Annex Cash-flow calculations for aid to DHL
United Kingdom
Table 1
Cash-flow calculations
| Earnings before interest, taxes, depreciation and amortisation. | ||||||
| All values discounted to 2005. | ||||||
| Calculated by Germany. | ||||||
| (EUR million) | ||||||
| Cash-flow calculationsf1 | (1) | (2) | (3) | (4)=(2)-(1) | (5)=(3)-(1) | |
|---|---|---|---|---|---|---|
| Airport | Airport | Airport | Southern runway | Southern runway | ||
| Status Quo | Expansion with DHL | Expansion without DHL | with DHL | without DHL | ||
| EBITDAf2 (2006-2042) | a | […] | […] | […] | […] | […] |
| Investment costs (2006-2042) | b | […] | […] | […] | […] | […] |
| Investment costs 2005 | c | […] | […] | […] | […] | […] |
| Cash-flow 2005 | d=a+b+c | […] | […] | […] | […] | […] |
| Risk costsf3 | e | […] | […] | […] | […] | […] |
| Risk-adjusted cash-flow 2005 | f=d+e | […] | […] | […] | […] | […] |
| Correction for security and safety costs | ||||||
| Security and safety cost (operating + investment costs) | g | […] | […] | […] | […] | […] |
| Corrected cash-flow 2005 | h=f+g | […] | […] | […] | […] | […] |
- Calculation of the cash-flow for the southern runway
- Difference between cash-flow calculations of the opening and the current calculations
- Cash-flow calculations show substantial losses for southern runway
Annotations
Footnotes
- f1
-
All values discounted to 2005.
- f2
-
Earnings before interest, taxes, depreciation and amortisation.
- f3
-
Calculated by Germany.