CHIMA INVESTMENT COMPANY
ASSUMPTIONS FOR OPERATING FORECASTS
Financial Year Ending
Funds Available for Investment
New Investments Hade
Average Cash Return on Project Investnenta:
First Year of Investment
Second Year of Investment
JUN. 11 '87 11:02 IMF WASH DC RAPICOM6300 477-7491
-14-
1987
1988
1983
1998
1991
1992
1993
1994
1995
1996
1997
20,250 8,000
20,250 8.DON
20.250 8.000
20,250 20.250 20.250 20.250 20.250 20.250 20,250 8,000 8,000 8,000 8,000 6,000 8.000 8,000
0.00%
10.00%
Third Year and Thereafter
20.00%
Avg. Return on Liquid Funda
7.00%
Avg. Rate on External Borrowinge
10.00%
Avg. Liquid Funde åvailable
Avg. Short Term Borrowings
16,263
16.269
8,464
2.320 1,079
Carried Interest to Actual Invert.
50.00%
* Non-Perforsing Investments
5.00%
X Actual Losses on Investwants
5.00%
I Recovery of Book Value on Sale
100.00%
D
ก
0
5.169 10.787 15.622 19.620 22.763 20,236 36,364
CHINA INVESTMENT COMPANY
Projected Statements of Income & Expenses FY ending December 31
·INCOME
Income from Project Investment
Income from Carried Interests
income from S.T.Investments
1967
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Realized Capital Gains (Losses)
less: Allowance for Hon-Performing kasets
TOTAL REVENUES
.......
400
200
2,000 3,600 5,200 6.800 1,000 1,800 2,600
102
8.400 10,000 3.400 4,200 5,000
11.600 13.200
1.800
(30)
1,139 1,153
(150) (270) 3,012
6.130
(390) 7.410
(510) (630) (750) 9.690 11,970 14.250
(870) {990) 16.530 16,810
EXPENSES
Salarios
1.50%
Administrative & Other Ixpens65 Interest on Long Term Debt
0.75%
0.00%
Interest on External Borrowings Front-End Faem Paid
10.00%
2.00%
TOTAL EXPENSES
------
NET PROFIT BEFORE TAX
Taxes
NET PROFIT AFTER TAX
Dividends
* Salaries & Admin. to Total Rever uos
* Net Profit to Total Revenues
304
30T
335
420
540
152
153
167
210
270
660 330
780 390
900 1.020 1,140 450
510
570
108
516
1.079
1.562 1.963
2.276
2.824
405
0
861
460
610
278
702
2.402
0.00%
0
278
7C2
1.146 1,689 2.552 3.133 3.626
3,984 5,521 7,138 6.837 10.624
0 2.402 3.904 5.521 7.138 8,837 10.624
3.636
4,354 5.346
12.176 13,464
0
0
40.05% 39.61% 16.67% 12.26% 10.93% 10.223 9.77% 24.39% 60.39% 79.75% 77.65% 74.51% 73.66% 73.83X
74.55%
12.176 12.176
9.47% 9.26% 73.66%
13.
454 13.464
9.09% pi
71.58%
Page 2 of 3
Annex 1
P.022