CONFIDENTIAL
- 11 -
Table 2
Projected Cash Flow for the Modified Initial System
(HK Million)
(
(1)
Capital Cost
(2) Operating
(3)
Year
(Incl. Equipment
Cost
Net Interest
(4) -Total Cash
(5) Gross
(6)
(7)
Out Flow
Revenue
Equity
Net Flow
(8)
Accum. Surplus after
Loan Redemption
replacement from 1981)
1976
1,519
25
13
1,557
(803)
754
?
1,238
19
90
1,347
(4)
1,343
8
1,500
19
217
1,736
(6)
1,730
9
767
17
385
1,169
(12)
(14)
1,143
80
177
123
492
792
(391)
(35)
366
1
279
164
528
971
(679)
(38)
254
2
179
548
727
(796)
(41)
(110)
3.
12
194
575
781
(879)
(44)
(142)
13
210
517
740
(970)
(48)
(278)
14
227
490
731
(1,070)
(52)
(391)
6
15
246
453
714
(1,179)
(56)
(521)
7
16
267
405
688
(1,294)
(60)
(666)
8
17
289
344
650
(1,413)
(64)
(827)
9
18
314
281
613
(1,542)
(929)
(40)
90
19
341
201
561
(1,680)
(1,119)
(453)
1
21
370
116
507
(1,832)
(1,325)
(1,228)
2
22
402
19
443
(1,996)
(1,553)
(2,514)
112
436
(83)
465
(2,177)
(1,712)
(4,057)
121
475
(185)
411
(2,373)
(1,962)
(5,981)
5
130
516
(303)
343
(2,560)
(2,217)
(8,189)
6
140
561
(432)
269
(2,753)
(2,484)
(10,664)
7
151
611
(570)
192
(2,961)
(2,769)
(13,424)
8
665
(720)
(55)
(3,185)
:
(3,240)
(16,661)
9
725
(895)
(170)
(3,428)
(3,598)
(20,256)
2000
790 (1,090)
(300)
(3,691)
(3,991)
(24,244)
1
861
(1,297)
(436)
(3,974)
(4,410)
(28,654)
2
940
(1,516)
(576)
(4,282)
(4,858)
(33.512)
1,025
(1,759)
(734)
(4,615)
(5,349)
(38,861)
1,119
(2,014)
(895)
(4,975) •
(5,87)
(44,731).
Note: Figures in brackets represent cash inflows.
Year in which accumulated surplus exceeds outstanding loans.
CONFIDENTIAL
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