Client: VINCI UK Development
Sector: Property
Project: Various
CubeLynx created a template model for VINCI UK Development which is the property development arm of VINCI PLC. The model was used in the assessment and monitoring of future projects including forward funded and forward sale deals.
The model allowed schemes to be assessed on a phase by phase basis as well as consolidated, allowing the user to refine the timing parameters to optimise the scheme viability. The model allowed the user to have full insight and control in the funding parameters (peak equity, returns) which allowed proper cashflow management that could be used in their decision making process.
Client: North London Waste Authority
Sector: Renewables/Low Carbon
Project: North London Heat and Power Project
The North London Heat and Power Project is North London Waste Authority’s proposal to build an Energy Recovery Facility with associated buildings and works. It will replace the existing plant at the Edmonton EcoPark by around 2025 so it can continue to turn waste into energy – heat and power. The existing plant is expected to reach the end of its operational life around 2025. The facility will divert up to 700,000 tonnes of waste from landfill every year and create exciting job opportunities to attract local talent.
As a subcontractor to the lead financial advisor, CubeLynx provided financial modelling and project delivery support. Notable achievements include securing the maximum £100 million funding for the client from HM Treasury as part of a competitive Green Book application bid for Local Infrastructure Rate funding at Gilts plus 60bps.
Client: Ofgem
Sector: Utilities
Project: Transmission and Distribution Price Control
CubeLynx supported Ofgem on their £40 billion+ investment programme for the current RIIO2 price control covering Gas Distribution and Transmission sectors. The funding was towards green energy projects and network repairs, upgrades and maintenance.
The CubeLynx team produced the financial models that are used to regulate and set network operators revenues for a 5 year period. Other tasks included financial modelling assessment of equity returns of the companies, comparison to actual performance, financeability assessment of companies (by embedding a ratings agency simulator in the model) and sensitivity analysis on various policy drivers such as capitalisation rates and depreciation policies. CubeLynx led the finance interface with Ofgem’s cost/policy/legal teams as well as managing the external audit process.
Client: Ofcom/BT Openreach
Sector: Telecoms
Project: Wholesale Fixed Telecoms Market Review
CubeLynx audited the suite of models in Ofcom’s 2021-2026 Wholesale Fixed Telecoms Market Review which was designed to upgrade homes to more reliable full fibre broadband.
The models reviewed included Fibre cost model (estimates the costs of deploying a fibre network at different levels of scale and/or by geography), CPI-X model (top down model of costs to BT of providing services over its network, dark fibre model, Physical Infrastructure Model (cost of BT access to it’s poles and ducts) and a Regulatory Asset Base Model.
We checked that each model is functioning correctly, formulae are free from errors and use good spreadsheet practices. CubeLynx also verified each model is consistent with the description in Ofcom’s market review and associated documentation.
Client: Westminster City Council
Sector: Housing
Project: Carton Dene
Westminster City Council decided to redevelop their Maida Vale side to create a new extra care housing scheme for affordable rent and a new general needs development. CubeLynx provided financial model services to the project. We created a construction and operations financial model to assess the viability of the project and modelled the financing.
The model accounted for all the initial construction costs as well as forecasting the day-to-day operation including, estimated rental income and indicative communal costs and service charges. The team ensured that these charges are compliant with the prevailing regulations for affordable housing including ensuring eligible residents can claim Housing Benefit and other subsidies. The outputs of the model were used in WCC’s Outline Business Case supported by explanations about the viability of the project.
Client: MIND
Sector: Charities
Project: Various
CubeLynx were appointed by MIND to support in all modelling aspects across various business functions and areas.
Recently MIND changed their strategy and method of reporting to more on focus on supporting the people disproportionately affected by mental health issues. This led to them creating 4 Pillars to work towards to achieve their ambitions and identifying 3 Strategic Development Priorities where MIND needed to increase their work and support. As part of this MIND needed to restructure their reporting methods to show investors and the public how each target mentioned is being tackled and how their resources are being used. CubeLynx aided the restructuring of the charity’s statutory accounts, showing how each cost and income was being used to work with the new strategy.
CubeLynx also supported the management accounting team creating a tool to help track and use the investments MIND have been receiving. This let MIND let investor know exactly how their money is being spent to help the people disproportionately affected by mental health issues. This tool can be used for the whole strategic period, providing a summary of MIND activities over this phase.
Client: Capital and Asset Management Group
Sector: Funds
Project: Fund and Asset Modelling
Development of financial model that assessed viability (site & fund level).
Reviewed fund model and underlying asset models for a UK fund. Model combined regulatory requirements and outputs for the annual report with valuation calculations allowing for fund monitoring.