SE OUTFLOW
During Construction Period
Construction Costa (1975 prices)
Crown Land Prezia
Escalation
Finance costs
Interest
Tsuen Wan West Extension
Projected Cash Flow' (with $500M equity);
HKSM
Annex C pago 2
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
During Operation
Capital and replacement costs
13
14
15
16
17
18
19
104
111
Operating costs
186
199
215
230
་
250
272
290
310
334
350
398
412
Finance costa
Interest
Profits Tax
121
53
(24)
(111)
(209)
(318)
(441)
(573)
(717)
(878) (1,059)
(1,257)
152
192
236
287
343.
406
458
510
*568
640
713
472
458
442
422
401
378
326
351
296
122
42
793
(46)
Total Outflow
F INFLOW
Fare income, inclviing advertising revenue
Total Inflow
CASH FLOW
Repayment of los
FINANCE REQUIRED
(1,338) (1,499) (1,674) (1,877)
(1,338) (1,499) (1,674) (1,877)
(866) (1,041) (1,232) (1,455)
481
467
399..
(2,096) (2,347) (2,512)
(2,096) (2,347) (2,512)
(1,695) (1,969) (2,186)
(2,689) (2,876) (3,077) (3,293) (3,523)
(2,688) (2,876) (3,077) (3.293) (3.523)
(2,337) (2,560) (2,955) (3,251) (3.569)
292
111
92
27
27
27
-
CRFLUS FOR THE YEAR
THE SURFLY'S
(385) (574) (833)
(1,163) (1,584) (1,877) (2,159) (2,310) (2,553) (2.955) (3,251) (3.569)
(549) (1,123) (1.956) (3,119)
(3,119) (4.703) (6,580) (8,739) (11,049) (13,602) (16,557) (19,809) (23,377)
(1)
(1) Pay back year - i.e, cumulative surplus sufficient to pay off total loans outstanding of $975M (see page 4)