Aires plc was recently formed and issued 80 million £0.50 shares at nominal value and loan notes totalling £24 million. The business used the proceeds from the capital issues to purchase the remaining lease on some commercial properties. Aires plc plans to set up a wholesaling business that is expected to generate an operating profit of £12 million each year. The lease will expire in four years’ time. At the end of the four years, the business will be wound up and the lease will have no residual value.
The required rate of return by investors is 12 per cent.

Required:
Calculate the expected shareholder value generated by the business in each of the four years, using the EVA^® approach.