APPENDIX 3
Supplementary memorandum submitted by
Royal Armouries International PLC (PAC 00-01/177) (continued)
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT
WITH DELAYED CLARENCE DOCK BENEFITS
| 2008
| 2009 | 2010
| 2011 | 2012
|
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 2,667,157 | 2,733,836
| 2,802,182 | 2,872,236
| 2,944,042 |
| 437,890 | 448,837
| 460,058 | 471,559
| 483,348 |
| -2,391,837 | -2,450,483
| -2,510,595 | -2,572,210
| -2,635,366 |
| 713,209 | 732,190
| 751,644 | 771,586
| 792,025 |
| -12,938,298 | -12,922,734
| -12,887,351 | -12,830,606
| -12,750,859 |
| -697,646 | -696,807
| -694,899 | -691,839
| -687,539 |
| 713,209 | 732,190
| 751,644 | 771,586
| 792,025 |
| -12,922,734 | -12,887,351
| -12,830,606 | -12,750,859
| -12,646,373 |
BANK OF SCOTLAND ORIGINAL FINANCIAL PROJECTION—BASE
CASE
| 2013 | 2014
| 2015 | 2016
| 2017 |
| Forecast | Forecast
| Forecast | Forecast
| Forecast |
| 0.00% | 0.00%
| 0.00% | 0.00%
| 0.00% |
| 2.50% | 2.50%
| 2.50% | 2.50%
| 2.50% |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 2,962,903 | 3,036,975
| 3,112,900 | 3,190,722
| 3,270,490 |
| 561,634 | 575,675
| 590,067 | 604,819
| 619,939 |
| -2,622,764 | -2,687,183
| -2,753,212 | -2,820,892
| -2,890,265 |
| 901,774 | 925,468
| 949,755 | 974,649
| 1,000,165 |
| -9,524,689 | -9,136,496
| -8,703,677 | -8,223,233
| -7,691,990 |
| -513,581 | -492,649
| -469,311 | -443,405
| -414,760 |
| 901,774 | 925,468
| 949,755 | 974,649
| 1,000,165 |
| -9,136,496 | -8,703,677
| -8,223,233 | -7,691,990
| -7,106,585 |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2013 | 2014
| 2015 | 2016
| 2017 |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 3,017,643 | 3,093,084
| 3,170,412 | 3,249,672
| 3,330,914 |
| 495,432 | 507,818
| 520,513 | 533,526
| 546,864 |
| -2,700,100 | -2,766,452
| -2,834,464 | -2,904,175
| -2,975,630 |
| 812,976 | 834,450
| 856,461 | 879,023
| 902,149 |
| -12,646,373 | -12,515,302
| -12,355,690 | -12,165,459
| -11,942,410 |
| -681,905 | -674,838
| -666,231 | -655,974
| -643,947 |
| 812,976 | 834,450
| 856,461 | 879,023
| 902,149 |
| -12,515,302 | -12,355,690
| -12,165,459 | -11,942,410
| -11,684,208 |
BANK OF SCOTLAND ORIGINAL FINANCIAL PROJECTION—BASE
CASE
| 2018 | 2019
| 2020 | 2021
| 2022 |
| Forecast | Forecast
| Forecast | Forecast
| Forecast |
| 0.00% | 0.00%
| 0.00% | 0.00%
| 0.00% |
| 2.50% | 2.50%
| 2.50% | 2.50%
| 2.50% |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 3,352,252 | 3,436,059
| 3,521,960 | 3,610,009
| 3,700,259 |
| 635,438 | 651,324
| 667,607 | 684,297
| 701,404 |
| -2,961,371 | -3,034,256
| -3,108,962 | -3,185,536
| -3,264,025 |
| 1,026,319 | 1,053,127
| 1,080,605 | 1,108,770
| 1,137,639 |
| -7,106,585 | -6,463,460
| -5,758,849 | -4,988,767
| -4,148,996 |
| -383,194 | -348,516
| -310,523 | -268,999
| -223,718 |
| 1,026,319 | 1,053,127
| 1,080,605 | 1,108,770
| 1,137,639 |
| -6,463,460 | -5,758,849
| -4,988,767 | -4,148,996
| -3,235,075 |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2018 | 2019
| 2020 | 2021
| 2022 |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 3,414,187 | 3,499,541
| 3,587,030 | 3,676,705
| 3,768,623 |
| 560,536 | 574,549
| 588,913 | 603,636
| 618,727 |
| -3,048,870 | -3,123,942
| -3,200,891 | -3,279,763
| -3,360,607 |
| 925,852 | 950,149
| 975,052 | 1,000,579
| 1,026,743 |
| -11,684,208 | -11,388,380
| -11,052,304 | -10,673,203
| -10,248,134 |
| -630,024 | -614,073
| -595,951 | -575,510
| -552,590 |
| 925,852 | 950,149
| 975,052 | 1,000,579
| 1,026,743 |
| -11,388,380 | -11,052,304
| -10,673,203 | -10,248,134
| -9,773,981 |
BANK OF SCOTLAND ORIGINAL FINANCIAL PROJECTION—BASE
CASE
| 2023 | 2024
| 2025 | 2026
| 2027 |
| Forecast | Forecast
| Forecast | Forecast
| Forecast |
| 0.00% | 0.00%
| 0.00% | 0.00%
| 0.00% |
| 2.50% | 2.50%
| 2.50% | 2.50%
| 2.50% |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 3,792,766 | 3,887,585
| 3,984,775 | 4,084,394
| 4,186,504 |
| 718,940 | 736,913
| 755,336 | 774,219
| 793,575 |
| -3,344,475 | -3,426,937
| -3,511,460 | -3,598,097
| -3,686,899 |
| 1,167,230 | 1,197,561
| 1,228,650 | 1,260,516
| 1,293,179 |
| -3,235,075 | -2,242,283
| -1,165,628 | 171
| 1,260,696 |
| -174,438 | -120,906
| -62,852 | 9
| 67,978 |
| 1,167,230 | 1,197,561
| 1,228,650 | 1,260,516
| 1,293,179 |
| -2,242,283 | -1,165,628
| 171 | 1,260,696
| 2,621,854 |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2023 | 2024
| 2025 | 2026
| 2027 |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 3,862,839 | 3,959,410
| 4,058,395 | 4,159,855
| 4,263,851 |
| 634,195 | 650,050
| 666,301 | 682,959
| 700,033 |
| -3,443,472 | -3,528,409
| -3,615,469 | -3,704,706
| -3,796,173 |
| 1,053,562 | 1,081,051
| 1,109,227 | 1,138,108
| 1,167,710 |
| -9,773,981 | -9,247,442
| -8,665,023 | -8,023,022
| -7,317,524 |
| -527,023 | -498,631
| -467,227 | -432,609
| -394,568 |
| 1,053,562 | 1,081,051
| 1,109,227 | 1,138,108
| 1,167,710 |
| -9,247,442 | -8,665,023
| -8,023,022 | -7,317,524
| -6,544,382 |
BANK OF SCOTLAND ORIGINAL FINANCIAL PROJECTION—BASE
CASE
| 2028 | 2029
| 2030 | 2031
| 2032 |
| Forecast | Forecast
| Forecast | Forecast
| Forecast |
| 0.00% | 0.00%
| 0.00% | 0.00%
| 0.00% |
| 2.50% | 2.50%
| 2.50% | 2.50%
| 2.50% |
| 263,000 | 263,000
| 263,000 | 263,000
| |
| 4,291,167 | 4,398,446
| 4,508,407 | 4,621,117
| |
| 813,414 | 833,749
| 854,593 | 875,958
| |
| -3,777,922 | -3,871,220
| -3,966,850 | -4,064,872
| |
| 1,326,659 | 1,360,975
| 1,396,150 | 1,432,203
| |
| 2,621,854 | 4,089,885
| 5,671,392 | 7,373,348
| |
| 141,373 | 220,531
| 305,807 | 397,578
| |
| 1,326,659 | 1,360,975
| 1,396,150 | 1,432,203
| |
| 4,089,885 | 5,671,392
| 7,373,348 | 9,203,130
| |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2028 | 2029
| 2030 | 2031
| 2032 |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 4,370,447 | 4,479,709
| 4,591,701 | 4,706,494
| 4,824,156 |
| 717,534 | 735,472
| 753,859 | 772,705
| 792,023 |
| -3,889,928 | -3,986,026
| -4,084,527 | -4,185,490
| -4,288,977 |
| -1,198,053 | 1,229,154
| 1,261,033 | 1,293,709
| 1,327,202 |
| -6,544,382 | -5,699,208
| -4,777,361 | -3,773,928
| -2,683,713 |
| -352,880 | -307,307
| -257,600 | -203,494
| -144,708 |
| 1,198,053 | 1,229,154
| 1,261,033 | 1,293,709
| 1,327,202 |
| -5,699,208 | -4,777,361
| -3,773,928 | -2,683,713
| -1,501,219 |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2033 | 2034
| 2035 | 2036
| 2037 |
| Forecast | Forecast
| Forecast | Forecast
| Forecast |
| 0.00% | 0.00%
| 0.00% | 0.00%
| 0.00% |
| 2.50% | 2.50%
| 2.50% | 2.50%
| 2.50% |
| 263,000 | 263,000
| 263,000 | 263,000
| 263,000 |
| 4,944,760 | 5,068,379
| 5,195,089 | 5,324,966
| 5,458,090 |
| 811,823 | 832,119
| 852,922 | 874,245
| 896,101 |
| -4,395,051 | -4,503,778
| -4,615,222 | -4,729,453
| -4,846,539 |
| 1,361,532 | 1,396,720
| 1,432,788 | 1,469,758
| 1,507,652 |
| -1,501,219 | -220,634
| 1,164,189 | 2,659,751
| 4,272,926 |
| -80,947 | -11,897
| 62,774 | 143,416
| 230,400 |
| 1,361,532 | 1,396,720
| 1,432,788 | 1,469,758
| 1,507,652 |
| -220,634 | 1,164,189
| 2,659,751 | 4,272,926
| 6,010,978 |
ORIGINAL PROJECTIONS WITH KPMG FIGURES BUT WITH DELAYED
CLARENCE DOCK BENEFITS
| 2038 | 2039
|
| Forecast | Forecast
|
| 0.00% | 0.00%
|
| 2.50% | 2.50%
|
| 263,000 | 263,000
|
| 5,594,542 | 5,734,406
|
| 918,504 | 941,466
|
| -4,966,553 | -5,089,566
|
| 1,546,493 | 1,586,306
|
| 6,010,978 | 7,881,589
|
| 324,118 | 424,983
|
| 1,546,493 | 1,586,306
|
| 7,881,589 | 9,892,878
|
VISITOR NUMBERS LEVEL OFF AT 350,000 WITH DELAYED CLARENCE
DOCK BENEFITS
| | 2000
| 2001 | 2002
|
| Visitor numbers per DCMS | 190,000
| 210,000 | 230,000
|
| Museum related turnover | 1,977,600
| 2,101,455 | 2,209,044
|
| Clarence Dock revenues | 0
| 0 | 0
|
| Costs | -1,837,296
| -1,946,671 | -1,941,463
|
| Free cash generated | 140,304
| 154,784 | 267,582
|
| Debt profile |
| |
|
| Opening debt | -13,822,000
| -14,426,992 | -11,750,126
|
| Interest at 5.3921% | -745,296
| -777,918 | -633,579
|
| Free cash repaid | 140,304
| 3,454,784 | 267,582
|
| Closing debt | -14,426,992
| -11,750,126 | -12,116,123
|
Loan repaid by 20**, prefs by 20**.
Visitors rise to 350,000 by 2008
Clarence Dock Benefits commence late 2004.
RA 20 per cent royalty payable from 2031.
VISITOR NUMBERS LEVEL OFF AT 400,000 WITH ALL FREE ADMISSIONS
WITH DELAYED CLARENCE DOCK BENEFITS
| | 2000
| 2001 | 2002
|
| Visitor numbers per DCMS | 190,000
| 210,000 | 250,000
|
| Museum related turnover | 1,977,600
| 2,101,455 | 2,264,097
|
| Clarence Dock revenues | 0
| 0 | 0
|
| Costs | -1,837,296
| -1,946,671 | -1,954,070
|
| Free cash generated | 140,304
| 154,784 | 310,027
|
| Debt profile |
| |
|
| Opening debt | -13,822,000
| -14,426,992 | -11,750,126
|
| Interest at 5.3921% | -745,296
| -777,918 | -633,579
|
| Free cash repaid | 140,304
| 3,454,784 | 310,027
|
| Closing debt | -14,426,992
| -11,750,126 | -12,073,678
|
Loan repaid by 20**, prefs by 20**.
Visitors rise to 400,000 by 2006 with full free entry.
Clarence Dock Benefits commence late 2004.
RA 20 per cent royalty payable from 2026.
|
