Spreadsheet: 51fcb3d9-04d8-441a-af69-6172a9a97adb
Sheet: HAL - Reg

 | Heathrow - CAA Allowance |  |  |  |  |  |  |  |  |  |  |  |  | Heathrow - Outturn
 | Regulatory Accounts | Q4 |  |  | Q5 |  |  |  |  | Q5+1 |  |  |  | Regulatory Accounts | Q4 |  |  | Q5 |  |  |  |  | Q5+1
 | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5) |  | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5)
 | Terminal Pax |  | 70300 | 70700 | 70400 | 72500 | 74500 | 76200 | 78200 |  |  |  |  | Terminal Pax | 67421 | 67305 | 67951 | 65929 | 66133 | 66111 | 70099 | 70332
 | Net Revenue from Airport Charges | 543.6 | 603.1 | 671.7 | 927.7 | 1029.2 | 1193.5 | 1372.9 | 1558.8 |  |  |  |  | Net Revenue from Airport Charges | 532.2 | 579.6 | 639.7 | 886.8 | 955.4 | 997.5 | 1178.6 | 1295.9
 | Other Revenue | 569.6 | 595.7 | 624.7 | 720.8 | 745.8 | 805.1 | 856.3 | 908.6 |  |  |  |  | Other Revenue | 608.9 | 616.3 | 638.5 | 742.9 | 787.5 | 856.1 | 895.5 | 929.5
 | Total Revenue | 1113.2 | 198.8 | 1296.4 | 1648.5 | 1775 | 1998.6 | 2229.2 | 2467.5 |  |  |  |  | Total Revenue | 1141.1 | 1195.9 | 1278.2 | 1629.7 | 1742.9 | 1853.6 | 2074.1 | 2225.4
 | Operating Costs | 490.7 | 511.9 | 541.5 | 876 | 865.4 | 912.6 | 962.4 | 1000.2 |  |  |  |  | Operating Costs | 554.1 | 599.8 | 772.7 | 969 | 956.5 | 950.5 | 1001 | 1027.7
 | Assumed Ordinary Depreciation | 184.7 | 196.9 | 218.5 | 421.1 | 434 | 480.1 | 517.4 | 572.6 |  |  |  |  | Assumed Ordinary Depreciation | 184.7 | 196.9 | 218.5 | 421.1 | 434 | 480.1 | 517.4 | 572.6
 | Total Expenditure | 675.4 | 708.8 | 760 | 1297.1 | 1229.4 | 1392.7 | 1479.8 | 1572.8 |  |  |  |  | Total Expenditure | 738.8 | 796.7 | 991.2 | 1390.1 | 1390.5 | 1430.6 | 1518.4 | 1600.3
 | Regulatory Operating Profit (Before Exceptional) | 437.8 | 490 | 536.4 | 351.4 | 475.6 | 605.9 | 749.4 | 894.7 |  |  |  |  | Regulatory Operating Profit (Before Exceptional) | 402.3 | 399.2 | 287 | 239.6 | 352.4 | 423 | 555.7 | 625.1
 | Exceptional | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |  |  |  | Exceptional | 0 | 0 | 0 | 0 | 197.4 | -115.3 | 158.9 | 62
 | Regulatory Operating Profit | 437.8 | 490 | 536.4 |  |  |  |  | 894.7 |  |  |  |  | Regulatory Operating Profit | 402.3 | 399.2 | 287 | 239.6 | 155 |  | 396.8 | 563.1
 | Capital Expenditure | 1069 | 931.3 | 975.8 | 1099.6 | 1234.5 | 1150 | 1008.5 | 680.4 |  |  |  |  | Capital Expenditure | 1304.5 | 1051.2 | 894 | 739.9 | 804.3 | 812 | 963.5 | 1209.6
 | Opening Basic RAB | 6006.3 | 7041.2 | 8130 | 9232.6 | 10096.7 | 11539.1 | 12973.9 | 13996.3 |  |  |  |  | Opening Basic RAB | 6327.5 | 7596.6 | 8834.2 | 9232.6 | 9742.9 | 10728.5 | 11773 | 12705.3
 | Closing Basic RAB | 7041.2 | 8130 | 9776.3 | 10096.7 | 11539.1 | 12973.9 | 13996.3 | 14523.4 |  |  |  |  | Closing Basic RAB | 7596.6 | 8834.2 | 9776.3 | 9742.9 | 10728.5 | 11773 | 12705.3 | 13727.9
 | Weighted average basic RAB | 6514.1 | 7575.4 | 8937.8 | 9664.7 | 10817.9 | 12256.5 | 13485.1 | 14259.9 |  |  |  |  | Weighted average basic RAB | 6950.2 | 8203.8 | 9296.5 | 9487.8 | 10235.7 | 11250.7 | 12239.1 | 13216.6
 | Return on weighted average basic RAB (pre-exceptional) (%) | 6.7 | 6.5 | 6 | 3.6 | 4.4 | 4.9 | 5.6 | 6.3 |  |  |  |  | Return on weighted average basic RAB (pre-exceptional) (%) | 5.8 | 4.9 | 3.1 | 2.5 | 3.4 | 3.8 | 4.5 | 4.7
 | Return on weighted average basic RAB (%) | 6.7 | 6.5 | 6 | 3.6 | 4.4 | 4.9 | 5.6 | 6.3 |  |  |  |  | Return on weighted average basic RAB (%) | 5.8 | 4.9 | 3.1 | 2.5 | 1.5 | 4.8 | 3.2 | 4.3
 | Breakdown of Operating Costs - CAA Projections | Q4 |  |  | Q5 |  |  |  |  | Q5+1 |  |  |  | Breakdown of Operating Costs | Q4 |  |  | Q5 |  |  |  |  | Q5+1
 | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5) |  | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5)
 | Staff Costs |  |  |  |  |  | 253.2 | 261.5 |  | 267.4 |  |  |  | Staff Costs |  |  |  | 262 | 231.5 | 247 | 270.4 | 328.4
 | Maintenance and equipment costs |  |  |  | 72.1 | 106.4 | 111.4 | 115.3 |  | 124.1 |  |  |  | Maintenance and equipment costs |  |  |  | 116.6 | 121.3 | 105.1 | 118 | 126.9
 | Rent and rates |  |  |  | 98 | 97.7 | 103.1 | 109.3 |  | 119.4 |  |  |  | Rent and rates |  |  |  | 104.1 | 110.6 | 104.2 | 116.9 | 128.6
 | Utility costs |  |  |  | 91.3 | 92.9 | 102.4 | 110.6 |  | 122.5 |  |  |  | Utility costs |  |  |  | 83.7 | 107.9 | 92.7 | 89.4 | 86.8
 | Police costs |  |  |  | 33.1 | 35.1 | 36.4 | 38.9 |  | 39.8 |  |  |  | Police costs |  |  |  | 33.6 | 31.4 | 28.1 | 28.8 | 28.3
 | Rail costs |  |  |  | 54.2 | 55.3 | 59.1 | 63.3 |  | 67.6 |  |  |  | Rail costs |  |  |  | 52.2 | 54.3 | 57.2 | 58.9 | 59.1
 | Other costs |  |  |  | 176 | 129.9 | 139.2 | 152 |  | 145 |  |  |  | Other costs |  |  |  | 149.3 | 165.2 | 148.6 | 149.4 | 154.2
 | Intragroup costs |  |  |  | 101.6 | 103.5 | 107.8 | 111.5 |  | 114.4 |  |  |  | Intragroup costs |  |  |  | 151.4 | 137.6 | 168.3 | 172.6 | 127.1
 | Total operating costs |  |  |  | 876 | 865.4 | 912.6 | 962.4 |  | 1000.2 |  |  |  | Total operating costs |  |  |  | 952.9 | 959.8 | 951.2 | 1004.4 | 1039.5
 | Exceptional operating costs |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 |  |  |  | Exceptional operating costs |  |  |  | 25.5 | 0 | 0 | 0 | 0
 | Service Quality Rebates |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 |  |  |  | Service Quality Rebates |  |  |  | -9.4 | -3.3 | -0.7 | -3.4 | -11.8
 | Adjusted operating costs |  |  |  |  |  |  |  |  | 1000 |  |  |  | Adjusted operating costs
 | Price Base Conversion to 2011/12 |  |  |  |  |  |  |  |  |  |  |  |  | Price Base Conversion to 2011/12
 | Heathrow - CAA Allowance |  |  |  |  |  |  |  |  |  |  |  |  | Heathrow - Outturn
 | Regulatory Accounts | Q4 |  |  | Q5 |  |  |  |  | Q5+1 |  |  |  | Regulatory Accounts | Q4 |  |  | Q5 |  |  |  |  | Q5+1
 | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5) |  | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5)
 | Terminal Pax |  | 70300 | 70700 | 70400 | 72500 | 74500 | 76200 | 76201 |  |  |  |  | Terminal Pax | 67421 | 67305 | 67951 | 65929 | 66133 | 66111 | 70099 | 70100
 | Net Revenue from Airport Charges |  |  |  |  |  |  |  |  |  |  |  |  | Net Revenue from Airport Charges
 | Other Revenue |  |  |  |  |  |  |  |  |  |  |  |  | Other Revenue
 | Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  | Total Revenue
 | Operating Costs |  |  |  |  |  |  |  |  |  |  |  |  | Operating Costs
 | Assumed Ordinary Depreciation |  |  |  |  |  |  |  |  |  |  |  |  | Assumed Ordinary Depreciation
 | Total Expenditure |  |  |  |  |  |  |  |  |  |  |  |  | Total Expenditure
 | Regulatory Operating Profit (Before Exceptional) |  |  |  |  |  |  |  |  |  |  |  |  | Regulatory Operating Profit (Before Exceptional)
 | Exceptional |  |  |  |  |  |  |  |  |  |  |  |  | Exceptional
 | Regulatory Operating Profit |  |  |  |  |  |  |  |  |  |  |  |  | Regulatory Operating Profit
 | Capital Expenditure |  |  |  |  |  |  |  |  |  |  |  |  | Capital Expenditure
 | Opening Basic RAB |  |  |  |  |  |  |  |  |  |  |  |  | Opening Basic RAB
 | Closing Basic RAB |  |  |  |  |  |  |  |  |  |  |  |  | Closing Basic RAB
 | Weighted average basic RAB |  |  |  |  |  |  |  |  |  |  |  |  | Weighted average basic RAB | 6950.2 | 8203.8 | 9296.5 | 9487.8 | 10235.7 | 11250.7 | 12239.1 | 12239.1
 | Return on weighted average basic RAB (pre-exceptional) (%) | 6.7 | 6.5 | 6 | 3.6 | 4.4 | 4.9 | 5.6 | 5.6 |  |  |  |  | Return on weighted average basic RAB (pre-exceptional) (%) | 5.8 | 4.9 | 3.1 | 2.5 | 3.4 | 3.8 | 4.5 | 4.5
 | Return on weighted average basic RAB (%) | 6.7 | 6.5 | 6 | 3.6 | 4.4 | 4.9 | 5.6 | 5.6 |  |  |  |  | Return on weighted average basic RAB (%) | 5.8 | 4.9 | 3.1 | 2.5 | 1.5 | 4.8 | 3.2 | 3.2
 | Breakdown of Operating Costs - CAA Projection | Q4 |  |  | Q5 |  |  |  |  | Q5+1 |  |  |  | Breakdown of Operating Costs | Q4 |  |  | Q5 |  |  |  |  | Q5+1
 | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5) |  | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (Q5)
 | Staff Costs |  |  |  |  |  |  |  |  |  |  |  |  | Staff Costs
 | Maintenance and equipment costs |  |  |  |  |  |  |  |  |  |  |  |  | Maintenance and equipment costs
 | Rent and rates |  |  |  |  |  |  |  |  |  |  |  |  | Rent and rates
 | Utility costs |  |  |  |  |  |  |  |  |  |  |  |  | Utility costs
 | Police costs |  |  |  |  |  |  |  |  |  |  |  |  | Police costs
 | Rail costs |  |  |  |  |  |  |  |  |  |  |  |  | Rail costs
 | Other costs |  |  |  |  |  |  |  |  |  |  |  |  | Other costs
 | Intragroup costs |  |  |  |  |  |  |  |  |  |  |  |  | Intragroup costs
 | Total operating costs |  |  |  |  |  |  |  |  |  |  |  |  | Total operating costs
 | Exceptional operating costs |  |  |  |  |  |  |  |  |  |  |  |  | Exceptional operating costs
 | Service Quality Rebates |  |  |  |  |  |  |  |  |  |  |  |  | Service Quality Rebates
 | Adjusted operating costs |  |  |  |  |  |  |  |  |  |  |  |  | Adjusted operating costs
 | End