Division Difference between cash-flow calculations of the opening and the current calculations
United Kingdom
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While the opening decision discounted revenues and costs to 2006, the current calculations take 2005 as reference year because the decision to build the southern runway was taken in November 2004, and construction started in early 2005.
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The Commission learnt from the German submission to the opening that additional investment costs of EUR […] were incurred in 2005, which further increase the cash-flow losses. These investment costs were included.
Notes on Annex
Footnotes
- f1
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All values discounted to 2005.
- f2
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Earnings before interest, taxes, depreciation and amortisation.
- f3
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Calculated by Germany.