We conducted a thorough examination of the costs incurred and proceeds received by the Department throughout the process. These were used to calculate the notional internal rate of return achieved. We have analysed the publicly available financial information of the company and also the performance of the most comparable listed companies in order to evaluate QinetiQ's performance. We also analysed the cash flows of the Long Term Partnering Agreement through detailed review of the contract, financial model and the evaluation prepared by UBS Warburg.