5.7  Output Detail (O (Detail))

5.7.1  The Output Detailed worksheet provides outputs that complement the Output Summary (see section 5.6). In addition, it brings together the checks that run through the Model into one area for ease of use. The worksheet is structured under the following major headings:

5.7.1.1  Unitary Charge - The "raw" UC value is given in cell I11. This is the value generated by the "Calculate Unitary Charge" macro (see section 5.3.6), and the blended IRR this gives to the shareholders is given in cell I12 (see section 5.3.9.6).

The time series of nominal payments that this equates to is given in row 15 with the breakdown between indexed and unindexed payments provided in rows 16 and 17 respectively.

The first full year payment breakdown is given in cells I15:I17. It should be noted that these values exclude the impact of the Handover Reserve as this is a one off payment to the Contractor during the first full year of operations. The adjustment factor applied is given in row 21.

5.7.1.2  PFI Credits - A breakdown of the project NPVs is given in cells L27 to L38 based on a nominal discount rate of 6.09%, in line with the TGB. Based on these NPVs, the maximum allowable PFI credits allowable is defined as the NPV of the project, less the NPV of the operating costs and the NPV of the expensed set-up/development costs. The last element of this calculation is DCLG specific and departmental policy is currently to only allow 70% of these costs to be capitalised unless the Authority provides justification for a different approach to be used.

5.7.1.3  Model Checks - It is expected that there will be no cells with the value "Problem" in this section once the inputs have been completed by the bidder and the "Calculate Unitary Charge" macro run.

5.7.1.4  Indicators/Ratios - Supporting the model checks, this section of the worksheet is a virtual repeat, but provides the User with the values behind the "OK" vs. "Problem" responses given section 5.7.1.3. This allows the user to identify the scale of any error identified, enabling them to make proportionate adjustments to the inputs.

5.7.1.5  Profit & Loss Account - The Profit & Loss Account for the Contractor is presented in rows 112 to 142.

5.7.1.6  Balance Sheet - The Contractor's Balance Sheet is produced in rows 147 to 176.

5.7.1.7  Cashflow Statement - The Cashflow Statement for the Contractor over the life of the project is given in rows 181 to 223.