Memorandum by Declan Gaffney and Dr Jean
Shaoul (FLU 06)
Table 5
OPERATING SURPLUS AND CAPITAL MAINTENANCE
| (£m) | Gross operating
margin before
depreciation and
renewals
| Depreciation
charge |
Renewals
(maintenance) |
Capital
maintenance
(D + R)
| Cash flows from
operating activities
excluding grants
|
| 1986-87 | 42
| 64 | 83
| 147 | n/a
|
| 1987-88 | 71
| 64 | 68
| 152 | n/a
|
| 1988-89 | 95
| 75 | 79
| 154 | n/a
|
| 1989-90 | 89
| 82 | 72
| 154 | n/a
|
| 1990-91 | 42
| 102 | 87
| 189 | -62
|
| 1991-92 | 2 |
112 | 70
| 182 | -46
|
| 1992-93 | 10
| 221 | 218
| 439 | -262
|
| 1993-94 | 21
| 189 | 159
| 348 | -138
|
| 1994-95 | 67
| 252 | 184
| 436 | -125
|
| 1995-96 | 104
| 135 | 275
| 410 | -53
|
| 1996-97 | 192
| 128 | 198
| 326 | -5
|
| 1997-98 | 210
| 133 | 191
| 324 | 65
|
| 1998-99 | 288
| 135 | 244
| 379 | 67
|
Source: London Underground annual report and accounts (various
years).
Note: Valued added = value created by LU after deducting
the cost of external goods and services, but including grant.
N/A: not available.
|
