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CAP 1151 Appendix I: WACC, Calculation of a Price Cap and Financeability
February 2014 291
Figure I.2: HAL's Q6 price control in CAA’s proposed licence
£ million 2013/14 9 mo.
2014
2015 2016 2017 2018 Total
Operating costs 805 1,029 993 955 948 4,731
Depreciation 467 645 653 672 676 3,113
Cost of capital 550 738 739 735 727 3,489
Total revenue requirement 1,822 2,412 2,385 2,362 2,352 11,333
Commercial revenues (413) (574) (591) (601) (611) (2,790)
Other regulated charges (ORCs) (174) (215) (206) (205) (204) (1,004)
Other revenues (108) (139) (141) (144) (144) (675)
Net revenue requirement 1,127 1,485 1,447 1,412 1,393 6,863
Passengers (in millions) 55.4 72.0 72.7 73.4 74.2 347.7
Unprofiled yield per pax (£) 20.60 20.34 20.63 19.91 19.22 18.78 n/a
Year-on-year change -1.3% 1.4% -3.5% -3.5% -2.3% n/a
Profiled yield per pax (£) 20.60 20.40 20.13 19.86 19.46 19.10 n/a
Year-on-year change -1.0% -1.3% -1.4% -2.0% -1.8% n/
Last updated: 01 February 2014
This includes the requirements
of sections 43.9, 43.11, and 91.411/413.
Last updated: 23 August 2024
The cap is based upon the members’
pensionable earnings as at the 31 March 2013 level plus inflation.
Last updated: 21 July 2022
Concrete pad or cap.
Last updated: 29 January 2024
A full list of revisions in the second, third and fourth editions are published separately
as CAP 1616b, CAP 1616c and CAP 1616e respectively.
Last updated: 01 March 2021
The subject is then asked to put the caps back in the box in what
they perceive to be a natural colour order, starting from the one fixed reference cap,
so having to find the coloured cap that looks most like the colour of the cap already in
the box and put it next to it.
Last updated: 14 August 2006
The cap is based upon the members’
pensionable earnings as at the 31 March 2013 level plus inflation.
Last updated: 21 July 2022
It does not in any way affect or override the content of any
regulation, CAP or other document issued by the CAA.
3) Amendments
Any inaccuracies or errors found in this document should be reported to the CAA
Permissions, Approvals and Scheduling team at:
apply@caa.co.uk
4) Licensing Queries
Any pilot licensing queries should be directed to CAA Shared Services Centre at:
FCLWEB@caa.co.uk
or by phone at: 0330 022 1972, and follow instructions
5) General Information
For further information, please refer to the CAA website at:
www.caa.co.uk
mailto:apply@caa.co.uk
mailto:FCLWEB@caa.co.uk
http://www.caa.co.uk/
Approved Training Organisations Doc. 31, V217
31 May 2026 Page 3 of 86
OFFICIAL - Public.
Last updated: 29 May 2026
In order to further mitigate the increase
in the defined benefit liabilities the CAA has introduced a cap on the growth
of future pensionable earnings.
Last updated: 10 February 2022
In order to further mitigate the increase
in the defined benefit liabilities the CAA has introduced a cap on the growth
of future pensionable earnings.
Last updated: 23 July 2021
