{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["Front page","Model formatting","ToC","InpC","InpR","Time","Sharing Payments"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":59,"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":"Front page","index":0,"n_rows":38,"n_cols":4,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
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[]
[null,"Model name:","Gearing Outperformance Sharing Mechanism Adjustment"]
[null,"Version number:",1]
[null,"Filename:",{"$f":"SUBSTITUTE(LEFT(CELL(\"filename\"),FIND(\"]\",CELL(\"filename\"))-1),\"[\",\"\")","v":"https://ofwat.sharepoint.com/sites/rms/pr-pr19/DD/Aligning Risk and Return/Sector Analysis/Benefit Sharing/Gearing Sharing Mechanism.xlsm"}]
[null,"Date:","2019-07-15"]
[]
[null,"Author:","Sunny Mehta"]
[null,"Author contact information:","Sunny.Mehta@ofwat.gov.uk"]
[]
[null,"Sponsor:","Andrew Chesworth"]
[null,"Sponsor contact information:","Andrew.Chesworth@ofwat.gov.uk "]
[]
[null,"Summary of model:","The purpose of this spreadsheet is to calculate the Gearing Outperformance Sharing Mechanism payment amount for a given company"]
[]
[null,"Amendments:","-"]
[]
[null,"Instructions:","Inputs"]
[null,null," Companies are to fill in rows 16, 17 and 18 in the \"InpR\" tab. Row 17 and 53 in the \"InpC\" tab "]
[]
[null,null," These are fields \"Gearing: D/RCV (1E L7)\", \"Indicative Weighted Average Nominal Interest Rate (1E L11)\", \"Closing RCV Nominal\", \"PR19 WACC (Nominal)\" and \"Notional Nominal Cost of Equity from Final Determination\" "]
[null,null,"\"Gearing: D/RCV (1E L7)\" and \"Indicative Weighted Average Nominal Interest Rate (1E L11)\" are extracted from the Annual Performance Report"]
[null,null,"The table and table line are references in brackets of the field"]
[null,null,"\"Nominal Closing RCV\" is taken from yearly published RCV figures - Link -  https://www.ofwat.gov.uk/publications/ (2018 Link -https://www.ofwat.gov.uk/publication/regulatory-capital-values-2018/)"]
[null,null,"\"Notional Nominal Cost of Equity from Final Determination\" is taken from the Final Determination"]
[null,null," \"PR19 WACC (Nominal)\" is taken from the Final Determination "]
[]
[null,null,"Interpreting Calculations"]
[null,null,"\"Sharing Payments\" tab contains the calculations of the sheet"]
[null,null,"The first calculation block (Row 9 to 12) calculates if the company has triggered the Gearing Outperformance Sharing Mechanism by gearing greater than the 70% trigger threshold"]
[null,null,"The second calculation block (Row 14 to 18) calculates the gearing difference between the company gearing reported in the Annual Performance Report (APR) and the Reference Point"]
[null,null,"The third calculation block (Row 20 to 23) calculates the difference between the Nominal Cost of Equity from the Ofwat Final Determination and the Indicative Weighted Average Nominal Interest Rate reported in the Annual Performance Report"]
[null,null,"The fourth calculation block (Row 25 to 29) calculates the Financing Outperformance Adjustment"]
[null,null,"The fifth calculation block (Row 31 to 35) summarises whether the Gearing Outperformance Sharing Mechanism has been triggered and if so, the Gearing Outperformance Sharing Mechanism Payment Amount (in-year values)"]
[null,null,"The sixth calculation block (Row 37 to 52) calculates the total value of sharing amount into March 2025 present values"]
[]
[null,"References:","Published July 2018","https://www.ofwat.gov.uk/wp-content/uploads/2018/04/Putting-the-sector-in-balance-position-statement-on-PR19-business-plans-FINAL2.pdf"]
[null,null,"Published April 2018","https://www.ofwat.gov.uk/wp-content/uploads/2018/04/Putting-the-sector-back-in-balance-consultation-on-proposals-for-PR19-business-plans.pdf"]

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[null,"Checks and Administrative"]
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[null,null,null,null,"[Yellow Shade and/or square brackets]",null,"Values or logic to be reviewed / discussed"]
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["WORKSHEET TAB COLOUR CODING"]
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[null,null,null,null,"Light Yellow",null,"Input Sheets"]
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["END"]

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[null,"ASSUMPTIONS",null,"CALCULATIONS"]
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[null,"Model documentation sheet",null,"Flags, part period factors (PPFs) and dates"]
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[null,{"$f":"'Model formatting'!$A$1","v":"Model formatting"},null,{"$f":" 'Sharing Payments'!A1","v":"Sharing Payments"}]
[null,"Explanation of different formatting types",null,"Calculatiuon of the Gearing Outperformance Sharing Mechanism Adjustment"]
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[null,{"$f":"$A$1","v":"ToC"}]
[null,"Table of contents"]
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[null,{"$f":"InpC!$A$1","v":"InpC"}]
[null,"Inputs - column format"]
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[null,{"$f":"InpR!$A$1","v":"InpR"}]
[null,"Inputs - row format"]
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["END"]

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[]
[]
[null,null,null,null,null,"Constant","Unit","Comment"]
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[null,null,null,null,"Total Comparison Column Differences"]
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[null,null,null,null,"Option Name"]
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[null,null,null,null,"[don't delete row]"]
[]
["Gearing Outperformance Sharing Mechanism Constants"]
[null,null,null,null,"Gearing Outperformance Sharing Mechanism Trigger Threshold",0.7,"Percentage"]
[null,null,null,null,"Reference Point",0.65,"Percentage"]
[null,null,null,null,"Sharing Rate",0.5,"Percentage"]
[null,null,null,null,"Notional Nominal Cost of Equity from Final Determination",null,"Percentage"]
[]
["TIME"]
[]
[null,null,null,null,"First date of time ruler","2019-04-01","date"]
[]
[null,null,null,null,"Last Pre Forecast Date","2020-03-31","date"]
[]
[null,null,null,null,"Acquisition date (midnight)","2020-03-31","date"]
[null,null,null,null,"Length of forecast period",5,"years"]
[null,null,null,null,"Last forecast date",{"$f":"DATE(YEAR(F25)+F26,MONTH(F25),DAY(F25))","v":"2025-03-31"},"date"]
[]
[]
[null,null,null,null,"Operation Start Date (midnight)","2020-03-31","date"]
[null,null,null,null,"Operation Finish Date (midnight)","2025-03-31","date"]
[null,null,null,null,"First Modelling Column Financial Year Number",2020,"year"]
[null,null,null,null,"Financial Year End Month Number",3,"month #"]
[null,null,null,null,"Financial Year Start Month Number",4,"month #"]
[]
[null,null,null,null,"Modelling period flags"]
[null,null,null,null,"First modelling period end year",2021,"year"]
[null,null,null,null,"Second modelling period end year",2022,"year"]
[null,null,null,null,"Third modelling period end year",2023,"year"]
[null,null,null,null,"Fourth modelling period end year",2024,"year"]
[null,null,null,null,"Fifth modelling period end year",2025,"year"]
[]
[]
["NON CHANGEABLE INPUTS"]
[]
[]
["FINANCIAL CALC INPUTS"]
[]
[null,null,null,null,"Notional % of 'new' debt over period ",null,"percentage"]
[null,null,null,null,"Proportion of notional debt subject to indexation - intial balance",null,"percentage"]
[null,null,null,null,"Mid-point of the AMP",{"$f":" F26 / 2","v":2.5},"years"]
[null,null,null,null,"Ex-ante adjustment for assumed notional company financing outperformance versus A/BBB iBoXX 10+ non-financial index",null,"percentage"]
[null,null,null,null," PR19 WACC (Nominal) ",null,"Percentage"]
[null,null,null,null,"Notional gearing/debt rate",null,"percentage"]
[]
[null,null,null,null,"Units in 100%",100,"units"]
[]
[null,null,null,null,"PV base date","2025-03-31","date"]
[null,null,null,null,"Days in a year",365,"days"]
[]
[]
[null,null,null,null,"[don't delete row]"]

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[null,null,null,null,null,"Constant","Unit","Total"]
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[]
[]
[]
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[null,null,null,null,"[don't delete row]",null,null,null,"[range starts]"]
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["Annual Performance Report (APR) Figures"]
[null,null,null,null,"Gearing: D/RCV (1E L7)",null,"Percentage"]
[null,null,null,null,"Indicative Weighted Average Nominal Interest Rate (1E L11)",null,"Percentage"]
[null,null,null,null,"Closing RCV Nominal",null,"£m"]
[]
[null,null,null,null,null,null,null,null,"[range ends]"]

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["MODEL PERIOD"]
[]
[null,"Model Column Counter "]
[null,null,null,null,"Model column counter",null,"counter",null,null,{"$f":" I10 + 1","v":1},2,3,4,5,6,7]
[null,null,null,null,"Model Column Total",{"$f":" MAX(J10:BX10)","v":7},"column"]
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[null,null,null,null,{"$f":" E$10","v":"Model column counter"},0,"counter",0,0,1,2,3,4,5,6,7]
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[]
[null,null,null,null,{"$f":" InpC!E$21","v":"First date of time ruler"},{"$f":" InpC!F$21","v":"2019-04-01"},{"$f":" InpC!G$21","v":"date"}]
[null,null,null,null,"First model period BEG",{"$f":" DATE(YEAR(F16), MONTH(F16), 1)","v":"2019-04-01"},"month"]
[]
[null,null,null,null,{"$f":" E$17","v":"First model period BEG"},{"$f":" F$17","v":"2019-04-01"},{"$f":" G$17","v":"month"}]
[null,null,null,null,{"$f":" E$14","v":"First model column flag"},0,"flag",1,0,1,0,0,0,0,0,0]
[null,null,null,null,"Model Period BEG",null,"date",null,null,{"$f":" IF( J20 = 1, $F19, I22 + 1)","v":"2019-04-01"},"2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01"]
[null,null,null,null,"Model Period END",null,"date",null,null,{"$f":" DATE(YEAR(J21), MONTH(J21) + 12, DAY(1) - 1)","v":"2020-03-31"},{"$f":" DATE(YEAR(K21), MONTH(K21) + 12, DAY(1) - 1)","v":"2021-03-31"},"2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
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[null,null,null,null,{"$f":" E$22","v":"Model Period END"},"00:00:00","date","00:00:00","00:00:00","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31"]
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[null,null,null,null,"Days in Model Period",null,"days",{"$f":" SUM(J26:BX26)","v":2557},null,{"$f":" J24 - J25 + 1","v":366},365,365,365,366,365,365]
[]
[]
["PRE FORECAST PERIOD"]
[]
[null,null,null,null,{"$f":" InpC!E$23","v":"Last Pre Forecast Date"},{"$f":" InpC!F$23","v":"2020-03-31"},{"$f":" InpC!G$23","v":"date"}]
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[null,null,null,null,"Last Pre Forecast Flag",null,"flag",{"$f":" SUM(J33:BX33)","v":1},null,{"$f":" IF(J32 = $F31, 1, 0)","v":1},{"$f":" IF(K32 = $F31, 1, 0)","v":0},0,0,0,0,0]
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[]
["FORECAST PERIOD"]
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[null,null,null,null,{"$f":" E$33","v":"Last Pre Forecast Flag"},0,"flag",1,0,1,0,0,0,0,0,0]
[null,null,null,null,"1st Forecast Period Flag",null,"flag",{"$f":" SUM(J45:BX45)","v":1},null,{"$f":" I44","v":0},1,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"InpC!E$27","v":"Last forecast date"},{"$f":"InpC!F$27","v":"2025-03-31"},{"$f":"InpC!G$27","v":"date"}]
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[null,null,null,null,{"$f":" E$45","v":"1st Forecast Period Flag"},0,"flag",1,0,0,{"$f":" K$45","v":1},0,0,0,0,0]
[null,null,null,null,{"$f":" E$49","v":"Last Forecast Period Flag"},0,"flag",1,0,0,0,0,0,0,1,0]
[null,null,null,null,"Forecast Period Flag",null,"flag",{"$f":" SUM(J53:BX53)","v":5},null,{"$f":" J51 - I52 + I53","v":0},1,1,1,1,1,0]
[null,null,null,null,"Forecast Period Total ",{"$f":" SUM(J53:BX53)","v":5},"columns"]
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[null,null,null,null,{"$f":" E$53","v":"Forecast Period Flag"},0,"flag",5,0,0,1,1,1,1,1,0]
[null,null,null,null,"Pre Forecast vs Forecast",null,"flag",null,null,{"$f":" IF(J56 = 1, \"Pre Fcst\", IF(J57 = 1, \"Forecast\", \"Post-Fcst\"))","v":"Pre Fcst"},"Forecast","Forecast","Forecast","Forecast","Forecast","Post-Fcst"]
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["POST FORECAST PERIOD"]
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[null,null,null,null,"Post Forecast Period Flag",null,"flag",{"$f":" SUM(J67:BX67)","v":1},null,{"$f":" I67 + J66","v":0},0,0,0,0,0,1]
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["MODELLING PERIOD CHECK"]
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[null,null,null,"less",{"$f":" E$35","v":"Pre Forecast Period Total"},{"$f":" F$35","v":1},{"$f":" G$35","v":"columns"}]
[null,null,null,"less",{"$f":" E$54","v":"Forecast Period Total "},{"$f":" F$54","v":5},{"$f":" G$54","v":"columns"}]
[null,null,null,"less",{"$f":" E$68","v":"Post Forecast Period Total"},{"$f":" F$68","v":1},{"$f":" G$68","v":"columns"}]
[null,null,null,null,"Modelling Period Check",{"$f":" IF(F73 - SUM(F74:F76) <> 0, 1, 0)","v":0},"check"]
[]
[]
["FINANCIAL YEAR"]
[]
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[]
["CURRENT YEAR FLAG"]
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{"sheet":"Sharing Payments","index":6,"n_rows":52,"n_cols":15,"rows_kept":52,"cut":false,"hidden":false,"merged":[]}
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[]
["GEARING OUTPERFORMANCE SHARING MECHANISM ADJUSTMENT"]
[]
[null,"Trigger"]
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[]
[null,"Gearing Difference for Triggered Mechanism"]
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[]
[null,"Financing Outperformance Difference"]
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[]
[null,"Financing Outperformance Adjustment"]
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[]
[null,"Gearing Outperformance Sharing Mechanism Payment Amount (in-year values)"]
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[]
[null,"Gearing Outperformance Sharing Mechanism Payment Amount (31 March 2025 present values)"]
[]
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[]
[null,null,null,null,{"$f":"InpC!E53","v":" PR19 WACC (Nominal) "},{"$f":"InpC!F53","v":0},{"$f":"InpC!G53","v":"Percentage"}]
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[]
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