|
|
|
Cash |
|
|
NPV at 6 per cent real |
|
NPV at 3.5 per cent real |
||||
|
Financial Year |
At contract letting £'000 |
Prior to the refinancing £'000 |
After the refinancing £'000 |
|
At contract letting £'000 |
Prior to the refinancing £'000 |
After the refinancing £'000 |
|
At contract letting £'000 |
Prior to the refinancing £'000 |
After the refinancing £'000 |
|
2001 (part year) |
9,448 |
9,990 |
9,990 |
|
7,526 |
7,521 |
7,521 |
|
8,355 |
8,349 |
8,349 |
|
2002 |
19,415 |
17,941 |
17,941 |
|
12,171 |
12,160 |
12,160 |
|
13,838 |
13,824 |
13,824 |
|
2003 |
20,093 |
18,306 |
16,779 |
|
11,483 |
11,485 |
10,582 |
|
13,370 |
13,372 |
12,321 |
|
2004 |
20,797 |
19,649 |
16,636 |
|
10,833 |
10,837 |
9,688 |
|
12,918 |
12,923 |
11,553 |
|
2005 |
21,525 |
20,091 |
17,957 |
|
10,220 |
10,224 |
9,141 |
|
12,481 |
12,486 |
11,163 |
|
2006 |
22,278 |
20,549 |
18,366 |
|
9,642 |
9,645 |
8,622 |
|
12,059 |
12,064 |
10,785 |
|
2007 |
23,058 |
21,052 |
18,814 |
|
9,096 |
9,099 |
8,134 |
|
11,652 |
11,656 |
10,420 |
|
2008 |
23,865 |
21,578 |
19,284 |
|
8,581 |
8,584 |
7,674 |
|
11,258 |
11,262 |
10,067 |
|
2009 |
24,700 |
22,118 |
19,766 |
|
8,095 |
8,098 |
7,239 |
|
10,877 |
10,881 |
9,727 |
|
2010 |
25,564 |
22,671 |
20,260 |
|
7,637 |
7,640 |
6,830 |
|
10,509 |
10,512 |
9,398 |
|
2011 |
26,459 |
23,237 |
20,767 |
|
7,205 |
7,207 |
6,443 |
|
10,154 |
10,157 |
9,080 |
|
2012 |
27,385 |
23,818 |
21,286 |
|
6,797 |
6,799 |
6,078 |
|
9,810 |
9,814 |
8,773 |
|
2013 |
28,344 |
24,414 |
21,818 |
|
6,412 |
6,414 |
5,734 |
|
9,479 |
9,482 |
8,477 |
|
2014 |
29,336 |
25,024 |
22,364 |
|
6,049 |
6,051 |
5,410 |
|
9,158 |
9,161 |
8,190 |
|
2015 |
30,363 |
25,650 |
22,923 |
|
5,707 |
5,709 |
5,104 |
|
8,848 |
8,851 |
7,913 |
|
2016 |
31,425 |
26,291 |
23,496 |
|
5,384 |
5,386 |
4,815 |
|
8,549 |
8,552 |
7,645 |
|
2017 |
32,525 |
26,948 |
24,083 |
|
5,079 |
5,081 |
4,542 |
|
8,260 |
8,263 |
7,387 |
|
2018 |
33,664 |
27,622 |
24,685 |
|
4,792 |
4,793 |
4,285 |
|
7,981 |
7,984 |
7,137 |
|
2019 |
34,842 |
28,313 |
25,302 |
|
4,520 |
4,522 |
4,042 |
|
7,711 |
7,714 |
6,896 |
|
2020 |
36,061 |
29,020 |
25,935 |
|
4,264 |
4,266 |
3,814 |
|
7,450 |
7,453 |
6,662 |
|
2021 |
37,323 |
29,746 |
26,583 |
|
4,023 |
4,025 |
3,598 |
|
7,198 |
7,200 |
6,437 |
|
2022 |
38,630 |
30,490 |
27,248 |
|
3,795 |
3,797 |
3,394 |
|
6,955 |
6,957 |
6,219 |
|
2023 |
39,982 |
31,252 |
27,929 |
|
3,581 |
3,582 |
3,202 |
|
6,719 |
6,722 |
6,009 |
|
2024 |
41,381 |
32,033 |
28,627 |
|
3,378 |
3,379 |
3,021 |
|
6,492 |
6,495 |
5,806 |
|
2025 |
42,829 |
32,834 |
29,344 |
|
3,187 |
3,188 |
2,850 |
|
6,273 |
6,275 |
5,610 |
|
2026 (part year) |
22,020 |
13,958 |
12,532 |
|
1,253 |
1,253 |
1,120 |
|
2,525 |
2,526 |
3,102 |
|
Total: Original 28 year minimum contract period |
7 43,312 |
624,595 |
560,715 |
|
170,710 |
170,745 |
155,043 |
|
240,879 |
240,935 |
218,950 |
|
2026 (part year) |
0 |
0 |
17,545 |
|
0 |
0 |
1,568 |
|
0 |
0 |
2,318 |
|
2027 |
0 |
0 |
30,829 |
|
0 |
0 |
2,536 |
|
0 |
0 |
5,237 |
|
2028 |
0 |
0 |
31,599 |
|
0 |
0 |
2,393 |
|
0 |
0 |
5,060 |
|
2029 |
0 |
0 |
32,389 |
|
0 |
0 |
2,257 |
|
0 |
0 |
4,888 |
|
2030 |
0 |
0 |
33,199 |
|
0 |
0 |
2,130 |
|
0 |
0 |
4,723 |
|
2031 |
0 |
0 |
34,029 |
|
0 |
0 |
2,009 |
|
0 |
0 |
4,563 |
|
2032 |
0 |
0 |
34,880 |
|
0 |
0 |
1,895 |
|
0 |
0 |
4,409 |
|
2033 (part year) |
0 |
0 |
14,830 |
|
0 |
0 |
745 |
|
0 |
0 |
1,775 |
|
Total further 7 years post refinancing |
0 |
0 |
2,29,300 |
|
0 |
0 |
15,533 |
|
0 |
0 |
32,973 |
|
Total: Extended 35 year minimum contract period |
743,312 |
624,595 |
790,015 |
|
170,710 |
170,745 |
170,576 |
|
240,879 |
240,935 |
251,923 |
|
Source: The Trust and Ernst & Young, the financial advisers for the refinancing |
|||||||||||
|
NOTES 1 The NPVs are discounted to 1996, the year the original deal was approved. 2 The cash and NPV figures for 2003 include the lump sum receipt in that year of £1.5 million from the refinancing 3 The cash amounts increase each year for inflation as allowed by the contract. |
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