$ Millions
1990 Money
DETERMINATION OF GROSS INCOME REQUIRED TO BREAK EVEN
(GEARED FOR CHINESE CRUDE)
'80
'81
182
'83
$84
*85
'86
'87
180
'89
'90
*91
192
193
194
$95
196
197
CAPEX
(56)
(224)
(224)
(56)
OP COSTS
(15)
(15)
(15)
(15)
(15)
(15) (15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
&
GROSS INCOME
X
X
X
X
X
X
X
X
X
X
X
MET INCOME
TAX AT 17X
OU HET INCOME
X-15
X-15
X-15
X-15
X-15
X-15
X-15 X-15
X-15
X-15
X-15
X-15
X-15
X-15
X-15
nil in
0.17% lot Year -2.55
0:17x 0.17x 0.17x -2.55
-2.55
0.17x 0.17x 0.17% -2.55 ~2.55 -2.55 -2.55
-2.55
-2.55 -2.55
0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x
-2.55 -2.55 -2.55 -2.52
-2.55
TAX RELIEF
AGAINST DEP.
10.7
6.6
6.0
5.5
5.0
4.5
4.1
3.7
3.1
1.7
0.3
CASH FLOW
(56)
(224)
(224)
X -60.3
0.33x -5.85
0.83% -6.45
0.83x -6.95
0.93x 0.93x -7.45 -7.95
0.93x 0.83x 0.83x -8.35 --8.75 -9.35
0.83x 0.83x -10.75 -12.15
0.83x 0.83x 0.83x 0.83x -.17x -12.45 -12.45 -12.45 -12.45
+2.55
To break even:
12.45x
X
695.85 $55.87m/an
annum :
or
$55.87m
11.045mt
$5.06mt to break even over 15 years
DOF 5%
1.1576
1.1025
1.05
0.9524 0.90703
0.8638 0.8227 0.7855
0.7462 0.7107
0.6768
0.6446 0.6139 0.5847 0.5568 0.5303 0.5051 0.4910
PRESENT VALUE
(65)
(247)
(235) X-60.3
0.79x 0.75x -5.57 -5.85
0.72x 0.68x 0.65x -6.0
-6.13 -6.22
0.62x
0.59x -6.23 -6.22
0.56x
0.54x
0.44x 0.45x -6.33 -6.93 --7.46 -7.28 -6.93 -5.60
0.49x 0.51x
0.42x -0.08x -6.29 +1.23
To get 5% real:
9.14
=
$698.11m
X
www
$16.3&m
76.39
Of
$6.9mt
11.045
APPENDIX 5