Beruflich Dokumente
Kultur Dokumente
Design
Comment
Header 1
Header1
Header 2
Header2
Input
100
Demo
100
Empty_cell
Off-Sheet
100
Total
Unit / Info
Line Summary
Table Header
Flag
Balance
100
Qtr
rate the principle in a complete model would be dynamically coded or set-up differently
e, including sub-totals
off-sheet reference
Yr(s)
% p.a.
% p.a.
Profile
Capex
US$m
Inflation
Forecast
Tax
Year
Rate
Year
%
12 Yr(s)
8.33%
40.00%
2012
10.00
3.00%
2012
30.00%
Date
Constants
Days in year
Months per quarter
Months per year
Days
Months
Months
2013
64.00
31-Dec-11
365
3
12
2013
30.00%
2014
69.00
2015
99.00
2016
89.00
2017
39.00
2018
34.00
2019
23.00
2020
29.00
2014
30.00%
2015
30.00%
2016
28.00%
2017
28.00%
2018
28.00%
2019
28.00%
2020
28.00%
2021
69.00
2022
99.00
2023
89.00
2024
39.00
2025
34.00
2026
23.00
2027
29.00
2021
28.00%
2022
28.00%
2023
28.00%
2024
28.00%
2025
28.00%
2026
28.00%
2027
28.00%
2028
69.00
2029
99.00
2028
28.00%
2029
28.00%
31-Dec-11
Counters
Year
Year counter
Inflation
Year
#Num
%
3.00%
Assets
Capex (real)
Capex (nominal)
US$m
US$m
1,006.00
1,314.44
Accounting depreciation
Balance b/f
Capex
Depreciation
Balance c/f
US$m
US$m
US$m
US$m
Depreciation
Periods to include
#Num
Depreciation
US$m
Year(s)
12
% p.a.
8.33%
831.50
Tax depreciation
Balance b/f
Capex
Depreciation
Balance c/f
Depreciation
Depreciation
US$m
US$m
US$m
US$m
US$m
Deferred tax
Accounting depreciation
Tax depreciation
US$m
US$m
Difference
US$m
Tax rate
US$m
US$m
US$m
US$m
40.00%
30.00%
Questions
Question 1
Start year
End year
Year
Year
Include?
Total nominal capex
[1,0]
US$m
Answer:
Selection
Question 2
Target year
Closing balance
Year
US$m
Answer:
Selection
Question 3
Target year
Closing balance
Year
US$m
Answer:
Selection
Question 4
Difference
US$m
Answer:
Selection
Question 5
Target year
Closing balance
(Note - a negative balance is a liability)
Year
US$m
Answer:
Selection
2012
2021
598.33
B
2017
298.31
A
2019
68.18
D
2.19
A
2028
(79.03)
1-Jan-12
1-Jan-13
1-Jan-14
1-Jan-15
1-Jan-16
1-Jan-17
1-Jan-18
1-Jan-19
31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
2012
1
1.00
10.00
10.00
2013
2
1.03
2016
5
1.13
2017
6
1.16
2018
7
1.19
2019
8
1.23
89.00
100.17
39.00
45.21
34.00
40.60
23.00
28.29
9.17
68.76
129.54
10.00
65.92
73.20
108.18
(0.83)
(6.33)
(12.43)
(21.44)
129.54
The first big9.17
challenge68.76
in this solution
is to get 216.27
the straight line depreciation calculated in a way
that doesn't require a giant table. See the next
216.27
100.17
(29.79)
286.65
286.65
45.21
(33.56)
298.31
298.31
40.60
(36.94)
301.97
301.97
28.29
(39.30)
290.96
69.00
73.20
2015
4
1.09
99.00
108.18
64.00
65.92
2014
3
1.06
0.83
6.33
12.43
21.44
29.79
33.56
36.94
39.30
10.00
(4.00)
6.00
6.00
65.92
(28.77)
43.15
43.15
73.20
(46.54)
69.81
69.81
108.18
(71.20)
106.80
106.80
100.17
(82.79)
124.18
124.18
45.21
(67.76)
101.63
101.63
40.60
(56.89)
85.34
85.34
28.29
(45.45)
68.18
46.54
71.20
82.79
67.76
56.89
45.45
12.43
46.54
(3.17)
(22.44)
(34.11)
30.00%
30.00%
30.00%
21.44
29.79
33.56
36.94
39.30
71.20
56.89
Once
you have82.79
tracked the 67.76
amount of the
difference45.45
and the change
in the DTA / DTL, it becomes important to understand how the
balance
change due (34.20)
to a change (19.95)
in the tax rate.(6.15)
If the tax rate
(49.76) may (53.00)
decreases, we would expect to see a reduction n the size of our
liability or asset. Here, we see that we initially had a 32.84m liability,
30.00%
28.00%by 2.19m
28.00%
28.00%
which
was 'reduced'
due to the
reduction 28.00%
in the tax rate.
(0.95)
(0.95)
(0.95)
(6.73)
(7.68)
(7.68)
(10.23)
(17.92)
(17.92)
(14.93)
(32.84)
(32.84)
2.19
(14.84)
(45.49)
(45.49)
(9.58)
(55.07)
(55.07)
(5.59)
(60.66)
(60.66)
(1.72)
(62.38)
1
10.00
1
65.92
1
73.20
1
108.18
1
100.17
1
45.21
1
40.60
1
28.29
1-Jan-20
1-Jan-21
1-Jan-22
1-Jan-23
1-Jan-24
1-Jan-25
1-Jan-26
1-Jan-27
31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27
2020
9
1.27
2021
10
1.30
2022
11
1.34
2023
12
1.38
2024
13
1.43
2025
14
1.47
2026
15
1.51
2027
16
1.56
29.00
36.74
69.00
90.03
99.00
133.05
89.00
123.20
39.00
55.60
34.00
49.93
23.00
34.79
29.00
45.18
290.96
36.74
(42.36)
285.33
285.33
90.03
(49.86)
325.50
325.50
133.05
(60.95)
397.60
397.60
123.20
(71.21)
449.58
449.58
55.60
(75.02)
430.17
430.17
49.93
(73.68)
406.42
406.42
34.79
(70.48)
370.73
370.73
45.18
(65.23)
350.68
10
11
12
12
12
12
12
42.36
49.86
60.95
71.21
75.02
73.68
70.48
65.23
68.18
36.74
(41.96)
62.95
62.95
90.03
(61.19)
91.79
91.79
133.05
(89.93)
134.90
134.90
123.20
(103.24)
154.86
154.86
55.60
(84.19)
126.28
126.28
49.93
(70.48)
105.72
105.72
34.79
(56.21)
84.31
84.31
45.18
(51.80)
77.69
41.96
61.19
89.93
103.24
84.19
70.48
56.21
51.80
49.86
61.19
60.95
89.93
71.21
103.24
75.02
84.19
73.68
70.48
70.48
56.21
65.23
51.80
(11.33)
(28.98)
(32.02)
(9.17)
3.20
14.28
13.44
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
(62.27)
(3.17)
(65.44)
(65.44)
(8.12)
(73.56)
(73.56)
(8.97)
(82.52)
(82.52)
(2.57)
(85.09)
(85.09)
0.90
(84.19)
(84.19)
4.00
(80.20)
(80.20)
3.76
(76.44)
42.36
41.96
e difference and the change
o understand how the
the tax rate. If the tax rate
0.39
uction n the size of our
itially had a 32.84m liability,
28.00%
reduction in the tax rate.
(62.38)
0.11
(62.27)
1
36.74
1
90.03
0
-
0
-
0
-
0
-
0
-
0
-
1-Jan-28
1-Jan-29
31-Dec-28 31-Dec-29
2028
17
1.60
2029
18
1.65
69.00
110.72
99.00
163.63
350.68
110.72
(66.11)
395.29
395.29
163.63
(75.98)
482.94
12
12
66.11
75.98
77.69
110.72
(75.37)
113.05
113.05
163.63
(110.67)
166.01
75.37
110.67
66.11
75.37
75.98
110.67
(9.26)
(34.69)
28.00%
28.00%
(76.44)
(2.59)
(79.03)
(79.03)
(9.71)
(88.74)
0
-
0
-
1-Jan-12
1-Jan-13
1-Jan-14
1-Jan-15
1-Jan-16
1-Jan-17
1-Jan-18
1-Jan-19
1-Jan-20
1-Jan-21
1-Jan-22
1-Jan-23
1-Jan-24
1-Jan-25
1-Jan-26
1-Jan-27
1-Jan-28
1-Jan-29
31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29
"Standard" approach
Year
Year counter
Year
#Num
2012
1
Capex (nominal)
US$m
1,314.44
10.00
65.92
73.20
108.18
100.17
36.74
90.03
133.05
Purchases
Purchase in period 1
Purchase in period 2
Purchase in period 3
Purchase in period 4
Purchase in period 5
Purchase in period 6
Purchase in period 7
Purchase in period 8
Purchase in period 9
Purchase in period 10
Purchase in period 11
Purchase in period 12
Purchase in period 13
Purchase in period 14
Purchase in period 15
Purchase in period 16
Purchase in period 17
Purchase in period 18
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
10.00
65.92
73.20
108.18
100.17
45.21
40.60
28.29
36.74
90.03
133.05
123.20
55.60
49.93
34.79
45.18
110.72
163.63
1,314.44
10.00
10.00
65.92
65.92
73.20
73.20
108.18
108.18
100.17
45.21
40.60
28.29
36.74
- A typical -approach for- depreciation- - setting - out purchases
- period in separate
for each
- lines, identifying
the purchase
amount
and
100.17
45.21
40.60
28.29
36.74
90.03
90.03
Depreciation
Purchase in period 1
Purchase in period 2
Purchase in period 3
Purchase in period 4
Purchase in period 5
Purchase in period 6
Purchase in period 7
Purchase in period 8
Purchase in period 9
Purchase in period 10
Purchase in period 11
Purchase in period 12
Purchase in period 13
Purchase in period 14
Purchase in period 15
Purchase in period 16
Purchase in period 17
Purchase in period 18
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
831.50
0.83
0.83
0.83
5.49
6.33
1,314.44
10.00
65.92
831.50
0.83
Rate
8.33%
2013
2
"OFFSET" approach
Capex (nominal)
US$m
Depreciation
Periods to include
#Num
Depreciation
US$m
Year(s)
12
% p.a.
8.33%
2
6.33
2014
3
2015
4
2016
5
2017
6
45.21
0.83
0.83
0.83
0.83
5.49
5.49
5.49
5.49
6.10
6.10
6.10
6.10
9.01
9.01
9.01
8.35
8.35
3.77
This approach
still requires
some -fancy
modelling
- to stop the-account overdepreciating
using MIN()
and SUM()
This first row is a counter of how many
- retrospectively
- in the
periods
to include
12.43When depreicating
21.44
29.79
33.56
SUM().
an
item over 12
years then in any given period we will only
include items paid within the previous 12
years. Hence the cap of 12.
73.20
108.18
100.17
45.21
3
12.43
4
21.44
5
29.79
6
33.56
2018
7
40.60
2019
8
28.29
2020
9
2021
10
2022
11
2023
12
123.20
2024
13
55.60
2025
14
49.93
2026
15
2027
16
2028
17
2029
18
34.79
45.18
110.72
163.63
34.79
34.79
45.18
45.18
110.72
110.72
163.63
163.63
0.83
5.49
6.10
9.01
8.35
3.77
3.38
36.94
0.83
0.83
0.83
0.83
0.83
5.49
5.49
5.49
5.49
5.49
6.10
6.10
6.10
6.10
6.10
9.01
9.01
9.01
9.01
9.01
8.35
8.35
8.35
8.35
8.35
3.77
3.77
3.77
3.77
3.77
3.38
3.38
3.38
3.38
3.38
2.36
2.36
2.36
2.36
2.36
3.06
3.06
3.06
3.06
7.50
7.50
7.50
11.09
11.09
10.27
The final- result is the -sum of each-column,
therefore- if we can find
- a better way
- to calculate
just this line we will save a lot of calculations and
39.30
42.36
49.86
60.95
71.21
5.49
6.10
9.01
8.35
3.77
3.38
2.36
3.06
7.50
11.09
10.27
4.63
75.02
6.10
9.01
8.35
3.77
3.38
2.36
3.06
7.50
11.09
10.27
4.63
4.16
73.68
9.01
8.35
3.77
3.38
2.36
3.06
7.50
11.09
10.27
4.63
4.16
2.90
70.48
0.00
8.35
3.77
3.38
2.36
3.06
7.50
11.09
10.27
4.63
4.16
2.90
3.77
65.23
3.77
3.38
2.36
3.06
7.50
11.09
10.27
4.63
4.16
2.90
3.77
9.23
66.11
3.38
2.36
3.06
7.50
11.09
10.27
4.63
4.16
2.90
3.77
9.23
13.64
75.98
40.60
28.29
55.60
49.93
34.79
45.18
110.72
163.63
7
36.94
Step 2.
SUM all identified capex together.
This essentially calculates the
depreciable asset base for items
that are still on the books.
8
39.30
36.74
9
42.36
90.03
10
49.86
133.05
11
60.95
123.20
12
71.21
Step 3.
The final step is to take the asset
base and multiply it by the per-period
depreciation value. If this were a
monthly or quarterly model, this
would need to be scaled back
12
75.02
12
73.68
12
70.48
12
65.23
12
66.11
12
75.98