{"text_format":"1","workbook":"xlsx","n_sheets":11,"sheets":["Contents","Version History","Quality Assurance","Inputs>>>","Assets and Capex","Profitability","CPI data","Spectrum band valuation","Spectrum valuation","Outputs>>>","ROCE calculations inc 5G"],"not_rendered":{"charts":2,"images":2,"macros":1,"external_links":51,"defined_names":4714,"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":"Contents","index":0,"n_rows":33,"n_cols":6,"rows_kept":33,"cut":false,"hidden":false,"merged":[[32,0,32,4]]}
[]
[null,null,null,null,null,{"$f":"Workbook.Title","v":"UK MNO ROCE Calcs for MSR Statement"}]
[]
["Information"]
[]
["Title ","UK MNO ROCE Calcs for MSR Statement"]
["Objective","UK MNO ROCE Calculations to be used in the MSR"]
["Version",1]
["Status","Approved for release"]
["Author","Sunjit Kamboj"]
[]
["Confidentiality status","Non-confidential"]
[]
["Do you want?",false]
[null,false]
[null,true]
[]
["Contents"]
[]
["Sheet","Description",null,"Status","Notes"]
["Contents","This contents sheet"]
[]
["Actual model sheets"]
["Assets and capex","Asset and capex data from Companies House financial statements",null,"Approved for release"]
["Profitability","Profitability data from Companies House financial statements",null,"Approved for release"]
["CPI Data","CPI data taken from ONS website",null,"Approved for release"]
["Spectrum band valuation","Recent valuation of spectrum from auctions and ALF decisions",null,"Approved for release"]
["Spectrum valuation","Calculation of spectrum value by MNO",null,"Approved for release"]
["ROCE Calculations","ROCE calculation excluding 5G spectrum",null,"Approved for release"]
["ROCE calculation inc 5G","ROCE calculation including 5G spectrum",null,"Approved for release"]
[]
["Terms and conditions"]
["The terms and conditions on which OFCOM is making available the model are set out below.\n\nThe UK MNO ROCE Calculations for the Mobile Strategy Review provided has been developed to understand how ROCE has evolved for UK MNOs over time.\n\nWhile you may freely use the Model for the purposes for which it is provided, as set out in any accompanying model documentation, OFCOM does not guarantee that the Model will function when used in any modified way.\n\nNo representation or warranty is given as to the accuracy, completeness or correctness of the provided Model and it is provided 'as is'. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.\n\nOFCOM does not accept any responsibility for any loss, disruption or damage to your data or your computer system which may occur whilst using the Model or material derived from the Model. OFCOM does not warrant that the functions contained in the Model will be uninterrupted or error free. Also, OFCOM does not warrant that defects will be corrected, or that the Model provided is free of viruses.\n\nIn no event will OFCOM be liable for any loss or damage including, without limitation, indirect or consequential loss or damage, or any loss or damages whatsoever arising from use or loss of use of, data or profits arising out of or in connection with the use or otherwise of the provided Model. By using this Model, you agree to the above."]

{"sheet":"Version History","index":1,"n_rows":6,"n_cols":4,"rows_kept":6,"cut":false,"hidden":true,"merged":[]}
[]
[null,null,null,"Version Histrory"]
[]
["History"]
[]
["Version","Date ","Author","Details of modifications introduced"]

{"sheet":"Quality Assurance","index":2,"n_rows":27,"n_cols":4,"rows_kept":27,"cut":false,"hidden":true,"merged":[]}
[]
[null,null,null,"Quality Assurance"]
[]
["Workbook QA"]
[]
["Verified by","Enter name of reviewer"]
["Date","Enter date review completed"]
["Version","Enter version of workbook checked"]
["Status","QA completed but issues to resolve"]
[]
["Type of QA","Self-check by author","Yes"]
[null,"Internal QA - informal","Yes"]
[null,"Internal QA - formal","Yes"]
[null,"External QA","Yes"]
[]
["Objective of QA","Check input data","Yes"]
[null,"Check calculations","Yes"]
[null,"Check methodology","Yes"]
[null,"Check implementation","Yes"]
[]
["QA results delivery format","Report","Yes"]
[null,"Presentation","Yes"]
[null,"Notes to spreadsheet","Yes"]
[]
["QA notes"]
[]
["Sheet","Issue","Details","Status (issue resolved?)"]

{"sheet":"Inputs>>>","index":3,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Assets and Capex","index":4,"n_rows":155,"n_cols":8,"rows_kept":155,"cut":false,"hidden":false,"merged":[]}
["Assets and capex"]
["2020 is either March 2021 or December 2020"]
[]
["Vodafone","VODAFONE LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021,"Notes"]
["Goodwill",360,360,360,360,309.60000000000002,309.60000000000002]
["Licence fees",2438.9,2047,2004.1,1589.2,1155.9000000000001,1022]
["Software",430.5,437.4,430,419.2,431.2,489.8]
["Total intangibles",{"$f":"SUM(B6:B8)","v":3229.4},2844.4,2794.1,2368.4,1896.7,1821.3999999999999]
["Network infrastructure",2704.4,2745.5,{"$f":"2619.7","v":2619.6999999999998},2508,1978,1941.6]
["Other",{"$f":"B12-B10","v":527.69999999999982},403.19999999999982,421,410.19999999999982,315.69999999999982,304.30000000000018]
["Total tangible assets",3232.1,3148.7,3040.7,2918.2,2293.6999999999998,2245.9]
["Right to use assets",null,null,null,1047.0999999999999,1675.3,1465.5]
["Total tangible assets including leases",{"$f":"B12+B13","v":3232.1},3148.7,3040.7,3965.2999999999997,3969,3711.4]
["Post-employment benefits",44.4,92.1,81.400000000000006,489.2,50.9,394.7]
["Deferred tax asset",961.4,841.9,1014.3,1124.2,1336.2,1634.7]
["Investments",25.1,25.1,25.1,25.1,25.1,25.1]
["Other non-current assets",{"$f":"SUM(B15:B17)","v":1030.8999999999999},959.1,1120.8,1638.5,1412.2,2054.5]
["Non-current assets",{"$f":"B9+B14+B18","v":7492.4},6952.2000000000007,6955.5999999999995,7972.2,7277.9,7587.3]
["Cash ",19.8,24.9,32.5,24.3,10.199999999999999,11.2]
["Other",{"$f":"B22-B20","v":3430.2},3845.7,3561.7,3698.6,5090.2,4582.1000000000004]
["Current assets",3450,3870.6,3594.2,3722.9,5100.3999999999996,4593.3]
["Current liabilities ",-4138.8,-4265.6000000000004,-4215.1000000000004,-4605.2,-4644.1000000000004,-4223.3999999999996]
["Net current assets/(liabilities)",{"$f":"B22+B23","v":-688.80000000000018},-395.00000000000045,-620.90000000000055,-882.29999999999973,456.29999999999927,369.90000000000055]
[]
[]
["Licence fees",null,null,359.2,null,null,201]
["Other intangibles",174.8,209.1,{"$f":"565.2-359.2","v":206.00000000000006},206.7,206.6,244.3]
["Tangible",630.4,583.1,560,476.6,523.20000000000005,481.1]
["Capex",{"$f":"SUM(B27:B29)","v":805.2},792.2,1125.2,683.3,729.80000000000007,926.40000000000009]
["Capex less licence fees",{"$f":"B30-B27","v":805.2},792.2,766,683.3,729.80000000000007,725.40000000000009]
[]
["Spectrum reconciliation"]
["Gross book value of spectrum (opening)",6930.1,6930.1,6930.1,7289.3,7290.3,7284.7]
["Additions",{"$f":"B27","v":0},{"$f":"C27","v":0},{"$f":"D27","v":359.2},{"$f":"E27","v":0},{"$f":"F27","v":0},201]
["Amortisation ",{"$f":"Profitability!B10","v":391.9},{"$f":"Profitability!C10","v":391.9},{"$f":"Profitability!D10","v":402.1},{"$f":"Profitability!E10","v":410.3},{"$f":"Profitability!F10","v":433.3},334.9]
["Net book value of spectrum (closing) ",{"$f":"B7","v":2438.9},2047,2004.1,1589.2,1155.9000000000001,1022]
["Estimated amortisation ex 5G",{"$f":"B36","v":391.9},{"$f":"C36","v":391.9},{"$f":"C38","v":391.9},{"$f":"D38","v":391.9},{"$f":"E38","v":391.9},{"$f":"F38","v":391.9}]
[null,{"$f":"B36-B38","v":0},0,10.200000000000045,18.400000000000034,41.400000000000034,-57]
[]
["Telefonica","O2 HOLDINGS LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021]
["Goodwill",2377,2377,2377,2377,2377,0]
["Licences",1075,930,984,1144,1057,1311]
["Assets in the course of construction",87,21,338,8,30,44]
["Software",157,207,196,215,160,156]
["Total intangibles",{"$f":"SUM(B43:B46)","v":3696},3535,3895,3744,3624,1511]
["Plant and equipment",2472,2541,2678,2828,2952,3228]
["Right to use assets",null,null,null,612,460,614]
["Total tangible assets including leases",{"$f":"B48+B49","v":2472},2541,2678,3440,3412,3842]
["Trade and other recievables",267,342,237,341,250,482]
["Other financial assets",25,9,12,57,63,65]
["Retirement benefit asset",0,0,19,0,35,249]
["Investment in JV",5,6,7,8,9,14]
["Deferred tax assets",0,0,0,7,4,0]
["Other non current assets",{"$f":"SUM(B51:B55)","v":297},357,275,413,361,810]
["Non-current assets",{"$f":"+B47+B50+B56","v":6465},6433,6848,7597,7397,6163]
["Cash ",161,172,315,305,164,33]
["Inventories",89,109,98,125,127,133]
["Other financial assets",70,52,71,71,61,84]
["Other",{"$f":"B62-B58-B59-B60","v":1371},{"$f":"C62-C58-C59-C60","v":1498},{"$f":"D62-D58-D59-D60","v":1885},{"$f":"E62-E58-E59-E60","v":1704},{"$f":"F62-F58-F59-F60","v":1732},2263]
["Current assets",1691,1831,2369,2205,2084,{"$f":"SUM(G58:G61)","v":2513}]
["Current liabilities ",-2979,-3797,-2866,-2930,-2668,-2824]
["Net current assets/(liabilities)",{"$f":"B62+B63","v":-1288},-1966,-497,-725,-584,-311]
[]
[]
["Licence fees",null,null,206,318,84,448]
["Other intangibles",145,95,417,117,157,584]
["Tangible",633,609,712,686,665,845]
["Capex",{"$f":"SUM(B67:B69)","v":778},704,1335,1121,906,1877,"Capex not taken from CF statement but from fixed asset disclosures"]
["Capex less licence fees",{"$f":"B70-B67","v":778},704,1129,803,822,1429]
[]
["Spectrum reconciliation"]
["Gross book value of spectrum (opening)",4641,4641,4641,4847,5165,5248]
["Additions",{"$f":"B67","v":0},{"$f":"C67","v":0},{"$f":"D67","v":206},{"$f":"E67","v":318},{"$f":"F67","v":84},448]
["Amortisation ",{"$f":"Profitability!B18","v":145},{"$f":"Profitability!C18","v":145},{"$f":"Profitability!D18","v":152},{"$f":"Profitability!E18","v":158},{"$f":"Profitability!F18","v":171},193]
["Net book value of spectrum (closing) ",{"$f":"B44","v":1075},930,984,1144,1057,1311]
["Estimated amortisation ex 5G",{"$f":"B76","v":145},{"$f":"C76","v":145},{"$f":"C78","v":145},{"$f":"D78","v":145},{"$f":"E78","v":145},{"$f":"F78","v":145}]
["Add back amortisation ",null,null,{"$f":"D76-D78","v":7},{"$f":"E76-E78","v":13},{"$f":"F76-F78","v":26},{"$f":"G76-G78","v":48}]
[]
["Hutchison","HUTCHISON 3G UK LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021]
["Licences",2980.248,2982.248,3150.0419999999999,3150.0419999999999,3150,3430.067]
["Access Rights",59.762,44.820999999999998,29.88,32.539000000000001,17.599,60.298999999999999]
["Customer acquisition costs",0,0,7.8970000000000002,3.1539999999999999,0,0]
["Software",155.93600000000001,185.04300000000001,181.887,226.27799999999999,497.66800000000001,615.16800000000001]
["Total intangibles",{"$f":"SUM(B83:B86)","v":3195.9460000000004},3212.1120000000001,3369.7060000000001,3412.0129999999999,3665.2670000000003,4105.5339999999997]
["Network infrastructure",1315.53,1365.1079999999999,1301.7809999999999,1217.067,1223.3979999999999,1242.2470000000001]
["Other",{"$f":"B90-B88","v":226.94000000000005},275.54099999999994,467.09900000000016,558.39899999999989,620.58200000000011,597.65499999999997]
["Total tangible assets",1542.47,1640.6489999999999,1768.88,1775.4659999999999,1843.98,1839.902]
["Right to use assets",null,null,null,602.577,590.46900000000005,713.024]
["Total tangible assets including leases",{"$f":"B90+B91","v":1542.47},1640.6489999999999,1768.88,2378.0429999999997,2434.4490000000001,2552.9259999999999]
["Other non current assets",1,292.51900000000001,292.51900000000001,292.51900000000001,292.51900000000001,292.51900000000001]
["Non-current assets",{"$f":"B92+B87+B93","v":4739.4160000000002},5145.2800000000007,5431.1050000000005,6082.5749999999998,6392.2350000000006,6950.9789999999994]
["Cash ",220,194.87799999999999,212.42,232.001,82.772999999999996,57.984000000000002]
["Deferred tax assets",0,884.38199999999995,880.60400000000004,797.56600000000003,846.86900000000003,1057.412]
["Other",{"$f":"B98-B95-B96","v":1998},{"$f":"C98-C95-C96","v":1343.4679999999998},{"$f":"D98-D95-D96","v":1173.8989999999997},{"$f":"E98-E95-E96","v":1529.8159999999996},{"$f":"F98-F95-F96","v":1574.6509999999998},{"$f":"G98-G96-G95","v":3207.9479999999999}]
["Current assets",2218,2422.7280000000001,2266.9229999999998,2559.3829999999998,2504.2930000000001,4323.3440000000001]
["Current liabilities ",-423,-660.06799999999998,-752.904,-951.58299999999997,-1124.739,-2040.2750000000001]
["Net current assets/(liabilities)",{"$f":"B98+B99","v":1795},1762.66,1514.0189999999998,1607.7999999999997,1379.5540000000001,2283.069]
[]
[]
["Licence fees",1,2,167.79400000000001,null,null,280.02499999999998]
["Other intangibles",84,98.688999999999993,{"$f":"251.321-D103","v":83.526999999999987},144.489,317.536,{"$f":"260.012+42.7","v":302.71199999999999}]
["Tangible",266,352.06400000000002,380.67,295.12799999999999,444.87099999999998,339.95100000000002]
["Capex",{"$f":"SUM(B103:B105)","v":351},452.75300000000004,631.99099999999999,439.61699999999996,762.40699999999993,922.68799999999999]
["Capex less licence fees",{"$f":"B106-B103","v":350},450.75300000000004,464.197,439.61699999999996,762.40699999999993,642.66300000000001]
[]
["Spectrum reconciliation"]
["Gross book value of spectrum (opening)",{"$f":"C110-B111","v":4838.5340000000006},{"$f":"D110-C111","v":4839.5340000000006},{"$f":"E110-D111","v":4841.5340000000006},5009.3280000000004,5009,{"$f":"F110","v":5009}]
["Additions",{"$f":"B103","v":1},{"$f":"C103","v":2},{"$f":"D103","v":167.79400000000001},{"$f":"E103","v":0},{"$f":"F103","v":0},280.02499999999998]
["Amortisation "]
["Net book value of spectrum (closing) ",{"$f":"B83","v":2980.248},{"$f":"C83","v":2982.248},{"$f":"D83","v":3150.0419999999999},{"$f":"E83","v":3150.0419999999999},{"$f":"F83","v":3150},3430.067]
[]
["EE","EE LIMITED filing history - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021]
["Goodwill",637,637,637,637,637,637]
["Spectrum",1875,1771,1971,2044,1892,2221]
["Software",378,380,407,432,500,601]
["Other",2,0,0,0,0,0]
["Total intangible assets",{"$f":"SUM(B117:B120)","v":2892},{"$f":"SUM(C117:C120)","v":2788},{"$f":"SUM(D117:D120)","v":3015},{"$f":"SUM(E117:E120)","v":3113},{"$f":"SUM(F117:F120)","v":3029},3459]
["Network",2351,2565,2734,2771,2772,2819]
["Other",{"$f":"B124-B122","v":135},130,122,112,108,105]
["Total tangible assets",2486,2695,2856,2883,2880,2924]
["Right to use assets",null,null,null,1266,1113,981]
["Total tangible assets including leases",{"$f":"B124+B125","v":2486},2695,2856,4149,3993,3905]
["Investments",13,13,13,13,13,13]
["Deferred tax asset",187,70,0,0,0,0]
["Derivative financial instruments",48,0,0,0,0,0]
["Trade and other receivables",19,60,50,38,24,12]
["Contract assets",0,0,231,250,320,329]
["Deferred contract costs",0,0,95,82,44,48]
["Other non-current assets",{"$f":"SUM(B127:B132)","v":267},143,389,383,401,402]
["Total non-current assets",{"$f":"B121+B126+B133","v":5645},5626,6260,7645,7423,7766]
["Cash ",30,48,51,34,17,22]
["Derivative financial instruments",0,66,0,0,0,0]
["Other",{"$f":"B138-B135","v":1203},{"$f":"C138-C135-C136","v":1402},{"$f":"D138-D135","v":2279},{"$f":"E138-E135","v":2414},{"$f":"F138-F135","v":3653},{"$f":"G138-G135","v":3715}]
["Current assets",1233,1516,2330,2448,3670,3737]
["Current liabilities ",-2626,-2887,-2931,-2533,-2620,-2335]
["Net current assets/(liabilities)",{"$f":"B138+B139","v":-1393},-1371,-601,-85,1050,1402]
["Total assets less current liabilities",{"$f":"B140+B134","v":4252},4255,5659,7560,8473,9168]
[]
["Licence fees",null,null,304,202,-19,479]
["Other intangibles",112,89,117,105,143,{"$f":"192","v":192}]
["Tangible",761,611,496,452,538,617]
["Capex",{"$f":"SUM(B143:B145)","v":873},700,917,759,662,1288]
["Capex less licence fees",{"$f":"B146-B143","v":873},700,613,557,681,809]
[]
["Spectrum reconciliation"]
["Gross book value of spectrum (opening)",4302,4302,4302,4606,4808,4789]
["Additions",{"$f":"B143","v":0},{"$f":"C143","v":0},{"$f":"D143","v":304},{"$f":"E143","v":202},{"$f":"F143","v":-19},479]
["Amortisation ",{"$f":"Profitability!B35","v":368},{"$f":"Profitability!C35","v":104},{"$f":"Profitability!D35","v":104},{"$f":"Profitability!E35","v":129},{"$f":"Profitability!F35","v":134},150]
["Net book value of spectrum (closing) ",{"$f":"B118","v":1875},1771,1971,2044,1892,2221]
["Estimated amortisation excluding 5G",{"$f":"B152","v":368},{"$f":"C152","v":104},{"$f":"D152","v":104},{"$f":"D154","v":104},{"$f":"E154","v":104},{"$f":"F154","v":104}]
["Add back amortisation",{"$f":"B152-B154","v":0},0,0,25,30,46]

{"sheet":"Profitability","index":5,"n_rows":35,"n_cols":8,"rows_kept":35,"cut":false,"hidden":false,"merged":[[12,1,12,5]]}
["Profitability"]
["2020 is either March 2021 or December 2020"]
[]
["Vodafone","VODAFONE LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021,"Notes"]
["Revenue",5843.9,6253.6,5512.9,5657.6,5384,5543.2]
["Operating profit",{"$f":"-669.2","v":-669.2},{"$f":"-340.7","v":-340.7},{"$f":"-676.8","v":-676.8},{"$f":"-351.5","v":-351.5},186.8,-317.7]
["Net profit",{"$f":"-621.3","v":-621.29999999999995},{"$f":"-256.9","v":-256.89999999999998},{"$f":"-587.2","v":-587.20000000000005},{"$f":"-226.2","v":-226.2},276,136.9]
["Exceptionals ",-37.5,-4,-114.9,-6.1,{"$f":"678.5-145.7+1.4","v":534.19999999999993},-137]
["Amortisation of Spectrum",391.9,391.9,402.1,410.3,433.3,334.9]
[]
[]
["Telefonica","O2 HOLDINGS LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)",null,null,null,null,"TELEFONICA UK LIMITED filing history - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021]
["Revenue",5603,5729,6007,6235,5962,5485]
["Operating profit",562,573,784,824,792,768]
["Net profit",425,448,629,641,608,656]
["Amortisation of Spectrum",145,145,152,158,171,193]
[]
[]
["Hutchison ","HUTCHISON 3G UK LIMITED overview - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021]
["Revenue",2203,2357,2379,2327,2220.3530000000001,2311.3960000000002]
["Operating profit",308.09100000000001,362.40300000000002,{"$f":"78.342","v":78.341999999999999},{"$f":"360.319","v":360.31900000000002},175.733,1125.165]
["Net profit",181.554,358.28500000000003,{"$f":"72.385","v":72.385000000000005},{"$f":"238.569","v":238.56899999999999},195.21100000000001,1411.644]
["Exceptional items",0,0,-315.99299999999999,131.85499999999999,0,1078.2]
["Amortisation of Spectrum",0,0,0,0,0,0]
[]
[]
["EE","EE LIMITED filing history - Find and update company information - GOV.UK (company-information.service.gov.uk)"]
[null,2016,2017,2018,2019,2020,2021,"2016 is based on a 15 month accounting period "]
["Revenue",{"$f":"7991/15*12","v":6392.8},6747,7149,7264,6971,6856]
["Operating profit",{"$f":"792/15*12","v":633.59999999999991},1292,1455,1661,1402,1589]
["Net profit",{"$f":"508/15*12","v":406.4},1051,1174,1323,1130,1184]
["Amortisation of Spectrum",{"$f":"460/15*12","v":368},104,104,129,134,150]

{"sheet":"CPI data","index":6,"n_rows":31,"n_cols":15,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
["Table 20a"," CPI All Items: 1998 to 20211",null,null,"Consumer price inflation tables - Office for National Statistics"]
[]
[null,null," Annual"," "," "," "," "," "," "," "," "," "," "," "," "]
[null,null," average"," Jan"," Feb"," Mar"," Apr"," May"," Jun"," Jul"," Aug"," Sep"," Oct"," Nov"," Dec"]
[" D7BT"," 2015=100"]
[null,1998,71.2,70.3,70.5,70.7,71.099999999999994,71.400000000000006,71.3,71,71.2,71.5,71.5,71.599999999999994,71.8]
[null,1999,72.099999999999994,71.400000000000006,71.5,71.900000000000006,72.2,72.400000000000006,72.3,71.900000000000006,72.099999999999994,72.400000000000006,72.3,72.400000000000006,72.599999999999994]
[null,2000,72.7,71.900000000000006,72.2,72.3,72.599999999999994,72.8,72.900000000000006,72.5,72.5,73.099999999999994,73.099999999999994,73.2,73.2]
[null,2001,73.599999999999994,72.599999999999994,72.7,73,73.400000000000006,74,74.099999999999994,73.599999999999994,73.900000000000006,74.099999999999994,73.900000000000006,73.8,74]
[null,2002,74.5,73.7,73.8,74.099999999999994,74.400000000000006,74.599999999999994,74.599999999999994,74.400000000000006,74.599999999999994,74.8,74.900000000000006,74.900000000000006,75.2]
[null,2003,75.5,74.7,75,75.3,75.5,75.5,75.400000000000006,75.3,75.599999999999994,75.900000000000006,76,75.900000000000006,76.2]
[null,2004,76.5,75.8,76,76.099999999999994,76.400000000000006,76.599999999999994,76.599999999999994,76.400000000000006,76.599999999999994,76.7,76.900000000000006,77,77.400000000000006]
[null,2005,78.099999999999994,77,77.2,77.5,77.8,78.099999999999994,78.099999999999994,78.2,78.400000000000006,78.599999999999994,78.7,78.7,78.900000000000006]
[null,2006,79.900000000000006,78.5,78.8,78.900000000000006,79.400000000000006,79.900000000000006,80.099999999999994,80,80.400000000000006,80.5,80.599999999999994,80.8,81.3]
[null,2007,81.8,80.599999999999994,81,81.400000000000006,81.599999999999994,81.8,82,81.5,81.8,81.900000000000006,82.3,82.5,83]
[null,2008,84.7,82.4,83,83.4,84,84.6,85.2,85.1,85.7,86.1,85.9,85.8,85.5]
[null,2009,86.6,84.9,85.6,85.8,86,86.4,86.7,86.7,87,87.1,87.2,87.5,88]
[null,2010,89.4,87.8,88.2,88.7,89.2,89.4,89.5,89.3,89.8,89.8,90,90.3,91.2]
[null,2011,93.4,91.3,92,92.2,93.2,93.4,93.3,93.3,93.8,94.4,94.5,94.6,95.1]
[null,2012,96.1,94.6,95.1,95.4,96,95.9,95.5,95.6,96.1,96.5,97,97.2,97.6]
[null,2013,98.5,97.1,97.8,98.1,98.3,98.5,98.3,98.3,98.7,99.1,99.1,99.2,99.6]
[null,2014,100,99,99.5,99.7,100.1,100,100.2,99.9,100.2,100.3,100.4,100.1,100.1]
[null,2015,100,99.3,99.5,99.7,99.9,100.1,100.2,100,100.3,100.2,100.3,100.3,100.3]
[null,2016,100.7,99.5,99.8,100.2,100.2,100.4,100.6,100.6,100.9,101.1,101.2,101.4,101.9]
[null,2017,103.4,101.4,102.1,102.5,102.9,103.3,103.3,103.2,103.8,104.1,104.2,104.6,104.9]
[null,2018,105.9,104.4,104.9,105,105.4,105.8,105.8,105.8,106.5,106.6,106.7,107,107.1]
[null,2019,107.8,106.3,106.8,107,107.6,107.9,107.9,107.9,108.4,108.5,108.3,108.5,108.5]
[null,2020,108.7,108.2,108.6,108.6,108.5,108.5,108.6,109.1,108.6,109.1,109.1,108.9,109.2]
[null,2021,"..",109,109.1,109.4,110.1,110.8,111.3,111.3,112.1,112.4,113.6,114.5,115.1]
[null,2022,"..",114.9,115.8,117.1,120,120.8,121.8,"..","..","..","..","..",".."]

{"sheet":"Spectrum band valuation","index":7,"n_rows":34,"n_cols":11,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["Spectrum band valuation"]
[]
[null,"Band","Notes","Spectrum acquired (FY)","Original lump sum value (£m/MHz)","Latest available lump sum value (£m/MHz)","Price base","ALFs (Y/N)","Payable from","Annual ALF (real terms)","Link"]
[null,"700 FDD","700Mhz and 3.6Ghz March 2021 auction, updated for inflation in December 2021 ALF Statement (Table 4.1)","2021/22",14,14.1,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,"700 SDL","The 20 MHz of SDL was sold for £4m for 20MHz.","2021/22",{"$f":"4/20","v":0.2},null,"2021-03-01","No","n/a",null,"Ofcom spectrum auction: principal stage results - Ofcom"]
[null,800,"4G Auction 2013; market value updated for inflation in Dec 2021 ALF Statement (Table 2.1)","2013/14","Between £22.5 and £27.5",37,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,900,"Dec 2018 ALF decision, payable from 31 January 2019 (paragraph 4.59)","Pre-2000","Unknown",19,"2018-04-01","Yes","2019-01-31",1.093,"https://www.ofcom.org.uk/__data/assets/pdf_file/0020/130547/Statement-Annual-licence-fees-900-MHz-and-1800-MHz.pdf"]
[null,1400,"Qualcomm UK Spectrum Ltd won 40MHz in May 2008 , and was taken on by Three and Vodafone in October 2015. ALFs payable from April 23. Currently used for 4G by Three and Vodafone. Cash paid by the MNOs is confidential and therefore we have based the value on the 2016 German Spectrum Auction for 1500MHz which is the closest available benchmark","2015/16","Unknown",{"$f":"F32","v":5.8896412491960266},"2015-04-01","No","n/a",null,"Bundesnetzagentur - FrequencyAuction"]
[null,1800,"Dec 2018 ALF decision, payable from 31 January 2019 (paragraph 4.67). Three aquired its 1800Mhz spectrum from EE in 2012.","Pre-2000","Unknown",14,"2018-04-01","Yes","2019-01-31",0.80500000000000005,"https://www.ofcom.org.uk/__data/assets/pdf_file/0020/130547/Statement-Annual-licence-fees-900-MHz-and-1800-MHz.pdf"]
[null,1900,"Sold together with 2.1GHz licences. Ofcom plans to consult further, possibly revoking the licences. No ALFs set at present time, so assume a zero value for the time being. Dec 2021 ALF Statement. ","2000/01","Included as part of 2100MHz",0,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,2100,"Dec 2021 ALF Statement. Original licences acquired in 2001 auction. ","2000/01","Between £149 and £205",10.5,"2021-04-01","Yes","2022-01-01",0.56699999999999995,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,2300,"2.3GHz and 3.4GHz 5G Auction April 2018. Updated for inflation in Dec 2021 ALF Statement (Table 4.1)",2018,{"$f":"205.896/40","v":5.1473999999999993},5.4,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,2500,"Restricted spectrum licenced at the same time of the 2013 Auction",null,null,null,"n/a",null,null,null,"Currently no value - but could have value in the future"]
[null,2600,"4G Auction 2013; market value updated for inflation in Dec 2021 ALF Statement (Table 4.1)",2013,"Between £3.6 and £5.2",6.2,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,3400,"2.3GHz and 3.4GHz 5G Auction April 2018. Updated for inflation in Dec 2021 ALF Statement (Table 4.1)",2018,"Between £7.6 and £8.2",7.9,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,"3.6-3.8GHz","700Mhz and 3.6Ghz March 2021 auction, updated for inflation in December 2021 ALF Statement (Table 4.1)",2021,4.41,4.2,"2021-04-01","No","n/a",null,"https://www.ofcom.org.uk/__data/assets/pdf_file/0027/229428/1900_2100-mhz-statement.pdf\n"]
[null,"3.4-3.6GHz (Three)","Three purchased UK Broadband for £250m in February 2017. Market value determined in June 2019 ALF statement; payable from 31 July 2019 (Page 1)",2017,{"$f":"250/120","v":2.0833333333333335},{"$f":"37.8/5","v":7.56},"2018-12-01","Yes","2019-07-31",0.435,"https://www.ofcom.org.uk/__data/assets/pdf_file/0013/151231/statement-annual-licence-fees-uk-3.4-ghz-and-3.6-ghz-spectrum.pdf\n"]
[]
[null,"Link to Spectrum awards","Awards archive - Ofcom"]
[]
[]
["2016 German Spectrum Auction - completed on 19/6/2015",null,null,"Bundesnetzagentur - FrequencyAuction"]
[null,null,null," €000s","Price per MHz €ms","Price per MHz £ms"]
["1500 A","1x 5MHZ","Vodafone",40939,{"$f":"D24/5/1000","v":8.1877999999999993},{"$f":"$E$34*E24","v":5.8513542485528474}]
["1500 B","1x 5MHZ","Vodafone",40939,8.1877999999999993,{"$f":"$E$34*E25","v":5.8513542485528474}]
["1500 C","1x 5MHZ","Vodafone",40919,8.1837999999999997,5.848495676409633]
["1500 D","1x 5MHZ","Telekom",42964,8.5927999999999987,6.1407846780533113]
["1500 E","1x 5MHZ","Vodafone",42961,8.5922000000000001,6.1403558922318302]
["1500 F","1x 5MHZ","Telekom",39011,7.8022,5.5757878939469734]
["1500 G","1x 5MHZ","Telekom",40961,8.1922000000000015,5.8544986779103851]
["1500 H","1x 5MHZ","Telekom",40961,8.1922000000000015,5.8544986779103851]
[null,null,null,null,null,{"$f":"AVERAGE(F24:F31)","v":5.8896412491960266}]
[]
[null,null,null,"£/€ ER on 19/6/2015",{"$f":"1/1.3993","v":0.7146430358036161},"British Pound to Euro Spot Exchange Rates for 2015"]

{"sheet":"Spectrum valuation","index":8,"n_rows":59,"n_cols":20,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
["Spectrum valuation"]
[]
[null,null,null,null,null,null,null,null,"Agreed to Ofcom Spectrum holdings",null,null,null,"Market value of spectrum, assuming it increases with inflation"]
[null,null,null,"Valuing MNOs spectrum",null,null,null,null,null,null,null,null,"2015-04-01","2016-04-01","2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01"]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'CPI data'!G24","v":99.9},{"$f":"'CPI data'!G25","v":100.2},{"$f":"'CPI data'!G26","v":102.9},{"$f":"'CPI data'!G27","v":105.4},{"$f":"'CPI data'!G28","v":107.6},{"$f":"'CPI data'!G29","v":108.5},{"$f":"'CPI data'!G30","v":110.1},{"$f":"'CPI data'!G31","v":120}]
[null,null,null,null,null,"Current use","Future use","Bandwidth","Value per Mhz","Price base","Valuation",null,2015,2016,2017,2018,2019,2020,2021,2022]
[null,null,null,"Vodafone",800,"4G",null,20,{"$f":"'Spectrum band valuation'!F6","v":37},{"$f":"'Spectrum band valuation'!G6","v":"2021-04-01"},{"$f":"H7*I7","v":740},null,{"$f":"N7*(M$5/N$5)","v":671.4441416893734},673.46049046321536,691.60762942779297,708.41053587647593,723.19709355131693,729.24613987284283,{"$f":"K7","v":740},{"$f":"S7*(T$5/S$5)","v":806.53950953678486}]
[null,null,null,null,900,"2G/3G",null,{"$f":"12.4*2+10","v":34.799999999999997},{"$f":"'Spectrum band valuation'!F7","v":19},{"$f":"'Spectrum band valuation'!G7","v":"2018-04-01"},{"$f":"H8*I8","v":661.19999999999993},null,{"$f":"N8*(M$5/N$5)","v":626.6971537001898},{"$f":"O8*(N$5/O$5)","v":628.5791271347249},{"$f":"P8*(O$5/P$5)","v":645.51688804554078},{"$f":"K8","v":661.19999999999993},{"$f":"P8*(Q$5/P$5)","v":675.00113851992398},680.64705882352928,690.68425047438302,752.78937381404148]
[null,null,null,null,1400,"4G",null,20,{"$f":"'Spectrum band valuation'!F8","v":5.8896412491960266},"2015-04-01",117.79282498392053,null,{"$f":"K9","v":117.79282498392053},{"$f":"M9*(N$5/M$5)","v":118.14655719107945},{"$f":"N9*(O$5/N$5)","v":121.33014705550973},{"$f":"O9*(P$5/O$5)","v":124.27791544850072},126.87195163433279,127.93314825580956,129.81972002732377,141.49288286356816]
[null,null,null,null,1800,"2G",null,11.6,{"$f":"'Spectrum band valuation'!F9","v":14},{"$f":"'Spectrum band valuation'!G9","v":"2018-04-01"},162.4,null,{"$f":"N10*(M$5/N$5)","v":153.92561669829223},154.3878557874763,158.54800759013284,{"$f":"K10","v":162.4},165.7897533206831,167.17647058823528,169.64174573055024,184.89563567362427]
[null,null,null,null,2100,"3G",null,29.6,{"$f":"'Spectrum band valuation'!F11","v":10.5},{"$f":"'Spectrum band valuation'!G11","v":"2021-04-01"},310.8,null,282.00653950953682,282.85340599455043,290.47520435967306,{"$f":"Q11*(P$5/Q$5)","v":297.53242506811989},{"$f":"R11*(Q$5/R$5)","v":303.74277929155312},{"$f":"S11*(R$5/S$5)","v":306.283378746594},{"$f":"K11","v":310.8},338.74659400544965]
[null,null,null,null,2500,"Unpaired -Restricted Frequency",null,25,{"$f":"'Spectrum band valuation'!F13","v":0},{"$f":"'Spectrum band valuation'!G13","v":"n/a"},0]
[null,null,null,null,2600,"4G",null,40,{"$f":"'Spectrum band valuation'!F14","v":6.2},{"$f":"'Spectrum band valuation'!G14","v":"2021-04-01"},248,null,{"$f":"N13*(M$5/N$5)","v":225.02452316076298},225.70027247956406,231.78201634877388,237.41326067211628,242.36875567665757,244.39600363306084,{"$f":"K13","v":248},270.29972752043602]
[null,null,null,null,3400,"5G",null,50,{"$f":"'Spectrum band valuation'!F15","v":7.9},{"$f":"'Spectrum band valuation'!G15","v":"2021-04-01"},395,null,358.40599455040871,359.48228882833786,369.16893732970027,378.13805631244321,386.030881017257,389.25976385104451,{"$f":"K14","v":395},430.51771117166214]
[null,null,null,null,"3600-3800","5G",null,40,{"$f":"'Spectrum band valuation'!F16","v":4.2},{"$f":"'Spectrum band valuation'!G16","v":"2021-04-01"},168,null,152.43596730245233,152.89373297002726,157.01362397820165,160.82833787465941,164.18528610354224,165.55858310626704,{"$f":"K15","v":168},183.10626702997277]
[null,null,null,null,null,null,null,{"$f":"SUM(H7:H15)","v":271},null,null,{"$f":"SUM(K7:K15)","v":2803.1928249839202},null,{"$f":"SUM(M7:M15)","v":2587.7327615949371},{"$f":"SUM(N7:N15)","v":2595.5037308489755},2665.4424541353255,2730.2005312523152,2787.1876391152668,2810.5005468773838,2851.9457162322569,{"$f":"SUM(T7:T15)","v":3108.3877016155398}]
[null,null,null,null,null,null,"Ex 5G and unpaired",{"$f":"H16-H15-H14-H12","v":156},null,null,{"$f":"K16-K15-K14-K12","v":2240.1928249839202},null,{"$f":"SUM(M7:M11)+M13","v":2076.8907997420761},2083.1277090506105,2139.2598928274233,2191.2341370652125,2236.9714719944677,2255.682199920072,2288.9457162322569,2494.7637234139047]
[]
[null,null,null,"O2",700,"5G",null,20,{"$f":"'Spectrum band valuation'!F4","v":14.1},{"$f":"'Spectrum band valuation'!G4","v":"2021-04-01"},{"$f":"H19*I19","v":282},null,{"$f":"N19*(M$5/N$5)","v":255.874659400545},256.6430517711172,263.55858310626706,269.96185286103542,275.59673024523158,277.90190735694824,{"$f":"K19","v":282},{"$f":"S19*(T$5/S$5)","v":307.35694822888286}]
[null,null,null,null,800,"4G",null,20,{"$f":"'Spectrum band valuation'!F6","v":37},{"$f":"'Spectrum band valuation'!G6","v":"2021-04-01"},740,null,{"$f":"N20*(M$5/N$5)","v":671.4441416893734},673.46049046321536,691.60762942779297,708.41053587647593,723.19709355131693,{"$f":"S20*(R$5/S$5)","v":729.24613987284283},{"$f":"K20","v":740},{"$f":"S20*(T$5/S$5)","v":806.53950953678486}]
[null,null,null,null,900,"2G/3G",null,{"$f":"12.4*2+10","v":34.799999999999997},{"$f":"'Spectrum band valuation'!F7","v":19},{"$f":"'Spectrum band valuation'!G7","v":"2018-04-01"},661.19999999999993,null,626.6971537001898,628.5791271347249,645.51688804554078,{"$f":"K21","v":661.19999999999993},{"$f":"P21*(Q$5/P$5)","v":675.00113851992398},680.64705882352928,690.68425047438302,{"$f":"S21*(T$5/S$5)","v":752.78937381404148}]
[null,null,null,null,1800,"2G",null,11.6,{"$f":"'Spectrum band valuation'!F9","v":14},{"$f":"'Spectrum band valuation'!G9","v":"2018-04-01"},162.4,null,153.92561669829223,154.3878557874763,158.54800759013284,{"$f":"K22","v":162.4},165.7897533206831,167.17647058823528,169.64174573055024,{"$f":"S22*(T$5/S$5)","v":184.89563567362427}]
[null,null,null,null,1900,"3G",null,5,{"$f":"'Spectrum band valuation'!F10","v":0},{"$f":"'Spectrum band valuation'!G10","v":"2021-04-01"},0]
[null,null,null,null,2100,"3G",null,20,{"$f":"'Spectrum band valuation'!F11","v":10.5},{"$f":"'Spectrum band valuation'!G11","v":"2021-04-01"},210,null,{"$f":"N24*(M$5/N$5)","v":190.54495912806544},191.1171662125341,196.26702997275208,201.03542234332429,205.2316076294278,{"$f":"S24*(R$5/S$5)","v":206.9482288828338},{"$f":"K24","v":210},{"$f":"S24*(T$5/S$5)","v":228.88283378746596}]
[null,null,null,null,2300,"4G",null,40,{"$f":"'Spectrum band valuation'!F12","v":5.4},{"$f":"'Spectrum band valuation'!G12","v":"2021-04-01"},216,null,195.9891008174387,196.57765667574932,201.87465940054497,206.77929155313353,211.09536784741144,{"$f":"S25*(R$5/S$5)","v":212.86103542234332},{"$f":"K25","v":216},{"$f":"S25*(T$5/S$5)","v":235.4223433242507}]
[null,null,null,null,2500,"Unpaired- Restricted Frequency",null,25,{"$f":"'Spectrum band valuation'!F13","v":0},{"$f":"'Spectrum band valuation'!G13","v":"n/a"},0]
[null,null,null,null,3400,"5G",null,40,{"$f":"'Spectrum band valuation'!F15","v":7.9},{"$f":"'Spectrum band valuation'!G15","v":"2021-04-01"},316,null,{"$f":"N27*(M$5/N$5)","v":286.72479564032699},287.58583106267031,295.33514986376025,302.51044504995463,308.82470481380562,311.40781108083559,{"$f":"K27","v":316},{"$f":"S27*(T$5/S$5)","v":344.41416893732975}]
[null,null,null,null,"3600-3800","5G",null,40,{"$f":"'Spectrum band valuation'!F16","v":4.2},{"$f":"'Spectrum band valuation'!G16","v":"2021-04-01"},168,null,152.43596730245233,152.89373297002726,157.01362397820165,160.82833787465941,164.18528610354224,165.55858310626704,{"$f":"K28","v":168},{"$f":"S28*(T$5/S$5)","v":183.10626702997277}]
[null,null,null,null,null,null,null,{"$f":"SUM(H19:H28)","v":256.39999999999998},null,null,{"$f":"SUM(K19:K28)","v":2755.6},null,{"$f":"SUM(M19:M28)","v":2533.6363943766842},{"$f":"SUM(N19:N28)","v":2541.2449120775145},2609.7215713849928,2673.1258855585834,2728.9216820313427,2751.7472351338356,2792.3259962049333,{"$f":"SUM(T19:T28)","v":3043.4070803323525}]
[null,null,null,null,null,null,"Ex 5G and unpaired",{"$f":"H29-H28-H27-H26-H23-H19","v":126.39999999999998},null,null,{"$f":"K29-K28-K27-K26-K23-K19","v":1989.6},null,{"$f":"SUM(M20:M22)+M24+M25","v":1838.6009720333595},1844.1222962737002,1893.8142144367637,1939.8252497729336,1980.3149608687631,1996.8789335897845,2026.3259962049333,2208.5296961361673]
[]
[null,null,null,"Three",700,"5G",null,20,{"$f":"'Spectrum band valuation'!F4","v":14.1},{"$f":"'Spectrum band valuation'!G4","v":"2021-04-01"},{"$f":"H32*I32","v":282},null,{"$f":"N32*(M$5/N$5)","v":255.874659400545},256.6430517711172,263.55858310626706,269.96185286103542,275.59673024523158,277.90190735694824,{"$f":"K32","v":282},{"$f":"S32*(T$5/S$5)","v":307.35694822888286}]
[null,null,null,null,800,"4G",null,10,{"$f":"'Spectrum band valuation'!F6","v":37},{"$f":"'Spectrum band valuation'!G6","v":"2021-04-01"},370,null,335.7220708446867,336.73024523160768,345.80381471389649,354.20526793823797,361.59854677565846,364.62306993642142,{"$f":"K33","v":370},{"$f":"S33*(T$5/S$5)","v":403.26975476839243}]
[null,null,null,null,1400,"4G",null,20,{"$f":"'Spectrum band valuation'!F8","v":5.8896412491960266},"2015-04-01",117.79282498392053,null,{"$f":"K34","v":117.79282498392053},{"$f":"M34*(N$5/M$5)","v":118.14655719107945},121.33014705550973,124.27791544850072,126.87195163433279,127.93314825580956,129.81972002732377,{"$f":"S34*(T$5/S$5)","v":141.49288286356816}]
[null,null,null,null,1800,"2G",null,30,{"$f":"'Spectrum band valuation'!F9","v":14},{"$f":"'Spectrum band valuation'!G9","v":"2018-04-01"},420,null,{"$f":"N35*(M$5/N$5)","v":398.08349146110061},{"$f":"O35*(N$5/O$5)","v":399.27893738140421},{"$f":"P35*(O$5/P$5)","v":410.03795066413664},{"$f":"K35","v":420},{"$f":"P35*(Q$5/P$5)","v":428.7666034155597},{"$f":"Q35*(R$5/Q$5)","v":432.35294117647049},{"$f":"R35*(S$5/R$5)","v":438.728652751423},{"$f":"S35*(T$5/S$5)","v":478.17836812144202}]
[null,null,null,null,1900,"3G",null,5.0999999999999996,{"$f":"'Spectrum band valuation'!F10","v":0},{"$f":"'Spectrum band valuation'!G10","v":"2021-04-01"},0]
[null,null,null,null,2100,"3G",null,{"$f":"0.3+14.6+14.6","v":29.5},{"$f":"'Spectrum band valuation'!F11","v":10.5},{"$f":"'Spectrum band valuation'!G11","v":"2021-04-01"},309.75,null,{"$f":"N37*(M$5/N$5)","v":281.05381471389643},281.89782016348772,289.49386920980925,296.52724795640324,302.71662125340595,305.24863760217983,{"$f":"K37","v":309.75},{"$f":"S37*(T$5/S$5)","v":337.60217983651228}]
[null,null,null,null,3400,"5G",null,20,{"$f":"'Spectrum band valuation'!F15","v":7.9},{"$f":"'Spectrum band valuation'!G15","v":"2021-04-01"},158,null,{"$f":"N38*(M$5/N$5)","v":143.36239782016349},{"$f":"O38*(N$5/O$5)","v":143.79291553133515},{"$f":"P38*(O$5/P$5)","v":147.66757493188013},{"$f":"Q38*(P$5/Q$5)","v":151.25522252497731},{"$f":"R38*(Q$5/R$5)","v":154.41235240690281},{"$f":"S38*(R$5/S$5)","v":155.70390554041779},{"$f":"K38","v":158},{"$f":"S38*(T$5/S$5)","v":172.20708446866487}]
[null,null,null,null,3400,"5G",null,40,{"$f":"'Spectrum band valuation'!F17","v":7.56},{"$f":"'Spectrum band valuation'!G17","v":"2018-12-01"},302.39999999999998,null,{"$f":"N39*(M$5/N$5)","v":280.7598513011153},{"$f":"O39*(N$5/O$5)","v":281.60297397769523},289.19107806691454,296.21710037174722,{"$f":"K39","v":302.39999999999998},{"$f":"Q39*(R$5/Q$5)","v":304.92936802973975},{"$f":"R39*(S$5/R$5)","v":309.42602230483266},{"$f":"S39*(T$5/S$5)","v":337.24907063197026}]
[null,null,null,null,3600,"5G",null,80,{"$f":"'Spectrum band valuation'!F17","v":7.56},{"$f":"'Spectrum band valuation'!G17","v":"2018-12-01"},604.79999999999995,null,{"$f":"N40*(M$5/N$5)","v":561.51970260223061},{"$f":"O40*(N$5/O$5)","v":563.20594795539046},578.38215613382908,592.43420074349444,{"$f":"K40","v":604.79999999999995},{"$f":"Q40*(R$5/Q$5)","v":609.8587360594795},{"$f":"R40*(S$5/R$5)","v":618.85204460966531},{"$f":"S40*(T$5/S$5)","v":674.49814126394051}]
[null,null,null,null,"3925-4009","No valuation for this spectrum as currently can not be used for deployment of 5G",null,84,null,null,0]
[null,null,null,null,null,null,null,{"$f":"SUM(H32:H41)","v":338.6},null,null,{"$f":"SUM(K32:K41)","v":2564.7428249839204},null,{"$f":"SUM(M32:M41)","v":2374.1688131276587},{"$f":"SUM(N32:N41)","v":2381.2984492031173},2445.4651738822431,2504.8788078443963,2557.1628057310909,2578.5517139574667,2616.576439693245,{"$f":"SUM(T32:T41)","v":2851.8544301833731}]
[null,null,null,null,null,null,"Ex 5G and unpaired",{"$f":"H42-H41-H40-H39-H38-H32-H36","v":89.500000000000028},null,null,{"$f":"K42-K41-K40-K39-K38-K32-K36","v":1217.5428249839206},null,{"$f":"SUM(M33:M35)+M37","v":1132.6522020036043},1136.0535599675791,1166.6657816433521,1195.010431343142,1219.953723078957,1230.1577969708812,1248.2983727787469,1360.5431855899149]
[]
[null,null,null,"BT",700,"5G",null,20,{"$f":"'Spectrum band valuation'!F4","v":14.1},{"$f":"'Spectrum band valuation'!G4","v":"2021-04-01"},{"$f":"H45*I45","v":282},null,{"$f":"N45*(M$5/N$5)","v":255.874659400545},256.6430517711172,263.55858310626706,269.96185286103542,275.59673024523158,277.90190735694824,{"$f":"K45","v":282},{"$f":"S45*(T$5/S$5)","v":307.35694822888286}]
[null,null,null,null,"700 SDL","5G",null,20,{"$f":"'Spectrum band valuation'!E5","v":0.2},"2021-03-01",4,null,3.6294277929155321,3.6403269754768397,3.7384196185286109,3.8292461398728435,3.9091734786557675,3.9418710263396912,{"$f":"K46","v":4},{"$f":"S46*(T$5/S$5)","v":4.3596730245231612}]
[null,null,null,null,800,"4G","4G",10,{"$f":"'Spectrum band valuation'!F6","v":37},{"$f":"'Spectrum band valuation'!G6","v":"2021-04-01"},370,null,335.7220708446867,336.73024523160768,345.80381471389649,354.20526793823797,361.59854677565846,364.62306993642142,{"$f":"K47","v":370},{"$f":"S47*(T$5/S$5)","v":403.26975476839243}]
[null,null,null,null,1800,"2G/4G","2G/4G",90,{"$f":"'Spectrum band valuation'!F9","v":14},{"$f":"'Spectrum band valuation'!G9","v":"2018-04-01"},1260,null,{"$f":"N48*(M$5/N$5)","v":1194.2504743833019},{"$f":"O48*(N$5/O$5)","v":1197.8368121442127},{"$f":"P48*(O$5/P$5)","v":1230.11385199241},{"$f":"K48","v":1260},{"$f":"P48*(Q$5/P$5)","v":1286.2998102466793},{"$f":"Q48*(R$5/Q$5)","v":1297.0588235294117},{"$f":"R48*(S$5/R$5)","v":1316.1859582542693},{"$f":"S48*(T$5/S$5)","v":1434.5351043643263}]
[null,null,null,null,1900,"3G","not referenced",10,{"$f":"'Spectrum band valuation'!F10","v":0},{"$f":"'Spectrum band valuation'!G10","v":"2021-04-01"},0]
[null,null,null,null,2100,"3G/4G","4G/5G",40,{"$f":"'Spectrum band valuation'!F11","v":10.5},{"$f":"'Spectrum band valuation'!G11","v":"2021-04-01"},420,null,{"$f":"N50*(M$5/N$5)","v":381.08991825613089},382.2343324250682,392.53405994550417,402.07084468664857,410.4632152588556,{"$f":"S50*(R$5/S$5)","v":413.89645776566761},{"$f":"K50","v":420},{"$f":"S50*(T$5/S$5)","v":457.76566757493191}]
[null,null,null,null,2600,"4G","4G/5G",{"$f":"30+70","v":100},{"$f":"'Spectrum band valuation'!F14","v":6.2},{"$f":"'Spectrum band valuation'!G14","v":"2021-04-01"},620,null,562.56130790190741,564.25068119891012,579.45504087193467,593.53315168029064,605.92188919164391,{"$f":"S51*(R$5/S$5)","v":610.99000908265214},{"$f":"K51","v":620},{"$f":"S51*(T$5/S$5)","v":675.74931880109}]
[null,null,null,null,3400,"5G","5G",40,{"$f":"'Spectrum band valuation'!F15","v":7.9},{"$f":"'Spectrum band valuation'!G15","v":"2021-04-01"},316,null,{"$f":"N52*(M$5/N$5)","v":286.72479564032699},287.58583106267031,295.33514986376025,302.51044504995463,308.82470481380562,{"$f":"S52*(R$5/S$5)","v":311.40781108083559},{"$f":"K52","v":316},{"$f":"S52*(T$5/S$5)","v":344.41416893732975}]
[null,null,null,null,"3600-3800","5G",null,40,{"$f":"'Spectrum band valuation'!F16","v":4.2},{"$f":"'Spectrum band valuation'!G16","v":"2021-04-01"},168,null,152.43596730245233,152.89373297002726,157.01362397820165,160.82833787465941,164.18528610354224,{"$f":"S53*(R$5/S$5)","v":165.55858310626704},{"$f":"K53","v":168},{"$f":"S53*(T$5/S$5)","v":183.10626702997277}]
[null,null,null,null,null,null,null,{"$f":"SUM(H45:H53)","v":370},null,null,{"$f":"SUM(K45:K53)","v":3440},null,{"$f":"SUM(M45:M53)","v":3172.2886215222675},3181.8150137790908,3267.552544090503,3346.9391462306999,3416.7993561140725,3445.3785328845433,3496.1859582542693,3810.5569027294487]
[null,null,null,null,null,null,"Ex 5G and unpaired",{"$f":"H54-H53-H52-H45-H49-H46","v":240},null,null,{"$f":"K54-K53-K52-K45-K49-K46","v":2670},null,{"$f":"SUM(M47:M51)","v":2473.6237713860269},2481.0520709997986,2547.9067675237457,2609.8092643051773,2664.2834614728372,2686.5683603141529,2726.1859582542693,2971.3198455087404]
[]
[null,null,null,"Sources"]
[]
[null,null,null,"Spectrum holdings","Mobile and Wireless Broadband below 5 GHz - Ofcom",null,null,"Frequency Allocations Mobile and Broadband below 5 GHz (December 2020) (ofcom.org.uk)"]

{"sheet":"Outputs>>>","index":9,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"ROCE calculations inc 5G","index":10,"n_rows":58,"n_cols":47,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
["ROCE calculations"]
[]
[null,null,null,null,"Vodafone",null,null,null,null,null,null,"Telefonica",null,null,null,null,null,null,"Three",null,null,null,null,null,null,"EE",null,null,null,null,null,null,null,"Total",null,null,null,null,null,null,"Simple average"]
[null,null,null,null,"2017-03-01","2018-03-01","2019-03-01","2020-03-01","2021-03-01","2022-03-01",null,"2016-12-01","2017-12-01","2018-12-01","2019-12-01","2020-12-01","2021-12-01",null,"2016-12-01","2017-12-01","2018-12-01","2019-12-01","2020-12-01","2021-12-01",null,"2017-03-01","2018-03-01","2019-03-01","2020-03-01","2021-03-01","2022-03-01","Notes"]
[null,null,null,null,2016,2017,2018,2019,2020,2021,null,2016,2017,2018,2019,2020,2021,null,2016,2017,2018,2019,2020,2021,null,2016,2017,2018,2019,2020,2021,null,null,2016,2017,2018,2019,2020,2021,null,2016,2017,2018,2019,2020,2021]
[]
[null,null,null,"Revenue",{"$f":"Profitability!B6","v":5843.9},{"$f":"Profitability!C6","v":6253.6},{"$f":"Profitability!D6","v":5512.9},{"$f":"Profitability!E6","v":5657.6},{"$f":"Profitability!F6","v":5384},{"$f":"Profitability!G6","v":5543.2},null,{"$f":"Profitability!B15","v":5603},{"$f":"Profitability!C15","v":5729},{"$f":"Profitability!D15","v":6007},{"$f":"Profitability!E15","v":6235},{"$f":"Profitability!F15","v":5962},{"$f":"Profitability!G15","v":5485},null,{"$f":"Profitability!B23","v":2203},{"$f":"Profitability!C23","v":2357},{"$f":"Profitability!D23","v":2379},{"$f":"Profitability!E23","v":2327},{"$f":"Profitability!F23","v":2220.3530000000001},{"$f":"Profitability!G23","v":2311.3960000000002},null,{"$f":"Profitability!B32","v":6392.8},{"$f":"Profitability!C32","v":6747},{"$f":"Profitability!D32","v":7149},{"$f":"Profitability!E32","v":7264},{"$f":"Profitability!F32","v":6971},{"$f":"Profitability!G32","v":6856},null,null,{"$f":"E7+L7+S7+Z7","v":20042.7},21086.6,21047.9,21483.599999999999,20537.352999999999,20195.596000000001,null,{"$f":"AVERAGE(E7,L7,S7,Z7)","v":5010.6750000000002},5271.65,5261.9750000000004,5370.9,5134.3382499999998,5048.8990000000003]
[]
[null,null,null,"Capex (excl spectrum)",{"$f":"'Assets and Capex'!B31","v":805.2},{"$f":"'Assets and Capex'!C31","v":792.2},{"$f":"'Assets and Capex'!D31","v":766},{"$f":"'Assets and Capex'!E31","v":683.3},{"$f":"'Assets and Capex'!F31","v":729.80000000000007},{"$f":"'Assets and Capex'!G31","v":725.40000000000009},null,{"$f":"'Assets and Capex'!B71","v":778},{"$f":"'Assets and Capex'!C71","v":704},{"$f":"'Assets and Capex'!D71","v":1129},{"$f":"'Assets and Capex'!E71","v":803},{"$f":"'Assets and Capex'!F71","v":822},{"$f":"'Assets and Capex'!G71","v":1429},null,{"$f":"'Assets and Capex'!B107","v":350},{"$f":"'Assets and Capex'!C107","v":450.75300000000004},{"$f":"'Assets and Capex'!D107","v":464.197},{"$f":"'Assets and Capex'!E107","v":439.61699999999996},{"$f":"'Assets and Capex'!F107","v":762.40699999999993},{"$f":"'Assets and Capex'!G107","v":642.66300000000001},null,{"$f":"'Assets and Capex'!B147","v":873},{"$f":"'Assets and Capex'!C147","v":700},{"$f":"'Assets and Capex'!D147","v":613},{"$f":"'Assets and Capex'!E147","v":557},{"$f":"'Assets and Capex'!F147","v":681},{"$f":"'Assets and Capex'!G147","v":809},null,null,{"$f":"E9+L9+S9+Z9","v":2806.2},2646.953,2972.1970000000001,2482.9169999999999,2995.2070000000003,3606.0630000000001,null,{"$f":"AVERAGE(E9,L9,S9,Z9)","v":701.55},661.73824999999999,743.04925000000003,620.72924999999998,748.80175000000008,901.51575000000003]
[null,null,null,"Spectrum capex",{"$f":"'Assets and Capex'!B27","v":0},{"$f":"'Assets and Capex'!C27","v":0},{"$f":"'Assets and Capex'!D27","v":359.2},{"$f":"'Assets and Capex'!E27","v":0},{"$f":"'Assets and Capex'!F27","v":0},{"$f":"'Assets and Capex'!G27","v":201},null,{"$f":"'Assets and Capex'!B67","v":0},{"$f":"'Assets and Capex'!C67","v":0},{"$f":"'Assets and Capex'!D67","v":206},{"$f":"'Assets and Capex'!E67","v":318},{"$f":"'Assets and Capex'!F67","v":84},{"$f":"'Assets and Capex'!G67","v":448},null,{"$f":"'Assets and Capex'!B103","v":1},{"$f":"'Assets and Capex'!C103","v":2},{"$f":"'Assets and Capex'!D103","v":167.79400000000001},{"$f":"'Assets and Capex'!E103","v":0},{"$f":"'Assets and Capex'!F103","v":0},{"$f":"'Assets and Capex'!G103","v":280.02499999999998},null,{"$f":"'Assets and Capex'!B143","v":0},{"$f":"'Assets and Capex'!C143","v":0},{"$f":"'Assets and Capex'!D143","v":304},{"$f":"'Assets and Capex'!E143","v":202},{"$f":"'Assets and Capex'!F143","v":-19},{"$f":"'Assets and Capex'!G143","v":479},null,null,1,2,1036.9940000000001,520,65,1408.0250000000001,null,0.25,0.5,259.24850000000004,130,16.25,352.00625000000002]
[null,null,null,"Operating profit",{"$f":"Profitability!B7","v":-669.2},{"$f":"Profitability!C7","v":-340.7},{"$f":"Profitability!D7","v":-676.8},{"$f":"Profitability!E7","v":-351.5},{"$f":"Profitability!F7","v":186.8},{"$f":"Profitability!G7","v":-317.7},null,{"$f":"Profitability!B16","v":562},{"$f":"Profitability!C16","v":573},{"$f":"Profitability!D16","v":784},{"$f":"Profitability!E16","v":824},{"$f":"Profitability!F16","v":792},{"$f":"Profitability!G16","v":768},null,{"$f":"Profitability!B24","v":308.09100000000001},{"$f":"Profitability!C24","v":362.40300000000002},{"$f":"Profitability!D24","v":78.341999999999999},{"$f":"Profitability!E24","v":360.31900000000002},{"$f":"Profitability!F24","v":175.733},{"$f":"Profitability!G24","v":1125.165},null,{"$f":"Profitability!B33","v":633.59999999999991},{"$f":"Profitability!C33","v":1292},{"$f":"Profitability!D33","v":1455},{"$f":"Profitability!E33","v":1661},{"$f":"Profitability!F33","v":1402},{"$f":"Profitability!G33","v":1589},null,null,834.49099999999987,1886.703,1640.5419999999999,2493.819,2556.5329999999999,3164.4650000000001,null,208.62274999999997,471.67574999999999,410.13549999999998,623.45474999999999,639.13324999999998,791.11625000000004]
[null,null,null,"Exceptional charges",{"$f":"Profitability!B9","v":-37.5},{"$f":"Profitability!C9","v":-4},{"$f":"Profitability!D9","v":-114.9},{"$f":"Profitability!E9","v":-6.1},{"$f":"Profitability!F9","v":534.19999999999993},{"$f":"Profitability!G9","v":-137},null,null,null,null,null,null,null,null,{"$f":"Profitability!B26","v":0},{"$f":"Profitability!C26","v":0},{"$f":"Profitability!D26","v":-315.99299999999999},{"$f":"Profitability!E26","v":131.85499999999999},{"$f":"Profitability!F26","v":0},{"$f":"Profitability!G26","v":1078.2},null,null,null,null,null,null,null,null,null,-37.5,-4,-430.89300000000003,125.755,534.19999999999993,941.2,null,-18.75,-2,-215.44650000000001,62.877499999999998,267.09999999999997,470.6]
[null,null,null,"Amortisation of spectrum ",{"$f":"Profitability!B10","v":391.9},{"$f":"Profitability!C10","v":391.9},{"$f":"Profitability!D10","v":402.1},{"$f":"Profitability!E10","v":410.3},{"$f":"Profitability!F10","v":433.3},{"$f":"Profitability!G10","v":334.9},null,{"$f":"Profitability!B18","v":145},{"$f":"Profitability!C18","v":145},{"$f":"Profitability!D18","v":152},{"$f":"Profitability!E18","v":158},{"$f":"Profitability!F18","v":171},{"$f":"Profitability!G18","v":193},null,{"$f":"Profitability!B27","v":0},{"$f":"Profitability!C27","v":0},{"$f":"Profitability!D27","v":0},{"$f":"Profitability!E27","v":0},{"$f":"Profitability!F27","v":0},{"$f":"Profitability!G27","v":0},null,{"$f":"Profitability!B35","v":368},{"$f":"Profitability!C35","v":104},{"$f":"Profitability!D35","v":104},{"$f":"Profitability!E35","v":129},{"$f":"Profitability!F35","v":134},{"$f":"Profitability!G35","v":150},null,null,904.9,640.9,658.1,697.3,738.3,677.9,null,226.22499999999999,160.22499999999999,164.52500000000001,174.32499999999999,184.57499999999999,169.47499999999999]
[]
[null,null,null,"Operating profit excluding amortisation ",{"$f":"E11+E13","v":-277.30000000000007},51.199999999999989,-274.69999999999993,58.800000000000011,620.1,17.199999999999989,null,{"$f":"L11+L13","v":707},718,936,982,963,961,null,{"$f":"S11+S13","v":308.09100000000001},362.40300000000002,78.341999999999999,360.31900000000002,175.733,1125.165,null,{"$f":"Z11+Z13","v":1001.5999999999999},1396,1559,1790,1536,1739,null,null,{"$f":"E15+L15+S15+Z15","v":1739.3909999999998},2527.6030000000001,2298.6419999999998,3191.1189999999997,3294.8329999999996,3842.3649999999998,null,{"$f":"AVERAGE(E15,L15,S15,Z15)","v":434.84774999999996},631.90075000000002,574.66049999999996,797.77974999999992,823.70824999999991,960.59124999999995]
[]
[null,null,null,"Tangible assets",{"$f":"'Assets and Capex'!B14","v":3232.1},{"$f":"'Assets and Capex'!C14","v":3148.7},{"$f":"'Assets and Capex'!D14","v":3040.7},{"$f":"'Assets and Capex'!E14","v":3965.2999999999997},{"$f":"'Assets and Capex'!F14","v":3969},{"$f":"'Assets and Capex'!G14","v":3711.4},null,{"$f":"'Assets and Capex'!B50","v":2472},{"$f":"'Assets and Capex'!C50","v":2541},{"$f":"'Assets and Capex'!D50","v":2678},{"$f":"'Assets and Capex'!E50","v":3440},{"$f":"'Assets and Capex'!F50","v":3412},{"$f":"'Assets and Capex'!G50","v":3842},null,{"$f":"'Assets and Capex'!B92","v":1542.47},{"$f":"'Assets and Capex'!C92","v":1640.6489999999999},{"$f":"'Assets and Capex'!D92","v":1768.88},{"$f":"'Assets and Capex'!E92","v":2378.0429999999997},{"$f":"'Assets and Capex'!F92","v":2434.4490000000001},{"$f":"'Assets and Capex'!G92","v":2552.9259999999999},null,{"$f":"'Assets and Capex'!B126","v":2486},{"$f":"'Assets and Capex'!C126","v":2695},{"$f":"'Assets and Capex'!D126","v":2856},{"$f":"'Assets and Capex'!E126","v":4149},{"$f":"'Assets and Capex'!F126","v":3993},{"$f":"'Assets and Capex'!G126","v":3905},null,null,{"$f":"E17+L17+S17+Z17","v":9732.57},10025.349,10343.58,13932.342999999999,13808.449000000001,14011.325999999999,null,{"$f":"AVERAGE(E17,L17,S17,Z17)","v":2433.1424999999999},2506.33725,2585.895,3483.0857499999997,3452.1122500000001,3502.8314999999998]
[null,null,null,"Other assets",{"$f":"'Assets and Capex'!B8","v":430.5},{"$f":"'Assets and Capex'!C8","v":437.4},{"$f":"'Assets and Capex'!D8","v":430},{"$f":"'Assets and Capex'!E8","v":419.2},{"$f":"'Assets and Capex'!F8","v":431.2},{"$f":"'Assets and Capex'!G8","v":489.8},null,{"$f":"'Assets and Capex'!B45+'Assets and Capex'!B46+'Assets and Capex'!B51","v":511},{"$f":"'Assets and Capex'!C45+'Assets and Capex'!C46+'Assets and Capex'!C51","v":570},{"$f":"'Assets and Capex'!D45+'Assets and Capex'!D46+'Assets and Capex'!D51","v":771},{"$f":"'Assets and Capex'!E45+'Assets and Capex'!E46+'Assets and Capex'!E51","v":564},{"$f":"'Assets and Capex'!F45+'Assets and Capex'!F46+'Assets and Capex'!F51","v":440},{"$f":"'Assets and Capex'!G45+'Assets and Capex'!G46+'Assets and Capex'!G51","v":682},null,{"$f":"'Assets and Capex'!B84+'Assets and Capex'!B85+'Assets and Capex'!B86","v":215.69800000000001},{"$f":"'Assets and Capex'!C84+'Assets and Capex'!C85+'Assets and Capex'!C86","v":229.864},{"$f":"'Assets and Capex'!D84+'Assets and Capex'!D85+'Assets and Capex'!D86","v":219.66399999999999},{"$f":"'Assets and Capex'!E84+'Assets and Capex'!E85+'Assets and Capex'!E86","v":261.971},{"$f":"'Assets and Capex'!F84+'Assets and Capex'!F85+'Assets and Capex'!F86","v":515.26700000000005},{"$f":"'Assets and Capex'!G84+'Assets and Capex'!G85+'Assets and Capex'!G86","v":675.46699999999998},null,{"$f":"'Assets and Capex'!B119+'Assets and Capex'!B120+'Assets and Capex'!B130+'Assets and Capex'!B131+'Assets and Capex'!B132","v":399},{"$f":"'Assets and Capex'!C119+'Assets and Capex'!C120+'Assets and Capex'!C130+'Assets and Capex'!C131+'Assets and Capex'!C132","v":440},{"$f":"'Assets and Capex'!D119+'Assets and Capex'!D120+'Assets and Capex'!D130+'Assets and Capex'!D131+'Assets and Capex'!D132","v":783},{"$f":"'Assets and Capex'!E119+'Assets and Capex'!E120+'Assets and Capex'!E130+'Assets and Capex'!E131+'Assets and Capex'!E132","v":802},{"$f":"'Assets and Capex'!F119+'Assets and Capex'!F120+'Assets and Capex'!F130+'Assets and Capex'!F131+'Assets and Capex'!F132","v":888},{"$f":"'Assets and Capex'!G119+'Assets and Capex'!G120+'Assets and Capex'!G130+'Assets and Capex'!G131+'Assets and Capex'!G132","v":990},null,null,1556.1980000000001,1677.2639999999999,2203.6639999999998,2047.171,2274.4670000000001,2837.2669999999998,null,389.04950000000002,419.31599999999997,550.91599999999994,511.79275000000001,568.61675000000002,709.31674999999996]
[null,null,null,"Spectrum",{"$f":"'Assets and Capex'!B7","v":2438.9},{"$f":"'Assets and Capex'!C7","v":2047},{"$f":"'Assets and Capex'!D7","v":2004.1},{"$f":"'Assets and Capex'!E7","v":1589.2},{"$f":"'Assets and Capex'!F7","v":1155.9000000000001},{"$f":"'Assets and Capex'!G7","v":1022},null,{"$f":"'Assets and Capex'!B44","v":1075},{"$f":"'Assets and Capex'!C44","v":930},{"$f":"'Assets and Capex'!D44","v":984},{"$f":"'Assets and Capex'!E44","v":1144},{"$f":"'Assets and Capex'!F44","v":1057},{"$f":"'Assets and Capex'!G44","v":1311},null,{"$f":"'Assets and Capex'!B83","v":2980.248},{"$f":"'Assets and Capex'!C83","v":2982.248},{"$f":"'Assets and Capex'!D83","v":3150.0419999999999},{"$f":"'Assets and Capex'!E83","v":3150.0419999999999},{"$f":"'Assets and Capex'!F83","v":3150},{"$f":"'Assets and Capex'!G83","v":3430.067},null,{"$f":"'Assets and Capex'!B118","v":1875},{"$f":"'Assets and Capex'!C118","v":1771},{"$f":"'Assets and Capex'!D118","v":1971},{"$f":"'Assets and Capex'!E118","v":2044},{"$f":"'Assets and Capex'!F118","v":1892},{"$f":"'Assets and Capex'!G118","v":2221},null,null,8369.148000000001,7730.2479999999996,8109.1419999999998,7927.2420000000002,7254.9,7984.067,null,2092.2870000000003,1932.5619999999999,2027.2855,1981.8105,1813.7249999999999,1996.01675]
[null,null,null,"Goodwill",{"$f":"'Assets and Capex'!B6","v":360},{"$f":"'Assets and Capex'!C6","v":360},{"$f":"'Assets and Capex'!D6","v":360},{"$f":"'Assets and Capex'!E6","v":360},{"$f":"'Assets and Capex'!F6","v":309.60000000000002},{"$f":"'Assets and Capex'!G6","v":309.60000000000002},null,{"$f":"'Assets and Capex'!B43","v":2377},{"$f":"'Assets and Capex'!C43","v":2377},{"$f":"'Assets and Capex'!D43","v":2377},{"$f":"'Assets and Capex'!E43","v":2377},{"$f":"'Assets and Capex'!F43","v":2377},{"$f":"'Assets and Capex'!G43","v":0},null,null,null,null,null,null,null,null,6430,{"$f":"Z20","v":6430},{"$f":"AA20","v":6430},{"$f":"AB20","v":6430},{"$f":"AC20","v":6430},{"$f":"AD20","v":6430},"Taken from BT annual report - total goodwill on EE purchase from 2016",null,9167,9167,9167,9167,9116.6,6739.6,null,3055.6666666666665,3055.6666666666665,3055.6666666666665,3055.6666666666665,3038.8666666666668,2246.5333333333333]
[]
[null,null,null,"Current value of spectrum (inc 5G)",null,null,null,null,null,{"$f":"'Spectrum valuation'!T16","v":3108.3877016155398},null,null,null,null,null,null,{"$f":"'Spectrum valuation'!T29","v":3043.4070803323525},null,null,null,null,null,null,{"$f":"'Spectrum valuation'!T42","v":2851.8544301833731},null,null,null,null,null,null,{"$f":"'Spectrum valuation'!T54","v":3810.5569027294487},null,null,null,null,null,null,null,{"$f":"J22+Q22+X22+AE22","v":12814.206114860714},null,null,null,null,null,null,{"$f":"AVERAGE(J22,Q22,X22,AE22)","v":3203.5515287151784}]
[]
["Various inputs for the capital employed"]
["Spectrum values all excluding 5G"]
[null,null,null,"Fixed assets",null,null,null,{"$f":"H17+H18","v":4384.5},4400.2,4201.2,null,null,null,null,{"$f":"O17+O18","v":4004},3852,4524,null,null,null,null,{"$f":"V17+V18","v":2640.0139999999997},2949.7160000000003,3228.393,null,null,null,null,{"$f":"AC17+AC18","v":4951},4881,4895,null,null,null,null,null,{"$f":"H26+O26+V26+AC26","v":15979.513999999999},16082.916000000001,16848.593000000001,null,null,null,null,{"$f":"AVERAGE(H26,O26,V26,AC26)","v":3994.8784999999998},4020.7290000000003,4212.1482500000002]
[null,null,null,"Spectrum: net book value inc 5G",null,null,null,{"$f":"'Assets and Capex'!E37","v":1589.2},{"$f":"'Assets and Capex'!F37","v":1155.9000000000001},{"$f":"'Assets and Capex'!G37","v":1022},null,null,null,null,{"$f":"'Assets and Capex'!E77","v":1144},{"$f":"'Assets and Capex'!F77","v":1057},{"$f":"'Assets and Capex'!G77","v":1311},null,null,null,null,{"$f":"'Assets and Capex'!E113","v":3150.0419999999999},{"$f":"'Assets and Capex'!F113","v":3150},{"$f":"'Assets and Capex'!G113","v":3430.067},null,null,null,null,{"$f":"'Assets and Capex'!E153","v":2044},{"$f":"'Assets and Capex'!F153","v":1892},{"$f":"'Assets and Capex'!G153","v":2221},null,null,null,null,null,7927.2420000000002,7254.9,7984.067,null,null,null,null,1981.8105,1813.7249999999999,1996.01675]
[null,null,null,"Spectrum: current value no amortisation",null,null,null,{"$f":"J22","v":3108.3877016155398},{"$f":"H28","v":3108.3877016155398},{"$f":"I28","v":3108.3877016155398},null,null,null,null,{"$f":"Q22","v":3043.4070803323525},{"$f":"O28","v":3043.4070803323525},{"$f":"P28","v":3043.4070803323525},null,null,null,null,{"$f":"X22","v":2851.8544301833731},{"$f":"V28","v":2851.8544301833731},{"$f":"W28","v":2851.8544301833731},null,null,null,null,{"$f":"AE22","v":3810.5569027294487},{"$f":"AC28","v":3810.5569027294487},{"$f":"AD28","v":3810.5569027294487},null,null,null,null,null,12814.206114860714,12814.206114860714,12814.206114860714,null,null,null,null,3203.5515287151784,3203.5515287151784,3203.5515287151784]
[null,null,null,"Goodwill",null,null,null,{"$f":"H20","v":360},309.60000000000002,309.60000000000002,null,null,null,null,{"$f":"O20","v":2377},2377,0,null,null,null,null,{"$f":"V20","v":0},0,0,null,null,null,null,{"$f":"AC20","v":6430},6430,6430,null,null,null,null,null,9167,9116.6,6739.6,null,null,null,null,2291.75,2279.15,1684.9]
[]
["ROCE calculations - Capital employed is based on average "]
[]
[null,null,null,"Accounting ROCE, adj for exceptionals",null,null,null,{"$f":"(H11-H12)/(AVERAGE(G26:H26)+AVERAGE(G27:H27)+AVERAGE(G29:H29))","v":-5.4533684891927309E-2},{"$f":"(I11-I12)/(AVERAGE(H26:I26)+AVERAGE(H27:I27)+AVERAGE(H29:I29))","v":-5.695362066986899E-2},{"$f":"(J11-J12)/(AVERAGE(I26:J26)+AVERAGE(I27:J27)+AVERAGE(I29:J29))","v":-3.170592621836206E-2},null,null,null,null,{"$f":"(O11-O12)/(AVERAGE(N26:O26)+AVERAGE(N27:O27)+AVERAGE(N29:O29))","v":0.10950166112956811},{"$f":"(P11-P12)/(AVERAGE(O26:P26)+AVERAGE(O27:P27)+AVERAGE(O29:P29))","v":0.10694753899129025},{"$f":"(Q11-Q12)/(AVERAGE(P26:Q26)+AVERAGE(P27:Q27)+AVERAGE(P29:Q29))","v":0.11706424815181769},null,null,null,null,{"$f":"(V11-V12)/(AVERAGE(U26:V26)+AVERAGE(U27:V27)+AVERAGE(U29:V29))","v":3.9457994879496854E-2},{"$f":"(W11-W12)/(AVERAGE(V26:W26)+AVERAGE(V27:W27)+AVERAGE(V29:W29))","v":2.9560364992701291E-2},{"$f":"(X11-X12)/(AVERAGE(W26:X26)+AVERAGE(W27:X27)+AVERAGE(W29:X29))","v":7.362337688396824E-3},null,null,null,null,{"$f":"(AC11-AC12)/(AVERAGE(AB26:AC26)+AVERAGE(AB27:AC27)+AVERAGE(AB29:AC29))","v":0.12372439478584731},{"$f":"(AD11-AD12)/(AVERAGE(AC26:AD26)+AVERAGE(AC27:AD27)+AVERAGE(AC29:AD29))","v":0.10530268889890342},{"$f":"(AE11-AE12)/(AVERAGE(AD26:AE26)+AVERAGE(AD27:AE27)+AVERAGE(AD29:AE29))","v":0.1188081797450372},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(H33,O33,V33,AC33)","v":5.4537591475746244E-2},4.6214243053256492E-2,5.2882209841722413E-2,{"$f":"AVERAGE(AR33:AT33)","v":5.121134812357505E-2}]
[null,null,null,"Accounting ROCE, adj for exceptionals and excluding goodwill",null,null,null,{"$f":"(H11-H12)/(AVERAGE(G26:H26)+AVERAGE(G27:H27))","v":-5.7820111488692101E-2},{"$f":"(I11-I12)/(AVERAGE(H26:I26)+AVERAGE(H27:I27))","v":-6.0261236101233309E-2},{"$f":"(J11-J12)/(AVERAGE(I26:J26)+AVERAGE(I27:J27))","v":-3.3527223474622656E-2},null,null,null,null,{"$f":"(O11-O12)/(AVERAGE(N26:O26)+AVERAGE(N27:O27))","v":0.16006216006216006},{"$f":"(P11-P12)/(AVERAGE(O26:P26)+AVERAGE(O27:P27))","v":0.15750223724768816},{"$f":"(Q11-Q12)/(AVERAGE(P26:Q26)+AVERAGE(P27:Q27))","v":0.14296351451973194},null,null,null,null,{"$f":"(V11-V12)/(AVERAGE(U26:V26)+AVERAGE(U27:V27))","v":3.9457994879496854E-2},{"$f":"(W11-W12)/(AVERAGE(V26:W26)+AVERAGE(V27:W27))","v":2.9560364992701291E-2},{"$f":"(X11-X12)/(AVERAGE(W26:X26)+AVERAGE(W27:X27))","v":7.362337688396824E-3},null,null,null,null,{"$f":"(AC11-AC12)/(AVERAGE(AB26:AC26)+AVERAGE(AB27:AC27))","v":0.23745532523230878},{"$f":"(AD11-AD12)/(AVERAGE(AC26:AD26)+AVERAGE(AC27:AD27))","v":0.20366066240557815},{"$f":"(AE11-AE12)/(AVERAGE(AD26:AE26)+AVERAGE(AD27:AE27))","v":0.2288141694866441},null,null,null,null,null,null,null,null,null,null,null,null,9.4788842171318402E-2,8.2615507136183569E-2,8.6403199555037558E-2,{"$f":"AVERAGE(AR34:AT34)","v":8.793584962084651E-2}]
[]
[null,null,null,"Economic ROCE",null,null,null,{"$f":"(H15-H12)/(AVERAGE(G26:H26)+AVERAGE(G28:H28))","v":8.6615471343587502E-3},{"$f":"(I15-I12)/(AVERAGE(H26:I26)+AVERAGE(H28:I28))","v":1.1452206891796601E-2},{"$f":"(J15-J12)/(AVERAGE(I26:J26)+AVERAGE(I28:J28))","v":2.0812278948510347E-2},null,null,null,null,{"$f":"(O15-O12)/(AVERAGE(N26:O26)+AVERAGE(N28:O28))","v":0.13934202874991145},{"$f":"(P15-P12)/(AVERAGE(O26:P26)+AVERAGE(O28:P28))","v":0.13813567173789115},{"$f":"(Q15-Q12)/(AVERAGE(P26:Q26)+AVERAGE(P28:Q28))","v":0.1328925324386292},null,null,null,null,{"$f":"(V15-V12)/(AVERAGE(U26:V26)+AVERAGE(U28:V28))","v":4.1600413940064411E-2},{"$f":"(W15-W12)/(AVERAGE(V26:W26)+AVERAGE(V28:W28))","v":3.1121255832307786E-2},{"$f":"(X15-X12)/(AVERAGE(W26:X26)+AVERAGE(W28:X28))","v":7.9053559904595748E-3},null,null,null,null,{"$f":"(AC15-AC12)/(AVERAGE(AB26:AC26)+AVERAGE(AB28:AC28))","v":0.20430158930342271},{"$f":"(AD15-AD12)/(AVERAGE(AC26:AD26)+AVERAGE(AC28:AD28))","v":0.17601443697909971},{"$f":"(AE15-AE12)/(AVERAGE(AD26:AE26)+AVERAGE(AD28:AE28))","v":0.19991821855580821},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(H36,O36,V36,AC36)","v":9.8476394781939328E-2},{"$f":"AVERAGE(I36,P36,W36,AD36)","v":8.9180892860273808E-2},{"$f":"AVERAGE(J36,Q36,X36,AE36)","v":9.0382096483351826E-2},{"$f":"AVERAGE(AR36:AT36)","v":9.2679794708521654E-2}]
[]
["ROCE summaries"]
[]
[null,null,null,"Accounting ROCE, adj for exceptionals",null,null,null,2019,2020,2021]
[null,null,null,"EE",null,null,null,{"$f":"AC33","v":0.12372439478584731},{"$f":"AD33","v":0.10530268889890342},{"$f":"AE33","v":0.1188081797450372}]
[null,null,null,"Virgin Media O2",null,null,null,{"$f":"O33","v":0.10950166112956811},{"$f":"P33","v":0.10694753899129025},{"$f":"Q33","v":0.11706424815181769}]
[null,null,null,"Vodafone",null,null,null,{"$f":"H33","v":-5.4533684891927309E-2},{"$f":"I33","v":-5.695362066986899E-2},{"$f":"J33","v":-3.170592621836206E-2}]
[null,null,null,"Three",null,null,null,{"$f":"V33","v":3.9457994879496854E-2},{"$f":"W33","v":2.9560364992701291E-2},{"$f":"X33","v":7.362337688396824E-3}]
[null,null,null,"Simple average",null,null,null,{"$f":"AR33","v":5.4537591475746244E-2},{"$f":"AS33","v":4.6214243053256492E-2},{"$f":"AT33","v":5.2882209841722413E-2},{"$f":"AVERAGE(H45:J45)","v":5.121134812357505E-2}]
[null,null,null,"WACC - MCT",null,null,null,9.0999999999999998E-2,9.0999999999999998E-2,7.8E-2]
[]
[null,null,null,"Accounting ROCE, adj for exceptionals and excluding goodwill"]
[null,null,null,"Simple average",null,null,null,{"$f":"AR34","v":9.4788842171318402E-2},{"$f":"AS34","v":8.2615507136183569E-2},{"$f":"AT34","v":8.6403199555037558E-2}]
[]
[]
[null,null,null,"Economic ROCE",null,null,null,2019,2020,2021]
[null,null,null,"EE",null,null,null,{"$f":"AC36","v":0.20430158930342271},{"$f":"AD36","v":0.17601443697909971},{"$f":"AE36","v":0.19991821855580821}]
[null,null,null,"Virgin Media O2",null,null,null,{"$f":"O36","v":0.13934202874991145},{"$f":"P36","v":0.13813567173789115},{"$f":"Q36","v":0.1328925324386292}]
[null,null,null,"Vodafone",null,null,null,{"$f":"H36","v":8.6615471343587502E-3},{"$f":"I36","v":1.1452206891796601E-2},{"$f":"J36","v":2.0812278948510347E-2}]
[null,null,null,"Three",null,null,null,{"$f":"V36","v":4.1600413940064411E-2},{"$f":"W36","v":3.1121255832307786E-2},{"$f":"X36","v":7.9053559904595748E-3}]
[null,null,null,"Simple average",null,null,null,{"$f":"AR36","v":9.8476394781939328E-2},{"$f":"AS36","v":8.9180892860273808E-2},{"$f":"AT36","v":9.0382096483351826E-2},{"$f":"AVERAGE(H57:J57)","v":9.2679794708521654E-2}]
[null,null,null,"Cost of capital, MCT",null,null,null,9.0999999999999998E-2,9.0999999999999998E-2,7.8E-2,{"$f":"AVERAGE(H58:J58)","v":8.666666666666667E-2}]