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

 | Stansted - CAA Allowance |  |  |  |  |  |  |  |  |  |  | Stansted - Outturn
 | Regulatory Accounts | Q4 |  |  | Q4+1 | Q5 |  |  |  |  |  | Regulatory Accounts | Q4 |  |  | Q4+1 | Q5
 | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (4)
 | Terminal Pax | 22237 | 21100 | 22300 |  |  |  |  |  |  |  | Terminal Pax | 22237 | 23845 | 23541 | 21635 | 19758 | 18308 | 17847
 | Net Revenue from Airport Charges | 72.5 | 100.7 | 113.5 |  |  |  |  |  |  |  | Net Revenue from Airport Charges | 72.5 | 80.7 | 138.3 | 141.1 | 132.9 | 121.6 | 127.6
 | Other Revenue | 103.1 | 121.8 | 132.9 |  |  |  |  |  |  |  | Other Revenue | 103.1 | 108.2 | 112.1 | 107.7 | 103.2 | 97.5 | 100.4
 | Total Revenue | 175.6 | 222.5 | 246.4 |  |  |  |  |  |  |  | Total Revenue | 175.6 | 118.9 | 250.4 | 248.8 | 236.1 | 219.1 | 228
 | Operating Costs | 100.5 | 108.1 | 116.7 |  |  |  |  |  |  |  | Operating Costs | 100.5 | 114.7 | 141.3 | 145.2 | 132.6 | 133.4 | 141.5
 | Assumed Ordinary Depreciation | 36.4 | 40.5 | 45.9 |  |  |  |  |  |  |  | Assumed Ordinary Depreciation | 36.4 | 40.5 | 45.9 | 41.7 | 45.5 | 46.8 | 45
 | Total Expenditure | 136.9 | 148.6 | 162.6 |  |  |  |  |  |  |  | Total Expenditure | 136.9 | 155.2 | 187.2 | 186.9 | 178.1 | 180.2 | 186.5
 | Regulatory Operating Profit (Before Exceptional) | 38.7 | 73.9 | 83.8 |  |  |  |  |  |  |  | Regulatory Operating Profit (Before Exceptional) | 38.7 | 33.7 | 63.2 | 61.9 | 58 | 38.9 | 41.5
 | Exceptional | 0 | 0 | 0 |  |  |  |  |  |  |  | Exceptional | 0 | 0 | 0 | 0 | 39 | -25.1 | 32.7
 | Regulatory Operating Profit | 38.7 | 73.9 | 83.8 |  |  |  |  |  |  |  | Regulatory Operating Profit | 38.7 | 33.7 | 63.2 | 63.2 | 19 | 64 | 8.8
 | Capital Expenditure | 65.9 | 91.7 | 99.1 |  |  |  |  |  |  |  | Capital Expenditure | 65.9 | 111.4 | 110.7 | 100.4 | 27.9 | 20.8 | 19.2
 | Opening Basic RAB | 862 | 1024.1 | 1125.7 |  |  |  |  |  |  |  | Opening Basic RAB | 862 | 912.1 | 1028.3 | 1132.9 | 1229.8 | 1293 | 1348.9
 | Closing Basic RAB | 912.1 | 1125.7 | 1222.2 |  |  |  |  |  |  |  | Closing Basic RAB | 912.1 | 1028.3 | 1132.9 | 1186.1 | 1266.5 | 1348.9 | 1359.6
 | Weighted average basic RAB | 886.6 | 1074 | 1173.1 |  |  |  |  |  |  |  | Weighted average basic RAB | 886.6 | 969.1 | 1079.7 | 1159 | 1248.2 | 1321 | 1354.2
 | Return on weighted average basic RAB (pre-exceptional) (%) | 4.4 | 6.9 | 7.1 |  |  |  |  |  |  |  | Return on weighted average basic RAB (pre-exceptional) (%) | 4.4 | 3.5 | 5.9 | 5.3 | 4.6 | 2.9 | 3.1
 | Return on weighted average basic RAB (%) | 4.4 | 6.9 | 7.1 |  |  |  |  |  |  |  | Return on weighted average basic RAB (%) | 4.4 | 3.5 | 5.9 | 5.3 | 1.5 | 4.8 | 0.6
 | Opex per pax |  |  |  |  |  |  |  |  |  |  | Opex per pax
 | Breakdown of Operating Costs - CAA Projection | Q4 |  |  | Q4+1 | Q5 |  |  |  |  |  | Breakdown of Operating Costs | Q4 |  |  | Q4+1 | Q5
 | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | £m nominal | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (4)
 | Staff Costs |  |  |  |  |  |  |  |  |  |  | Staff Costs |  |  | 54.5 | 51.2 | 47.3 | 50.4 | 57
 | Maintenance and equipment costs |  |  |  |  |  |  |  |  |  |  | Maintenance and equipment costs |  |  | 11.8 | 9.6 | 9.7 | 9.2 | 10.4
 | Rent and rates |  |  |  |  |  |  |  |  |  |  | Rent and rates |  |  | 10.8 | 11.3 | 12.3 | 13.5 | 15
 | Utility costs |  |  |  |  |  |  |  |  |  |  | Utility costs |  |  | 11.8 | 13 | 23.4 | 19.2 | 20.5
 | Police costs |  |  |  |  |  |  |  |  |  |  | Police costs |  |  | 7.2 | 7 | 6.3 | 6.7 | 6.9
 | Other costs |  |  |  |  |  |  |  |  |  |  | Other costs |  |  | 7.7 | 25.3 | 22.2 | 24.3 | 22.7
 | Intragroup costs |  |  |  |  |  |  |  |  |  |  | Intragroup costs |  |  | 28.4 | 25.9 | 12 | 10.4 | 9.2
 | Total operating costs |  |  |  |  |  |  |  |  |  |  | Total operating costs |  |  | 132.2 | 138.3 | 133.2 | 133.7 | 141.7
 | Exceptional operating costs |  |  |  |  |  |  |  |  |  |  | Exceptional operating costs |  |  | 9.1 | 6.9 | 0 | 0 | 0
 | Service Quality Rebates |  |  |  |  |  |  |  |  |  |  | Service Quality Rebates |  |  | 0 | 0 | -0.6 | -0.3 | -0.2
 | Adjusted operating costs |  |  |  |  |  |  |  |  |  |  | Adjusted operating costs |  |  | 141.3 | 145.2 | 132.6 | 133.4 | 141.5
 | Price Base Conversion to Real 2011/12 |  |  |  |  |  |  |  |  |  |  | Price Base Conversion to Real 2011/12
 | Stansted - CAA Allowance |  |  |  |  |  |  |  |  |  |  | Stansted - Outturn
 | Regulatory Accounts | Q4 |  |  | Q4+1 | Q5 |  |  |  |  |  | Regulatory Accounts | Q4 |  |  | Q4+1 | Q5
 | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (6)
 |  |  |  |  |  |  |  |  |  |  |  |  | 22237 | 23845 | 23541 | 21635 | 19758 | 18308 | 17847
 | Breakdown of Operating Costs - CAA Projection | Q4 |  |  | Q4+1 | Q5 |  |  |  |  |  | Breakdown of Operating Costs | Q4 |  |  | Q4+1 | Q5
 | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | £m 2011/12 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2012/13 | 2013/14 |  | CAGR (4)
 | 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
 | 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