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Input Assumptions and
Returns Analysis |
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Key Structural
Parameters: |
|
|
|
Costs & Sales
Assumptions |
Real GBP mln |
GBP per sq.m |
Start Month |
End Month |
Price
Index, % pa |
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|
Start Date = Land /
Rights Acquisition Date |
|
01/07/14 |
|
Acquisition Costs |
|
80.0 |
533.3 |
1 |
1 |
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Model's Step is |
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|
Month |
|
Planning & Consent
Costs |
7.5 |
50.0 |
2 |
3 |
3.0% |
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Currency is |
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|
GBP |
|
Construction Costs |
180.0 |
1 200.0 |
4 |
12 |
3.0% |
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|
Currency measured in |
mln |
|
1 000 000 |
|
Sales |
|
336.0 |
2 800.0 |
13 |
19 |
3.0% |
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Area is measured in |
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sq.m |
|
Funding & Returns: |
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Nominal GBP mln |
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|
Project Gross Area is |
|
|
150 000 |
|
Corporate Tax Rate, % |
30% |
Equity Funding Required,
GBP mln |
108.6 |
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Project Net Area is |
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|
120 000 |
|
Debt Loan-to-Value
Ratio, % |
60% |
Debt Funding Provided,
GBP mln |
173.7 |
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Net to Gross Ratio is |
|
|
80% |
|
Debt Rate, % per annum |
12% |
Equity Return, % per
annum |
39.6% |
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Break-even achieved in
17 Months |
|
Payback achieved in 19
Months |
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Cash Flow Graph, GBP mln |
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Timeline and Named
Variables |
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|
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 |
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|
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 |
|
|
|
|
|
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|
|
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|
|
|
Currency |
|
|
FX |
|
GBP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Tax Rate |
|
|
CTR |
|
30.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Currency Scale |
|
|
Scale |
|
1 000 000 |
|
|
|
|
|
|
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|
|
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|
|
|
|
Currency Units |
|
|
X |
|
mln |
|
|
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|
|
|
|
|
Area measurements |
|
|
Area |
|
sq.m |
|
|
|
|
|
|
|
|
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|
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 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
49.6 |
49.7 |
49.8 |
49.9 |
50.0 |
50.2 |
50.3 |
- |
|
|
Price Index |
|
|
% pa |
|
3.0% |
0.2% |
0.5% |
0.7% |
1.0% |
1.2% |
1.5% |
1.7% |
2.0% |
2.2% |
2.5% |
2.7% |
3.0% |
3.2% |
3.5% |
3.7% |
4.0% |
4.2% |
4.5% |
4.7% |
5.0% |
|
|
Investment Cost |
|
|
GBP mln |
|
(267.5) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(38.5) |
(38.5) |
(38.6) |
(38.7) |
(38.8) |
(38.9) |
(39.0) |
- |
|
|
EBIT |
|
|
GBP mln |
|
68.5 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
11.1 |
11.1 |
11.2 |
11.2 |
11.2 |
11.2 |
11.3 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
3.0% |
0.2% |
0.5% |
0.7% |
1.0% |
1.2% |
1.5% |
1.7% |
2.0% |
2.2% |
2.5% |
2.7% |
3.0% |
3.2% |
3.5% |
3.7% |
4.0% |
4.2% |
4.5% |
4.7% |
5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Costs |
|
|
GBP mln |
|
180.0 |
- |
- |
- |
20.2 |
20.3 |
20.3 |
20.4 |
20.4 |
20.5 |
20.5 |
20.6 |
20.6 |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Price Index |
|
|
% pa |
|
3.0% |
0.2% |
0.5% |
0.7% |
1.0% |
1.2% |
1.5% |
1.7% |
2.0% |
2.2% |
2.5% |
2.7% |
3.0% |
3.2% |
3.5% |
3.7% |
4.0% |
4.2% |
4.5% |
4.7% |
5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
(20.2)
|
(20.3)
|
(20.3)
|
(20.4)
|
(20.4)
|
(20.5)
|
(20.5)
|
(20.6)
|
(20.6)
|
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Cash from Sales |
|
|
GBP mln |
|
336.0 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
49.6 |
49.7 |
49.8 |
49.9 |
50.0 |
50.2 |
50.3 |
- |
|
|
Corporate Tax |
|
|
GBP mln |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2.5)
|
(3.1)
|
(3.3)
|
(3.4)
|
(3.4)
|
(3.4)
|
- |
|
|
FCF before
financing |
|
|
GBP mln |
|
|
(80.0)
|
(3.8)
|
(3.8)
|
(20.2)
|
(20.3)
|
(20.3)
|
(20.4)
|
(20.4)
|
(20.5)
|
(20.5)
|
(20.6)
|
(20.6)
|
49.6 |
47.2 |
46.7 |
46.7 |
46.7 |
46.8 |
46.9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt BoP |
|
|
GBP mln |
|
|
48.0 |
48.5 |
51.2 |
54.0 |
66.7 |
79.5 |
92.5 |
105.6 |
118.9 |
132.3 |
146.0 |
159.8 |
173.7 |
125.9 |
79.9 |
34.0 |
- |
- |
- |
- |
|
|
Borrowings |
|
|
GBP mln |
|
|
- |
2.3 |
2.3 |
12.1 |
12.2 |
12.2 |
12.2 |
12.2 |
12.3 |
12.3 |
12.3 |
12.4 |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Accrued Interest |
|
|
GBP mln |
|
|
0.5 |
0.5 |
0.5 |
0.5 |
0.7 |
0.8 |
0.9 |
1.1 |
1.2 |
1.3 |
1.5 |
1.6 |
1.7 |
1.3 |
0.8 |
0.3 |
- |
- |
- |
- |
|
|
Repayments |
|
|
GBP mln |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(49.6)
|
(47.2)
|
(46.7)
|
(34.4)
|
- |
- |
- |
- |
|
|
Debt EoP |
|
|
GBP mln |
|
|
48.5 |
51.2 |
54.0 |
66.7 |
79.5 |
92.5 |
105.6 |
118.9 |
132.3 |
146.0 |
159.8 |
173.7 |
125.9 |
79.9 |
34.0 |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (Contribution) / Payouts |
|
GBP mln |
|
|
(32.0)
|
(1.5)
|
(1.5)
|
(8.1)
|
(8.1)
|
(8.1)
|
(8.1)
|
(8.2)
|
(8.2)
|
(8.2)
|
(8.2)
|
(8.2)
|
- |
- |
- |
12.3 |
46.7 |
46.8 |
46.9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
11.1 |
11.1 |
11.2 |
11.2 |
11.2 |
11.2 |
11.3 |
- |
|
|
Interest |
|
|
GBP mln |
|
|
(0.5)
|
(0.5)
|
(0.5)
|
(0.5)
|
(0.7)
|
(0.8)
|
(0.9)
|
(1.1)
|
(1.2)
|
(1.3)
|
(1.5)
|
(1.6)
|
(1.7)
|
(1.3)
|
(0.8)
|
(0.3)
|
- |
- |
- |
- |
|
|
EBT |
|
|
GBP mln |
|
|
(0.5)
|
(0.5)
|
(0.5)
|
(0.5)
|
(0.7)
|
(0.8)
|
(0.9)
|
(1.1)
|
(1.2)
|
(1.3)
|
(1.5)
|
(1.6)
|
9.4 |
9.9 |
10.4 |
10.8 |
11.2 |
11.2 |
11.3 |
- |
|
|
Corporate Tax Rate |
|
|
% pa |
|
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
30.0% |
|
|
Corporate Tax - Actual
Cash Payments |
|
GBP mln |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2.5)
|
(3.1)
|
(3.3)
|
(3.4)
|
(3.4)
|
(3.4)
|
- |
|
|
Book Value for Corporate
Tax |
|
GBP mln |
|
|
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
(2.8)
|
(3.0)
|
(3.1)
|
(3.3)
|
(3.4)
|
(3.4)
|
(3.4)
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Tax Shield -
BoP |
|
GBP mln |
|
|
- |
0.1 |
0.3 |
0.4 |
0.6 |
0.8 |
1.0 |
1.3 |
1.6 |
2.0 |
2.4 |
2.8 |
3.3 |
0.5 |
- |
- |
- |
- |
- |
- |
|
|
Tax Shield Created |
|
|
GBP mln |
|
|
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
0.3 |
0.4 |
0.4 |
0.4 |
0.5 |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Tax Shield Used |
|
|
GBP mln |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2.8)
|
(0.5)
|
- |
- |
- |
- |
- |
- |
|
|
Accumulated Tax Shield -
EoP |
|
GBP mln |
|
|
0.1 |
0.3 |
0.4 |
0.6 |
0.8 |
1.0 |
1.3 |
1.6 |
2.0 |
2.4 |
2.8 |
3.3 |
0.5 |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
(32)
|
(2)
|
(2)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
- |
- |
- |
12 |
47 |
47 |
47 |
- |
|
|
Cumulative Cash Flow to
Equity |
|
GBP mln |
|
|
(32)
|
(34)
|
(35)
|
(43)
|
(51)
|
(59)
|
(68)
|
(76)
|
(84)
|
(92)
|
(100)
|
(109)
|
(109)
|
(109)
|
(109)
|
(96)
|
(50)
|
(3)
|
44 |
44 |
|
|
Peak Funding |
|
|
GBP mln |
|
(109)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payback |
|
|
Months |
|
19
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1 |
1 |
|
|
Break-even |
|
|
Months |
|
17
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1 |
1 |
1 |
1 |
- |
|
|
Profit |
|
|
GBP mln |
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity IRR |
|
|
% pa |
|
39.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
>> End of Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|