Division L has reported a net profit after tax of £8.6m for the year ended 30 April 2012. Included in the costs used to calculate this profit are the following items:

•interest payable of £2.3m;

•development costs of £6.3mfor a newproduct that was launched in May 2005, and is expected to have a life of three years;

•advertising expenses of £1.6m that relate to the re-launch of a product in June 2012.

The net assets invested in Division L are £30m. 

The cost of capital for Division L is 13 per cent per year.

Calculate the Economic Valued Added® for Division L for the year ended 30 April 2012.