13
5.2 The approximate impact of these recommendations is given in
Table 5 below.
Projected Increase in
TABLE 5
1987/88
1988/89 1989/90 1990/91
Major Aeronautical
Charges (%)
(w.e.f. from 1 October
in each year)
6
6
6
6
ANFA ($M)
1,595.4
1,858.0
2,089.5
2,233.4
Post Tax Operating
Surplus ($M)
297.9
328.5
324.1
343.5
Return on ANFA (%)
18.7
17.7
15.5
15.4
Potential Dividends ($M)
1,755.3#
74.3
147.5
240.9
Equalisation Account ($M) *
34.7
56.6
35.9
10.9
# Includes appropriation of accumulated unapplied surplus as at 1.4.87
*
Reflects cumulative (under)/over earning of surplus on the target figure of 16.5% of ANFA
A full set of projected accounts is set out at Appendix 2.
5.3 It should be noted that projected results at this time are
susceptible to an unusally high degree of inaccuracy given
three particular uncertainties affecting predictions of
commercial revenue generation over the next few years.
These uncertainties are:
(a)
the consideration which will be obtained from the
liquor and tobacco concession when next tendered in
1987;
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