Aquarius 3: pre-audit version

Aquarius 3: pre-audit version - letter to RDs

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LETTER TO BE SENT TO NAMED RDs

16 December 2003

Dear

AQUARIUS 3 – PRE-AUDIT VERSION

The Aquarius 3 financial model has been improved since the draft business plan in preparation for use in the final business plan.

We will be issuing the final version of Aquarius 3 on 15 January 2004 at the same time as the final business plan ICS. In response to requests from companies to have early sight of the revised financial model we are issuing the version that we are sending to RSM Robson Rhodes for auditing today.

The pre-audit version of Aquarius 3 is available on the website http://www.ofwat.gov.uk/aptrix/ofwat/publish.nsf/Content/aquarius3_5.1

Changes since service pack 6

Details of the changes we have made since service pack 6 was issued are included in the release note. In summary the changes to the model are:

Improvements to the database;

Increased alignment of inputs with the ICS (working copy of tables are already on the website) http://www.ofwat.gov.uk/aptrix/ofwat/publish.nsf/Content/businessplan04_draft281103

Increased alignment of Aquarius 3 outputs to ICS;

Corrections to minor errors found during use for the draft business plans; and

Tax calculations.

If you have any problems using the pre-audit version of the software please contact us on aquarius3@ofwat.gsi.gov.uk

Guide to inputs

We have produced a colour coded guide to the source of the inputs. This is an excel file (contained in a ZIP file) that can be used to combine the data that will be exported from the business plan ICS, core data and the remaining inputs required. The colouring also indicates the years in which each item should be populated. Instructions for using this file have been prepared. The instructions and the excel file are on the website with this letter.

Core historic data

In June and July we sent you details of the core data required to populate the Aquarius 3 financial model. This was drawn from your previous June Returns and from our determination of price limits. Consequently we expected to see no changes in this data in your Aquarius 3 datasets.

Our validation checks revealed a number of differences in the returned Aquarius 3 datasets. We still do not understand many of these differences. We will reconfirm our view of the core data early in the new year.

If you disagree with any of the data please notify me or Tracey Anderson (0121 625 1311) so that we can sort out any problems well in advance of April 2004. If the dataset returned with the final business plan contain changes to the core data that are not fully explained and justified in your commentary then we will reinstate the expected data when making our determination.

Yours sincerely

DAWN HARRISON
Head of Financial Modelling

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