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

 | Gatwick - CAA Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME]
 | 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 (3) |  |  | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (3)
 | Terminal Pax | 36000 | 38600 | 39700 | 35900 | 36400 | 36800 | 37200 | 37700 |  |  |  |  |  | Terminal Pax | 32845 | 34383 | 35562 | 33105 | 32397 | 31647 | 33819 | 34241
 | Net Revenue from Airport Charges | 165.2 | 183.7 | 196.7 | 250.9 | 270.7 | 275.9 | 297.7 | 323.5 |  |  |  |  |  | Net Revenue from Airport Charges | 153.4 | 163.8 | 178.3 | 234.5 | 241.6 | 241.9 | 271.3 | 282.5
 | Other Revenue | 203.7 | 223.2 | 236.7 | 222.1 | 224.9 | 237.8 | 252.2 | 261.7 |  |  |  |  |  | Other Revenue | 201.7 | 213 | 225.2 | 220.3 | 219.6 | 217.1 | 231.4 | 239.2
 | Total Revenue | 368.9 | 406.9 | 433.4 | 473 | 495.6 | 513.7 | 549.9 | 585.2 |  |  |  |  |  | Total Revenue | 355.1 | 376.8 | 403.5 | 454.8 | 461.2 | 459 | 502.7 | 521.7
 | Operating Costs | 195.8 | 211.9 | 227.7 | 284.9 | 284.9 | 299.2 | 314.8 | 322.4 |  |  |  |  |  | Operating Costs | 223.4 | 225.4 | 272.3 | 282.1 | 289.6 | 268 | 280.9 | 294.2
 | Assumed Ordinary Depreciation | 63.8 | 70.4 | 79.8 | 76.5 | 81.3 | 89.8 | 98.1 | 114.5 |  |  |  |  |  | Assumed Ordinary Depreciation | 63.8 | 70.4 | 79.8 | 76.5 | 81.3 | 89.8 | 98.1 | 114.5
 | Total Expenditure | 259.6 | 282.3 | 307.5 | 361.4 | 366.2 | 389 | 412.9 | 436.9 |  |  |  |  |  | Total Expenditure | 287.2 | 295.8 | 352.1 | 358.6 | 370.9 | 357.8 | 379 | 408.7
 | Regulatory Operating Profit (Before Exceptional) | 109.3 | 124.6 | 125.9 | 111.6 | 129.4 | 124.7 | 137 | 148.3 |  |  |  |  |  | Regulatory Operating Profit (Before Exceptional) | 67.9 | 81 | 51.4 | 96.2 | 90.3 | 101.2 | 123.7 | 113
 | Exceptional | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |  |  |  |  | Exceptional | 0 | 0 | 0 | 0 | 120 | 17 | 0 | 0
 | Regulatory Operating Profit | 109.3 | 124.6 | 125.9 | 111.6 | 129.4 | 124.7 | 137 | 148 |  |  |  |  |  | Regulatory Operating Profit | 67.9 | 81 | 51.4 | 96.2 | -29.7 | 84.2 | 123.7 | 113
 | Capital Expenditure | 110.2 | 148.4 | 177.1 | 200.6 | 257.7 | 259.7 | 167.4 | 105 |  |  |  |  |  | Capital Expenditure | 84.1 | 101 | 103.7 | 104 | 181.4 | 232.2 | 239.2 | 226.7
 | Opening Basic RAB | 1329.7 | 1408 | 1555.5 | 1559.7 | 1670.6 | 1922 | 2201.1 | 2353.1 |  |  |  |  |  | Opening Basic RAB | 1364.1 | 1416.8 | 1515.7 | 1559.7 | 1575.5 | 1744.6 | 1985.5 | 2200.9
 | Closing Basic RAB | 1408 | 1555.5 | 1559.7 | 1670.6 | 1922 | 2201.1 | 2353.1 | 2425.5 |  |  |  |  |  | Closing Basic RAB | 1416.8 | 1515.7 | 1559.7 | 1575.5 | 1744.6 | 1985.5 | 2200.9 | 2391.6
 | Weighted average basic RAB | 1368.1 | 1480.3 | 1557.6 | 1615.1 | 1796.3 | 2061.6 | 2277.1 | 2389.3 |  |  |  |  |  | Weighted average basic RAB | 1390 | 1465.3 | 1559.7 | 1567.6 | 1660.1 | 1865.2 | 2093.2 | 2296.3
 | Return on weighted average basic RAB (pre-exceptional) (%) | 8 | 8.4 | 8.1 | 6.9 | 7.2 | 6 | 6 | 6.2 |  |  |  |  |  | Return on weighted average basic RAB (pre-exceptional) (%) | 4.9 | 5.5 | 3.3 | 6.1 | 5.4 | 5.4 | 5.9 | 4.9
 | Return on weighted average basic RAB (%) | 8 | 8.4 | 8.1 | 6.9 | 7.2 | 6 | 6 | 6.2 |  |  |  |  |  | Return on weighted average basic RAB (%) | 4.9 | 5.5 | 3.3 | 6.1 | -1.8 | 4.5 | 5.9 | 4.9
 | 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 |  |  |  | 121.3 | 119.7 | 123.1 | 127.6 | 128.2 |  |  |  |  |  | Staff Costs |  |  |  | 101.3 | 113.7 | 128.5 | 140.5 | 149.1
 | Maintenance and equipment costs |  |  |  | 25.7 | 25.7 | 29.1 | 31.5 | 32.3 |  |  |  |  |  | Maintenance and equipment costs |  |  |  | 30.2 | 26.5 | 25.6 | 35.2 | 37.1
 | Rent and rates |  |  |  | 25.9 | 26.9 | 28.5 | 31.7 | 33.9 |  |  |  |  |  | Rent and rates |  |  |  | 24.8 | 25 | 22.5 | 26.8 | 28.2
 | Utility costs |  |  |  | 26.6 | 27 | 28.8 | 30.8 | 32.1 |  |  |  |  |  | Utility costs |  |  |  | 26.2 | 31.7 | 28.2 | 30.2 | 27.6
 | Police costs |  |  |  | 13.4 | 13.3 | 13.8 | 14.3 | 14.5 |  |  |  |  |  | Police costs |  |  |  | 13.8 | 13.2 | 13.3 | 12.7 | 12.2
 | Other costs |  |  |  | 36.7 | 37.7 | 39.9 | 41.7 | 43.7 |  |  |  |  |  | Other costs |  |  |  | 52.2 | 59.1 | 51.5 | 35.5 | 40
 | Intergroup costs |  |  |  | 35.3 | 34.6 | 36 | 37.2 | 37.7 |  |  |  |  |  | Intergroup costs |  |  |  | 41.3 | 23.1 | 0 | 0 | 0
 | Total operating costs |  |  |  | 284.9 | 284.9 | 299.2 | 314.8 | 322.4 |  |  |  |  |  | Total operating costs |  |  |  | 289.9 | 292.3 | 269.6 |  | 294.2
 | Exceptional operating costs |  |  |  | 0 | 0 | 0 | 0 | 0 |  |  |  |  |  | Exceptional operating costs |  |  |  | -2.1 | 0 | 0 | 0 | 0
 | Service Quality Rebates |  |  |  | 0 | 0 | 0 | 0 | 0 |  |  |  |  |  | Service Quality Rebates |  |  |  | -5.6 | -2.7 | -1.6 | 0 | 0
 | Adjusted operating costs |  |  |  |  |  |  |  | 322 |  |  |  |  |  | Adjusted operating costs |  |  |  |  |  |  | 280.9 | 294.2
 | Price Base Conversion to 2011/12 |  |  |  |  |  |  |  |  |  |  |  |  |  | Price Base Conversion to 2011/12
 | Gatwick - CAA Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME]
 | 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 (3) |  |  | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (3)
 | Terminal Pax |  |  |  |  |  |  |  |  |  |  |  |  |  | Terminal Pax | 32845 | 34383 | 35562 | 33105 | 32397 | 31647 | 33819 | 33820
 | 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
 | Return on weighted average basic RAB (pre-exceptional) (%) |  |  |  |  |  |  |  |  |  |  |  |  |  | Return on weighted average basic RAB (pre-exceptional) (%) | 4.9 | 1465.3 | 3.3 | 6.1 | 5.4 | 5.4 | 5.9 | 6.9
 | Return on weighted average basic RAB (%) |  |  |  |  |  |  |  |  |  |  |  |  |  | Return on weighted average basic RAB (%) | 4.9 | 5.5 | 3.3 | 6.1 | -1.8 | 4.5 | 5.9
 | Breakdown of Operating Costs - CAA Projections | 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
 | Other costs |  |  |  |  |  |  |  |  |  |  |  |  |  | Other costs
 | Intergroup costs |  |  |  |  |  |  |  |  |  |  |  |  |  | Intergroup 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