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{"sheet":"PTRM input","index":0,"n_rows":48,"n_cols":18,"rows_kept":48,"cut":false,"hidden":false,"merged":[[1,4,1,5],[1,8,1,9],[4,4,4,6],[5,6,5,8],[11,4,11,5],[10,4,10,5],[5,19,5,20],[18,4,18,5],[16,4,16,5],[13,4,13,5],[20,4,20,5],[14,4,14,5],[12,4,12,5],[6,4,6,5]]}
[]
[null,null,null,null,null,null,null,null,"Input cells are in blue"]
[]
[]
[null,null,null,null,"Opening Regulatory Asset Base and Opening Tax Asset Base for 2017-18 ($m Nominal)"]
[null,null,null,null,null,null,null,null,null,"Opening Asset Value",null,null,null,"Opening Tax Value",null,null,"Base Regulatory Year","Length of Regulatory Control Period (Year)"]
[null,null,null,null,"Total",null,null,null,null,1000,null,null,null,750,null,null,"2017-18",5]
[null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Year","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27"]
[null,null,null,null,"expenditure ($m Real 2016-17)"]
[null,null,null,null,"Forecast Capital Expenditure",null,75,75,75,75,75,75,75,75,75,75]
[null,null,null,null,"Forecast Asset Disposal",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast Customer Contributions",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast Net Capital Expenditure – As Incurred",null,75,75,75,75,75,75,75,75,75,75]
[null,null,null,null,"Opex",null,70,70,70,70,70,70,70,70,70,70]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,350]
[null,null,null,null,"Total Adjustments Included as Tax Income",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Adjustments Included as Non-tax Income",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Adjustments Included as Tax Expense",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Adjustments Included as Non-tax Expense",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Revenue Adjustments",null,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Tax"]
[null,null,null,null,"Year",null,"2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27"]
[null,null,null,null,"Expected Corporate Tax Rate",null,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,null,null,null,"Year"]
[null,null,null,null,"Tax Loss Carried Forward From Previous Period",0,""]
[]
[null,null,null,null,"Cost of Capital"]
[null,null,null,null,"Year",null,"2017-22"]
[null,null,null,null,"Inflation Rate","f",2.5000000000000001E-2]
[null,null,null,null,"Return on Equity","Re",6.4000000000000001E-2,""]
[null,null,null,null,"Value of Imputation Credits (gamma)","γ",0.49799999999999994]
[null,null,null,null,"Proportion of Debt Funding","D/V",0.6]
[]
[null,null,null,null,null,null,"2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27"]
[null,null,null,null,"Trailing Average Portfolio Return on Debt",null,4.4999999999999998E-2]
[]
[null,null,null,null,null,null,""]
[null,null,null,null,null,null,"The trailing average portfolio return on debt must be entered up to the year of update (ie. year 1 at the final decision, year 2 in the first annual update etc). Future years can be left blank."]
[]
[null,null,null,null,"Debt and Equity Raising Costs – Transaction Costs (per cent)"]
[null,null,null,null,null,null,"Value"]
[null,null,null,null,"Imputation Credit Payout Ratio","ICPR",0.83]
[null,null,null,null,"Subsequent Equity Raising Costs","SEO",0.03]
[null,null,null,null,"Dividend Reinvestment Plan Costs","DRPC",0.01]
[null,null,null,null,"Dividend Reinvestment Plan Take Up","DRPT",0.4]

{"sheet":"WACC","index":1,"n_rows":35,"n_cols":18,"rows_kept":35,"cut":false,"hidden":false,"merged":[[16,6,16,15],[4,17,8,17]]}
[]
[null,{"$error":"#REF!"}]
[]
[null,"Year",null,null,null,null,"2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27",null,"Final decision checks"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This column contains calculations that presume a constant WACC. They are therefore to be used at the start of the regulatory period (prior to any annual debt updates)."]
[null,"Inflation Rate",null,"f",null,"Constant",2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Value of Imputation Credits (gamma)",null,"γ",null,"Constant",0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994,0.49799999999999994]
[null,"Proportion of Equity Funding",null,"E/V",null,"Constant",0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[null,"Proportion of Debt Funding",null,"D/V",null,"Constant",0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,"Post-tax Nominal Return on Equity",null,"Re",null,"Constant",6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,6.4000000000000001E-2,null,5.8509844283719525E-2]
[null,"Post-tax Real Return on Equity",null,"Rre",null,"Constant",3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,3.8048780487805134E-2,null,3.2692531010480419E-2]
[]
[null,"Corporate Tax Rate",null,"T",null,"Varying",0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,"Nominal Pre-tax Return on Debt",null,"Rd",null,"Varying",4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,"Real Pre-tax Return on Debt",null,"Rrd",null,"Varying",1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2,1.9512195121951237E-2]
[]
[null,null,null,null,null,null,"Formula approximations of WACC",null,null,null,null,null,null,null,null,null,null,"Cashflow derivations of WACC"]
[null,"Nominal Vanilla WACC",null,null,null,"Varying",5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,null,5.2600000000001312E-2]
[null,"Real Vanilla WACC",null,null,null,"Varying",2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,2.6926829268292797E-2,null,2.6926829268292707E-2]
[null,"Post-tax Nominal WACC ",null,null,null,"Varying",4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,4.8533800000089944E-2,null,5.0060903043617433E-2]
[null,"Post-tax Real WACC ",null,null,null,"Varying",2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,2.2959804878136536E-2,null,2.4449661505963949E-2]
[null,"Pre-tax Nominal WACC ",null,null,null,"Varying",5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,5.7614139780091125E-2,null,5.5159212698099536E-2]
[null,"Pre-tax Real WACC ",null,null,null,"Varying",3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,3.1818672956186456E-2,null,2.9423622153065043E-2]
[null,"Nominal Tax Allowance",null,null,null,"Varying",9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,9.0803397800011815E-3,null,5.0983096544821027E-3]
[null,"Real Tax Allowance",null,null,null,"Varying",8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,8.8588680780499196E-3,null,4.9739606471010944E-3]
[]
[null,"Effective Tax Rate for Equity (from relevant cashflows)",null,"Te",null,null,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,0.3262651286924998,null,0.20067238300253942]
[null,"Effective Tax Rate for Debt (effective debt shield)",null,"Td",null,null,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,0.29999999999336424,null,0.27195330599318146]
[]
[null,null,null,null,null,null,null,"At the start of the regulatory control period, use this button to copy across the cashflow-calculated Te and Td."]
[null,null,null,null,null,null,null,"However, these calculations presume a constant WACC so Te/Td should not be updated during a regulatory control period "]
[null,null,null,null,null,null,null,"when annually updating the return on debt - just use the same Te/Td from the final decision."]
[]
[null,null,null,null,null,null,"Numbers in White cells are calculated on this sheet from input parameters."]
[null,null,null,null,null,null,"Numbers in Orange cells are transferred from relevant sheets"]

{"sheet":"Assets","index":2,"n_rows":46,"n_cols":16,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Year",null,null,null,"2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27"]
[]
[null,"Inflation Assumption (CPI % increase)",null,2.5000000000000001E-2,null,null,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Cumulative Inflation Index (CPI end period)",null,null,null,1,1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,"Opening Regulatory Asset Base (RAB)",null,null,null,1000]
[null,"Real Net Capital Expenditure (capex)",null,null,null,null,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537,76.003048719338537]
[null,"Nominal Net Capex",null,null,null,null,77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,88.140235363930529,90.343741248028778,92.602334779229494,94.917393148710218,97.290327977427964]
[]
[null,"Asset Values ($m Real 2016-17)"]
[null,"Real Straight-line Depreciation",null,null,null,null,50,51.300152435966929,52.535297250135514,53.708684823595661,54.823403018382805,55.882385303430596,56.888418474225993,57.844149986481618,58.75209492312446,59.614642612935157]
[null,"Real Residual RAB (end period)",null,null,null,1000,1026.0030487193385,1050.7059450027102,1074.1736964719132,1096.4680603676561,1117.6477060686118,1137.7683694845198,1156.8829997296323,1175.0418984624891,1192.2928522587031,1208.6812583651065]
[null,"Real Residual RAB (start period)",null,null,null,0,1000,1026.0030487193385,1050.7059450027102,1074.1736964719132,1096.4680603676561,1117.6477060686118,1137.7683694845198,1156.8829997296323,1175.0418984624891,1192.2928522587031]
[]
[null,"Asset Values ($m Nominal)"]
[null,"Inflation on Opening RAB",null,null,null,null,25,26.291328123433047,27.597448336711807,28.919189583804968,30.257389479810229,31.612894844109857,32.986562238550235,34.379258510989004,35.791861344556274,37.225259812979424]
[null,"Nominal Straight-line Depreciation",null,null,null,null,51.249999999999993,53.897222653037751,56.57476909025921,59.28433864680018,62.02764843361097,64.806434430425199,67.622452589027972,70.477479947527456,73.373315756340361,76.3117826166078]
[null,"Nominal Regulatory Depreciation",null,null,null,null,26.249999999999993,27.605894529604704,28.977320753547403,30.365149062995211,31.770258953800742,33.193539586315339,34.635890350477737,36.098221436538452,37.581454411784087,39.086522803628377]
[null,"Nominal Residual RAB (end period)",null,null,null,1000,1051.6531249373218,1103.8979334684723,1156.7675833521987,1210.2955791924091,1264.5157937643942,1319.4624895420093,1375.1703404395601,1431.674453782251,1489.0103925191768,1547.2141976929761]
[null,"Inflated Nominal Residual RAB (start period)",null,null,null,0,1025,1077.944453060755,1131.495381805184,1185.6867729360035,1240.5529686722193,1296.128688608504,1352.4490517805593,1409.5495989505491,1467.4663151268071,1526.235652332156]
[]
[null,"Tax Values ($m Nominal)"]
[null,"Tax Depreciation",null,null,null,null,37.5,39.46875,41.435156250000006,43.401738281250005,45.370949707031251,47.345183020019526,49.326774187316886,51.318007054206845,53.321117567158687,55.338297826104501]
[null,"Residual Tax Value (end period)",null,null,null,750,789.375,828.703125,868.03476562499998,907.41899414062493,946.90366040039044,986.53548374633772,1026.3601410841368,1066.4223513431737,1106.7659565220899,1147.4339995107123]
[]
[null,"Summary of Asset Roll Forward ($m Nominal)"]
[null,"RAB roll forward"]
[null,"Opening RAB",null,null,null,null,1000,1051.6531249373218,1103.8979334684723,1156.7675833521987,1210.2955791924091,0,0,0,0,0]
[null,"Net Capex",null,null,null,null,77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,0,0,0,0,0]
[null,"Straight-line Depreciation",null,null,null,null,-51.249999999999993,-53.897222653037751,-56.57476909025921,-59.28433864680018,-62.02764843361097,0,0,0,0,0]
[null,"Inflation on Opening RAB",null,null,null,null,25,26.291328123433047,27.597448336711807,28.919189583804968,30.257389479810229,0,0,0,0,0]
[null,"Closing RAB",null,null,null,null,1051.653124937322,1103.897933468472,1156.7675833521987,1210.2955791924091,1264.5157937643944,0,0,0,0,0]
[]
[null,"Check",null,null,null,null,"ok","ok","ok","ok","ok","","","","",""]
[]
[null,"TAB roll forward"]
[null,"Opening TAB",null,null,null,null,750,789.375,828.703125,868.03476562499998,907.41899414062493,0,0,0,0,0]
[null,"Net Capex (without cap cons)",null,null,null,null,76.875,78.796875,80.766796874999997,82.785966796874987,84.855615966796847,0,0,0,0,0]
[null,"Capital contributions",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Tax Depreciation",null,null,null,null,-37.5,-39.46875,-41.435156250000006,-43.401738281250005,-45.370949707031251,0,0,0,0,0]
[null,"Closing TAB",null,null,null,null,789.375,828.703125,868.03476562499998,907.41899414062493,946.90366040039044,0,0,0,0,0]
[]
[null,"Check",null,null,null,null,"ok","ok","ok","ok","ok","","","","",""]

{"sheet":"Analysis","index":3,"n_rows":185,"n_cols":17,"rows_kept":185,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"Year",null,null,null,"2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27"]
[]
[null,"Inflation Assumption (CPI % increase)",null,null,null,null,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Cumulative Inflation Index (CPI end period)",null,null,null,1,1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566]
[]
[null,"Time Varying WACC"]
[null,"Time Varying Return on Debt",null,null,null,null,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,"Time Varying Nominal Vanilla WACC",null,null,null,null,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2,5.2600000000000001E-2]
[null,"Cumulative Discount Factor",null,null,null,1,1.0526,1.1079667600000001,1.1662458115759999,1.2275903412648974,1.2921615932154309,1.3601292930185624,1.4316720938313388,1.5069780459668671,1.5862450911847243,1.6696815829810407]
[null,"Inverse Cumulative Discount Factor",null,null,null,1,0.95002850085502566,0.90255415243684745,0.85745216838005656,0.81460399808099626,0.77389701508739916,0.73522422105966101,0.69848396452561379,0.66357967368954374,0.63041960259314433,0.59891658996118602]
[]
[null,"Annual Building Blocks ($m Nominal)"]
[]
[null,"RAB (start period)",null,"(nominal value)",null,null,1000,1051.6531249373218,1103.8979334684723,1156.7675833521987,1210.2955791924091,1264.5157937643942,1319.4624895420093,1375.1703404395601,1431.674453782251,1489.0103925191768]
[null," - Equity",null,0.4,null,null,400,420.66124997492875,441.55917338738891,462.70703334087949,484.11823167696366,505.8063175057577,527.78499581680376,550.06813617582407,572.66978151290039,595.60415700767078]
[null," - Debt",null,0.6,null,null,600,630.99187496239301,662.33876008108336,694.06055001131915,726.17734751544549,758.70947625863653,791.67749372520552,825.10220426373598,859.00467226935064,893.406235511506,893.406235511506]
[]
[null,"Revenue Building Blocks"]
[]
[null,"Nominal Vanilla WACC",null,null,null,null,52.6,55.316954371703126,58.065031300441646,60.845974884325649,63.661547465520719,66.513530752007142,69.403726949909682,72.333959907120857,75.306076268946398,78.321946646508707]
[null,"Return on Capital"]
[null," - Return on Equity",null,6.4000000000000001E-2,null,null,25.6,26.922319998395441,28.259787096792891,29.613250133816287,30.983566827325674,32.37160432036849,33.778239732275438,35.20436071525274,36.650866016825624,38.11866604849093]
[null," - Return on Debt",null,null,null,null,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,34.141926431638645,35.625487217634245,37.129599191868117,38.655210252120774,40.20328059801777]
[]
[null,"Return of Capital (regulatory depreciation)",null,null,null,null,26.249999999999993,27.605894529604704,28.977320753547403,30.365149062995211,31.770258953800742,33.193539586315339,34.635890350477737,36.098221436538452,37.581454411784087,39.086522803628377]
[]
[null,"Opex",null,null,null,null,71.75,73.543749999999989,75.38234374999999,77.26690234374999,79.198574902343722,81.178539274902306,83.20800275677486,85.288202825694228,87.42040789633657,89.605918093744961]
[]
[null,"Revenue Adjustments",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Tax Payable",null,null,null,null,5.0682834942312196,5.3188596166706335,5.5810989876407886,5.8547189482793103,6.1394664730734085,6.4351168660222475,6.7414725319412412,7.0583618192551185,7.3856379308162277,7.7231778994636668]
[null,"Less Value of Imputation Credits",null,0.49799999999999994,null,null,-2.5240051801271473,-2.6487920891019749,-2.7793872958451122,-2.9156500362430964,-3.057454303590557,-3.204688199279079,-3.3572533209067377,-3.5150641859890488,-3.6780476895464811,-3.8461425939329055]
[]
[null,"Revenue Subtotal",null,null,null,null,153.14427831410407,159.13666642887645,165.22640749578471,171.41709520310704,177.71239349114805,184.11603827996797,190.63183926819679,197.2636818026196,204.0155288183368,210.89142284941281]
[]
[null,"Additional Tax Income calculations"]
[null," - Add Customer Contributions",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null," - Deduct Non-Tax Income Revenue Adjustments",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Revenue For Tax Assessment Subtotal",null,null,null,null,153.14427831410407,159.13666642887645,165.22640749578471,171.41709520310704,177.71239349114805,184.11603827996797,190.63183926819679,197.2636818026196,204.0155288183368,210.89142284941281]
[]
[null,"Tax Expenses"]
[null," - Opex",null,null,null,null,71.75,73.543749999999989,75.38234374999999,77.26690234374999,79.198574902343722,81.178539274902306,83.20800275677486,85.288202825694228,87.42040789633657,89.605918093744961]
[null," - Tax Depreciation",null,null,null,null,37.5,39.46875,41.435156250000006,43.401738281250005,45.370949707031251,47.345183020019526,49.326774187316886,51.318007054206845,53.321117567158687,55.338297826104501]
[null," - Interest",null,null,null,null,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,34.141926431638645,35.625487217634245,37.129599191868117,38.655210252120774,40.20328059801777]
[null," - Tax expense revenue adjustments",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Total Tax Expenses",null,null,null,null,136.25,141.40713437330768,146.62274420364875,151.90136537550936,157.24750524757002,162.66564872656048,168.16026416172599,173.73580907176921,179.39673571561605,185.14749651786724]
[]
[null,"Tax Calculation"]
[null,"Corporate tax rate",null,null,null,null,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,"Taxable Income",null,null,null,null,16.894278314104071,17.729532055568768,18.603663292135963,19.515729827597681,20.464888243578031,21.45038955340749,22.471575106470794,23.52787273085039,24.618793102720758,25.743926331545566]
[null," - Pre-tax Income",null,null,null,null,16.894278314104071,17.729532055568768,18.603663292135963,19.515729827597681,20.464888243578031,21.45038955340749,22.471575106470794,23.52787273085039,24.618793102720758,25.743926331545566]
[null," - Tax Loss Carried Forward",null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,"Tax Payable",null,null,null,null,5.0682834942312214,5.3188596166706299,5.5810989876407886,5.8547189482793041,6.1394664730734094,6.4351168660222466,6.7414725319412385,7.0583618192551167,7.3856379308162268,7.7231778994636695]
[null,"Value of Imputation Credits",null,0.49799999999999994,null,null,2.5240051801271481,2.6487920891019732,2.7793872958451122,2.9156500362430933,3.0574543035905575,3.2046881992790786,3.3572533209067363,3.5150641859890479,3.6780476895464806,3.8461425939329068]
[null,null,null,"(intermediate tax calculation)",null,null,5.0682834942312196,5.3188596166706335,5.5810989876407886,5.8547189482793103,6.1394664730734085,6.4351168660222475,6.7414725319412412,7.0583618192551185,7.3856379308162277,7.7231778994636668]
[]
[null,"Cash Flow Analysis Below This Line"]
[]
[null,"Net Present Values"]
[null,"RAB (start period)",null,"Project NPV Check",null,0,1000,1051.6531249373218,1103.8979334684723,1156.7675833521987,1210.2955791924091,1264.5157937643942,1319.4624895420093,1375.1703404395601,1431.674453782251,1489.0103925191768]
[null,"PV for Returns on and of Asset Only",null,null,null,731.95694016095354,78.849999999999994,82.92284890130783,87.042352053989049,91.211123947320857,95.431806419321461,99.707070338322481,104.03961730038742,108.43218134365931,112.88753068073049,117.40846945013709]
[null,"PV for Capex Only",null,null,null,658.6091913827637,77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,88.140235363930529,90.343741248028778,92.602334779229494,94.917393148710218,97.290327977427964]
[null,"PV for End of Period Assets",null,null,null,926.65225122180959,0,0,0,0,0,0,0,0,0,1547.2141976929761]
[]
[null,"Nominal Cash Flow Analysis"]
[null,"Capital Expenditure",null,null,null,1000,77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,88.140235363930529,90.343741248028778,92.602334779229494,94.917393148710218,97.290327977427964]
[null,"Interest Payments",null,null,null,0,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,34.141926431638645,35.625487217634245,37.129599191868117,38.655210252120774,40.20328059801777]
[null,"Repayment of Debt",null,null,null,-600,-30.991874962393013,-31.346885118690352,-31.721789930235786,-32.116797504126339,-32.532128743191038,-32.968017466568995,-33.424710538530462,-33.902468005614651,-34.401563242155362,0]
[]
[null,"Analysis Including Revenue Adjustments"]
[]
[null,"Nominal Cash Flow to Equity Holders"]
[null," -  Pre-tax","Te  =",0.2006723830025462,6.5061164394419002E-2,-400,7.4830283391750925,8.6944641135040932,9.9136388350978457,11.141120709768273,12.377493168014432,13.623354676065482,14.879318584289365,16.146013011442413,17.424080763324604,602.67757525741263]
[null," -  Post-tax ",null,null,5.2005185494470529E-2,-400,2.4147448449438711,3.3756044968334633,4.3325398474570571,5.2864017614889693,6.2380266949410226,7.1882378100432351,8.1378460523481273,9.0876511921872964,10.038442832508377,594.95439735794901]
[null," -  Post-tax + Value of Imputation Credits",null,null,5.8509844283719525E-2,-400,4.9387500250710179,6.0243965859354383,7.1119271433021698,8.2020517977320662,9.2954809985315805,10.392926009322315,11.495099373254865,12.602715378176345,13.716490522054858,598.80053995188189]
[null,"Real Cash Flow to Equity"]
[null," -  Pre-tax",null,null,3.9084062820394783E-2,-400,7.300515452853749,8.2755161104143671,9.2057991823430037,10.093305490806472,10.939900406407062,11.747376041039651,12.517453446693281,13.251784811444926,13.951955644945398,470.81075854702749]
[null," -  Post-tax ",null,null,2.6346522433628783E-2,-400,2.3558486292135328,3.2129489559390492,4.0231939501349618,4.7892190844914921,5.5135066405462485,6.198394935379083,6.8460869723013227,7.4586585527332314,8.038065883984892,464.77742431572307]
[null," -  Post-tax + Value of Imputation Credits",null,null,3.2692531010480419E-2,-400,4.8182927073863597,5.7341073988677582,6.6041313557745669,7.4306541148363552,8.2158507359449331,8.9617875259980462,9.6704274765485199,10.343635429571655,10.983182984943225,467.78202476291267]
[null,"Net Cash Flow to Debt"]
[null,"Cash flow to debt before Tax calculation",null,null,4.8817145092049374E-2,-600,-3.9918749623930125,-2.952250745382667,-1.9165457265870351,-0.88407275361697657,0.1458518950040073,1.1739089650696499,2.2007766791037824,3.227131186253466,4.2536470099654125,968.53179921380331]
[null,"Deduction Utilised to Reduce Tax",null,null,null,null,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,34.141926431638645,35.625487217634245,37.129599191868117,38.655210252120774,40.20328059801777]
[null,"Unutilised Deductions Carried Forward",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow to Debt","Td  =",0.27195330599318146,3.5541161095117735E-2,-600,-12.091874962393014,-11.470641057374973,-10.85811898768166,-10.253890178769787,-9.6575422964545083,-9.0686689644219456,-8.4868694861864924,-7.9117485713069691,-7.3429160656708206,956.47081503439802]
[null,"Nominal Cash Flows to Assets"]
[null,"Cash flow to Asset",null,null,5.5159212698099536E-2,-1000,3.4911533767820799,5.7422133681214262,7.9970931085108106,10.257047956151297,12.523345063018439,14.797263641135132,17.080095263393147,19.373144197695879,21.677727773290016,1571.2093744712161]
[null,"Cash flow to Asset Post-tax",null,null,5.0060903043617433E-2,-1000,-1.5771301174491414,0.42335375145079635,2.415994120870022,4.4023290078719928,6.3838785899450299,8.3621467751128851,10.33862273145191,12.314782378440762,14.292089842473789,1563.4861965717523]
[null,"Cash flow to Asset Real",null,null,2.9423622153065043E-2,-1000,3.4060032944215415,5.4655213497883892,7.4260959496335213,9.2923792096172768,11.068812229162326,12.759634062542149,14.368890357005633,15.900441666126444,17.357971446778059,1227.4262521133937]
[null,"Cash flow to Asset Real Post-tax",null,null,2.4449661505963949E-2,-1000,-1.5386635292186748,0.40295419531307208,2.2434907174254786,3.9882928033022975,5.6424184633015138,7.2106529568815816,8.6975238826136732,10.107315407414749,11.444081685817551,1221.3929178820893]
[null,"Check on Vanilla WACC Cash Flow (nom)",null,null,5.2600000000001312E-2,-1000,0.9468750626780067,3.0721458405527695,5.1953814167151346,7.317979044115086,9.4413328935355878,11.566834974391963,13.695876052358646,15.829846564429811,17.970137532020271,1567.3323391656852]
[null,"Check on Vanilla WACC Cash Flow (real)",null,null,2.6926829268292485E-2,-1000,0.92378054895415296,2.9241126382417795,4.8244281230650836,6.6297278336471575,8.3447625587001983,9.974045547500543,11.521864386860868,12.992292284253173,14.389198786775884,1224.3975183292789]
[]
[null,"Analysis Excluding Revenue Adjustments (check target WACC is met)"]
[]
[null,"Restatement of figures above"]
[null,"Intermediate tax calculation (excluding revenue adjustmnets)",null,null,null,null,5.0682834942312196,5.3188596166706361,5.5810989876407904,5.8547189482793103,6.1394664730734085,6.4351168660222475,6.7414725319412412,7.0583618192551256,7.385637930816233,7.7231778994636695]
[null,"Imputation credit value (excluding revenue adjustments)",null,null,null,null,-2.5240051801271473,-2.6487920891019763,-2.7793872958451131,-2.9156500362430964,-3.057454303590557,-3.204688199279079,-3.3572533209067377,-3.5150641859890523,-3.6780476895464838,-3.8461425939329068]
[null,"Revenue Subtotal (excluding revenue adjustments)",null,null,null,null,153.14427831410407,159.13666642887645,165.22640749578471,171.41709520310707,177.71239349114805,184.11603827996797,190.63183926819679,197.2636818026196,204.0155288183368,210.89142284941281]
[null,"Taxable income before loss carried forward (excluding revenue adjustments)",null,null,null,null,16.894278314104071,17.729532055568779,18.603663292135966,19.51572982759771,20.464888243578031,21.45038955340749,22.471575106470794,23.527872730850412,24.618793102720772,25.74392633154558]
[null,"Taxable income (excluding revenue adjustments)",null,null,null,null,16.894278314104071,17.729532055568779,18.603663292135966,19.51572982759771,20.464888243578031,21.45038955340749,22.471575106470794,23.527872730850412,24.618793102720772,25.74392633154558]
[null,"Tax payable (excluding revenue adjustments)",null,null,null,null,5.0682834942312214,5.3188596166706335,5.5810989876407895,5.8547189482793129,6.1394664730734094,6.4351168660222466,6.7414725319412385,7.058361819255123,7.3856379308162312,7.7231778994636739]
[null,"Tax loss carried forward (excluding revenue adjustments)",null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Nominal Cash Flow to Equity Holders (excluding revenue adjustments)"]
[null," -  Pre-tax","Te  =",0.20067238300253942,6.5061164394419002E-2,-400,7.4830283391750925,8.6944641135040932,9.9136388350978457,11.141120709768273,12.377493168014432,13.623354676065482,14.879318584289365,16.146013011442413,17.424080763324632,602.67757525741263]
[null," -  Post-tax ",null,null,5.2005185494470973E-2,-400,2.4147448449438729,3.3756044968334571,4.3325398474570553,5.2864017614889631,6.2380266949410235,7.1882378100432343,8.1378460523481237,9.0876511921872876,10.038442832508398,594.95439735794901]
[null," -  Post-tax + Value of Imputation Credits",null,null,5.8509844283719525E-2,-400,4.9387500250710197,6.0243965859354329,7.111927143302168,8.2020517977320591,9.2954809985315805,10.392926009322313,11.495099373254861,12.60271537817634,13.716490522054881,598.80053995188189]
[null,"Real Cash Flow to Equity (excluding revenue adjustments)"]
[null," -  Pre-tax",null,null,3.9084062820394783E-2,-400,7.300515452853749,8.2755161104143671,9.2057991823430037,10.093305490806472,10.939900406407062,11.747376041039651,12.517453446693281,13.251784811444926,13.951955644945421,470.81075854702749]
[null," -  Post-tax ",null,null,2.6346522433629005E-2,-400,2.3558486292135346,3.2129489559390434,4.0231939501349601,4.7892190844914868,5.5135066405462494,6.1983949353790821,6.84608697230132,7.4586585527332234,8.038065883984908,464.77742431572307]
[null," -  Post-tax + Value of Imputation Credits",null,null,3.2692531010480419E-2,-400,4.8182927073863615,5.7341073988677538,6.6041313557745651,7.430654114836349,8.2158507359449331,8.9617875259980444,9.6704274765485163,10.343635429571652,10.983182984943243,467.78202476291267]
[null,"Net Cash Flow to Debt (excluding revenue adjustments)"]
[null,"Cash flow to debt before Tax calculation",null,null,4.8817145092049374E-2,-600,-3.9918749623930125,-2.952250745382667,-1.9165457265870351,-0.88407275361697657,0.1458518950040073,1.1739089650696499,2.2007766791037824,3.227131186253466,4.2536470099654125,968.53179921380331]
[null,"Deduction Utilised to Reduce Tax",null,null,null,null,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,34.141926431638645,35.625487217634245,37.129599191868117,38.655210252120774,40.20328059801777]
[null,"Unutilised Deductions Carried Forward",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow to Debt","Td  =",0.27195330599318146,3.5541161095117735E-2,-600,-12.091874962393014,-11.470641057374973,-10.85811898768166,-10.253890178769787,-9.6575422964545083,-9.0686689644219456,-8.4868694861864924,-7.9117485713069691,-7.3429160656708206,956.47081503439802]
[null,"Nominal Cash Flows to Assets"]
[null,"Cash flow to Asset",null,null,5.5159212698099536E-2,-1000,3.4911533767820799,5.7422133681214262,7.9970931085108106,10.257047956151325,12.523345063018439,14.797263641135132,17.080095263393147,19.373144197695879,21.677727773290016,1571.2093744712161]
[null,"Cash flow to Asset Post-tax",null,null,5.0060903043617433E-2,-1000,-1.5771301174491414,0.42335375145079279,2.4159941208700211,4.4023290078720123,6.3838785899450299,8.3621467751128851,10.33862273145191,12.314782378440757,14.292089842473786,1563.4861965717523]
[null,"Cash flow to Asset Real",null,null,2.9423622153065043E-2,-1000,3.4060032944215415,5.4655213497883892,7.4260959496335213,9.2923792096173017,11.068812229162326,12.759634062542149,14.368890357005633,15.900441666126444,17.357971446778059,1227.4262521133937]
[null,"Cash flow to Asset Real Post-tax",null,null,2.4449661505963949E-2,-1000,-1.5386635292186748,0.4029541953130687,2.2434907174254781,3.9882928033023153,5.6424184633015138,7.2106529568815816,8.6975238826136732,10.107315407414745,11.444081685817547,1221.3929178820893]
[null,"Check on Vanilla WACC Cash Flow (nom)",null,null,5.2600000000001312E-2,-1000,0.94687506267800581,3.0721458405527691,5.1953814167151346,7.3179790441151091,9.4413328935355878,11.566834974391965,13.695876052358647,15.829846564429809,17.970137532020271,1567.3323391656852]
[null,"Check on Vanilla WACC Cash Flow (real)",null,null,2.6926829268292707E-2,-1000,0.92378054895415207,2.924112638241779,4.8244281230650836,6.6297278336471779,8.3447625587001983,9.9740455475005447,11.521864386860869,12.992292284253173,14.389198786775884,1224.3975183292789]
[]
[null,"Return on Equity - Individual Years"]
[]
[null,"Return on Equity"]
[null,"Cash flow with Imputation",null,null,null,null,4.9387500250710197,6.0243965859354329,7.111927143302168,8.2020517977320591,9.2954809985315805,10.392926009322313,11.495099373254861,12.60271537817634,13.716490522054881,598.80053995188189]
[null,"Add back Capex",null,null,null,null,77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,88.140235363930529,90.343741248028778,92.602334779229494,94.917393148710218,97.290327977427964]
[null,"Less Nominal Depreciation of RAB",null,null,null,null,-26.249999999999993,-27.605894529604704,-28.977320753547403,-30.365149062995211,-31.770258953800742,-33.193539586315339,-34.635890350477737,-36.098221436538452,-37.581454411784087,-39.086522803628377]
[null,"Add Debt Repayment",null,null,null,null,-30.991874962393013,-31.346885118690352,-31.721789930235786,-32.116797504126339,-32.532128743191038,-32.968017466568995,-33.424710538530462,-33.902468005614651,-34.401563242155362,0]
[null,"Gives Nominal Return to Equity",null,null,null,null,25.6,26.922319998395416,28.259787096792891,29.613250133816251,30.983566827325696,32.371604320368505,33.778239732275438,35.204360715252733,36.65086601682566,657.00434512568154]
[null,"Less Inflation in Equity Component",null,null,null,null,-10,-10.516531249373294,-11.038979334684701,-11.567675833521935,-12.102955791924069,-12.645157937643944,-13.19462489542002,-13.751703404395631,-14.316744537822434,-14.890103925191671]
[null,"Gives Real Return to Equity",null,null,null,null,15.600000000000001,16.405788749022122,17.220807762108191,18.045574300294316,18.880611035401628,19.726446382724561,20.583614836855418,21.452657310857102,22.334121479003226,642.11424120048991]
[null,"%ROE (1 year)",null,null,null,null,6.4000000000000001E-2,6.3999999999999946E-2,6.4000000000000001E-2,6.3999999999999918E-2,6.4000000000000043E-2,6.4000000000000029E-2,6.4000000000000001E-2,6.3999999999999987E-2,6.4000000000000057E-2,1.1030889180265073]
[null,"%real ROE (1 year)",null,null,null,null,3.8048780487804891E-2,3.8048780487804648E-2,3.8048780487804933E-2,3.8048780487804912E-2,3.8048780487804974E-2,3.8048780487804905E-2,3.8048780487805009E-2,3.8048780487804815E-2,3.8048780487805071E-2,1.0517940663673246]
[]
[null,"Equity at Start of Period",null,null,null,null,400,420.66124997492875,441.55917338738891,462.70703334087949,484.11823167696366,505.8063175057577,527.78499581680376,550.06813617582407,572.66978151290039,595.60415700767078]
[]
[null,"Return on Equity - Regulatory Control Period"]
[]
[null,"Revenue",null,null,null,0,153.14427831410407,159.13666642887645,165.22640749578471,171.41709520310707,177.71239349114805,0,0,0,0,0]
[null,"Less Opex",null,null,null,0,-71.75,-73.543749999999989,-75.38234374999999,-77.26690234374999,-79.198574902343722,0,0,0,0,0]
[null,"Less Interest",null,null,null,0,-27,-28.394634373307685,-29.805244203648751,-31.232724750509362,-32.677980638195045,0,0,0,0,0]
[null,"Less Tax",null,null,null,0,-5.0682834942312214,-5.3188596166706335,-5.5810989876407895,-5.8547189482793129,-6.1394664730734094,0,0,0,0,0]
[null,"Plus Imputation Credits",null,null,null,0,2.5240051801271473,2.6487920891019763,2.7793872958451131,2.9156500362430964,3.057454303590557,0,0,0,0,0]
[null,"Less Capex",null,null,null,-1000,-77.903124937321991,-79.850703060755038,-81.846970637273913,-83.893144903205751,-85.990473525785887,0,0,0,0,0]
[null,"Less Loan Repayments",null,null,null,600,30.991874962393013,31.346885118690352,31.721789930235786,32.116797504126339,32.532128743191038,0,0,0,0,0]
[null,"RAB Residual Value",null,null,null,null,0,0,0,0,505.8063175057577,0,0,0,0,0]
[null,"Post-tax Return on Equity",null,null,null,-400,4.9387500250710161,6.0243965859354347,7.111927143302168,8.2020517977320822,515.10179850428926,0,0,0,0,0]
[]
[null,"IRR (during regulatory control period)",null,null,6.4000000000000057E-2]
[null,"Target (during regulatory control period)",null,null,6.4000000000000001E-2]
[]
[]
[null,null,null,"Building Block Components ($m, Nominal)"]
[null,"Return on Capital",null,null,null,null,52.6,55.316954371703126,58.065031300441646,60.845974884325649,63.661547465520719,66.513530752007142,69.403726949909682,72.333959907120857,75.306076268946398,78.321946646508707]
[null,"Opex",null,null,null,null,71.75,73.543749999999989,75.38234374999999,77.26690234374999,79.198574902343722,81.178539274902306,83.20800275677486,85.288202825694228,87.42040789633657,89.605918093744961]
[null,"Revenue Adjustments ",null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,"Return of Capital",null,null,null,null,26.249999999999993,27.605894529604704,28.977320753547403,30.365149062995211,31.770258953800742,33.193539586315339,34.635890350477737,36.098221436538452,37.581454411784087,39.086522803628377]
[null,"Net Tax Costs",null,null,null,null,2.5442783141040723,2.6700675275686585,2.8017116917956764,2.9390689120362139,3.0820121694828515,3.2304286667431685,3.3842192110345035,3.5432976332660697,3.7075902412697466,3.8770353055307614]
[null,"Building Block Total",null,null,null,null,153.14427831410407,159.13666642887648,165.22640749578471,171.41709520310707,177.71239349114805,184.11603827996797,190.63183926819679,197.26368180261957,204.01552881833678,210.89142284941281]
[]
[null,null,null,null,null,"Revenue Forecasts in Absence of Corporate Tax",150.6,156.46659890130783,162.42469580398904,168.47802629107085,174.6303813216652,180.8856096132248,187.24762005716229,193.72038416935351,200.30793857706703,207.01438754388204]
[]
[null,"Revenue",null,null,null,null,153.14427831410407,159.13666642887648,165.22640749578471,171.41709520310707,177.71239349114805]
[null,"Opex",null,null,null,null,71.75,73.543749999999989,75.38234374999999,77.26690234374999,79.198574902343722]
[null,"FFO + interest",null,null,null,null,81.394278314104071,85.592916428876492,89.844063745784723,94.150192859357077,98.513818588804327]
[null,"Depreciation",null,null,null,null,26.249999999999993,27.605894529604704,28.977320753547403,30.365149062995211,31.770258953800742]
[null,"Adjusted FFO",null,null,null,null,55.144278314104078,57.987021899271788,60.86674299223732,63.785043796361862,66.743559635003578]
[null,"Interest",null,null,null,null,27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045]
[null,"Profit before tax",null,null,null,null,28.144278314104078,29.592387525964103,31.061498788588569,32.552319045852499,34.065578996808533]
[null,"Tax payable",null,null,null,null,5.0682834942312214,5.3188596166706335,5.5810989876407895,5.8547189482793129,6.1394664730734094]
[null,"Profit after tax",null,null,null,null,23.075994819872857,24.27352790929347,25.480399800947779,26.697600097573186,27.926112523735124]
[null,"Dividends",null,null,null,null,9.8155757004944633,10.300858124285453,10.808728372730993,11.338639029834251,11.890100069518834]
[null,"Retained earnings",null,null,null,null,13.260419119378394,13.972669785008017,14.671671428216786,15.358961067738935,16.036012454216291]
[null,"RCF",null,null,null,null,39.510419119378383,41.57856431461272,43.648992181764186,45.724110130734147,47.806271408017032]
[null,"FFO",null,null,null,null,54.394278314104071,57.198282055568811,60.038819542135968,62.917468108847714,65.835837950609289]
[null,"FFO + interest/interest",null,null,null,null,3.0146029005223731,3.0144045985440804,3.014370999006478,3.0144725960171508,3.0146850161744174]
[null,"RCF/net debt",null,null,null,null,6.5850698532297303E-2,6.5893977346524149E-2,6.5901310345208672E-2,6.5879137101206006E-2,6.5832777036604284E-2]
[null,"FFO/net debt",null,null,null,null,9.0657130523506782E-2,9.0648206934483611E-2,9.0646694955291499E-2,9.0651266820771792E-2,9.0660825727848782E-2]

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[]
[]
[]
[null,null,null,null,null,"Year","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25","2025-26","2026-27","Total"]
[null,null,null,null,null,"RAB and Capex ($m Nominal)"]
[]
[null,null,null,null,null,"Opening RAB",1025,1077.944453060755,1131.495381805184,1185.6867729360035,1240.5529686722193,0,0,0,0,0,5660.6795764741619]
[null,null,null,null,null,"Capex",77.903124937321991,79.850703060755038,81.846970637273913,83.893144903205751,85.990473525785887,0,0,0,0,0,409.48441706434255]
[null,null,null,null,null,"Capex Rate",7.6003048719338523E-2,7.4076825418994477E-2,7.233522288592599E-2,7.0754896502277009E-2,6.9316245011144237E-2,0,0,0,0,0,7.2338384734964276E-2]
[]
[null,null,null,null,null,"Dividend Assessment ($m Nominal)"]
[]
[null,null,null,null,null,"Tax Payable",5.0682834942312214,5.3188596166706299,5.5810989876407886,5.8547189482793041,6.1394664730734094,0,0,0,0,0,27.962427519895353]
[null,null,null,null,null,"Dividends",9.8155757004944633,10.300858124285453,10.808728372730993,11.338639029834251,11.890100069518834,0,0,0,0,0,54.153901296863992]
[null,null,null,null,null,"Dividend Reinvestment",3.9262302801977853,4.120343249714181,4.3234913490923974,4.5354556119337008,4.7560400278075337,0,0,0,0,0,21.661560518745599]
[]
[null,null,null,null,null,"Benchmark Cash Flows ($m Nominal)"]
[]
[]
[null,null,null,null,null,"Revenue (unsmoothed)",153.14427831410407,159.13666642887648,165.22640749578471,171.41709520310707,177.71239349114805,0,0,0,0,0,826.63684093302038]
[null,null,null,null,null,"Opex",71.75,73.543749999999989,75.38234374999999,77.26690234374999,79.198574902343722,0,0,0,0,0,377.14157099609372]
[null,null,null,null,null,"Interest Payment",27,28.394634373307685,29.805244203648751,31.232724750509362,32.677980638195045,0,0,0,0,0,149.11058396566085]
[null,null,null,null,null,"Revenue Adjustments",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,"Tax Payable",5.0682834942312196,5.3188596166706335,5.5810989876407886,5.8547189482793103,6.1394664730734085,0,0,0,0,0,27.96242751989536]
[null,null,null,null,null,"Internal Cash Flow",49.325994819872854,51.879422438898175,54.457720554495182,57.062749160568401,59.696371477535877,0,0,0,0,0,272.42225845137051]
[null,null,null,null,null,"Dividends",9.8155757004944633,10.300858124285453,10.808728372730993,11.338639029834251,11.890100069518834,0,0,0,0,0,54.153901296863992]
[null,null,null,null,null,"Retained Cash Flow (excl. dividend reinvestment)",39.51041911937839,41.57856431461272,43.648992181764186,45.724110130734147,47.806271408017039,0,0,0,0,0,218.26835715450648]
[]
[null,null,null,null,null,"Benchmark Capex Funding ($m Nominal)"]
[]
[null,null,null,null,null,"Capex Funding Requirement",75.931712742437185,77.830005560998117,79.775755700023069,81.770149592523637,83.814403332336724,0,0,0,0,0,399.12202692831875]
[null,null,null,null,null,"Debt Component",30.991874962393013,31.346885118690352,31.721789930235786,32.116797504126339,32.532128743191038,0,0,0,0,0,158.70947625863653]
[null,null,null,null,null,"Equity Component",44.939837780044172,46.483120442307765,48.053965769787283,49.653352088397298,51.282274589145686,0,0,0,0,0,240.41255066968222]
[null,null,null,null,null,"Retained Cash Flow (excl. dividend reinvestment)",39.51041911937839,41.57856431461272,43.648992181764186,45.724110130734147,47.806271408017039,0,0,0,0,0,218.26835715450648]
[null,null,null,null,null,"Equity Requirement (SEO)",5.4294186606657817,4.9045561276950451,4.4049735880230969,3.9292419576631517,3.4760031811286467,0,0,0,0,0,22.144193515175722]
[]
[null,null,null,null,null,"Benchmark Capex Funding ($m Real 2016-17)"]
[]
[null,null,null,null,null,"Equity Component",43.843744175652851,44.243303216949691,44.622884306182243,44.983486340952794,45.326058273985005,0,0,0,0,0,223.01947631372258]
[null,null,null,null,null,"Retained Cash Flow (excl. dividend reinvestment)",38.546750360369167,39.575076087674219,40.532428427226947,41.423787055833614,42.253777958600132,0,0,0,0,0,202.33181988970406]
[null,null,null,null,null,"Equity Requirement",5.2969938152836846,4.668227129275472,4.0904558789552965,3.55969928511918,3.072280315384873,0,0,0,0,0,20.687656424018506]
[]
[null,null,null,null,null,"Dividend Reinvestment",3.83046856604662,3.9218020223335457,4.01479151988383,4.1088989360920039,4.2036463706201763,0,0,0,0,0,20.079607414976177]
[]
[null,null,null,null,null,"Equity Raising Costs ($m Real 2016-17)"]
[]
[null,null,null,null,null,"Dividend Reinvestment Plan Requirement",null,null,null,null,null,null,null,null,null,null,20.079607414976177]
[null,null,null,null,null,"External Equity (SEO) Requirement",null,null,null,null,null,null,null,null,null,null,0.60804900904232895]
[null,null,null,null,null,"Total Equity Requirement",null,null,null,null,null,null,null,null,null,null,20.687656424018506]
[]
[null,null,null,null,null,"Dividend Reinvestment Plan Costs",null,null,null,null,null,null,null,null,null,null,0.20079607414976178]
[null,null,null,null,null,"External Equity Raising (SEO) Costs",null,null,null,null,null,null,null,null,null,null,1.8241470271269867E-2]
[null,null,null,null,null,"Total Equity Raising Costs",null,null,null,null,null,null,null,null,null,null,0.21903754442103165]

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["year","2017/18","2018/19","2015-16","2016-17","2017-18","2018-19","2019-20",2016,2017,2018,2019,2020,2016,2017,2018,2019,2020,2016,2017,2018,2019,2020,2016,2017,2018,2019,2020,2016,2017,2018,2019,2020,"2014-15","2015-16","2016-17","2017-18","2018-19","2014-15","2015-16","2016-17","2017-18","2018-19","2014-15","2015-16","2016-17","2017-18","2018-19","2015-16","2016-17","2017-18","2018-19","2019-20","2015-16","2016-17","2017-18","2018-19","2019-20","2014-15","2015-16","2016-17","2017-18","2018-19"]
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["depreciation",77.741385662129986,99.120835978572899,211.34391444924452,290.38929460410338,300.99399974714544,314.62048625045105,332.03644629244792,183.8,173.2,184.1,190.2,203,102.96248694222631,105.01445385834378,112.61419399107751,119.37257211134919,127.00229309208655,83.082978156492103,74.546575379320004,82.206500891218866,89.129119028175325,96.938324469480989,187.22458914988795,181.92378047771291,196.8986285911935,212.44773184443682,221.99059011660538,138.16123154882342,123.45275887903976,136.2630487164447,145.07893488874015,151.07174268132101,438.3,468.9,501.6,481.7,494,264.60000000000002,293,318.7,320.2,337.9,202.1,220.4,237.8,247.2,258.5,439.12119688000746,395.31629710820556,405.42582336838854,424.50456314463014,441.94922758649346,351.24182446384941,376.56400187931922,402.03731870153064,420.38390379794481,446.18109267414735,44.1,48.8,49.9,51.9,52.3]
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[]
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[]
["Averages","TasNetworks","SAPN","Ausnet","Citipower","Jemena","Powercor","UE","ausgrid","endeavour","essential","ergon","energex","EvoEnergy","average","max average","min average"]
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[]
["year 1","TasNetworks","SAPN","Ausnet","Citipower","Jemena","Powercor","UE","ausgrid","endeavour","essential","ergon","energex","EvoEnergy","average"]
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["depreciation/RAB",4.8132486834264986E-2,5.5934764569459165E-2,5.3397635164579765E-2,5.8405177231962278E-2,7.0006027855675987E-2,5.6614632340455988E-2,6.6327570263389604E-2,3.57746271945934E-2,3.621020192428287E-2,3.905996280003543E-2,4.447706755254642E-2,3.1438012501456447E-2,6.359048305695747E-2,5.0720665329973838E-2]
["tax depreciation/TAB",4.6819210961125457E-2,6.355757372420591E-2,4.3263489085230117E-2,4.357910219113191E-2,5.518730230432492E-2,4.5778585333585177E-2,4.4718875338984859E-2,3.9489210566284627E-2,3.3911375114955289E-2,4.2139141499195391E-2,5.0798194895378561E-2,3.286251824769628E-2,5.1593821886296416E-2,4.5669107780645771E-2]
["capex/RAB",7.1896554908909366E-2,0.10655161961546752,9.7789140350367523E-2,9.7553433822229571E-2,0.12283695518955787,0.10944854153693527,0.10736238079937287,4.8809552959997386E-2,7.7456235014695632E-2,7.6245165480794783E-2,6.9683857676792402E-2,5.1741340366151897E-2,9.3006488824801725E-2,8.6952405118928752E-2]
["opex/RAB",4.2269435715819793E-2,6.6042211749100979E-2,6.6911010783232291E-2,4.7874550771603956E-2,7.7965551949883125E-2,7.0301424405570259E-2,6.8894704170759255E-2,3.0109290955540862E-2,4.3771164424058914E-2,4.8336509613606679E-2,3.5215516735135823E-2,3.1425740002280753E-2,5.7245854361932233E-2,5.2797151202963452E-2]