.747586963544478,73.153519747004367,59.154044260723055,61.708457383961019,63.476756948431927,64.371536624419946,65.278684134497553,66.161991277849324,66.999194643915814,69.847799872643748,72.982398057248247,76.485911490180797,80.142611957928835,{"$f":"AH441+AH385-AH155+AH437","v":83.958498450304887},87.920797648415942,92.033444472655674,96.299724364955352,100.69953631116573,105.23240709880847,109.89736607079172,114.69289511329629,119.61688402858627,124.66556904819896,129.83545269532766,135.12304864893591,140.52319312253769,146.02980698864894]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R443/R434","v":7.6188640913248201E-2},{"$f":"S443/S434","v":7.9498652848346521E-2},7.6348375322956574E-2,7.5243203915058135E-2,8.2137365678623245E-2,6.5603906249999844E-2,6.7605859374999994E-2,6.861368523949192E-2,6.8613685239491892E-2,6.8613685239491837E-2,6.8613685239491878E-2,6.8613685239491837E-2,6.8613685239491906E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491878E-2,{"$f":"AH443/AH434","v":6.8613685239491892E-2},6.861368523949192E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491864E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491837E-2,6.8613685239491906E-2,6.8613685239491878E-2,6.8613685239491906E-2,6.8613685239491906E-2,6.8613685239491878E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R367/R434","v":0},{"$f":"S367/S434","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R370/R434","v":0},{"$f":"S370/S434","v":0},0,0,0,0,0,0,0,{"$f":"AA370/AA434","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R356/R434","v":0},{"$f":"S356/S434","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R163-R338)/R434","v":0},{"$f":"(S163-S338)/S434","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$332*Q156","v":793.38749000000007},{"$f":"$O$332*R156","v":822.67472745469229},850.6226771455473,873.80100185216418,890.62412877021472,901.68478741649926,912.7678866068851,925.13259893955774,938.17343289075654,951.39452000932943,964.26814923167206,976.46984577579906,1017.9864210593593,1063.6711583484791,1114.7325963211476,1168.0266360594967,1223.6407089526363,1281.3886521549414,1341.3278145812831,1403.5060794188075,1467.6304874119523,1533.6941417954909,1601.6828958713068,1671.5746241142381,1743.3385717597139,1816.9198843213471,1892.2675883410859,1969.3308729489913,2048.0344793032177,2128.2898080600221]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$331*Q156","v":1190.0812349999999},{"$f":"$O$331*R156","v":1234.0120911820384},1275.9340157183208,1310.7015027782461,1335.9361931553219,1352.5271811247487,1369.1518299103275,1387.6988984093364,1407.2601493361346,1427.0917800139941,1446.4022238475079,1464.7047686636984,1526.9796315890387,1595.5067375227188,1672.0988944817216,1752.0399540892447,1835.4610634289545,1922.082978232412,2011.9917218719245,2105.2591191282108,2201.4457311179281,2300.541212693236,2402.5243438069601,2507.3619361713568,2615.0078576395708,2725.3798264820207,2838.4013825116285,2953.9963094234868,3072.0517189548259,3192.4347120900325,3314.9903424091926]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R456-S456","v":-43.930856182038497},{"$f":"S456-T456","v":-41.921924536282404},-34.767487059925315,-25.234690377075822,-16.590987969426806,-16.624648785578756,-18.547068499008901,-19.561250926798266,-19.831630677859494,-19.310443833513773,-18.302544816190448,-62.274862925340358,-68.527105933680104,-76.59215695900275,-79.94105960752313,-83.421109339709801,-86.621914803457457,-89.908743639512522,-93.267397256286358,-96.186611989717221,-99.095481575307986,-101.98313111372408,-104.83759236439664,-107.64592146821406,-110.37196884244986,-113.02155602960784,-115.59492691185824,-118.05540953133914,-120.38299313520656,-122.55563031916017]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404-R408-R338-R458","v":50.875343792498271},{"$f":"S404-S408-S338-S458","v":57.790115601753008},61.728353118658845,70.424392503740407,84.439234655717271,69.8228378866621,71.636199378828621,73.527725668477046,74.845086341560389,76.632931135549597,78.674272161873859,41.106136892768319,40.450845320473391,38.939698618155219,41.027593292969158,43.216965241741448,45.788806591241865,48.483853656552782,51.31642466843094,54.631413642510879,58.117969726218462,61.782759291719316,65.632564161801227,69.674141453648218,73.928988615108352,78.388583177600651,83.048449500879173,87.928736261892908,93.03641603458243,98.378690371504064]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R460-R351","v":33.956628547878893},{"$f":"S460-S351","v":40.504002135958743},46.41978546077771,52.306039663711765,64.929867198670607,52.172389169406699,53.110493012972199,53.552590516161118,53.920117885026478,54.932777151824595,56.29912266682588,41.106136892768319,40.450845320473391,38.939698618155219,41.027593292969158,43.216965241741448,45.788806591241865,48.483853656552782,51.31642466843094,54.631413642510879,58.117969726218462,61.782759291719316,65.632564161801227,69.674141453648218,73.928988615108352,78.388583177600651,83.048449500879173,87.928736261892908,93.03641603458243,98.378690371504064]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R461+R413","v":43.854076965981221},{"$f":"S461+S413","v":50.616378513448382},55.375297540638172,62.905276075128519,76.342847161042911,62.497901669001109,63.948031236998204,65.238044580265935,66.161224432098805,67.627367232303726,69.388585121428946,41.106136892768319,40.450845320473391,38.939698618155219,41.027593292969158,43.216965241741448,45.788806591241865,48.483853656552782,51.31642466843094,54.631413642510879,58.117969726218462,61.782759291719316,65.632564161801227,69.674141453648218,73.928988615108352,78.388583177600651,83.048449500879173,87.928736261892908,93.03641603458243,98.378690371504064]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R462+R408-R155+R458","v":73.141314420673311},{"$f":"S462+S408-S155+S458","v":78.564328204303763},78.553622247255134,79.728402993179117,87.403505807327747,73.581000859387046,76.312743569671198,78.278878531464869,79.382311550672057,80.500996454646838,81.590281665556063,82.622712176328605,86.135582609593484,90.001136590823933,94.321633031319152,98.831038134880799,103.53674979354707,108.423016082895,113.49468950595622,118.75582163565628,124.18162410975697,129.77151336753624,135.52429240473262,141.43808909912406,147.51030117674168,153.73628719734046,160.11173410878501,166.63234261611979,173.29174479138919,180.08244391760934]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R464/R455","v":9.2188640913248215E-2},{"$f":"S464/S455","v":9.5498652848346535E-2},9.2348375322956588E-2,9.1243203915058149E-2,9.813736567862319E-2,8.1603906249999844E-2,8.3605859375000022E-2,8.4613685239491934E-2,8.4613685239491906E-2,8.4613685239491851E-2,8.4613685239491865E-2,8.4613685239491837E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.461368523949192E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491865E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491851E-2,8.4613685239491837E-2,8.4613685239491879E-2,8.4613685239491865E-2,8.4613685239491906E-2,8.461368523949192E-2,8.4613685239491893E-2]

{"sheet":"REV - Powercor","index":11,"n_rows":466,"n_cols":48,"rows_kept":466,"cut":false,"hidden":false,"merged":[]}
["Revenue - Powercor"]
["This sheet provides a cash-flow projections for Powercor",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,4.5181781312518175E-2,4.2062200224605911E-2,3.8942619136693654E-2,3.5823038048781383E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2,3.2703456960869126E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2,5.0395197404570095E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V219","v":4.7749068787510854E-2},{"$f":"WACC!W219","v":5.0757552104838212E-2},{"$f":"WACC!X219","v":5.1956268949464771E-2},{"$f":"WACC!Y219","v":5.1948594295364525E-2},{"$f":"WACC!Z219","v":5.2863503350142359E-2},{"$f":"WACC!AA219","v":5.3435947305335442E-2},{"$f":"WACC!AB219","v":5.4530073239084417E-2},{"$f":"WACC!AC219","v":5.5287017820499593E-2},{"$f":"WACC!AD219","v":5.5640832056118014E-2},{"$f":"WACC!AE219","v":5.5994646291736422E-2},{"$f":"WACC!AF219","v":5.6348460527354843E-2},{"$f":"WACC!AG219","v":5.6889869877018481E-2},{"$f":"WACC!AH219","v":5.7250455927724916E-2},{"$f":"WACC!AI219","v":5.7611159740041662E-2},{"$f":"WACC!AJ219","v":5.7851628948252791E-2},{"$f":"WACC!AK219","v":5.8032215687622304E-2},{"$f":"WACC!AL219","v":5.809268523949182E-2},{"$f":"WACC!AM219","v":5.809268523949182E-2},{"$f":"WACC!AN219","v":5.809268523949182E-2},{"$f":"WACC!AO219","v":5.809268523949182E-2},{"$f":"WACC!AP219","v":5.809268523949182E-2},{"$f":"WACC!AQ219","v":5.809268523949182E-2},{"$f":"WACC!AR219","v":5.809268523949182E-2},{"$f":"WACC!AS219","v":5.809268523949182E-2},{"$f":"WACC!AT219","v":5.809268523949182E-2},{"$f":"WACC!AU219","v":5.809268523949182E-2},{"$f":"WACC!AV219","v":5.809268523949182E-2},{"$f":"WACC!AW219","v":5.809268523949182E-2},{"$f":"WACC!AX219","v":5.809268523949182E-2},{"$f":"WACC!AY219","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V220","v":2.2194213451230071E-2},{"$f":"WACC!W220","v":2.512931912667149E-2},{"$f":"WACC!X220","v":2.62987989750878E-2},{"$f":"WACC!Y220","v":2.6291311507672832E-2},{"$f":"WACC!Z220","v":2.7183905707456102E-2},{"$f":"WACC!AA220","v":2.7742387614961395E-2},{"$f":"WACC!AB220","v":2.880982755032635E-2},{"$f":"WACC!AC220","v":2.9548310068780115E-2},{"$f":"WACC!AD220","v":2.9893494688895572E-2},{"$f":"WACC!AE220","v":3.0238679309011252E-2},{"$f":"WACC!AF220","v":3.0583863929126709E-2},{"$f":"WACC!AG220","v":3.1112068172700846E-2},{"$f":"WACC!AH220","v":3.1463859441682951E-2},{"$f":"WACC!AI220","v":3.1815765600040846E-2},{"$f":"WACC!AJ220","v":3.205036970561248E-2},{"$f":"WACC!AK220","v":3.2226551890363275E-2},{"$f":"WACC!AL220","v":3.2285546575114177E-2},{"$f":"WACC!AM220","v":3.2285546575114177E-2},{"$f":"WACC!AN220","v":3.2285546575114177E-2},{"$f":"WACC!AO220","v":3.2285546575114177E-2},{"$f":"WACC!AP220","v":3.2285546575114177E-2},{"$f":"WACC!AQ220","v":3.2285546575114177E-2},{"$f":"WACC!AR220","v":3.2285546575114177E-2},{"$f":"WACC!AS220","v":3.2285546575114177E-2},{"$f":"WACC!AT220","v":3.2285546575114177E-2},{"$f":"WACC!AU220","v":3.2285546575114177E-2},{"$f":"WACC!AV220","v":3.2285546575114177E-2},{"$f":"WACC!AW220","v":3.2285546575114177E-2},{"$f":"WACC!AX220","v":3.2285546575114177E-2},{"$f":"WACC!AY220","v":3.2285546575114177E-2}]
[]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.0477490687875108},{"$f":"R23*(1+S20)","v":1.1009302467392887},1.158130474733476,1.2182937249065033,1.2826969993145556,1.35123912857864,1.4249222972235498,1.5037020016629754,1.5873692321999533,1.6762534108913749,1.7707077100488313,1.8714430412637426,1.97858400861886,2.092572527998493,2.2136312574355688,2.3420931840199324,2.4781516661607617,2.6221141508787609,2.7744398029077781,2.9356144610940174,3.1061521879668526,3.2865969093283698,3.4775241490910695,3.6795428648969488,3.8932973903726253,4.1194694902152769,4.3587805346640431,4.6119938002923053,4.8799169044591739,5.1634043811847965]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q23","v":1},{"$f":"1/R23","v":0.95442699954601951},{"$f":"1/S23","v":0.90832275974048149},0.86346057013147248,0.82082011879092942,0.77960734338224658,0.74006145829413161,0.70179265350011877,0.66502538328344252,0.62997315288396294,0.5965685101683007,0.56474594554762669,0.53434701348149127,0.50541194897154995,0.47788068830115127,0.45174642192145076,0.42696849417563121,0.40352655313838587,{"$f":"1/AI23","v":0.3813716499203002},{"$f":"1/AJ23","v":0.36043312201329453},0.34064418650783229,0.32194172709050517,0.30426609273613486,0.28756090745232432,0.27177289046964437,0.25685168630395599,0.24274970414885672,0.22942196608599746,0.21682596362914031,0.20492152214440768,0.19367067271429547]
[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
[]
[null,null,null,null,null,"Net capex",null,null,null,null,"Powercor PTRM 2021-26","Real","$m",null,null,null,null,397.72139989078414,432.23909886441481,346.49460105839808,297.48389902807048,274.6284111012979,{"$f":"V147*Controls!$K$11","v":247.33069371903835},{"$f":"W147*Controls!$K$11","v":246.20089971921064},{"$f":"X147*Controls!$K$11","v":245.34729478092572},{"$f":"Y147*Controls!$K$11","v":244.58168771716677},{"$f":"Z147*Controls!$K$11","v":243.90034134611435},{"$f":"AA147*Controls!$K$11","v":243.30747404647857},{"$f":"AB147*Controls!$K$11","v":242.77107598490056},{"$f":"AC147*Controls!$K$11","v":242.17016924826433},{"$f":"AD147*Controls!$K$11","v":241.47564398571586},{"$f":"AE147*Controls!$K$11","v":240.69118994419102},{"$f":"AF147*Controls!$K$11","v":239.82411394811166},{"$f":"AG147*Controls!$K$11","v":242.57711093419172},{"$f":"AH147*Controls!$K$11","v":246.26424259985856},{"$f":"AI147*Controls!$K$11","v":250.11936922791989},{"$f":"AJ147*Controls!$K$11","v":254.11133622717628},{"$f":"AK147*Controls!$K$11","v":258.16220358887927},{"$f":"AL147*Controls!$K$11","v":262.20449805373107},{"$f":"AM147*Controls!$K$11","v":266.1923357815715},{"$f":"AN147*Controls!$K$11","v":270.08538760354088},{"$f":"AO147*Controls!$K$11","v":273.84904068073138},{"$f":"AP147*Controls!$K$11","v":277.49639105037949},{"$f":"AQ147*Controls!$K$11","v":281.02938689106884},{"$f":"AR147*Controls!$K$11","v":284.39505306099005},{"$f":"AS147*Controls!$K$11","v":287.58052298329233},{"$f":"AT147*Controls!$K$11","v":290.57296821624658}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,"Net capex",null,null,null,null,null,"Nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"W152","v":290.7792033069104},296.84124573508825,303.31616893427218,309.9808633243083,316.89835700498685,324.08552829966015,331.54025166694902,339.0454365224179,346.58401470443908,354.13481289535417,361.71140950167302,375.02088498168604,390.23916844241393,406.25684414881073,423.05932396470496,440.54852950974356,458.63278804427688,477.24828281841832,496.33371955063973,515.83140804662469,535.769223845895,556.1552289766887,576.8862557216753,597.93157641143148,619.25724289102038]
[]
[]
[null,null,"RAB (Real)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q147","v":4524.0471979340791},{"$f":"R147","v":4702.5056359017462},{"$f":"S147","v":4903.6578352419529},5005.1285387317639,{"$f":"U147","v":5050.5234471094691},{"$f":"V147","v":5065.1835581020778},{"$f":"W147","v":5042.0460578350448},5024.5647431081834,{"$f":"Y147","v":5008.8855718213235},4994.9320087429469,4982.790443726909,4971.8053346761526,4959.4991268351632,4945.2756680009625,4929.2105219672394,4911.4533280948317,4967.8330473270826,5043.3432818582996,5122.2939519803022,5204.0470304400624,5287.0063528275168,5369.7901074537558,5451.4586209233466,5531.1859761616697,5608.2633230866786,5682.9588606488942,5755.312486371673,5824.23930127525,5889.4758056195233,5950.7592806487046]
[null,null,null,null,null,"Net capex",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,{"$f":"R31*(1+R21)^0.5","v":402.11073590031464},{"$f":"S31*(1+S21)^0.5","v":437.63633912966702},351.02122890867383,301.36914856046928,278.33611897485792,250.73799569804123,249.72222037578405,248.94570552496839,248.21046886937353,247.56049000180468,247.00009437086095,246.51870525636267,245.95046792585313,245.28693282200169,244.51789078186093,243.65782417228024,246.4618719097007,250.20805129487903,254.12491600458648,258.18081252116008,262.29655266242213,266.4035826158289,270.45528373260208,274.41068099077268,278.23460724272115,281.94036825270319,285.52994339848726,288.94950916570826,292.18599292519889,295.22636079363002]
[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,223.65229793264731,236.48413978946104,249.55052541886278,255.97424018276476,263.67600798224868,267.69222862209836,254.8652452666893,246.15290460634881,237.57751754934142,229.01803208578085,221.21849363839399,215.98892641450601,211.28368584600148,206.42494684202975,201.33067289196867,120.33809032902656,97.94719499412588,92.09633272352248,86.957804864773976,83.454674047973953,81.291926860729134,79.959085519440947,79.297136472942796,79.150407354339634,78.509916952062525,77.620180025222311,77.610831317931328,77.610831317931328,77.610831317931328,77.610831317931328]
[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$44:$L$143,$L$146,R44:R143)","v":0},{"$f":"SUMIF($L$44:$L$143,$L$146,S44:S143)","v":0},0,0,0,250.73799569804123,494.27694873084931,730.88436441986141,960.62286108375565,1183.5968366871518,1399.9129081259514,1609.6649035990906,1812.7793848420979,2009.1760767500471,2198.7668355182127,2381.4802479281925,2561.0021052268903,2738.2057141374116,2913.169581692644,3085.9363615337516,{"$f":"SUMIF($L$44:$L$143,$L$146,AL44:AL143)","v":3256.4660981104425},3424.6488095508175,3590.3281096566225,3753.3079986260591,3913.3596791573559,4070.270894681616,4223.8342755754002,4373.79148756413,4519.8753069858249,4661.8099812013688]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"Powercor PTRM 2021-26","On 30/6/2021",null,null,null,null,4524.0471979340791,{"$f":"R39+R40-R41-R145","v":4702.5056359017462},4903.6578352419529,5005.1285387317639,5050.5234471094691,5065.1835581020778,5042.0460578350448,5024.5647431081834,5008.8855718213235,4994.9320087429469,4982.790443726909,4971.8053346761526,4959.4991268351632,4945.2756680009625,4929.2105219672394,4911.4533280948317,4967.8330473270826,5043.3432818582996,5122.2939519803022,5204.0470304400624,5287.0063528275168,5369.7901074537558,5451.4586209233466,5531.1859761616697,5608.2633230866786,5682.9588606488942,5755.312486371673,5824.23930127525,5889.4758056195233,5950.7592806487046,6007.818799340911]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":4637.1483778824304},4940.5699837192715,5280.7031509798535,5524.7254002871896,5714.2037074563214,5874.0600343711276,5993.4083182874892,6121.9442417291848,6255.4117113527873,6393.9352637035072,6537.8528598337252,6686.525430934078,6836.7243232783767,6987.5450563839113,7138.9665612483423,7291.0800711688025,7559.1454832918507,7865.8943159368218,8188.7561772829067,8527.4370201234924,8879.9599179044981,9244.4770600009306,9619.70211779489,10004.399607050906,10397.406689673126,10799.285241725285,11210.197766275294,11628.064753045968,12052.266836735702,12482.119738008772]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":412.16350429782244},459.79167879810637,378.01147058772978,332.65515101772661,314.91177095225629,290.7792033069104,296.84124573508825,303.31616893427218,309.9808633243083,316.89835700498685,324.08552829966015,331.54025166694902,339.0454365224179,346.58401470443908,354.13481289535417,361.71140950167302,375.02088498168604,390.23916844241393,406.25684414881073,423.05932396470496,440.54852950974356,458.63278804427688,477.24828281841832,496.33371955063973,515.83140804662469,535.769223845895,556.1552289766887,576.8862557216753,597.93157641143148,619.25724289102038]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$8","v":113.10117994835198},{"$f":"R156*$O$8","v":120.50170691998224},{"$f":"S156*$O$8","v":128.79763782877691},{"$f":"T156*$O$8","v":134.74940000700462},139.37082213308105,143.26975693588119,146.18069068993879,149.31571321290696,152.57101735006802,155.94964057813436,159.45982584960305,163.08598612034339,166.74937373849701,170.42792820448568,174.12113564020353,177.83122124801957,184.36940203150857,191.85108087650787,199.72576042153435,{"$f":"AJ156*$O$8","v":207.98626878349984},216.58438824157315,225.47505024392518,234.62688092182657,244.00974651343674,253.59528511397872,263.39720101768989,273.41945771403164,283.61133544014558,293.95772772526107,304.44194482948222]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R145*R8)","v":229.24360538096349},248.4561493663025,268.73862128739751,282.54766598167555,298.32520097333008,317.61161008048765,317.62103550629877,322.41971666073647,327.40695155172159,332.44058672437171,338.49894331964953,348.0907330611476,358.65263162136796,369.28364548021091,379.85252422291404,278.01539941013243,260.12313321322233,267.10306751786266,275.56227009172414,287.12081442527108,301.50643765723362,318.03461117214408,336.5605400758385,356.92192204239745,377.35005701215431,398.27615700991623,421.89957764616111,446.6418997572016,472.52061996784221,499.57104640423722]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R154-R153","v":116.1424254326115},{"$f":"S154-S153","v":127.95444244632026},139.94098345862059,147.79826597467093,158.95437884024903,174.34185314460646,171.44034481635998,173.10400344782951,174.83593420165357,176.49094614623735,179.03911747004648,185.00474694080421,191.90325788287095,198.85571727572523,205.73138858271051,100.18417816211286,75.753731181713761,75.25198664135479,75.836509670189798,79.13454564177124,84.922049415660467,92.5595609282189,101.93365915401193,112.91217552896072,123.75477189817559,134.87895599222634,148.48011993212947,163.03056431705602,178.56289224258114,195.129101574755]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q147*Q8","v":4524.0471979340791},4820.0682767992894,5151.9055131510768,5389.976000280185,5574.8328853232415,5730.7902774352469,5847.227627597551,5972.6285285162785,6102.8406940027207,6237.9856231253743,6378.3930339841218,6523.4394448137355,6669.9749495398801,6817.1171281794268,6964.8454256081404,7113.248849920783,7374.7760812603428,7674.0432350603141,7989.0304168613729,8319.4507513399931,8663.3755296629261,9019.0020097570068,9385.0752368730627,9760.3898605374688,10143.811404559148,10535.888040707596,10936.778308561265,11344.453417605822,11758.309109010443,12177.677793179289,12601.805934495556]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$13","v":2714.4283187604474},{"$f":"R156*$O$13","v":2892.0409660795735},3091.1433078906462,3233.985600168111,3344.8997311939447,3438.4741664611479,3508.3365765585304,3583.5771171097672,3661.7044164016324,3742.7913738752245,3827.035820390473,3914.0636668882412,4001.9849697239279,4090.2702769076559,4178.9072553648839,4267.9493099524698,4424.8656487562057,4604.4259410361883,4793.4182501168234,4991.6704508039957,5198.0253177977556,5411.4012058542039,5631.0451421238376,5856.2339163224815,6086.2868427354888,6321.5328244245575,6562.0669851367584,6806.672050563493,7054.9854654062656,7306.6066759075738]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q156*$O$14","v":1809.6188791736317},{"$f":"R156*$O$14","v":1928.0273107197158},2060.7622052604306,2155.990400112074,2229.9331541292968,2292.316110974099,2338.8910510390206,2389.0514114065113,2441.1362776010883,2495.1942492501498,2551.3572135936488,2609.3757779254943,2667.9899798159522,2726.8468512717709,2785.9381702432565,2845.2995399683132,2949.9104325041371,3069.6172940241258,3195.6121667445495,3327.7803005359974,3465.3502118651704,3607.6008039028029,3754.0300947492251,3904.1559442149878,4057.5245618236595,4214.3552162830383,4374.7113234245062,4537.7813670423293,4703.3236436041771,4871.0711172717156]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160*WACC!V211","v":122.64270668674085},{"$f":"S160*WACC!W211","v":129.76334121815913},{"$f":"T160*WACC!X211","v":138.66200088899333},{"$f":"U160*WACC!Y211","v":145.03246241829601},{"$f":"V160*WACC!Z211","v":150.63843636618853},{"$f":"W160*WACC!AA211","v":155.84531604324957},{"$f":"X160*WACC!AB211","v":160.72701128850235},{"$f":"Y160*WACC!AC211","v":166.28719832809355},{"$f":"Z160*WACC!AD211","v":172.07177794222213},{"$f":"AA160*WACC!AE211","v":178.08932571040236},{"$f":"AB160*WACC!AF211","v":184.35460731638773},{"$f":"AC160*WACC!AG211","v":192.07873286792895},{"$f":"AD160*WACC!AH211","v":198.79848219045212},{"$f":"AE160*WACC!AI211","v":205.64301228865818},{"$f":"AF160*WACC!AJ211","v":211.77416853446118},{"$f":"AG160*WACC!AK211","v":217.57110445087727},{"$f":"AH160*WACC!AL211","v":226.0163196998578},{"$f":"AI160*WACC!AM211","v":235.18802335073818},{"$f":"AJ160*WACC!AN211","v":244.84150201895267},{"$f":"AK160*WACC!AO211","v":254.9679637758893},{"$f":"AL160*WACC!AP211","v":265.50829907470074},{"$f":"AM160*WACC!AQ211","v":276.4072588984331},{"$f":"AN160*WACC!AR211","v":287.6263823839127},{"$f":"AO160*WACC!AS211","v":299.12872890067223},{"$f":"AP160*WACC!AT211","v":310.87952991734619},{"$f":"AQ160*WACC!AU211","v":322.89558536989739},{"$f":"AR160*WACC!AV211","v":335.18175405426121},{"$f":"AS160*WACC!AW211","v":347.67585919917866},{"$f":"AT160*WACC!AX211","v":360.35938195667603},{"$f":"AU160*WACC!AY211","v":373.21186256745221}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161*WACC!V212","v":93.376334165359225},{"$f":"S161*WACC!W212","v":114.89152549035853},{"$f":"T161*WACC!X212","v":129.01178755451431},{"$f":"U161*WACC!Y212","v":134.96921408201092},{"$f":"V161*WACC!Z212","v":144.06676054358044},{"$f":"W161*WACC!AA212","v":150.38489123970896},{"$f":"X161*WACC!AB212","v":158.12273948998995},{"$f":"Y161*WACC!AC212","v":163.92162156321018},{"$f":"Z161*WACC!AD212","v":167.49535617802593},{"$f":"AA161*WACC!AE212","v":171.20447282944002},{"$f":"AB161*WACC!AF212","v":175.05802078702166},{"$f":"AC161*WACC!AG212","v":179.03888829813411},{"$f":"AD161*WACC!AH212","v":183.06062469721005},{"$f":"AE161*WACC!AI212","v":187.09901154946081},{"$f":"AF161*WACC!AJ212","v":191.15348470975675},{"$f":"AG161*WACC!AK212","v":195.22648704745689},{"$f":"AH161*WACC!AL212","v":202.40422590053223},{"$f":"AI161*WACC!AM212","v":210.61775481787217},{"$f":"AJ161*WACC!AN212","v":219.26272735650116},{"$f":"AK161*WACC!AO212","v":228.3312700871586},{"$f":"AL161*WACC!AP212","v":237.77044868152331},{"$f":"AM161*WACC!AQ212","v":247.53078602872478},{"$f":"AN161*WACC!AR212","v":257.5778393007032},{"$f":"AO161*WACC!AS212","v":267.87852708225836},{"$f":"AP161*WACC!AT212","v":278.40171313647579},{"$f":"AQ161*WACC!AU212","v":289.16244229745513},{"$f":"AR161*WACC!AV212","v":300.16506575909},{"$f":"AS161*WACC!AW212","v":311.35390240387352},{"$f":"AT161*WACC!AX212","v":322.71236806171709},{"$f":"AU161*WACC!AY212","v":334.22214041966151}]
[]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,278.12534293282272,290.05288274501481,302.9712682754357,313.95136247727083,326.17766045395513,{"$f":"V166*(1+$O$8)","v":334.33210196530399},{"$f":"W166*(1+$O$8)","v":342.69040451443658},351.25766462729746,360.03910624297987,369.04008389905431,378.26608599653065,387.72273814644387,397.41580660010493,407.35120176510753,417.53498180923521,427.97335635446603,438.67269026332764,449.63950751991081,460.88049520790855,472.40250758810623,484.21257027780882,496.317884534754,508.72583164812278,521.44397743932575,534.4800768753089,547.84207879719156,561.53813076712129,575.57658403629932,589.96599863720678,604.71514860313687]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":116.1424254326115},{"$f":"S155","v":127.95444244632026},{"$f":"T155","v":139.94098345862059},147.79826597467093,158.95437884024903,174.34185314460646,171.44034481635998,173.10400344782951,174.83593420165357,176.49094614623735,179.03911747004648,185.00474694080421,191.90325788287095,198.85571727572523,205.73138858271051,100.18417816211286,75.753731181713761,75.25198664135479,75.836509670189798,79.13454564177124,84.922049415660467,92.5595609282189,101.93365915401193,112.91217552896072,123.75477189817559,134.87895599222634,148.48011993212947,163.03056431705602,178.56289224258114,195.129101574755]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R306","v":0},{"$f":"S306","v":0},0,0,0,0,0,0,24.673518978850836,41.593183569262301,43.033780553333067,43.373917538304283,43.970074841236382,44.52090952670158,44.733037086647769,6.5836611610710554,0,0,{"$f":"AJ306","v":0},{"$f":"AK306","v":0},0,0,0,0,2.1574491096170489,11.782494176810461,15.509463998660742,19.506833852758451,23.780585311971464,28.343309704948712]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169*$O$17","v":0},{"$f":"S169*$O$17","v":0},0,0,0,0,0,0,14.434008602627738,24.332012388018445,25.174761623699844,25.373741759908004,25.722493782123284,26.044732073120421,26.168826695688942,3.8514417792265672,0,0,0,0,0,0,0,0,1.2621077291259735,6.892759093434119,9.0730364392165335,11.411497803863693,13.911642407503306,16.580836177394996]
[]
[null,null,null,null,null,"Additional tax income calculations",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,64.488699519974503,72.767769629134833,73.865933227407268,75.334513078473961,77.289430258465416]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164+R166+R167+R169-R170+R317+R172","v":691.60265613045624},{"$f":"S163+S164+S166+S167+S169-S170+S317+S172","v":744.74806734898038},{"$f":"T163+T164+T166+T167+T169-T170+T317+T172","v":788.92327625037422},{"$f":"U163+U164+U166+U167+U169-U170+U317+U172","v":823.97636198500186},{"$f":"V163+V164+V166+V167+V169-V170+V317+V172","v":870.67835518245829},814.90416239286901,832.98050010928887,854.57048796643073,884.68168494110455,912.08599976637788,934.57685049961958,961.84528203170737,989.42575242975113,1017.4251203325331,1044.7582340271224,943.68734539675756,942.84696704543137,970.69727232987589,1000.8212342535521,1034.8362870929254,1072.4133674496934,1112.8154903901307,1155.8637124867505,1201.363408951217,1248.4114332077975,1299.6687975401467,1351.8014980720461,1405.7322460053024,1461.4695838026494,1519.0407266925592]
[]
[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q184","v":4048.3211211193952},{"$f":"R184","v":4182.0450169148007},4326.0474607073356,4357.1418232988681,4346.606538791063,4307.0459460250568,4066.4541766746843,3842.4142137293011,3634.2063847256541,3447.940732012366,3290.4515251439129,3143.5278457046857,3000.1479878395917,2859.835728787305,2722.1527290264121,2585.9481406340051,2451.4640168066612,2316.4437649410015,2183.414569907336,2053.3846810942914,1926.737797937343,1801.6700581196212,1678.4521800406908,1555.9758252446891,1434.2084775254255,1313.1190469731437,1192.677807391254,1072.8563364600036,953.62745852647504,834.96518990559753]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"Powercor PTRM 2021-26","TaxDep",null,null,null,null,null,331.12100834853658,372.9644152265451,406.29867203288921,404.50312002890769,417.15414809326853,240.59176935037243,224.03996294538339,208.20782900364725,186.26565271328789,157.4892068684529,146.9236794392271,143.37985786509378,140.31225905228658,137.68299976089315,136.20458839240703,134.48412382734367,135.02025186565979,133.02919503366545,130.02988881304472,126.64688315694849,125.06773981772172,123.21787807893044,122.47635479600183,121.76734771926361,121.08943055228177,120.44123958188966,119.82147093125026,119.22887793352857,118.6622686208775,118.1205033236716]
[]
[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,464.84490414394236,516.96685901908006,437.39303462442143,393.96783552110298,377.5935553272621]
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[null,null,null,null,null,"Future TAB calculations"]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,11,null,null,{"$f":"IF($O199=R$2,R$186,IF(R$2>$O199,Q199-Q200,0))","v":0},0,0,0,0,0,0,0,0,0,324.08552829966015,307.88125188467717,292.48718929044333,277.86282982592115,263.96968833462512,250.77120391789387,238.23264372199918,226.32101153589923,215.00496095910427,204.25471291114906,194.04197726559161,184.33987840231202,175.12288448219641,166.36674025808659,158.04840324518227,150.14598308292315,142.638683928777,135.50674973233814,128.73141224572123,122.29484163343517]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,12,null,null,{"$f":"IF($O201=R$2,R$186,IF(R$2>$O201,Q201-Q202,0))","v":0},0,0,0,0,0,0,0,0,0,0,331.54025166694902,314.96323908360159,299.2150771294215,284.25432327295044,270.0416071093029,256.53952675383778,243.71255041614589,231.5269228953386,219.95057675057166,208.95304791304306,198.50539551739092,188.58012574152139,179.15111945444531,170.19356348172303,161.68388530763687,153.59969104225502,145.91970649014226,138.62372116563515,131.69253510735339]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,13,null,null,{"$f":"IF($O203=R$2,R$186,IF(R$2>$O203,Q203-Q204,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,339.0454365224179,322.09316469629698,305.98850646148213,290.68908113840803,276.1546270814876,262.3468957274132,249.22955094104253,236.76807339399039,224.92966972429087,213.68318623807633,202.99902692617252,192.84907557986389,183.20662180087069,174.04629071082715,165.3439761752858,157.07677736652153,149.22293849819545,141.76179157328568]
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[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,39,null,null,{"$f":"IF($O255=R$2,R$186,IF(R$2>$O255,Q255-Q256,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,39,null,null,{"$f":"IF(R$2>=$O256,IF(R255-(R255*HLOOKUP($O256,$R$2:$AU$34,32,FALSE))<=0,R255,R255*HLOOKUP($O256,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,40,null,null,{"$f":"IF(R$2>=$O258,IF(R257-(R257*HLOOKUP($O258,$R$2:$AU$34,32,FALSE))<=0,R257,R257*HLOOKUP($O258,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,41,null,null,{"$f":"IF($O259=R$2,R$186,IF(R$2>$O259,Q259-Q260,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,41,null,null,{"$f":"IF(R$2>=$O260,IF(R259-(R259*HLOOKUP($O260,$R$2:$AU$34,32,FALSE))<=0,R259,R259*HLOOKUP($O260,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,42,null,null,{"$f":"IF($O261=R$2,R$186,IF(R$2>$O261,Q261-Q262,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,42,null,null,{"$f":"IF(R$2>=$O262,IF(R261-(R261*HLOOKUP($O262,$R$2:$AU$34,32,FALSE))<=0,R261,R261*HLOOKUP($O262,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,43,null,null,{"$f":"IF($O263=R$2,R$186,IF(R$2>$O263,Q263-Q264,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,43,null,null,{"$f":"IF(R$2>=$O264,IF(R263-(R263*HLOOKUP($O264,$R$2:$AU$34,32,FALSE))<=0,R263,R263*HLOOKUP($O264,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,44,null,null,{"$f":"IF($O265=R$2,R$186,IF(R$2>$O265,Q265-Q266,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,44,null,null,{"$f":"IF(R$2>=$O266,IF(R265-(R265*HLOOKUP($O266,$R$2:$AU$34,32,FALSE))<=0,R265,R265*HLOOKUP($O266,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,45,null,null,{"$f":"IF($O267=R$2,R$186,IF(R$2>$O267,Q267-Q268,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,45,null,null,{"$f":"IF(R$2>=$O268,IF(R267-(R267*HLOOKUP($O268,$R$2:$AU$34,32,FALSE))<=0,R267,R267*HLOOKUP($O268,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,46,null,null,{"$f":"IF($O269=R$2,R$186,IF(R$2>$O269,Q269-Q270,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,46,null,null,{"$f":"IF(R$2>=$O270,IF(R269-(R269*HLOOKUP($O270,$R$2:$AU$34,32,FALSE))<=0,R269,R269*HLOOKUP($O270,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,47,null,null,{"$f":"IF($O271=R$2,R$186,IF(R$2>$O271,Q271-Q272,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,47,null,null,{"$f":"IF(R$2>=$O272,IF(R271-(R271*HLOOKUP($O272,$R$2:$AU$34,32,FALSE))<=0,R271,R271*HLOOKUP($O272,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,48,null,null,{"$f":"IF($O273=R$2,R$186,IF(R$2>$O273,Q273-Q274,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,48,null,null,{"$f":"IF(R$2>=$O274,IF(R273-(R273*HLOOKUP($O274,$R$2:$AU$34,32,FALSE))<=0,R273,R273*HLOOKUP($O274,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,49,null,null,{"$f":"IF($O275=R$2,R$186,IF(R$2>$O275,Q275-Q276,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,49,null,null,{"$f":"IF(R$2>=$O276,IF(R275-(R275*HLOOKUP($O276,$R$2:$AU$34,32,FALSE))<=0,R275,R275*HLOOKUP($O276,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,50,null,null,{"$f":"IF($O277=R$2,R$186,IF(R$2>$O277,Q277-Q278,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,50,null,null,{"$f":"IF(R$2>=$O278,IF(R277-(R277*HLOOKUP($O278,$R$2:$AU$34,32,FALSE))<=0,R277,R277*HLOOKUP($O278,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,51,null,null,{"$f":"IF($O279=R$2,R$186,IF(R$2>$O279,Q279-Q280,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,51,null,null,{"$f":"IF(R$2>=$O280,IF(R279-(R279*HLOOKUP($O280,$R$2:$AU$34,32,FALSE))<=0,R279,R279*HLOOKUP($O280,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,52,null,null,{"$f":"IF($O281=R$2,R$186,IF(R$2>$O281,Q281-Q282,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,52,null,null,{"$f":"IF(R$2>=$O282,IF(R281-(R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE))<=0,R281,R281*HLOOKUP($O282,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,53,null,null,{"$f":"IF($O283=R$2,R$186,IF(R$2>$O283,Q283-Q284,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,53,null,null,{"$f":"IF(R$2>=$O284,IF(R283-(R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE))<=0,R283,R283*HLOOKUP($O284,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,54,null,null,{"$f":"IF($O285=R$2,R$186,IF(R$2>$O285,Q285-Q286,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,54,null,null,{"$f":"IF(R$2>=$O286,IF(R285-(R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE))<=0,R285,R285*HLOOKUP($O286,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,55,null,null,{"$f":"IF($O287=R$2,R$186,IF(R$2>$O287,Q287-Q288,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation (New assets)",null,null,null,null,null,"TaxDep",null,null,55,null,null,{"$f":"IF(R$2>=$O288,IF(R287-(R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE))<=0,R287,R287*HLOOKUP($O288,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Closing TAB (New assets)",null,null,null,null,null,"TAB",null,null,null,null,null,{"$f":"SUMIF($L$189:$L$288,\"TAB\",R189:R288)-SUMIF($L$189:$L$288,\"TaxDep\",R189:R288)","v":0},{"$f":"SUMIF($L$189:$L$288,\"TAB\",S189:S288)-SUMIF($L$189:$L$288,\"TaxDep\",S189:S288)","v":0},0,0,0,276.24024314156486,544.42741443282046,805.35640419873812,1059.5704041468941,1307.6453230942868,1550.1443088242499,1787.6003324666385,2020.3134805396039,2248.5526204818407,2472.553061708335,2692.5512476495082,2914.1935259996344,3139.2110597199453,3368.1945086753185,3601.6911410080229,3840.1276869918779,4083.8224512843467,4333.0171973976267,4587.8833711008538,4848.5290401901038,5115.0833508341993,5387.6766508203436,5666.3347612149173,5951.0530207450329,6241.794750454249]
[]
[null,null,null,null,null,"Closing TAB (all assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R184+R290","v":4182.0450169148007},{"$f":"S184+S290","v":4326.0474607073356},4357.1418232988681,4346.606538791063,4307.0459460250568,4342.6944198162491,4386.8416281621212,4439.5627889243924,4507.5111361592599,4598.0968482381995,4693.6721545289356,4787.7483203062302,4880.1492093269089,4970.7053495082528,5058.5012023423405,5144.0152644561695,5230.6372909406364,5322.6256296272813,5421.5791897696099,5528.4289389453661,5641.7977451114994,5762.2746313250373,5888.9930226423157,6022.091848626279,6161.6480871632475,6307.7611582254531,6460.5329872803468,6619.9622197413919,6786.0182106506309,6958.639437036175]
[]
[null,null,null,null,null,"Total tax depreciation",null,null,null,null,null,"TaxDep",null,null,null,null,null,{"$f":"SUMIF($L$180:$L$288,$L$294,R180:R288)","v":331.12100834853658},{"$f":"SUMIF($L$180:$L$288,$L$294,S180:S288)","v":372.9644152265451},406.29867203288921,404.50312002890769,417.15414809326853,255.13072951571795,252.69403738921605,250.59500817200188,242.03251608944021,226.31264492604694,228.51022200892444,237.46408588965372,246.64454750173942,256.02787452309531,266.33896006126679,276.1973473878441,288.39885849721952,298.25082975576782,307.30328400648256,316.20957478894968,327.17972334361008,338.15590183073812,350.52989150114013,363.23489356667699,376.27516950965577,389.65615278368955,403.38339992179465,417.45702326062957,431.87558550219495,446.63601650547429]
[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R166+R294+R325","v":748.71620536104763},{"$f":"S163+S166+S294+S325","v":802.09874500971205},852.40324404272133,870.37748887875375,907.52193363343201,745.30814752427148,756.11145319215495,768.13987112739278,774.14340027464209,773.44205453550353,791.13091532184274,817.26555690402654,842.85883629229647,869.02208857686105,895.64811040496318,921.74180819318735,953.08786846040493,983.07836062641672,1013.0252812333438,1043.5800461529452,1076.9005926961197,1110.8810452639252,1146.8821055331755,1183.807599906675,1221.6347763023109,1260.3938169507785,1300.103284743177,1340.7094664961076,1382.2009660960778,1424.5630276760635]
[]
[null,null,null,null,null,"Tax calculation"]
[]
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[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R302<0,R302,0)","v":-57.113549230591389},{"$f":"IF(S302<0,S302,0)","v":-114.46422689132305},-177.94419468367016,-224.34532157742206,-261.18890002839578,-191.59288515979824,-114.72383824266433,-28.293221403626376,0,0,0,0,0,0,0,0,-10.240901414973564,-22.621989711514402,-34.826036691306058,-43.569795751325842,-48.057020997752147,-46.122575871546701,-37.140968917971691,-19.585159873429689,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R300+Q301","v":-57.113549230591389},{"$f":"S300+R301","v":-114.46422689132305},-177.94419468367016,-224.34532157742206,{"$f":"V300+U301","v":-261.18890002839578},-191.59288515979824,-114.72383824266433,-28.293221403626376,82.245063262836084,138.64394523087435,143.44593517777685,144.57972512768083,146.56691613745465,148.40303175567203,149.11012362215922,21.945537203570211,-10.240901414973564,-22.621989711514402,-34.826036691306058,-43.569795751325842,-48.057020997752147,-46.122575871546701,-37.140968917971691,-19.585159873429689,7.1914970320568727,39.27498058936817,51.698213328869087,65.022779509194834,79.268617706571604,94.477699016495762]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R302>0,R302*$O$16,0)","v":0},{"$f":"IF(S302>0,S302*$O$16,0)","v":0},0,0,{"$f":"IF(V302>0,V302*$O$16,0)","v":0},0,0,0,24.673518978850826,41.593183569262301,43.033780553333052,43.373917538304248,43.970074841236396,44.520909526701608,{"$f":"IF(AF302>0,AF302*$O$16,0)","v":44.733037086647762},6.5836611610710634,0,0,0,0,0,0,0,0,2.1574491096170618,11.782494176810451,15.509463998660726,19.506833852758451,23.780585311971482,28.343309704948727]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R170","v":0},{"$f":"S170","v":0},0,0,0,0,0,0,14.434008602627738,24.332012388018445,25.174761623699844,25.373741759908004,25.722493782123284,26.044732073120421,26.168826695688942,3.8514417792265672,0,0,0,0,0,0,0,0,1.2621077291259735,6.892759093434119,9.0730364392165335,11.411497803863693,13.911642407503306,16.580836177394996]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R296+Q301+R317+R172)*$O$16/(1-(1-$O$17)*$O$16))","v":0},{"$f":"MAX(0,(S163+S164+S166+S167-S296+R301+S317+S172)*$O$16/(1-(1-$O$17)*$O$16))","v":0},0,0,0,0,0,0,24.673518978850836,41.593183569262301,43.033780553333067,43.373917538304283,43.970074841236382,44.52090952670158,44.733037086647769,6.5836611610710554,0,0,0,0,0,0,0,0,2.1574491096170489,11.782494176810461,15.509463998660742,19.506833852758451,23.780585311971464,28.343309704948712]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,4.4652948082114623,-3.0879136650001158,-7.8131929982264268,-5.7273639871315396,0]
[null,null,null,null,null,"CESS",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,11.262863471255795,11.262863471255795,11.262863471255795,11.262863471255795,11.262863471255795]
[null,null,null,null,null,"DMIS",null,null,null,null,"Powercor PTRM 2021-26",null,null,null,null,null,null,0.68857088438392622,0.69415745846096411,0.70237871525568574,0.70699325427603865,0.71485470828320263]
[]
[]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R312:R316)*R8","v":16.827147392947463},{"$f":"SUM(S312:S316)*S8","v":9.3181058199929225},{"$f":"SUM(T312:T316)*T8","v":4.4713028454030335},{"$f":"SUM(U312:U316)*U8","v":6.8905439542791989},{"$f":"SUM(V312:V316)*V8","v":13.551688720019762}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164","v":216.01904085210009},244.65486670851766,267.67378844350765,280.00167650030693,294.70519690976897,306.23020728295853,318.84975077849231,330.20881989130373,339.56713412024806,349.29379853984238,359.41262810340936,371.11762116606303,381.85910688766216,392.742023838119,402.92765324421794,412.79759149833416,428.42054560039003,445.80577816861035,464.10422937545383,483.2992338630479,503.27874775622405,523.93804492715788,545.20422168461596,567.00725598293059,589.28124305382198,612.05802766735246,635.3468198133512,659.02976160305218,683.07175001839312,707.43400298711367]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":116.1424254326115},127.95444244632026,139.94098345862059,147.79826597467093,158.95437884024903,174.34185314460646,171.44034481635998,173.10400344782951,174.83593420165357,176.49094614623735,179.03911747004648,185.00474694080421,191.90325788287095,198.85571727572523,205.73138858271051,100.18417816211286,75.753731181713761,75.25198664135479,75.836509670189798,79.13454564177124,84.922049415660467,92.5595609282189,101.93365915401193,112.91217552896072,123.75477189817559,134.87895599222634,148.48011993212947,163.03056431705602,178.56289224258114,195.129101574755]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R166","v":278.12534293282272},290.05288274501481,302.9712682754357,313.95136247727083,326.17766045395513,334.33210196530399,342.69040451443658,351.25766462729746,{"$f":"Z166","v":360.03910624297987},369.04008389905431,378.26608599653065,387.72273814644387,397.41580660010493,407.35120176510753,417.53498180923521,427.97335635446603,438.67269026332764,449.63950751991081,460.88049520790855,472.40250758810623,484.21257027780882,496.317884534754,508.72583164812278,521.44397743932575,534.4800768753089,547.84207879719156,561.53813076712129,575.57658403629932,589.96599863720678,604.71514860313687]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304-R305","v":0},0,0,0,0,0,0,0,10.239510376223087,17.261171181243856,17.859018929633208,18.000175778396244,18.247581059113113,18.476177453581187,18.56421039095882,2.7322193818444962,0,0,0,0,0,0,0,0,0.89534138049108836,4.8897350833763316,6.4364275594441924,8.0953360488947581,9.8689429044681756,11.76247352755373]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R317","v":16.827147392947463},9.3181058199929225,4.4713028454030335,6.8905439542791989,13.551688720019762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R321:R325)","v":627.11395661048175},{"$f":"SUM(S321:S325)","v":671.98029771984557},715.05734302296696,748.64184890652791,793.38892492399293,814.90416239286901,832.98050010928887,854.57048796643073,884.68168494110455,912.085999766378,934.57685049961958,961.84528203170737,989.42575242975124,1017.425120332533,1044.7582340271224,943.68734539675756,942.84696704543148,970.697272329876,1000.8212342535521,1034.8362870929254,1072.4133674496934,1112.8154903901309,1155.8637124867507,1201.363408951217,1248.4114332077975,1299.6687975401467,1351.8014980720461,1405.7322460053024,1461.4695838026494,1519.0407266925592]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!V211-($O$333/10000)","v":4.5181781312518154E-2},{"$f":"WACC!W211-($O$333/10000)","v":4.4869122789109463E-2},{"$f":"WACC!X211-($O$333/10000)","v":4.4857836430629412E-2},{"$f":"WACC!Y211-($O$333/10000)","v":4.4846353802798888E-2},{"$f":"WACC!Z211-($O$333/10000)","v":4.5035262181811024E-2},{"$f":"WACC!AA211-($O$333/10000)","v":4.5323974675559195E-2},{"$f":"WACC!AB211-($O$333/10000)","v":4.5812882481807371E-2},{"$f":"WACC!AC211-($O$333/10000)","v":4.6402572874504736E-2},{"$f":"WACC!AD211-($O$333/10000)","v":4.69922632672021E-2},{"$f":"WACC!AE211-($O$333/10000)","v":4.7581953659899458E-2},{"$f":"WACC!AF211-($O$333/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG211-($O$333/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH211-($O$333/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI211-($O$333/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ211-($O$333/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK211-($O$333/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX211-($O$333/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY211-($O$333/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!G31","v":2.410923917605513E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O334","v":2.6285958228514966E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$331)*R333","v":122.64270668674085},129.76334121815913,138.66200088899333,145.03246241829601,150.63843636618853,155.84531604324957,160.72701128850235,166.28719832809355,172.07177794222213,178.08932571040236,184.35460731638773,192.07873286792895,198.79848219045212,205.64301228865818,211.77416853446118,217.57110445087727,226.0163196998578,235.18802335073818,244.84150201895267,254.9679637758893,265.50829907470074,276.4072588984331,287.6263823839127,299.12872890067223,310.87952991734619,322.89558536989739,335.18175405426121,347.67585919917866,360.35938195667603,373.21186256745221]
[]
[null,null,null,null,null,"Tax impacts"]
[]
[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O342=R$2,R$186,IF(R$2>$O342,Q342-Q343,0))","v":0},{"$f":"IF($O342=S$2,S$186,IF(S$2>$O342,R342-R343,0))","v":0},{"$f":"IF($O342=T$2,T$186,IF(T$2>$O342,S342-S343,0))","v":0},{"$f":"IF($O342=U$2,U$186,IF(U$2>$O342,T342-T343,0))","v":0},{"$f":"IF($O342=V$2,V$186,IF(V$2>$O342,U342-U343,0))","v":0},{"$f":"IF($O342=W$2,W$186,IF(W$2>$O342,V342-V343,0))","v":0},{"$f":"IF($O342=X$2,X$186,IF(X$2>$O342,W342-W343,0))","v":0},{"$f":"IF($O342=Y$2,Y$186,IF(Y$2>$O342,X342-X343,0))","v":0},{"$f":"IF($O342=Z$2,Z$186,IF(Z$2>$O342,Y342-Y343,0))","v":0},{"$f":"IF($O342=AA$2,AA$186,IF(AA$2>$O342,Z342-Z343,0))","v":0},{"$f":"IF($O342=AB$2,AB$186,IF(AB$2>$O342,AA342-AA343,0))","v":0},{"$f":"IF($O342=AC$2,AC$186,IF(AC$2>$O342,AB342-AB343,0))","v":0},{"$f":"IF($O342=AD$2,AD$186,IF(AD$2>$O342,AC342-AC343,0))","v":0},{"$f":"IF($O342=AE$2,AE$186,IF(AE$2>$O342,AD342-AD343,0))","v":0},{"$f":"IF($O342=AF$2,AF$186,IF(AF$2>$O342,AE342-AE343,0))","v":0},{"$f":"IF($O342=AG$2,AG$186,IF(AG$2>$O342,AF342-AF343,0))","v":0},{"$f":"IF($O342=AH$2,AH$186,IF(AH$2>$O342,AG342-AG343,0))","v":0},{"$f":"IF($O342=AI$2,AI$186,IF(AI$2>$O342,AH342-AH343,0))","v":0},{"$f":"IF($O342=AJ$2,AJ$186,IF(AJ$2>$O342,AI342-AI343,0))","v":0},{"$f":"IF($O342=AK$2,AK$186,IF(AK$2>$O342,AJ342-AJ343,0))","v":0},{"$f":"IF($O342=AL$2,AL$186,IF(AL$2>$O342,AK342-AK343,0))","v":0},{"$f":"IF($O342=AM$2,AM$186,IF(AM$2>$O342,AL342-AL343,0))","v":0},{"$f":"IF($O342=AN$2,AN$186,IF(AN$2>$O342,AM342-AM343,0))","v":0},{"$f":"IF($O342=AO$2,AO$186,IF(AO$2>$O342,AN342-AN343,0))","v":0},{"$f":"IF($O342=AP$2,AP$186,IF(AP$2>$O342,AO342-AO343,0))","v":0},{"$f":"IF($O342=AQ$2,AQ$186,IF(AQ$2>$O342,AP342-AP343,0))","v":0},{"$f":"IF($O342=AR$2,AR$186,IF(AR$2>$O342,AQ342-AQ343,0))","v":0},{"$f":"IF($O342=AS$2,AS$186,IF(AS$2>$O342,AR342-AR343,0))","v":0},{"$f":"IF($O342=AT$2,AT$186,IF(AT$2>$O342,AS342-AS343,0))","v":0},{"$f":"IF($O342=AU$2,AU$186,IF(AU$2>$O342,AT342-AT343,0))","v":0}]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O343,IF(R342-(R342*HLOOKUP($O343,$R$2:$AU$34,32,FALSE))<=0,R342,R342*HLOOKUP($O343,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R163+R164+R166+R167+R169-R170+R317+R172","v":691.60265613045624},744.74806734898038,788.92327625037422,823.97636198500186,870.67835518245829,814.90416239286901,832.98050010928887,854.57048796643073,884.68168494110455,912.08599976637788,934.57685049961958,961.84528203170737,989.42575242975113,1017.4251203325331,1044.7582340271224,943.68734539675756,942.84696704543137,970.69727232987589,1000.8212342535521,1034.8362870929254,1072.4133674496934,1112.8154903901307,1155.8637124867505,1201.363408951217,1248.4114332077975,1299.6687975401467,1351.8014980720461,1405.7322460053024,1461.4695838026494,1519.0407266925592]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338+R371+R294+R325+R343","v":748.71620536104763},802.09874500971205,852.40324404272133,870.37748887875375,907.52193363343201,745.30814752427148,756.11145319215495,768.13987112739278,774.14340027464209,773.44205453550353,791.13091532184274,817.26555690402654,842.85883629229647,869.02208857686105,895.64811040496318,921.74180819318735,953.08786846040493,983.07836062641672,1013.0252812333438,1043.5800461529452,1076.9005926961197,1110.8810452639252,1146.8821055331755,1183.807599906675,1221.6347763023109,1260.3938169507785,1300.103284743177,1340.7094664961076,1382.2009660960778,1424.5630276760635]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R345-R346","v":-57.113549230591389},{"$f":"S345-S346","v":-57.350677660731662},-63.479967792347111,-46.401126893751893,-36.843578450973723,69.596014868597535,76.869046917133915,86.430616839037953,110.53828466646246,138.64394523087435,143.44593517777685,144.57972512768083,146.56691613745465,148.40303175567203,149.11012362215922,21.945537203570211,-10.240901414973564,-12.381088296540838,-12.204046979791656,-8.7437590600197836,-4.4872252464263056,1.9344451262054463,8.9816069535750103,17.555809044542002,26.776656905486561,39.27498058936817,51.698213328869087,65.022779509194834,79.268617706571604,94.477699016495762]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q301","v":0},{"$f":"IF(R349<0,R349,0)","v":-57.113549230591389},{"$f":"IF(S349<0,S349,0)","v":-114.46422689132305},-177.94419468367016,-224.34532157742206,-261.18890002839578,-191.59288515979824,-114.72383824266433,-28.293221403626376,0,0,0,0,0,0,0,0,-10.240901414973564,-22.621989711514402,-34.826036691306058,-43.569795751325842,-48.057020997752147,-46.122575871546701,-37.140968917971691,-19.585159873429689,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R347+Q348","v":-57.113549230591389},{"$f":"S347+R348","v":-114.46422689132305},-177.94419468367016,-224.34532157742206,-261.18890002839578,-191.59288515979824,-114.72383824266433,-28.293221403626376,82.245063262836084,138.64394523087435,143.44593517777685,144.57972512768083,146.56691613745465,148.40303175567203,149.11012362215922,21.945537203570211,-10.240901414973564,-22.621989711514402,-34.826036691306058,-43.569795751325842,-48.057020997752147,-46.122575871546701,-37.140968917971691,-19.585159873429689,7.1914970320568727,39.27498058936817,51.698213328869087,65.022779509194834,79.268617706571604,94.477699016495762]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R163+R164+R166+R167-R346+Q348+R317)*$O$336/(1-(1-$O$17)*$O$336))","v":0},0,0,0,0,0,0,0,24.673518978850836,41.593183569262301,43.033780553333067,43.373917538304283,43.970074841236382,44.52090952670158,44.733037086647769,6.5836611610710554,0,0,0,0,0,0,0,0,2.1574491096170489,11.782494176810461,15.509463998660742,19.506833852758451,23.780585311971464,28.343309704948712]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R349>0,R349*$O$336,0)","v":0},{"$f":"IF(S349>0,S349*$O$336,0)","v":0},{"$f":"IF(T349>0,T349*$O$336,0)","v":0},0,0,0,0,0,24.673518978850826,41.593183569262301,43.033780553333052,43.373917538304248,43.970074841236396,44.520909526701608,44.733037086647762,6.5836611610710634,0,0,0,0,0,0,0,0,2.1574491096170618,11.782494176810451,15.509463998660726,19.506833852758451,23.780585311971482,28.343309704948727]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R304-R351","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R304*$O$17)-(R351*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R352+R354","v":0},{"$f":"S352+S354","v":0},{"$f":"T352+T354","v":0},{"$f":"U352+U354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R356*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V217","v":3.8105373117088802E-2},{"$f":"WACC!W217","v":4.111385643441616E-2},{"$f":"WACC!X217","v":4.2312573279042719E-2},{"$f":"WACC!Y217","v":4.2304898624942473E-2},{"$f":"WACC!Z217","v":4.3219807679720307E-2},{"$f":"WACC!AA217","v":4.379225163491339E-2},{"$f":"WACC!AB217","v":4.4886377568662365E-2},{"$f":"WACC!AC217","v":4.5643322150077534E-2},{"$f":"WACC!AD217","v":4.5997136385695955E-2},{"$f":"WACC!AE217","v":4.635095062131437E-2},{"$f":"WACC!AF217","v":4.6704764856932791E-2},{"$f":"WACC!AG217","v":4.7246174206596422E-2},{"$f":"WACC!AH217","v":4.7606760257302864E-2},{"$f":"WACC!AI217","v":4.7967464069619603E-2},{"$f":"WACC!AJ217","v":4.8207933277830739E-2},{"$f":"WACC!AK217","v":4.8388520017200246E-2},{"$f":"WACC!AL217","v":4.8448989569069761E-2},{"$f":"WACC!AM217","v":4.8448989569069761E-2},{"$f":"WACC!AN217","v":4.8448989569069761E-2},{"$f":"WACC!AO217","v":4.8448989569069761E-2},{"$f":"WACC!AP217","v":4.8448989569069761E-2},{"$f":"WACC!AQ217","v":4.8448989569069761E-2},{"$f":"WACC!AR217","v":4.8448989569069761E-2},{"$f":"WACC!AS217","v":4.8448989569069761E-2},{"$f":"WACC!AT217","v":4.8448989569069761E-2},{"$f":"WACC!AU217","v":4.8448989569069761E-2},{"$f":"WACC!AV217","v":4.8448989569069761E-2},{"$f":"WACC!AW217","v":4.8448989569069761E-2},{"$f":"WACC!AX217","v":4.8448989569069761E-2},{"$f":"WACC!AY217","v":4.8448989569069761E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q362*(1+R361)","v":1.0381053731170888},{"$f":"R362*(1+S361)","v":1.0807858883912209},1.1265167204927298,1.1741738961524775,1.2249214661267354,1.2785635352043645,1.3359536207910714,1.3969309822824008,1.4611858071958486,1.5289131583937488,1.6003206879431993,1.6759297179521837,1.7557153022428227,1.8399325129196364,1.9286318567381777,2.0219554979437633,2.1199171987727641,2.2226250450233973,2.3303089826456893,2.4432100982386,2.5615811588032082,2.6856871776463906,2.8158060077019651,2.952228963597642,3.0952614738604902,3.2452237647211009,3.4024515770473709,3.5672969180130041,3.7401288491835913,3.9213343127846643]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q362","v":1},{"$f":"1/R362","v":0.96329334756964902},{"$f":"1/S362","v":0.92525264323031375},0.88769210594815462,0.8516626057492771,0.81637886807719307,0.78212773355855236,0.7485289791780797,0.71585497972572132,0.6843756591908684,0.65405938493627969,0.6248747563747632,0.59668373278916409,0.56956842531506047,0.54349819516650799,0.51850227222278811,0.49457072671330032,0.47171653712650075,0.44991844316659046,0.42912764249171009,0.40929758792374704,0.39038388323687084,0.37234418376169659,0.35513810158254466,0.3387271151155502,0.32307448286518237,0.30814516116608726,0.29390572572609386,0.28032429679472914,0.26737046778970824,0.25501523722160485]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R326*0","v":0},{"$f":"S326*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R367*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R323*0","v":0},{"$f":"S323*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R323-R370","v":278.12534293282272},290.05288274501481,302.9712682754357,313.95136247727083,326.17766045395513,334.33210196530399,342.69040451443658,351.25766462729746,360.03910624297987,369.04008389905431,378.26608599653065,387.72273814644387,397.41580660010493,407.35120176510753,417.53498180923521,427.97335635446603,438.67269026332764,449.63950751991081,460.88049520790855,472.40250758810623,484.21257027780882,496.317884534754,508.72583164812278,521.44397743932575,534.4800768753089,547.84207879719156,561.53813076712129,575.57658403629932,589.96599863720678,604.71514860313687]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R370*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q156*$O$14)*Controls!$K$16","v":28.95390206677811},{"$f":"(R156*$O$14)*Controls!$K$16","v":30.848436971515454},{"$f":"(S156*$O$14)*Controls!$K$16","v":32.972195284166894},{"$f":"(T156*$O$14)*Controls!$K$16","v":34.495846401793187},{"$f":"(U156*$O$14)*Controls!$K$16","v":35.678930466068749},{"$f":"(V156*$O$14)*Controls!$K$16","v":36.677057775585588},{"$f":"(W156*$O$14)*Controls!$K$16","v":37.422256816624326},{"$f":"(X156*$O$14)*Controls!$K$16","v":38.224822582504181},{"$f":"(Y156*$O$14)*Controls!$K$16","v":39.058180441617417},{"$f":"(Z156*$O$14)*Controls!$K$16","v":39.9231079880024},{"$f":"(AA156*$O$14)*Controls!$K$16","v":40.821715417498382},{"$f":"(AB156*$O$14)*Controls!$K$16","v":41.750012446807908},{"$f":"(AC156*$O$14)*Controls!$K$16","v":42.687839677055237},{"$f":"(AD156*$O$14)*Controls!$K$16","v":43.629549620348335},{"$f":"(AE156*$O$14)*Controls!$K$16","v":44.575010723892106},{"$f":"(AF156*$O$14)*Controls!$K$16","v":45.524792639493015},{"$f":"(AG156*$O$14)*Controls!$K$16","v":47.198566920066192},{"$f":"(AH156*$O$14)*Controls!$K$16","v":49.113876704386016},{"$f":"(AI156*$O$14)*Controls!$K$16","v":51.12979466791279},{"$f":"(AJ156*$O$14)*Controls!$K$16","v":53.244484808575962},{"$f":"(AK156*$O$14)*Controls!$K$16","v":55.445603389842731},{"$f":"(AL156*$O$14)*Controls!$K$16","v":57.72161286244485},{"$f":"(AM156*$O$14)*Controls!$K$16","v":60.064481515987602},{"$f":"(AN156*$O$14)*Controls!$K$16","v":62.466495107439805},{"$f":"(AO156*$O$14)*Controls!$K$16","v":64.920392989178552},{"$f":"(AP156*$O$14)*Controls!$K$16","v":67.429683460528608},{"$f":"(AQ156*$O$14)*Controls!$K$16","v":69.995381174792101},{"$f":"(AR156*$O$14)*Controls!$K$16","v":72.604501872677275},{"$f":"(AS156*$O$14)*Controls!$K$16","v":75.253178297666835},{"$f":"(AT156*$O$14)*Controls!$K$16","v":77.93713787634745}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R374*R24","v":27.634385874744325},{"$f":"S374*S24","v":28.020337403647218},28.470190538552995,28.314884741313538,27.815556195371759,27.143276863337988,26.262664911301695,25.420477288871432,24.605605078716462,23.816869053690777,23.053898272331253,22.308994463766894,21.574944248565547,20.849719202841296,20.136601601628556,19.437652160942193,19.045875022325752,18.73064019273389,18.428871520054507,18.137424213645993,17.850253314901138,17.56272961208392,17.272196810390756,16.976699932856814,16.674912414786032,16.368535710894378,16.05847796605962,15.742541082356972,15.420995842962393,15.094137921939009]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R367+R370+R374","v":28.95390206677811},{"$f":"S367+S370+S374","v":30.848436971515454},32.972195284166894,34.495846401793187,35.678930466068749,36.677057775585588,37.422256816624326,38.224822582504181,39.058180441617417,39.9231079880024,40.821715417498382,41.750012446807908,42.687839677055237,43.629549620348335,44.575010723892106,45.524792639493015,47.198566920066192,49.113876704386016,51.12979466791279,53.244484808575962,55.445603389842731,57.72161286244485,60.064481515987602,62.466495107439805,64.920392989178552,67.429683460528608,69.995381174792101,72.604501872677275,75.253178297666835,77.93713787634745]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R326-R323","v":348.98861367765903},381.92741497483075,412.08607474753126,434.69048642925708,467.2112644700378,480.57206042756502,490.29009559485229,503.31282333913327,524.64257869812468,543.04591586732363,556.31076450308888,574.12254388526344,592.00994582964631,610.07391856742538,627.22325221788719,515.71398904229159,504.17427678210385,521.05776480996519,539.94073904564357,562.4337795048192,588.20079717188457,616.49760585537683,647.13788083862801,679.91943151189128,713.93135633248858,751.82671874295511,790.26336730492483,830.15566196900306,871.50358516544259,914.32557808942238]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R381-R155","v":232.84618824504753},253.9729725285105,272.14509128891063,286.89222045458615,308.25688562978877,306.23020728295853,318.84975077849231,330.20881989130373,349.80664449647111,366.55496972108631,377.27164703304243,389.1177969444592,400.10668794677537,411.21820129170015,421.49186363517668,415.52981088017873,428.42054560039008,445.8057781686104,464.10422937545377,483.29923386304796,503.27874775622411,523.93804492715799,545.20422168461607,567.00725598293059,590.17658443431299,616.94776275072877,641.78324737279536,667.12509765194704,692.94069292286144,719.19647651466744]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382-R304","v":232.84618824504753},253.9729725285105,272.14509128891063,286.89222045458615,308.25688562978877,306.23020728295853,318.84975077849231,330.20881989130373,325.13312551762027,324.96178615182401,334.2378664797094,345.74387940615497,356.13661310553897,366.69729176499857,376.75882654852893,408.94614971910767,428.42054560039008,445.8057781686104,464.10422937545377,483.29923386304796,503.27874775622411,523.93804492715799,545.20422168461607,567.00725598293059,588.01913532469598,605.1652685739183,626.27378337413461,647.61826379918864,669.16010761089001,690.85316680971869]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":116.1424254326115},127.95444244632026,139.94098345862059,147.79826597467093,158.95437884024903,174.34185314460646,171.44034481635998,173.10400344782951,174.83593420165357,176.49094614623735,179.03911747004648,185.00474694080421,191.90325788287095,198.85571727572523,205.73138858271051,100.18417816211286,75.753731181713761,75.25198664135479,75.836509670189798,79.13454564177124,84.922049415660467,92.5595609282189,101.93365915401193,112.91217552896072,123.75477189817559,134.87895599222634,148.48011993212947,163.03056431705602,178.56289224258114,195.129101574755]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":412.16350429782244},459.79167879810637,378.01147058772978,332.65515101772661,314.91177095225629,290.7792033069104,296.84124573508825,303.31616893427218,309.9808633243083,316.89835700498685,324.08552829966015,331.54025166694902,339.0454365224179,346.58401470443908,354.13481289535417,361.71140950167302,375.02088498168604,390.23916844241393,406.25684414881073,423.05932396470496,440.54852950974356,458.63278804427688,477.24828281841832,496.33371955063973,515.83140804662469,535.769223845895,556.1552289766887,576.8862557216753,597.93157641143148,619.25724289102038]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R383+R384-R385","v":-63.17489062016341},{"$f":"S383+S384-S385","v":-77.864263823275621},34.074604159801481,102.03533541153047,152.29949351778151,189.79285712065462,193.44884985976404,199.99665440486109,189.98819639496554,184.55437529307454,189.19145565009569,199.20837468001019,208.99443446599201,218.96899433628465,228.35540223588526,147.41891837954751,129.15339180041781,130.81859636755127,133.68389489683284,139.37445554011424,147.65226766214101,157.86481781109995,169.88959802020969,183.58571196125155,195.94249917624688,204.27500072024964,218.59867432957537,233.76257239456936,249.79142344203967,266.72502549345324]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R387*R24","v":-60.295821301250534},-70.725883001118646,29.422077134826431,83.752656133364766,118.73380353985932,140.45837861452142,135.76098165962989,133.00285175099893,119.687463093674,110.09932871363092,106.84510751064518,106.44640007076538,105.6282844476639,104.6410537300346,103.15873588649482,62.943233593515679,52.116823019354065,49.890503936950815,48.184103600562594,47.477098027434252,47.535426059979223,48.032911295885171,48.853606973402101,49.893619588636895,50.328161332030518,49.587695989848093,50.151337648483846,50.685795019879173,51.18763871036105,51.656815117054698]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R305","v":0},0,0,0,0,0,0,0,14.434008602627738,24.332012388018445,25.174761623699844,25.373741759908004,25.722493782123284,26.044732073120421,26.168826695688942,3.8514417792265672,0,0,0,0,0,0,0,0,1.2621077291259735,6.892759093434119,9.0730364392165335,11.411497803863693,13.911642407503306,16.580836177394996]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R387+R390)*R24","v":-60.295821301250534},-70.725883001118646,29.422077134826431,83.752656133364766,118.73380353985932,140.45837861452142,135.76098165962989,133.00285175099893,128.78050100182563,124.61504109334773,121.06245206775765,120.00478320102282,118.6287401624954,117.08732821975646,114.98040971215485,64.58767789039716,52.116823019354065,49.890503936950815,48.184103600562594,47.477098027434252,47.535426059979223,48.032911295885171,48.853606973402101,49.893619588636895,50.652335830553781,51.260911220548564,52.232891506738802,53.160104027653738,54.038433648035308,54.868036813696314]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R391:AU391)","v":2128.0527834290206}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H393+H400","v":4568.6530161777755}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H394=Q147","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R321+R322","v":332.16146628471159},372.60930915483789,407.61477190212827,427.79994247497785,453.65957575001801,480.57206042756502,490.29009559485229,503.31282333913327,514.40306832190163,525.78474468607976,538.45174557345581,556.12236810686727,573.76236477053317,591.59774111384422,608.65904182692839,512.98176966044707,504.17427678210379,521.05776480996519,539.94073904564357,562.43377950481909,588.20079717188446,616.49760585537683,647.13788083862789,679.91943151189128,713.03601495199757,746.9369836595788,783.82693974548067,822.0603259201082,861.63464226097426,902.56310456186861]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU156","v":12601.805934495556}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H399*AU24","v":2440.6002327487554}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R326+R377)-R323","v":377.94251574443717},412.77585194634617,445.05827003169816,469.18633283105027,502.89019493610658,517.2491182031506,527.71235241147656,541.53764592163748,563.7007591397421,582.96902385532599,597.13247992058723,615.87255633207133,634.69778550670151,653.70346818777375,671.79826294177929,561.23878168178453,551.37284370217003,570.17164151435122,591.07053371355642,615.67826431339506,643.64640056172732,674.2192187178216,707.20236235461562,742.38592661933114,778.85174932166706,819.25640220348373,860.25874847971693,902.76016384168031,946.75676346310945,992.26271596576976]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404-R155","v":261.80009031182567},284.82140950002588,305.11728657307754,321.38806685637934,343.93581609585755,342.90726505854411,356.27200759511658,368.43364247380794,388.86482493808853,406.47807770908867,418.09336245054078,430.86780939126709,442.79452762383056,454.84775091204853,466.06687435906878,461.05460351967167,475.61911252045627,494.91965487299643,515.23402404336662,536.54371867162376,558.72435114606685,581.65965778960276,605.26870320060368,629.47375109037046,655.09697742349147,684.37744621125739,711.77862854758746,739.72959952462429,768.19387122052831,797.13361439101482]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R405-R351","v":261.80009031182567},{"$f":"S405-S351","v":284.82140950002588},305.11728657307754,321.38806685637934,343.93581609585755,342.90726505854411,356.27200759511658,368.43364247380794,364.1913059592377,364.88489413982637,375.05958189720775,387.49389185296286,398.82445278259416,410.32684138534694,421.33383727242102,454.47094235860061,475.61911252045627,494.91965487299643,515.23402404336662,536.54371867162376,558.72435114606685,581.65965778960276,605.26870320060368,629.47375109037046,652.93952831387446,672.59495203444692,696.26916454892671,720.22276567186589,744.41328590855687,768.79030468606607]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R155","v":116.1424254326115},127.95444244632026,139.94098345862059,147.79826597467093,158.95437884024903,174.34185314460646,171.44034481635998,173.10400344782951,174.83593420165357,176.49094614623735,179.03911747004648,185.00474694080421,191.90325788287095,198.85571727572523,205.73138858271051,100.18417816211286,75.753731181713761,75.25198664135479,75.836509670189798,79.13454564177124,84.922049415660467,92.5595609282189,101.93365915401193,112.91217552896072,123.75477189817559,134.87895599222634,148.48011993212947,163.03056431705602,178.56289224258114,195.129101574755]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R152","v":412.16350429782244},459.79167879810637,378.01147058772978,332.65515101772661,314.91177095225629,290.7792033069104,296.84124573508825,303.31616893427218,309.9808633243083,316.89835700498685,324.08552829966015,331.54025166694902,339.0454365224179,346.58401470443908,354.13481289535417,361.71140950167302,375.02088498168604,390.23916844241393,406.25684414881073,423.05932396470496,440.54852950974356,458.63278804427688,477.24828281841832,496.33371955063973,515.83140804662469,535.769223845895,556.1552289766887,576.8862557216753,597.93157641143148,619.25724289102038]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R406+R407-R408","v":-34.220988553385268},-47.01582685176021,67.046799443968382,136.53118181332366,187.97842398385029,226.4699148962402,230.87110667638831,238.22147698736529,229.04637683658302,224.4774832810769,230.01317106759404,240.95838712681808,251.68227414304721,262.59854395663302,272.93041295977736,192.94371101904045,176.35195872048399,179.9324730719373,184.81368956474569,192.61894034868999,203.09787105198376,215.58643067354473,229.9540795361973,246.05220706869142,260.86289216542536,271.70468418077826,288.59405550436747,306.36707426724661,325.04460173970654,344.66216336980062]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R410*R363","v":-32.964850620733138},-43.501518068249894,59.516914595499856,116.27850206916354,153.46161299487039,177.12840125699458,172.81371380219048,170.53203057902178,156.75376513281657,146.82160464686515,143.72942423384956,143.77594987768629,143.35027656336877,142.72183469378297,141.51503927834847,95.42431137344785,83.188135283102312,80.954938159640491,79.308662903114083,78.838467673146923,79.286135578414672,80.272353559238596,81.665455257646585,83.344554268191828,84.278143985060638,83.724483696466748,84.819445323247734,85.882134655024458,86.907327219664751,87.894103353061226]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R305+R354","v":0},0,0,0,0,0,0,0,14.434008602627738,24.332012388018445,25.174761623699844,25.373741759908004,25.722493782123284,26.044732073120421,26.168826695688942,3.8514417792265672,0,0,0,0,0,0,0,0,1.2621077291259735,6.892759093434119,9.0730364392165335,11.411497803863693,13.911642407503306,16.580836177394996]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R410+R413)*R363","v":-32.964850620733138},-43.501518068249894,59.516914595499856,116.27850206916354,153.46161299487039,177.12840125699458,172.81371380219048,170.53203057902178,166.63204928500656,162.73618570363445,159.46049727025175,158.91604882581649,158.00099684202917,156.87709956911917,155.08363538146753,97.329121733093899,83.188135283102312,80.954938159640491,79.308662903114083,78.838467673146923,79.286135578414672,80.272353559238596,81.665455257646585,83.344554268191828,84.685898786968167,85.848454058192019,87.486062682454971,89.08105475226715,90.626889557882052,92.122469224172178]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R414:AU414)","v":3165.0099729636081}]
[]
[null,null,null,null,null,"Return on/of capital"]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU156","v":12601.805934495556}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H399*AU363)*Controls!$K$14","v":3488.8507349884699}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H416+H421","v":6653.860707952078}]
[]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":4.7749068787510854E-2},5.0757552104838212E-2,5.1956268949464771E-2,5.1948594295364525E-2,5.2863503350142359E-2,5.3435947305335442E-2,5.4530073239084417E-2,5.5287017820499593E-2,5.5640832056118014E-2,5.5994646291736422E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382/Q156","v":5.1468558584308648E-2},5.2690741695708573E-2,5.2824161971568778E-2,5.3226994042213316E-2,5.5294372400172015E-2,5.3435947305335442E-2,5.4530073239084424E-2,5.5287017820499593E-2,5.7318658971424095E-2,5.8761752890580381E-2,5.9148385027848943E-2,5.9649177437190073E-2,5.9986235476697888E-2,6.0321422319689511E-2,6.0517044941937652E-2,5.8416318569370212E-2,5.8092685239491827E-2,5.8092685239491827E-2,5.8092685239491806E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491827E-2,5.8092685239491834E-2,5.8092685239491813E-2,5.8180950029202774E-2,5.8556788034100471E-2,5.8681197448284206E-2,5.8806279429612196E-2,5.8932001744354381E-2,5.9058589718763044E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R382-R317)/Q156","v":4.7749068787510854E-2},5.0757552104838191E-2,5.1956268949464757E-2,5.1948594295364525E-2,5.2863503350142373E-2,5.3435947305335442E-2,5.4530073239084424E-2,5.5287017820499593E-2,5.7318658971424095E-2,5.8761752890580381E-2,5.9148385027848943E-2,5.9649177437190073E-2,5.9986235476697888E-2,6.0321422319689511E-2,6.0517044941937652E-2,5.8416318569370212E-2,5.8092685239491827E-2,5.8092685239491827E-2,5.8092685239491806E-2,5.809268523949182E-2,5.809268523949182E-2,5.8092685239491827E-2,5.8092685239491834E-2,5.8092685239491813E-2,5.8180950029202774E-2,5.8556788034100471E-2,5.8681197448284206E-2,5.8806279429612196E-2,5.8932001744354381E-2,5.9058589718763044E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R405/Q156","v":5.7868558584308658E-2},5.9090741695708562E-2,5.9224161971568781E-2,5.9626994042213312E-2,6.1694372400172025E-2,5.9835947305335445E-2,6.0930073239084413E-2,6.1687017820499596E-2,6.3718658971424091E-2,6.5161752890580377E-2,6.5548385027848946E-2,6.6049177437190063E-2,6.6386235476697877E-2,6.6721422319689513E-2,6.6917044941937648E-2,6.4816318569370202E-2,6.4492685239491823E-2,6.4492685239491823E-2,6.4492685239491809E-2,6.4492685239491809E-2,6.4492685239491823E-2,6.4492685239491823E-2,6.4492685239491837E-2,6.4492685239491823E-2,6.4580950029202763E-2,6.4956788034100474E-2,6.5081197448284209E-2,6.5206279429612199E-2,6.5332001744354384E-2,6.5458589718763033E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q156","v":1809.6188791736317},{"$f":"$O$14*R156","v":1928.0273107197158},2060.7622052604306,2155.990400112074,2229.9331541292968,2292.316110974099,2338.8910510390206,2389.0514114065113,2441.1362776010883,2495.1942492501498,2551.3572135936488,2609.3757779254943,2667.9899798159522,2726.8468512717709,2785.9381702432565,2845.2995399683132,2949.9104325041371,3069.6172940241258,3195.6121667445495,3327.7803005359974,3465.3502118651704,3607.6008039028029,3754.0300947492251,3904.1559442149878,4057.5245618236595,4214.3552162830383,4374.7113234245062,4537.7813670423293,4703.3236436041771,4871.0711172717156]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q156","v":2714.4283187604474},{"$f":"$O$13*R156","v":2892.0409660795735},3091.1433078906462,3233.985600168111,3344.8997311939447,3438.4741664611479,3508.3365765585304,3583.5771171097672,3661.7044164016324,3742.7913738752245,3827.035820390473,3914.0636668882412,4001.9849697239279,4090.2702769076559,4178.9072553648839,4267.9493099524698,4424.8656487562057,4604.4259410361883,4793.4182501168234,4991.6704508039957,5198.0253177977556,5411.4012058542039,5631.0451421238376,5856.2339163224815,6086.2868427354888,6321.5328244245575,6562.0669851367584,6806.672050563493,7054.9854654062656,7306.6066759075738,7561.0835606973333]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R436-S436","v":-177.61264731912615},{"$f":"S436-T436","v":-199.10234181107262},-142.84229227746482,-110.91413102583374,-93.574435267203171,-69.862410097382508,-75.240540551236791,-78.127299291865256,-81.086957473592065,-84.244446515248455,-87.027846497768223,-87.921302835686674,-88.285307183728037,-88.636978457227997,-89.042054587585881,-156.91633880373593,-179.5602922799826,-188.9923090806351,-198.25220068717226,-206.35486699375997,-213.37588805644828,-219.64393626963374,-225.18877419864384,-230.0529264130073,-235.24598168906869,-240.5341607122009,-244.60506542673465,-248.31341484277254,-251.62121050130827,-254.47688478975942]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R381-R385-R163-R438","v":-8.2049499877780931},{"$f":"S381-S385-S163-S438","v":-8.5252632303621283},38.25489554827297,67.917004019068202,95.235492418796156,103.80995117478756,107.96237912249848,111.83675536863279,123.67689490518632,132.30267966718287,134.89847538480922,138.42486218607215,142.45133430050433,146.48387003155611,150.35632537565772,93.347813893477223,82.697364380542609,84.622882097448183,87.094593565052435,90.761358757984908,95.519856643888545,101.1014951823006,107.45198983494083,114.50990947358662,122.46640005758638,133.69607023936362,143.53144970070957,153.90696189092165,164.83383729864335,176.33335742070921]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R440-R304","v":-8.2049499877780931},{"$f":"S440-S304","v":-8.5252632303621283},38.25489554827297,67.917004019068202,95.235492418796156,103.80995117478756,107.96237912249848,111.83675536863279,99.003375926335494,90.709496097920578,91.864694831476157,95.050944647767892,98.481259459267932,101.96296050485449,105.62328828900996,86.76415273240616,82.697364380542609,84.622882097448183,87.094593565052435,90.761358757984908,95.519856643888545,101.1014951823006,107.45198983494083,114.50990947358662,120.30895094796932,121.91357606255318,128.02198570204885,134.40012803816319,141.05325198667185,147.99004771576048]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R441+R390","v":-8.2049499877780931},{"$f":"S441+S390","v":-8.5252632303621283},38.25489554827297,67.917004019068202,95.235492418796156,103.80995117478756,107.96237912249848,111.83675536863279,113.43738452896324,115.04150848593902,117.03945645517601,120.42468640767589,124.20375324139121,128.00769257797492,131.79211498469891,90.615594511632722,82.697364380542609,84.622882097448183,87.094593565052435,90.761358757984908,95.519856643888545,101.1014951823006,107.45198983494083,114.50990947358662,121.57105867709529,128.80633515598728,137.09502214126539,145.81162584202687,154.96489439417516,164.57088389315547]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R442+R385-R155+R438","v":110.20348155830669},{"$f":"S442+S385-S155+S438","v":124.20963131035137},133.48309039991727,141.85975803629015,157.61844926360021,150.38489123970899,158.12273948998995,163.92162156321021,167.49535617802587,171.20447282944005,175.05802078702152,179.038888298134,183.06062469721013,187.09901154946078,191.1534847097567,195.22648704745694,202.40422590053231,210.61775481787225,219.2627273565011,228.33127008715866,237.77044868152336,247.53078602872478,257.57783930070343,267.87852708225842,278.40171313647568,289.16244229745507,300.16506575909,311.35390240387358,322.71236806171726,334.2221404196614]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R444/R435","v":6.0898724491994391E-2},{"$f":"S444/S435","v":6.4423170055607243E-2},6.477365028297781E-2,6.5797954401334957E-2,7.0683037727713491E-2,6.560390624999983E-2,6.7605859374999994E-2,6.8613685239491892E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491823E-2,6.8613685239491837E-2,6.861368523949192E-2,6.8613685239491864E-2,6.8613685239491864E-2,6.8613685239491906E-2,6.8613685239491906E-2,6.8613685239491906E-2,6.8613685239491864E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491934E-2,6.8613685239491892E-2,6.8613685239491851E-2,6.8613685239491864E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.861368523949192E-2,6.8613685239491851E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R367/R435","v":0},{"$f":"S367/S435","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R370/R435","v":0},{"$f":"S370/S435","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R356/R435","v":0},{"$f":"S356/S435","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R163-R338)/R435","v":0},{"$f":"(S163-S338)/S435","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$332*Q156","v":1809.6188791736317},{"$f":"$O$332*R156","v":1928.0273107197158},2060.7622052604306,2155.990400112074,2229.9331541292968,2292.316110974099,2338.8910510390206,2389.0514114065113,2441.1362776010883,2495.1942492501498,2551.3572135936488,2609.3757779254943,2667.9899798159522,2726.8468512717709,2785.9381702432565,2845.2995399683132,2949.9104325041371,3069.6172940241258,3195.6121667445495,3327.7803005359974,3465.3502118651704,3607.6008039028029,3754.0300947492251,3904.1559442149878,4057.5245618236595,4214.3552162830383,4374.7113234245062,4537.7813670423293,4703.3236436041771,4871.0711172717156]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$331*Q156","v":2714.4283187604474},{"$f":"$O$331*R156","v":2892.0409660795735},3091.1433078906462,3233.985600168111,3344.8997311939447,3438.4741664611479,3508.3365765585304,3583.5771171097672,3661.7044164016324,3742.7913738752245,3827.035820390473,3914.0636668882412,4001.9849697239279,4090.2702769076559,4178.9072553648839,4267.9493099524698,4424.8656487562057,4604.4259410361883,4793.4182501168234,4991.6704508039957,5198.0253177977556,5411.4012058542039,5631.0451421238376,5856.2339163224815,6086.2868427354888,6321.5328244245575,6562.0669851367584,6806.672050563493,7054.9854654062656,7306.6066759075738,7561.0835606973333]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R457-S457","v":-177.61264731912615},{"$f":"S457-T457","v":-199.10234181107262},-142.84229227746482,-110.91413102583374,-93.574435267203171,-69.862410097382508,-75.240540551236791,-78.127299291865256,-81.086957473592065,-84.244446515248455,-87.027846497768223,-87.921302835686674,-88.285307183728037,-88.636978457227997,-89.042054587585881,-156.91633880373593,-179.5602922799826,-188.9923090806351,-198.25220068717226,-206.35486699375997,-213.37588805644828,-219.64393626963374,-225.18877419864384,-230.0529264130073,-235.24598168906869,-240.5341607122009,-244.60506542673465,-248.31341484277254,-251.62121050130827,-254.47688478975942]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R404-R408-R338-R459","v":20.748952079000048},{"$f":"S404-S408-S338-S459","v":22.323173741153283},71.22709083243987,102.41285042086139,130.91442288486493,140.48700895037314,145.38463593912275,150.061577951137,162.73507534680374,172.22578765518523,175.72019080230757,180.17487463288003,185.13917397755952,190.11341965190448,194.93133609954981,138.87260653297017,129.89593130060879,133.73675880183421,138.22438823296528,144.00584356656077,150.96546003373129,158.82310804474537,167.51647135092844,176.97640458102649,187.38679304676486,201.12575369989224,213.52683087550167,226.5114637635989,240.08701559631021,254.27049529705658]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R461-R351","v":20.748952079000048},{"$f":"S461-S351","v":22.323173741153283},71.22709083243987,102.41285042086139,130.91442288486493,140.48700895037314,145.38463593912275,150.061577951137,138.0615563679529,130.63260408592294,132.68641024897451,136.80095709457578,141.16909913632313,145.59251012520286,150.19829901290205,132.2889453718991,129.89593130060879,133.73675880183421,138.22438823296528,144.00584356656077,150.96546003373129,158.82310804474537,167.51647135092844,176.97640458102649,185.2293439371478,189.3432595230818,198.01736687684095,207.00462991084044,216.30643028433872,225.92718559210786]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R462+R413","v":20.748952079000048},{"$f":"S462+S413","v":22.323173741153283},71.22709083243987,102.41285042086139,130.91442288486493,140.48700895037314,145.38463593912275,150.061577951137,152.49556497058063,154.96461647394139,157.86117187267436,162.17469885448378,166.89159291844641,171.63724219832329,176.367125708591,136.14038715112568,129.89593130060879,133.73675880183421,138.22438823296528,144.00584356656077,150.96546003373129,158.82310804474537,167.51647135092844,176.97640458102649,186.49145166627378,196.23601861651591,207.09040331605749,218.41612771470412,230.21807269184202,242.50802176950285]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R463+R408-R155+R459","v":139.15738362508483},{"$f":"S463+S408-S155+S459","v":155.05806828186678},166.45528568408417,176.35560443808333,193.29737972966899,187.06194901529454,195.54499630661422,202.14644414571444,206.5535366196433,211.12758081744244,215.87973620451987,220.78890074494188,225.74846437426532,230.72856116980921,235.72849543364879,240.75127968694994,249.60279282059844,259.73163152225828,270.39252202441389,281.57575489573452,293.21605207136611,305.25239889116961,317.64232081669104,330.34502218969828,343.32210612565416,356.59212575798369,370.1604469338821,383.95840427655082,397.96554635938412,412.15927829600878]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R465/R456","v":7.6898724491994419E-2},{"$f":"S465/S456","v":8.0423170055607229E-2},8.0773650282977824E-2,8.1797954401334957E-2,8.6683037727713491E-2,8.1603906249999816E-2,8.3605859374999966E-2,8.4613685239491906E-2,8.4613685239491851E-2,8.4613685239491879E-2,8.4613685239491809E-2,8.4613685239491823E-2,8.4613685239491893E-2,8.4613685239491906E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.4613685239491906E-2,8.4613685239491865E-2,8.4613685239491865E-2,8.4613685239491906E-2,8.4613685239491879E-2,8.4613685239491934E-2,8.4613685239491906E-2,8.4613685239491837E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.4613685239491879E-2,8.461368523949192E-2,8.4613685239491837E-2]

{"sheet":"REV - TransGrid","index":12,"n_rows":477,"n_cols":48,"rows_kept":477,"cut":false,"hidden":false,"merged":[]}
["Revenue - TransGrid"]
["This sheet provides a cash-flow projections for TransGrid",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Y0","Period 1",null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7"]
[null,null,null,null,null,null,null,null,null,null,"Source","Comments",null,"Units","Constants",null,"2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","2027-28","2028-29","2029-30","2030-31","2031-32","2032-33","2033-34","2034-35","2035-36","2036-37","2037-38","2038-39","2039-40","2040-41","2041-42","2042-43","2043-44","2044-45","2045-46","2046-47","2047-48","2048-49","2049-50","2050-51"]
[]
[null,null,"Inputs"]
[]
[null,null,null,null,null,"Cumulative inflation index ",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,{"$f":"Controls!F50","v":2.5000000000000001E-2},null,1,{"$f":"Q8*(1+$O$8)","v":1.0249999999999999},{"$f":"R8*(1+$O$8)","v":1.0506249999999999},{"$f":"S8*(1+$O$8)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,{"$f":"AH8*(1+$O$8)","v":1.5596587177065029},{"$f":"AI8*(1+$O$8)","v":1.5986501856491653},1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2,4.9597138097138199E-2]
[null,null,null,null,null,"Return on equity",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,7.400000000000001E-2,7.400000000000001E-2,7.400000000000001E-2,7.400000000000001E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2,7.3999999999999996E-2]
[]
[null,null,null,null,null,"Debt financing",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,0.6]
[null,null,null,null,null,"Equity financing",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,0.4]
[]
[null,null,null,null,null,"Corporate tax rate",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,0.3]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,0.58499999999999996]
[null,null,null,null,null,"Imputation credit payout ratio",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,0.9]
[]
[null,null,null,null,null,"Nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V255","v":5.2838282858282931E-2},{"$f":"WACC!W255","v":5.5581844768533076E-2},{"$f":"WACC!X255","v":5.4075640206082437E-2},{"$f":"WACC!Y255","v":5.3803044144904978E-2},{"$f":"WACC!Z255","v":5.4453031792605605E-2},{"$f":"WACC!AA255","v":5.4760554340721482E-2},{"$f":"WACC!AB255","v":5.5589758867393251E-2},{"$f":"WACC!AC255","v":5.6081782041731212E-2},{"$f":"WACC!AD255","v":5.6170674870272427E-2},{"$f":"WACC!AE255","v":5.6259567698813635E-2},{"$f":"WACC!AF255","v":5.6348460527354843E-2},{"$f":"WACC!AG255","v":5.6889869877018481E-2},{"$f":"WACC!AH255","v":5.7250455927724916E-2},{"$f":"WACC!AI255","v":5.7611159740041662E-2},{"$f":"WACC!AJ255","v":5.7851628948252791E-2},{"$f":"WACC!AK255","v":5.8032215687622304E-2},{"$f":"WACC!AL255","v":5.809268523949182E-2},{"$f":"WACC!AM255","v":5.809268523949182E-2},{"$f":"WACC!AN255","v":5.809268523949182E-2},{"$f":"WACC!AO255","v":5.809268523949182E-2},{"$f":"WACC!AP255","v":5.809268523949182E-2},{"$f":"WACC!AQ255","v":5.809268523949182E-2},{"$f":"WACC!AR255","v":5.809268523949182E-2},{"$f":"WACC!AS255","v":5.809268523949182E-2},{"$f":"WACC!AT255","v":5.809268523949182E-2},{"$f":"WACC!AU255","v":5.809268523949182E-2},{"$f":"WACC!AV255","v":5.809268523949182E-2},{"$f":"WACC!AW255","v":5.809268523949182E-2},{"$f":"WACC!AX255","v":5.809268523949182E-2},{"$f":"WACC!AY255","v":5.809268523949182E-2}]
[null,null,null,null,null,"Real rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V256","v":2.7159300349544502E-2},{"$f":"WACC!W256","v":2.9835946115642109E-2},{"$f":"WACC!X256","v":2.8366478249836735E-2},{"$f":"WACC!Y256","v":2.8100530873077956E-2},{"$f":"WACC!Z256","v":2.8734665163517636E-2},{"$f":"WACC!AA256","v":2.9034687161679562E-2},{"$f":"WACC!AB256","v":2.9843667187700929E-2},{"$f":"WACC!AC256","v":3.0323689796811104E-2},{"$f":"WACC!AD256","v":3.0410414507582972E-2},{"$f":"WACC!AE256","v":3.0497139218354841E-2},{"$f":"WACC!AF256","v":3.0583863929126709E-2},{"$f":"WACC!AG256","v":3.1112068172700846E-2},{"$f":"WACC!AH256","v":3.1463859441682951E-2},{"$f":"WACC!AI256","v":3.1815765600040846E-2},{"$f":"WACC!AJ256","v":3.205036970561248E-2},{"$f":"WACC!AK256","v":3.2226551890363275E-2},{"$f":"WACC!AL256","v":3.2285546575114177E-2},{"$f":"WACC!AM256","v":3.2285546575114177E-2},{"$f":"WACC!AN256","v":3.2285546575114177E-2},{"$f":"WACC!AO256","v":3.2285546575114177E-2},{"$f":"WACC!AP256","v":3.2285546575114177E-2},{"$f":"WACC!AQ256","v":3.2285546575114177E-2},{"$f":"WACC!AR256","v":3.2285546575114177E-2},{"$f":"WACC!AS256","v":3.2285546575114177E-2},{"$f":"WACC!AT256","v":3.2285546575114177E-2},{"$f":"WACC!AU256","v":3.2285546575114177E-2},{"$f":"WACC!AV256","v":3.2285546575114177E-2},{"$f":"WACC!AW256","v":3.2285546575114177E-2},{"$f":"WACC!AX256","v":3.2285546575114177E-2},{"$f":"WACC!AY256","v":3.2285546575114177E-2}]
[]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q23*(1+R20)","v":1.052838282858283},{"$f":"R23*(1+S20)","v":1.1113569768624809},1.1714543168838158,1.2344821252088551,1.3017034196202562,1.3729854204658742,1.4493093489180187,1.5305891999350822,1.616563428244586,1.7075105878753385,1.8037261808362723,1.9063399285578193,2.015478758620981,2.1315928273365552,2.2549089446523864,2.3857663068844026,2.524361878005223,2.6710088380147532,2.8261749137134453,2.9903550034075486,3.1640727553748427,3.3478822380276849,3.5423697071003128,3.7481554754968021,3.9658958917635156,4.1962854334963273,4.4400589223594942,4.6979938677809212,4.9709129467989808,5.2596866279702885]
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[]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,"For depreciation",null,"Years",40]
[null,null,null,null,null,"Diminishing value",null,null,null,null,null,"For tax depreciation",null,null,{"$f":"2/O26","v":0.05}]
[]
[null,null,null,null,null,"Capex program"]
[]
[null,null,null,null,null,"Net capex",null,null,null,null,"TransGrid PTRM 2021-26 May 2021","Real","$m",null,null,null,null,1237.8562560984558,905.26664598249113,{"$f":"S153*Controls!$L$11","v":335.23125084192247},{"$f":"T153*Controls!$L$11","v":335.16080319916375},{"$f":"U153*Controls!$L$11","v":335.02336991430906},{"$f":"V153*Controls!$L$11","v":334.71120768583518},{"$f":"W153*Controls!$L$11","v":334.21172090882692},{"$f":"X153*Controls!$L$11","v":333.7578022162246},{"$f":"Y153*Controls!$L$11","v":333.02197514947227},{"$f":"Z153*Controls!$L$11","v":331.98242128761495},{"$f":"AA153*Controls!$L$11","v":331.61501671314124},{"$f":"AB153*Controls!$L$11","v":331.97734050538293},{"$f":"AC153*Controls!$L$11","v":334.55960715155931},{"$f":"AD153*Controls!$L$11","v":337.29114757358832},{"$f":"AE153*Controls!$L$11","v":339.83146569783935},{"$f":"AF153*Controls!$L$11","v":342.2317628327047},{"$f":"AG153*Controls!$L$11","v":344.52053902844756},{"$f":"AH153*Controls!$L$11","v":346.63576731388071},{"$f":"AI153*Controls!$L$11","v":348.68904443557335},{"$f":"AJ153*Controls!$L$11","v":350.4631909304606},{"$f":"AK153*Controls!$L$11","v":351.94440176053462},{"$f":"AL153*Controls!$L$11","v":353.11900988701535},{"$f":"AM153*Controls!$L$11","v":353.98023543128949},{"$f":"AN153*Controls!$L$11","v":354.50577985615797},{"$f":"AO153*Controls!$L$11","v":354.89174134558851},{"$f":"AP153*Controls!$L$11","v":355.0124655225523},{"$f":"AQ153*Controls!$L$11","v":354.76475217036335},{"$f":"AR153*Controls!$L$11","v":354.55565556948113},{"$f":"AS153*Controls!$L$11","v":355.07060354033518},{"$f":"AT153*Controls!$L$11","v":355.23391316023793}]
[null,null,null,null,null,"Lifetime of new capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$26","v":40},{"$f":"$O$26","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,null,null,null,"Dimishing value for new capex",null,null,null,null,null,"For tax",null,null,null,null,null,{"$f":"$O$27","v":0.05},{"$f":"$O$27","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,"Net capex",null,null,null,null,null,"Nominal",null,null,null,null,null,null,null,{"$f":"T158","v":366.09184055301489},375.11676619897514,384.4555342407786,{"$f":"W158","v":393.75715125740811},403.15716796371714,412.77101454382779,422.17528045946267,431.39701651331944,441.71116528483168,453.36476173020151,468.39339626997452,484.10563533785086,500.00231644857018,516.16633236990879,532.62402599834309,549.29149340109905,566.35881986642949,583.4714925783677,600.58593593236924,617.65514023611127,634.64058427987925,651.47238760095127,668.48620753738589,685.43144791423151,702.07701108725939,719.20479060709101,738.25557972354602,757.06000800902257]
[]
[]
[null,null,"RAB (Real)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q153","v":6351.2677266637629},{"$f":"R153","v":7332.2744447537989},{"$f":"S153","v":7963.8010688121858},7962.127504634358,{"$f":"U153","v":7958.8626200567196},{"$f":"V153","v":7951.4468499502054},{"$f":"W153","v":7939.5809713407207},7928.7976145975135,{"$f":"Y153","v":7911.3172025955109},7886.6214138366913,7877.8932987354538,7886.5007140544722,7947.8454061890216,8012.7362672821482,8073.0844243892934,8130.1062230435045,8184.4787144748716,8234.728377171914,8283.5063192499165,8325.653194628414,8360.8410488694917,8388.7452058644303,8409.2046018567598,8421.689509638969,8430.8584654398601,8433.7264060841808,8427.8416926096252,8422.8743641478286,8435.1075410678532,8438.9871475253731]
[null,null,null,null,null,"Net capex",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,{"$f":"R31*(1+R21)^0.5","v":1254.5533004955626},{"$f":"S31*(1+S21)^0.5","v":918.67213298147919},339.95266748005622,339.83727621316046,339.8026723339197,339.53555747879938,339.16210968256206,338.78039471788759,338.04772070161897,337.00665980945234,336.64785984870156,337.10203665665546,339.78211347599893,342.61472374925137,345.23437784744499,347.70251131836716,350.0378771652766,352.18697985982402,354.27313927120815,356.0756979070498,357.58062964800041,358.77404858393345,359.64906625959469,360.1830270369573,360.57516952230458,360.69782704149372,360.44614667378551,360.23370148691305,360.75689611291892,360.92282106134905]
[null,null,null,null,null,"Straight-line depreciation (opening RAB)",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,273.54658240552635,287.14550892309211,333.24545038683516,326.34235943977228,322.0830568415488,317.89827029725313,308.08700761201823,306.05840285073322,304.21555621254475,278.90726113060538,252.92255533177067,192.34002181155932,183.10993949353565,182.05297506342976,179.50320097211025,176.0648475950604,173.91002870058264,168.86495783132253,168.86495783132253,168.86495783132253,168.85497677440097,168.66518146576701,168.66518146576701,163.65244972804297,161.47331383632078,161.47331383632078,151.43512965159593,125.15828769366557,125.15828769366557,124.98925995911159]
[]
[null,null,null,null,null,"Future capex calculations"]
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[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,41,null,null,{"$f":"IF(R$2>=$O121,IF(R120-HLOOKUP($O121,$R$2:$AU$33,30,FALSE)/HLOOKUP($O121,$R$2:$AU$33,31,FALSE)<=0,R120,HLOOKUP($O121,$R$2:$AU$33,30,FALSE)/HLOOKUP($O121,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,42,null,null,{"$f":"IF($O122=R$2,R$40,IF(R$2>$O122,Q122-Q123,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,42,null,null,{"$f":"IF(R$2>=$O123,IF(R122-HLOOKUP($O123,$R$2:$AU$33,30,FALSE)/HLOOKUP($O123,$R$2:$AU$33,31,FALSE)<=0,R122,HLOOKUP($O123,$R$2:$AU$33,30,FALSE)/HLOOKUP($O123,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,43,null,null,{"$f":"IF($O124=R$2,R$40,IF(R$2>$O124,Q124-Q125,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,43,null,null,{"$f":"IF(R$2>=$O125,IF(R124-HLOOKUP($O125,$R$2:$AU$33,30,FALSE)/HLOOKUP($O125,$R$2:$AU$33,31,FALSE)<=0,R124,HLOOKUP($O125,$R$2:$AU$33,30,FALSE)/HLOOKUP($O125,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,44,null,null,{"$f":"IF($O126=R$2,R$40,IF(R$2>$O126,Q126-Q127,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,44,null,null,{"$f":"IF(R$2>=$O127,IF(R126-HLOOKUP($O127,$R$2:$AU$33,30,FALSE)/HLOOKUP($O127,$R$2:$AU$33,31,FALSE)<=0,R126,HLOOKUP($O127,$R$2:$AU$33,30,FALSE)/HLOOKUP($O127,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,45,null,null,{"$f":"IF($O128=R$2,R$40,IF(R$2>$O128,Q128-Q129,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,45,null,null,{"$f":"IF(R$2>=$O129,IF(R128-HLOOKUP($O129,$R$2:$AU$33,30,FALSE)/HLOOKUP($O129,$R$2:$AU$33,31,FALSE)<=0,R128,HLOOKUP($O129,$R$2:$AU$33,30,FALSE)/HLOOKUP($O129,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,46,null,null,{"$f":"IF($O130=R$2,R$40,IF(R$2>$O130,Q130-Q131,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,46,null,null,{"$f":"IF(R$2>=$O131,IF(R130-HLOOKUP($O131,$R$2:$AU$33,30,FALSE)/HLOOKUP($O131,$R$2:$AU$33,31,FALSE)<=0,R130,HLOOKUP($O131,$R$2:$AU$33,30,FALSE)/HLOOKUP($O131,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,47,null,null,{"$f":"IF($O132=R$2,R$40,IF(R$2>$O132,Q132-Q133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,47,null,null,{"$f":"IF(R$2>=$O133,IF(R132-HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)<=0,R132,HLOOKUP($O133,$R$2:$AU$33,30,FALSE)/HLOOKUP($O133,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,48,null,null,{"$f":"IF($O134=R$2,R$40,IF(R$2>$O134,Q134-Q135,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,48,null,null,{"$f":"IF(R$2>=$O135,IF(R134-HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)<=0,R134,HLOOKUP($O135,$R$2:$AU$33,30,FALSE)/HLOOKUP($O135,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,49,null,null,{"$f":"IF($O136=R$2,R$40,IF(R$2>$O136,Q136-Q137,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,49,null,null,{"$f":"IF(R$2>=$O137,IF(R136-HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)<=0,R136,HLOOKUP($O137,$R$2:$AU$33,30,FALSE)/HLOOKUP($O137,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,50,null,null,{"$f":"IF($O138=R$2,R$40,IF(R$2>$O138,Q138-Q139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,50,null,null,{"$f":"IF(R$2>=$O139,IF(R138-HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)<=0,R138,HLOOKUP($O139,$R$2:$AU$33,30,FALSE)/HLOOKUP($O139,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,51,null,null,{"$f":"IF($O140=R$2,R$40,IF(R$2>$O140,Q140-Q141,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,51,null,null,{"$f":"IF(R$2>=$O141,IF(R140-HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)<=0,R140,HLOOKUP($O141,$R$2:$AU$33,30,FALSE)/HLOOKUP($O141,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,52,null,null,{"$f":"IF($O142=R$2,R$40,IF(R$2>$O142,Q142-Q143,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,52,null,null,{"$f":"IF(R$2>=$O143,IF(R142-HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)<=0,R142,HLOOKUP($O143,$R$2:$AU$33,30,FALSE)/HLOOKUP($O143,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,53,null,null,{"$f":"IF($O144=R$2,R$40,IF(R$2>$O144,Q144-Q145,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,53,null,null,{"$f":"IF(R$2>=$O145,IF(R144-HLOOKUP($O145,$R$2:$AU$33,30,FALSE)/HLOOKUP($O145,$R$2:$AU$33,31,FALSE)<=0,R144,HLOOKUP($O145,$R$2:$AU$33,30,FALSE)/HLOOKUP($O145,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,54,null,null,{"$f":"IF($O146=R$2,R$40,IF(R$2>$O146,Q146-Q147,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,54,null,null,{"$f":"IF(R$2>=$O147,IF(R146-HLOOKUP($O147,$R$2:$AU$33,30,FALSE)/HLOOKUP($O147,$R$2:$AU$33,31,FALSE)<=0,R146,HLOOKUP($O147,$R$2:$AU$33,30,FALSE)/HLOOKUP($O147,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,55,null,null,{"$f":"IF($O148=R$2,R$40,IF(R$2>$O148,Q148-Q149,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,55,null,null,{"$f":"IF(R$2>=$O149,IF(R148-HLOOKUP($O149,$R$2:$AU$33,30,FALSE)/HLOOKUP($O149,$R$2:$AU$33,31,FALSE)<=0,R148,HLOOKUP($O149,$R$2:$AU$33,30,FALSE)/HLOOKUP($O149,$R$2:$AU$33,31,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Total straight-line depreciation (future capex)",null,null,null,null,null,"DEP",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$149,$L$151,R43:R149)","v":0},{"$f":"SUMIF($L$43:$L$149,$L$151,S43:S149)","v":0},8.3807812710480611,16.759801351027157,25.135385598884884,33.503165791030767,41.85845881375144,50.202403869157052,58.527953247893862,66.827513780084232,75.11788919791276,83.417322710547339,91.78131288933632,100.21359157867603,108.70937822112201,117.26517229193962,125.87818576765081,134.54407995049783,143.26130606138716,152.02288583464866,160.82149587866203,169.64947112583741,178.49897701161964,187.3616215080236,196.23391504166332,205.10922667972713,213.9783454839862,222.84223687322324,231.71900196173164,240.59984979073758]
[null,null,null,null,null,"Total starting RAB (future capex)",null,null,null,null,null,"RAB",null,null,null,null,null,{"$f":"SUMIF($L$43:$L$149,$L$152,R43:R149)","v":0},{"$f":"SUMIF($L$43:$L$149,$L$152,S43:S149)","v":0},339.95266748005622,671.40916242216861,994.452033405061,1308.8522052849755,1614.5111491765069,1911.4330850806432,2199.278401913105,2477.7571084746633,2747.5774545432805,3009.5616020020234,3265.9263927674747,3516.7598036273898,3761.7805898961592,4000.7737229934041,4233.5464278667405,4459.8552219589137,4679.5842812796245,4892.398673125288,5097.9564169386394,5295.9089696439105,5485.9085647776674,5667.5926148030057,5840.8061628172863,6005.2700748171173,6160.6069948111744,6306.8623508141018,6444.7770100537991,6573.9808291534164]
[null,null,null,null,null,"Closing RAB",null,null,null,null,"CEPA historical model","On 30/6/2021",null,null,null,null,6351.2677266637629,{"$f":"R39+R40-R41-R151","v":7332.2744447537989},{"$f":"S39+S40-S41-S151","v":7963.8010688121858},{"$f":"T39+T40-T41-T151","v":7962.127504634358},7958.8626200567196,{"$f":"V39+V40-V41-V151","v":7951.4468499502054},{"$f":"W39+W40-W41-W151","v":7939.5809713407207},7928.7976145975135,7911.3172025955109,7886.6214138366913,7877.8932987354538,7886.5007140544722,7947.8454061890216,8012.7362672821482,8073.0844243892934,{"$f":"AF39+AF40-AF41-AF151","v":8130.1062230435045},8184.4787144748716,8234.728377171914,8283.5063192499165,8325.653194628414,8360.8410488694917,{"$f":"AL39+AL40-AL41-AL151","v":8388.7452058644303},8409.2046018567598,8421.689509638969,8430.8584654398601,8433.7264060841808,8427.8416926096252,8422.8743641478286,8435.1075410678532,8438.9871475253731,8434.3208588368743]
[]
[null,null,"RAB (Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R39*R8","v":6510.0494198303568},{"$f":"S39*S8","v":7703.470838519459},8576.142710368822,8788.6989764152677,9004.7225336003685,9221.240577156872,9437.6667907279407,9660.4699873953323,9880.1510978314836,10095.542177780368,10336.478688852789,10606.466672742301,10956.192675211409,11321.786580036725,11692.23336982746,12069.188384675497,12453.652270160046,12843.365901401299,13242.428915094913,13642.552200874361,14042.71688726564,14441.82380800335,14838.972271929395,15232.528355411458,15630.340295791581,16026.548729859041,16415.750203092088,16816.226711638883,17261.666443133865,17701.345840937101]
[null,null,null,null,null,"Net Capex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R40*R8","v":1285.9171330079514},{"$f":"S40*S8","v":965.17990971366646},366.09184055301489,375.11676619897514,384.4555342407786,393.75715125740811,403.15716796371714,412.77101454382779,422.17528045946267,431.39701651331944,441.71116528483168,453.36476173020151,468.39339626997452,484.10563533785086,500.00231644857018,516.16633236990879,532.62402599834309,549.29149340109905,566.35881986642949,583.4714925783677,600.58593593236924,617.65514023611127,634.64058427987925,651.47238760095127,668.48620753738589,685.43144791423151,702.07701108725939,719.20479060709101,738.25557972354602,757.06000800902257]
[null,null,null,null,null,"Indexation of opening RAB",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q162*$O$8","v":158.7816931665941},{"$f":"R162*$O$8","v":187.88953264681609},{"$f":"S162*$O$8","v":209.17421244802006},{"$f":"T162*$O$8","v":214.35851161988458},219.62737886830169,224.9083067599237,230.18699489580351,235.62121920476426,240.97929506906064,246.23273604342364,252.10923631348265,258.69430909127567,267.22421159052215,276.1411360984568,285.17642365432835,294.3704484067195,303.74761634536702,313.25282686344639,322.98607109987597,{"$f":"AJ162*$O$8","v":332.74517563108202},342.50528993330835,352.23960507325251,361.92615297388772,371.52508183930388,381.22781209247762,390.89143243558647,400.3841512949291,410.15187101558251,421.01625471058219,431.74014246188057]
[null,null,null,null,null,"Straight-line depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R41*R8)+(R151*R8)","v":280.38524696566446},{"$f":"(S41*S8)+(S151*S8)","v":301.68225031232362},367.89408612645263,378.72058788217583,392.84579744419733,407.51793258214042,415.97519050109014,434.06919917673497,453.01693655400237,442.56974175438006,430.41749048659375,370.86297085161709,378.94062754311256,398.83526920144232,417.41775000724948,435.45006323072602,456.1632216205337,473.2145508073578,498.98070971806067,525.81209612039424,553.718620267912,582.43282928395274,612.60958263712291,634.88825931330439,663.16920590550967,696.61412597610979,711.75237355604759,694.78131382268714,730.31632438218617,766.84786387665645]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R160-R159","v":121.60355379907037},{"$f":"S160-S159","v":113.79271766550752},158.71987367843258,164.36207626229125,173.21841857589564,182.60962582221671,185.78819560528663,198.44797997197071,212.03764148494173,196.33700571095642,178.3082541731111,112.16866176034142,111.71641595259041,122.69413310298552,132.24132635292113,141.07961482400651,152.41560527516668,159.96172394391141,175.99463861818469,193.06692048931222,211.21333033460365,230.19322421070024,250.68342966323519,263.36317747400051,281.94139381303205,305.72269354052332,311.36822226111849,284.62944280710462,309.30006967160398,335.10772141477588]
[null,null,null,null,null,"Closing RAB",null,null,null,null,null,null,null,null,null,null,{"$f":"Q153*Q8","v":6351.2677266637629},{"$f":"R153*R8","v":7515.5813058726435},8366.9684979208014,8574.340464795383,8785.0951547320674,8996.3322703969479,9207.4797958321396,9424.8487681905699,9639.1718027624247,9849.3094417369448,10084.369452539306,10347.772363651027,10688.968463620886,11045.645443938271,11407.056946173134,11774.817936268779,12149.904653814679,12530.113074537854,12919.442843995039,13309.807025243281,13700.211597332333,14089.584202930098,14477.046118955508,14861.003273572154,15249.112483699104,15635.657297423457,16015.366051797162,16406.0748406233,16840.650188423286,17269.605698475221,17691.55798506947]
[]
[null,null,"Revenue (Nominal)"]
[]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q162*$O$13","v":3810.7606359982574},{"$f":"R162*$O$13","v":4509.3487835235856},5020.1810987524805,5144.6042788772293,5271.0570928392399,5397.7993622381682,5524.487877499284,5654.9092609143418,5783.5030816574545,5909.5856650421665,6050.6216715235832,6208.6634181906165,6413.3810781725315,6627.3872663629618,6844.2341677038803,7064.8907617612667,7289.9427922888071,7518.0678447227119,7751.6657063970233,7985.8842151459685,8220.1269583993999,8453.7505217580583,8686.2276713733045,8916.6019641432922,9149.467490219462,9381.3943784540734,9609.2196310782965,9843.6449043739794,10104.390113053971,10361.763419085133]
[null,null,null,null,null,"Equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q162*$O$14","v":2540.5070906655055},{"$f":"R162*$O$14","v":3006.2325223490575},3346.7873991683209,3429.7361859181533,3514.038061892827,3598.5329081587793,3682.9919183328561,3769.9395072762281,3855.6687211049702,3939.7237766947783,4033.7477810157225,4139.1089454604107,4275.5873854483543,4418.2581775753088,4562.8227784692535,4709.9271745075121,4859.9618615258723,5012.0452298151422,5167.7771375980155,5323.9228100973123,5480.0846389329336,5635.8336811720401,5790.8184475822036,5944.4013094288621,6099.6449934796419,6254.2629189693835,6406.1464207188656,6562.4299362493202,6736.260075369315,6907.8422793900891]
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[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R166*WACC!V247","v":189.00282151874407},{"$f":"S166*WACC!W247","v":220.24986963783559},{"$f":"T166*WACC!X247","v":242.92717511949502},{"$f":"U166*WACC!Y247","v":246.61742805076969},{"$f":"V166*WACC!Z247","v":251.34759676950242},{"$f":"W166*WACC!AA247","v":256.56632661587054},{"$f":"X166*WACC!AB247","v":262.84974791663137},{"$f":"Y166*WACC!AC247","v":269.89287166976624},{"$f":"Z166*WACC!AD247","v":276.88714533401526},{"$f":"AA166*WACC!AE247","v":283.7989241792863},{"$f":"AB166*WACC!AF247","v":291.46839345756246},{"$f":"AC166*WACC!AG247","v":304.68390492932912},{"$f":"AD166*WACC!AH247","v":318.58451086027367},{"$f":"AE166*WACC!AI247","v":333.1994681996278},{"$f":"AF166*WACC!AJ247","v":346.84473991612458},{"$f":"AG166*WACC!AK247","v":360.15331350744572},{"$f":"AH166*WACC!AL247","v":372.36069330122172},{"$f":"AI166*WACC!AM247","v":384.0130210497357},{"$f":"AJ166*WACC!AN247","v":395.9448926988162},{"$f":"AK166*WACC!AO247","v":407.9084661844667},{"$f":"AL166*WACC!AP247","v":419.87327753674384},{"$f":"AM166*WACC!AQ247","v":431.8064619940692},{"$f":"AN166*WACC!AR247","v":443.68108914464062},{"$f":"AO166*WACC!AS247","v":455.44830513230932},{"$f":"AP166*WACC!AT247","v":467.34277004188266},{"$f":"AQ166*WACC!AU247","v":479.18929056459319},{"$f":"AR166*WACC!AV247","v":490.82630493299354},{"$f":"AS166*WACC!AW247","v":502.80043967984557},{"$f":"AT166*WACC!AX247","v":516.11896212171644},{"$f":"AU166*WACC!AY247","v":529.26525220952954}]
[null,null,null,null,null,"Return on equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R167*WACC!V248","v":146.58725913139941},{"$f":"S167*WACC!W248","v":197.48000385046677},{"$f":"T167*WACC!X248","v":209.52200298969623},{"$f":"U167*WACC!Y248","v":214.70819049006136},{"$f":"V167*WACC!Z248","v":227.02746899218823},{"$f":"W167*WACC!AA248","v":236.07781554438776},{"$f":"X167*WACC!AB248","v":248.99183371007254},{"$f":"Y167*WACC!AC248","v":258.66944272417624},{"$f":"Z167*WACC!AD248","v":264.55164001765064},{"$f":"AA167*WACC!AE248","v":270.31896714467769},{"$f":"AB167*WACC!AF248","v":276.77030058211159},{"$f":"AC167*WACC!AG248","v":283.99951835578577},{"$f":"AD167*WACC!AH248","v":293.36380707909541},{"$f":"AE167*WACC!AI248","v":303.15297590296325},{"$f":"AF167*WACC!AJ248","v":313.07208592547312},{"$f":"AG167*WACC!AK248","v":323.1654606525878},{"$f":"AH167*WACC!AL248","v":333.45989344267122},{"$f":"AI167*WACC!AM248","v":343.89489380463289},{"$f":"AJ167*WACC!AN248","v":354.58023390699253},{"$f":"AK167*WACC!AO248","v":365.29396393136807},{"$f":"AL167*WACC!AP248","v":376.0088025015188},{"$f":"AM167*WACC!AQ248","v":386.6953182620652},{"$f":"AN167*WACC!AR248","v":397.32939424144831},{"$f":"AO167*WACC!AS248","v":407.86728038237533},{"$f":"AP167*WACC!AT248","v":418.51912165525465},{"$f":"AQ167*WACC!AU248","v":429.12802732719098},{"$f":"AR167*WACC!AV248","v":439.54931410930175},{"$f":"AS167*WACC!AW248","v":450.27250205202961},{"$f":"AT167*WACC!AX248","v":462.19962850274601},{"$f":"AU167*WACC!AY248","v":473.97251584212569}]
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[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,211.22804060653968,208.31473743104755,{"$f":"S172*(1+$O$8)","v":213.52260586682371},{"$f":"T172*(1+$O$8)","v":218.86067101349428},224.33218778883162,229.94049248355239,235.68900479564118,241.58122991553219,247.62076066342047,253.81127968000595,260.15656167200609,266.66047571380619,273.3269876066513,280.16016229681753,287.16416635423792,294.34327051309384,301.70185227592117,309.24439858281914,316.97550854738961,324.89989626107433,333.02239366760114,341.34795350929113,349.88165234702336,358.6286936556989,367.59441099709136,376.7842712720186,386.20387805381904,395.8589750051645,405.75544938029356,415.89933561480086]
[null,null,null,null,null,"Nominal regulatory depreciation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161","v":121.60355379907037},113.79271766550752,158.71987367843258,164.36207626229125,173.21841857589564,182.60962582221671,185.78819560528663,198.44797997197071,212.03764148494173,196.33700571095642,178.3082541731111,112.16866176034142,111.71641595259041,122.69413310298552,132.24132635292113,141.07961482400651,152.41560527516668,159.96172394391141,175.99463861818469,193.06692048931222,211.21333033460365,230.19322421070024,250.68342966323519,263.36317747400051,281.94139381303205,305.72269354052332,311.36822226111849,284.62944280710462,309.30006967160398,335.10772141477588]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R318","v":34.047484583746183},{"$f":"S318","v":43.588388526057507},37.818311771099765,38.933390952880792,41.725653485592318,50.295842361078726,55.421794651683037,58.285958380731131,60.154970864038297,52.069278397577939,44.396348597808355,20.996244512612016,19.181392688234546,21.462015793561225,23.820491986651753,26.32395361721472,29.287233413963861,32.095743369754508,{"$f":"AJ318","v":35.95051976458214},{"$f":"AK318","v":40.143009500298419},44.679874367197279,49.541604780494254,54.804524729348643,57.339870271388413,61.914964022670468,68.239962817720283,70.445826594955477,66.813767548324407,74.123086458219973,81.453084515006367]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R175*$O$17","v":19.917778481491517},{"$f":"S175*$O$17","v":25.499207287743641},22.123712386093363,22.776033707435261,24.409507289071506,29.423067781231055,32.421749871234574,34.097285652727713,35.190657955462399,30.460527862583092,25.971863929717887,12.282803039878029,11.221114722617209,12.555279239233316,13.934987812191274,15.39951286607061,17.133031547168859,18.776009871306385,21.03105406228055,23.483660557674572,26.137726504810406,28.981838796589138,32.060646966668955,33.543824108762223,36.220253953262223,39.920378248366362,41.210808558048953,39.086054015769776,43.362005578058678,47.650054441278719]
[]
[null,null,null,null,null,"Additional tax income calculations",null,null,null,null,"TransGrid PTRM 2021-26 May 2021"]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169+R170+R172+R173+R175-R176+R329+R178","v":694.37837087049422},762.71097628068947,840.38625703945388,860.70572306206213,893.24181832293868,926.06703504587495,956.31882680808019,992.7801970094489,1026.0615004086039,1025.8749272499213,1025.1279945528818,976.22600223199652,1004.951999464228,1048.113476056722,1089.2078227232173,1129.6661002482781,1172.0922461617756,1210.4337708795474,1258.4147394736844,1307.8285958088452,1358.6599519028543,1410.602723960031,1464.3194431590273,1509.1035028070105,1561.092406576669,1619.1438672736797,1657.1827373941392,1661.289073076699,1724.1351905565214,1788.0478551549593]
[]
[null,null,"Tax"]
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[null,null,null,null,null,"Tax depreciation"]
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[null,null,null,null,null,"Opening TAB (initial assets)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q190","v":4197.25},{"$f":"R190","v":4500.0434507013424},7093.1538854407081,6853.5830406522227,6624.2785872335771,6399.362782499059,6198.0259135266124,6012.185025483157,5828.6438857413732,5647.020131259239,5467.332126882663,5292.1643091873066,5122.7684308088283,4954.3089236790638,4786.9112798589695,4622.139460824279,4460.9989578619434,4302.1929461047266,4148.9865793354638,3995.7802125662015,3842.5738457969392,3689.3754196324339,3536.3998437670621,3383.4242679016902,3230.4486920363183,3077.4731161709465,2924.4975403055746,2777.8600359394595,2652.6640222276651,2528.3780088962703]
[null,null,null,null,null,"Tax depreciation (initial assets)",null,null,null,null,"TransGrid PTRM 2021-26 May 2021","TaxDep",null,null,null,null,null,168.82890375357047,184.06727433409648,239.57084478848526,229.30445341864515,224.91580473451847,201.33686897244644,185.84088804345572,183.54113974178381,181.62375448213453,179.68800437657569,175.16781769535675,169.39587837847859,168.45950712976406,167.39764382009395,164.77181903469068,161.14050296233529,158.80601175721642,153.20636676926244,153.20636676926244,153.20636676926244,153.19842616450541,152.97557586537187,152.97557586537187,152.97557586537187,152.97557586537187,152.97557586537187,146.63750436611491,125.19601371179431,124.28601333139474,124.16706489422567]
[]
[null,null,null,null,null,"Additions to TAB (initial assets)",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,471.6223544549128,2777.1777090734622]
[]
[null,null,null,null,null,"Closing TAB (initial assets)",null,null,null,null,"CEPA calculated",null,null,null,null,null,4197.25,{"$f":"R185-R186+R188","v":4500.0434507013424},{"$f":"S185-S186+S188","v":7093.1538854407081},6853.5830406522227,6624.2785872335771,6399.362782499059,6198.0259135266124,6012.185025483157,5828.6438857413732,5647.020131259239,5467.332126882663,5292.1643091873066,5122.7684308088283,4954.3089236790638,4786.9112798589695,4622.139460824279,4460.9989578619434,4302.1929461047266,4148.9865793354638,3995.7802125662015,3842.5738457969392,3689.3754196324339,3536.3998437670621,3383.4242679016902,3230.4486920363183,3077.4731161709465,2924.4975403055746,2777.8600359394595,2652.6640222276651,2528.3780088962703,2404.2109440020445]
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[null,null,null,null,null,"Additions to TAB (New assets)",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T40*T8","v":366.09184055301489},375.11676619897514,384.4555342407786,393.75715125740811,403.15716796371714,412.77101454382779,422.17528045946267,431.39701651331944,441.71116528483168,453.36476173020151,468.39339626997452,484.10563533785086,500.00231644857018,516.16633236990879,532.62402599834309,549.29149340109905,566.35881986642949,583.4714925783677,600.58593593236924,617.65514023611127,634.64058427987925,651.47238760095127,668.48620753738589,685.43144791423151,702.07701108725939,719.20479060709101,738.25557972354602,757.06000800902257]
[]
[null,null,null,null,null,"Future TAB calculations"]
[null,null,null,null,null,"Starting TAB (new assets)",null,null,null,null,null,"TAB",null,null,3,null,null,{"$f":"IF($O195=R$2,R$192,IF(R$2>$O195,Q195-Q196,0))","v":0},0,366.09184055301489,347.78724852536413,330.3978860990959,313.87799179414111,298.18409220443408,283.27488759421237,269.11114321450174,255.65558605377666,242.87280675108784,230.72916641353345,219.19270809285678,208.23307268821395,197.82141905380325,187.93034810111308,178.53383069605744,169.60713916125457,161.12678220319185,153.07044309303225,145.41692093838063,138.14607489146161,131.23877114688852,124.67683258954409,118.44299096006688,112.52084141206353,106.89479934146036,101.55005937438733,96.472556405667959,91.648928585384567]
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[]
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[]
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[]
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[]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169+R172+R306+R337","v":580.88675559134026},617.41634786049769,714.32521780245474,730.92775321912609,754.15630670429755,758.41422717561261,771.57951130247011,798.49366907367835,825.5449308618098,852.31066592466141,877.14016589352059,906.23852052328971,941.01402383677964,976.57342341151798,1009.8061827677114,1041.9195881908956,1074.4681347818962,1103.4479596470323,1138.579673591744,1174.0185641411838,1209.7270373455301,1245.4640413583834,1281.6376940611983,1317.9706019023824,1354.7091931677674,1391.6773245479455,1422.3633154109543,1438.5765145822843,1477.058235695788,1516.5375734382715]
[]
[null,null,null,null,null,"Tax calculation"]
[]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R179-R308","v":113.49161527915396},{"$f":"S179-S308","v":145.29462842019177},126.06103923699914,129.77796984293605,139.08551161864114,167.65280787026234,184.73931550561008,194.28652793577055,200.51656954679413,173.56426132525985,147.98782865936118,69.98748170870681,63.937975627448395,71.540052645204014,79.401639955505857,87.746512057382461,97.624111379879423,106.98581123251506,119.83506588194041,133.81003166766141,148.93291455732424,165.13868260164759,182.68174909782897,191.13290090462806,206.38321340890161,227.46654272573414,234.81942198318484,222.71255849441468,247.07695486073339,271.51028171668781]
[null,null,null,null,null,"Tax-loss carried forward",null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(R314<0,R314,0)","v":0},{"$f":"IF(S314<0,S314,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R312+Q313","v":113.49161527915396},{"$f":"S312+R313","v":145.29462842019177},126.06103923699914,129.77796984293605,{"$f":"V312+U313","v":139.08551161864114},167.65280787026234,184.73931550561008,194.28652793577055,200.51656954679413,173.56426132525985,147.98782865936118,69.98748170870681,63.937975627448395,71.540052645204014,79.401639955505857,87.746512057382461,97.624111379879423,106.98581123251506,119.83506588194041,133.81003166766141,148.93291455732424,165.13868260164759,182.68174909782897,191.13290090462806,206.38321340890161,227.46654272573414,234.81942198318484,222.71255849441468,247.07695486073339,271.51028171668781]
[]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R314>0,R314*$O$16,0)","v":34.04748458374619},{"$f":"IF(S314>0,S314*$O$16,0)","v":43.588388526057528},37.818311771099737,38.933390952880814,{"$f":"IF(V314>0,V314*$O$16,0)","v":41.725653485592339},50.295842361078698,55.421794651683022,58.285958380731159,60.154970864038233,52.069278397577953,44.396348597808355,20.996244512612041,19.181392688234517,21.462015793561203,{"$f":"IF(AF314>0,AF314*$O$16,0)","v":23.820491986651756},26.323953617214737,29.287233413963826,32.095743369754516,35.950519764582118,40.143009500298419,44.679874367197272,49.541604780494275,54.804524729348692,57.339870271388413,61.914964022670482,68.23996281772024,70.445826594955449,66.813767548324407,74.123086458220016,81.453084515006339]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R176","v":19.917778481491517},{"$f":"S176","v":25.499207287743641},22.123712386093363,22.776033707435261,24.409507289071506,29.423067781231055,32.421749871234574,34.097285652727713,35.190657955462399,30.460527862583092,25.971863929717887,12.282803039878029,11.221114722617209,12.555279239233316,13.934987812191274,15.39951286607061,17.133031547168859,18.776009871306385,21.03105406228055,23.483660557674572,26.137726504810406,28.981838796589138,32.060646966668955,33.543824108762223,36.220253953262223,39.920378248366362,41.210808558048953,39.086054015769776,43.362005578058678,47.650054441278719]
[null,null,null,null,null,"(tax calculation)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R169+R170+R172+R173-R308+Q313+R329+R178)*$O$16/(1-(1-$O$17)*$O$16))","v":34.047484583746183},43.588388526057507,37.818311771099765,38.933390952880792,41.725653485592318,50.295842361078726,55.421794651683037,58.285958380731131,60.154970864038297,52.069278397577939,44.396348597808355,20.996244512612016,19.181392688234546,21.462015793561225,23.820491986651753,26.32395361721472,29.287233413963861,32.095743369754508,35.95051976458214,40.143009500298419,44.679874367197279,49.541604780494254,54.804524729348643,57.339870271388413,61.914964022670468,68.239962817720283,70.445826594955477,66.813767548324407,74.123086458219973,81.453084515006367]
[]
[]
[null,null,"Building block revenue (nominal)"]
[]
[null,null,null,null,null,"Revenue adjustments"]
[null,null,null,null,null,"EBSS",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,4.8129623479777308,-2.1716401484221137]
[null,null,null,null,null,"CESS",null,null,null,null,"TransGrid PTRM 2021-26 May 2021",null,null,null,null,null,null,6.7255642007890835,6.7255642007890835]
[]
[]
[]
[null,null,null,null,null,"Total revenue adjustments (nominal)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R324:R328)*R8","v":11.826989712485984},{"$f":"SUM(S324:S328)*S8","v":4.7844664575180476},{"$f":"SUM(T324:T328)*T8","v":0},{"$f":"SUM(U324:U328)*U8","v":0},{"$f":"SUM(V324:V328)*V8","v":0}]
[]
[null,null,null,null,null,"Building blocks"]
[]
[null,null,null,null,null,"Return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169+R170","v":335.59008065014348},417.72987348830236,452.44917810919128,461.32561854083104,478.37506576169062,492.6441421602583,511.84158162670394,528.56231439394242,541.43878535166596,554.11789132396393,568.2386940396741,588.68342328511494,611.94831793936908,636.35244410259111,659.91682584159776,683.31877416003351,705.82058674389293,727.90791485436853,750.52512660580874,773.20243011583477,795.88208003826264,818.50178025613445,841.01048338608894,863.3155855146847,885.86189169713725,908.31731789178411,930.37561904229528,953.07294173187518,978.31859062446244,1003.2377680516552]
[null,null,null,null,null,"Return of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161","v":121.60355379907037},113.79271766550752,158.71987367843258,164.36207626229125,173.21841857589564,182.60962582221671,185.78819560528663,198.44797997197071,212.03764148494173,196.33700571095642,178.3082541731111,112.16866176034142,111.71641595259041,122.69413310298552,132.24132635292113,141.07961482400651,152.41560527516668,159.96172394391141,175.99463861818469,193.06692048931222,211.21333033460365,230.19322421070024,250.68342966323519,263.36317747400051,281.94139381303205,305.72269354052332,311.36822226111849,284.62944280710462,309.30006967160398,335.10772141477588]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R172","v":211.22804060653968},208.31473743104755,213.52260586682371,218.86067101349428,224.33218778883162,229.94049248355239,235.68900479564118,241.58122991553219,{"$f":"Z172","v":247.62076066342047},253.81127968000595,260.15656167200609,266.66047571380619,273.3269876066513,280.16016229681753,287.16416635423792,294.34327051309384,301.70185227592117,309.24439858281914,316.97550854738961,324.89989626107433,333.02239366760114,341.34795350929113,349.88165234702336,358.6286936556989,367.59441099709136,376.7842712720186,386.20387805381904,395.8589750051645,405.75544938029356,415.89933561480086]
[null,null,null,null,null,"Net tax allowance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R316-R317","v":14.129706102254673},18.089181238313888,15.694599385006374,16.157357245445553,17.316146196520833,20.872774579847643,23.000044780448448,24.188672728003446,24.964312908575835,21.608750534994861,18.424484668090468,8.7134414727340115,7.9602779656173084,8.9067365543278871,9.8855041744604826,10.924440751144127,12.154201866794967,13.31973349844813,14.919465702301569,16.659348942623847,18.542147862386866,20.559765983905137,22.743877762679737,23.79604616262619,25.694710069408259,28.319584569353879,29.235018036906496,27.727713532554631,30.761080880161337,33.803030073727619]
[null,null,null,null,null,"Total revenue adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R329","v":11.826989712485984},4.7844664575180476,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Annual revenue requirement",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(R333:R337)","v":694.37837087049422},{"$f":"SUM(S333:S337)","v":762.71097628068947},840.38625703945399,860.70572306206213,893.24181832293857,926.06703504587495,956.31882680808019,992.78019700944867,1026.0615004086039,1025.8749272499213,1025.1279945528818,976.2260022319964,1004.951999464228,1048.113476056722,1089.2078227232173,1129.6661002482781,1172.0922461617758,1210.4337708795472,1258.4147394736844,1307.8285958088452,1358.6599519028543,1410.602723960031,1464.3194431590273,1509.1035028070105,1561.092406576669,1619.1438672736799,1657.1827373941394,1661.289073076699,1724.1351905565216,1788.0478551549593]
[]
[]
[null,null,"Adjustments to cashflows"]
[]
[null,null,null,null,null,"Assumed debt financing",null,null,null,null,null,null,null,null,0.6]
[null,null,null,null,null,"Assumed equity financing",null,null,null,null,null,null,null,null,0.4]
[null,null,null,null,null,"Cost of debt outperformance",null,null,null,null,null,null,null,null,0,null,null,{"$f":"WACC!V247-($O$345/10000)","v":4.9597138097138282E-2},{"$f":"WACC!W247-($O$345/10000)","v":4.8842943895267575E-2},{"$f":"WACC!X247-($O$345/10000)","v":4.8390121858325516E-2},{"$f":"WACC!Y247-($O$345/10000)","v":4.7937103552032977E-2},{"$f":"WACC!Z247-($O$345/10000)","v":4.7684476252583097E-2},{"$f":"WACC!AA247-($O$345/10000)","v":4.7531653067869259E-2},{"$f":"WACC!AB247-($O$345/10000)","v":4.7579025195655419E-2},{"$f":"WACC!AC247-($O$345/10000)","v":4.7727179909890768E-2},{"$f":"WACC!AD247-($O$345/10000)","v":4.7875334624126124E-2},{"$f":"WACC!AE247-($O$345/10000)","v":4.8023489338361473E-2},{"$f":"WACC!AF247-($O$345/10000)","v":4.8171644052596822E-2},{"$f":"WACC!AG247-($O$345/10000)","v":4.9073992968702879E-2},{"$f":"WACC!AH247-($O$345/10000)","v":4.967496971988028E-2},{"$f":"WACC!AI247-($O$345/10000)","v":5.0276142740408175E-2},{"$f":"WACC!AJ247-($O$345/10000)","v":5.0676924754093397E-2},{"$f":"WACC!AK247-($O$345/10000)","v":5.0977902653042584E-2},{"$f":"WACC!AL247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AM247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AN247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AO247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AP247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AQ247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AR247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AS247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AT247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AU247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AV247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AW247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AX247-($O$345/10000)","v":5.1078685239491772E-2},{"$f":"WACC!AY247-($O$345/10000)","v":5.1078685239491772E-2}]
[null,null,null,null,null,"Change in cost of equity",null,null,null,null,null,null,null,null,{"$f":"Controls!G31","v":2.410923917605513E-2}]
[null,null,null,null,null,"Cost of equity",null,null,null,null,null,null,null,null,{"$f":"R11-O346","v":4.9890760823944877E-2}]
[null,null,null,null,null,"Applied tax rate",null,null,null,null,null,null,null,null,{"$f":"O16","v":0.3}]
[]
[null,null,null,null,null,"Return on debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q162*$O$343)*R345","v":189.00282151874407},220.24986963783559,242.92717511949502,246.61742805076969,251.34759676950242,256.56632661587054,262.84974791663137,269.89287166976624,276.88714533401526,283.7989241792863,291.46839345756246,304.68390492932912,318.58451086027367,333.1994681996278,346.84473991612458,360.15331350744572,372.36069330122172,384.0130210497357,395.9448926988162,407.9084661844667,419.87327753674384,431.8064619940692,443.68108914464062,455.44830513230932,467.34277004188266,479.18929056459319,490.82630493299354,502.80043967984557,516.11896212171644,529.26525220952954]
[]
[null,null,null,null,null,"Tax impacts"]
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[null,null,null,null,null,"Tax-step up TAB",null,null,null,null,null,null,"Tax step-up",null,null,null,0,{"$f":"IF($O354=R$2,R$192,IF(R$2>$O354,Q354-Q355,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax depreciation",null,null,null,null,null,null,"Tax step-up",null,1,null,null,{"$f":"IF(R$2>=$O355,IF(R354-(R354*HLOOKUP($O355,$R$2:$AU$34,32,FALSE))<=0,R354,R354*HLOOKUP($O355,$R$2:$AU$34,32,FALSE)),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Revenue for tax assessment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R169+R170+R172+R173+R175-R176+R329+R178","v":694.37837087049422},762.71097628068947,840.38625703945388,860.70572306206213,893.24181832293868,926.06703504587495,956.31882680808019,992.7801970094489,1026.0615004086039,1025.8749272499213,1025.1279945528818,976.22600223199652,1004.951999464228,1048.113476056722,1089.2078227232173,1129.6661002482781,1172.0922461617756,1210.4337708795474,1258.4147394736844,1307.8285958088452,1358.6599519028543,1410.602723960031,1464.3194431590273,1509.1035028070105,1561.092406576669,1619.1438672736797,1657.1827373941392,1661.289073076699,1724.1351905565214,1788.0478551549593]
[null,null,null,null,null,"Total tax expenses",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R350+R383+R306+R337+R355","v":580.88675559134026},617.41634786049769,714.32521780245474,730.92775321912609,754.15630670429755,758.41422717561261,771.57951130247011,798.49366907367835,825.5449308618098,852.31066592466141,877.14016589352059,906.23852052328971,941.01402383677964,976.57342341151798,1009.8061827677114,1041.9195881908956,1074.4681347818962,1103.4479596470323,1138.579673591744,1174.0185641411838,1209.7270373455301,1245.4640413583834,1281.6376940611983,1317.9706019023824,1354.7091931677674,1391.6773245479455,1422.3633154109543,1438.5765145822843,1477.058235695788,1516.5375734382715]
[null,null,null,null,null,"Pre-tax income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R357-R358","v":113.49161527915396},{"$f":"S357-S358","v":145.29462842019177},126.06103923699914,129.77796984293605,139.08551161864114,167.65280787026234,184.73931550561008,194.28652793577055,200.51656954679413,173.56426132525985,147.98782865936118,69.98748170870681,63.937975627448395,71.540052645204014,79.401639955505857,87.746512057382461,97.624111379879423,106.98581123251506,119.83506588194041,133.81003166766141,148.93291455732424,165.13868260164759,182.68174909782897,191.13290090462806,206.38321340890161,227.46654272573414,234.81942198318484,222.71255849441468,247.07695486073339,271.51028171668781]
[null,null,null,null,null,"Tax loss carried forward",null,null,null,null,null,null,null,null,null,null,{"$f":"Q313","v":0},{"$f":"IF(R361<0,R361,0)","v":0},{"$f":"IF(S361<0,S361,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Taxable income",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R359+Q360","v":113.49161527915396},{"$f":"S359+R360","v":145.29462842019177},126.06103923699914,129.77796984293605,139.08551161864114,167.65280787026234,184.73931550561008,194.28652793577055,200.51656954679413,173.56426132525985,147.98782865936118,69.98748170870681,63.937975627448395,71.540052645204014,79.401639955505857,87.746512057382461,97.624111379879423,106.98581123251506,119.83506588194041,133.81003166766141,148.93291455732424,165.13868260164759,182.68174909782897,191.13290090462806,206.38321340890161,227.46654272573414,234.81942198318484,222.71255849441468,247.07695486073339,271.51028171668781]
[null,null,null,null,null,"Tax calculation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(0,(R169+R170+R172+R173-R358+Q360+R329)*$O$348/(1-(1-$O$17)*$O$348))","v":34.047484583746183},43.588388526057507,37.818311771099765,38.933390952880792,41.725653485592318,50.295842361078726,55.421794651683037,58.285958380731131,60.154970864038297,52.069278397577939,44.396348597808355,20.996244512612016,19.181392688234546,21.462015793561225,23.820491986651753,26.32395361721472,29.287233413963861,32.095743369754508,35.95051976458214,40.143009500298419,44.679874367197279,49.541604780494254,54.804524729348643,57.339870271388413,61.914964022670468,68.239962817720283,70.445826594955477,66.813767548324407,74.123086458219973,81.453084515006367]
[null,null,null,null,null,"Tax payable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(R361>0,R361*$O$348,0)","v":34.04748458374619},{"$f":"IF(S361>0,S361*$O$348,0)","v":43.588388526057528},37.818311771099737,38.933390952880814,41.725653485592339,50.295842361078698,55.421794651683022,58.285958380731159,60.154970864038233,52.069278397577953,44.396348597808355,20.996244512612041,19.181392688234517,21.462015793561203,23.820491986651756,26.323953617214737,29.287233413963826,32.095743369754516,35.950519764582118,40.143009500298419,44.679874367197272,49.541604780494275,54.804524729348692,57.339870271388413,61.914964022670482,68.23996281772024,70.445826594955449,66.813767548324407,74.123086458220016,81.453084515006339]
[null,null,null,null,null,"Tax impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R316-R363","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Imputation credit adjustment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"((R316*$O$17)-(R363*$O$17))*-1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Cash-flow impact",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R364+R366","v":0},{"$f":"S364+S366","v":0},{"$f":"T364+T366","v":0},{"$f":"U364+U366","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted cash-flow",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R368*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Discount rate impacts"]
[]
[null,null,null,null,null,"nominal rate of return",null,null,null,null,null,null,null,null,null,null,null,{"$f":"WACC!V253","v":4.3194587187860879E-2},{"$f":"WACC!W253","v":4.5938149098111017E-2},{"$f":"WACC!X253","v":4.4431944535660378E-2},{"$f":"WACC!Y253","v":4.4159348474482926E-2},{"$f":"WACC!Z253","v":4.4809336122183546E-2},{"$f":"WACC!AA253","v":4.511685867029943E-2},{"$f":"WACC!AB253","v":4.5946063196971199E-2},{"$f":"WACC!AC253","v":4.6438086371309154E-2},{"$f":"WACC!AD253","v":4.6526979199850368E-2},{"$f":"WACC!AE253","v":4.6615872028391583E-2},{"$f":"WACC!AF253","v":4.6704764856932791E-2},{"$f":"WACC!AG253","v":4.7246174206596422E-2},{"$f":"WACC!AH253","v":4.7606760257302864E-2},{"$f":"WACC!AI253","v":4.7967464069619603E-2},{"$f":"WACC!AJ253","v":4.8207933277830739E-2},{"$f":"WACC!AK253","v":4.8388520017200246E-2},{"$f":"WACC!AL253","v":4.8448989569069761E-2},{"$f":"WACC!AM253","v":4.8448989569069761E-2},{"$f":"WACC!AN253","v":4.8448989569069761E-2},{"$f":"WACC!AO253","v":4.8448989569069761E-2},{"$f":"WACC!AP253","v":4.8448989569069761E-2},{"$f":"WACC!AQ253","v":4.8448989569069761E-2},{"$f":"WACC!AR253","v":4.8448989569069761E-2},{"$f":"WACC!AS253","v":4.8448989569069761E-2},{"$f":"WACC!AT253","v":4.8448989569069761E-2},{"$f":"WACC!AU253","v":4.8448989569069761E-2},{"$f":"WACC!AV253","v":4.8448989569069761E-2},{"$f":"WACC!AW253","v":4.8448989569069761E-2},{"$f":"WACC!AX253","v":4.8448989569069761E-2},{"$f":"WACC!AY253","v":4.8448989569069761E-2}]
[null,null,null,null,null,"Discount index",null,null,null,null,null,null,null,null,null,null,1,{"$f":"Q374*(1+R373)","v":1.043194587187861},{"$f":"R374*(1+S373)","v":1.0911170156724392},1.1395974663947124,1.1899213480338742,1.2432409336768857,1.2993320591747168,1.3590312520794092,1.4221420627447814,1.4883100369173401,1.5576889071368496,1.6304404012649287,1.7074724724965644,1.7887597051406525,1.8745619720261699,1.9649307304987662,2.0600108204839178,2.159816263237714,2.2644571788464254,2.3741678410839611,2.4891938740518591,2.60979280209119,2.7362346263371395,2.8688024292070753,3.0077930081754509,3.1535175402544646,3.3063022786681318,3.466489283279516,3.6344371864064176,3.8105219957400616,3.9951379361643831]
[null,null,null,null,null,"Discount factor",null,null,null,null,null,null,null,null,null,null,{"$f":"1/Q374","v":1},{"$f":"1/R374","v":0.95859393087506273},{"$f":"1/S374","v":0.91649198540242249},0.87750282840102312,0.84039167937638548,0.8043493203224088,0.76962620366279544,0.73581825176568438,0.70316463185820322,0.67190301428810395,0.64197671012376656,0.61333121972700122,0.58566097908322912,0.55904658245941907,0.53345795707096499,0.50892379282305078,0.48543434338130792,0.46300234747789648,0.44160693756612635,0.42120021284739301,0.40173648602638584,0.38317218102475958,0.36546573542147226,0.34857750740137089,0.33246968700369683,0.31710621147181178,0.30245268451462554,0.28847629929896607,0.27514576500048388,0.26243123674865043,0.25030424880900887]
[]
[null,null,null,null,null,"Other"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338*0","v":0},{"$f":"S338*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Discounted incentives",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R379*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Opex outperformance",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R335*0","v":0},{"$f":"S335*0","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R335-R382","v":211.22804060653968},208.31473743104755,213.52260586682371,218.86067101349428,224.33218778883162,229.94049248355239,235.68900479564118,241.58122991553219,247.62076066342047,253.81127968000595,260.15656167200609,266.66047571380619,273.3269876066513,280.16016229681753,287.16416635423792,294.34327051309384,301.70185227592117,309.24439858281914,316.97550854738961,324.89989626107433,333.02239366760114,341.34795350929113,349.88165234702336,358.6286936556989,367.59441099709136,376.7842712720186,386.20387805381904,395.8589750051645,405.75544938029356,415.89933561480086]
[null,null,null,null,null,"Discounted Opex outperformance",null,null,null,null,null,"Assuming no change in discount rate",null,null,null,null,null,{"$f":"R382*R24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,"Overall adjustor",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(Q162*$O$14)*Controls!$L$16","v":40.64811345064809},{"$f":"(R162*$O$14)*Controls!$L$16","v":48.099720357584921},{"$f":"(S162*$O$14)*Controls!$L$16","v":53.548598386693136},{"$f":"(T162*$O$14)*Controls!$L$16","v":54.875778974690455},{"$f":"(U162*$O$14)*Controls!$L$16","v":56.224608990285233},{"$f":"(V162*$O$14)*Controls!$L$16","v":57.57652653054047},{"$f":"(W162*$O$14)*Controls!$L$16","v":58.927870693325701},{"$f":"(X162*$O$14)*Controls!$L$16","v":60.319032116419649},{"$f":"(Y162*$O$14)*Controls!$L$16","v":61.690699537679528},{"$f":"(Z162*$O$14)*Controls!$L$16","v":63.035580427116457},{"$f":"(AA162*$O$14)*Controls!$L$16","v":64.539964496251557},{"$f":"(AB162*$O$14)*Controls!$L$16","v":66.22574312736657},{"$f":"(AC162*$O$14)*Controls!$L$16","v":68.409398167173677},{"$f":"(AD162*$O$14)*Controls!$L$16","v":70.692130841204943},{"$f":"(AE162*$O$14)*Controls!$L$16","v":73.005164455508051},{"$f":"(AF162*$O$14)*Controls!$L$16","v":75.358834792120192},{"$f":"(AG162*$O$14)*Controls!$L$16","v":77.759389784413955},{"$f":"(AH162*$O$14)*Controls!$L$16","v":80.192723677042281},{"$f":"(AI162*$O$14)*Controls!$L$16","v":82.684434201568251},{"$f":"(AJ162*$O$14)*Controls!$L$16","v":85.182764961556998},{"$f":"(AK162*$O$14)*Controls!$L$16","v":87.681354222926942},{"$f":"(AL162*$O$14)*Controls!$L$16","v":90.173338898752647},{"$f":"(AM162*$O$14)*Controls!$L$16","v":92.653095161315264},{"$f":"(AN162*$O$14)*Controls!$L$16","v":95.110420950861794},{"$f":"(AO162*$O$14)*Controls!$L$16","v":97.594319895674275},{"$f":"(AP162*$O$14)*Controls!$L$16","v":100.06820670351014},{"$f":"(AQ162*$O$14)*Controls!$L$16","v":102.49834273150185},{"$f":"(AR162*$O$14)*Controls!$L$16","v":104.99887897998913},{"$f":"(AS162*$O$14)*Controls!$L$16","v":107.78016120590904},{"$f":"(AT162*$O$14)*Controls!$L$16","v":110.52547647024143}]
[null,null,null,null,null,"Discounted overall adjustmented",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R386*R24","v":38.60812634994155},{"$f":"S386*S24","v":43.280171321169263},45.711213501810036,44.452469463991896,43.193102317183396,41.93527889830316,40.659277287708299,39.409027660052736,38.161632547056314,36.916655670962399,35.781464604748656,34.739734574760519,33.942009001365193,33.163993580113235,32.376103092163852,31.586846781540849,30.803582664566392,30.023383874927987,29.256658461002775,28.485836920529547,27.711548059058291,26.934441682117189,26.155681880296608,25.375260330751171,24.608391788186097,23.846854149798322,23.084905971705698,22.349726699320904,21.682166306153899,21.013699919398654]
[]
[null,null,null,null,null,"Total cash-flow impact of adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R379+R382+R386","v":40.64811345064809},{"$f":"S379+S382+S386","v":48.099720357584921},53.548598386693136,54.875778974690455,56.224608990285233,57.57652653054047,58.927870693325701,60.319032116419649,61.690699537679528,63.035580427116457,64.539964496251557,66.22574312736657,68.409398167173677,70.692130841204943,73.005164455508051,75.358834792120192,77.759389784413955,80.192723677042281,82.684434201568251,85.182764961556998,87.681354222926942,90.173338898752647,92.653095161315264,95.110420950861794,97.594319895674275,100.06820670351014,102.49834273150185,104.99887897998913,107.78016120590904,110.52547647024143]
[]
[null,null,"Cashflows (unadjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R338-R335","v":483.15033026395452},554.39623884964192,626.86365117263028,641.84505204856782,668.90963053410701,696.12654256232258,720.62982201243904,751.19896709391651,778.44073974518346,772.06364756991525,764.97143288087568,709.56552651819015,731.62501185757674,767.9533137599044,802.04365636897933,835.32282973518431,870.39039388585468,901.18937229672804,941.43923092629484,982.92869954777086,1025.6375582352532,1069.2547704507399,1114.4377908120039,1150.4748091513115,1193.4979955795775,1242.3595960016614,1270.9788593403205,1265.4300980715345,1318.379741176228,1372.1485195401583]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R393-R161","v":361.54677646488415},440.60352118413437,468.14377749419771,477.4829757862766,495.6912119582114,513.5169167401059,534.84162640715238,552.75098712194585,566.40309826024168,575.72664185895883,586.66317870776459,597.39686475784879,619.90859590498633,645.25918065691894,669.80233001605825,694.2432149111778,717.97478861068794,741.22764835281669,765.44459230811015,789.86177905845864,814.42422790064961,839.06154624003966,863.75436114876868,887.11163167731104,911.55660176654544,936.63690246113811,959.61063707920198,980.80065526442991,1009.079671504624,1037.0407981253825]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R394-R316","v":327.49929188113794},397.01513265807682,430.32546572309798,438.54958483339578,453.96555847261908,463.22107437902719,479.41983175546937,494.46502874121472,506.24812739620347,523.6573634613809,542.26683010995623,576.40062024523672,600.72720321675183,623.79716486335769,645.9818380294065,667.91926129396302,688.68755519672413,709.13190498306221,729.49407254352798,749.71876955816026,769.74435353345234,789.51994145954541,808.94983641941997,829.77176140592258,849.64163774387498,868.39693964341791,889.16481048424657,913.98688771610546,934.95658504640403,955.58771361037611]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161","v":121.60355379907037},113.79271766550752,158.71987367843258,164.36207626229125,173.21841857589564,182.60962582221671,185.78819560528663,198.44797997197071,212.03764148494173,196.33700571095642,178.3082541731111,112.16866176034142,111.71641595259041,122.69413310298552,132.24132635292113,141.07961482400651,152.41560527516668,159.96172394391141,175.99463861818469,193.06692048931222,211.21333033460365,230.19322421070024,250.68342966323519,263.36317747400051,281.94139381303205,305.72269354052332,311.36822226111849,284.62944280710462,309.30006967160398,335.10772141477588]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R158","v":1285.9171330079514},965.17990971366646,366.09184055301489,375.11676619897514,384.4555342407786,393.75715125740811,403.15716796371714,412.77101454382779,422.17528045946267,431.39701651331944,441.71116528483168,453.36476173020151,468.39339626997452,484.10563533785086,500.00231644857018,516.16633236990879,532.62402599834309,549.29149340109905,566.35881986642949,583.4714925783677,600.58593593236924,617.65514023611127,634.64058427987925,651.47238760095127,668.48620753738589,685.43144791423151,702.07701108725939,719.20479060709101,738.25557972354602,757.06000800902257]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R395+R396-R397","v":-836.81428732774316},{"$f":"S395+S396-S397","v":-454.37205939008209},222.95349884851566,227.79489489671187,242.72844280773614,252.07354894383576,262.05085939703883,280.1419941693577,296.11048842168259,288.59735265901787,278.86391899823565,235.20452027537658,244.05022289936772,262.3856626284923,278.22084793375751,292.83254374806074,308.47913447354767,319.80213552587463,339.12989129528319,359.31419746910478,380.3717479356867,402.05802543413438,424.99268180277591,441.66255127897182,463.09682401952102,488.68818526970972,498.45602165810567,479.41153991611907,506.0010749944621,533.63542701612937]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R399*R24","v":-794.8174956707785},-408.84438470241946,190.32197469005365,184.52668551857121,186.46985108063012,183.59521170902417,180.81085283322901,183.02885854757076,183.17282405876691,169.01643521761147,154.60435290069597,123.38015731187726,121.08796575278735,123.0937068578644,123.38451563357812,122.74150360119464,122.20083703581797,119.73084138634671,119.99607301364244,120.1577060448213,120.21586649344435,120.0932400988501,119.9741181590736,117.83464004262827,116.76978838029852,116.45732708476334,112.26337991776489,102.04601227854884,101.79238309137993,101.45764657885314]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R317","v":19.917778481491517},25.499207287743641,22.123712386093363,22.776033707435261,24.409507289071506,29.423067781231055,32.421749871234574,34.097285652727713,35.190657955462399,30.460527862583092,25.971863929717887,12.282803039878029,11.221114722617209,12.555279239233316,13.934987812191274,15.39951286607061,17.133031547168859,18.776009871306385,21.03105406228055,23.483660557674572,26.137726504810406,28.981838796589138,32.060646966668955,33.543824108762223,36.220253953262223,39.920378248366362,41.210808558048953,39.086054015769776,43.362005578058678,47.650054441278719]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R399+R402)*R24","v":-775.89932105100877},-385.90017521922397,209.2076555631624,202.97655469232041,205.22182401175482,205.02520458633191,203.1813356397044,205.30608724758633,204.94163148111198,186.85557957131368,169.00335880616905,129.82329101320522,126.65543436272442,128.98379950511787,129.56436065359043,129.19624848615405,128.98791130454666,126.76039875960564,127.43759899996111,128.01084071642873,128.4766520459921,128.75000779139089,129.02473952770339,126.78406178568339,125.90271948635339,125.97059277677438,121.5449703828187,110.36574515087631,110.51553033659202,110.51713202193683]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R403:AU403)","v":3003.1917704366774}]
[null,null,null,null,null,"Visble + closing",null,{"$f":"H405+H412","v":6366.8062281855873}]
[null,null,null,null,null,"RAB == EV",null,{"$f":"H406=Q153","v":false}]
[]
[null,null,null,null,null,"Return on/of capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R333+R334","v":457.19363444921385},531.52259115380991,611.16905178762386,625.68769480312233,651.59348433758623,675.25376798247498,697.6297772319906,727.01029436591307,753.47642683660774,750.45489703492035,746.5469482127852,700.85208504545631,723.66473389195949,759.04657720557657,792.15815219451883,824.39838898404003,858.23619201905967,887.86963879827999,926.51976522399343,966.269350605147,1007.0954103728664,1048.6950044668347,1091.6939130493242,1126.6787629886853,1167.8032855101692,1214.0400114323074,1241.7438413034138,1237.7023845389799,1287.6186602960665,1338.345489466431]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU162","v":17691.55798506947}]
[null,null,null,null,null,"Discounted closing RAB",null,{"$f":"H411*AU24","v":3363.6144577489094}]
[]
[null,null,"Cashflows (adjusted)"]
[]
[null,null,null,null,null,"EBITDA",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R338+R389)-R335","v":523.79844371460263},602.49595920722686,680.41224955932341,696.72083102325826,725.13423952439211,753.70306909286307,779.55769270576468,811.51799921033614,840.13143928286308,835.09922799703168,829.5113973771272,775.79126964555689,800.03441002475051,838.64544460110938,875.04882082448739,910.68166452730452,948.14978367026868,981.38209597377033,1024.123665127863,1068.111464509328,1113.3189124581802,1159.4281093494926,1207.0908859733192,1245.5852301021732,1291.0923154752518,1342.4278027051714,1373.4772020718224,1370.4289770515236,1426.159902382137,1482.6739960104001]
[null,null,null,null,null,"EBIT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R416-R161","v":402.19488991553226},488.70324154171931,521.69237588089084,532.35875476096703,551.9158209484965,571.09344327064639,593.76949710047802,613.07001923836538,628.0937977979213,638.76222228607526,651.2031432040161,663.62260788521553,688.3179940721601,715.95131149812391,742.80749447156632,769.60204970329801,795.73417839510194,821.42037202985898,848.12902650967828,875.04454402001579,902.1055821235766,929.23488513879238,956.40745631008406,982.22205262817272,1009.1509216622197,1036.7051091646481,1062.1089798107039,1085.799534244419,1116.8598327105331,1147.5662745956242]
[null,null,null,null,null,"NOPAT",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R417-R363","v":368.14740533178605},{"$f":"S417-S363","v":445.11485301566177},483.87406410979111,493.42536380808622,510.19016746290418,520.79760090956768,538.34770244879496,554.78406085763424,567.93882693388309,586.69294388849733,606.80679460620775,642.62636337260346,669.13660138392561,694.48929570456266,718.98700248491457,743.27809608608322,766.44694498113813,789.32462866010451,812.17850674509612,834.90153451971742,857.42570775637932,879.69328035829813,901.60293158073534,924.88218235678426,947.23595763954927,968.4651463469279,991.66315321574848,1018.9857666960945,1042.736746252313,1066.1131900806179]
[null,null,null,null,null,"+ Depreciation & Amortisation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R161","v":121.60355379907037},113.79271766550752,158.71987367843258,164.36207626229125,173.21841857589564,182.60962582221671,185.78819560528663,198.44797997197071,212.03764148494173,196.33700571095642,178.3082541731111,112.16866176034142,111.71641595259041,122.69413310298552,132.24132635292113,141.07961482400651,152.41560527516668,159.96172394391141,175.99463861818469,193.06692048931222,211.21333033460365,230.19322421070024,250.68342966323519,263.36317747400051,281.94139381303205,305.72269354052332,311.36822226111849,284.62944280710462,309.30006967160398,335.10772141477588]
[null,null,null,null,null,"- CAPEX",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R158","v":1285.9171330079514},965.17990971366646,366.09184055301489,375.11676619897514,384.4555342407786,393.75715125740811,403.15716796371714,412.77101454382779,422.17528045946267,431.39701651331944,441.71116528483168,453.36476173020151,468.39339626997452,484.10563533785086,500.00231644857018,516.16633236990879,532.62402599834309,549.29149340109905,566.35881986642949,583.4714925783677,600.58593593236924,617.65514023611127,634.64058427987925,651.47238760095127,668.48620753738589,685.43144791423151,702.07701108725939,719.20479060709101,738.25557972354602,757.06000800902257]
[]
[null,null,null,null,null,"FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R418+R419-R420","v":-796.16617387709493},-406.27233903249714,276.50209723520879,282.6706738714023,298.95305179802125,309.65007547437625,320.97873009036448,340.46102628577722,357.80118795936221,351.6329330861343,343.40388349448716,301.43026340274332,312.4596210665415,333.07779346969727,351.22601238926558,368.19137854018095,386.23852425796167,399.99485920291693,421.81432549685132,444.49696243066194,468.05310215861368,492.2313643328871,517.64577696409128,536.7729722298335,560.69114391519531,588.75639197321971,600.95436438960758,584.41041889610813,613.78123620037093,644.16090348637113]
[null,null,null,null,null,"Present value of FCFF",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R422*R375","v":-763.20006224660312},-372.34534261397943,242.63137238271042,237.55408232524235,240.46268402204825,238.31481205124228,236.18200802906145,239.40015221030458,240.40769670575992,225.74015355380703,210.62032272266282,176.5359431897663,174.67948331381513,177.68299925004951,178.74727436326086,178.73274008031132,178.82934341783471,176.64050481479404,177.6682836813533,178.57064773629656,179.34492798952061,179.89369756343322,180.43967465098891,178.4607420692968,177.79864445274399,178.07095127744543,173.36109108667634,160.79805178142291,161.07536890917888,161.23621105928859]
[]
[null,null,null,null,null,"Value of imputation credits",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R317+R366","v":19.917778481491517},25.499207287743641,22.123712386093363,22.776033707435261,24.409507289071506,29.423067781231055,32.421749871234574,34.097285652727713,35.190657955462399,30.460527862583092,25.971863929717887,12.282803039878029,11.221114722617209,12.555279239233316,13.934987812191274,15.39951286607061,17.133031547168859,18.776009871306385,21.03105406228055,23.483660557674572,26.137726504810406,28.981838796589138,32.060646966668955,33.543824108762223,36.220253953262223,39.920378248366362,41.210808558048953,39.086054015769776,43.362005578058678,47.650054441278719]
[null,null,null,null,null,"Present value of cash-flow to investors",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R422+R425)*R375","v":-744.10700067773143},-348.97552350064734,262.04499257623809,256.69487154216705,260.09645461941778,260.95957600782424,260.03852333849761,263.37615752366884,264.05240586081675,245.29510301966147,226.54967770526039,183.72950164398773,180.95260915087934,184.38071286346641,185.83912121358421,186.2081924968443,186.76197724358676,184.932121033773,186.52656812879087,188.00489100777318,189.3601776613975,190.48556659309526,191.61529505630571,189.61304677164404,189.2843119624099,190.14497684550309,185.24943263062048,171.55241401444209,172.45491366093069,173.16322214192124]
[]
[null,null,null,null,null,"PV of visible forecast",null,{"$f":"SUM(R426:AU426)","v":4716.2842901361291}]
[]
[null,null,null,null,null,"Return on/of capital"]
[]
[null,null,null,null,null,"Closing RAB",null,{"$f":"AU162","v":17691.55798506947}]
[null,null,null,null,null,"Discounted closing RAB (w/ multiple)",null,{"$f":"(H411*AU375)*Controls!$L$14","v":4807.4831793938129}]
[]
[null,null,null,null,null,"PV of total forecast",null,{"$f":"H428+H433","v":9523.7674695299429}]
[]
[null,null,"Returns (nominal)"]
[]
[null,null,null,null,null,"Allowed return on capital",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R20","v":5.2838282858282931E-2},5.5581844768533076E-2,5.4075640206082437E-2,5.3803044144904978E-2,5.4453031792605605E-2,5.4760554340721482E-2,5.5589758867393251E-2,5.6081782041731212E-2,5.6170674870272427E-2,5.6259567698813635E-2,5.6348460527354843E-2,5.6889869877018481E-2,5.7250455927724916E-2,5.7611159740041662E-2,5.7851628948252791E-2,5.8032215687622304E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2,5.809268523949182E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R394/Q162","v":5.6925135583097183E-2},5.8625341574024173E-2,5.5951421068518643E-2,5.5687428991971009E-2,5.6424114164683653E-2,5.7080697033597652E-2,5.8087732828830528E-2,5.8648260647694801E-2,5.8760556389078997E-2,5.8453503290219332E-2,5.8175494409324645E-2,5.7731929517153384E-2,5.7995174933371675E-2,5.8417517014456598E-2,5.8718241977459847E-2,5.8959995701739959E-2,5.9093038922347997E-2,5.9155703060577151E-2,5.9247492446153668E-2,5.9344344930051404E-2,5.9446105785638526E-2,5.9551902607995109E-2,5.9663715515681934E-2,5.9693926133163086E-2,5.9777682323543434E-2,5.9903903279811786E-2,5.9918120758252626E-2,5.9782773441692243E-2,5.9919282225711953E-2,6.0050056511536075E-2]
[null,null,null,null,null,"Achieved return on capital (unadjusted minus known revenue adjustments)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R394-R329)/Q162","v":5.5062989280740229E-2},5.7988735267366365E-2,5.5951421068518643E-2,5.5687428991971009E-2,5.6424114164683653E-2,5.7080697033597652E-2,5.8087732828830528E-2,5.8648260647694801E-2,5.8760556389078997E-2,5.8453503290219332E-2,5.8175494409324645E-2,5.7731929517153384E-2,5.7995174933371675E-2,5.8417517014456598E-2,5.8718241977459847E-2,5.8959995701739959E-2,5.9093038922347997E-2,5.9155703060577151E-2,5.9247492446153668E-2,5.9344344930051404E-2,5.9446105785638526E-2,5.9551902607995109E-2,5.9663715515681934E-2,5.9693926133163086E-2,5.9777682323543434E-2,5.9903903279811786E-2,5.9918120758252626E-2,5.9782773441692243E-2,5.9919282225711953E-2,6.0050056511536075E-2]
[null,null,null,null,null,"Achieved return on capital (adjusted)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R417/Q162","v":6.3325135583097186E-2},6.5025341574024176E-2,6.2351421068518639E-2,6.2087428991971005E-2,6.2824114164683642E-2,6.3480697033597655E-2,6.4487732828830524E-2,6.5048260647694797E-2,6.5160556389079E-2,6.4853503290219328E-2,6.4575494409324641E-2,6.4131929517153408E-2,6.4395174933371685E-2,6.4817517014456608E-2,6.5118241977459843E-2,6.5359995701739962E-2,6.5493038922348007E-2,6.5555703060577147E-2,6.5647492446153657E-2,6.5744344930051421E-2,6.5846105785638528E-2,6.5951902607995119E-2,6.6063715515681937E-2,6.6093926133163089E-2,6.617768232354343E-2,6.6303903279811782E-2,6.6318120758252636E-2,6.6182773441692239E-2,6.6319282225711956E-2,6.6450056511536099E-2]
[]
[null,null,"Returns to equity (unadjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$14*Q162","v":2540.5070906655055},{"$f":"$O$14*R162","v":3006.2325223490575},3346.7873991683209,3429.7361859181533,3514.038061892827,3598.5329081587793,3682.9919183328561,3769.9395072762281,3855.6687211049702,3939.7237766947783,4033.7477810157225,4139.1089454604107,4275.5873854483543,4418.2581775753088,4562.8227784692535,4709.9271745075121,4859.9618615258723,5012.0452298151422,5167.7771375980155,5323.9228100973123,5480.0846389329336,5635.8336811720401,5790.8184475822036,5944.4013094288621,6099.6449934796419,6254.2629189693835,6406.1464207188656,6562.4299362493202,6736.260075369315,6907.8422793900891]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$13*Q162","v":3810.7606359982574},{"$f":"$O$13*R162","v":4509.3487835235856},5020.1810987524805,5144.6042788772293,5271.0570928392399,5397.7993622381682,5524.487877499284,5654.9092609143418,5783.5030816574545,5909.5856650421665,6050.6216715235832,6208.6634181906165,6413.3810781725315,6627.3872663629618,6844.2341677038803,7064.8907617612667,7289.9427922888071,7518.0678447227119,7751.6657063970233,7985.8842151459685,8220.1269583993999,8453.7505217580583,8686.2276713733045,8916.6019641432922,9149.467490219462,9381.3943784540734,9609.2196310782965,9843.6449043739794,10104.390113053971,10361.763419085133,10614.934791041682]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R447-S447","v":-698.58814752532817},{"$f":"S447-T447","v":-510.83231522889491},-124.4231801247488,-126.45281396201062,-126.74226939892833,-126.68851526111575,-130.42138341505779,-128.5938207431127,-126.08258338471205,-141.03600648141673,-158.04174666703329,-204.71765998191495,-214.00618819043029,-216.84690134091852,-220.65659405738643,-225.05203052754041,-228.12505243390478,-233.59786167431139,-234.21850874894517,-234.2427432534314,-233.62356335865843,-232.47714961524616,-230.37429276998773,-232.86552607616977,-231.9268882346114,-227.82525262422314,-234.42527329568293,-260.74520867999126,-257.37330603116243,-253.17137195654868]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R393-R397-R169-R449","v":-293.18147673741282},{"$f":"S393-S397-S169-S449","v":-120.20122527296519},142.26781562486917,146.56367176083361,159.84876892275432,172.49157995015969,185.04428954714831,197.12890162343518,205.46089733641759,197.90371335872624,189.83362080551484,156.23451984057448,158.65329291775885,167.49511156334427,175.85319406167099,184.05521438537022,193.53072702019466,201.48271952020468,213.35402710999432,225.79148403836786,238.80190812479856,252.2703178358056,266.49041015747173,276.41964249422074,289.59590623492034,305.56411014705986,312.50081661575047,304.17007646458921,321.37850536212795,338.99463127815488]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R451-R316","v":-327.22896132115903},{"$f":"S451-S316","v":-163.78961379902273},104.44950385376944,107.6302808079528,118.12311543716197,122.19573758908099,129.62249489546528,138.84294324270402,145.30592647237935,145.83443496114828,145.43727220770649,135.23827532796244,139.47190022952432,146.03309576978307,152.03270207501924,157.73126076815549,164.24349360623083,169.38697615045015,177.40350734541221,185.64847453806942,194.12203375760129,202.72871305531132,211.68588542812304,219.07977222283233,227.68094221224985,237.32414732933961,242.054990020795,237.35630891626482,247.25541890390792,257.54154676314852]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R452+R402","v":-307.31118283966754},{"$f":"S452+S402","v":-138.29040651127909},126.5732162398628,130.40631451538806,142.53262272623348,151.61880537031203,162.04424476669985,172.94022889543174,180.49658442784175,176.29496282373137,171.40913613742438,147.52107836784046,150.69301495214154,158.5883750090164,165.96768988721053,173.1307736342261,181.37652515339968,188.16298602175652,198.43456140769277,209.13213509574399,220.2597602624117,231.71055185190045,243.74653239479198,252.62359633159457,263.90119616551209,277.24452557770599,283.26579857884394,276.4423629320346,290.61742448196662,305.19160120442723]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R453+R397-R161+R449","v":158.41424884388539},{"$f":"S453+S397-S161+S449","v":202.26447030798488},209.52200298969632,214.70819049006138,227.02746899218812,236.0778155443877,248.99183371007257,258.66944272417612,264.55164001765064,270.31896714467769,276.77030058211164,283.9995183557856,293.36380707909541,303.15297590296314,313.07208592547317,323.16546065258797,333.45989344267127,343.89489380463283,354.58023390699236,365.29396393136813,376.00880250151886,386.69531826206526,397.32939424144831,407.8672803823755,418.51912165525448,429.12802732719103,439.54931410930192,450.27250205202972,462.19962850274624,473.97251584212518]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R455/R446","v":6.2355365755892282E-2},{"$f":"S455/S446","v":6.7281711845075864E-2},6.2603917727717839E-2,6.260195503421298E-2,6.4605865102639326E-2,6.5603906249999802E-2,6.7605859375000008E-2,6.8613685239491851E-2,6.8613685239491878E-2,6.8613685239491878E-2,6.8613685239491892E-2,6.8613685239491837E-2,6.8613685239491878E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.861368523949192E-2,6.8613685239491892E-2,6.8613685239491864E-2,6.8613685239491837E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491892E-2,6.8613685239491878E-2,6.8613685239491906E-2,6.8613685239491851E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491892E-2,6.8613685239491906E-2,6.8613685239491809E-2]
[]
[null,null,null,null,null,"Inputs as % of equity"]
[]
[null,null,null,null,null,"Incentives",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R379/R446","v":0},{"$f":"S379/S446","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Opex",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R382/R446","v":0},{"$f":"S382/S446","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R368/R446","v":0},{"$f":"S368/S446","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"(R169-R350)/R446","v":0},{"$f":"(S169-S350)/S446","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Returns to equity (adjusted)"]
[]
[null,null,null,null,null,"Equity at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$344*Q162","v":2540.5070906655055},{"$f":"$O$344*R162","v":3006.2325223490575},3346.7873991683209,3429.7361859181533,3514.038061892827,3598.5329081587793,3682.9919183328561,3769.9395072762281,3855.6687211049702,3939.7237766947783,4033.7477810157225,4139.1089454604107,4275.5873854483543,4418.2581775753088,4562.8227784692535,4709.9271745075121,4859.9618615258723,5012.0452298151422,5167.7771375980155,5323.9228100973123,5480.0846389329336,5635.8336811720401,5790.8184475822036,5944.4013094288621,6099.6449934796419,6254.2629189693835,6406.1464207188656,6562.4299362493202,6736.260075369315,6907.8422793900891]
[null,null,null,null,null,"Debt at start of period",null,null,null,null,null,null,null,null,null,null,null,{"$f":"$O$343*Q162","v":3810.7606359982574},{"$f":"$O$343*R162","v":4509.3487835235856},5020.1810987524805,5144.6042788772293,5271.0570928392399,5397.7993622381682,5524.487877499284,5654.9092609143418,5783.5030816574545,5909.5856650421665,6050.6216715235832,6208.6634181906165,6413.3810781725315,6627.3872663629618,6844.2341677038803,7064.8907617612667,7289.9427922888071,7518.0678447227119,7751.6657063970233,7985.8842151459685,8220.1269583993999,8453.7505217580583,8686.2276713733045,8916.6019641432922,9149.467490219462,9381.3943784540734,9609.2196310782965,9843.6449043739794,10104.390113053971,10361.763419085133,10614.934791041682]
[]
[null,null,null,null,null,"Repayment of debt",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R468-S468","v":-698.58814752532817},{"$f":"S468-T468","v":-510.83231522889491},-124.4231801247488,-126.45281396201062,-126.74226939892833,-126.68851526111575,-130.42138341505779,-128.5938207431127,-126.08258338471205,-141.03600648141673,-158.04174666703329,-204.71765998191495,-214.00618819043029,-216.84690134091852,-220.65659405738643,-225.05203052754041,-228.12505243390478,-233.59786167431139,-234.21850874894517,-234.2427432534314,-233.62356335865843,-232.47714961524616,-230.37429276998773,-232.86552607616977,-231.9268882346114,-227.82525262422314,-234.42527329568293,-260.74520867999126,-257.37330603116243,-253.17137195654868]
[]
[null,null,null,null,null,"Pre-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R416-R420-R350-R470","v":-252.53336328676471},{"$f":"S416-S420-S350-S470","v":-72.101504915380247},195.8164140115623,201.43945073552405,216.07337791303942,230.06810648070018,243.97216024047395,257.44793373985482,267.15159687409721,260.93929378584266,254.37358530176635,222.46026296794122,227.06269108493262,238.18724240454924,248.85835851717906,259.41404917749043,271.29011680460866,281.67544319724698,296.03846131156246,310.97424899992501,326.48326234772554,342.44365673455832,359.14350531878711,371.53006344508242,387.19022613059462,405.63231685056985,414.99915934725237,409.16895544457827,429.15866656803701,449.52010774839664]
[null,null,null,null,null,"Post-tax cash-flow to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R472-R363","v":-286.58084787051092},{"$f":"S472-S363","v":-115.68989344143777},157.99810224046257,162.50605978264323,174.34772442744708,179.77226411962147,188.55036558879092,199.16197535912366,206.99662601005897,208.8700153882647,209.977236703958,201.46401845532918,207.8812983966981,216.72522661098805,225.03786653052731,233.0900955602757,242.00288339064483,249.57969982749245,260.08794154698035,270.83123949962658,281.80338798052827,292.90205195406406,304.33898058943839,314.19019317369401,325.27526210792416,337.3923540328496,344.55333275229691,342.35518789625388,355.03558010981698,368.06702323339027]
[null,null,null,null,null,"Post-tax cash-flow to equity + imputation",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R473+R425","v":-266.66306938901943},{"$f":"S473+S425","v":-90.190686153694131},180.12181462655593,185.28209349007849,198.75723171651859,209.19533190085252,220.97211546002549,233.25926101185138,242.18728396552137,239.3305432508478,235.9491006336759,213.7468214952072,219.10241311931532,229.28050585022137,238.97285434271859,248.48960842634631,259.13591493781371,268.35570969879882,281.11899560926088,294.31490005730114,307.94111448533869,321.88389075065322,336.39962755610736,347.73401728245625,361.49551606118638,377.31273228121597,385.76414131034585,381.44124191202366,398.39758568787568,415.71707767466899]
[]
[null,null,null,null,null,"Nominal return to equity",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R474+R420-R161+R470","v":199.06236229453339},{"$f":"S474+S420-S161+S470","v":250.36419066556982},263.0706013763895,269.58396946475182,283.25207798247322,293.65434207492819,307.91970440339821,318.98847484059576,326.24233955533026,333.35454757179411,341.31026507836316,350.22526148315228,361.77320524626919,373.84510674416811,386.07725038098124,398.52429544470817,411.21928322708527,424.08761748167512,437.2646681085605,450.47672889292517,463.69015672444584,476.86865716081809,489.98248940276369,502.97770133323718,516.11344155092877,529.19623403070091,542.04765684080371,555.27138103201878,569.97978970865529,584.49799231236693]
[null,null,null,null,null,"Nominal return to equity (%)",null,null,null,null,null,null,null,null,null,null,null,{"$f":"R476/R467","v":7.8355365755892248E-2},{"$f":"S476/S467","v":8.3281711845075879E-2},7.8603917727717854E-2,7.8601955034212981E-2,8.0605865102639285E-2,8.1603906249999802E-2,8.3605859374999994E-2,8.4613685239491851E-2,8.4613685239491906E-2,8.4613685239491865E-2,8.4613685239491879E-2,8.4613685239491865E-2,8.4613685239491906E-2,8.4613685239491865E-2,8.4613685239491893E-2,8.461368523949192E-2,8.4613685239491893E-2,8.4613685239491865E-2,8.4613685239491823E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.461368523949192E-2,8.4613685239491893E-2,8.4613685239491893E-2,8.4613685239491851E-2,8.4613685239491851E-2,8.4613685239491893E-2,8.4613685239491879E-2,8.4613685239491906E-2,8.4613685239491851E-2]