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[]
[]
["INTRODUCTION"]
[]
[null,null,"In this document we have summarised the relevant changes made from the published PR19 Financial Model on 13th December 2017 to 28 February 2018. This is to help users of the financial model understand the scope of changes made in the model. "]
[]
[null,null,"We have divided this report on the basis of types of changes made. The information under these types is further segregated into different sections as mentioned below:"]
[null,null,"a)","Sheet name","The sheet in which the change is made."]
[null,null,"b)","Description","A brief description of the change made to provide you an idea."]
[null,null,"c)","Source address of the Published version","This is the source address of the previously published version for reference and convenience."]
[null,null,"d)","Model link 1","This is the link to the current model where the change is made."]
[null,null,"e)","Model link 2","This is the link to the current model where the change is made."]
[]
[]
["LOGIC UPDATES"]
[]
[null,null,"* This section includes the changes in the ingredients for the calculation block, change in the logic of the calculation, removal and any addition of any logics."]
[null,null,"Sheet name","Description","Source address of the Published version (DEC)","Model link 1","Model link 2"]
[]
[null,null,"InpOverride","Residential retail: Post-financeability adjustments inputs were added in the model",null,{"$f":"[1]InpOverride!$B$1270","v":"Residential retail: Post-financeability adjustments"}]
[null,null,"Sensi","Retail sensitivity for ODI, Costs, costs including uncertainty mechanism and C-Mex were removed from the model.","Sensi!$B$488"]
[null,null,"InpActive","Water resources control in use' switch added in the model derived from the company type switch. Similarly done for all the price controls.","InpActive!$F$69",{"$f":"[1]InpActive!$E$69","v":"Company type switch"}]
[null,null,"InpActive","Added Third party revenue manual adjustment check to see if there is any adjustment made. This check has been added for all the price controls in the model.","InpActive!$E$167",{"$f":"[1]InpActive!$E$167","v":"Third party revenue manual adjustment - WR - Check"}]
[null,null,"InpActive","Apportionment override inputs for Called up share capital and preference share capital are added as inputs the Inp Override sheet. This same change is done for Bio resources and dummy control. Earlier they were being calculated.",null,{"$f":"[1]InpActive!$E$706","v":"Wastewater apportionment override - WWN"}]
[null,null,"InpActive","Margin type check is added in the input sheet to check the margin active in the model.",null,{"$f":"[1]InpActive!$E$1366","v":"Margin type check "}]
[null,null,"InpActive","New inputs were added in the model for the b/f balances and there calculations done earlier in the model were removed.",null,{"$f":"[1]InpActive!$E$1490","v":"Residential fixed assets b/f - nominal"}]
[null,null,"InpActive","Inp override has been added for 'Residential retail'","InpActive!$F$1273",{"$f":"[1]InpActive!$E$1269","v":"Residential retail revenue adjustment - active - real"},{"$f":"[1]F_Inputs!H$449","v":"Residential retail revenue adjustment - real"}]
[null,null,"Tax Reconciliation","Sign switched line item has been directly used in the calculation for 'Items not allowable as tax deductions - nominal'","Tax Reconciliation'!$E$37",{"$f":"'[1]Tax Reconciliation'!$E$37","v":"Interest on cash bf and cash movement from change in net debt - Wholesale - nominal"}]
[null,null,"Index","Additional ingredient 'CPI(H): Fin year average - inflate from base year 2017-18 average' has been used in the calculation of 'CPI(H) + RPI wedge cumulative percentage increase'","Index!$J$104",{"$f":"[1]Index!$E$104","v":"CPI(H) + RPI wedge cumulative percentage increase"}]
[null,null,"Wholesale Global","Trade debtors initial balance calculation is removed as the input for the same is added to the model.","Wholesale Global'!$E$133",{"$f":"[1]InpActive!$E$1505","v":"Wholesale trade debtors initial balance - nominal"}]
[null,null,"Water Resources","Third party revenues - WR - nominal' is deducted from the calculation of 'Revenue requirement excl. tax charge - WR - nominal'. Similar change is done for all the price controls.","Water Resources'!$E$132",{"$f":"'[1]Water Resources'!$E$133","v":"Revenue requirement excl. tax charge - WR - nominal"}]
[null,null,"Water Resources","Average of RCV - CPI(H) + RPI wedge bf - WR - nominal' is restricted by forecast period flag. Similar change is done in all the price controls.","Water Resources'!$E$983",{"$f":"'[1]Water Resources'!$E$982","v":"Average of RCV - CPI(H) + RPI wedge bf - WR - nominal"}]
[null,null,"Water Resources","RCV additions depreciation - WDV logic is updated for all the price controls.","Water Resources'!$E$1022",{"$f":"'[1]Water Resources'!$E$1029","v":"RCV additions depreciation - WDV - WR - nominal"}]
[null,null,"Water Resources","The calculation for 'Average of RCV post 2020 additions - WR - nominal' has been changed in all price controls.","Water Resources'!$E$1119",{"$f":"'[1]Water Resources'!$E$1112","v":"RCV additions balance BEG - WR - nominal"},{"$f":"'[1]Water Resources'!$E$1113","v":"RCV additions balance - WR - nominal"}]
[null,null,"Water Resources","Grants and contributions taxable on receipt; and its amortisation' is not applied with 'Absolute' value for addition to the Taxable profits. Similar change is applied in all the price controls.","Water Resources'!$E$1661",{"$f":"'[1]Water Resources'!$E$1652","v":"Grants and contributions taxable on receipt; and its amortisation - WR - nominal"}]
[null,null,"Water Resources","Throughout the individual price control sheets 'Company type' switch is replaced with the individual price control switch. This change is replicated for all the price controls.","Water Resources'!$E$1818",{"$f":"'[1]Water Resources'!$E$1808","v":"Water resources control in use"},{"$f":"'[1]Water Resources'!$E$1918","v":"Water resources control in use"}]
[null,null,"Water Resources","Calculation for 'Total non-price control income (third party services) - WR - nominal' has been restricted till forecast period. Same change has been done for 'Water network', 'Wastewater network', 'Bio Resources' and 'Dummy control'",null,{"$f":"'[1]Water Resources'!$E$48","v":"Forecast period flag"}]
[null,null,"Water Resources","Calculation for 'Operating expenditure' has been restricted till forecast period. Same change has been done for 'Water network', 'Wastewater network', 'Bio Resources' and 'Dummy control'",null,{"$f":"'[1]Water Resources'!$E$412","v":"Forecast period flag"}]
[null,null,"Water Resources","Calculation for 'Average of RCV bf' has been removed in this version. Same change has been done for 'Water network', 'Wastewater network', 'Bio Resources' and 'Dummy control'","Water Resources'!$E$1114"]
[null,null,"Wastewater Network","For calculating 'Floating rate debt flow (mid-year) - WWN - nominal' sign switched line of 'Floating rate debt repayment - WWN - nominal' has been used. Similar change is made in Bio Resources and Dummy control.","Wastewater Network'!$E$1415",{"$f":"'[1]Wastewater Network'!$E$1408","v":"Floating rate debt repayment - WWN - nominal"}]
[null,null,"Analysis_Water Resources","For calculating 'EBITDA - WR - nominal' positive value line of 'Wholesale fixed assets depreciation - WR - nominal POS' has been used. This is present in all price controls analysis sheets.","Analysis_Water Resources'!$E$83",{"$f":"'[1]Analysis_Water Resources'!$E$83","v":"Wholesale fixed assets depreciation - WR - nominal POS"}]
[null,null,"Analysis_Water Resources","Forecast period flag was added to the calculation to restrict it to forecast period. Similar change is done in the analysis sheet for all the price controls in the model.","Analysis_Water Resources'!$E$176",{"$f":"'[1]Analysis_Water Resources'!$E$177","v":"Regulatory equity / regulated earnings for the regulated company - WR"}]
[null,null,"Analysis_Water Resources","Updated the whole calculation replacing 'Cost of Debt (analysis)' with 'Cost of debt - active' to calculate 'Return on regulatory equity (RoRE) (building blocks)' in a new block. This is present in all price controls analysis sheets.","Analysis_Water Resources'!$E$222",{"$f":"'[1]Analysis_Water Resources'!$E$222","v":"Return on regulatory equity (RoRE) (building blocks) - WR"}]
[null,null,"Wholesale","The calculation for 'Recommended dividend (RCV less net debt x dividend yield) - nominal' is restricted to last pre forecast period.","Wholesale!$E$36",{"$f":"[1]Wholesale!$E$37","v":"Recommended dividend (RCV less net debt x dividend yield) - nominal"}]
[null,null,"Wholesale","Linked from a sign switched of the BEG balance of corkscrew","Wholesale!$J$112",{"$f":"[1]Wholesale!$E$111","v":"Dividend cashflow balance BEG - nominal POS"}]
[null,null,"Wholesale","Dividends over 100% - check is added to dividends calculations.",null,{"$f":"[1]Wholesale!$E$119","v":"Dividends over 100% - check"}]
[null,null,"Wholesale","Inputs are directly linked to the calculation.","Wholesale!$J$420",{"$f":"[1]Wholesale!$E$419","v":"Grants and contributions taxable on receipt; and its amortisation - WR - nominal"}]
[null,null,"Wholesale","Water resources control in use' switch is used instead of 'Company type' switch. Similarly for all the other price controls same change is done.","Wholesale!$J$454",{"$f":"[1]Wholesale!$E$453","v":"Water resources control in use"}]
[null,null,"Wholesale","Interest on change in net debt - DMMY - nominal POS' is linked in place of 'Interest on cash bf and cash movement from change in net debt - DMMY - nominal'.","Wholesale!$F$492",{"$f":"[1]Wholesale!$E$491","v":"Interest on change in net debt - DMMY - nominal POS"}]
[null,null,"Analysis_Wholesale","Linked from 'Equity dividends paid - WR - nominal POS' instead of 'Ordinary dividend declared - WR - nominal POS'","Analysis_Wholesale!$E$129",{"$f":"[1]Analysis_Wholesale!$E$129","v":"Equity dividends paid - WR - nominal POS"}]
[null,null,"Analysis_Wholesale","Forecast period flag is used to restrict 'Regulatory equity / regulated earnings for the regulated company - Wholesale' calculation.","Analysis_Wholesale!$E$351",{"$f":"[1]Analysis_Wholesale!$E$352","v":"Regulatory equity / regulated earnings for the regulated company - Wholesale"}]
[null,null,"Analysis_Wholesale","Line item 'Average net debt - nominal NEG' is used to calculate 'Interest on debt - nominal' instead of 'Average of RCV - nominal'","Analysis_Wholesale!$E$397",{"$f":"[1]Analysis_Wholesale!$E$397","v":"Average net debt - WR - nominal NEG"}]
[null,null,"Retail_Residential","Third party revenues (other income) - Wholesale - nominal' is removed from the calculation of 'Apportioned wholesale charge for Residential retail - nominal'. Similarly for Retail Business. The corresponding calculation block from Wholesale Global has also been removed.","Retail_Residential!$E$52",{"$f":"[1]Retail_Residential!$E$54","v":"Apportioned wholesale charge for Residential retail - nominal"}]
[null,null,"Retail_Residential","Wholesale creditors b/f' is added as an input in the calculation and as a result the calculation for the same is removed. Similarly for Retail Business.","Retail_Residential!$B$316",{"$f":"[1]Retail_Residential!$E$316","v":"Wholesale creditors - Residential b/f - nominal"}]
[null,null,"Retail_Residential","Residential advance receipts unmeasured b/f - nominal' is added as an input in the calculation and as a result the calculation for the same is removed. Similarly for Retail Business.","Retail_Residential!$B$421",{"$f":"[1]Retail_Residential!$E$404","v":"Residential advance receipts unmeasured b/f - nominal"}]
[null,null,"Retail_Residential","Residential advance receipts measured b/f - nominal' is added as an input in the calculation and as a result the calculation for the same is removed. Similarly for Retail Business.","Retail_Residential!$B$434",{"$f":"[1]Retail_Residential!$E$412","v":"Residential advance receipts measured b/f - nominal"}]
[null,null,"Retail_Residential","New block for calculating 'Opening residential fixed assets - nominal' is added that is used in place of 'Implied total fixed assets at cost from straight line allowed depreciation - Residential b/f - nominal' for calculating capital expenditure. Similarly for Retail Business.","Retail_Residential!$E$470",{"$f":"[1]Retail_Residential!$E$445","v":"Opening residential fixed assets - nominal"},{"$f":"[1]Retail_Residential!$E$451","v":"Capital expenditure - Residential - nominal POS"}]
[null,null,"Retail_Residential","Calculation block for 'Accumulated profit reserve b/f - nominal' removed as line item direct taken from InpActive. Similarly for Retail Business.","Retail_Residential!$E$691",{"$f":"[1]Retail_Residential!$E$659","v":"Accumulated profit reserve b/f  - Residential- nominal"}]
[null,null,"Retail_Business","Calculation block for 'Business fixed assets b/f - nominal' removed as line item direct taken from InpActive","Retail_Business!$E$900",{"$f":"[1]Retail_Business!$E$873","v":"Business fixed assets b/f - nominal"}]
[null,null,"Retail_Business","Calculation block for 'Capex creditor - Business b/f - nominal' removed as line item direct taken from InpActive","Retail_Business!$E$930",{"$f":"[1]Retail_Business!$E$898","v":"Business capex creditor b/f - nominal"}]
[null,null,"Appointee","New calculation is added for 'Dummy: Other income (incl. 3rd party income) - Manual adjustment - nominal' in the model and is used in the Other Income (incl. 3rd party income) - Appointee - nominal. Same change is done for Water and Wastewater price controls.",null,{"$f":"[1]Appointee!$E$38","v":"Dummy: Other income (incl. 3rd party income) - Manual adjustment - nominal"},{"$f":"[1]Appointee!$E$54","v":"Other Income (incl. 3rd party income) - Appointee - nominal"}]
[null,null,"Appointee","Positive value of 'Others liabilities balance b/f' is used for calculating the balance. Earlier negative value was used.","Appointee!$E$617",{"$f":"[1]Appointee!$E$617","v":"Others liabilities balance b/f - nominal POS"}]
[null,null,"Appointee","Calculation for 'Cash and cash equivalents b/f - Appointee - nominal' is updated by using new ingredients for the calculation.","Appointee!$E$626",{"$f":"[1]Appointee!$E$628","v":"Cash and cash equivalents b/f - Appointee - nominal"}]
[null,null,"Analysis_Appointee","Gearing over 100% - check is added in the Analysis sheet for Appointee.","Analysis_Appointee!$E$226",{"$f":"[1]Analysis_Appointee!$E$225","v":"Gearing over 100% - check"}]
[null,null,"Analysis_Appointee","Dividend cover - Appointee' is now using 'Dividend - Appointee - nominal POS' instead of the negative line earlier.","Analysis_Appointee!$E$240",{"$f":"[1]Analysis_Appointee!$E$240","v":"Dividend cover - Appointee"}]
[null,null,"Analysis_Appointee","Regulatory equity / regulated earnings for the regulated company - Appointee is restricted to forecast period.","Analysis_Appointee!$E$255",{"$f":"[1]Analysis_Appointee!$E$255","v":"Regulatory equity / regulated earnings for the regulated company - Appointee"}]
[null,null,"Analysis_Appointee","Calculation block for 'Net Debt'  in the Analysis sheet is removed.","Analysis_Appointee!$E$299"]
[null,null,"Analysis_Appointee","New calculation block has been added for 'Average of RCV -Forecast - Appointee - nominal'",null,{"$f":"[1]Analysis_Appointee!$E$314","v":"Average of RCV -Forecast - Appointee - nominal"}]
[null,null,{"$f":" MID(E70, 1, FIND(\"!\", E70, 1) - 1)","v":"Analysis_Appointee"},"Average of RCV' restricted with forecast period linked in the RoRE calculations.","Analysis_Appointee!$E$326",{"$f":"[1]Analysis_Appointee!$E$317","v":"Average of RCV -Forecast - Appointee - nominal"},{"$f":"[1]Analysis_Appointee!$E$325","v":"Average of RCV -Forecast - Appointee - nominal"}]
[null,null,"RoRE_Calc","The block for 'RoRE (actual) - weighted average - base case - Retail' has been removed in this version. It is now part of Appointee RoRE calculations.","RoRE_Calc!$B$72",{"$f":"[1]RoRE_Calc!$A$1439","v":"RoRE (ACTUAL) - RETAIL"}]
[null,null,"RoRE_Calc","Average net debt - WR - nominal - NEG' is used  instead of 'Average of RCV - WR - nominal' for calculation of 'Interest on average net debt - WR'. Same logic is followed for all the price controls.","RoRE_Calc!$E$112",{"$f":"[1]RoRE_Calc!$E$101","v":"Average net debt - WR - nominal - NEG"}]
[null,null,"RoRE_Calc","For the calculation of 'Retained earnings (revenue sensi adjusted) upside case - Appointee - nominal', summation of 'Retained earnings (total revenue impact sensi adjusted) upside case' of all the price controls is used.","RoRE_Calc!$E$1719",{"$f":"[1]RoRE_Calc!$E$1525","v":"Retained earnings (revenue sensi adjusted) upside case - Appointee - nominal"}]
[null,null,"RoRE_Calc","For the calculation of Appointee Sensitivities dummy controls cases are also included.","RoRE_Calc!$E$1737",{"$f":"[1]RoRE_Calc!$E$1542","v":"Retained earnings (revenue sensi adjusted) downside case - DMMY - nominal"}]
[null,null,"RoRE_Calc","The Retail RoRE calculation section has been removed as it is not reported.","RoRE_Calc'!$A$1396"]
[null,null,"Summary_Calc","Duplicate calculations of 'Final allowed revenue (deflated using Nov-Nov CPI(H)) on 1st forecast - WR - real' and 'Final allowed revenue (deflated using Nov-Nov CPI(H)) on last forecast - WR - real' have been removed in this version. Similar changes have been done for all the price controls.","Summary_Calc!$E$146",{"$f":"[1]Summary_Calc!$E$138","v":"Total annual change (deflated using Nov-Nov CPI(H)) - last year - WR - real"}]
[null,null,"Summary_Calc","Average wastewater network-only bill - real is calculating the new switch 'Wastewater network control in use'. Similar change is done for Bio resources and Dummy control.","Summary_Calc!$E$595",{"$f":"[1]Summary_Calc!$E$574","v":"Average wastewater network-only bill - real"}]
[null,null,"Summary_Calc","Retail allowed revenue per customer: joint services - real is calculating the new switch 'Wastewater network control in use'. Similar change is done for Bio resources and Dummy control.","Summary_Calc!$E$1121",{"$f":"[1]Summary_Calc!$E$1091","v":"Retail allowed revenue per customer: joint services - real"}]
[null,null,"Summary_Calc","Average combined bill - real' is split into two calculations i.e. 'WoC average bill - real' and 'WaSC average bill - real'. This has also been updated on the Dashboard and Exec Summary.","Summary_Calc!$E$1143",{"$f":"[1]Summary_Calc!$E$1132","v":"WaSC average bill - real"},{"$f":"[1]Summary_Calc!$E$1122","v":"WoC average bill - real"}]
[null,null,"Summary_Calc","New calculations of 'WoC average bill' and 'WaSC average bill' are added in the model. This has also been updated on the Dashboard and Exec Summary.","Summary_Calc!$B$1166",{"$f":"[1]Summary_Calc!$B$1134","v":"WaSC Average bill - Growth"},{"$f":"[1]Summary_Calc!$B$1139","v":"WoC Average bill - Growth"}]
[]
[]
[]
["FORMULA CHANGES"]
[]
[null,null,"*This section includes the changes with respect to the any type of formula amendments done in the model. "]
[null,null,"Sheet name","Description","Source address of the Published version (DEC)","Model link 1","Model link 2"]
[]
[null,null,"InpOverride","Simplified 'Floating rate debt (opening) - adjusted input - nominal' calculation by removal of ABS function.","InpOverride!$F$907",{"$f":"[1]InpOverride!$F$909","v":0}]
[null,null,"InpOverride","Simplified 'Fixed rate debt (opening) - adjusted input' calculation by removal of ABS function.","InpOverride!$F$915",{"$f":"[1]InpOverride!$F$923","v":0}]
[null,null,"Sensi","Notionalisation inputs override switch - Step 1' is directly taken as input from 'InpOverride' sheet.","Sensi!$E$869",{"$f":"[1]Sensi!$E$869","v":"Notionalisation inputs override switch - Step 1"}]
[null,null,"InpActive","New formula added to show 'Proportion of capex allowed - No capital allowance' for all price controls","InpActive!$J$294",{"$f":"[1]InpActive!$J$294","v":1}]
[null,null,"Exec Summary","The formula to calculate 'Appointee Total Revenues - real' has been changed","Exec Summary'!$J$47",{"$f":"'[1]Exec Summary'!$J$47","v":0}]
[null,null,"Price Limits_Retail","The formula calculating 'Residential retail service revenue - real' has been changed to only calculate for forecast period only","Price Limits_Retail'!$H$16",{"$f":"'[1]Price Limits_Retail'!$H$16","v":0}]
[null,null,"Price Limits_Retail","The formula calculating 'Residential retail service revenue - nominal' has been changed to only calculate for forecast period only","Price Limits_Retail'!$H$17",{"$f":"'[1]Price Limits_Retail'!$H$17","v":0}]
[null,null,"Price Limits_Retail","The formula calculating 'Average retail service revenue - tariff band 1 - nominal' has been changed to only calculate for forecast period only","Price Limits_Retail'!$H$17",{"$f":"'[1]Price Limits_Retail'!$H$61","v":0}]
[null,null,"Wholesale Global","Input for 'Days in a year' is been has been changed from a constant to series input.","Wholesale Global'!$E$11",{"$f":"'[1]Wholesale Global'!$E$11","v":"Days in a year"}]
[null,null,"Wholesale Global","Round function is used to restrict the calculation of 'Years from valuation date' to whole numbers only.","Wholesale Global'!$J$14",{"$f":"'[1]Wholesale Global'!$J$14","v":0}]
[null,null,"Water Resources","Formula amended to incorporate flag in all price controls.","Water Resources'!$E$49",{"$f":"'[1]Water Resources'!$J$49","v":0}]
[null,null,"Water Resources","Formula extended to include 'Third party revenues - nominal' in all price controls.","Water Resources'!$J$133",{"$f":"'[1]Water Resources'!$J$133","v":0}]
[null,null,"Water Resources","Formula amended to incorporate forecast period flag in calculation for 'Water Operating expenditure (amount for totex CR) (post override) - WR - nominal', 'Total gross capital expenditure - WR - nominal' and 'Grants and contributions - WR - nominal' in all price controls.","Water Resources'!$E$414",{"$f":"'[1]Water Resources'!$E$414","v":"Water Operating expenditure (amount for totex CR) (post override) - WR - nominal"}]
[null,null,"Water Resources","Unlike earlier, the 'Wholesale trade debtors initial balance - nominal' is taken as input directly in all price controls.","Water Resources'!$E$518",{"$f":"'[1]Water Resources'!$E$518","v":"Wholesale trade debtors initial balance - nominal"}]
[null,null,"Water Resources","Formula modified to calculate 'Other creditors allocation - CALC - WR - nominal' without switches in all price controls.","Water Resources'!$E$639",{"$f":"'[1]Water Resources'!$J$637","v":0}]
[null,null,"Water Resources","The calculation for 'Final ordinary dividend - WR - nominal POS' is been updated in all price controls.","Water Resources'!$E$2081",{"$f":"'[1]Water Resources'!$E$2071","v":"Final ordinary dividend - WR - nominal POS"}]
[null,null,"Water Network","The formula for calculating 'Trade debtors target balance forecast - WN - nominal' has been changed.","Water Network'!$E$504",{"$f":"'[1]Water Network'!$E$504","v":"Trade debtors target balance forecast - WN - nominal"}]
[null,null,"Wastewater Network","The formula for calculating 'Third party revenues - WWN - real POS' has been modified.","Wastewater Network'!$E$33",{"$f":"'[1]Wastewater Network'!$E$33","v":"Third party revenues - WWN - real POS"}]
[null,null,"Wastewater Network","The formula for calculating 'Trade debtors target balance forecast - WWN - nominal' has been changed.","Wastewater Network'!$E$504",{"$f":"'[1]Wastewater Network'!$E$504","v":"Trade debtors target balance forecast - WWN - nominal"}]
[null,null,"Bio Resources","The formula for calculating 'Third party revenues - BR - real POS' has been modified.","Bio Resources'!$E$33",{"$f":"'[1]Bio Resources'!$E$33","v":"Third party revenues - BR - real POS"}]
[null,null,"Bio Resources","The formula for calculating 'Trade debtors target balance forecast - BR - nominal' has been changed.","Bio Resources'!$E$504",{"$f":"'[1]Bio Resources'!$E$504","v":"Trade debtors target balance forecast - BR - nominal"}]
[null,null,"Dummy Control","The formula for calculating 'Third party revenues - DMMY - real POS' has been modified.","Dummy Control'!$E$33",{"$f":"'[1]Dummy Control'!$E$33","v":"Third party revenues - DMMY - real POS"}]
[null,null,"Dummy Control","The formula for calculating 'Trade debtors target balance forecast - DMMY - nominal' has been changed.","Dummy Control'!$E$504",{"$f":"'[1]Dummy Control'!$E$504","v":"Trade debtors target balance forecast - DMMY - nominal"}]
[null,null,"Analysis_Water Resources","Calculation switched to incorporate sign switched line item. Similar change is made in all the price controls.","Analysis_Water Resources'!$J$84",{"$f":"'[1]Analysis_Water Resources'!$J$84","v":0}]
[null,null,"Analysis_Water Resources","Formula calculating 'Cash interest cover' modified in all price controls.","Analysis_Water Resources'!$J$111",{"$f":"'[1]Analysis_Water Resources'!$J$111","v":0}]
[null,null,"Analysis_Water Resources","Formula calculating 'Excess fast money - nominal' modified in all price controls.","Analysis_Water Resources'!$J$128",{"$f":"'[1]Analysis_Water Resources'!$J$128","v":0}]
[null,null,"Analysis_Water Resources","Formula amended to incorporate flag in all price controls.","Analysis_Water Resources'!$E$177",{"$f":"'[1]Analysis_Water Resources'!$E$177","v":"Regulatory equity / regulated earnings for the regulated company - WR"}]
[null,null,{"$f":" MID(E116, 1, FIND(\"!\", E116, 1) - 1)","v":"Wholesale"},"Formula has been updated for this calculation","Wholesale!$J$55",{"$f":"[1]Wholesale!$J$55","v":0}]
[null,null,"Wholesale","Formula has been updated for this calculation","Wholesale!$J$115",{"$f":"[1]Wholesale!$J$115","v":0}]
[null,null,"Wholesale","Formula has been updated for this calculation","Wholesale!$J$439",{"$f":"[1]Wholesale!$E$438","v":"Other adjustments - Wholesale - nominal"}]
[null,null,"Wholesale","Formula has been updated for this calculation","Wholesale!$F$466",{"$f":"[1]Wholesale!$F$465","v":0}]
[null,null,"Wholesale","Formula has been updated for this calculation","Wholesale!$F$473",{"$f":"[1]Wholesale!$F$472","v":0}]
[null,null,"Analysis_Wholesale","Formula has been updated for this calculation","Analysis_Wholesale!$J$268",{"$f":"[1]Analysis_Wholesale!$J$268","v":0}]
[null,null,"Analysis_Wholesale","Formula has been updated for this calculation","Analysis_Wholesale!$J$288",{"$f":"[1]Analysis_Wholesale!$J$288","v":0}]
[null,null,"Retail_Business","Formula has been updated for this calculation","Retail_Business!$J$87",{"$f":"[1]Retail_Business!$J$87","v":0}]
[null,null,"Retail_Business","Formula has been updated for this calculation. Similar change has been done for whole calculation block.","Retail_Business!$J$357",{"$f":"[1]Retail_Business!$J$357","v":0}]
[null,null,"Analysis_Appointee","Formula has been updated for this calculation","Analysis_Appointee!$J$180",{"$f":"[1]Analysis_Appointee!$J$179","v":0}]
[]
[]
[null,null,"In addition to the above formula changes, minor changes have been made across the model to where the SUM function was used to only look up to one cell e.g. '= A2 + SUM(A3)' has been amended to '= A2 + A3'."]
[]
["GENERAL CHANGES"]
[]
[null,null,"*In this section we have listed the changes that reflect best practices."]
[null,null,"Sheet name","Description","Source address of the Published version (DEC)","Model link 1","Model link 2"]
[]
[null,null,"InpOverride","Changed the reference period to 2021 for the input.","InpOverride!$E$907",{"$f":"[1]InpOverride!$F$907","v":0},{"$f":"[1]F_Inputs!$O$130","v":0}]
[null,null,"Water Resources","Updated the chronological order of the line items in the calculations block. Made similar changes to all the price controls.","Water Resources'!$E$2041",{"$f":"'[1]Water Resources'!$E$2033","v":"Non-equity dividends paid - WR - nominal"}]
[]
[]
[]
["LABEL CHANGES"]
[]
[null,null,"*In this section we have listed on sheets where we have made several label changes to align with the calculations."]
[null,null,"Sheet name","Description","Source address of the Published version (DEC)","Model link 1","Model link 2"]
[]
[null,null,"InpOverride",{"$f":" \"Many labels have been updated in \" & C145 &  \" sheet.\"","v":"Many labels have been updated in InpOverride sheet."}]
[null,null,"Sensi","Many labels have been updated in Sensi sheet."]
[null,null,"InpActive","Many labels have been updated in InpActive sheet."]
[null,null,"FinStat_Wholesale","Many labels have been updated in FinStat_Wholesale sheet."]
[null,null,"FinStat_Retail","Many labels have been updated in FinStat_Retail sheet."]
[null,null,"FinStat_Appointee","Many labels have been updated in FinStat_Appointee sheet."]
[null,null,"Wholesale Global","Many labels have been updated in Wholesale Global sheet."]
[null,null,"Water Resources","Many labels have been updated in Water Resources sheet."]
[null,null,"Analysis_Water Resources","Many labels have been updated in Analysis_Water Resources sheet."]
[null,null,"Water Network","Many labels have been updated in Water Network sheet."]
[null,null,"Analysis_Water Network","Many labels have been updated in Analysis_Water Network sheet."]
[null,null,"Wastewater Network","Many labels have been updated in Wastewater Network sheet."]
[null,null,"Analysis_Wastewater","Many labels have been updated in Analysis_Wastewater sheet."]
[null,null,"Bio Resources","Many labels have been updated in Bio Resources sheet."]
[null,null,"Analysis_Bio Resources","Many labels have been updated in Analysis_Bio Resources sheet."]
[null,null,"Dummy Control","Many labels have been updated in Dummy Control sheet."]
[null,null,"Analysis_Dummy Control","Many labels have been updated in Analysis_Dummy Control sheet."]
[null,null,"Analysis_Wholesale","Many labels have been updated in Analysis_Wholesale sheet."]
[null,null,"FinStat_Water Resources","Many labels have been updated in FinStat_Water Resources sheet."]
[null,null,"FinStat_Water Network","Many labels have been updated in FinStat_Water Network sheet."]
[null,null,"FinStat_Wastewater Network","Many labels have been updated in FinStat_Wastewater Network sheet."]
[null,null,"FinStat_Bio Resources","Many labels have been updated in FinStat_Bio Resources sheet."]
[null,null,"FinStat_Dummy control","Many labels have been updated in FinStat_Dummy control sheet."]
[null,null,"Retail_Residential","Many labels have been updated in Retail_Residential sheet."]
[null,null,"Retail_Business","Many labels have been updated in Retail_Business sheet."]
[null,null,"FinStat_Residential","Many labels have been updated in FinStat_Residential sheet."]
[null,null,"FinStat_Business","Many labels have been updated in FinStat_Business sheet."]
[null,null,"Appointee","Many labels have been updated in Appointee sheet."]
[null,null,"Analysis_Appointee","Many labels have been updated in Analysis_Appointee sheet."]
[null,null,"RoRE_Calc","Many labels have been updated in RoRE_Calc sheet."]
[null,null,"Summary_Calc","Many labels have been updated in Summary_Calc sheet."]
[null,null,"Graph data","Many labels have been updated in Graph data sheet."]
[]
[]
["RULEBOOK CHANGES"]
[]
[null,null,"Sheet name","Description","Source address of the Published version (DEC)","Model link 1","Model link 2"]
[]
[null,null,"Rulebook","We have made updates and amendments in the 'Rulebook' sheet to reflect the changes made in the financial model.","Rulebook!$A$1",{"$f":"[1]Rulebook!$A$1","v":"Rulebook"}]
[]
[]
[]
["End of sheet"]