Input Assumptions and Returns Analysis
                         
Key Structural Parameters: Costs & Sales Assumptions Real GBP mln GBP per sq.m Start Month End Month  Inflation, % pa   
   
Start Date = Land / Rights Acquisition Date 01/07/14 Acquisition Costs 80.0  533.3  1 1  
   
Model's Step is Month Planning & Consent Costs 7.5  50.0  2 3    
   
Currency is  GBP  Construction Costs 180.0  1 200.0  4 12    
   
Currency measured in mln              1 000 000 Sales 336.0  2 800.0  13 19    
   
Area is measured in sq.m   Funding & Returns: Nominal GBP mln  
   
Project Gross Area is 150 000  Corporate Tax Rate, %                   -   Equity Funding Required, GBP mln 267.6   
   
Project Net Area is 120 000  Debt Loan-to-Value Ratio, %                   -   Debt Funding Provided, GBP mln    
   
Net to Gross Ratio is 80% Debt Rate, % per annum                   -   Equity Return, % per annum 30.1%  
   
  Break-even achieved in 14 Months Payback achieved in 18 Months  
                         
Cash Flow Graph, GBP mln
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Timeline and Named Variables
Period Start Date     Date_BoP     01 Jul 14 01 Aug 14 01 Sep 14 01 Oct 14 01 Nov 14 01 Dec 14 01 Jan 15 01 Feb 15 01 Mar 15 01 Apr 15 01 May 15 01 Jun 15 01 Jul 15 01 Aug 15 01 Sep 15 01 Oct 15 01 Nov 15 01 Dec 15 01 Jan 16 01 Feb 16  
Period End Date Date_EoP 30 Jun 14 31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16  
     
Month Counter Month_Count 1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20   
Quarter Counter Quarter_Count 1  1  1  2  2  2  3  3  3  4  4  4  5  5  5  6  6  6  7  7   
Year Counter Year_Count 1  1  1  1  1  1  1  1  1  1  1  1  2  2  2  2  2  2  2  2   
Periods Counter Period_Count 20  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20   
Number of Periods Flag Nperiod 12    
Currency FX GBP    
Corporate Tax Rate CTR 0.0%    
Currency Scale Scale               1 000 000    
Currency Units X mln    
Area measurements     Area   sq.m                                          
Sales Schedule 31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16
 Sales      GBP mln   336.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   48.0  48.0  48.0  48.0  48.0  48.0  48.0                    -    
Price Index     % pa   0.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 Investment Cost  GBP mln (267.5)                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                (38.2)              (38.2)              (38.2)              (38.2)              (38.2)              (38.2)              (38.2)                   -    
 EBIT      GBP mln   68.5                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   9.8  9.8  9.8  9.8  9.8  9.8  9.8                    -    
Investments Schedule   31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16
 Acquisition Costs      GBP mln   80.0  80.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
     
 Planning & Consent Costs  GBP mln 7.5                    -   3.8  3.8                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Price Index     % pa   0.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
     
 Construction Costs  GBP mln 180.0                    -                     -                     -   20.0  20.0  20.0  20.0  20.0  20.0  20.0  20.0  20.0                    -                     -                     -                     -                     -                     -                     -                     -    
Price Index     % pa   0.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
                                                     
Funding Costs   31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16
 Cash from Investments      GBP mln   (267.5) (80.0) (3.8) (3.8) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0)                   -                     -                     -                     -                     -                     -                     -                     -    
 Cash from Sales  GBP mln 336.0                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   48.0  48.0  48.0  48.0  48.0  48.0  48.0                    -    
Corporate Tax     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 FCF before financing  GBP mln (80.0) (3.8) (3.8) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) 48.0  48.0  48.0  48.0  48.0  48.0  48.0                    -    
     
 Debt BoP      GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 Borrowings      GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 Accrued Interest      GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 Repayments      GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
 Debt EoP      GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
   
 Equity (Contribution) / Payouts  GBP mln (80.0) (3.8) (3.8) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) (20.0) 48.0  48.0  48.0  48.0  48.0  48.0  48.0                    -    
                                                     
Taxable Income Calculation   31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16
EBIT     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Interest     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
EBT     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Corporate Tax Rate     % pa                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Corporate Tax - Actual Cash Payments   GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Book Value for Corporate Tax   GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
                              -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Accumulated Tax Shield - BoP   GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Tax Shield Created     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Tax Shield Used     GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Accumulated Tax Shield - EoP   GBP mln                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Project Cash Flows and IRR         31 Jul 14 31 Aug 14 30 Sep 14 31 Oct 14 30 Nov 14 31 Dec 14 31 Jan 15 28 Feb 15 31 Mar 15 30 Apr 15 31 May 15 30 Jun 15 31 Jul 15 31 Aug 15 30 Sep 15 31 Oct 15 30 Nov 15 31 Dec 15 31 Jan 16 29 Feb 16
Cash Flow to Equity GBP mln (80) (4) (4) (20) (20) (20) (20) (20) (20) (20) (20) (20) 48  48  48  48  48  48  48                    -    
Cumulative Cash Flow to Equity GBP mln (80) (84) (88) (108) (128) (148) (168) (188) (208) (228) (248) (268) (220) (172) (124) (76) (28) 20  68  68   
Peak Funding GBP mln (268)    
Payback Months 18                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   1  1  1   
Break-even Months 14                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   1  1  1  1  1  1  1                    -    
Profit GBP mln 68     
Equity IRR     % pa   30.1%                                          
  >> End of Sheet