Coal Model GOM Benefits 12m & 18 M (Equity 80 M) 12.11.09

Growth Scenario
Pricing
2
1
Service Option
Machipanda Line
Freight volume ('000 tons)

8,000
7,000
Factor for increase in cycle time of trains

due to upgradation on running line
1.1
6,000
Tariffs ($/ntkm)
Coal (2 to 5MT)
Coal (5 to 10MT)
Coal ( >10 MT)
Non-coal**
RESULTS
DSCR (min)
LLCR (min)
PLCR (min)
Project IRR
ROE
44.5
41
360
65
Norm
1.3
1.8
2.5
16%
26%
5,000
0.0445
0.0410
4,000
0.0360
3,000
0.0650
2,000
1,000
Actual
1.9
3.5
3.5
12.5%
24.4%
10 11 12 13 14 15
Year
Project Cost
$430,393
Interest
IDA
$110,000
Principal
IFC
Shareholder Loans
Subordinate Debt
Equity
$60,000
$41,000
Debt Service
$39,000
DEBT SERVICE 10th yr (6m)
PROJECT FINANCE
SUMMARY 10th yr (6m)

$8,055
Traffic ('000 t)
Revenue (' 000 USD)
$8,055
Locos
Cars
6,545
$133,518
68
1,546
Summary
Sensitiv ity Parameters

Fuel (l/1000 GTKM)
5.0
50
Fuel Cost (presently 0.8$/l)
100
LIBOR
523
Var Fee (>1bn tkm)
100%
Corporate Tax Rate
100
Capital Cost
60000
50000
3.00%
12
Traffic
Capex ('000 USD)
5.23%
75
100
Norm
1.3
1.8
2.5
16%
26%
OK
OK
Press "F9" if "Check"
100%
20000
Actual
1.9
3.5
3.5
12.5%
24.4%
1.9391E-05
Click "Fund Macro" if not blank
20
a. Capex: Neg DSR transfers
Year
Capex ('000 USD)
SUMMARY 10th yr (6m)
PROJECT FINANCE
Traffic (all)
6,545
Revenue
LRMC (Optg)
FC (Optg)
Total Costs
$133,518
$78,590
$19,878
$131,252
Cost-based Tariff (early years)

Access Fee ($/ntkm) (early years)
Access Fee ($/gtkm) (early years)
Debt Service 10th yr (6m)
Project Cost
$430,393
IDA
IFC
Shareholder
Subordinate
Equity
$110,000
$60,000
$41,000
0.132
0.067
0.176
0.089
Interest
$8,055
Principal
Debt Service
$8,055
0.050
0.027
0.016
0.044
0.022
0.013
Resources 10 th year
# Locos
# Cars
Loco Lease
Sloco Lease
Car Lease
68
1,546
$1,300
$736
$46
$39,000
0.257
0.167
0.084
0.046
0.024
0.014
Analysis of Earnings Profile (000 $)
0.046
0.024
0.014
0.045
0.023
0.014
Note: No taxes for 10 yrs
Analysis of Balance Sheet ($000)
Analysis of Cash Flow ($000)
500000
60000
400000
40000
300000
20000
200000
100000
10
11
12 13
14
15
-100000
16
-20000
0
2
OK
IC
FCF
Check
10000
Results
DSCR (min)
LLCR (min)
PLCR (min)
Project IRR
ROE
OK
OK
NOPLAT
40000
30000
100%
Operating Expanses
160000
140000
120000
100000
80000
60000
40000
20000
0
-20000
-40000
Bal Sheet
Cash Flow
12%
100%
10
10 11 12 13 14 15 16
Year
Revenue
EBITDA
EBIT
Total Assets
Total Current Liabilities
Total LT Liabs
Total Common Equity
Comparision of DSCR & LLCR
Analysis of Margins
5
Year
DSCR
Currency
USD
Unit
1,000
Period Interval (m)
6
FINANCIAL SNAPSHOT (6m)
Year
Income Statement
Revenue
EBITDA
EBIT
EBT
Net Profit
Statement of Changes in Equity
Opening
Closing
Balance Sheet
Total Current Assets
Total Assets
Total LT Liabs
Total Common Equity
Total Liabs and Equity
Cash Flow Statement
Net cash from optg activities
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash & cash equivalents
McKInsey Analysis
NOPLAT
IC
FCF
EP
Analysis of DSCR, LLCR
DSCR
LLCR
PLCR
Analysis of Margins
Gross Profit Margin
EBITDA Margin
EBIT Margin
EBT Margin
Net Margin
YEAR
2
Capex ('000 USD)
tons
capex Capex ('000 USD)
loco_reqtLoco Reqts
car_reqt Wagon Reqts
Revenues ('000 USD)
Rev
EBITDA (' 000 USD)
EBIT ('000 USD)
EBIT
EBT ('000 USD)
EBT
PAT
Net Profit ('000 USD)
Current assets ('000 USD)
CA
Fixed assets ('000 USD)
FA
CL
Current Liabs ('000 USD)
LTL
LT Liabs ('000 USD)
NW
Net worth ('000 USD)
CF_OptgOptg CF ('000 USD)
CF_Inv Investing CF ('000 USD)
CF_Fin Financing CF ('000 USD)
Cash_Bal
Cash Bal ('000 USD)
NOPLATNOPLAT
IC
IC
FCF
FCF
EP
EP
DSCR DSCR
LLCR LLCR
PLCR PLCR
GP Margin
EBITDA Margin
EBIT Margin
EBT Margin
Net Margin
10
11
12
13
LLCR
14
15
350000
2
10
11
12
13
14
15
250000
16
200000
150000
100000
50000
Gross Profit Margin
EBITDA Margin
EBIT Margin
EBT Margin
16
-50000
7
12/31/2011
67,600
16,098
6,549
1,252
1,252
8
12/31/2012
99,895
23,994
11,915
3,403
3,403
9
12/31/2013
124,518
37,334
28,390
19,879
19,879
10
12/31/2014
133,518
34,418
25,912
18,098
18,098
Year
Net Margin
PLCR
6
12/31/2010
15,315
-11,710
-19,662
-23,823
-23,823
16
300000
1
-2
4
15
400000
-1
-1.5
14
McKinsey Analysis ($000)
1
0.5
-0.5
13
Net cash used in financing activities
EBT
1000
900
800
700
600
500
400
300
200
100
0
1
12
-60000

Year
11
-40000
1
11
12/31/2015
144,702
35,817
27,311
20,020
20,020
NOPLAT
10
11
12
IC
13
FCF
14
15
16
EP
12
12/31/2016
145,582
36,588
28,081
21,486
21,486
13
12/31/2017
146,632
37,417
28,911
23,025
23,025
14
12/31/2018
147,614
38,235
29,729
24,569
24,569
15
6/30/2019
148,650
38,797
30,291
25,870
25,870
16
6/30/2020
148,650
39,017
30,511
26,736
26,736
17
6/30/2021
148,650
39,237
30,731
27,500
27,500
18
6/30/2022
148,650
39,457
30,951
28,266
28,266
19
6/30/2023
148,650
39,677
31,171
29,034
29,034
20
12/31/2024
148,650
39,897
29,757
27,768
27,768
-35,094
-58,917
-37,971
-26,719
-10,309
-6,906
8,991
20,919
31,343
42,201
51,992
62,003
72,517
83,260
94,540
106,052
118,100
130,384
143,079
156,014
158,649
161,323
164,034
166,784
169,573
172,399
175,264
178,168
181,028
183,805
5,747
238,661
57,932
239,647
-58,917
238,661
23,247
309,337
84,059
251,996
-26,719
309,337
35,684
400,313
56,826
350,393
-6,906
400,313
48,175
391,781
20,469
350,393
20,919
391,781
98,599
414,543
21,948
350,393
42,201
414,543
116,825
415,756
23,787
329,967
62,003
415,756
134,813
416,732
23,931
309,541
83,260
416,732
154,365
419,271
24,104
289,114
106,052
419,271
175,444
423,338
24,265
268,688
130,384
423,338
197,830
428,711
24,436
248,262
156,014
428,711
199,725
413,594
24,436
227,836
161,323
413,594
201,773
398,630
24,436
207,410
166,784
398,630
203,974
383,818
24,436
186,983
172,399
383,818
206,329
369,161
24,436
166,557
178,168
369,161
129,327
354,371
24,436
146,131
183,805
354,371
-15,812
-2,247
1,470
-16,589
13,368
-45,317
44,571
12,622
17,197
-54,277
53,821
16,740
29,279
-456
-7,952
20,871
26,363
10,453
-17,452
19,365
28,024
502
-20,223
8,303
29,320
672
-20,956
9,036
30,674
857
-21,726
9,806
32,017
1,058
-22,497
10,577
33,104
1,272
-23,148
11,228
33,848
1,394
-34,276
967
34,593
1,413
-34,964
1,043
35,338
1,435
-35,653
1,120
36,083
1,458
-36,344
1,196
36,827
-39,757
-35,205
-38,134
-19,662
234,633
-13,898
-19,662
6,549
293,675
-26,652
6,549
11,915
375,837
-28,569
11,915
28,390
357,576
37,334
28,390
25,912
330,923
44,632
25,912
27,311
315,165
35,817
27,311
28,081
298,252
36,588
28,081
28,911
281,357
37,417
28,911
29,729
264,455
38,235
29,729
30,291
247,559
38,797
30,291
30,511
230,546
39,017
30,511
30,731
213,534
39,237
30,731
30,951
196,522
39,457
30,951
31,171
179,509
39,677
31,171
951.9
951.9
5.9
400.7
400.7
3.5
159.0
159.0
4.6
129.8
129.8
4.3
123.8
123.8
2.0
52.7
52.7
2.1
51.3
51.3
2.2
49.6
49.6
2.3
47.7
47.7
2.4
45.5
45.5
2.5
42.9
42.9
2.6
40.1
40.1
2.8
36.9
36.9
2.9
33.3
33.3
3.0
29.3
29.3
27.8%
-76.5%
-128.4%
-155.6%
-155.6%
53.0%
23.8%
9.7%
1.9%
1.9%
45.0%
24.0%
11.9%
3.4%
3.4%
47.2%
30.0%
22.8%
16.0%
16.0%
42.1%
25.8%
19.4%
13.6%
13.6%
43.2%
24.8%
18.9%
13.8%
13.8%
43.4%
25.1%
19.3%
14.8%
14.8%
43.6%
25.5%
19.7%
15.7%
15.7%
43.9%
25.9%
20.1%
16.6%
16.6%
43.9%
26.1%
20.4%
17.4%
17.4%
43.9%
26.2%
20.5%
18.0%
18.0%
43.9%
26.4%
20.7%
18.5%
18.5%
43.9%
26.5%
20.8%
19.0%
19.0%
43.9%
26.7%
21.0%
19.5%
19.5%
43.9%
26.8%
20.0%
18.7%
18.7%
n/a
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
20058.001
7236.5981
15075.048
15252.105
26629.128
26848.625
17555.624
17917.095
46566.9927
46298.2453
311
20,058
4
301
5,639
-3,175
-3,175
-3,175
-3,175
1,575
20,043
4,749
15,043
1,825
-3,807
-20,043
20,028
-3,822
311
7,237
4
301
5,639
-3,175
-3,175
-3,289
-3,289
1,617
27,237
8,081
22,237
-1,464
-3,175
-7,309
7,152
-7,154
-3,211
27,870
-10,406
-5,279
n/a
n/a
n/a
16.8%
-56.3%
-56.3%
-58.3%
-58.3%
394
15,075
5
389
7,106
-3,187
-3,187
-3,402
-3,402
2,071
42,264
11,937
37,264
-4,866
-3,352
-15,241
14,978
-10,769
-3,256
43,061
-18,447
-6,043
n/a
n/a
n/a
15.3%
-44.9%
-44.9%
-47.9%
-47.9%
394
15,252
5
389
7,106
-3,187
-3,187
-3,511
-3,511
2,139
57,448
15,515
52,448
-8,377
-3,187
-15,507
15,116
-14,347
-3,291
58,245
-18,475
-7,597
n/a
n/a
n/a
15.3%
-44.9%
-44.9%
-49.4%
-49.4%
272
26,629
3
271
5,116
-3,010
-3,010
-3,441
-3,441
1,677
83,989
18,494
78,989
-11,817
-2,787
-26,971
26,453
-17,653
-3,148
84,563
-29,466
-8,972
n/a
n/a
n/a
20.7%
-58.8%
-58.8%
-67.3%
-67.3%
272
26,849
3
271
5,116
-3,010
-3,010
-3,540
-3,540
1,744
110,771
22,101
105,771
-15,357
-3,010
-27,311
26,714
-21,260
-3,180
111,345
-29,961
-3,180
n/a
n/a
n/a
20.7%
-58.8%
-58.8%
-69.2%
-69.2%
171
17,556
2
181
3,039
-3,524
-3,524
-4,162
-4,162
1,226
128,270
25,744
123,270
-19,518
-3,291
-18,137
17,443
-25,245
-3,728
128,611
-20,994
-3,728
n/a
n/a
n/a
10.7%
-116.0%
-116.0%
-136.9%
-136.9%
171
17,917
2
181
3,039
-3,524
-3,524
-4,281
-4,281
1,478
145,935
30,278
140,935
-23,800
-3,524
-18,422
17,413
-29,778
-3,524
146,276
-21,189
-3,524
n/a
n/a
n/a
10.7%
-116.0%
-116.0%
-140.9%
-140.9%
294
46,567
4
306
5,247
-3,589
-3,589
-4,483
-4,483
2,443
192,148
35,725
187,148
-28,282
-3,837
-47,106
45,859
-34,863
-3,589
192,736
-50,050
-3,589
n/a
n/a
n/a
9.4%
-68.4%
-68.4%
-85.4%
-85.4%
294
46,298
4
204
5,247
-2,606
-2,606
-3,652
-3,652
2,575
238,314
39,509
233,314
-31,934
-2,606
-47,212
46,033
-38,647
-2,606
238,902
-48,772
-2,606
n/a
n/a
n/a
28.1%
-49.7%
-49.7%
-69.6%
-69.6%
20,675
n/a
n/a
n/a
16.8%
-56.3%
-56.3%
-56.3%
-56.3%
6
6/30/2010
6
1470
306
1,470
4
159
5,466
-2,000
-2,000
-3,160
-3,160
2,636
239,784
39,724
237,789
-35,094
-2,025
-2,629
4,476
-38,825
-2,000
240,397
-3,495
-2,000
n/a
n/a
n/a
38.5%
-36.6%
-36.6%
-57.8%
-57.8%
6
12/31/2010
6
1470
785
1,470
10
362
15,315
-11,710
-19,662
-23,823
-23,823
5,747
232,914
57,932
239,647
-58,917
-15,812
-2,247
1,470
-55,414
-19,662
234,633
-13,898
-19,662
n/a
951.9
951.9
27.8%
-76.5%
-128.4%
-155.6%
-155.6%
7
6/30/2011
6
29,757
241,722
-941
29,757
7
12/31/2011
6
29739.8659
44570.814
2,872
29,740
28
632
67,600
18,667
10,120
6,947
6,947
21,426
252,889
96,681
215,605
-37,971
11,290
-30,184
-11,260
-85,569
10,120
260,473
-15,721
10,120
8.5
724.2
724.2
53.0%
27.6%
15.0%
10.3%
10.3%
2,872
44,571
28
632
67,600
16,098
6,549
1,252
1,252
23,247
286,090
84,059
251,996
-26,719
13,368
-45,317
44,571
-72,947
6,549
293,675
-26,652
6,549
5.9
400.7
400.7
53.0%
23.8%
9.7%
1.9%
1.9%
8
6/30/2012
6
51070.8139
4,423
51,071
50
1,170
99,895
23,916
13,148
6,409
6,409
34,426
324,146
73,566
295,314
-10,309
15,743
-51,012
51,071
-57,145
13,148
335,353
-28,531
13,148
4.5
239.4
239.4
45.0%
23.9%
13.2%
6.4%
6.4%
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
5,480
5,480
6,545
6,545
7,079
7,079
7,115
7,115
7,160
7,160
7,200
7,200
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
58
1,356
124,518
37,244
25,165
15,898
15,898
42,494
352,550
35,659
350,393
8,991
26,427
-1,212
0
-15,191
25,165
366,520
34,482
25,165
4.3
132.7
132.7
47.2%
29.9%
20.2%
12.8%
12.8%
58
1,356
124,518
37,334
28,390
19,879
19,879
48,175
343,606
20,469
350,393
20,919
29,279
-456
-7,952
5,681
28,390
357,576
37,334
28,390
4.6
129.8
129.8
47.2%
30.0%
22.8%
16.0%
16.0%
68
1,546
133,518
34,315
25,371
17,373
17,373
69,022
334,663
21,948
350,393
31,343
25,250
57
-6,949
24,039
25,371
349,642
33,305
25,371
4.1
126.5
126.5
42.1%
25.7%
19.0%
13.0%
13.0%
68
1,546
133,518
34,418
25,912
18,098
18,098
98,599
315,943
21,948
350,393
42,201
26,363
10,453
-17,452
43,403
25,912
330,923
44,632
25,912
4.3
123.8
123.8
42.1%
25.8%
19.4%
13.6%
13.6%
73
1,556
144,702
35,709
27,203
19,582
19,582
108,522
307,437
23,787
340,180
51,992
26,399
434
-20,004
50,233
27,203
323,671
34,455
27,203
1.9
53.3
53.3
43.2%
24.7%
18.8%
13.5%
13.5%
73
1,556
144,702
35,817
27,311
20,020
20,020
116,825
298,931
23,787
329,967
62,003
28,024
502
-20,223
58,536
27,311
315,165
35,817
27,311
2.0
52.7
52.7
43.2%
24.8%
18.9%
13.8%
13.8%
73
1,566
145,582
36,480
27,973
21,028
21,028
125,777
290,425
23,931
319,754
72,517
28,851
585
-20,727
67,245
27,973
306,758
36,381
27,973
2.1
52.0
52.0
43.4%
25.1%
19.2%
14.4%
14.4%
73
1,566
145,582
36,588
28,081
21,486
21,486
134,813
281,919
23,931
309,541
83,260
29,320
672
-20,956
76,281
28,081
298,252
36,588
28,081
2.1
51.3
51.3
43.4%
25.1%
19.3%
14.8%
14.8%
73
1,581
146,632
37,309
28,803
22,560
22,560
144,559
273,412
24,104
299,328
94,540
30,185
763
-21,493
85,736
28,803
289,863
37,191
28,803
2.2
50.5
50.5
43.6%
25.4%
19.6%
15.4%
15.4%
73
1,581
146,632
37,417
28,911
23,025
23,025
154,365
264,906
24,104
289,114
106,052
30,674
857
-21,726
95,542
28,911
281,357
37,417
28,911
2.2
49.6
49.6
43.6%
25.5%
19.7%
15.7%
15.7%
73
1,594
147,614
38,127
29,621
24,095
24,095
164,867
256,400
24,265
278,901
118,100
31,536
955
-22,261
105,772
29,621
272,961
38,017
29,621
2.3
48.7
48.7
43.9%
25.8%
20.1%
16.3%
16.3%
73
1,594
147,614
38,235
29,729
24,569
24,569
175,444
247,894
24,265
268,688
130,384
32,017
1,058
-22,497
116,350
29,729
264,455
38,235
29,729
2.3
47.7
47.7
43.9%
25.9%
20.1%
16.6%
16.6%
74
1,608
148,650
38,687
30,181
25,389
25,389
186,602
239,388
24,436
258,475
143,079
32,615
1,163
-22,907
127,221
30,181
256,065
38,571
30,181
2.4
46.6
46.6
43.9%
26.0%
20.3%
17.1%
17.1%
74
1,608
148,650
38,797
30,291
25,870
25,870
197,830
230,881
24,436
248,262
156,014
33,104
1,272
-23,148
138,449
30,291
247,559
38,797
30,291
2.4
45.5
45.5
43.9%
26.1%
20.4%
17.4%
17.4%
74
1,608
148,650
38,907
30,401
26,354
26,354
198,758
222,375
24,436
238,049
158,649
33,476
1,384
-33,932
139,377
30,401
239,053
38,907
30,401
2.5
44.2
44.2
43.9%
26.2%
20.5%
17.7%
17.7%
74
1,608
148,650
39,017
30,511
26,736
26,736
199,725
213,869
24,436
227,836
161,323
33,848
1,394
-34,276
140,344
30,511
230,546
39,017
30,511
2.5
42.9
42.9
43.9%
26.2%
20.5%
18.0%
18.0%
74
1,608
148,650
39,127
30,621
27,118
27,118
200,730
205,363
24,436
217,623
164,034
34,221
1,403
-34,619
141,349
30,621
222,040
39,127
30,621
2.6
41.5
41.5
43.9%
26.3%
20.6%
18.2%
18.2%
74
1,608
148,650
39,237
30,731
27,500
27,500
201,773
196,857
24,436
207,410
166,784
34,593
1,413
-34,964
142,392
30,731
213,534
39,237
30,731
2.6
40.1
40.1
43.9%
26.4%
20.7%
18.5%
18.5%
74
1,608
148,650
39,347
30,841
27,883
27,883
202,854
188,351
24,436
197,197
169,573
34,966
1,424
-35,308
143,473
30,841
205,028
39,347
30,841
2.7
38.5
38.5
43.9%
26.5%
20.7%
18.8%
18.8%
74
1,608
148,650
39,457
30,951
28,266
28,266
203,974
179,844
24,436
186,983
172,399
35,338
1,435
-35,653
144,593
30,951
196,522
39,457
30,951
2.8
36.9
36.9
43.9%
26.5%
20.8%
19.0%
19.0%
74
1,608
148,650
39,567
31,061
28,650
28,650
205,132
171,338
24,436
176,770
175,264
35,710
1,446
-35,998
145,751
31,061
188,015
39,567
31,061
2.8
35.2
35.2
43.9%
26.6%
20.9%
19.3%
19.3%
74
1,608
148,650
39,677
31,171
29,034
29,034
206,329
162,832
24,436
166,557
178,168
36,083
1,458
-36,344
146,948
31,171
179,509
39,677
31,171
2.9
33.3
33.3
43.9%
26.7%
21.0%
19.5%
19.5%
53820.814
4,423
53,821
50
1,170
99,895
23,994
11,915
3,403
3,403
35,684
364,629
56,826
350,393
-6,906
17,197
-54,277
53,821
-40,405
11,915
375,837
-28,569
11,915
3.5
159.0
159.0
45.0%
24.0%
11.9%
3.4%
3.4%
20
6/30/2024
6
40837.72
7,242
40,838
74
1,608
148,650
39,787
30,464
28,602
28,602
167,461
194,347
24,436
156,344
181,028
36,455
-39,368
-35,954
108,080
30,464
211,024
-1,051
30,464
2.9
31.4
31.4
43.9%
26.8%
20.5%
19.2%
19.2%
20
12/31/2024
6
40837.72
7,242
40,838
74
1,608
148,650
39,897
29,757
27,768
27,768
129,327
225,045
24,436
146,131
183,805
36,827
-39,757
-35,205
69,946
29,757
241,722
-941
29,757
3.0
29.3
29.3
43.9%
26.8%
20.0%
18.7%
18.7%
21
6/30/2025
6
40837.72
7,242
40,838
74
1,608
148,650
40,007
29,050
26,943
23,710
91,603
254,926
24,436
135,918
186,176
33,967
-40,138
-31,552
32,222
25,817
271,603
-4,064
25,817
2.8
27.1
27.1
43.9%
26.9%
19.5%
18.1%
15.9%
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
74
1,608
148,650
40,227
28,454
26,029
22,905
59,381
272,217
25,342
115,492
190,765
34,821
-143
-30,828
-906
25,330
288,895
37,103
25,330
3.0
22.9
22.9
43.9%
27.1%
19.1%
17.5%
15.4%
74
1,608
148,650
40,337
28,841
26,794
23,579
62,115
260,722
24,436
105,279
193,123
35,102
-27
-31,434
2,734
25,626
277,399
37,121
25,626
3.0
20.6
20.6
43.9%
27.1%
19.4%
18.0%
15.9%
74
1,608
148,650
40,447
29,446
27,716
24,390
65,342
249,721
24,436
95,066
195,562
35,363
27
-32,164
5,961
26,120
266,398
37,121
26,120
3.1
18.1
18.1
43.9%
27.2%
19.8%
18.6%
16.4%
74
1,608
148,650
40,557
30,142
28,706
25,262
68,070
239,306
24,436
84,852
198,088
35,617
60
-32,948
8,689
26,697
255,983
37,112
26,697
3.2
15.6
15.6
43.9%
27.3%
20.3%
19.3%
17.0%
74
1,608
148,650
40,667
30,252
29,106
25,613
70,833
228,891
24,436
74,639
200,649
35,941
87
-33,265
11,452
26,759
245,569
37,174
26,759
3.2
12.8
12.8
43.9%
27.4%
20.4%
19.6%
17.2%
74
1,608
148,650
40,777
30,362
29,506
25,965
73,631
218,476
24,436
64,426
203,246
36,266
115
-33,582
14,250
26,821
235,154
37,236
26,821
3.3
9.9
9.9
43.9%
27.4%
20.4%
19.8%
17.5%
74
1,608
148,650
40,887
30,472
29,906
26,318
76,465
208,062
24,436
54,213
205,878
36,590
143
-33,899
17,084
26,883
224,739
37,298
26,883
3.4
6.8
6.8
43.9%
27.5%
20.5%
20.1%
17.7%
25
12/31/2029
6
74
1,608
148,650
40,997
30,582
30,307
26,670
79,333
197,647
24,436
44,000
208,545
36,914
171
-34,216
19,952
26,945
214,324
37,360
26,945
3.5
3.5
3.5
43.9%
27.6%
20.6%
20.4%
17.9%
40837.72
7,242
40,838
74
1,608
148,650
40,117
28,344
26,121
22,987
59,381
283,991
29,192
125,705
188,474
34,438
-40,515
-30,901
-4,757
25,209
300,668
-3,855
25,209
2.9
25.1
25.1
43.9%
27.0%
19.1%
17.6%
15.5%
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
Total Staff & Crew Costs

(% of tariff)
76
0.9%
76
0.8%
98
0.9%
98
0.9%
69
0.8%
69
0.7%
46
0.6%
46
0.5%
77
0.7%
77
0.8%
80
0.6%
202
0.5%
411
0.7%
411
0.6%
563
0.6%
563
0.6%
671
0.5%
671
0.6%
780
0.6%
780
0.6%
Average Contribution of Staff Costs
0.6%
Currency
Unit
USD
1000
Breakup of Variable Costs
Fuel & Oil Consumption

(% of total tariff)
Average Contribution of Fuel
Expenses
Equipment Maintenance
(% of tariff)
Average Contribution of
Equipment Maintenance
Lease
(% of tariff)
Average Contribution of Lease
Track Maintenance
(% of tariff)
Average Contribution of Track
Maintenance Expenses
Terminal Charges
(% of tariff)
Terminal Charges
Variable Overheads
(% of tariff)
Variable overheads
Variable Fee paid to Govt
(% of tariff)
641
641
828
828
577
577
385
385
651
0.6%
651
674
2,311
14,702
14,702
23,923
23,923
30,146
30,146
36,388
36,388
7.4%
7.1%
7.9%
7.8%
6.5%
6.2%
4.7%
4.5%
6.0%
6.4%
5.4%
5.9%
24.2%
22.4%
24.6%
23.6%
24.1%
24.9%
27.4%
27.7%
2,499.1
20.2%
6,803.9
17.4%
13,727.5
22.6%
13,727.5
20.9%
24,614.6
25.3%
24,614.6
24.2%
28,400.8
22.7%
28,400.8
23.4%
32,743.3
24.7%
32,743.3
24.9%
180
0.5%
817
1.3%
817
1.2%
1,287
1.3%
1,287
1.3%
1,606
1.3%
1,606
1.3%
1,927
1.5%
1,927
1.5%
945.0
2.4%
945.0
1.6%
945.0
1.4%
945.0
1.0%
945.0
0.9%
945.0
0.8%
945.0
0.8%
945.0
0.7%
945.0
0.7%
772
2.0%
1,868
3.1%
1,868
2.8%
4,566
4.7%
4,566
4.5%
5,211
4.2%
5,211
4.3%
5,807
4.4%
5,807
4.4%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
27.4%
3,803.1
44.0%
27.4%
3,803.1
42.2%
4,870.9
46.6%
4,870.9
45.7%
3,267.8
36.6%
3,267.8
35.2%
2,181.6
26.5%
2,181.6
25.7%
3,849.0
35.4%
25.0%
25.0%
1.4%
0.8%
226
2.6%
2,912.4
28.4%
1.4%
226
2.5%
290
2.8%
290
2.7%
196
2.2%
196
2.1%
131
1.6%
131
1.5%
229
2.1%
0.8%
182
1.8%
4.3%
4.3%
Average Contribution of Variable Fee paid

Corporate Tax
(% of tariff)
2.5%
2.5%
Average Contribution of Corporate Tax

Total Variable Component
(% of tariff)
Average contribution
0.6%
4,746
4,746
6,087
6,087
4,109
4,109
2,743
2,743
4,807
63%
0.6%
3,823
163
1.3%
3,415
27.6%
11,214
28.8%
32,471
53.5%
32,471
49.4%
55,898
57.5%
55,898
55.0%
66,979
53.6%
66,979
55.3%
78,590
59.2%
78,590
59.9%
62.6%
Breakup of Fixed Costs

Operating Staff
(% of tariff)
170
2.0%
170
1.9%
170
1.6%
170
1.6%
170
1.9%
170
1.8%
170
2.1%
170
2.0%
170
1.6%
170
1.7%
170
1.4%
686
1.8%
686
1.1%
686
1.0%
686
0.7%
686
0.7%
686
0.5%
686
0.6%
686
0.5%
686
0.5%
Average Contribution of Operating Staff

Management & Supervision
(% of tariff)
Average Contribution of Management &
Supervision
0.6%
599
6.9%
599
6.7%
599
5.7%
599
5.6%
599
6.7%
599
6.5%
599
7.3%
599
7.1%
599
5.5%
0.6%
599
5.9%
599
4.8%
2,797
7.2%
2,797
4.6%
2,797
4.3%
2,797
2.9%
2,797
2.8%
2,797
2.2%
2,797
2.3%
2,797
2.1%
2,797
2.1%
Infrastructure Maintenance
(% of tariff)
Average Contribution of Infrastructure
Maintenance Costs
Fixed Overheads
(% of tariff)
1,485
17.2%
1,485
16.5%
1,485
14.2%
1,485
13.9%
1,485
16.6%
1,485
16.0%
1,485
18.0%
1,485
17.5%
1,485
13.7%
1,485
14.5%
1,485
12.0%
7,969
20.4%
7,969
13.1%
10,532
16.0%
10,532
10.8%
10,532
10.4%
10,532
8.4%
10,532
8.7%
10,532
7.9%
10,532
8.0%
8.8%
1,305
15.1%
1,305
14.5%
1,312
12.6%
1,312
12.3%
1,302
14.6%
1,302
14.0%
1,292
15.7%
1,292
15.2%
1,303
12.0%
8.8%
1,303
12.7%
1,304
10.5%
2,981
7.6%
4,044
6.7%
4,050
6.2%
5,327
5.5%
5,249
5.2%
5,683
4.5%
5,593
4.6%
5,967
4.5%
5,864
4.5%
Average Contribution of Fixed overheads

Depreciation
(% of tariff)
3.9%
7,952
20.4%
8,547
14.1%
9,549
14.5%
10,768
11.1%
12,079
11.9%
12,079
9.7%
8,944
7.4%
8,944
6.7%
8,506
6.5%
Average Contribution of Depreciation

Interest Expenses
(% of tariff)
Average Contribution of Interest
Expenses
Fixed Fee
(% of tariff)
Average Contribution of Fixed Fee
Return
(% of tariff)
Average Contribution of Return
7.8%
343
4.0%
2,997
24.2%
2,997
7.7%
1,511
2.5%
2,730
4.2%
4,550
4.7%
6,797
6.7%
8,055
6.4%
8,055
6.6%
8,055
6.1%
8,055
6.1%
2,398
19.4%
2,409
6.2%
2,614
4.3%
2,956
4.5%
6,698
6.9%
7,534
7.4%
18,231
14.6%
17,627
14.5%
17,180
12.9%
16,222
12.4%
Total Fixed Component

(% of tariff)
Average contribution
3,902
45.1%
37.4%
8,953
72.4%
27,790
71.2%
28,168
46.5%
33,300
50.6%
41,358
42.5%
45,674
45.0%
58,063
46.4%
54,234
44.7%
54,161
40.8%
52,662
40.1%
2.4%
2.4%
3.9%
700
7.8%
788
7.5%
996
9.4%
1,270
14.2%
1,609
17.4%
1,950
23.7%
2,190
25.8%
2,510
23.1%
7.8%
2,864
28.0%
4.2%
4.2%
0.3%
0.3%
9.4%
9.4%
4,260
47.3%
4,355
41.7%
4,563
42.8%
4,827
54.0%
5,166
55.7%
5,497
66.7%
5,736
67.7%
6,068
55.8%
6,422
62.7%
37.4%
CAPEX PARAMETERS
Line Length
Sena Line (Km) (INCL BRANCH LINE)
Dondo to Motaize
Machipanda Line (Km)
Motaize to Dondo
Project Cost
Rehabilitation Project Cost of Sena Line
Unit Cost of reconstruction ($000/km)
Branch Lines (2)
Unit Cost of reconstruction coal line ($000/km)
Rehabilitation Cost of Machipanda Line
Unit Cost of reconstruction ($000/km)
Track Profile
Axle Load (tons)
Rail (kg/m)
Sleepers (# per km)
Ballast Cushion (Cum./Km)
Fastenings
Welding
Minimum Loop Length (km)
(A) CURRENT ONGOING RECONSTRUCTION
Moatize to Beira (km)
Unit cost per km ($000/km)
Unit cost per km Coal Line ($000/km)
Unit cost / km for Machipanda Line ($000.km)
(B) INCREMENTAL INVESTMENTS
1. Track Upgrades due to Moatize Coal
Replacement of 40/45 kg old rail by new rails
- Km
- Unit Cost / Km (in 000 US$)
(b) Sleepers
- Km
- Km
(a) Ballast
- Km
(d) Total Incremental Cost for (a), (b) and (c )
(e) Period of upgrade
2. Mid term Replacement of New 45 kg rails to 45 kg rails (394 km)
a) Rails including fittings and laying
b) Sleepers
c) Ballast
Length of loops
Unit cost of replacement of loops
Period of upgrade
3. Additional Ballast and Sleepers
- Km
4. Sidings
(a) New Sidings (Moatize-Macito)
Track Kms Per Siding (km)
Unit Cost per km ($000/km)
Period (year)
b) Sidings Extensions Total Track Kms
Sidings Extensions unit Cost (in 000 $)
(c) New Crossing Stations
Track Kms Per Station
Unit Cost per km ($000/km)
Period (year)
(C) Signal System
No. of Stations (MACL Signaling)
Unit Cost per Station (in $000)
Period of upgrade (year)
(D) Telecommunication
Total Cost ($000)
Period of upgrade (year)
673
547
317
547
187000
187,000
278
11,450
321
29,000
91
Low Case
20.5
40 / 45
1,429
900
Elastic
CWR
0.70
Base Case
20.5
45/54
1,667
1,100
Elastic
CWR
0.95
High Case
20.5
54
1,667
1,100
Elastic
CWR
0.95
673
278
321
91
673
278
321
91
673
278
321
91
192
181
192
181
192
119
14
62
100
119
14
62
100
181
6.00
43,641
5 to 6.5
181
6.00
43,641
5 to 6.5
181
252
575
252
575
252
23
274
23
274
71.25
79
20 to 21
23
274
71.25
79
16 to 17
394
64
394
64
4
1.250
500
2.5 to 4.5
34
242
2.5
242
2.5 to 4.5
4
1.25
500
2.5 to 4.5
34
242
7
2.5
242
2.5 to 4.5
1188
4 to 5
28
1188
4 to 5
35
1188
4 to 5
3 to 5
8,254
3 to 5
8,254
3 to 5
14
6.00
5 to 6.5
13 to 14
0.95
500
2.5 to 4
242
0.95
242
Phased Fund Requirement for Capital Supplies and Works for Beira Rail Concession Project
Package
I Sena Line
(A) Sena Line Rehabilitation
(a) Works Contracts
Track Linking (704 km)
Rehab of Zimbezi Bridge
Repair to structures & Buildings
Radio Communication
(b) Supply Contracts
PSC Sleepers
Original Estimate
Revised
Estimate
Total
IDA
funded
Concessionaire's
Funds
101.80
94.20
7.60
126.29
16.60
6.00
2.50
0.20
16.60
6.00
2.50
0.20
36.29
6.06
2.50
0.20
Phased Fund Requirement

2006
2007
2008
2009
7.19
47.77
42.66
28.67
14.00
2.47
1.10
0.20
11.15
2.99
0.70
0.00
11.15
21.30
21.30
0.00
0.00
0.00
0.00
0.00
0.00
21.99
1.60
4.94
7.73
7.73
Ballast
Rails (45kg/m)
13.50
19.10
13.50
19.10
0.00
0.00
9.91
27.72
0.99
2.64
16.72
3.14
11.00
3.14
Second Hand Steel Sleepers

Special wooden Sleepers
Other Track Fittings
(c) Other Contracts
Track Rehabilitated by CFM
2.10
2.20
12.70
2.10
2.20
5.10
0.00
0.00
7.60
0.50
2.10
13.41
0.00
0.60
3.50
0.25
0.75
4.96
0.25
0.75
4.96
5.60
5.60
0.00
5.60
4.00
1.60
0.00
0.00
(B) Other Works

Workshop and workshop
Machinery / facilities
Rolling Stock purchased from CFM
and their Overhauls
Rescue Vans
Entry Fee for Concession
(C) Total I (A) & (B)
(D) Project Management
Services
(E) Financing Fee and IDC
(F) Contingency @ 4%
(G) Cost Escalation over
Contract value
Total I (C ) to (G)
Total Cost Excl. Financial
Expenses & entry fee
II Machipanda Line
(A) Machipanda Line
Rehabilitation
(B) Other Works
Workshop and workshop
Machinery / facilities
Rolling Stock purchased from CFM
and their Overhauls
Rescue Vans
Entry Fee for Concession
(C) Total I (A) & (B)
(D) Project Management
Services
(F) Financing Fee and IDC
(F) Contingency @ 4%
Total I (C ) to (F)
Total Cost Excl. Financial
Expenses & entry fee
Total I + II
7.18
4.68
0.00
7.18
4.68
7.18
4.68
1.00
0.66
0.24
2.76
2.22
2.76
2.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
1.00
108.98
6.10
94.20
6.10
1.50
1.00
14.78
0.00
1.50
1.00
133.47
3.50
0.42
0.00
48.43
1.60
0.54
0.00
45.42
0.55
0.54
0.00
31.43
0.55
3.79
8.56
3.79
4.16
18.88
5.48
20.02
0.30
4.40
5.99
0.58
6.67
6.29
2.45
6.67
6.29
2.45
6.67
127.43
104.70
22.73
181.35
161.46
9.29
63.28
61.39
47.39
7.02
7.02
7.02
0.50
2.17
2.17
2.17
3.12
3.12
3.12
1.04
1.04
1.04
9.47
9.47
9.47
9.47
0.00
0.00
0.00
1.50
1.00
22.11
0.44
1.50
1.00
22.11
0.44
1.50
1.00
22.11
0.50
0.50
1.00
11.47
0.05
0.33
0.00
3.55
0.15
0.33
0.00
3.55
0.15
0.33
0.00
3.55
0.15
0.77
1.72
25.04
3.12
0.90
26.63
22.51
0.10
0.00
0.77
1.72
25.04
11.62
1.01
0.30
5.00
1.01
0.30
5.00
1.01
0.30
5.00
152.47
104.70
47.77
207.98
20.91
68.28
66.39
52.40
0.60
1.00
8.19
0.80
0.70
0.00
Currency
Unit
CAPEX SCENARIO IN USE
(A) CURRENT ONGOING RECONSTRUCTION
Moatize to Beira
Cost
Machipanda Line
(B) INCREMENTAL INVESTMENTS
1. Track Upgrades due to Moatize Coal
USD
1,000
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
10,910
10,910
10,910
10,910
99
6,345
99
6,345
99
6,345
99
6,345
8
2,048
8
2,048
8
2,048
8
2,048
625
4,969
625
4,969
625
4,969
625
4,969
926
2,500
1,416
29,740
926
2,500
1,416
29,740
926
2,500
1,416
29,740
926
2,500
1,416
29,740
28
10,311
8,254
928
19,493
9
3,437
2,751
309
6,498
9
3,437
2,751
309
6,498
9
3,437
2,751
309
6,498
25,000
13,000
2,750
8,333
8,333
6,500
8,333
6,500
2,750
40,750
8,333
14,833
17,583
44,571
51,071
53,821
187,000
29,000
Replacement of 40/45 kg rail by new rail - Cost for 181 km

2. Mid term Replacement of New 45 kg rails to 45 kg rails (394 km)
Cost
3. Additional Ballast and Sleepers
- Km
4. Sidings
(a) New Sidings (Moatize-Macito)
Track Kms Per Siding (km)
Cost
(b) Sidings Extensions
Total Track Kms
Cost
(c) New Crossing Stations
Track Kms Per Station
Cost
(d) Additional cost at 5 stations
5. Re-Grading
6. Detached Wagon Sidings
7. New Station Buildings and Staff Quarters
8. Strengthening of Zambezi Bridge
9. Contingency Costs
Total - Infrastructure
(C) Signalling
# Stations
Cost
(D) Telecommunications
Contingnecy Costs
Total - Ancillary Works
(E) Locomotives **
(F) Wagons **
(G) Workshop for Rolling Stock and Accident Relief
Equipment with Cranes (2 sets)
(H) Track Equp. (lubricator m/c,fallen object detector, wheel impact detector, etc.)
(I) Locotrol
Total - Rolling Stock
(I) Vehicles, Office Equipment
(J) Tarpaulin
(K) Entry Fee
(L) Development/Start-up Costs
Total - Miscellaneous
Working Capital
Upfront, Commitment Fee Capitalised (=FinExp_Cap)
Interest Exp Capitalised (=IntExp_Cap)
Debt Service Reserve Fund (=Transfer to/from)
Project Insurance Costs
Total Financial Expenses
TOTAL
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
16
4,525
11,125
16
4,525
1,455
47
13,090
700
47
13,090
700
84
23,431
1,555
84
23,431
1,555
44
12,155
3,270
44
12,155
3,270
145
40,299
2,685
145
40,299
2,685
6
6/30/2010
6
6
12/31/2010
6
capex
43,641
163,351
25,381
2
3
1,250
2,500
2
3
1,250
8,191
2,500
19,876
300
3,705
10,000
5,805
501,250
150
15,650
5,980
13,790
13,790
24,986
24,986
15,425
15,425
42,984
42,984
2,000
1,500
3,500
2,000
1,500
3,500
3,593
15,221
1,124
550
343
15
514
700
42
19,937
908
1,256
1,285
1,462
1,643
1,863
2,131
2,492
3,583
3,315
584,931
20,058
7,237
15,075
15,252
26,629
26,849
17,556
17,917
46,567
46,298
449
788
48
398
996
68
285
1,270
88
186
1,609
67
124
1,950
57
50
2,190
252
719
2,510
354
70
1,470
150
70
1,470
318
2,864
132
1,470
1,470
29,740
9
6/30/2013
6
9
12/31/2013
6
Currency
Unit
USD
1,000
Revenue Projections
Scenario in Use
Base Case
Beira - Moatize (Coal)
Descendant
Coal
1
6/30/2005
6
2005
1
12/31/2005
6
2005
2
6/30/2006
6
2006
2
12/31/2006
6
2006
3
6/30/2007
6
2007
3
12/31/2007
6
2007
4
6/30/2008
6
2008
4
12/31/2008
6
2008
5
6/30/2009
6
2009
5
12/31/2009
6
2009
6
6/30/2010
6
2010
6
12/31/2010
6
2010
7
6/30/2011
6
2011
7
12/31/2011
6
2011
8
6/30/2012
6
2012
8
12/31/2012
6
2012
9
6/30/2013
6
2013
9
12/31/2013
6
2013
10
6/30/2014
6
2014
10
12/31/2014
6
2014
11
6/30/2015
6
2015
11
12/31/2015
6
2015
12
6/30/2016
6
2016
12
12/31/2016
6
2016
13
6/30/2017
6
2017
13
12/31/2017
6
2017
14
6/30/2018
6
2018
14
12/31/2018
6
2018
15
6/30/2019
6
2019
15
12/31/2019
6
2019
16
6/30/2020
6
2020
16
12/31/2020
6
2020
17
6/30/2021
6
2021
17
12/31/2021
6
2021
18
6/30/2022
6
2022
18
12/31/2022
6
2022
19
6/30/2023
6
2023
19
12/31/2023
6
2023
20
6/30/2024
6
2024
20
12/31/2024
6
2024
21
6/30/2025
6
2025
21
12/31/2025
6
2025
22
6/30/2026
6
2026
22
12/31/2026
6
2026
23
6/30/2027
6
2027
23
12/31/2027
6
2027
24
6/30/2028
6
2028
24
12/31/2028
6
2028
25
6/30/2029
6
2029
25
12/31/2029
6
2029
26
6/30/2030
6
2030
26
12/31/2030
6
2030
27
6/30/2031
6
2031
27
12/31/2031
6
2031
28
6/30/2032
6
2032
28
12/31/2032
6
2032
29
6/30/2033
6
2033
29
12/31/2033
6
2033
30
6/30/2034
6
2034
30
12/31/2034
6
2034
31
6/30/2035
6
2035
31
12/31/2035
6
2035
32
6/30/2036
6
2036
32
12/31/2036
6
2036
33
6/30/2037
6
2037
33
12/31/2037
6
2037
34
6/30/2038
6
2038
34
12/31/2038
6
2038
35
6/30/2039
6
2039
35
12/31/2039
6
2039
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
0.045
51,175
51,175
0.045
51,175
51,175
0.041
82,513
82,513
0.041
82,513
82,513
0.041
106,088
106,088
0.041
106,088
106,088
0.036
113,850
113,850
0.036
113,850
113,850
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.036
124,200
124,200
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
887
1,370
0.065
1,183
1,457
0.065
1,183
1,457
0.065
1,272
1,457
0.065
1,272
1,457
0.065
1,390
1,457
0.065
1,390
1,457
0.065
1,479
1,598
0.065
1,479
1,598
0.065
1,479
1,598
0.065
1,479
1,598
0.065
1,479
1,598
0.065
1,479
1,598
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
0.065
1,479
1,713
561
110
338
302
93
4,577
8,237
561
112
345
326
100
4,943
9,026
561
112
345
326
100
4,943
9,026
561
114
352
353
108
5,338
9,553
561
114
352
353
108
5,338
9,553
561
116
359
381
117
5,765
10,145
561
116
359
381
117
5,765
10,145
561
119
366
411
126
6,226
10,886
561
119
366
411
126
6,226
10,886
561
121
373
436
134
6,538
11,239
561
121
373
436
134
6,538
11,239
561
123
381
462
142
6,865
11,610
561
123
381
462
142
6,865
11,610
561
126
388
490
150
7,208
12,114
561
126
388
490
150
7,208
12,114
561
128
396
519
159
7,568
12,523
561
128
396
519
159
7,568
12,523
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
561
131
404
550
169
7,947
12,952
23
5
18
10
5
27
33
523
967
1,612
29
8
20
11
5
29
35
523
1,045
1,705
29
8
20
11
5
29
35
523
1,045
1,705
32
9
20
11
5
29
35
523
1,128
1,793
32
9
20
11
5
29
35
523
1,128
1,793
33
10
20
11
5
29
35
523
1,218
1,885
33
10
20
11
5
29
35
523
1,218
1,885
36
11
21
12
6
31
38
523
1,316
1,994
36
11
21
12
6
31
38
523
1,316
1,994
36
11
21
12
6
31
38
523
1,395
2,073
36
11
21
12
6
31
38
523
1,395
2,073
36
11
21
12
6
31
38
523
1,479
2,157
36
11
21
12
6
31
38
523
1,479
2,157
36
11
22
13
6
34
41
523
1,567
2,253
36
11
22
13
6
34
41
523
1,567
2,253
36
11
22
13
6
34
41
523
1,661
2,347
36
11
22
13
6
34
41
523
1,661
2,347
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
36
11
22
13
6
34
41
523
1,761
2,446
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
Ascendent
Empty
Sena Line (General Cargo)
Descendant
Limestone
Sugar + Molasis
Coal
Tobacco
Cotton
Timber
Containers
Misc.
Malawi cargo
Ascendant
Coal
Gypsum
Fertilizer
Limestone
Caustic soda
General cargo
Diesel
Fertilizer
Petroleum
Machipanda Line (General Cargo)

Descendant
National
Sugar
Mollasses
Stone
Timber
Maize
Others
International
Granite
Ferrochrome
Others
Container traffic
0.065
38
19
10
Ascendant
National
Sugar
Coal
Others
International
Fertilizers
Maize
Wheat
Others
Containers
Summary
Descendent Traffic
Ascendent Traffic
Traffic ('000 tons)

Descendent Traffic
Ascendent Traffic
10^3 $
10^3 $
Rev
38
19
10
1,617
1,617
747
108
2,547
747
108
2,547
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
0.065
37
15
41
9
12
21
37
15
41
9
12
21
29
15
40
20
8
18
29
15
40
20
8
18
29
15
40
20
8
18
29
15
40
20
8
18
66
31
43
21
9
20
66
31
43
21
9
20
66
31
46
23
10
21
66
31
46
23
10
21
66
31
50
25
11
23
66
31
50
25
11
23
66
31
54
27
11
25
66
31
54
27
11
25
66
31
58
29
12
27
66
31
58
29
12
27
66
31
63
31
13
29
66
31
63
31
13
29
66
31
67
33
14
31
66
31
67
33
14
31
66
31
71
35
15
32
66
31
71
35
15
32
66
31
75
37
16
34
66
31
75
37
16
34
66
31
80
39
17
36
66
31
80
39
17
36
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
66
31
84
41
18
39
2,295
57
456
275
3,219
2,295
57
456
275
3,219
2,077
6
304
306
2,823
2,077
6
304
306
2,823
1,030
6
304
306
1,776
1,030
6
304
306
1,776
2,077
6
316
318
2,907
2,077
6
316
318
2,907
2,160
7
329
331
3,023
2,160
7
329
331
3,023
2,246
7
342
344
3,144
2,246
7
342
344
3,144
2,381
7
362
365
3,329
2,381
7
362
365
3,329
2,524
8
384
387
3,525
2,524
8
384
387
3,525
2,676
8
407
410
3,734
2,676
8
407
410
3,734
2,836
9
432
435
3,952
2,836
9
432
435
3,952
3,006
9
458
461
4,183
3,006
9
458
461
4,183
3,187
10
485
488
4,429
3,187
10
485
488
4,429
3,378
10
514
518
4,688
3,378
10
514
518
4,688
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
3,581
11
545
549
4,964
23
512
23
512
7
4
817
7
4
817
12
19
170
12
19
170
12
19
170
12
19
170
13
21
184
13
21
184
14
23
199
14
23
199
15
24
214
15
24
214
17
26
232
17
26
232
18
28
250
18
28
250
19
31
270
19
31
270
21
32
286
21
32
286
22
34
304
22
34
304
23
36
322
23
36
322
25
39
341
25
39
341
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
26
41
362
244
1,436
302
359
215
3,091
244
1,436
302
359
215
3,091
349
1,544
641
300
225
3,887
349
1,544
641
300
225
3,887
1,322
11
359
148
251
2,293
1,322
11
359
148
251
2,293
292
11
359
148
251
1,263
292
11
359
148
251
1,263
1,322
12
373
154
261
2,340
1,322
12
373
154
261
2,340
1,375
12
388
160
272
2,442
1,375
12
388
160
272
2,442
1,430
13
403
167
283
2,550
1,430
13
403
167
283
2,550
1,515
14
427
177
300
2,708
1,515
14
427
177
300
2,708
1,606
14
453
188
318
2,876
1,606
14
453
188
318
2,876
1,703
15
480
199
337
3,054
1,703
15
480
199
337
3,054
1,805
16
509
211
357
3,237
1,805
16
509
211
357
3,237
1,913
17
540
223
378
3,432
1,913
17
540
223
378
3,432
2,028
18
572
237
401
3,637
2,028
18
572
237
401
3,637
2,150
19
606
251
425
3,856
2,150
19
606
251
425
3,856
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,279
20
643
266
451
4,087
2,547
3,091
5,639
10^3t
10^3t
tons
NTKM (in 000)
0.065
2,547
3,091
5,639
3,219
3,887
7,106
3,219
3,887
7,106
2,823
2,293
5,116
2,823
2,293
5,116
1,776
1,263
3,039
1,776
1,263
3,039
2,907
2,340
5,247
2,907
2,340
5,247
3,023
2,442
5,466
11,260
4,055
15,315
63,345
4,255
67,600
63,345
4,255
67,600
95,395
4,500
99,895
95,395
4,500
99,895
119,758
4,760
124,518
119,758
4,760
124,518
128,470
5,049
133,518
128,470
5,049
133,518
139,391
5,311
144,702
139,391
5,311
144,702
139,993
5,589
145,582
139,993
5,589
145,582
140,742
5,890
146,632
140,742
5,890
146,632
141,411
6,203
147,614
141,411
6,203
147,614
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
142,116
6,534
148,650
141
170
311
141
170
311
174
219
394
174
219
394
153
119
272
153
119
272
102
69
171
102
69
171
173
122
294
173
122
294
178
127
306
586
199
785
2,659
214
2,872
2,659
214
2,872
4,196
227
4,423
4,196
227
4,423
5,239
241
5,480
5,239
241
5,480
6,288
257
6,545
6,288
257
6,545
6,809
270
7,079
6,809
270
7,079
6,832
283
7,115
6,832
283
7,115
6,862
298
7,160
6,862
298
7,160
6,887
313
7,200
6,887
313
7,200
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
6,914
329
7,242
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
20
6/30/2024
6
20
12/31/2024
6
21
6/30/2025
6
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
25
12/31/2029
6
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
1,150,000
1,150,000
1,150,000
1,150,000
2,012,500
2,012,500
2,012,500
2,012,500
2,587,500
2,587,500
2,587,500
2,587,500
3,162,500
3,162,500
3,162,500
3,162,500
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000

Descendant
Coal
Ascendant
Empty
Summary
Descendent Traffic
Ascendent Traffic
Descendant
Limestone
Sugar + Molasis
Coal
Tobacco
Cotton
Timber
Containers
Misc.
Malawi cargo
91
266
575
575
271
400
300
250
575
Ascendant
Coal
Gypsum
Fertilizer
Limestone
Caustic soda
General cargo
Diesel
Fertilizer
Petroleum
28
28
266
266
266
266
266
575
400
Summary
Descendent Traffic
Ascendent Traffic
Average lead (KM)
45
45
180
200
200
180
317
317
317
317
Ascendant
National
Sugar
Coal
Others
International
Fertilizers
Maize
Wheat
Others
Containers
180
180
180
317
317
317
317
317
Summary
Descendent Traffic
Ascendent Traffic
Average Lead (km)
592
288
153
592
288
153
117
117
24,885
24,885
11,491
1,664
39,190
11,491
1,664
39,190
1,150,000
2,012,500
2,012,500
2,587,500
2,587,500
3,162,500
3,162,500
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
1,150,000
2,012,500
2,012,500
2,587,500
2,587,500
3,162,500
3,162,500
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
3,450,000
18,200
22,411
18,200
22,411
19,565
22,411
19,565
22,411
21,385
22,411
21,385
22,411
22,750
24,592
22,750
24,592
22,750
24,592
22,750
24,592
22,750
24,592
22,750
24,592
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
22,750
26,347
8,625
1,686
5,200
4,650
1,425
70,409
126,725
8,625
1,720
5,304
5,022
1,539
76,041
138,862
8,625
1,720
5,304
5,022
1,539
76,041
138,862
8,625
1,754
5,410
5,424
1,662
82,125
146,976
8,625
1,754
5,410
5,424
1,662
82,125
146,976
8,625
1,789
5,518
5,858
1,795
88,695
156,076
8,625
1,789
5,518
5,858
1,795
88,695
156,076
8,625
1,825
5,629
6,326
1,939
95,790
167,476
8,625
1,825
5,629
6,326
1,939
95,790
167,476
8,625
1,862
5,741
6,706
2,055
100,580
172,910
8,625
1,862
5,741
6,706
2,055
100,580
172,910
8,625
1,899
5,856
7,108
2,178
105,609
178,617
8,625
1,899
5,856
7,108
2,178
105,609
178,617
8,625
1,937
5,973
7,535
2,309
110,889
186,365
8,625
1,937
5,973
7,535
2,309
110,889
186,365
8,625
1,976
6,093
7,987
2,448
116,434
192,659
8,625
1,976
6,093
7,987
2,448
116,434
192,659
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
8,625
2,015
6,214
8,466
2,594
122,255
199,268
350
84
279
160
80
412
505
8,050
14,880
24,800
448
126
306
173
80
439
545
8,050
16,070
26,237
448
126
306
173
80
439
545
8,050
16,070
26,237
490
140
306
173
80
439
545
8,050
17,356
27,579
490
140
306
173
80
439
545
8,050
17,356
27,579
504
154
306
173
80
439
545
8,050
18,745
28,995
504
154
306
173
80
439
545
8,050
18,745
28,995
560
168
319
186
93
479
585
8,050
20,244
30,685
560
168
319
186
93
479
585
8,050
20,244
30,685
560
168
319
186
93
479
585
8,050
21,459
31,899
560
168
319
186
93
479
585
8,050
21,459
31,899
560
168
319
186
93
479
585
8,050
22,746
33,187
560
168
319
186
93
479
585
8,050
22,746
33,187
560
168
333
200
93
519
625
8,050
24,111
34,658
560
168
333
200
93
519
625
8,050
24,111
34,658
560
168
333
200
93
519
625
8,050
25,558
36,105
560
168
333
200
93
519
625
8,050
25,558
36,105
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
560
168
333
200
93
519
625
8,050
27,091
37,638
199,268
37,638
236,906
126,725
24,800
151,526
138,862
26,237
165,099
138,862
26,237
165,099
146,976
27,579
174,554
146,976
27,579
174,554
156,076
28,995
185,071
156,076
28,995
185,071
167,476
30,685
198,160
167,476
30,685
198,160
172,910
31,899
204,810
172,910
31,899
204,810
178,617
33,187
211,804
178,617
33,187
211,804
186,365
34,658
221,023
186,365
34,658
221,023
192,659
36,105
228,763
192,659
36,105
228,763
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
199,268
37,638
236,906
576
230
630
140
180
324
576
230
630
140
180
324
441
232
612
300
130
279
441
232
612
300
130
279
441
232
612
300
130
279
441
232
612
300
130
279
1,013
473
661
324
140
301
1,013
473
661
324
140
301
1,013
473
714
350
152
325
1,013
473
714
350
152
325
1,013
473
771
378
164
351
1,013
473
771
378
164
351
1,013
473
833
408
177
380
1,013
473
833
408
177
380
1,013
473
899
441
191
410
1,013
473
899
441
191
410
1,013
473
971
476
206
443
1,013
473
971
476
206
443
1,013
473
1,029
505
219
469
1,013
473
1,029
505
219
469
1,013
473
1,091
535
232
497
1,013
473
1,091
535
232
497
1,013
473
1,157
567
246
527
1,013
473
1,157
567
246
527
1,013
473
1,226
601
260
559
1,013
473
1,226
601
260
559
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
1,013
473
1,300
637
276
592
35,314
872
7,022
4,232
49,519
35,314
872
7,022
4,232
49,519
31,954
95
4,676
4,707
43,426
31,954
95
4,676
4,707
43,426
15,850
95
4,676
4,707
27,322
15,850
95
4,676
4,707
27,322
31,954
99
4,863
4,896
44,723
31,954
99
4,863
4,896
44,723
33,232
103
5,057
5,092
46,509
33,232
103
5,057
5,092
46,509
34,561
107
5,260
5,295
48,372
34,561
107
5,260
5,295
48,372
36,635
113
5,575
5,613
51,218
36,635
113
5,575
5,613
51,218
38,833
120
5,910
5,950
54,238
38,833
120
5,910
5,950
54,238
41,163
127
6,264
6,307
57,442
41,163
127
6,264
6,307
57,442
43,632
135
6,640
6,685
60,800
43,632
135
6,640
6,685
60,800
46,250
143
7,039
7,086
64,359
46,250
143
7,039
7,086
64,359
49,025
152
7,461
7,511
68,131
49,025
152
7,461
7,511
68,131
51,967
161
7,908
7,962
72,130
51,967
161
7,908
7,962
72,130
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
55,085
171
8,383
8,440
76,369
310

Descendant
National
Sugar
Mollasses
Stone
Timber
Maize
Others
International
Granite
Ferrochrome
Others
Container traffic
1,150,000
1,150,000
13,650
21,081
351
7,884
351
7,884
110
57
12,573
110
57
12,573
189
297
2,619
189
297
2,619
189
297
2,619
204
321
2,829
204
321
2,829
220
346
3,055
220
346
3,055
238
374
3,299
238
374
3,299
257
404
3,563
257
404
3,563
278
436
3,848
278
436
3,848
300
471
4,156
300
471
4,156
318
500
4,405
318
500
4,405
337
530
4,670
337
530
4,670
357
561
4,950
357
561
4,950
379
595
5,247
379
595
5,247
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
401
631
5,562
3,756
22,095
4,644
5,516
3,313
47,559
3,756
22,095
4,644
5,516
3,313
47,559
5,373
23,759
9,859
4,612
3,455
59,798
5,373
23,759
9,859
4,612
3,455
59,798
20,336
174
5,516
2,282
3,867
35,281
20,336
174
5,516
2,282
3,867
35,281
4,486
174
5,516
2,282
3,867
19,431
4,486
174
5,516
2,282
3,867
19,431
20,336
181
5,736
2,374
4,022
36,002
20,336
181
5,736
2,374
4,022
36,002
21,149
189
5,966
2,469
4,183
37,577
21,149
189
5,966
2,469
4,183
37,577
21,995
196
6,205
2,567
4,350
39,225
21,995
196
6,205
2,567
4,350
39,225
23,315
208
6,577
2,721
4,611
41,656
23,315
208
6,577
2,721
4,611
41,656
24,714
220
6,971
2,885
4,888
44,240
24,714
220
6,971
2,885
4,888
44,240
26,196
234
7,390
3,058
5,181
46,986
26,196
234
7,390
3,058
5,181
46,986
27,768
248
7,833
3,241
5,492
49,805
27,768
248
7,833
3,241
5,492
49,805
29,434
262
8,303
3,436
5,822
52,793
29,434
262
8,303
3,436
5,822
52,793
31,200
278
8,801
3,642
6,171
55,961
31,200
278
8,801
3,642
6,171
55,961
33,072
295
9,329
3,860
6,541
59,319
33,072
295
9,329
3,860
6,541
59,319
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
35,057
313
9,889
4,092
6,934
62,878
39,190
47,559
86,749
39,190
47,559
86,749
49,519
59,798
109,317
49,519
59,798
109,317
43,426
35,281
78,706
43,426
35,281
78,706
27,322
19,431
46,753
189
297
2,619
27,322
19,431
46,753
44,723
36,002
80,725
44,723
36,002
80,725
46,509
37,577
84,086
46,509
37,577
84,086
48,372
39,225
87,597
48,372
39,225
87,597
51,218
41,656
92,875
51,218
41,656
92,875
54,238
44,240
98,479
54,238
44,240
98,479
57,442
46,986
104,428
57,442
46,986
104,428
60,800
49,805
110,605
60,800
49,805
110,605
64,359
52,793
117,152
64,359
52,793
117,152
68,131
55,961
124,092
68,131
55,961
124,092
72,130
59,319
131,448
72,130
59,319
131,448
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
76,369
62,878
139,246
282
Total Traffic NTKM
86,749
86,749
109,317
109,317
78,706
78,706
46,753
46,753
80,725
80,725
0.08
84,086
0.08
235,612
0.24
1,402,696
1.40
1,402,696
1.40
2,279,929
2.28
2,279,929
2.28
2,871,050
2.87
2,871,050
2.87
3,465,089
3.47
3,465,089
3.47
3,765,414
3.77
3.00%
3,765,414
3.77
3.00%
3,778,956
3.78
3.00%
3,778,956
3.78
3.00%
3,795,115
3.80
3.00%
3,795,115
3.80
3.00%
3,810,212
3.81
3.00%
3,810,212
3.81
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
3,826,152
3.83
3.00%
1
6/30/2005
6
1
1
12/31/2005
6
1
2
6/30/2006
6
1
2
12/31/2006
6
1
3
6/30/2007
6
1
3
12/31/2007
6
1
4
6/30/2008
6
1
4
12/31/2008
6
1
5
6/30/2009
6
1
5
12/31/2009
6
1
6
6/30/2010
6
2
6
12/31/2010
6
2
7
6/30/2011
6
3
7
12/31/2011
6
3
8
6/30/2012
6
4
8
12/31/2012
6
4
9
6/30/2013
6
5
9
12/31/2013
6
5
10
6/30/2014
6
6
10
12/31/2014
6
6
11
6/30/2015
6
7
11
12/31/2015
6
7
12
6/30/2016
6
7
12
12/31/2016
6
7
13
6/30/2017
6
7
13
12/31/2017
6
7
14
6/30/2018
6
7
14
12/31/2018
6
7
15
6/30/2019
6
7
15
12/31/2019
6
7
16
6/30/2020
6
7
16
12/31/2020
6
7
17
6/30/2021
6
7
17
12/31/2021
6
7
18
6/30/2022
6
7
18
12/31/2022
6
7
19
6/30/2023
6
7
19
12/31/2023
6
7
20
6/30/2024
6
7
20
12/31/2024
6
7
21
6/30/2025
6
7
21
12/31/2025
6
7
22
6/30/2026
6
7
22
12/31/2026
6
7
23
6/30/2027
6
7
23
12/31/2027
6
7
24
6/30/2028
6
7
24
12/31/2028
6
7
25
6/30/2029
6
7
25
12/31/2029
6
7
26
6/30/2030
6
7
26
12/31/2030
6
7
27
6/30/2031
6
7
27
12/31/2031
6
7
28
6/30/2032
6
7
28
12/31/2032
6
7
29
6/30/2033
6
7
29
12/31/2033
6
7
30
6/30/2034
6
7
30
12/31/2034
6
7
31
6/30/2035
6
7
31
12/31/2035
6
7
32
6/30/2036
6
7
32
12/31/2036
6
7
33
6/30/2037
6
7
33
12/31/2037
6
7
34
6/30/2038
6
7
34
12/31/2038
6
7
35
6/30/2039
6
7
35
12/31/2039
6
7
2000
2,000
2000
2,000
3500
3,500
3500
3,500
4500
4,500
4500
4,500
5500
5,500
5500
5,500
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
6000
6,000
2,000
2,000
3,500
3,500
4,500
4,500
5,500
5,500
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
2,000
2,000
3,500
3,500
4,500
4,500
5,500
5,500
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
150
79
200
84
200
84
215
84
215
84
235
84
235
84
250
92
250
92
250
92
250
92
250
92
250
92
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
15
6
13
16
6
122
407
15
6
13
17
6
132
474
15
6
13
17
6
132
474
15
6
14
18
7
143
502
15
6
14
18
7
143
502
15
7
14
20
7
154
536
15
7
14
20
7
154
536
15
7
14
21
8
167
574
15
7
14
21
8
167
574
15
7
14
22
8
175
584
15
7
14
22
8
175
584
15
7
15
24
9
184
595
15
7
15
24
9
184
595
15
7
15
25
9
193
613
15
7
15
25
9
193
613
15
7
15
27
10
202
625
15
7
15
27
10
202
625
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
15
7
16
28
10
213
638
13
3
1
1
0
2
2
14
37
72
16
5
1
1
0
2
2
14
40
80
16
5
1
1
0
2
2
14
40
80
18
5
1
1
0
2
2
14
43
86
18
5
1
1
0
2
2
14
43
86
18
6
1
1
0
2
2
14
47
90
18
6
1
1
0
2
2
14
47
90
20
6
1
1
0
2
2
14
51
97
20
6
1
1
0
2
2
14
51
97
20
6
1
1
0
2
2
14
54
100
20
6
1
1
0
2
2
14
54
100
20
6
1
1
0
2
2
14
57
103
20
6
1
1
0
2
2
14
57
103
20
6
1
1
0
2
2
14
60
107
20
6
1
1
0
2
2
14
60
107
20
6
1
1
0
2
2
14
64
111
20
6
1
1
0
2
2
14
64
111
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
20
6
1
1
0
2
2
14
68
114
638
114
753
Rev Sharing [(0.3*0.03+0.7*0.05) = 4.4%
100%
Traffic ('000 tons)

Descendant
Coal
Ascendent
Empty
Summary
Descendent Traffic
Ascendent Traffic
000 t
000 t

Descendant
Limestone
Sugar + Molasis
Coal
Tobacco
Cotton
Timber
Containers
Misc.
Malawi cargo
Ascendant
Coal
Gypsum
Fertilizer
Limestone
Caustic soda
General cargo
Diesel
Fertilizer
Petroleum
Summary
Descendent Traffic
Ascendent Traffic
000 t
000 t

Descendant
National
Sugar
Mollasses
Stone
Timber
Maize
Others
International
Granite
Ferrochrome
Others
Container traffic
Ascendant
National
Sugar
Coal
Others
International
Fertilizers
Maize
Wheat
Others
Containers
Summary
Descendent Traffic
Ascendent Traffic
13
6
1
13
6
1
79
79
36
5
141
36
5
141
Total Traffic (Asc + Desc)
474
80
554
474
80
554
502
86
587
502
86
587
536
90
626
536
90
626
574
97
671
574
97
671
584
100
684
584
100
684
595
103
698
595
103
698
613
107
720
613
107
720
625
111
736
625
111
736
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
638
114
753
13
5
4
1
1
2
10
5
3
2
1
2
10
5
3
2
1
2
10
5
3
2
1
2
10
5
3
2
1
2
23
11
4
2
1
2
23
11
4
2
1
2
23
11
4
2
1
2
23
11
4
2
1
2
23
11
4
2
1
2
23
11
4
2
1
2
23
11
5
2
1
2
23
11
5
2
1
2
23
11
5
2
1
2
23
11
5
2
1
2
23
11
5
2
1
2
23
11
5
2
1
2
23
11
6
3
1
3
23
11
6
3
1
3
23
11
6
3
1
3
23
11
6
3
1
3
23
11
6
3
1
3
23
11
6
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
23
11
7
3
1
3
111
3
22
13
174
111
3
22
13
174
101
0
15
15
153
101
0
15
15
153
50
0
15
15
102
50
0
15
15
102
101
0
15
15
173
101
0
15
15
173
105
0
16
16
178
105
0
16
16
178
109
0
17
17
185
109
0
17
17
185
116
0
18
18
194
116
0
18
18
194
123
0
19
19
204
123
0
19
19
204
130
0
20
20
214
130
0
20
20
214
138
0
21
21
225
138
0
21
21
225
146
0
22
22
237
146
0
22
22
237
155
0
24
24
249
155
0
24
24
249
164
1
25
25
262
164
1
25
25
262
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
174
1
26
27
275
2
3
27
2
3
29
2
3
29
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
2
4
31
12
70
15
17
10
170
12
70
15
17
10
170
17
75
31
15
11
219
17
75
31
15
11
219
64
1
17
7
12
119
64
1
17
7
12
119
14
1
17
7
12
69
14
1
17
7
12
69
64
1
18
7
13
122
64
1
18
7
13
122
67
1
19
8
13
127
67
1
19
8
13
127
69
1
20
8
14
133
69
1
20
8
14
133
74
1
21
9
15
142
74
1
21
9
15
142
78
1
22
9
15
151
78
1
22
9
15
151
83
1
23
10
16
160
83
1
23
10
16
160
88
1
25
10
17
170
88
1
25
10
17
170
93
1
26
11
18
180
93
1
26
11
18
180
98
1
28
11
19
191
98
1
28
11
19
191
104
1
29
12
21
202
104
1
29
12
21
202
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
111
1
31
13
22
214
141
170
311
141
170
311
174
219
394
174
219
394
153
119
272
153
119
272
102
69
171
102
69
171
173
122
294
173
122
294
178
127
306
178
127
306
185
133
318
185
133
318
194
142
335
194
142
335
204
151
354
204
151
354
214
160
374
214
160
374
225
170
395
225
170
395
237
180
416
237
180
416
249
191
439
249
191
439
262
202
464
262
202
464
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
275
214
490
2
44
000 t
000 t
407
72
479
13
5
4
1
1
2
2
44
1
0
70
1
0
70
1
2
15
1
2
15
1
2
15
1
2
15
1
2
16
1
2
16
1
2
17
1
2
17
1
2
18
1
2
18
1
2
20
1
2
20
2
2
21
2
2
21
2
3
23
2
3
23
2
3
24
2
3
24
2
3
26
2
3
26
2
3
27
311
311
394
394
272
272
171
171
294
294
306
785
2,872
2,872
4,423
4,423
5,480
5,480
6,545
6,545
7,079
7,079
7,115
7,115
7,160
7,160
7,200
7,200
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
7,242
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
12/31/2017
6/30/2018
12/31/2018
6/30/2019
12/31/2019
6/30/2020
12/31/2020
6/30/2021
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
6/30/2030
12/31/2030
6/30/2031
12/31/2031
6/30/2032
12/31/2032
6/30/2033
12/31/2033
6/30/2034
12/31/2034
6/30/2035
12/31/2035
6/30/2036
12/31/2036
6/30/2037
12/31/2037
6/30/2038
12/31/2038
6/30/2039
12/31/2039
33
33
79
79
150
79
150
79
200
84
200
84
215
84
215
84
235
84
235
84
250
92
250
92
250
92
250
92
250
92
250
92
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
250
99
6
6
7
3
6
6
7
3
15
6
13
16
6
122
15
6
13
16
6
122
15
6
13
17
6
132
15
6
13
17
6
132
15
6
14
18
7
143
15
6
14
18
7
143
15
7
14
20
7
154
15
7
14
20
7
154
15
7
14
21
8
167
15
7
14
21
8
167
15
7
14
22
8
175
15
7
14
22
8
175
15
7
15
24
9
184
15
7
15
24
9
184
15
7
15
25
9
193
15
7
15
25
9
193
15
7
15
27
10
202
15
7
15
27
10
202
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
15
7
16
28
10
213
1
1
0
2
2
1
1
0
2
2
13
13
12.5
3
1
1
0
2
2
14
37
12.5
3
1
1
0
2
2
14
37
16
5
1
1
0
2
2
14
40
16
5
1
1
0
2
2
14
40
17.5
5
1
1
0
2
2
14
43
17.5
5
1
1
0
2
2
14
43
18
6
1
1
0
2
2
14
47
18
6
1
1
0
2
2
14
47
20
6
1
1
0
2
2
14
51
20
6
1
1
0
2
2
14
51
20
6
1
1
0
2
2
14
54
20
6
1
1
0
2
2
14
54
20
6
1
1
0
2
2
14
57
20
6
1
1
0
2
2
14
57
20
6
1
1
0
2
2
14
60
20
6
1
1
0
2
2
14
60
20
6
1
1
0
2
2
14
64
20
6
1
1
0
2
2
14
64
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68
20
6
1
1
0
2
2
14
68

Descendant
Limestone
Sugar + Molasis
Coal
Tobacco
Cotton
Timber
Containers
Misc.
Malawi cargo
Ascendant
Coal
Gypsum
Fertilizer
Limestone
Caustic soda
General cargo
Diesel
Fertilizer
Petroleum
0
0
0
1
1
0
0
0
1
1
Summary
Descendent Traffic
Ascendent Traffic

Descendant
National
Sugar
Mollasses
Stone
Timber
Maize
Others
International
Granite
Ferrochrome
Others
Container traffic
13.2
6.4
0.9
Ascendant
National
Sugar
Coal
Others
International
Fertilizers
Maize
Wheat
Others
Containers
13.2
6.4
0.9
0.7
0.7
78.5
78.5
36.3
5.3
36.3
5.3
12.8
5.1
3.5
0.7
0.9
1.8
12.8
5.1
3.5
0.7
0.9
1.8
9.8
5.2
3.4
1.5
0.7
1.6
9.8
5.2
3.4
1.5
0.7
1.6
9.8
5.2
3.4
1.5
0.7
1.6
9.8
5.2
3.4
1.5
0.7
1.6
22.5
10.5
3.7
1.6
0.7
1.7
22.5
10.5
3.7
1.6
0.7
1.7
22.5
10.5
4.0
1.7
0.8
1.8
22.5
10.5
4.0
1.7
0.8
1.8
22.5
10.5
4.3
1.9
0.8
2.0
22.5
10.5
4.3
1.9
0.8
2.0
22.5
10.5
4.6
2.0
0.9
2.1
22.5
10.5
4.6
2.0
0.9
2.1
22.5
10.5
5.0
2.2
1.0
2.3
22.5
10.5
5.0
2.2
1.0
2.3
22.5
10.5
5.4
2.4
1.0
2.5
22.5
10.5
5.4
2.4
1.0
2.5
22.5
10.5
5.7
2.5
1.1
2.6
22.5
10.5
5.7
2.5
1.1
2.6
22.5
10.5
6.1
2.7
1.2
2.8
22.5
10.5
6.1
2.7
1.2
2.8
22.5
10.5
6.4
2.8
1.2
2.9
22.5
10.5
6.4
2.8
1.2
2.9
22.5
10.5
6.8
3.0
1.3
3.1
22.5
10.5
6.8
3.0
1.3
3.1
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
22.5
10.5
7.2
3.2
1.4
3.3
111.4
2.8
22.2
13.4
111.4
2.8
22.2
13.4
100.8
0.3
14.8
14.9
100.8
0.3
14.8
14.9
50.0
0.3
14.8
14.9
50.0
0.3
14.8
14.9
100.8
0.3
15.3
15.4
100.8
0.3
15.3
15.4
104.8
0.3
16.0
16.1
104.8
0.3
16.0
16.1
109.0
0.3
16.6
16.7
109.0
0.3
16.6
16.7
115.6
0.4
17.6
17.7
115.6
0.4
17.6
17.7
122.5
0.4
18.6
18.8
122.5
0.4
18.6
18.8
129.9
0.4
19.8
19.9
129.9
0.4
19.8
19.9
137.6
0.4
20.9
21.1
137.6
0.4
20.9
21.1
145.9
0.5
22.2
22.4
145.9
0.5
22.2
22.4
154.7
0.5
23.5
23.7
154.7
0.5
23.5
23.7
163.9
0.5
24.9
25.1
163.9
0.5
24.9
25.1
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
173.8
0.5
26.4
26.6
2.0
43.8
2.0
43.8
0.6
0.3
69.9
0.6
0.3
69.9
1.1
1.7
14.6
1.1
1.7
14.6
1.1
1.7
14.6
1.1
1.7
14.6
1.1
1.8
15.7
1.1
1.8
15.7
1.2
1.9
17.0
1.2
1.9
17.0
1.3
2.1
18.3
1.3
2.1
18.3
1.4
2.2
19.8
1.4
2.2
19.8
1.5
2.4
21.4
1.5
2.4
21.4
1.7
2.6
23.1
1.7
2.6
23.1
1.8
2.8
24.5
1.8
2.8
24.5
1.9
2.9
25.9
1.9
2.9
25.9
2.0
3.1
27.5
2.0
3.1
27.5
2.1
3.3
29.1
2.1
3.3
29.1
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
2.2
3.5
30.9
11.9
69.7
14.7
17.4
10.5
11.9
69.7
14.7
17.4
10.5
17.0
75.0
31.1
14.6
10.9
17.0
75.0
31.1
14.6
10.9
64.2
0.6
17.4
7.2
12.2
64.2
0.6
17.4
7.2
12.2
14.2
0.6
17.4
7.2
12.2
14.2
0.6
17.4
7.2
12.2
64.2
0.6
18.1
7.5
12.7
64.2
0.6
18.1
7.5
12.7
66.7
0.6
18.8
7.8
13.2
66.7
0.6
18.8
7.8
13.2
69.4
0.6
19.6
8.1
13.7
69.4
0.6
19.6
8.1
13.7
73.5
0.7
20.7
8.6
14.5
73.5
0.7
20.7
8.6
14.5
78.0
0.7
22.0
9.1
15.4
78.0
0.7
22.0
9.1
15.4
82.6
0.7
23.3
9.6
16.3
82.6
0.7
23.3
9.6
16.3
87.6
0.8
24.7
10.2
17.3
87.6
0.8
24.7
10.2
17.3
92.9
0.8
26.2
10.8
18.4
92.9
0.8
26.2
10.8
18.4
98.4
0.9
27.8
11.5
19.5
98.4
0.9
27.8
11.5
19.5
104.3
0.9
29.4
12.2
20.6
104.3
0.9
29.4
12.2
20.6
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
110.6
1.0
31.2
12.9
21.9
1
31-Dec-05
2
31-Dec-06
3
31-Dec-07
4
31-Dec-08
5
31-Dec-09
6
31-Dec-10
7
31-Dec-11
8
31-Dec-12
9
31-Dec-13
10
31-Dec-14
11
31-Dec-15
12
31-Dec-16
13
31-Dec-17
14
31-Dec-18
15
31-Dec-19
16
31-Dec-20
17
31-Dec-21
18
31-Dec-22
19
31-Dec-23
20
31-Dec-24
21
31-Dec-25
22
31-Dec-26
23
31-Dec-27
24
31-Dec-28
25
31-Dec-29
26
31-Dec-30
27
31-Dec-31
28
31-Dec-32
29
31-Dec-33
30
31-Dec-34
31
31-Dec-35
32
31-Dec-36
33
31-Dec-37
34
31-Dec-38
35
31-Dec-39
36
31-Dec-40
37
31-Dec-41
38
31-Dec-42
39
31-Dec-43
40
31-Dec-44
66.0
158.5
300.0
158.5
400.0
168.5
430.0
168.5
470.0
168.5
500.0
184.9
500.0
184.9
500.0
184.9
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
500.0
198.1
30.0
12.4
26.0
31.0
11.4
244.9
30.0
12.7
26.5
33.5
12.3
264.5
30.0
12.9
27.1
36.2
13.3
285.7
30.0
13.2
27.6
39.1
14.4
308.5
30.0
13.5
28.1
42.2
15.5
333.2
30.0
13.7
28.7
44.7
16.4
349.8
30.0
14.0
29.3
47.4
17.4
367.3
30.0
14.3
29.9
50.2
18.5
385.7
30.0
14.6
30.5
53.2
19.6
405.0
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.2
30.0
14.9
31.1
56.4
20.8
425.
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
30.0
14.9
31.1
56.4
20.8
Summary
Descendent Traffic
Ascendent Traffic
Yearly Traffic as given in Traffic Study Report

Descendant
Limestone
Sugar + Molasis
Coal
Tobacco
Cotton
Timber
Containers
Misc.
Malawi cargo
Av. Lead
91
266
575
575
271
400
300
250
575
12.2
12.0
14.0
5.0
Debt Schedules
Currency
Unit
USD
1,000
PROJECT COST
Total - Inf rastructure
Total Financial Expenses
TOTAL
Pre-Funding CF for macro
337,899
19,493
40,750
3,500
28,751
430,393
f unding1
f unding2
check
430,393
0
Financial Expenses
Working Capital
Upf ront, Commitment Fee Capitalised (=FinExp_Cap)
Interest Exp Capitalised (=IntExp_Cap)
Debt Serv ice Reserv e Fund (=Transf er to/f rom)
Project Insurance Costs
3,602
18,218
6,931
21,819
Currency
Unit
110,000
60,000
28,647
151,746
110,000
10
25
0.83%
Pay ment Method

Upf ront Fee
Commitment Fee
Interest Roll ov er Period
Interest on Def . Interest
L
0.5%
3
6/30/2007
6
2007
24,986
3
12/31/2007
6
2007
24,986
4
6/30/2008
6
2008
15,425
4
12/31/2008
6
2008
15,425
5
6/30/2009
6
2009
42,984
5
12/31/2009
6
2009
42,984
6
6/30/2010
6
2010
1,470
6
12/31/2010
6
2010
1,470
7
6/30/2011
6
2011
29,740
7
12/31/2011
6
2011
29,740
6,498
8,333
8
6/30/2012
6
2012
29,740
6,498
14,833
1,394
15,184
1,555
26,541
1,795
26,781
2,074
17,499
2,240
17,665
3,230
46,213
3,182
46,166
3,006
4,476
387
1,857
1,218
30,958
1,820
46,391
2,247
53,318
1,258
55,079
20,043
20,043
7,195
7,195
15,027
15,027
15,184
15,184
26,541
26,541
26,781
26,781
17,499
17,499
17,665
17,665
46,213
46,213
46,166
46,166
0
4,476
4,476
0
1,857
1,857
0
30,958
30,958
0
46,391
46,391
0
53,318
53,318
0
55,079
55,079
0
550
343
514
700
449
788
398
996
285
1,270
186
1,609
124
1,950
50
2,190
719
2,510
318
2,864
8
12/31/2012
6
2012
29,740
6,498
17,583
9
2,997
387
1,218
1,820
2,247
1,258
1,214
1,237
1,394
1,555
1,795
2,074
2,240
3,230
3,182
3,006
387
1,218
1,820
2,247
1,258
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
110,000
60,000
28,647
151,746
43
7,195
13,027
10,184
22,541
19,781
12,499
14,665
10,065
36,148
23,852
22,314
16,958
55,079
41,000
15,000
4,476
1,857
36,391
43,318
2,000
5,000
4,000
7,000
5,000
3,000
39,000
5,000
14,000
10,000
10,000
430,393
20,043
7,195
15,027
15,184
26,541
26,781
17,499
17,665
46,213
46,166
4,476
1,857
30,958
46,391
53,318
55,079
Project Y ear
Y ear
Months
Opening Balance
Drawdown 1st half * (y r5)
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Debt serv ice 1st half
1
6/30/2005
6
1
12/31/2005
6
43
7,195
2
6/30/2006
6
7,237
13,027
2
12/31/2006
6
20,264
10,184
3
6/30/2007
6
30,448
22,541
3
12/31/2007
6
52,989
19,781
4
6/30/2008
6
72,771
12,499
4
12/31/2008
6
85,270
14,665
5
6/30/2009
6
99,935
10,065
5
12/31/2009
6
110,000
6
6/30/2010
6
110,000
6
12/31/2010
6
110,000
7
6/30/2011
6
110,000
7
12/31/2011
6
110,000
8
6/30/2012
6
110,000
8
12/31/2012
6
110,000
9
6/30/2013
6
110,000
9
12/31/2013
6
110,000
10
6/30/2014
6
110,000
10
12/31/2014
6
110,000
11
6/30/2015
6
110,000
11
12/31/2015
6
107,800
12
6/30/2016
6
105,600
12
12/31/2016
6
103,400
13
6/30/2017
6
101,200
13
12/31/2017
6
99,000
14
6/30/2018
6
96,800
14
12/31/2018
6
94,600
15
6/30/2019
6
92,400
15
12/31/2019
6
90,200
16
6/30/2020
6
88,000
16
12/31/2020
6
85,800
17
6/30/2021
6
83,600
17
12/31/2021
6
81,400
18
6/30/2022
6
79,200
18
12/31/2022
6
77,000
19
6/30/2023
6
74,800
19
12/31/2023
6
72,600
20
6/30/2024
6
70,400
20
12/31/2024
6
68,200
21
6/30/2025
6
66,000
21
12/31/2025
6
63,800
22
6/30/2026
6
61,600
22
12/31/2026
6
59,400
23
6/30/2027
6
57,200
23
12/31/2027
6
55,000
24
6/30/2028
6
52,800
24
12/31/2028
6
50,600
25
6/30/2029
6
48,400
25
12/31/2029
6
46,200
26
6/30/2030
6
44,000
26
12/31/2030
6
41,800
27
6/30/2031
6
39,600
27
12/31/2031
6
37,400
28
6/30/2032
6
35,200
28
12/31/2032
6
33,000
29
6/30/2033
6
30,800
29
12/31/2033
6
28,600
30
6/30/2034
6
26,400
30
12/31/2034
6
24,200
31
6/30/2035
6
22,000
31
12/31/2035
6
19,800
32
6/30/2036
6
17,600
32
12/31/2036
6
15,400
33
6/30/2037
6
13,200
33
12/31/2037
6
11,000
34
6/30/2038
6
8,800
34
12/31/2038
6
6,600
35
6/30/2039
6
4,400
43
0
0
0
15
15
15
57
57
57
106
106
106
174
174
174
262
262
262
329
329
329
385
385
385
437
437
437
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
458
449
449
449
440
440
440
430
430
430
421
421
421
412
412
412
403
403
403
394
394
394
385
385
385
375
375
375
366
366
366
357
357
357
348
348
348
339
339
339
330
330
330
321
321
321
311
311
311
302
302
302
293
293
293
284
284
284
275
275
275
266
266
266
256
256
256
247
247
247
238
238
238
229
229
229
220
220
220
211
211
211
201
201
201
192
192
192
183
183
183
174
174
174
165
165
165
156
156
156
147
147
147
137
137
137
128
128
128
119
119
119
110
110
110
101
101
101
92
92
92
82
82
82
73
73
73
64
64
64
55
55
55
46
46
46
37
37
37
27
27
27
18
18
18
9
9
9
15
57
106
174
262
329
385
437
458
458
458
458
458
458
458
458
458
458
458
2,200
2,658
2,200
2,649
2,200
2,640
2,200
2,630
2,200
2,621
2,200
2,612
2,200
2,603
2,200
2,594
2,200
2,585
2,200
2,575
2,200
2,566
2,200
2,557
2,200
2,548
2,200
2,539
2,200
2,530
2,200
2,521
2,200
2,511
2,200
2,502
2,200
2,493
2,200
2,484
2,200
2,475
2,200
2,466
2,200
2,456
2,200
2,447
2,200
2,438
2,200
2,429
2,200
2,420
2,200
2,411
2,200
2,401
2,200
2,392
2,200
2,383
2,200
2,374
2,200
2,365
2,200
2,356
2,200
2,347
2,200
2,337
2,200
2,328
2,200
2,319
2,200
2,310
2,200
2,301
2,200
2,292
2,200
2,282
2,200
2,273
2,200
2,264
2,200
2,255
2,200
2,246
2,200
2,237
2,200
2,227
2,200
2,218
2,200
2,209
Mid-y ear Balance

Drawdown 2nd Half * (y r5)
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Debt serv ice 2nd half
Period-end Balance
43
7,237
20,264
30,448
52,989
72,771
85,270
99,935
110,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
107,800
105,600
103,400
101,200
99,000
96,800
94,600
92,400
90,200
88,000
85,800
83,600
81,400
79,200
77,000
74,800
72,600
70,400
68,200
66,000
63,800
61,600
59,400
57,200
55,000
52,800
50,600
48,400
46,200
44,000
41,800
39,600
37,400
35,200
33,000
30,800
28,600
26,400
24,200
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
43
0.75%
43
7,237
0.75%
7,195
20,264
0.75%
13,027
30,448
0.75%
10,184
52,989
0.75%
22,541
72,771
0.75%
19,781
85,270
0.75%
12,499
99,935
0.75%
14,665
110,000
0.75%
10,065
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
110,000
0.75%
107,800
0.75%
105,600
0.75%
103,400
0.75%
101,200
0.75%
99,000
0.75%
96,800
0.75%
94,600
0.75%
92,400
0.75%
90,200
0.75%
88,000
0.75%
85,800
0.75%
83,600
0.75%
81,400
0.75%
79,200
0.75%
77,000
0.75%
74,800
0.75%
72,600
0.75%
70,400
0.75%
68,200
0.75%
66,000
0.75%
63,800
0.75%
61,600
0.75%
59,400
0.75%
57,200
0.75%
55,000
0.75%
52,800
0.75%
50,600
0.75%
48,400
0.75%
46,200
0.75%
44,000
0.75%
41,800
0.75%
39,600
0.75%
37,400
0.75%
35,200
0.75%
33,000
0.75%
30,800
0.75%
28,600
0.75%
26,400
0.75%
24,200
0.75%
22,000
0.75%
19,800
0.75%
17,600
0.75%
15,400
0.75%
13,200
0.75%
11,000
0.75%
8,800
0.75%
6,600
0.75%
4,400
0.75%
2,200
0.75%
0.75%
550
550
514
514
449
449
398
398
285
285
186
186
124
124
50
50
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
36,148
23,852
6
6/30/2010
6
60,000
6
12/31/2010
6
60,000
7
6/30/2011
6
60,000
7
12/31/2011
6
60,000
8
6/30/2012
6
60,000
8
12/31/2012
6
60,000
9
6/30/2013
6
60,000
9
12/31/2013
6
60,000
10
6/30/2014
6
60,000
10
12/31/2014
6
60,000
11
6/30/2015
6
60,000
11
12/31/2015
6
58,000
12
6/30/2016
6
56,000
12
12/31/2016
6
54,000
13
6/30/2017
6
52,000
13
12/31/2017
6
50,000
14
6/30/2018
6
48,000
14
12/31/2018
6
46,000
15
6/30/2019
6
44,000
15
12/31/2019
6
42,000
16
6/30/2020
6
40,000
16
12/31/2020
6
38,000
17
6/30/2021
6
36,000
17
12/31/2021
6
34,000
18
6/30/2022
6
32,000
18
12/31/2022
6
30,000
19
6/30/2023
6
28,000
19
12/31/2023
6
26,000
20
6/30/2024
6
24,000
20
12/31/2024
6
22,000
21
6/30/2025
6
20,000
21
12/31/2025
6
18,000
22
6/30/2026
6
16,000
22
12/31/2026
6
14,000
23
6/30/2027
6
12,000
23
12/31/2027
6
10,000
24
6/30/2028
6
8,000
24
12/31/2028
6
6,000
25
6/30/2029
6
4,000
25
12/31/2029
6
2,000
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
35
12/31/2039
6
2,200
Note (*) Links to modif y
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Total Financing Fees
Other Loan 1
Amount (total draw)*

Grace period (y ears)
Repay ment period (y rs)
Interest rate
$60,000
10
15
2.2%
Pay ment Method

Upf ront Fee
Commitment Fee
L
1.0%
0.5%
Project Y ear
Y ear
Months
Opening Balance
Drawdown 1st half (y r5*)
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
36,148
133
133
133
111
111
111
89
89
89
67
67
67
44
44
44
22
22
22
201
534
666
666
666
666
666
666
666
666
666
666
2,000
2,666
2,000
2,644
2,000
2,622
2,000
2,599
2,000
2,577
2,000
2,555
2,000
2,533
2,000
2,511
2,000
2,488
2,000
2,466
2,000
2,444
2,000
2,422
2,000
2,400
2,000
2,377
2,000
2,355
2,000
2,333
2,000
2,311
2,000
2,289
2,000
2,266
2,000
2,244
2,000
2,222
2,000
2,200
2,000
2,178
2,000
2,155
2,000
2,133
2,000
2,111
2,000
2,089
2,000
2,067
2,000
2,044
2,000
2,022
36,148
201
201
201
60,000
534
534
534
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
60,000
666
666
666
58,000
666
666
666
56,000
644
644
644
54,000
622
622
622
52,000
599
599
599
50,000
577
577
577
48,000
555
555
555
46,000
533
533
533
44,000
511
511
511
42,000
488
488
488
40,000
466
466
466
38,000
444
444
444
36,000
422
422
422
34,000
400
400
400
32,000
377
377
377
30,000
355
355
355
28,000
333
333
333
26,000
311
311
311
24,000
289
289
289
22,000
266
266
266
20,000
244
244
244
18,000
222
222
222
16,000
200
200
200
14,000
178
178
178
12,000
155
155
155
10,000
8,000
6,000
4,000
2,000
36,148
5.2%
36,148
600
119
719
60,000
5.2%
23,852
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
60,000
5.2%
58,000
5.2%
56,000
5.2%
54,000
5.2%
52,000
5.2%
50,000
5.2%
48,000
5.2%
46,000
5.2%
44,000
5.2%
42,000
5.2%
40,000
5.2%
38,000
5.2%
36,000
5.2%
34,000
5.2%
32,000
5.2%
30,000
5.2%
28,000
5.2%
26,000
5.2%
24,000
5.2%
22,000
5.2%
20,000
5.2%
18,000
5.2%
16,000
5.2%
14,000
5.2%
12,000
5.2%
10,000
5.2%
8,000
5.2%
6,000
5.2%
4,000
5.2%
2,000
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
22,314
6
12/31/2010
6
26,789
7
6/30/2011
6
28,647
7
12/31/2011
6
28,647
8
6/30/2012
6
28,647
8
12/31/2012
6
28,647
9
6/30/2013
6
28,647
9
12/31/2013
6
28,647
10
6/30/2014
6
28,647
10
12/31/2014
6
28,647
11
6/30/2015
6
28,647
11
12/31/2015
6
27,692
12
6/30/2016
6
26,737
12
12/31/2016
6
25,782
13
6/30/2017
6
24,827
13
12/31/2017
6
23,872
14
6/30/2018
6
22,917
14
12/31/2018
6
21,963
15
6/30/2019
6
21,008
15
12/31/2019
6
20,053
16
6/30/2020
6
19,098
16
12/31/2020
6
18,143
17
6/30/2021
6
17,188
17
12/31/2021
6
16,233
18
6/30/2022
6
15,278
18
12/31/2022
6
14,323
19
6/30/2023
6
13,368
19
12/31/2023
6
12,414
20
6/30/2024
6
11,459
20
12/31/2024
6
10,504
21
6/30/2025
6
9,549
21
12/31/2025
6
8,594
22
6/30/2026
6
7,639
22
12/31/2026
6
6,684
23
6/30/2027
6
5,729
23
12/31/2027
6
4,774
24
6/30/2028
6
3,820
24
12/31/2028
6
2,865
25
6/30/2029
6
1,910
25
12/31/2029
6
955
26
6/30/2030
6
0
26
12/31/2030
6
0
27
6/30/2031
6
0
27
12/31/2031
6
0
28
6/30/2032
6
0
28
12/31/2032
6
0
29
6/30/2033
6
0
29
12/31/2033
6
0
30
6/30/2034
6
0
30
12/31/2034
6
0
31
6/30/2035
6
0
31
12/31/2035
6
0
32
6/30/2036
6
0
32
12/31/2036
6
0
33
6/30/2037
6
0
33
12/31/2037
6
0
34
6/30/2038
6
0
34
12/31/2038
6
0
35
6/30/2039
6
0
35
12/31/2039
6
0
y
Mid-y ear Balance
Drawdown 2nd Half (y r5*)
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
Note - * Only f igures to modif y
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Other Loan 2
Project Y ear
Y ear
Months
Opening Balance

Principal Pay ment Starts f rom (y ears)
Interest rate
$28,647
10
10
15
Pay ment Method

Upf ront Fee
Commitment Fee
L
1.0%
0.5%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6

Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
22,314
4,476
1,857
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
955
Mid-y ear Balance

Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
22,314
26,789
28,647
28,647
28,647
28,647
28,647
28,647
28,647
28,647
28,647
27,692
26,737
25,782
24,827
23,872
22,917
21,963
21,008
20,053
19,098
18,143
17,188
16,233
15,278
14,323
13,368
12,414
11,459
10,504
9,549
8,594
7,639
6,684
5,729
4,774
3,820
2,865
1,910
955
22,314
26,789
28,647
28,647
28,647
28,647
28,647
28,647
28,647
28,647
28,647
27,692
26,737
25,782
24,827
23,872
22,917
21,963
21,008
20,053
19,098
18,143
17,188
16,233
15,278
14,323
13,368
12,414
11,459
10,504
9,549
8,594
7,639
6,684
5,729
4,774
3,820
2,865
1,910
955
Drawdowns
Upf ront Fee
Commitment Fee
22,314
286
32
318
4,476
1,857
5
12/31/2009
6
6
6/30/2010
6
9
6/30/2013
6
151,746
9
12/31/2013
6
151,746
10
6/30/2014
6
151,746
10
12/31/2014
6
151,746
11
6/30/2015
6
151,746
11
12/31/2015
6
146,688
12
6/30/2016
6
141,630
12
12/31/2016
6
136,572
13
6/30/2017
6
131,513
13
12/31/2017
6
126,455
14
6/30/2018
6
121,397
14
12/31/2018
6
116,339
15
6/30/2019
6
111,281
15
12/31/2019
6
106,222
16
6/30/2020
6
101,164
16
12/31/2020
6
96,106
17
6/30/2021
6
91,048
17
12/31/2021
6
85,990
18
6/30/2022
6
80,931
18
12/31/2022
6
75,873
19
6/30/2023
6
70,815
19
12/31/2023
6
65,757
20
6/30/2024
6
60,698
20
12/31/2024
6
55,640
21
6/30/2025
6
50,582
21
12/31/2025
6
45,524
22
6/30/2026
6
40,466
22
12/31/2026
6
35,407
23
6/30/2027
6
30,349
23
12/31/2027
6
25,291
24
6/30/2028
6
20,233
24
12/31/2028
6
15,175
25
6/30/2029
6
10,116
25
12/31/2029
6
5,058
26
6/30/2030
6
0
26
12/31/2030
6
0
27
6/30/2031
6
0
27
12/31/2031
6
0
28
6/30/2032
6
0
28
12/31/2032
6
0
29
6/30/2033
6
0
29
12/31/2033
6
0
30
6/30/2034
6
0
30
12/31/2034
6
0
31
6/30/2035
6
0
31
12/31/2035
6
0
32
6/30/2036
6
0
32
12/31/2036
6
0
33
6/30/2037
6
0
33
12/31/2037
6
0
34
6/30/2038
6
0
34
12/31/2038
6
0
35
6/30/2039
6
0
35
12/31/2039
6
0
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,931
6,700
6,700
6,700
6,469
6,469
6,469
6,238
6,238
6,238
6,007
6,007
6,007
5,776
5,776
5,776
5,545
5,545
5,545
5,314
5,314
5,314
5,083
5,083
5,083
4,852
4,852
4,852
4,621
4,621
4,621
4,390
4,390
4,390
4,159
4,159
4,159
3,928
3,928
3,928
3,697
3,697
3,697
3,466
3,466
3,466
3,235
3,235
3,235
3,004
3,004
3,004
2,772
2,772
2,772
2,541
2,541
2,541
2,310
2,310
2,310
2,079
2,079
2,079
1,848
1,848
1,848
1,617
1,617
1,617
1,386
1,386
1,386
1,155
1,155
1,155
924
924
924
693
693
693
462
462
462
231
231
231
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Financing Charges
Other Loan 3

Principal Pay ment Starts f rom (y ears)
Interest rate
2
12/31/2006
6
2006
13,790
1,237
15,027
1
12/31/2005
6
39,000

Interest rate
2
6/30/2006
6
2006
13,790
1,214
7,195
892
41,000
238,314
IDA Credit
1
12/31/2005
6
2005
5,980
3,500
892
20,043
1
6/30/2005
6
USD
1,000
PROJECT FINANCING
Senior Debt
IDA Credit
Other Loan 1
Other Loan 2
Other Loan 3
Sof t loan f or Upgradation
Junior Debt
Shareholder Loans
Subordinated Debt
Equity
Share Capital
Shareholder Loan Conv erted in Equity
1
6/30/2005
6
2005
15,650
$151,746
10
10
15
9.1%
Pay ment Method

Upf ront Fee
Commitment Fee
L
1.0%
1.0%
Project Year
Year
Months
Opening Balance
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
9
9
7
6/30/2011
6
7
12/31/2011
6
16,958
8
6/30/2012
6
53,350
8
12/31/2012
6
96,668

Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
6
12/31/2010
6
16,958
36,391
43,318
55,079
387
387
387
1,606
1,606
1,606
3,426
3,426
3,426
5,673
5,673
5,673
387
1,606
3,426
5,673
6,931
6,931
6,931
6,931
5,058
11,989
5,058
11,758
5,058
11,527
5,058
11,296
5,058
11,065
5,058
10,834
5,058
10,603
5,058
10,372
5,058
10,141
5,058
9,910
5,058
9,679
5,058
9,448
5,058
9,217
5,058
8,986
5,058
8,755
5,058
8,524
5,058
8,293
5,058
8,062
5,058
7,831
5,058
7,600
5,058
7,369
5,058
7,138
5,058
6,907
5,058
6,675
5,058
6,444
5,058
6,213
5,058
5,982
5,058
5,751
5,058
5,520
5,058
5,289
Mid-y ear Balance

Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
16,958
53,350
96,668
151,746
151,746
151,746
151,746
151,746
146,688
141,630
136,572
131,513
126,455
121,397
116,339
111,281
106,222
101,164
96,106
91,048
85,990
80,931
75,873
70,815
65,757
60,698
55,640
50,582
45,524
40,466
35,407
30,349
25,291
20,233
15,175
10,116
5,058
16,958
53,350
96,668
151,746
151,746
151,746
151,746
151,746
146,688
141,630
136,572
131,513
126,455
121,397
116,339
111,281
106,222
101,164
96,106
91,048
85,990
80,931
75,873
70,815
65,757
60,698
55,640
50,582
45,524
40,466
35,407
30,349
25,291
20,233
15,175
10,116
5,058
43,318
55,079
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Soft loan for Upgradation
Project Y ear
Y ear
Months
Opening Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments

Interest rate
10
25
1.9%
Pay ment Method

Upf ront Fee
Commitment Fee
L
0.5%
16,958
1,517
1,348
2,865
36,391
984
984
551
551
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
20
6/30/2024
6
20
12/31/2024
6
21
6/30/2025
6
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
25
12/31/2029
6
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
1
6/30/2005
6
1
12/31/2005
6
15,000
2
6/30/2006
6
15,000
2,000
2
12/31/2006
6
17,000
5,000
3
6/30/2007
6
22,000
4,000
3
12/31/2007
6
26,000
7,000
4
6/30/2008
6
33,000
5,000
4
12/31/2008
6
38,000
3,000
5
6/30/2009
6
41,000
5
12/31/2009
6
41,000
6
6/30/2010
6
41,000
6
12/31/2010
6
41,000
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
20
6/30/2024
6
20
12/31/2024
6
21
6/30/2025
6
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
25
12/31/2029
6
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
685
685
685
731
731
731
891
891
891
1,096
1,096
1,096
1,347
1,347
1,347
1,622
1,622
1,622
1,804
1,804
1,804
1,873
1,873
1,873
1,873
1,873
1,873
1,873
1,873
1,873
1,873
1,873
1,873
y
Mid-y ear Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
Note - * Links to Modif y
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Shareholder Loans

Interest rate
$41,000.0
6
9
9.1%
Pay ment Method

Upf ront Fee
Commitment Fee
Project Y ear
Y ear
Months
Opening Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
15,000
343
343
343
343
685
731
891
1,096
1,347
1,622
1,804
1,873
1,873
1,873
1,873
15,000
15,000
17,000
22,000
26,000
33,000
38,000
41,000
41,000
41,000
41,000
41,000
15,000
8.2%
15,000
15,000
8.2%
17,000
8.2%
2,000
22,000
8.2%
5,000
26,000
8.2%
4,000
33,000
8.2%
7,000
38,000
8.2%
5,000
41,000
8.2%
3,000
41,000
8.2%
41,000
8.2%
41,000
8.2%
41,000
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
8.2%
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
20
6/30/2024
6
20
12/31/2024
6
21
6/30/2025
6
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
25
12/31/2029
6
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
n
Mid-y ear Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Subordinated Debt
Project Y ear
Y ear
Months
Opening Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments

Interest rate
5
10
12.5%
Pay ment Method

Upf ront Fee
Commitment Fee
L
1.0%
y
Mid-y ear Balance
Interest b/f
Interest Incurred
Interest Due
Interest Paid
Interest c/f
Principal pay ments
Period-end Balance
MAX(MIN(Cash Av , Int_Due),0)
Financing Charges
Drawdowns
Upf ront Fee
Commitment Fee
Summary of Debt Schedule
Project Y ear
Y ear
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
35%
2005
1
6/30/2005
6
2005
1
12/31/2005
6
2006
2
6/30/2006
6
2006
2
12/31/2006
6
2007
3
6/30/2007
6
2007
3
12/31/2007
6
2008
4
6/30/2008
6
2008
4
12/31/2008
6
2009
5
6/30/2009
6
2009
5
12/31/2009
6
2010
6
6/30/2010
6
2010
6
12/31/2010
6
2011
7
6/30/2011
6
2011
7
12/31/2011
6
2012
8
6/30/2012
6
2012
8
12/31/2012
6
2013
9
6/30/2013
6
2013
9
12/31/2013
6
2014
10
6/30/2014
6
2014
10
12/31/2014
6
2015
11
6/30/2015
6
2015
11
12/31/2015
6
2016
12
6/30/2016
6
2016
12
12/31/2016
6
2017
13
6/30/2017
6
2017
13
12/31/2017
6
2018
14
6/30/2018
6
2018
14
12/31/2018
6
2019
15
6/30/2019
6
2019
15
12/31/2019
6
2020
16
6/30/2020
6
2020
16
12/31/2020
6
2021
17
6/30/2021
6
2021
17
12/31/2021
6
2022
18
6/30/2022
6
2022
18
12/31/2022
6
2023
19
6/30/2023
6
2023
19
12/31/2023
6
2024
20
6/30/2024
6
2024
20
12/31/2024
6
2025
21
6/30/2025
6
2025
21
12/31/2025
6
2026
22
6/30/2026
6
2026
22
12/31/2026
6
2027
23
6/30/2027
6
2027
23
12/31/2027
6
2028
24
6/30/2028
6
2028
24
12/31/2028
6
2029
25
6/30/2029
6
2029
25
12/31/2029
6
2030
26
6/30/2030
6
2030
26
12/31/2030
6
2031
27
6/30/2031
6
2031
27
12/31/2031
6
2032
28
6/30/2032
6
2032
28
12/31/2032
6
2033
29
6/30/2033
6
2033
29
12/31/2033
6
2034
30
6/30/2034
6
2034
30
12/31/2034
6
2035
31
6/30/2035
6
2035
31
12/31/2035
6
2036
32
6/30/2036
6
2036
32
12/31/2036
6
2037
33
6/30/2037
6
2037
33
12/31/2037
6
2038
34
6/30/2038
6
2038
34
12/31/2038
6
2039
35
6/30/2039
6
2039
35
12/31/2039
6
1,124
1,511
2,730
4,550
106
174
262
329
385
638
991
1,124
Senior Debt
Interest Expensed (IS)
Interest Capitalised (BS)
Financing Fees Exp (IS)
Financing Fees Cap (BS)
Interest Paid (CF)
Interest c/f (BS)
Principal pay ments (CF)
Debt serv ice
Period-end Balance (BS)
6,797
8,055
8,055
8,055
8,055
15
57
2,865
984
551
550
514
449
398
285
186
124
50
719
318
15
57
106
174
262
329
385
638
991
1,124
1,124
1,511
2,730
4,550
6,797
8,055
8,055
8,055
8,055
8,055
7,793
7,530
7,268
7,006
6,743
6,481
6,218
5,956
5,694
5,431
5,169
4,906
4,644
4,382
4,119
3,857
3,594
3,332
3,070
2,807
2,545
2,282
2,020
1,758
1,495
1,233
970
708
446
183
174
165
156
147
137
128
119
110
101
92
82
73
64
55
46
37
27
18
0
43
15
7,237
57
20,264
106
30,448
174
52,989
262
72,771
329
85,270
385
99,935
638
146,148
991
192,314
1,124
196,789
1,124
198,647
1,511
215,605
2,730
251,996
4,550
295,314
6,797
350,393
8,055
350,393
8,055
350,393
8,055
350,393
8,055
350,393
10,213
18,268
340,180
8,055
10,213
18,006
329,967
7,793
10,213
17,743
319,754
7,530
10,213
17,481
309,541
7,268
10,213
17,219
299,328
7,006
10,213
16,956
289,114
6,743
10,213
16,694
278,901
6,481
10,213
16,431
268,688
6,218
10,213
16,169
258,475
5,956
10,213
15,907
248,262
5,694
10,213
15,644
238,049
5,431
10,213
15,382
227,836
5,169
10,213
15,119
217,623
4,906
10,213
14,857
207,410
4,644
10,213
14,595
197,197
4,382
10,213
14,332
186,983
4,119
10,213
14,070
176,770
3,857
10,213
13,807
166,557
3,594
10,213
13,545
156,344
3,332
10,213
13,283
146,131
3,070
10,213
13,020
135,918
2,807
10,213
12,758
125,705
2,545
10,213
12,495
115,492
2,282
10,213
12,233
105,279
2,020
10,213
11,971
95,066
1,758
10,213
11,708
84,852
1,495
10,213
11,446
74,639
1,233
10,213
11,183
64,426
970
10,213
10,921
54,213
708
10,213
10,659
44,000
446
2,200
2,383
41,800
183
2,200
2,374
39,600
174
2,200
2,365
37,400
165
2,200
2,356
35,200
156
2,200
2,347
33,000
147
2,200
2,337
30,800
137
2,200
2,328
28,600
128
2,200
2,319
26,400
119
2,200
2,310
24,200
110
2,200
2,301
22,000
101
2,200
2,292
19,800
92
2,200
2,282
17,600
82
2,200
2,273
15,400
73
2,200
2,264
13,200
64
2,200
2,255
11,000
55
2,200
2,246
8,800
46
2,200
2,237
6,600
37
2,200
2,227
4,400
27
2,200
2,218
2,200
18
2,200
2,209
0
343
685
731
891
1,096
1,347
1,622
1,804
1,873
1,873
1,873
1,511
2,730
4,550
Junior Debt
1,873
Interest Paid (CF)

Interest c/f (BS)
Debt serv ice
Period-end Balance (BS)
343
685
731
891
1,096
1,347
1,622
1,804
1,873
1,873
1,873
1,873
343
15,000
685
15,000
731
17,000
891
22,000
1,096
26,000
1,347
33,000
1,622
38,000
1,804
41,000
1,873
41,000
1,873
41,000
1,873
41,000
1,873
41,000
IntExp
IntExp_Cap
FinExp
FinExp_Cap

6,797
8,055
8,055
8,055
8,055
343
700
788
996
1,270
1,609
1,950
2,190
2,510
2,864
2,997
2,865
984
551
550
514
449
398
285
186
124
50
719
318
IntExp_Paid
IntExp_Bal
LTD_Cash
Interest Paid (CF)

Interest c/f (BS-L)
Debt serv ice
Period-end Bal (BS-L)
343
700
788
996
1,270
1,609
1,950
2,190
2,510
2,864
2,997
2,997
1,511
2,730
4,550
6,797
8,055
8,055
8,055
8,055
8,055
7,793
7,530
7,268
7,006
6,743
6,481
6,218
5,956
5,694
5,431
5,169
4,906
4,644
4,382
4,119
3,857
3,594
3,332
3,070
2,807
2,545
2,282
2,020
1,758
1,495
1,233
970
708
446
183
174
165
156
147
137
128
119
110
101
92
82
73
64
55
46
37
27
18
343
15,043
700
22,237
788
37,264
996
52,448
1,270
78,989
1,609
105,771
1,950
123,270
2,190
140,935
2,510
187,148
2,864
233,314
2,997
237,789
2,997
239,647
1,511
215,605
2,730
251,996
4,550
295,314
6,797
350,393
8,055
350,393
8,055
350,393
8,055
350,393
8,055
350,393
10,213
18,268
340,180
10,213
18,006
329,967
10,213
17,743
319,754
10,213
17,481
309,541
10,213
17,219
299,328
10,213
16,956
289,114
10,213
16,694
278,901
10,213
16,431
268,688
10,213
16,169
258,475
10,213
15,907
248,262
10,213
15,644
238,049
10,213
15,382
227,836
10,213
15,119
217,623
10,213
14,857
207,410
10,213
14,595
197,197
10,213
14,332
186,983
10,213
14,070
176,770
10,213
13,807
166,557
10,213
13,545
156,344
10,213
13,283
146,131
10,213
13,020
135,918
10,213
12,758
125,705
10,213
12,495
115,492
10,213
12,233
105,279
10,213
11,971
95,066
10,213
11,708
84,852
10,213
11,446
74,639
10,213
11,183
64,426
10,213
10,921
54,213
10,213
10,659
44,000
2,200
2,383
41,800
2,200
2,374
39,600
2,200
2,365
37,400
2,200
2,356
35,200
2,200
2,347
33,000
2,200
2,337
30,800
2,200
2,328
28,600
2,200
2,319
26,400
2,200
2,310
24,200
2,200
2,301
22,000
2,200
2,292
19,800
2,200
2,282
17,600
2,200
2,273
15,400
2,200
2,264
13,200
2,200
2,255
11,000
2,200
2,246
8,800
2,200
2,237
6,600
2,200
2,227
4,400
2,200
2,218
2,200
2,200
2,209
0
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
5,000
26%
15,043
8.21%
22,237
5.80%
37,264
4.16%
52,448
3.89%
78,989
3.21%
105,771
3.08%
123,270
3.06%
140,935
2.93%
187,148
3.25%
233,314
3.14%
237,789
3.09%
239,647
3.06%
215,605
1.84%
251,996
1.57%
295,314
1.34%
350,393
1.13%
350,393
1.13%
350,393
1.13%
350,393
1.13%
350,393
1.13%
340,180
1.13%
329,967
1.13%
319,754
1.13%
309,541
1.12%
299,328
1.12%
289,114
1.12%
278,901
1.12%
268,688
1.11%
258,475
1.11%
248,262
1.11%
238,049
1.11%
227,836
1.10%
217,623
1.10%
207,410
1.09%
197,197
1.09%
186,983
1.08%
176,770
1.08%
166,557
1.07%
156,344
1.06%
146,131
1.05%
135,918
1.04%
125,705
1.03%
115,492
1.02%
105,279
1.00%
95,066
0.98%
84,852
0.96%
74,639
0.93%
64,426
0.89%
54,213
0.83%
44,000
0.75%
41,800
0.75%
39,600
0.75%
37,400
0.75%
35,200
0.75%
33,000
0.75%
30,800
0.75%
28,600
0.75%
26,400
0.75%
24,200
0.75%
22,000
0.75%
19,800
0.75%
17,600
0.75%
15,400
0.75%
13,200
0.75%
11,000
0.75%
Total Debt
LTD_Bal
2,997
8,055
7,793
7,530
7,268
7,006
6,743
6,481
6,218
5,956
5,694
5,431
5,169
4,906
4,644
4,382
4,119
3,857
3,594
3,332
3,070
2,807
2,545
2,282
2,020
1,758
1,495
1,233
970
708
446
183
174
165
156
147
137
128
119
110
101
92
82
73
64
55
46
37
27
18
PWC WACC Calculation

Equity _Bal [= share_capital in Assumptions Sheet]
Cost of Equity [ = WACC calc in Assumptions Sheet]
Debt Balance [ = LTD_Bal above]
Cost of Debt [weighted av erage]
8,800
0.75%
6,600
0.75%
4,400
0.75%
2,200
0.75%
WACC
1+WACC
11.79%
1.118
8.85%
1.088
6.25%
1.062
5.34%
1.053
4.18%
1.042
3.74%
1.037
3.58%
1.036
3.36%
1.034
3.45%
1.035
3.24%
1.032
3.18%
1.032
3.16%
1.032
2.16%
1.022
1.85%
1.019
1.59%
1.016
1.34%
1.013
1.34%
1.013
1.34%
1.013
1.34%
1.013
1.34%
1.013
1.35%
1.013
1.36%
1.014
1.37%
1.014
1.38%
1.014
1.39%
1.014
1.40%
1.014
1.41%
1.014
1.43%
1.014
1.44%
1.014
1.46%
1.015
1.48%
1.015
1.50%
1.015
1.52%
1.015
1.54%
1.015
1.57%
1.016
1.59%
1.016
1.62%
1.016
1.66%
1.017
1.70%
1.017
1.74%
1.017
1.79%
1.018
1.85%
1.019
1.92%
1.019
2.00%
1.020
2.10%
1.021
2.22%
1.022
2.37%
1.024
2.56%
1.026
2.82%
1.028
3.20%
1.032
3.31%
1.033
3.45%
1.034
3.59%
1.036
3.75%
1.038
3.93%
1.039
4.13%
1.041
4.36%
1.044
4.62%
1.046
4.92%
1.049
5.26%
1.053
5.67%
1.057
6.16%
1.062
6.75%
1.068
7.49%
1.075
8.43%
1.084
9.66%
1.097
11.37%
1.114
13.88%
1.139
17.92%
1.179
25.51%
1.255
D+E
20,043
188,902
27,237
42,264
57,448
83,989
110,771
128,270
145,935
192,148
238,314
242,789
244,647
220,605
256,996
300,314
355,393
355,393
355,393
355,393
355,393
345,180
334,967
324,754
314,541
304,328
294,114
283,901
273,688
263,475
253,262
243,049
232,836
222,623
212,410
202,197
191,983
181,770
171,557
161,344
151,131
140,918
130,705
120,492
110,279
100,066
89,852
79,639
69,426
59,213
49,000
46,800
44,600
42,400
40,200
38,000
35,800
33,600
31,400
29,200
27,000
24,800
22,600
20,400
18,200
16,000
13,800
11,600
9,400
7,200
5,000
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
20
6/30/2024
6
20
12/31/2024
6
21
6/30/2025
6
21
12/31/2025
6
22
6/30/2026
6
22
12/31/2026
6
23
6/30/2027
6
23
12/31/2027
6
24
6/30/2028
6
24
12/31/2028
6
25
6/30/2029
6
25
12/31/2029
6
26
6/30/2030
6
26
12/31/2030
6
27
6/30/2031
6
27
12/31/2031
6
28
6/30/2032
6
28
12/31/2032
6
29
6/30/2033
6
29
12/31/2033
6
30
6/30/2034
6
30
12/31/2034
6
31
6/30/2035
6
31
12/31/2035
6
32
6/30/2036
6
32
12/31/2036
6
33
6/30/2037
6
33
12/31/2037
6
34
6/30/2038
6
34
12/31/2038
6
35
6/30/2039
6
35
12/31/2039
6
-3,465
-3,822
-2,589
-7,154
-2,779
-10,769
-2,514
-14,347
-1,947
-17,653
-1,930
-21,260
-1,978
-25,245
-2,092
-29,778
-2,220
-34,863
-788
-38,647
2,818
-38,825
-13,205
-55,414
13,575
-85,569
17,172
-72,947
22,599
-57,145
24,795
-40,405
33,270
-15,191
36,878
5,681
33,362
24,039
44,872
43,403
34,889
50,233
36,319
58,536
36,966
67,245
37,260
76,281
37,954
85,736
38,275
95,542
38,972
105,772
39,293
116,350
39,734
127,221
40,069
138,449
40,292
139,377
40,411
140,344
40,531
141,349
40,651
142,392
40,771
143,473
40,892
144,593
41,013
145,751
41,134
146,948
419
108,080
140
69,946
-3,365
32,222
-3,533
-4,757
36,961
-906
37,094
2,734
37,148
5,961
37,172
8,689
37,261
11,452
37,350
14,250
37,440
17,084
37,531
19,952
37,526
30,860
37,622
41,778
37,718
52,707
37,815
63,646
37,911
74,596
38,008
85,556
38,104
96,527
38,201
107,509
38,298
118,501
38,395
129,504
38,492
140,517
38,064
147,548
38,054
154,043
38,025
159,884
37,989
165,070
37,948
169,601
37,988
174,136
38,028
178,677
38,069
183,222
38,109
-3,465
0
-3,465
-6,411
-15
-6,427
-9,932
-57
-9,990
-13,283
-106
-13,389
-16,295
-174
-16,468
-19,583
-262
-19,845
-23,238
-329
-23,567
-27,336
-385
-27,722
-31,998
-638
-32,636
-35,650
-991
-36,642
-35,829
-1,124
-36,953
-52,031
-1,124
-53,154
-41,839
-1,511
-43,350
-68,397
-2,730
-71,126
-50,348
-4,550
-54,898
-32,350
-6,797
-39,147
-7,135
-8,055
-15,191
21,688
-8,055
13,633
39,043
-8,055
30,988
68,911
-8,055
60,855
78,292
-18,268
60,024
86,552
-18,006
68,546
95,502
-17,743
77,759
104,505
-17,481
87,024
114,234
-17,219
97,016
124,010
-16,956
107,054
134,514
-16,694
117,820
145,065
-16,431
128,634
156,084
-16,169
139,915
167,290
-15,907
151,384
178,740
-15,644
163,096
179,788
-15,382
164,406
180,874
-15,119
165,755
181,999
-14,857
167,142
183,163
-14,595
168,568
184,365
-14,332
170,033
185,606
-14,070
171,536
186,886
-13,807
173,078
147,366
-13,545
133,821
108,220
-13,283
94,937
66,581
-13,020
53,561
28,689
-12,758
15,931
32,204
-12,495
19,708
36,188
-12,233
23,955
39,882
-11,971
27,912
43,132
-11,708
31,424
45,950
-11,446
34,504
48,802
-11,183
37,619
51,690
-10,921
40,769
54,614
-10,659
43,956
57,478
-2,383
55,095
68,482
-2,374
66,108
79,496
-2,365
77,131
90,521
-2,356
88,166
101,557
-2,347
99,211
112,604
-2,337
110,266
123,661
-2,328
121,332
134,728
-2,319
132,409
145,807
-2,310
143,497
156,896
-2,301
154,595
167,996
-2,292
165,704
178,581
-2,282
176,298
185,602
-2,273
183,329
192,068
-2,264
189,804
197,873
-2,255
195,618
203,018
-2,246
200,773
207,589
-2,237
205,352
212,165
-2,227
209,937
216,745
-2,218
214,527
221,331
-2,209
219,122
15
-15
15
15
57
-42
57
57
106
-48
106
106
174
-68
174
174
262
-88
262
262
329
-67
329
329
385
-57
385
385
638
-252
638
638
991
-354
991
991
1,124
-132
1,124
1,124
1,124
1,511
2,730
-1,218
2,730
2,730
4,550
-1,820
4,550
4,550
6,797
-2,247
6,797
6,797
8,055
-1,258
8,055
8,055
8,055
8,055
8,055
8,055
8,055
18,268
17,743
18,268
17,481
18,268
17,219
18,268
16,956
18,268
16,694
18,268
16,431
18,268
16,169
18,268
15,907
18,268
15,644
18,268
15,382
18,268
15,119
18,268
14,857
18,268
14,595
18,268
14,332
18,268
14,070
18,268
13,807
18,268
13,545
18,268
13,283
18,268
13,020
18,268
12,758
18,268
12,495
18,268
12,233
18,268
11,971
18,268
11,708
18,268
11,446
18,268
11,183
18,268
10,921
18,268
10,659
18,268
2,383
18,268
2,374
18,268
2,365
18,268
2,356
18,268
2,347
18,268
2,337
18,268
2,328
18,268
2,319
18,268
2,310
18,268
2,301
18,268
2,292
18,268
2,282
18,268
2,273
18,268
2,264
18,268
2,255
18,268
2,246
18,268
2,237
18,268
2,227
18,268
2,218
18,268
2,209
8,055
8,055
8,055
8,055
18,268
-10,213
18,268
18,268
18,006
1,124
1,124
1,511
-387
1,511
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
18,268
-3,480
-343
-3,822
-6,469
-685
-7,154
-10,038
-731
-10,769
-13,457
-891
-14,347
-16,556
-1,096
-17,653
-19,912
-1,347
-21,260
-23,623
-1,622
-25,245
-27,974
-1,804
-29,778
-32,990
-1,873
-34,863
-36,774
-1,873
-38,647
-36,953
-1,873
-38,825
-53,542
-1,873
-55,414
-44,569
-72,947
-57,145
-40,405
-15,191
13,633
30,988
50,642
60,024
68,546
77,759
87,024
97,016
107,054
117,820
128,634
139,915
151,384
163,096
164,406
165,755
167,142
168,568
170,033
171,536
173,078
133,821
94,937
53,561
15,931
19,708
23,955
27,912
31,424
34,504
37,619
40,769
43,956
55,095
66,108
77,131
88,166
99,211
110,266
121,332
132,409
143,497
154,595
165,704
176,298
183,329
189,804
195,618
200,773
205,352
209,937
214,527
219,122
-44,569
-72,947
-57,145
-40,405
-15,191
13,633
30,988
50,642
60,024
68,546
77,759
87,024
97,016
107,054
117,820
128,634
139,915
151,384
163,096
164,406
165,755
167,142
168,568
170,033
171,536
173,078
133,821
94,937
53,561
15,931
19,708
23,955
27,912
31,424
34,504
37,619
40,769
43,956
55,095
66,108
77,131
88,166
99,211
110,266
121,332
132,409
143,497
154,595
165,704
176,298
183,329
189,804
195,618
200,773
205,352
209,937
214,527
219,122
-3,822
-7,154
-10,769
-14,347
-17,653
-21,260
-25,245
-29,778
-34,863
-38,647
-38,825
-55,414
-44,569
-72,947
-57,145
-40,405
-15,191
13,633
30,988
50,642
60,024
68,546
77,759
87,024
97,016
107,054
117,820
128,634
139,915
151,384
163,096
164,406
165,755
167,142
168,568
170,033
171,536
173,078
133,821
94,937
53,561
15,931
40,769
43,956
55,095
66,108
77,131
88,166
99,211
110,266
121,332
132,409
143,497
154,595
165,704
176,298
183,329
189,804
195,618
200,773
205,352
209,937
214,527
219,122
9,791
9,791
9,791
10,010
10,010
10,010
10,514
10,514
10,514
10,743
10,743
10,743
11,280
11,280
11,280
11,513
11,513
11,513
12,048
12,048
12,048
12,284
12,284
12,284
12,694
12,694
12,694
12,935
12,935
12,935
23,719
23,719
23,719
24,062
24,062
24,062
24,406
24,406
24,406
24,750
24,750
24,750
25,095
25,095
25,095
25,440
25,440
25,440
25,785
25,785
25,785
26,131
26,131
26,131
25,741
25,741
25,741
24,992
24,992
24,992
21,339
21,339
21,339
20,688
20,688
15,931
4,757
-15,931
27,912
2,929
21,951
24,880
24,880
37,619
7,239
7,239
7,239
23,955
5,663
21,221
26,884
23,955
2,929
-23,955
34,504
6,949
6,949
6,949
19,708
4,757
20,615
25,371
19,708
5,663
-19,708
31,424
7,952
7,952
7,952
22,735
22,735
22,735
23,052
23,052
23,052
23,369
23,369
23,369
23,686
23,686
23,686
24,003
24,003
24,003
24,235
24,235
24,235
24,330
24,330
24,330
24,425
24,425
24,425
24,520
24,520
24,520
24,615
24,615
24,615
24,710
24,710
24,710
24,805
24,805
24,805
24,900
24,900
24,900
24,996
24,996
24,996
25,091
25,091
25,091
25,187
25,187
25,187
28,751
28,751
28,751
29,286
29,286
29,286
29,920
29,920
29,920
30,548
30,548
30,548
31,172
31,172
31,172
31,216
31,216
31,216
31,261
31,261
31,261
31,305
31,305
31,305
31,349
31,349
31,349
-24,880
3,032
-22,735
8,689
-23,052
11,452
-23,369
14,250
-23,686
17,084
-24,003
19,952
-24,235
30,860
-24,330
41,778
-24,425
52,707
-24,520
63,646
-24,615
74,596
-24,710
85,556
-24,805
96,527
-24,900
107,509
-24,996
118,501
-25,091
129,504
-25,187
140,517
-28,751
147,548
-29,286
154,043
-29,920
159,884
-30,548
165,070
-31,172
169,601
-31,216
174,136
-31,261
178,677
-31,305
183,222
-31,349
187,772
-4,757
4,757
-906
906
2,734
-2,734
5,961
-2,929
8,689
0
11,452
0
14,250
0
17,084
0
19,952
0
30,860
0
41,778
0
52,707
0
63,646
0
74,596
0
85,556
0
96,527
107,509
118,501
129,504
140,517
147,548
154,043
159,884
165,070
169,601
174,136
0
178,677
0
183,222
0
187,772
0
Weighted Av erage WACC Calculation
1.89%
CASH FLOW CASCADE
Prev y r cash balance [CF = Cash+OD]

Add CF in y ear [Optg_CF+Tax_Paid+Inv _CF+Int_Paid+ CF inf lows]*
Senior Debt
Cash av ailable f or Senior Debt Serv ice
Less Senior debt serv ice [Principal + Interest Paid]
Current y ear cash f low af ter senior debt
* = (CF_optg-IntExp)+(CF_inv +IntCap)+ (Equity +Debt recd)]
SBL = EBIT+Depn_WC-Tax_Paid- IntInc-CE + Inf lows
Debt Reserve
OB
Future 6 months senior debt serv ice **
Transf er to / f rom Reserv e
DSR
CB
Junior Debt
Cash av ailable f or Junior Debt Serv ice
Less Debt Serv ice
Current y ear cash f low af ter Subordinated Debt
Dividends
Cash av ailable f or div idends
Div idend brought f orward
Div idends declared [f rom IS]
Div idend due (b/f + div idends declared in y ear)
Div idend pay able (max(min(cash, div idends due),0)
Div idend carried f orward
Div idend paid (=div idends pay able)
Cash & cash equiv 's at end of y ear {BS cash)
Check with Cash Flow statement **
Test
Check
-3,822
-7,154
-10,769
-14,347
-17,653
-21,260
-25,245
-29,778
-34,863
-38,647
-38,825
-55,414
-44,569
-72,947
-57,145
-40,405
-15,191
-7,952
5,681
-6,949
24,039
-7,239
43,403
-9,791
50,233
-10,010
58,536
-10,514
67,245
-10,743
76,281
-11,280
85,736
-11,513
95,542
-12,048
105,772
-12,284
116,350
-12,694
127,221
-12,935
138,449
-23,719
139,377
-24,062
140,344
-24,406
141,349
-24,750
142,392
-25,095
143,473
-25,440
144,593
-25,785
145,751
-26,131
146,948
-25,741
108,080
-24,992
69,946
-21,339
32,222
-3,822
-7,154
-10,769
-14,347
-17,653
-21,260
-25,245
-29,778
-34,863
-38,647
-38,825
0
-55,414
0
-85,569
41,000
-72,947
0
-57,145
0
-40,405
0
-15,191
0
5,681
0
24,039
0
43,403
0
50,233
0
58,536
0
67,245
0
76,281
0
85,736
0
95,542
0
105,772
0
116,350
0
127,221
0
138,449
0
139,377
0
140,344
0
141,349
0
142,392
0
143,473
0
144,593
0
145,751
0
146,948
0
108,080
0
69,946
0
32,222
0
18,268
Year
Capital Expenditure Requirement
Capatalised Working capital
Capatalised financial expences
2005
25.1
2006
27.6
2007
50.0
2008
30.9
2009
86.0
2010
1.5
0.0
1.1
0.0
0.8
0.0
0.5
0.0
0.2
0.0
1.0
0.0
0.0
Capatalised interest expences

Capatalised DSCR account
1.0
1.8
2.9
4.1
5.4
3.0
0.1
0.1
0.2
0.3
0.5
0.4
Total Financing Requirements

IDA credit
IFC loan
Shareholder loan
Equity capital
Interest capatalised
Interest paid
Principal repayment
27.3
30.3
53.5
35.5
92.9
4.9
7.2
23.2
42.3
27.2
10.1
0.0
0.0
0.0
0.0
0.0
60.0
0.0
15.0
7.0
11.0
8.0
0.0
0.0
5.0
0.0
0.0
0.0
0.0
0.0
1.0
1.8
2.9
4.1
5.4
3.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.0
4.2
11.3
16.1
16.1
15.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
20.4
2005
2006
2007
2008
2009
2012
2013
2014
2015
Year
Revenue
Other Optg. Revenue
Cost of Goods Sold
Gross Profit
Selling, Genl & Admin Expenses
Personnel
Depreciation
Other optg. Expenses
EBIT (Reported)
Interest Income
Non-Optg income (investments)
Interest Expense
EBT
Tax Charge (curr+def)
Net Income
Common Dividends (incl tax)
Transfer to General Reserves
Retained Earnings
11.277 14.211 10.232 6.0778 10.494

0.1128 0.1421 0.1023 0.0608 0.1049
-9.492
2011
2012
2013
2014
2015
2010
2011
20.78
135.2
199.79 249.04 267.04 289.404
0.2078
1.352
1.9979 2.4904 2.6704 2.89404
-5.486
-8.63
-14.629
-64.94
-111.8
2.1169
0.653
1.9693
6.3591
71.611 89.992 117.57 112.53 125.114
-5.58
-5.595 -5.575
-5.554
-5.576
-13.739
-26.59
-31.64
-32.34
-32.89
-32.84
-1.539
-1.539 -1.539
-1.539
-1.539
-4.2524
-6.966
-6.966
-6.966
-6.966
-6.9658
1.8976
-12.17 -8.217
2.18
-134
-157.2
-167.18
-7.9519
-18.1
-22.85
-21.02
-17.45
-17.012
-9.6821
-6.349
-6.375
-6.02
-7.048
-6.195
-21.662 16.669 25.062 53.555 51.284 54.5138
-0.115
-0.538
-0.96
-1.395
-1.939
-2.3242
-4.229
-3.903
-1.668 0.2972 0.93636
-2.9966
-4.241
-11.35
-16.11
-6.464
-6.913
-6.98
-8.443
-8.135
0
-16.11
0
-15.848
-26.983 8.1989 9.8123 35.777 35.471 39.6024
-6.464
-6.913
-6.98
-8.443
-8.135
-1E-10
1E-10
-6E-11
2E-09
4E-11
-7.952
-14.19
-19.801
-6.464
-6.913
-6.98
-8.443
-8.135
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0.2
0.2
0.2
0.1
0.2
0.5
2.0
3.0
3.7
4.0
4.3
0.1
0.2
0.3
0.6
1.1
1.5
4.6
8.1
8.1
18.3
18.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5.7
43.4
58.5
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
1.6
2.1
1.7
1.5
2.6
5.7
23.2
35.7
48.2
98.6
116.8
27.2
57.4
110.8
145.9
238.3
232.9
286.1
364.6
343.6
315.9
298.9
29
60
113
147
241
239
309
400
392
415
416
27.2
57.4
110.8
145.9
238.3
240.9
295.6
376.7
352.5
324.4
307.4
7.2
14.3
21.3
29.8
38.6
55.4
72.9
40.4
0.0
0.0
0.0
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
11.9
-26.983 8.1989 9.8123 35.777 35.471 39.6024
-26.983 8.1989 9.8123 27.825 21.282 19.8012
Balance Sheet
Year
Operating cash
Debt Service Reserve Account
Excess Marketable Securities
Accts receivable
Inventory
Other current assets
PPE Net
Total Assets
Gross Fixed Assets
Overdraft
Accts Payable
Other current liabilities
LT Debt
Total LT Liabs
Total Common Equity
Total Liabilities and Equity
2015
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
8.1
15.5
22.1
30.3
39.5
57.9
84.1
56.8
20.5
21.9
23.8
22.2
52.4
105.8
140.9
233.3
239.6
252.0
350.4
350.4
350.4
330.0
22.2
52.4
105.8
140.9
233.3
239.6
252.0
350.4
350.4
350.4
330.0
-1.5
-8.4
-15.4
-23.8
-31.9
-58.9
-26.7
-6.9
20.9
42.2
62.0
29
60
113
147
241
239
309
400
392
415
416
Cash Flow Statement

Year
2005
CF from Optg. Activities
EBITA (Reported)
-6.3
Add: Depn [incl in EBITA, non-cash reversal]
0.0
Add: Incr in Provns [incl in EBITA, non-cash reversal]
0.0
Less: Incr in WC [investment]
-0.6
Less: Interest Paid
0.0
Less: Taxes Paid*
0.0
Net cash from opt activitiy
-7
CF from Invst. Activities
PPE [purchases]
-27.2
-0.1
Net cash used in invest. activity
-27
CF from Fin. Activities
Equity Cash (proceeds/re-purchases) + Equity_Adjt
5.0
Common Dividends paid
0.0
LTD Debt (proceeds/payments)
22.2
Transfer to/From Reserve (incl in Capex Line) -0.1
Net cash used in fin. activity
27
Net increase in cash & cash equivalents
-7.2
Cash & cash equivalents at beginning of period -3.8
Cash & cash equivalents at end of period
-11.0
Excess Cash [Max(CB,0)]
0.0
Balancing Debt [MIN(CB,0)]
11.0
Interest on Excess Cash
Interest Income
0.0
Interest on OD
-0.1
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-6.4
-6.0
-7.0
-6.2
-21.7
16.7
25.1
53.6
51.3
54.5
0.0
0.0
0.0
0.0
8.0
18.1
22.8
21.0
17.4
17.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.2
0.2
0.2
-0.2
-1.1
-5.9
-3.6
-2.8
-1.0
-1.3
0.0
0.0
0.0
0.0
-3.0
-4.2
-11.3
-16.1
-16.1
-15.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-7
-6
-7
-6
-18
25
33
56
52
54
-30.2
-53.3
-35.2
-92.4
-2.6
-71.3
-101.4
0.0
10.2
0.0
-0.5
-1.0
-1.4
-1.9
-2.3
-4.2
-3.9
-1.7
0.3
0.9
-31
-54
-37
-94
-5
-76
-105
-2
11
0.0
0.0
0.0
0.0
0.0
24.0
10.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-8.0
-14.2
-19.8
30.2
53.3
35.2
92.4
6.3
12.3
98.4
0.0
0.0
-20.4
-0.1
-0.2
-0.3
-0.5
-0.4
-3.0
-3.5
0.0
-10.2
0.0
30
53
35
92
33
105
-8
-24
-40
15.1
-7.2
-6.9
-8.5
-8.9
-16.8
-17.5
32.5
46.1
37.7
-17.9
-32.0
-46.5
-64.6
-77.5
-141
-130
-56
30
93.6
-25.1
-38.9
-55.0
-73.5
-94.2
-159
-98
-10
67
108.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5.7
67.4
108.8
25.1
38.9
55.0
73.5
94.2
158.5
97.6
15.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.9
-0.5
-1.0
-1.4
-1.9
-2.3
-4.2
-3.9
-1.7
0.0
0.0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0.6
0.8
0.5
0.3
0.6
1.1
5.7
8.8
11.0
13.1
14.2
173
219
157
94
161
320
2805
4560
5742
6930
7531
11
14
10
10
21
135
200
249
267
289
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-6.3
-6.4
-6.0
-7.0
-6.2
-21.7
16.7
25.1
53.6
51.3
54.5
11.3
14.2
10.2
6.1
10.5
20.8
135.2
199.8
249.0
267.0
289.4
-56%
-45%
-59%
-116%
-59%
-104%
12%
13%
22%
19%
19%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-6.5
-6.9
-7.0
-8.4
-8.1
-27.0
8.2
9.8
35.8
35.5
39.6
0.0
0.0
0.0
0.0
0.0
0.0
-8.2
-9.8
-35.8
-10.1
0.0
-6.5
-6.9
-7.0
-8.4
-8.1
-27.0
0.0
0.0
0.0
25.3
39.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.0
4.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.0
4.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2010
2011
2013
2014
2015
Revenue Estimation
Year
Freight Volume (million tonnes)
Freight ton - km (in millions)
Freight Revenue (in mil. US$)
Gross Margin Analysis
Year
EBIT
Total revenue
Gross Profit Margin
Corporate Tax
Year
Taxable Income (=EBT)
Loss Offset in Year
Adj Taxable Income for year after loss offset
Corporate Tax Charge for the Year
Deductible from Corporate Tax
Adj Corporate Tax Charge
Return on Capital Employed

Year
EBIDT
Long Term Loan
Shareholder Fund (equit +reserves)
Total Capital Employed
Return on Capital Employed
2005
2006
2007
2008
2009
-6.349
-6.375
-6.02
-7.048
-6.195
22.2
52.4
105.8
140.9
233.3
239.6
-1.5
-8.4
-15.4
-23.8
-31.9
-58.9
20.8
44.1
90.4
117.1
201.4
-31%
-14%
-7%
-6%
-3%
-13.711 34.765
2012
47.91
74.578 68.734 71.5262
252.0
350.4
350.4
350.4
-26.7
-6.9
20.9
42.2
62.0
180.7
225.3
343.5
371.3
392.6
392.0
-8%
15%
14%
20%
18%
18%
330.0
DSCR
Year
Profit After tax
Depreciation
Interest
Principal Repayment
Debt Service Coverage Ratio
2005
2006
2007
2008
2009
-6.464
-6.913
-6.98
-8.443
-8.135
2010
2011
2012
2013
2014
2015
7.9519
18.096 22.848 21.023
17.45
17.0124
2.9966
4.2408 11.347
16.11
16.11
15.8478
1E-07
20.4262
NA
NA
NA
NA
NA
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0.2
0.2
0.2
0.1
0.2
0.5
2.0
3.0
3.7
4.0
4.3
0.1
0.2
0.3
0.6
1.1
1.5
4.6
8.1
8.1
18.3
18.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5.7
43.4
58.5
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
1.6
2.1
1.7
1.5
2.6
5.7
23.2
35.7
48.2
98.6
116.8
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.5
0.6
0.4
0.2
0.4
1.3
5.6
8.2
10.2
11.0
11.9
0.9
1.2
0.8
0.5
0.9
2.5
11.1
16.4
20.5
21.9
23.8
2008
140.9
-23.8
-5.922
2009
233.3
-31.9
-7.306
2010
239.6
-58.9
-4.1
2011
252.0
-26.7
-9.4
2012
350.4
-6.9
-50.74
2013
350.4
20.9
16.75
-26.983 8.1989 9.8123 35.777 35.471 39.6024
-6.3509 6.2005 2.8782 3.5257 3.2849 1.56075
Current Ratio
Year
Operating cash [OpCash]
Excess Marketable Securities
Accts receivable
Inventory
Other current assets
Accts Payable
Current Ratio
Debt equity ratio

Year
Long Term Debt
Share Holder's Fund
D:E Ratio
2005
22.2
-1.5
-15.19
2006
2007
52.4
105.8
-8.4
-15.4
-6.261 -6.888
2015
2014
2015
350.4
330.0
42.2
62.0
8.3029 5.32183
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14.8
13.7
12.7
11.6
10.6
9.6
8.5
7.5
6.4
5.4
4.3
3.3
2.2
1.2
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
20.4
2016
2017
2018
291.16 293.26 295.23
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
2.973
2.973
2.9116 2.9326 2.9523
2.973
2.973
2.973
2.973
2.973
2.973
2.973
2.973
2.973
-167.6
-169.8
-169.8 -169.8 -169.8 -169.8
-169.8
-169.8
-169.8
-169.8
-169.8
-169.8
-168.2 -168.69
126.48 128.01 129.49
130.51 130.51 130.51 130.51 130.51 130.51 130.51 130.51
130.51
130.51 130.51
-32.433 -32.03 -31.626
-31.25
-30.81 -30.37 -29.93 -29.49
-29.05
-28.61
-28.17
-27.73
-27.29
-26.85
-6.9658 -6.966 -6.9658
-6.966
-6.966 -6.966 -6.966 -6.966
-6.966
-6.966
-6.966
-6.966
-6.966
-6.966
-17.012 -17.01 -17.012
-17.01
-17.01 -17.01 -17.01 -17.01
-19.46
-22.73
-23.27
-21.42
-20.83
-20.83
-9.7349 -9.798 -9.8568
-9.919
-9.919 -9.919 -9.919 -9.919
-9.919
-9.919
-9.919
-9.919
-9.919
-9.919
56.055 57.714
60.472 60.912 61.352 61.792 62.232 60.221 57.394 57.295
59.588
60.614 61.053
59.35
0
2.4357 2.7783 2.8169 2.8587 2.9034 2.5503 1.0217
-0.17
0.0869
-14.798 -13.75 -12.699
-11.65
-10.6
42.514 45.585 48.664
51.258
53.09
1.2578 1.6202 2.0131
-2E-11
0
-9.55
-8.501 -7.451
54.619 56.15
0.2014 0.3133
-6.401
-5.352
-4.302
-3.253
-2.203
57.684
56.37
53.064 52.823
56.422
58.612 60.213
-1.153
4E-11
4E-11
4E-11
3E-11
3E-11
3E-11
3E-11
-6.368
-6.339
-6.771
-7.033
42.514 45.585 48.664
51.258
53.09
54.619 56.15
57.684
56.37
46.696 46.484
49.651
51.578 52.988
-21.257 -22.79 -24.332
-25.63
-47.78 -49.16 -50.53 -51.92
4E-11
21.257 22.793 24.332
25.629
5.309
5.4619 5.615
-7.226
-50.73
-42.03
-41.84
-44.69
-46.42
-47.69
5.7684
5.637
4.6696 4.6484
4.9651
5.1578 5.2988
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
4.4
4.4
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
2029
4.5
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
76.3
95.5
116.3
138.4
140.3
142.4
144.6
146.9
69.9
0.0
2.7
8.7
14.3
20.0
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
134.8
154.4
175.4
197.8
199.7
201.8
204.0
206.3
129.3
59.4
62.1
68.1
73.6
79.3
281.9
264.9
247.9
230.9
213.9
196.9
179.8
162.8
225.0
284.0
260.7
239.3
218.5
197.6
417
419
423
429
414
399
384
369
354
343
323
307
292
277
290.4
273.4
256.4
239.4
222.4
205.4
188.4
171.3
235.2
295.8
272.2
249.7
228.9
208.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.8
0.0
0.0
0.0
0.0
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
23.9
24.1
24.3
24.4
24.4
24.4
24.4
24.4
24.4
29.2
24.4
24.4
24.4
24.4
309.5
289.1
268.7
248.3
227.8
207.4
187.0
166.6
146.1
125.7
105.3
84.9
64.4
44.0
309.5
289.1
268.7
248.3
227.8
207.4
187.0
166.6
146.1
125.7
105.3
84.9
64.4
44.0
83.3
106.1
130.4
156.0
161.3
166.8
172.4
178.2
183.8
188.5
193.1
198.1
203.2
208.5
417
419
423
429
414
399
384
369
354
343
323
307
292
277
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
56.1
57.7
59.3
60.5
60.9
61.4
61.8
62.2
60.2
57.4
57.3
59.6
60.6
61.1
17.0
17.0
17.0
17.0
17.0
17.0
17.0
17.0
19.5
22.7
23.3
21.4
20.8
20.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-0.1
-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-14.8
-13.7
-12.7
-11.6
-10.6
-9.6
-8.5
-7.5
-6.4
-5.4
-4.3
-3.3
-2.2
-1.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-6.4
-6.3
-6.8
-7.0
-7.2
58
61
64
66
67
69
70
72
73
68
70
71
72
74
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-81.7
-81.7
0.0
0.0
0.0
0.0
1.3
1.6
2.0
2.4
2.8
2.8
2.9
2.9
2.6
1.0
-0.2
0.1
0.2
0.3
-79
-81
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-21.3
-22.8
-24.3
-25.6
-47.8
-49.2
-50.5
-51.9
-50.7
-42.0
-41.8
-44.7
-46.4
-47.7
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
-20.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-42
-43
-45
-46
-68
-70
-71
-72
-71
-62
-62
-65
-67
-68
17.7
19.3
20.8
22.1
1.9
2.0
2.2
2.4
-77.0
-74.7
7.5
6.0
5.6
5.7
125.8
162.0
201.3
244
277.8
281.7
286
290
255.0
102.2
-5.7
20
31
144
181.3
222.1
266
279.7
284
288
293
178.0
27.5
15
26
37
143.5
181.3
222.1
265.7
279.7
283.7
288.1
292.7
178.0
32.2
2.7
14.6
25.7
37.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.8
0.9
0.0
1.3
1.6
2.0
2.4
2.8
2.8
2.9
2.9
2.6
1.0
0.0
0.1
0.2
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.2
0.0
0.0
0.0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
14.2
14.3
14.4
14.5
14.5
14.5
14.5
14.5
14.5
14.5
14.5
14.5
14.5
14.5
7558
7590
7620
7652
7652
7652
7652
7652
7652
7652
7652
7652
7652
7652
291
293
295
297
297
297
297
297
297
297
297
297
297
297
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
56.1
57.7
59.3
60.5
60.9
61.4
61.8
62.2
60.2
57.4
57.3
59.6
60.6
61.1
291.2
293.3
295.2
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
297.3
19%
20%
20%
20%
20%
21%
21%
21%
20%
19%
19%
20%
20%
21%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
42.5
45.6
48.7
51.3
53.1
54.6
56.1
57.7
56.4
53.1
52.8
56.4
58.6
60.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
42.5
45.6
48.7
51.3
53.1
54.6
56.1
57.7
56.4
53.1
52.8
56.4
58.6
60.2
5.1
5.5
5.8
6.2
6.4
6.6
6.7
6.9
6.8
6.4
6.3
6.8
7.0
7.2
5.1
5.5
5.8
6.2
6.4
6.6
6.7
6.9
6.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6.4
6.3
6.8
7.0
7.2
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2028
2029
2027
73.067 74.726 76.362
77.484 77.924 78.364 78.804 79.244 79.684 80.124 80.564
81.003
81.443 81.883
309.5
289.1
268.7
248.3
227.8
207.4
187.0
166.6
146.1
125.7
105.3
84.9
64.4
44.0
83.3
106.1
130.4
156.0
161.3
166.8
172.4
178.2
183.8
188.5
193.1
198.1
203.2
208.5
392.8
395.2
399.1
404.3
389.2
374.2
359.4
344.7
329.9
314.2
298.4
282.9
267.7
252.5
19%
19%
19%
19%
20%
21%
22%
23%
24%
26%
27%
29%
30%
32%
2019
2020
42.514 45.585 48.664
2016
2017
2018
51.258
53.09
17.012 17.012 17.012
17.012 17.012 17.012 17.012 17.012 19.463
14.798 13.749 12.699
11.649
20.426 20.426 20.426
20.426 20.426 20.426 20.426 20.426 20.426 20.426 20.426
1.6899 1.8317 1.9827
2.1
10.6
2021
2022
54.619 56.15
2023
2024
57.684
56.37
2025
2026
2027
2028
2029
46.696 46.484
49.651
22.73
23.269
21.416
20.83
9.5503 8.5007 7.4511 6.4015 5.3519 4.3023
3.2527
2.2031 1.1535
20.426
20.426 20.426
2.2595 2.3896 2.5292 2.6795 2.8267 2.6932 2.8207
51.578 52.988
20.83
3.0
3.2
3.4
2029
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
4.4
4.4
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
76.3
95.5
116.3
138.4
140.3
142.4
144.6
146.9
69.9
0.0
2.7
8.7
14.3
20.0
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
134.8
154.4
175.4
197.8
199.7
201.8
204.0
206.3
129.3
59.4
62.1
68.1
73.6
79.3
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.0
12.1
12.1
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
23.9
24.1
24.3
24.4
24.4
24.4
24.4
24.4
24.4
24.4
24.4
24.4
24.4
24.4
2024
146.1
183.8
0.795
2025
125.7
188.5
0.667
2026
105.3
193.1
0.5451
2027
84.9
198.1
0.4284
2028
64.4
203.2
0.317
2029
44.0
208.5
0.211
2016
2017
2018
309.5 289.1
268.7
83.3
106.1
130.4
3.7178 2.7261 2.0607
2019
2020
2021
2022
2023
248.3 227.8 207.4 187.0 166.6
156.0 161.3 166.8 172.4 178.2
1.5913 1.4123 1.2436 1.0846
0.9
DEPRECIATION
Currency
Unit
Capex Summary
Total - Financial Expenses (5 years only)
Currency
Unit
Opening Balance
Capex
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
12/31/2017
6/30/2018
12/31/2018
6/30/2019
12/31/2019
6/30/2020
12/31/2020
6/30/2021
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
25 years
USD
1000
USD
1000
0.04
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
15,650
0
0
3,500
892
5,980
0
0
0
1,214
13,790
0
0
0
1,237
13,790
0
0
0
1,394
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
4.0%
15,650
0
15,650
5,980
0
0
21,631
13,790
0
0
0
35,421
13,790
0
0
0
0
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
DEPRECIATION
Currency
Unit
Opening Balance
Capex
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
12/31/2017
6/30/2018
12/31/2018
6/30/2019
12/31/2019
6/30/2020
12/31/2020
6/30/2021
12/31/2021
25 years
USD
1000
0.04
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
4.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
DEPRECIATION
Currency
Unit
Opening Balance
Capex
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
12/31/2017
6/30/2018
12/31/2018
6/30/2019
12/31/2019
6/30/2020
15 years
USD
1000
0.06666667
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
6.7%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12/31/2020
6/30/2021
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
DEPRECIATION
Currency
Unit
Opening Balance
Capex
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
12/31/2017
6/30/2018
12/31/2018
4 years
USD
1000
0.25
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
25.0%
3,500
3,500
0
3,500
0
0
0
3,500
0
0
0
0
0
0
0
0
0
6/30/2019
12/31/2019
6/30/2020
12/31/2020
6/30/2021
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
DEPRECIATION
Currency
USD
Unit
1000
Total - Financial Expenses (5 years
3 years
only) 0.33333333
Opening Balance
Capex
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
12/31/2010
6/30/2011
12/31/2011
6/30/2012
12/31/2012
6/30/2013
12/31/2013
6/30/2014
12/31/2014
6/30/2015
12/31/2015
6/30/2016
12/31/2016
6/30/2017
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
33.3%
892
892
0
1,214
0
0
2,107
1,237
0
0
0
3,343
1,394
0
0
0
0
12/31/2017
6/30/2018
12/31/2018
6/30/2019
12/31/2019
6/30/2020
12/31/2020
6/30/2021
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
6/30/2026
12/31/2026
6/30/2027
12/31/2027
6/30/2028
12/31/2028
6/30/2029
12/31/2029
TOTAL DEPRECIATION
depn_book
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
24,986
0
0
0
1,555
24,986
0
0
0
1,795
15,425
0
0
0
2,074
15,425
0
0
0
2,240
42,984
0
0
0
3,230
42,984
0
0
0
3,182
1,470
0
0
0
1,470
0
0
0
29,740
0
0
0
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
114,608
15,425
0
0
0
0
0
0
0
0
130,033
42,984
0
0
0
0
0
0
0
0
0
173,017
42,984
0
0
0
0
0
0
0
0
0
0
216,000
1,470
0
0
0
0
0
0
0
0
0
0
0
217,470
1,470
313
120
276
276
500
500
309
309
860
860
29
29
214,561
29,740
313
120
276
276
500
500
309
309
860
860
29
29
595
49,211
24,986
0
0
0
0
0
74,197
24,986
0
0
0
0
0
0
99,183
15,425
0
0
0
0
0
0
0
4,379
4,974
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
3,500
0
0
0
0
0
0
0
0
0
3,500
0
0
0
0
0
0
0
0
0
0
3,500
0
0
0
0
0
0
0
0
0
0
0
3,500
0
0
0
0
0
0
0
0
0
0
0
0
3,500
0
438
0
0
0
0
0
0
0
0
0
0
0
3,063
0
438
0
0
0
0
0
0
0
0
0
0
0
0
3,500
3,500
0
0
0
0
0
0
3,500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
438
438
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
10,162
2,240
0
0
0
0
0
0
0
0
12,402
3,230
0
0
0
0
0
0
0
0
0
15,631
3,182
0
0
0
0
0
0
0
0
0
0
18,814
0
0
0
0
0
0
0
0
0
0
0
0
18,814
0
149
202
206
232
259
299
346
373
538
530
0
0
15,678
0
149
202
206
232
259
299
346
373
538
530
0
0
0
4,737
1,555
0
0
0
0
0
6,292
1,795
0
0
0
0
0
0
8,088
2,074
0
0
0
0
0
0
0
3,136
3,136
7,952
8,547
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
29,740
6,498
8,333
0
29,740
6,498
14,833
0
29,740
6,498
17,583
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
239,327
29,740
313
120
276
276
500
500
309
309
860
860
29
29
595
595
263,499
29,740
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
287,076
29,740
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
310,057
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
303,300
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
0
296,542
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
0
0
289,784
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
0
0
0
283,026
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
0
0
0
0
276,268
0
313
120
276
276
500
500
309
309
860
860
29
29
595
595
595
595
0
0
0
0
0
0
5,568
6,163
6,758
6,758
6,758
6,758
6,758
6,758
6,758
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
0
6,498
0
0
0
0
0
0
0
0
0
0
0
0
0
130
6,368
6,498
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
12,605
6,498
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
18,713
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
18,323
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
0
17,933
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
0
0
17,544
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
0
0
0
17,154
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
0
0
0
0
16,764
0
0
0
0
0
0
0
0
0
0
0
0
0
0
130
130
130
0
0
0
0
0
0
130
260
390
390
390
390
390
390
390
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
0
8,333
0
0
0
0
0
0
0
0
0
0
0
0
0
278
8,056
14,833
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
22,117
17,583
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
38,342
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
36,983
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
0
35,625
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
0
0
34,267
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
0
0
0
32,908
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
0
0
0
0
31,550
0
0
0
0
0
0
0
0
0
0
0
0
0
0
278
494
586
0
0
0
0
0
0
278
772
1,358
1,358
1,358
1,358
1,358
1,358
1,358
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
2,625
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
2,188
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,750
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,313
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
875
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
438
0
438
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
438
438
438
438
438
438
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
11
6/30/2015
6
11
12/31/2015
6
12,542
0
149
202
206
232
259
299
346
373
538
530
0
0
0
0
9,407
0
149
202
206
232
259
299
346
373
538
530
0
0
0
0
0
6,271
0
149
202
206
232
259
299
346
373
538
530
0
0
0
0
0
0
3,136
0
149
202
206
232
259
299
346
373
538
530
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
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12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
269,510
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313
120
276
276
500
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309
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860
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29
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12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
16,374
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12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
6
15
12/31/2019
6
30,192
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12
6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
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12/31/2017
6
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6/30/2018
6
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12/31/2018
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6/30/2019
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12/31/2019
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6/30/2016
6
12
12/31/2016
6
13
6/30/2017
6
13
12/31/2017
6
14
6/30/2018
6
14
12/31/2018
6
15
6/30/2019
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16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
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16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
215,446
0
313
120
276
276
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860
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595
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16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
13,255
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16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
18
6/30/2022
6
18
12/31/2022
6
19
6/30/2023
6
19
12/31/2023
6
19,325
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16
6/30/2020
6
16
12/31/2020
6
17
6/30/2021
6
17
12/31/2021
6
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6/30/2022
6
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12/31/2022
6
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6/30/2023
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12/31/2023
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6/30/2024
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6/30/2024
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6/30/2024
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6/30/2024
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6/30/2024
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6/30/2028
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6/30/2029
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6/30/2028
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6/30/2042
6
38
12/31/2042
6
39
6/30/2043
6
39
12/31/2043
6
0
0
0
0
0
0
0
0
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36
6/30/2040
6
36
12/31/2040
6
37
6/30/2041
6
37
12/31/2041
6
38
6/30/2042
6
38
12/31/2042
6
39
6/30/2043
6
39
12/31/2043
6
0
0
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36
6/30/2040
6
36
12/31/2040
6
37
6/30/2041
6
37
12/31/2041
6
38
6/30/2042
6
38
12/31/2042
6
39
6/30/2043
6
39
12/31/2043
6
0
0
0
0
0
0
0
0
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0
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0
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0
0
0
0
0
0
0
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
40
6/30/2044
6
40
12/31/2044
6
0
0
0
0
0
0
0
0
40
6/30/2044
6
40
12/31/2044
6
37,571
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
34,304
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
817
817
817
817
0
0
0
0
0
0
0
0
3,267
817
817
817
817
0
0
0
0
0
0
0
0
3,267
40
6/30/2044
6
40
12/31/2044
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
40
6/30/2044
6
40
12/31/2044
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
40
6/30/2044
6
40
12/31/2044
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
40
6/30/2044
6
40
12/31/2044
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
3,267
3,267
OPERATION PLAN
1
6/30/2005
6
1
12/31/2005
6
2
6/30/2006
6
2
12/31/2006
6
3
6/30/2007
6
3
12/31/2007
6
4
6/30/2008
6
4
12/31/2008
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
TRAFFIC ('000 t)
Descendent [*Link to Revenue Sheet]
Ascendent
2,000
2,000
3,500
3,500
4,500
4,500
5,500
5,500
Total
2,000
2,000
3,500
3,500
4,500
4,500
5,500
5,500
2,000
2
16
2,000
2
16
3,500
4
35
3,500
4
35
4,500
5
43
4,500
5
43
5,500
6
51
5,500
6
51
3,500
4
4
3,500
4
4
4,500
5
4
4,500
5
4
5,500
6
5
5,500
6
5
3,500
4
747
3,500
4
747
4,500
5
908
4,500
5
908
5,500
6
1,070
5,500
6
1,070
180
180
180
180
180
180
MOATIZE - BEIRA (COAL)
PARAMETERS
Distance (km)
Operating Days in year
Seasonality Factor
Train Load Net (tons)
# Locos/Train
Loco Availability (%)
Turnround time for locos (days)
Turnround time for cars (days)
Train composition
Gross Weight wagon (tons)
Payload wagon (tons)
Car Availability (%)
Main Line
575
350
1.0
5,670
4
90%
1.71
1.71
90
82
63
96%
Banking
350
1.0
5,670
1
90%
0.6
LOCOMOTIVES - Main Line

1. Traffic (dominant)
2. # Trains/day [(Traffic*1000/Train Load Net)/optg_days*0.5]
3. # Locos required incl Standby
= [(#Trains/day*#Locos/train*TR)*(S.F/A.F)] + standby
Standby locos at both ends (for 2 train loads)
5,670
4
350
1.71
LOCOMOTIVES - Banking
1. Traffic (dominant)
3. # Locos required incl standby
= [(#Trains/day*#Locos/train*TR)*(S.F/A.F)] + standby
Standby locos at any one end
5,670
1
350
0.6
CARS
1. Traffic (dominant) [only coal]
3. # cars required incl standby
= [(#Trains/day*#cars/train*TR)*(S.F/A.F)] + standby
Standby wagons
PRODUCTIVITY
# Train loads in period [Traffic*1000/Train_load]
# car loads in period [Traffic*1000/Car_payload]
5,670
90
350
1.71
2,000
2
2
2,000
2
324
2,000
2
2
2,000
2
324
5,670
63
353
31,746
353
31,746
617
55,556
617
55,556
794
71,429
794
71,429
970
87,302
970
87,302
Train Km / year (000) [#Train Loads*2*Dist/1000]

Wagon Km / year (000) [#Wag Loads*2*Dist/1000]
575
575
406
36,508
406
36,508
710
63,889
710
63,889
913
82,143
913
82,143
1,116
100,397
1,116
100,397
GTKM/year (m) [(#Wag Loads*Gross + #Wag Loads*Tare)*Dist/1m]

NTKM (m) [(#Wag Loads*Carrying Cap)*Dist/1m]
Note: return leg empty
GMT
Cummulative GMT
82
63
1,844
1,150
1,844
1,150
3,226
2,013
3,226
2,013
4,148
2,588
4,148
2,588
5,070
3,163
5,070
3,163
3.21
3.21
3.21
6.41
5.61
12.02
5.61
17.63
7.21
24.85
7.21
32.06
8.82
40.88
8.82
49.70
18
324
21
9,218
18
324
21
9,218
39
747
36
16,132
39
747
36
16,132
47
908
47
20,741
47
908
47
20,741
56
1,070
57
25,350
56
1,070
57
25,350
OPERATIONAL RESUME
# Locomotives
# Cars
# Crew sets (# Train /day * TR *# crew sets/train)
Fuel (' 000 liters)
6
5
O&M
Currency
Unit
Service mask
1. CREW COST
Crew Requirement
Crew Cost
2. FUEL & OIL CONSUMPTION
Fuel Reqt (000 liters)
Fuel Cost ($000)
Lubrificants
Sub-Total
1
6/30/2005
6
1
12/31/2005
6
5
6/30/2009
6
5
12/31/2009
6
6
6/30/2010
6
6
12/31/2010
6
7
6/30/2011
6
7
12/31/2011
6
8
6/30/2012
6
8
12/31/2012
6
9
6/30/2013
6
9
12/31/2013
6
10
6/30/2014
6
10
12/31/2014
6
1
1
8
76
8
76
9
77
9
77
9
80
22
202
46
411
46
411
63
563
63
563
75
671
75
671
87
780
87
780
1
1
488
610
31
641
488
610
31
641
496
620
31
651
496
620
31
651
513
642
32
674
1,761
2,201
110
2,311
11,202
14,002
700
14,702
11,202
14,002
700
14,702
18,227
22,784
1,139
23,923
18,227
22,784
1,139
23,923
22,968
28,710
1,436
30,146
22,968
28,710
1,436
30,146
27,724
34,655
1,733
36,388
27,724
34,655
1,733
36,388
1,039
1,039
1,039
1,039
1,039
2,764
2,764
2,810
1,873
1,460
2,598
882
3,324
4,444
2,598
882
5,803
4,444
2,598
882
5,803
10,131
2,858
882
10,744
10,131
2,858
882
10,744
12,210
2,858
882
12,452
12,210
2,858
882
12,452
14,548
3,117
882
14,196
14,548
3,117
882
14,196
3,803
3,803
3,849
2,912
2,499
6,804
13,728
13,728
24,615
24,615
28,401
28,401
32,743
32,743
180
1
1
817
4
5
817
4
10
1,287
7
16
1,287
7
23
1,606
8
32
1,606
8
40
1,927
10
50
1,927
10
60
6
945
6
945
6
945
6
945
6
945
6
945
6
945
6
945
6
945
USD
1,000
service_mask
crew_reqt
crew_cost
1,500
fuel_reqt
fuel_cost
lub_perc
1.25
5%
3. MAINTENANCE EQUIPMENT
Purchase Option
ML Loco Maintenance
Loco Mtce Parts ($/unit/yr)
Loco Mtce Labor ($/unit/year)
Loco Reqt
Maintenance Cost - Loco
Shunting Loco Maintenance
# Shunting Locos
Loco Mtce ($/unit/year)
Wagon Maintenance
Wagon Maintenance ($/wagon km)
Wagon km (000)
Maintenance Cost - Car
Sub-Total
Lease Option
77,000
14,400
loco_reqt
sloco_reqt
50,000
1
1
1,300
1,300
736
46
4. MAINTENANCE TRACK (Incremental)

Track Length total (km)
Track Maintenance Costs (Incremental)
Total GMT
Cumulative GMT
1024
186
1.25
mgtfee_perc
market_perc
VC_perc
OPERATING STAFF
No. Operating Stations
Station Staff/Operating Station
Staff Cost
Train Dispatching
Staff Cost per month (incl allowances)
Number of Coal Operating Stations (24 hour)
Staff Per Station
Staff Cost
Misc shunting staff, accident relief etc
Staff Cost
Keyman
Staff Cost
Sub-Total
1
1
1.00
1
If CVRD = 575km
16
45
sloco_reqt
6. VARIABLE OVERHEADS
Passenger services
Support services
Marketing & Sales (% Rev)
Other variable costs
Sub-Total
1
1
0.02
car_km
LEASE CHARGES
ML Locos - Coal
ML Locos - General cargo
Shunting Locos
Cars
Coaches
Sub-Total
5. TERMINAL CHARGES
S. Locos - Work Plan per day (hrs)
Fuel consumption (liters/hr)
# Shunting locos
Fuel Cost
1
1
1%
1%
5.0%
37
5
350
13
350
3
12
250
52
350
127
140
1
1
1
3,000
500
226
226
226
226
229
229
182
182
163
163
250
522
772
338
1,530
1,868
338
1,530
1,868
1,500
499
2,567
4,566
1,500
499
2,567
4,566
1,500
623
3,088
5,211
1,500
623
3,088
5,211
1,500
668
3,639
5,807
1,500
668
3,639
5,807
95
95
95
95
95
389
389
389
389
389
389
389
389
389
11
11
11
11
11
27
27
27
27
27
27
27
27
27
54
54
54
54
54
54
54
54
54
32
32
32
32
32
109
109
109
109
109
109
109
109
109
Machi
9
1.00
5
1.00
1.00
15
1.00
40
1.00
34
34
34
34
34
107
107
107
107
107
107
107
107
107
170
170
170
170
170
686
686
686
686
686
686
686
686
686
General
1.1
Name of Company
Currency
Unit
Final year of analysis
Initial year end
CCFB
USD
1,000
= Hist Input
= Calculated
= Input
Use Date(yr,mth,day)
Use Edate(start_date,+/-mths) to get future/earlier years
Fiscal Inputs
Tax Rate
Interest Rate on RetRel, OpLease
WACC
GW Intial
32%
7.5%
10.0%
32%
7.5%
10.0%
32%
7.5%
10.0%
32%
7.5%
10.0%
Bal Sheet
Cash Flow
NOPLAT
IC
FCF
OK
OK
OK
OK
OK
32%
7.5%
10.0%
32%
32%
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
31
31
32
32
33
33
34
34
35
35
30/06/2005
31/12/2005
30/06/2006
31/12/2006
30/06/2007
31/12/2007
30/06/2008
31/12/2008
30/06/2009
31/12/2009
30/06/2010
31/12/2010
30/06/2011
31/12/2011
30/06/2012
31/12/2012
30/06/2013
31/12/2013
30/06/2014
31/12/2014
30/06/2015
31/12/2015
30/06/2016
31/12/2016
30/06/2017
31/12/2017
30/06/2018
31/12/2018
30/06/2019
31/12/2019
30/06/2020
31/12/2020
30/06/2021
31/12/2021
30/06/2022
31/12/2022
30/06/2023
31/12/2023
30/06/2024
31/12/2024
30/06/2025
31/12/2025
30/06/2026
31/12/2026
30/06/2027
31/12/2027
30/06/2028
31/12/2028
30/06/2029
31/12/2029
30/06/2030
31/12/2030
30/06/2031
31/12/2031
30/06/2032
31/12/2032
30/06/2033
31/12/2033
30/06/2034
31/12/2034
30/06/2035
31/12/2035
30/06/2036
31/12/2036
30/06/2037
31/12/2037
30/06/2038
31/12/2038
30/06/2039
31/12/2039
5,639
56
-4,746
949
5,639
56
-4,746
949
7,106
71
-6,087
1,090
7,106
71
-6,087
1,090
5,116
51
-4,109
1,058
5,116
51
-4,109
1,058
3,039
30
-2,743
327
3,039
30
-2,743
327
5,247
52
-4,807
493
5,247
52
-3,823
1,476
5,466
55
-3,415
2,105
15,315
153
-11,214
4,254
67,600
676
-32,471
35,805
67,600
676
-32,471
35,805
99,895
999
-55,898
44,996
99,895
999
-55,898
44,996
124,518
1,245
-66,979
58,785
124,518
1,245
-66,979
58,785
133,518
1,335
-78,590
56,264
133,518
1,335
-78,590
56,264
144,702
1,447
-83,592
62,557
144,702
1,447
-83,592
62,557
145,582
1,456
-83,799
63,239
145,582
1,456
-83,799
63,239
146,632
1,466
-84,094
64,005
146,632
1,466
-84,094
64,005
147,614
1,476
-84,343
64,747
147,614
1,476
-84,343
64,747
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
-2,790
-770
-2,790
-770
-2,797
-770
-2,797
-770
-2,787
-770
-2,787
-770
-2,777
-770
-2,777
-770
-2,788
-770
-2,788
-770
-2,789
-770
-12,013
-3,483
-8,547
-1,643
-14,582
-3,483
-9,549
-1,643
-15,859
-3,483
-10,768
-1,738
-15,781
-3,483
-12,079
-1,738
-16,215
-3,483
-12,079
-1,843
-16,125
-3,483
-8,944
-1,843
-16,499
-3,483
-8,944
-1,967
-16,396
-3,483
-8,506
-1,967
-16,366
-3,483
-8,506
-2,050
-4,841
27,311
-16,271
-3,483
-8,506
-2,138
-4,867
27,973
-16,163
-3,483
-8,506
-2,138
-4,867
28,081
-16,071
-3,483
-8,506
-2,243
-4,899
28,803
-15,962
-3,483
-8,506
-2,243
-4,899
28,911
-15,867
-3,483
-8,506
-2,341
-4,928
29,621
-15,758
-3,483
-8,506
-2,341
-4,928
29,729
-15,680
-3,483
-8,506
-2,445
-4,959
30,181
-15,570
-3,483
-8,506
-2,445
-4,959
30,291
-15,460
-3,483
-8,506
-2,445
-4,959
30,401
-15,350
-3,483
-8,506
-2,445
-4,959
30,511
-15,240
-3,483
-8,506
-2,445
-4,959
30,621
-15,130
-3,483
-8,506
-2,445
-4,959
30,731
-15,020
-3,483
-8,506
-2,445
-4,959
30,841
-14,911
-3,483
-8,506
-2,445
-4,959
30,951
-14,801
-3,483
-8,506
-2,445
-4,959
31,061
-14,691
-3,483
-8,506
-2,445
-4,959
31,171
-14,581
-3,483
-9,323
-2,445
-4,959
30,464
-14,471
-3,483
-10,140
-2,445
-4,959
29,757
-14,361
-3,483
-10,956
-2,445
-4,959
29,050
-14,251
-3,483
-11,773
-2,445
-4,959
28,344
-14,141
-3,483
-11,773
-2,445
-4,959
28,454
-14,031
-3,483
-11,495
-2,445
-4,959
28,841
-13,921
-3,483
-11,001
-2,445
-4,959
29,446
-13,811
-3,483
-10,415
-2,445
-4,959
30,142
-13,701
-3,483
-10,415
-2,445
-4,959
30,252
-13,591
-3,483
-10,415
-2,445
-4,959
30,362
-13,481
-3,483
-10,415
-2,445
-4,959
30,472
-13,371
-3,483
-10,415
-2,445
-4,959
30,582
-13,369
-3,483
-10,415
-2,445
-4,959
30,583
-13,368
-3,483
-10,415
-2,445
-4,959
30,585
-13,366
-3,483
-10,415
-2,445
-4,959
30,586
-13,365
-3,483
-10,415
-2,445
-4,959
30,588
-13,363
-3,483
-10,415
-2,445
-4,959
30,589
-13,362
-3,483
-10,415
-2,445
-4,959
30,591
-13,360
-3,483
-10,415
-2,445
-4,959
30,592
-13,359
-3,483
-10,415
-2,445
-4,959
30,594
-13,357
-3,483
-10,415
-2,445
-4,959
30,595
-13,356
-3,483
-10,415
-2,445
-4,959
30,597
-13,354
-3,483
-10,415
-2,445
-4,959
30,598
-13,353
-3,483
-6,036
-2,445
-4,959
34,979
-13,351
-3,483
-5,441
-2,445
-4,959
35,575
-13,350
-3,483
-4,717
-2,445
-4,959
36,301
-13,348
-3,483
-3,992
-2,445
-4,959
37,027
-13,347
-3,483
-3,267
-2,445
-4,959
37,754
-13,345
-3,483
-3,267
-2,445
-4,959
37,755
-13,344
-3,483
-3,267
-2,445
-4,959
37,757
-13,342
-3,483
-3,267
-2,445
-4,959
37,758
-13,341
-3,483
-3,267
-2,445
-4,959
37,760
30,362
30,472
30,582
30,583
30,585
30,586
30,588
30,589
30,591
30,592
30,594
30,595
30,597
30,598
34,979
35,575
36,301
37,027
37,754
37,755
37,757
37,758
37,760
Income Statement
Revenue
Other Optg. Revenue [OOR]
Cost of Goods Sold [COGS]
Gross Profit
Positive
Positive
Negative
Rev
% Rev
LRMC-Pers
Selling, Genl & Admin Expenses [SGA]

Personnel [Pers]
Depreciation [Depn]
Exchange Loss (10% of domestic income)
Other optg. Expenses [OOE]
EBITA
Negative
Negative
Negative
FC
Pers (O&M)
Depn_Book
Negative
Fees
Interest Income (MS) [Int_Inc]

Non-Optg income (investments) [NOI]
Interest Expense [on STD, LTD, OD Bals]
Special Items (litigation) [SpecItem]
EBT
Positive
Positive
Negative
Posit/Neg
CF!
Int_Exp
input
Tax Charge [current+deferred]
Negative
LRMC
FC(2)
Staff(2)
Common Dividends (incl tax) [Com_Div]
Negative
-711
-711
-512
-512
-304
-304
-525
-525
-547
-3,175
-3,187
-3,187
-3,010
-3,010
-3,524
-3,524
-3,589
-2,606
-2,000
-19,662
10,120
6,549
13,148
11,915
25,165
28,390
25,371
25,912
-3,175
-3,175
-3,187
-3,187
-3,010
-3,010
-3,524
-3,524
-3,589
-2,606
-2,000
-19,662
10,120
6,549
13,148
11,915
25,165
28,390
25,371
25,912
27,203
27,311
27,973
28,081
28,803
28,911
29,621
29,729
30,181
30,291
30,401
30,511
30,621
30,731
30,841
30,951
31,061
31,171
30,464
29,757
29,050
28,344
28,454
28,841
29,446
30,142
30,252
-115
-215
-323
-430
-530
-638
-757
-893
-1,046
-1,159
-1,165
-2,997
-1,662
-1,511
-2,567
-2,730
-2,188
-4,550
-1,714
-6,797
-1,212
-8,055
-456
-8,055
57
-8,055
240
-8,055
434
-8,055
502
-7,793
585
-7,530
672
-7,268
763
-7,006
857
-6,743
955
-6,481
1,058
-6,218
1,163
-5,956
1,272
-5,694
1,384
-5,431
1,394
-5,169
1,403
-4,906
1,413
-4,644
1,424
-4,382
1,435
-4,119
1,446
-3,857
1,458
-3,594
1,469
-3,332
1,081
-3,070
699
-2,807
322
-2,545
-143
-2,282
-27
-2,020
27
-1,758
60
-1,495
87
-1,233
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
1,252
6,409
3,403
15,898
19,879
17,373
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
26,943
26,121
26,029
26,794
27,716
28,706
29,106
29,506
29,906
30,307
30,600
30,719
30,839
30,959
31,079
31,199
31,320
31,440
31,560
31,681
31,802
36,301
36,977
37,777
38,571
39,358
39,414
39,470
39,527
-3,233
-3,135
-3,123
-3,215
-3,326
-3,445
-3,493
-3,541
-3,589
-3,637
-3,672
-3,686
-3,701
-3,715
-3,729
-3,744
-3,758
-3,773
-3,787
-3,802
-3,816
-4,356
-4,437
-4,533
-4,629
-4,723
-4,730
-4,736
-4,743
19,879
17,373
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
23,710
22,987
22,905
23,579
24,390
25,262
25,613
25,965
26,318
26,670
26,928
27,033
27,138
27,244
27,350
27,455
27,561
27,667
27,773
27,879
27,985
31,945
32,540
33,244
33,943
34,635
34,685
34,734
34,783
Int (CF)
IntExp (Debt)
Earnings before Extraordinary Items

Posit/Neg
-564
-3,175
-16,474
-3,483
-8,506
-2,050
-4,841
27,203
Fees
EBIT
XItems after tax (ins- earthquake) [Xitem]

Net Profit
-564
-10,950
-3,483
-7,952
-1,531
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
1,252
6,409
3,403
15,898
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
1,252
6,409
3,403
15,898
115
-970
143
-708
171
-446
200
-183
309
-174
418
-165
527
-156
636
-147
746
-137
856
-128
965
-119
1,075
-110
1,185
-101
1,295
-92
1,405
-82
1,475
-73
1,540
-64
1,599
-55
1,651
-46
1,696
-37
1,741
-27
1,787
-18
1,832
-9
39,583
-4,750
34,833
input
Retained Earnings
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
15,898
19,879
17,373
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
23,710
22,987
22,905
23,579
24,390
25,262
25,613
25,965
26,318
26,670
26,928
27,033
27,138
27,244
27,350
27,455
27,561
27,667
27,773
27,879
27,985
31,945
32,540
33,244
33,943
34,635
34,685
34,734
34,783
34,833
-7,952
-6,949
-7,239
-9,791
-10,010
-10,514
-10,743
-11,280
-11,513
-12,048
-12,284
-12,694
-12,935
-23,719
-24,062
-24,406
-24,750
-25,095
-25,440
-25,785
-26,131
-25,741
-24,992
-21,339
-20,688
-20,615
-21,221
-21,951
-22,735
-23,052
-23,369
-23,686
-24,003
-24,235
-24,330
-24,425
-24,520
-24,615
-24,710
-24,805
-24,900
-24,996
-25,091
-25,187
-28,751
-29,286
-29,920
-30,548
-31,172
-31,216
-31,261
-31,305
-31,349
11,928
10,424
10,859
9,791
10,010
10,514
10,743
11,280
11,513
12,048
12,284
12,694
12,935
6,947
1,252
6,409
3,403
2,635
2,674
2,712
2,750
2,788
2,827
2,865
2,903
2,860
2,777
2,371
2,299
2,291
2,358
2,439
2,526
2,561
2,597
2,632
2,667
2,693
2,703
2,714
2,724
2,735
2,746
2,756
2,767
2,777
2,788
2,799
3,195
3,254
3,324
3,394
3,464
3,468
3,473
3,478
3,483
-58,917
6,947
-37,971
1,252
-26,719
6,409
-10,309
3,403
-6,906
15,898
8,991
11,928
20,919
10,424
31,343
10,859
42,201
9,791
51,992
10,010
62,003
10,514
72,517
10,743
83,260
11,280
94,540
11,513
106,052
12,048
118,100
12,284
130,384
12,694
143,079
12,935
156,014
2,635
158,649
2,674
161,323
2,712
164,034
2,750
166,784
2,788
169,573
2,827
172,399
2,865
175,264
2,903
178,168
2,860
181,028
2,777
183,805
2,371
186,176
2,299
188,474
2,291
190,765
2,358
193,123
2,439
195,562
2,526
198,088
2,561
200,649
2,597
203,246
2,632
205,878
2,667
208,545
2,693
211,237
2,703
213,941
2,714
216,655
2,724
219,379
2,735
222,114
2,746
224,859
2,756
227,616
2,767
230,382
2,777
233,160
2,788
235,947
2,799
238,746
3,195
241,941
3,254
245,195
3,324
248,519
3,394
251,913
3,464
255,377
3,468
258,845
3,473
262,319
3,478
265,797
3,483
14,000
10,000
10,000
-37,971
-26,719
-10,309
-6,906
8,991
20,919
31,343
42,201
51,992
62,003
72,517
83,260
94,540
106,052
118,100
130,384
143,079
156,014
158,649
161,323
164,034
166,784
169,573
172,399
175,264
178,168
181,028
183,805
186,176
188,474
190,765
193,123
195,562
198,088
200,649
203,246
205,878
208,545
211,237
213,941
216,655
219,379
222,114
224,859
227,616
230,382
233,160
235,947
238,746
241,941
245,195
248,519
251,913
255,377
258,845
262,319
265,797
Note: Div_Perc formual applied in 3 slabs (6 to 10, 11-15, 15 to 25 yrs)

Opening
Retained Earnings
General Reserves
Equity Cash [new issues/buy-backs]
Equity Adjustments [revaln]
Goodwill Writeoff
Closing
Check
Posit/Neg
Posit/Neg
-3,175
upto yr 5 only
input
input
1,825
-3,289
-1,464
-3,402
-4,866
-3,511
-8,377
-3,441
-11,817
-3,540
-15,357
-4,162
-19,518
-4,281
-23,800
-4,483
-28,282
-3,652
-31,934
-3,160
-35,094
-23,823
5,000
1,825
Negative
-1,464
-4,866
-8,377
-11,817
-15,357
-19,518
-23,800
-28,282
-31,934
-35,094
-58,917
269,280
Tax Computation
Taxable Income (=EBT)

Loss Offset in Year
Adj Taxable Income for year after loss offset
Corporate Tax Charge for the Year
Deductible from Corporate Tax
Adj Corporate Tax Charge
Tax Losses
Losses B/F
Loss For the Year
Loss Offset [Alternate: MAX(MIN(Tax_Inc,Loss B/F,0),0]
Losses C/F
Fiscal Credit
Total Investment Contribution Cumulative
(<< 10 yrs only >>
Fiscal Credit B/F

Fiscal Credit for year
Fiscal Credit utilized
Fiscal Credit C/F
20%
53,821
84,316
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
-6,947
0
0
0
0
1,252
-1,252
0
0
0
6,409
-6,409
0
0
0
3,403
-3,403
0
0
0
15,898
-15,898
0
0
0
19,879
-19,879
0
0
0
0
17,373
-10,129
7,244
869
869
0
-3,175
-3,289
-6,464
-3,402
-9,866
-3,511
-13,377
-3,441
-16,817
-3,540
-20,357
-4,162
-24,518
-4,281
-28,800
-4,483
-33,282
-3,652
-36,934
-3,160
-40,094
-23,823
-63,917
-56,971
-55,719
-49,309
-45,906
-30,009
-10,129
-3,175
-6,464
-9,866
-13,377
-16,817
-20,357
-24,518
-28,800
-33,282
-36,934
-40,094
-63,917
6,947
-56,971
1,252
-55,719
6,409
-49,309
3,403
-45,906
15,898
-30,009
19,879
-10,129
10,129
-3,175
20,058
7,237
15,075
15,252
26,629
26,849
17,556
17,917
46,567
46,298
1,470
1,470
29,740
44,571
51,071
53,821
4,012
1,447
5,459
3,015
8,474
3,050
11,524
5,326
16,850
5,370
22,220
3,511
25,731
3,583
29,314
9,313
38,628
9,260
47,887
294
48,181
294
8,474
11,524
16,850
22,220
25,731
29,314
38,628
47,887
48,181
48,475
73,552
10,764
0
84,316
84,316
5,459
54,423
8,914
0
63,338
63,338
10,214
4,012
48,475
5,948
0
54,423
84,316
4,012
84,316
0
84,316
73,552
84,316
869
83,447
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
26,943
26,121
26,029
26,794
27,716
28,706
29,106
29,506
29,906
30,307
30,600
30,719
30,839
30,959
31,079
31,199
31,320
31,440
31,560
31,681
31,802
36,301
36,977
37,777
38,571
39,358
39,414
39,470
39,527
39,583
18,098
2,172
2,172
0
19,582
2,350
2,350
0
20,020
2,402
2,402
0
21,028
2,523
2,523
0
21,486
2,578
2,578
0
22,560
2,707
2,707
0
23,025
2,763
2,763
0
24,095
2,891
2,891
0
24,569
2,948
2,948
0
25,389
3,047
3,047
0
25,870
3,104
3,104
0
26,354
3,163
3,163
0
26,736
3,208
3,208
0
27,118
3,254
3,254
0
27,500
3,300
3,300
0
27,883
3,346
3,346
0
28,266
3,392
3,392
0
28,650
3,438
3,438
0
29,034
3,484
3,484
0
28,602
3,432
3,432
0
27,768
3,332
3,332
0
26,943
3,233
26,121
3,135
26,029
3,123
26,794
3,215
27,716
3,326
28,706
3,445
29,106
3,493
29,506
3,541
29,906
3,589
30,307
3,637
30,600
3,672
30,719
3,686
30,839
3,701
30,959
3,715
31,079
3,729
31,199
3,744
31,320
3,758
31,440
3,773
31,560
3,787
31,681
3,802
31,802
3,816
36,301
4,356
36,977
4,437
37,777
4,533
38,571
4,629
39,358
4,723
39,414
4,730
39,470
4,736
39,527
4,743
39,583
4,750
3,233
3,135
3,123
3,215
3,326
3,445
3,493
3,541
3,589
3,637
3,672
3,686
3,701
3,715
3,729
3,744
3,758
3,773
3,787
3,802
3,816
4,356
4,437
4,533
4,629
4,723
4,730
4,736
4,743
4,750
83,447
2,172
81,275
81,275
2,350
78,925
78,925
2,402
76,523
76,523
2,523
73,999
73,999
2,578
71,421
71,421
2,707
68,714
68,714
2,763
65,951
65,951
2,891
63,059
63,059
2,948
60,111
60,111
3,047
57,064
57,064
3,104
53,960
3,163
-3,163
3,208
-3,208
3,254
-3,254
3,300
-3,300
3,346
-3,346
3,392
-3,392
3,438
-3,438
3,484
-3,484
3,432
-3,432
3,332
-3,332
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
31
31
32
32
33
33
34
34
35
35
2005/06/30
6
2005/12/31
6
2006/06/30
6
2006/12/31
6
2007/06/30
6
2007/12/31
6
2008/06/30
6
2008/12/31
6
2009/06/30
6
2009/12/31
6
2010/06/30
6
2010/12/31
6
2011/06/30
6
2011/12/31
6
2012/06/30
6
2012/12/31
6
2013/06/30
6
2013/12/31
6
2014/06/30
6
2014/12/31
6
2015/06/30
6
2015/12/31
6
2016/06/30
6
2016/12/31
6
2017/06/30
6
2017/12/31
6
2018/06/30
6
2018/12/31
6
2019/06/30
6
2019/12/31
6
2020/06/30
6
2020/12/31
6
2021/06/30
6
2021/12/31
6
2022/06/30
6
2022/12/31
6
2023/06/30
6
2023/12/31
6
2024/06/30
6
2024/12/31
6
2025/06/30
6
2025/12/31
6
2026/06/30
6
2026/12/31
6
2027/06/30
6
2027/12/31
6
2028/06/30
6
2028/12/31
6
2029/06/30
6
2029/12/31
6
2030/06/30
6
2030/12/31
6
2031/06/30
6
2031/12/31
6
2032/06/30
6
2032/12/31
6
2033/06/30
6
2033/12/31
6
2034/06/30
6
2034/12/31
6
2035/06/30
6
2035/12/31
6
2036/06/30
6
2036/12/31
6
2037/06/30
6
2037/12/31
6
2038/06/30
6
2038/12/31
6
2039/06/30
6
2039/12/31
6
169
169
213
213
153
153
91
91
157
157
164
459
2,028
2,028
2,997
2,997
3,736
3,736
4,006
4,006
4,341
4,341
4,367
4,367
4,399
4,399
4,428
4,428
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
4,459
15
57
106
174
262
329
385
638
991
1,124
1,124
1,511
2,730
4,550
6,797
8,055
8,055
584
584
584
2,071
584
584
584
2,139
420
420
420
1,677
420
420
420
1,744
250
250
250
1,226
250
250
250
1,478
431
431
431
2,443
431
431
431
2,575
449
449
449
2,636
1,259
1,259
1,259
5,747
5,556
5,556
5,556
21,426
5,556
5,556
5,556
23,247
8,211
8,211
8,211
34,426
8,211
8,211
8,211
35,684
10,234
10,234
10,234
42,494
18,268
43,403
10,974
10,974
10,974
98,599
18,268
50,233
11,893
11,893
11,893
108,522
18,268
58,536
11,893
11,893
11,893
116,825
18,268
67,245
11,966
11,966
11,966
125,777
18,268
76,281
11,966
11,966
11,966
134,813
18,268
85,736
12,052
12,052
12,052
144,559
18,268
95,542
12,052
12,052
12,052
154,365
18,268
105,772
12,133
12,133
12,133
164,867
18,268
116,350
12,133
12,133
12,133
175,444
18,268
127,221
12,218
12,218
12,218
186,602
18,268
138,449
12,218
12,218
12,218
197,830
18,268
139,377
12,218
12,218
12,218
198,758
18,268
140,344
12,218
12,218
12,218
199,725
18,268
141,349
12,218
12,218
12,218
200,730
18,268
142,392
12,218
12,218
12,218
201,773
18,268
143,473
12,218
12,218
12,218
202,854
18,268
144,593
12,218
12,218
12,218
203,974
18,268
145,751
12,218
12,218
12,218
205,132
18,268
146,948
12,218
12,218
12,218
206,329
18,268
108,080
12,218
12,218
12,218
167,461
18,268
69,946
12,218
12,218
12,218
129,327
18,268
32,222
12,218
12,218
12,218
91,603
18,268
463
463
463
1,617
8,055
24,039
10,974
10,974
10,974
69,022
18,268
463
463
463
1,575
8,055
5,681
10,234
10,234
10,234
48,175
12,218
12,218
12,218
59,381
12,218
12,218
12,218
59,381
18,268
2,734
12,218
12,218
12,218
62,115
18,268
5,961
12,218
12,218
12,218
65,342
18,268
8,689
12,218
12,218
12,218
68,070
18,268
11,452
12,218
12,218
12,218
70,833
18,268
14,250
12,218
12,218
12,218
73,631
18,268
17,084
12,218
12,218
12,218
76,465
18,268
19,952
12,218
12,218
12,218
79,333
18,268
30,860
12,218
12,218
12,218
90,241
18,268
41,778
12,218
12,218
12,218
101,159
18,268
52,707
12,218
12,218
12,218
112,088
18,268
63,646
12,218
12,218
12,218
123,027
18,268
74,596
12,218
12,218
12,218
133,977
18,268
85,556
12,218
12,218
12,218
144,937
18,268
96,527
12,218
12,218
12,218
155,908
18,268
107,509
12,218
12,218
12,218
166,890
18,268
118,501
12,218
12,218
12,218
177,882
18,268
129,504
12,218
12,218
12,218
188,885
18,268
140,517
12,218
12,218
12,218
199,898
18,268
147,548
12,218
12,218
12,218
206,929
18,268
154,043
12,218
12,218
12,218
213,424
18,268
159,884
12,218
12,218
12,218
219,265
18,268
165,070
12,218
12,218
12,218
224,451
18,268
169,601
12,218
12,218
12,218
228,982
18,268
174,136
12,218
12,218
12,218
233,517
18,268
178,677
12,218
12,218
12,218
238,058
18,268
183,222
12,218
12,218
12,218
242,603
18,268
187,772
12,218
12,218
12,218
247,153
Balance Sheet
% Rev

Excess Marketable Securities [Cash]
Accts receivable [AR]
Inventory [Invt]
Oth curr assets** (incl loans&advs) [OCA]
CF
% Rev
% Rev
% Rev
PPE Net** [=Prev+Capex+DSR-Depn]

Other optg assets [OOA_Bal]
20,043
27,237
42,264
57,448
83,989
110,771
128,270
145,935
192,148
238,314
239,784
232,914
252,889
286,090
324,146
364,629
352,550
343,606
334,663
315,943
307,437
298,931
290,425
281,919
273,412
264,906
256,400
247,894
239,388
230,881
222,375
213,869
205,363
196,857
188,351
179,844
171,338
162,832
194,347
225,045
254,926
283,991
272,217
260,722
249,721
239,306
228,891
218,476
208,062
197,647
187,232
176,817
166,402
155,987
145,572
135,158
124,743
114,328
103,913
93,498
83,083
77,047
71,606
66,889
62,898
59,631
56,364
53,097
49,830
46,563
21,618
28,854
44,335
59,587
85,666
112,514
129,496
147,413
194,590
240,889
242,419
238,661
274,315
309,337
358,571
400,313
395,044
391,781
403,684
414,543
415,959
415,756
416,202
416,732
417,971
419,271
421,267
423,338
425,989
428,711
421,134
413,594
406,093
398,630
391,205
383,818
376,470
369,161
361,808
354,371
346,529
343,372
331,599
322,837
315,063
307,376
299,724
292,108
284,526
276,980
277,473
277,976
278,490
279,014
279,549
280,095
280,651
281,218
281,795
282,383
282,982
283,976
285,030
286,155
287,349
288,612
289,881
291,154
292,433
293,716
20,043
27,237
42,264
57,448
83,989
110,771
128,270
145,935
192,148
238,314
239,784
240,866
261,436
295,640
334,914
376,708
364,629
352,550
343,606
324,449
315,943
307,437
298,931
290,425
281,919
273,412
264,906
256,400
247,894
239,388
230,881
222,375
213,869
205,363
196,857
188,351
179,844
171,338
203,670
235,185
265,883
295,764
283,991
272,217
260,722
249,721
239,306
228,891
218,476
208,062
197,647
187,232
176,817
166,402
155,987
145,572
135,158
124,743
114,328
103,913
93,498
83,083
77,047
71,606
66,889
62,898
59,631
56,364
53,097
49,830
-16%
-12%
-8%
-6%
-4%
-3%
-3%
-3%
-2%
-2%
-1.32%
-9.89%
2.66%
0.42%
1.91%
0.90%
4.36%
5.64%
5.06%
5.58%
6.20%
6.51%
7.03%
7.40%
8.00%
8.42%
9.10%
9.58%
10.24%
10.81%
11.41%
12.02%
12.68%
13.39%
14.16%
15.01%
15.93%
16.95%
14.04%
11.81%
8.92%
7.77%
8.07%
8.66%
9.35%
10.12%
10.70%
11.34%
12.05%
12.82%
13.62%
14.44%
15.35%
16.37%
17.53%
18.86%
20.39%
22.18%
24.29%
26.83%
29.93%
38.45%
42.23%
46.43%
50.74%
55.07%
58.17%
61.62%
65.51%
69.90%
3,822
463
7,154
463
10,769
584
14,347
584
17,653
420
21,260
420
25,245
250
29,778
250
34,863
431
38,647
431
38,825
449
55,414
1,259
85,569
5,556
72,947
5,556
57,145
8,211
40,405
8,211
15,191
10,234
10,234
10,974
10,974
11,893
11,893
11,966
11,966
12,052
12,052
12,133
12,133
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
4,757
12,218
906
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
463
4,749
463
8,081
584
11,937
584
15,515
420
18,494
420
22,101
250
25,744
250
30,278
431
35,725
431
39,509
449
39,724
1,259
57,932
5,556
96,681
5,556
84,059
8,211
73,566
8,211
56,826
10,234
35,659
10,234
20,469
10,974
21,948
10,974
21,948
11,893
23,787
11,893
23,787
11,966
23,931
11,966
23,931
12,052
24,104
12,052
24,104
12,133
24,265
12,133
24,265
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
29,192
12,218
25,342
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
15,043
22,237
37,264
52,448
78,989
105,771
123,270
140,935
187,148
233,314
237,789
239,647
215,605
251,996
295,314
350,393
350,393
350,393
350,393
350,393
340,180
329,967
319,754
309,541
299,328
289,114
278,901
268,688
258,475
248,262
238,049
227,836
217,623
207,410
197,197
186,983
176,770
166,557
156,344
146,131
135,918
125,705
115,492
105,279
95,066
84,852
74,639
64,426
54,213
44,000
41,800
39,600
37,400
35,200
33,000
30,800
28,600
26,400
24,200
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
15,043
22,237
37,264
52,448
78,989
105,771
123,270
140,935
187,148
233,314
237,789
239,647
215,605
251,996
295,314
350,393
350,393
350,393
350,393
350,393
340,180
329,967
319,754
309,541
299,328
289,114
278,901
268,688
258,475
248,262
238,049
227,836
217,623
207,410
197,197
186,983
176,770
166,557
156,344
146,131
135,918
125,705
115,492
105,279
95,066
84,852
74,639
64,426
54,213
44,000
41,800
39,600
37,400
35,200
33,000
30,800
28,600
26,400
24,200
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
1,825
-1,464
-4,866
-8,377
-11,817
-15,357
-19,518
-23,800
-28,282
-31,934
-35,094
-58,917
-37,971
-26,719
-10,309
-6,906
8,991
20,919
31,343
42,201
51,992
62,003
72,517
83,260
94,540
106,052
118,100
130,384
143,079
156,014
158,649
161,323
164,034
166,784
169,573
172,399
175,264
178,168
181,028
183,805
186,176
188,474
190,765
193,123
195,562
198,088
200,649
203,246
205,878
208,545
211,237
213,941
216,655
219,379
222,114
224,859
227,616
230,382
233,160
235,947
238,746
241,941
245,195
248,519
251,913
255,377
258,845
262,319
265,797
269,280
21,618
28,854
44,335
59,587
85,666
112,514
129,496
147,413
194,590
240,889
242,419
238,661
274,315
309,337
358,571
400,313
395,044
391,781
403,684
414,543
415,959
415,756
416,202
416,732
417,971
419,271
421,267
423,338
425,989
428,711
421,134
413,594
406,093
398,630
391,205
383,818
376,470
369,161
361,808
354,371
346,529
343,372
331,599
322,837
315,063
307,376
299,724
292,108
284,526
276,980
277,473
277,976
278,490
279,014
279,549
280,095
280,651
281,218
281,795
282,383
282,982
283,976
285,030
286,155
287,349
288,612
289,881
291,154
292,433
293,716
2005
1
6/30/2005
2005
1
12/31/2005
2006
2
6/30/2006
2006
2
12/31/2006
2007
3
6/30/2007
2007
3
12/31/2007
2008
4
6/30/2008
2008
4
12/31/2008
2009
5
6/30/2009
2009
5
12/31/2009
2010
6
6/30/2010
2010
6
12/31/2010
2011
7
6/30/2011
2011
7
12/31/2011
2012
8
6/30/2012
2012
8
12/31/2012
2013
9
6/30/2013
2013
9
12/31/2013
2014
10
6/30/2014
2014
10
12/31/2014
2015
11
6/30/2015
2015
11
12/31/2015
2016
12
6/30/2016
2016
12
12/31/2016
2017
13
6/30/2017
2017
13
12/31/2017
2018
14
6/30/2018
2018
14
12/31/2018
2019
15
6/30/2019
2019
15
12/31/2019
2020
16
6/30/2020
2020
16
12/31/2020
2021
17
6/30/2021
2021
17
12/31/2021
2022
18
6/30/2022
2022
18
12/31/2022
2023
19
6/30/2023
2023
19
12/31/2023
2024
20
6/30/2024
2024
20
12/31/2024
2025
21
6/30/2025
2025
21
12/31/2025
2026
22
6/30/2026
2026
22
12/31/2026
2027
23
6/30/2027
2027
23
12/31/2027
2028
24
6/30/2028
2028
24
12/31/2028
2029
25
6/30/2029
2029
25
12/31/2029
2030
26
6/30/2030
2030
26
12/31/2030
2031
27
6/30/2031
2031
27
12/31/2031
2032
28
6/30/2032
2032
28
12/31/2032
2033
29
6/30/2033
2033
29
12/31/2033
2034
30
6/30/2034
2034
30
12/31/2034
2035
31
6/30/2035
2035
31
12/31/2035
2036
32
6/30/2036
2036
32
12/31/2036
2037
33
6/30/2037
2037
33
12/31/2037
2038
34
6/30/2038
2038
34
12/31/2038
2039
35
6/30/2039
2039
35
12/31/2039
input
Total Assets
Gross Fixed Assets

ROGFA
ST Debt (incl current of LT debt) [STD_Bal]]

Overdraft [Balancing Debt] [OD]
Accts Payable [AP]
Accrued Expenses - Dividends
- Taxes
- Interest
input
CF
% Rev
assume Zero Bal
assume Zero Bal
IntExp_Bal [Debt!]
LT Debt
Other operating liabilities
Total LT Liabs
LTD_Bal [Debt!]
12,218
24,436
0
Total Common Equity

Check
OK
5,639
56
-4,746
949
5,639
56
-4,746
949
7,106
71
-6,087
1,090
7,106
71
-6,087
1,090
5,116
51
-4,109
1,058
5,116
51
-4,109
1,058
3,039
30
-2,743
327
3,039
30
-2,743
327
5,247
52
-4,807
493
5,247
52
-3,823
1,476
5,466
55
-3,415
2,105
15,315
153
-11,214
4,254
67,600
676
-32,471
35,805
67,600
676
-32,471
35,805
99,895
999
-55,898
44,996
99,895
999
-55,898
44,996
124,518
1,245
-66,979
58,785
124,518
1,245
-66,979
58,785
133,518
1,335
-78,590
56,264
133,518
1,335
-78,590
56,264
144,702
1,447
-83,592
62,557
144,702
1,447
-83,592
62,557
145,582
1,456
-83,799
63,239
145,582
1,456
-83,799
63,239
146,632
1,466
-84,094
64,005
146,632
1,466
-84,094
64,005
147,614
1,476
-84,343
64,747
147,614
1,476
-84,343
64,747
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
148,650
1,486
-84,881
65,255
-2,790
-770
-2,790
-770
-2,797
-770
-2,797
-770
-2,787
-770
-2,787
-770
-2,777
-770
-2,777
-770
-2,788
-770
-2,788
-770
-2,789
-770
-12,013
-3,483
-8,547
-1,643
-14,582
-3,483
-9,549
-1,643
-15,859
-3,483
-10,768
-1,738
-15,781
-3,483
-12,079
-1,738
-16,215
-3,483
-12,079
-1,843
-16,125
-3,483
-8,944
-1,843
-16,499
-3,483
-8,944
-1,967
-16,396
-3,483
-8,506
-1,967
-16,474
-3,483
-8,506
-2,050
-4,841
-16,366
-3,483
-8,506
-2,050
-4,841
-16,271
-3,483
-8,506
-2,138
-4,867
-16,163
-3,483
-8,506
-2,138
-4,867
-16,071
-3,483
-8,506
-2,243
-4,899
-15,962
-3,483
-8,506
-2,243
-4,899
-15,867
-3,483
-8,506
-2,341
-4,928
-15,758
-3,483
-8,506
-2,341
-4,928
-15,680
-3,483
-8,506
-2,445
-4,959
-15,570
-3,483
-8,506
-2,445
-4,959
-15,460
-3,483
-8,506
-2,445
-4,959
-15,350
-3,483
-8,506
-2,445
-4,959
-15,240
-3,483
-8,506
-2,445
-4,959
-15,130
-3,483
-8,506
-2,445
-4,959
-15,020
-3,483
-8,506
-2,445
-4,959
-14,911
-3,483
-8,506
-2,445
-4,959
-14,801
-3,483
-8,506
-2,445
-4,959
-14,691
-3,483
-8,506
-2,445
-4,959
-14,581
-3,483
-9,323
-2,445
-4,959
-14,471
-3,483
-10,140
-2,445
-4,959
-14,361
-3,483
-10,956
-2,445
-4,959
-14,251
-3,483
-11,773
-2,445
-4,959
-14,141
-3,483
-11,773
-2,445
-4,959
-14,031
-3,483
-11,495
-2,445
-4,959
-13,921
-3,483
-11,001
-2,445
-4,959
-13,811
-3,483
-10,415
-2,445
-4,959
-13,701
-3,483
-10,415
-2,445
-4,959
-13,591
-3,483
-10,415
-2,445
-4,959
-13,481
-3,483
-10,415
-2,445
-4,959
-13,371
-3,483
-10,415
-2,445
-4,959
-13,369
-3,483
-10,415
-2,445
-4,959
-13,368
-3,483
-10,415
-2,445
-4,959
-13,366
-3,483
-10,415
-2,445
-4,959
-13,365
-3,483
-10,415
-2,445
-4,959
-13,363
-3,483
-10,415
-2,445
-4,959
-13,362
-3,483
-10,415
-2,445
-4,959
-13,360
-3,483
-10,415
-2,445
-4,959
-13,359
-3,483
-10,415
-2,445
-4,959
-13,357
-3,483
-10,415
-2,445
-4,959
-13,356
-3,483
-10,415
-2,445
-4,959
-13,354
-3,483
-10,415
-2,445
-4,959
-13,353
-3,483
-6,036
-2,445
-4,959
-13,351
-3,483
-5,441
-2,445
-4,959
-13,350
-3,483
-4,717
-2,445
-4,959
-13,348
-3,483
-3,992
-2,445
-4,959
-13,347
-3,483
-3,267
-2,445
-4,959
-13,345
-3,483
-3,267
-2,445
-4,959
-13,344
-3,483
-3,267
-2,445
-4,959
-13,342
-3,483
-3,267
-2,445
-4,959
-13,341
-3,483
-3,267
-2,445
-4,959
Income Statement
Revenue [Rev]
Other Optg. Revenue [OOR]
Cost of Goods Sold [COGS]
Gross Profit
GP
Selling, Genl & Admin Expenses [SGA]

Personnel [Pers]
Depreciation [Depn]
Exchange Loss (10% of domestic income)
Other optg. Expenses [OOE]
-564
-564
-711
-711
-512
-512
-304
-304
-525
-525
-547
-10,950
-3,483
-7,952
-1,531
-3,175
-3,175
-3,187
-3,187
-3,010
-3,010
-3,524
-3,524
-3,589
-2,606
-2,000
-19,662
10,120
6,549
13,148
11,915
25,165
28,390
25,371
25,912
27,203
27,311
27,973
28,081
28,803
28,911
29,621
29,729
30,181
30,291
30,401
30,511
30,621
30,731
30,841
30,951
31,061
31,171
30,464
29,757
29,050
28,344
28,454
28,841
29,446
30,142
30,252
30,362
30,472
30,582
30,583
30,585
30,586
30,588
30,589
30,591
30,592
30,594
30,595
30,597
30,598
34,979
35,575
36,301
37,027
37,754
37,755
37,757
37,758
37,760
EBIT (Reported)
EBIT
-3,175
-3,175
-3,187
-3,187
-3,010
-3,010
-3,524
-3,524
-3,589
-2,606
-2,000
-19,662
10,120
6,549
13,148
11,915
25,165
28,390
25,371
25,912
27,203
27,311
27,973
28,081
28,803
28,911
29,621
29,729
30,181
30,291
30,401
30,511
30,621
30,731
30,841
30,951
31,061
31,171
30,464
29,757
29,050
28,344
28,454
28,841
29,446
30,142
30,252
30,362
30,472
30,582
30,583
30,585
30,586
30,588
30,589
30,591
30,592
30,594
30,595
30,597
30,598
34,979
35,575
36,301
37,027
37,754
37,755
37,757
37,758
37,760
Interest Income (MS) [Int_Inc]

Non-Optg income (investments) [NOI]
Interest Expense [Int_Exp]
Special Items (litigation, impairment) [SpecItem]
EBT
-115
-215
-323
-430
-530
-638
-757
-893
-1,046
-1,159
-1,165
-2,997
-1,662
-1,511
-2,567
-2,730
-2,188
-4,550
-1,714
-6,797
-1,212
-8,055
-456
-8,055
57
-8,055
240
-8,055
434
-8,055
502
-7,793
585
-7,530
672
-7,268
763
-7,006
857
-6,743
955
-6,481
1,058
-6,218
1,163
-5,956
1,272
-5,694
1,384
-5,431
1,394
-5,169
1,403
-4,906
1,413
-4,644
1,424
-4,382
1,435
-4,119
1,446
-3,857
1,458
-3,594
1,469
-3,332
1,081
-3,070
699
-2,807
322
-2,545
-143
-2,282
-27
-2,020
27
-1,758
60
-1,495
87
-1,233
EBT
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
1,252
6,409
3,403
15,898
19,879
17,373
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
26,943
26,121
26,029
26,794
27,716
28,706
29,106
29,506
29,906
30,307
30,600
30,719
30,839
30,959
31,079
31,199
31,320
31,440
31,560
31,681
31,802
36,301
36,977
37,777
38,571
39,358
39,414
39,470
39,527
0
1,252
0
6,409
0
3,403
0
15,898
0
19,879
0
17,373
0
18,098
0
19,582
0
20,020
0
21,028
0
21,486
0
22,560
0
23,025
0
24,095
0
24,569
0
25,389
0
25,870
0
26,354
0
26,736
0
27,118
0
27,500
0
27,883
0
28,266
0
28,650
0
29,034
0
28,602
0
27,768
-3,233
23,710
-3,135
22,987
-3,123
22,905
-3,215
23,579
-3,326
24,390
-3,445
25,262
-3,493
25,613
-3,541
25,965
-3,589
26,318
-3,637
26,670
-3,672
26,928
-3,686
27,033
-3,701
27,138
-3,715
27,244
-3,729
27,350
-3,744
27,455
-3,758
27,561
-3,773
27,667
-3,787
27,773
-3,802
27,879
-3,816
27,985
-4,356
31,945
-4,437
32,540
-4,533
33,244
-4,629
33,943
-4,723
34,635
-4,730
34,685
-4,736
34,734
-4,743
34,783
1,252
6,409
3,403
15,898
EBITA (Reported)
Tax Charge (curr+def) [Tax_Charge]

Earnings before Extraordinary Items
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
0
6,947
-3,175
-3,289
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
115
-970
143
-708
171
-446
200
-183
309
-174
418
-165
527
-156
636
-147
746
-137
856
-128
965
-119
1,075
-110
1,185
-101
1,295
-92
1,405
-82
1,475
-73
1,540
-64
1,599
-55
1,651
-46
1,696
-37
1,741
-27
1,787
-18
1,832
-9
39,583
-4,750
34,833
XItems after tax (ins proceeds earthquake) [Xitem]

Net Income
PAT
Common Dividends (incl tax) [Com_Div]

Retained Earnings
-3,175
-3,289
-3,175
19,879
17,373
18,098
19,582
20,020
21,028
21,486
22,560
23,025
24,095
24,569
25,389
25,870
26,354
26,736
27,118
27,500
27,883
28,266
28,650
29,034
28,602
27,768
23,710
22,987
22,905
23,579
24,390
25,262
25,613
25,965
26,318
26,670
26,928
27,033
27,138
27,244
27,350
27,455
27,561
27,667
27,773
27,879
27,985
31,945
32,540
33,244
33,943
34,635
34,685
34,734
34,783
34,833
-7,952
-6,949
-7,239
-9,791
-10,010
-10,514
-10,743
-11,280
-11,513
-12,048
-12,284
-12,694
-12,935
-23,719
-24,062
-24,406
-24,750
-25,095
-25,440
-25,785
-26,131
-25,741
-24,992
-21,339
-20,688
-20,615
-21,221
-21,951
-22,735
-23,052
-23,369
-23,686
-24,003
-24,235
-24,330
-24,425
-24,520
-24,615
-24,710
-24,805
-24,900
-24,996
-25,091
-25,187
-28,751
-29,286
-29,920
-30,548
-31,172
-31,216
-31,261
-31,305
-31,349
-3,402
-3,511
-3,441
-3,540
-4,162
-4,281
-4,483
-3,652
-3,160
-23,823
6,947
1,252
6,409
3,403
15,898
11,928
10,424
10,859
9,791
10,010
10,514
10,743
11,280
11,513
12,048
12,284
12,694
12,935
2,635
2,674
2,712
2,750
2,788
2,827
2,865
2,903
2,860
2,777
2,371
2,299
2,291
2,358
2,439
2,526
2,561
2,597
2,632
2,667
2,693
2,703
2,714
2,724
2,735
2,746
2,756
2,767
2,777
2,788
2,799
3,195
3,254
3,324
3,394
3,464
3,468
3,473
3,478
3,483
1,825
-3,289
-1,464
-3,402
-4,866
-3,511
-8,377
-3,441
-11,817
-3,540
-15,357
-4,162
-19,518
-4,281
-23,800
-4,483
-28,282
-3,652
-31,934
-3,160
-35,094
-23,823
-58,917
6,947
-37,971
1,252
-26,719
6,409
-10,309
3,403
-6,906
15,898
8,991
11,928
20,919
10,424
31,343
10,859
42,201
9,791
51,992
10,010
62,003
10,514
72,517
10,743
83,260
11,280
94,540
11,513
106,052
12,048
118,100
12,284
130,384
12,694
143,079
12,935
156,014
2,635
158,649
2,674
161,323
2,712
164,034
2,750
166,784
2,788
169,573
2,827
172,399
2,865
175,264
2,903
178,168
2,860
181,028
2,777
183,805
2,371
186,176
2,299
188,474
2,291
190,765
2,358
193,123
2,439
195,562
2,526
198,088
2,561
200,649
2,597
203,246
2,632
205,878
2,667
208,545
2,693
211,237
2,703
213,941
2,714
216,655
2,724
219,379
2,735
222,114
2,746
224,859
2,756
227,616
2,767
230,382
2,777
233,160
2,788
235,947
2,799
238,746
3,195
241,941
3,254
245,195
3,324
248,519
3,394
251,913
3,464
255,377
3,468
258,845
3,473
262,319
3,478
265,797
3,483
14,000
10,000
10,000
1,825
-1,464
-4,866
-8,377
-11,817
-15,357
-19,518
-23,800
-28,282
-31,934
-35,094
-58,917
-37,971
-26,719
-10,309
-6,906
8,991
20,919
31,343
42,201
51,992
62,003
72,517
83,260
94,540
106,052
118,100
130,384
143,079
156,014
158,649
161,323
164,034
166,784
169,573
172,399
175,264
178,168
181,028
183,805
186,176
188,474
190,765
193,123
195,562
198,088
200,649
203,246
205,878
208,545
211,237
213,941
216,655
219,379
222,114
224,859
227,616
230,382
233,160
235,947
238,746
241,941
245,195
248,519
251,913
255,377
258,845
262,319
265,797
269,280
1
6/30/2005
1
12/31/2005
2
6/30/2006
2
12/31/2006
3
6/30/2007
3
12/31/2007
4
6/30/2008
4
12/31/2008
5
6/30/2009
5
12/31/2009
6
6/30/2010
6
12/31/2010
7
6/30/2011
7
12/31/2011
8
6/30/2012
8
12/31/2012
9
6/30/2013
9
12/31/2013
10
6/30/2014
10
12/31/2014
11
6/30/2015
11
12/31/2015
12
6/30/2016
12
12/31/2016
13
6/30/2017
13
12/31/2017
14
6/30/2018
14
12/31/2018
15
6/30/2019
15
12/31/2019
16
6/30/2020
16
12/31/2020
17
6/30/2021
17
12/31/2021
18
6/30/2022
18
12/31/2022
19
6/30/2023
19
12/31/2023
20
6/30/2024
20
12/31/2024
21
6/30/2025
21
12/31/2025
22
6/30/2026
22
12/31/2026
23
6/30/2027
23
12/31/2027
24
6/30/2028
24
12/31/2028
25
6/30/2029
25
12/31/2029
26
6/30/2030
26
12/31/2030
27
6/30/2031
27
12/31/2031
28
6/30/2032
28
12/31/2032
29
6/30/2033
29
12/31/2033
30
6/30/2034
30
12/31/2034
31
6/30/2035
31
12/31/2035
32
6/30/2036
32
12/31/2036
33
6/30/2037
33
12/31/2037
34
6/30/2038
34
12/31/2038
35
6/30/2039
35
12/31/2039

Opening
Retained Earnings
General Reserves
Equity Cash (new issues/buy-backs) [Equity_Cash]
Equity Adjustments (revaln) [Euity_Adjt]
Goodwill Writeoff [GW_Writeoff]
Closing
5,000
169
15
169
57
213
106
213
174
153
262
153
329
91
385
91
638
157
991
157
1,124
164
1,124
459
1,511
2,028
2,730
2,028
4,550
2,997
6,797
2,997
8,055
3,736
8,055
584
584
584
2,071
584
584
584
2,139
420
420
420
1,677
420
420
420
1,744
250
250
250
1,226
250
250
250
1,478
431
431
431
2,443
431
431
431
2,575
449
449
449
2,636
1,259
1,259
1,259
5,747
5,556
5,556
5,556
21,426
5,556
5,556
5,556
23,247
8,211
8,211
8,211
34,426
8,211
8,211
8,211
35,684
10,234
10,234
10,234
42,494
4,006
8,055
24,039
10,974
10,974
10,974
69,022
4,006
18,268
43,403
10,974
10,974
10,974
98,599
4,341
18,268
50,233
11,893
11,893
11,893
108,522
4,341
18,268
58,536
11,893
11,893
11,893
116,825
4,367
18,268
67,245
11,966
11,966
11,966
125,777
4,367
18,268
76,281
11,966
11,966
11,966
134,813
4,399
18,268
85,736
12,052
12,052
12,052
144,559
4,399
18,268
95,542
12,052
12,052
12,052
154,365
4,428
18,268
105,772
12,133
12,133
12,133
164,867
4,428
18,268
116,350
12,133
12,133
12,133
175,444
4,459
18,268
127,221
12,218
12,218
12,218
186,602
4,459
18,268
138,449
12,218
12,218
12,218
197,830
4,459
18,268
139,377
12,218
12,218
12,218
198,758
4,459
18,268
140,344
12,218
12,218
12,218
199,725
4,459
18,268
141,349
12,218
12,218
12,218
200,730
4,459
18,268
142,392
12,218
12,218
12,218
201,773
4,459
18,268
143,473
12,218
12,218
12,218
202,854
4,459
18,268
144,593
12,218
12,218
12,218
203,974
4,459
18,268
145,751
12,218
12,218
12,218
205,132
4,459
18,268
146,948
12,218
12,218
12,218
206,329
4,459
18,268
108,080
12,218
12,218
12,218
167,461
4,459
18,268
69,946
12,218
12,218
12,218
129,327
4,459
18,268
32,222
12,218
12,218
12,218
91,603
4,459
18,268
463
463
463
1,617
3,736
8,055
5,681
10,234
10,234
10,234
48,175
4,459
18,268
463
463
463
1,575
12,218
12,218
12,218
59,381
12,218
12,218
12,218
59,381
4,459
18,268
2,734
12,218
12,218
12,218
62,115
4,459
18,268
5,961
12,218
12,218
12,218
65,342
4,459
18,268
8,689
12,218
12,218
12,218
68,070
4,459
18,268
11,452
12,218
12,218
12,218
70,833
4,459
18,268
14,250
12,218
12,218
12,218
73,631
4,459
18,268
17,084
12,218
12,218
12,218
76,465
4,459
18,268
19,952
12,218
12,218
12,218
79,333
4,459
18,268
30,860
12,218
12,218
12,218
90,241
4,459
18,268
41,778
12,218
12,218
12,218
101,159
4,459
18,268
52,707
12,218
12,218
12,218
112,088
4,459
18,268
63,646
12,218
12,218
12,218
123,027
4,459
18,268
74,596
12,218
12,218
12,218
133,977
4,459
18,268
85,556
12,218
12,218
12,218
144,937
4,459
18,268
96,527
12,218
12,218
12,218
155,908
4,459
18,268
107,509
12,218
12,218
12,218
166,890
4,459
18,268
118,501
12,218
12,218
12,218
177,882
4,459
18,268
129,504
12,218
12,218
12,218
188,885
4,459
18,268
140,517
12,218
12,218
12,218
199,898
4,459
18,268
147,548
12,218
12,218
12,218
206,929
4,459
18,268
154,043
12,218
12,218
12,218
213,424
4,459
18,268
159,884
12,218
12,218
12,218
219,265
4,459
18,268
165,070
12,218
12,218
12,218
224,451
4,459
18,268
169,601
12,218
12,218
12,218
228,982
4,459
18,268
174,136
12,218
12,218
12,218
233,517
4,459
18,268
178,677
12,218
12,218
12,218
238,058
4,459
18,268
183,222
12,218
12,218
12,218
242,603
4,459
18,268
187,772
12,218
12,218
12,218
247,153
20,043
27,237
42,264
57,448
83,989
110,771
128,270
145,935
192,148
238,314
239,784
232,914
252,889
286,090
324,146
364,629
352,550
343,606
334,663
315,943
307,437
298,931
290,425
281,919
273,412
264,906
256,400
247,894
239,388
230,881
222,375
213,869
205,363
196,857
188,351
179,844
171,338
162,832
194,347
225,045
254,926
283,991
272,217
260,722
249,721
239,306
228,891
218,476
208,062
197,647
187,232
176,817
166,402
155,987
145,572
135,158
124,743
114,328
103,913
93,498
83,083
77,047
71,606
66,889
62,898
59,631
56,364
53,097
49,830
46,563
21,618
28,854
44,335
59,587
85,666
112,514
129,496
147,413
194,590
240,889
242,419
238,661
274,315
309,337
358,571
400,313
395,044
391,781
403,684
414,543
415,959
415,756
416,202
416,732
417,971
419,271
421,267
423,338
425,989
428,711
421,134
413,594
406,093
398,630
391,205
383,818
376,470
369,161
361,808
354,371
346,529
343,372
331,599
322,837
315,063
307,376
299,724
292,108
284,526
276,980
277,473
277,976
278,490
279,014
279,549
280,095
280,651
281,218
281,795
282,383
282,982
283,976
285,030
286,155
287,349
288,612
289,881
291,154
292,433
293,716
3,822
463
7,154
463
10,769
584
14,347
584
17,653
420
21,260
420
25,245
250
29,778
250
34,863
431
38,647
431
38,825
449
55,414
1,259
85,569
5,556
72,947
5,556
57,145
8,211
40,405
8,211
15,191
10,234
10,234
10,974
10,974
11,893
11,893
11,966
11,966
12,052
12,052
12,133
12,133
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
4,757
12,218
906
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
12,218
Balance Sheet
Debt Service Reserve
Excess Marketable Securities [Cash]
Accts Receivable (money owed to business) [AR]
Inventory [Invt]
Other curr assets (incl loans&advances) [OCA]
CA
PPE Gross [at cost]
Accumulated Depreciation
PPE Net [PPE_Net]
Other optg assets [OOA_Bal]
Total Assets
ST Debt (incl current of LT debt) [STD_Bal]

Overdraft (Balancing Debt) [OD]
Accts Payable (money owed by business) [AP]
Accrued Expenses - Dividends [Fiv_Bal]
- Taxes [TaxCred_Bal]
- Interest [Int_Exp_Bal]
Other current liabs [OCL]
Balance
463
4,749
463
8,081
584
11,937
584
15,515
420
18,494
420
22,101
250
25,744
250
30,278
431
35,725
431
39,509
449
39,724
1,259
57,932
5,556
96,681
5,556
84,059
8,211
73,566
8,211
56,826
10,234
35,659
10,234
20,469
10,974
21,948
10,974
21,948
11,893
23,787
11,893
23,787
11,966
23,931
11,966
23,931
12,052
24,104
12,052
24,104
12,133
24,265
12,133
24,265
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
29,192
12,218
25,342
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
12,218
24,436
15,043
22,237
37,264
52,448
78,989
105,771
123,270
140,935
187,148
233,314
237,789
239,647
215,605
251,996
295,314
350,393
350,393
350,393
350,393
350,393
340,180
329,967
319,754
309,541
299,328
289,114
278,901
268,688
258,475
248,262
238,049
227,836
217,623
207,410
197,197
186,983
176,770
166,557
156,344
146,131
135,918
125,705
115,492
105,279
95,066
84,852
74,639
64,426
54,213
44,000
41,800
39,600
37,400
35,200
33,000
30,800
28,600
26,400
24,200
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
15,043
22,237
37,264
52,448
78,989
105,771
123,270
140,935
187,148
233,314
237,789
239,647
215,605
251,996
295,314
350,393
350,393
350,393
350,393
350,393
340,180
329,967
319,754
309,541
299,328
289,114
278,901
268,688
258,475
248,262
238,049
227,836
217,623
207,410
197,197
186,983
176,770
166,557
156,344
146,131
135,918
125,705
115,492
105,279
95,066
84,852
74,639
64,426
54,213
44,000
41,800
39,600
37,400
35,200
33,000
30,800
28,600
26,400
24,200
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
1,825
-1,464
-4,866
-8,377
-11,817
-15,357
-19,518
-23,800
-28,282
-31,934
-35,094
-58,917
-37,971
-26,719
-10,309
-6,906
8,991
20,919
31,343
42,201
51,992
62,003
72,517
83,260
94,540
106,052
118,100
130,384
143,079
156,014
158,649
161,323
164,034
166,784
169,573
172,399
175,264
178,168
181,028
183,805
186,176
188,474
190,765
193,123
195,562
198,088
200,649
203,246
205,878
208,545
211,237
213,941
216,655
219,379
222,114
224,859
227,616
230,382
233,160
235,947
238,746
241,941
245,195
248,519
251,913
255,377
258,845
262,319
265,797
269,280
21,618
28,854
44,335
59,587
85,666
112,514
129,496
147,413
194,590
240,889
242,419
238,661
274,315
309,337
358,571
400,313
395,044
391,781
403,684
414,543
415,959
415,756
416,202
416,732
417,971
419,271
421,267
423,338
425,989
428,711
421,134
413,594
406,093
398,630
391,205
383,818
376,470
369,161
361,808
354,371
346,529
343,372
331,599
322,837
315,063
307,376
299,724
292,108
284,526
276,980
277,473
277,976
278,490
279,014
279,549
280,095
280,651
281,218
281,795
282,383
282,982
283,976
285,030
286,155
287,349
288,612
289,881
291,154
292,433
293,716
12,218
24,436
6
6/30/2010
6
12/31/2010
7
6/30/2011
7
12/31/2011
8
6/30/2012
8
12/31/2012
9
6/30/2013
9
12/31/2013
10
6/30/2014
10
12/31/2014
11
6/30/2015
11
12/31/2015
12
6/30/2016
12
12/31/2016
13
6/30/2017
13
12/31/2017
14
6/30/2018
14
12/31/2018
15
6/30/2019
15
12/31/2019
16
6/30/2020
16
12/31/2020
17
6/30/2021
17
12/31/2021
18
6/30/2022
18
12/31/2022
19
6/30/2023
19
12/31/2023
20
6/30/2024
20
12/31/2024
21
6/30/2025
21
12/31/2025
22
6/30/2026
22
12/31/2026
23
6/30/2027
23
12/31/2027
24
6/30/2028
24
12/31/2028
25
6/30/2029
25
12/31/2029
26
6/30/2030
26
12/31/2030
27
6/30/2031
27
12/31/2031
28
6/30/2032
28
12/31/2032
29
6/30/2033
29
12/31/2033
30
6/30/2034
30
12/31/2034
31
6/30/2035
31
12/31/2035
32
6/30/2036
32
12/31/2036
33
6/30/2037
33
12/31/2037
34
6/30/2038
34
12/31/2038
35
6/30/2039
35
12/31/2039
CL
LT Debt [LTD_Bal]
Other operating liabilities [OOL_Bal]
Total LT Liabs
LTL
Total Common Equity
NW

Check
OK
1
6/30/2005
1
12/31/2005
2
6/30/2006
2
12/31/2006
3
6/30/2007
3
12/31/2007
4
6/30/2008
4
12/31/2008
5
6/30/2009
5
12/31/2009
OpCash
Accounts Receivable (AR)
Inventory
Other Current Assets
Accounts Payable (AP)
Other current liabs
Working Capital (Optg)
169
463
463
463
463
463
633
169
463
463
463
463
463
633
213
584
584
584
584
584
797
213
584
584
584
584
584
797
153
420
420
420
420
420
574
153
420
420
420
420
420
574
91
250
250
250
250
250
341
91
250
250
250
250
250
341
157
431
431
431
431
431
589
157
431
431
431
431
431
589
164
449
449
449
449
449
613
459
1,259
1,259
1,259
1,259
1,259
1,718
2,028
5,556
5,556
5,556
5,556
5,556
7,584
2,028
5,556
5,556
5,556
5,556
5,556
7,584
2,997
8,211
8,211
8,211
8,211
8,211
11,207
2,997
8,211
8,211
8,211
8,211
8,211
11,207
3,736
10,234
10,234
10,234
10,234
10,234
13,970
3,736
10,234
10,234
10,234
10,234
10,234
13,970
4,006
10,974
10,974
10,974
10,974
10,974
14,980
4,006
10,974
10,974
10,974
10,974
10,974
14,980
4,341
11,893
11,893
11,893
11,893
11,893
16,234
4,341
11,893
11,893
11,893
11,893
11,893
16,234
4,367
11,966
11,966
11,966
11,966
11,966
16,333
4,367
11,966
11,966
11,966
11,966
11,966
16,333
4,399
12,052
12,052
12,052
12,052
12,052
16,451
4,399
12,052
12,052
12,052
12,052
12,052
16,451
4,428
12,133
12,133
12,133
12,133
12,133
16,561
4,428
12,133
12,133
12,133
12,133
12,133
16,561
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
4,459
12,218
12,218
12,218
12,218
12,218
16,677
Increase in WC (Optg)
633
25
1,105
5,866
6
6/30/2010
6
12/31/2010
7
6/30/2011
15
12/31/2019
16
6/30/2020
16
12/31/2020
17
6/30/2021
17
12/31/2021
18
6/30/2022
18
12/31/2022
19
6/30/2023
19
12/31/2023
20
6/30/2024
20
12/31/2024
21
6/30/2025
21
12/31/2025
22
6/30/2026
22
12/31/2026
23
6/30/2027
23
12/31/2027
24
6/30/2028
24
12/31/2028
25
6/30/2029
25
12/31/2029
26
6/30/2030
26
12/31/2030
27
6/30/2031
27
12/31/2031
28
6/30/2032
28
12/31/2032
29
6/30/2033
29
12/31/2033
30
6/30/2034
30
12/31/2034
31
6/30/2035
31
12/31/2035
32
6/30/2036
32
12/31/2036
33
6/30/2037
33
12/31/2037
34
6/30/2038
34
12/31/2038
35
6/30/2039
35
12/31/2039
W orking Capital
1
6/30/2005
165
1
12/31/2005
2
6/30/2006
-223
2
12/31/2006
3
6/30/2007
-233
3
12/31/2007
4
6/30/2008
248
4
12/31/2008
5
6/30/2009
5
12/31/2009
3,623
7
12/31/2011
8
6/30/2012
2,762
8
12/31/2012
9
6/30/2013
1,010
9
12/31/2013
10
6/30/2014
1,255
10
12/31/2014
11
6/30/2015
99
11
12/31/2015
12
6/30/2016
118
12
12/31/2016
13
6/30/2017
110
13
12/31/2017
14
6/30/2018
116
14
12/31/2018
15
6/30/2019
EBITA (Reported)
Add: Depn [incl in EBITA, non-cash reversal]
minus Depn
Add: Incr in Provns [incl in EBITA, non-cash reversal] minus Prov_PL(3)
Less: Incr in WC [investment]
minus WC_Delta
Less: Interest Paid (Expensed only)
Int_Paid (CB-OB+Int_Exp)
Less: Taxes Paid*
formula
*Tax_Paid (CB-OB+Tax_Charge-DefTaxA_Delta+DefTax_Delta)
CF_Optg
Cash Flows from Investing. Activities
-3,175
-3,175
-3,187
-3,187
-3,010
-3,010
-3,524
-3,524
-3,589
-2,606
-2,000
-19,662
7,952
10,120
8,547
6,549
9,549
13,148
10,768
11,915
12,079
25,165
12,079
28,390
8,944
25,371
8,944
25,912
8,506
27,203
8,506
27,311
8,506
27,973
8,506
28,081
8,506
28,803
8,506
28,911
8,506
29,621
8,506
29,729
8,506
30,181
8,506
30,291
8,506
30,401
8,506
30,511
8,506
30,621
8,506
30,731
8,506
30,841
8,506
30,951
8,506
31,061
8,506
31,171
8,506
30,464
9,323
29,757
10,140
29,050
10,956
28,344
11,773
28,454
11,773
28,841
11,495
29,446
11,001
30,142
10,415
30,252
10,415
30,362
10,415
30,472
10,415
30,582
10,415
30,583
10,415
30,585
10,415
30,586
10,415
30,588
10,415
30,589
10,415
30,591
10,415
30,592
10,415
30,594
10,415
30,595
10,415
30,597
10,415
30,598
10,415
34,979
6,036
35,575
5,441
36,301
4,717
37,027
3,992
37,754
3,267
37,755
3,267
37,757
3,267
37,758
3,267
37,760
3,267
-25
-1,105
-2,997
-5,866
-1,511
0
-2,730
0
-3,623
-4,550
0
-6,797
0
-2,762
-8,055
0
-8,055
0
-1,010
-8,055
0
-8,055
0
-1,255
-8,055
0
-7,793
0
-99
-7,530
0
-7,268
0
-118
-7,006
0
-6,743
0
-110
-6,481
0
-6,218
0
-116
-5,956
0
-5,694
0
-5,431
0
-5,169
0
-4,906
0
-4,644
0
-4,382
0
-4,119
0
-3,857
0
-3,594
0
-3,332
0
-3,070
0
-2,807
-3,233
-2,545
-3,135
-2,282
-3,123
-2,020
-3,215
-1,758
-3,326
-1,495
-3,445
-1,233
-3,493
-970
-3,541
-708
-3,589
-446
-3,637
-183
-3,672
-174
-3,686
-165
-3,701
-156
-3,715
-147
-3,729
-137
-3,744
-128
-3,758
-119
-3,773
-110
-3,787
-101
-3,802
-92
-3,816
-82
-4,356
-73
-4,437
-64
-4,533
-55
-4,629
-46
-4,723
-37
-4,730
-27
-4,736
-18
-4,743
-9
-4,750
-3,807
-3,175
-3,352
-3,187
-2,787
-3,010
-3,291
-3,524
-3,837
-2,606
-2,025
-15,812
11,290
13,368
15,743
17,197
26,427
29,279
25,250
26,363
26,399
28,024
28,851
29,320
30,185
30,674
31,536
32,017
32,615
33,104
33,476
33,848
34,221
34,593
34,966
35,338
35,710
34,821
35,102
35,363
35,617
35,941
36,266
36,590
36,914
37,143
37,139
37,136
37,132
37,128
37,124
37,121
37,117
37,113
37,109
37,105
36,576
36,506
36,420
36,336
36,252
36,256
36,260
36,264
36,268
PPE [purchases]
Investments [incl acquisitions]
Interest Income (EMS)
Cash Flows from Financing Activities
-20,043
-7,195
-15,027
-15,184
-26,541
-26,781
-17,499
-17,665
-46,213
-46,166
-1,470
-1,083
-28,521
-42,750
-48,824
-52,563
-20,043
-115
-7,309
-215
-15,241
-323
-15,507
-430
-26,971
-530
-27,311
-638
-18,137
-757
-18,422
-893
-47,106
-1,046
-47,212
-1,159
-2,629
-1,165
-2,247
-1,662
-30,184
-2,567
-45,317
-2,188
-51,012
-1,714
-54,277
14,000
10,000
10,000
Cash Flow Statement

Cash Flows from Optg. Activities
minus Capex (CB-OB-Depn)

minus Inv_Cash (CB-OB)
Int_Inc
NOI
CF_Inv
Equity Cash (proceeds/re-purchases) + Equity_Adjt Equity_Cash+Equity_Adjt

Common Dividends paid
Div_Cash (CB-OB+Com_Div)
-633
5,000
-165
223
233
-248
36,083
36,455
36,827
33,967
34,438
10,213
-40,838
-40,838
-40,838
-40,838
-456
-456
57
57
240
10,453
434
434
502
502
585
585
672
672
763
763
857
857
955
955
1,058
1,058
1,163
1,163
1,272
1,272
1,384
1,384
1,394
1,394
1,403
1,403
1,413
1,413
1,424
1,424
1,435
1,435
1,446
1,446
1,458
1,458
1,469
-39,368
1,081
-39,757
699
-40,138
322
-40,515
-143
-143
-27
-27
27
27
60
60
87
87
115
115
143
143
171
171
200
200
309
309
418
418
527
527
636
636
746
746
856
856
965
965
1,075
1,075
1,185
1,185
1,295
1,295
1,405
1,405
1,475
1,475
1,540
1,540
1,599
1,599
1,651
1,651
1,696
1,696
1,741
1,741
1,787
1,787
1,832
1,832
-7,952
-6,949
-7,239
-9,791
-10,010
-1,212
-1,212
Lease Charge Calc Param eters
Main line loco - Coal

Main line loco - Genaral cargo
Shunting loco
Wagons
Coaches
Lease charges (w et)
Main line loco - Coal

Main line loco - Genaral cargo
Shunting loco
Wagons (average)
Cost
$2,700
$2,700
$1,500
$95
IR
8%
8%
8%
8%
Annuity
(6
months)
Lease
Charges
per day
176,651
176,651
98,140
6,216
968
968
538
35
Profit
4%
4%
4%
4%
Mtce +
Overhaul
Charges
p/day
332
332
198
11
Life (yrs)
16
16
16
16
Total Lease
Charges/da
y
1,300
1,300
736
46
Res Value
15%
15%
15%
15%
Mtce/yr
90
90
53
4
Overhaul/yr
31
31
20
0
% Mtce &
overhaul in
lease
26%
26%
27%
24%
Annuity (6m) = PMT(rate,nper,PV,FV,type) = PMT((1R+Profit)/2,Life*2,Cost,-Residual Value,1)

Note: FV indicated w ith "minus" sign, 6-month annuity calculated as interest charges paid every 6 months
Rolling Stock Insurance

Unit ($)
Inflation (annual)
Insurance Rate (per annum)
Depreciation period (yrs)
ML Locos - Coal
Original Value
Market Replacement Value
Depreciation
Cumulative Depreciation
Replacement Cost
Insurance Cost
Total Insurance Cost
ML Locos - General Cargo
Original Value
Depreciation
Replacement Cost
Insurance Cost
Shunting Locos
Original Value
Depreciation
Replacement Cost
Insurance Cost
Cars
Original Value
Depreciation
Replacement Cost
Insurance Cost
358.2956
1,000
0%
3.00%
25
1
2005/06/30
6
1
2005/12/31
6
2
2006/06/30
6
2
2006/12/31
6
3
2007/06/30
6
3
2007/12/31
6
4
2008/06/30
6
4
2008/12/31
6
5
2009/06/30
6
5
2009/12/31
6
6
2010/06/30
6
6
2010/12/31
6
7
2011/06/30
6
7
2011/12/31
6
8
2012/06/30
6
8
2012/12/31
6
9
2013/06/30
6
9
2013/12/31
6
10
2014/06/30
6
10
2014/12/31
6
11
2015/06/30
6
11
2015/12/31
6
12
2016/06/30
6
12
2016/12/31
6
13
2017/06/30
6
13
2017/12/31
6
14
2018/06/30
6
14
2018/12/31
6
15
2019/06/30
6
15
2019/12/31
6
16
2020/06/30
6
16
2020/12/31
6
17
2021/06/30
6
17
2021/12/31
6
18
2022/06/30
6
18
2022/12/31
6
19
2023/06/30
6
19
2023/12/31
6
20
2024/06/30
6
20
2024/12/31
6
21
2025/06/30
6
21
2025/12/31
6
22
2026/06/30
6
22
2026/12/31
6
23
2027/06/30
6
23
2027/12/31
6
24
2028/06/30
6
24
2028/12/31
6
25
2029/06/30
6
25
2029/12/31
6
26
2030/06/30
6
26
2030/12/31
6
27
2031/06/30
6
27
2031/12/31
6
28
2032/06/30
6
28
2032/12/31
6
29
2033/06/30
6
29
2033/12/31
6
30
2034/06/30
6
30
2034/12/31
6
31
2035/06/30
6
31
2035/12/31
6
32
2036/06/30
6
32
2036/12/31
6
33
2037/06/30
6
33
2037/12/31
6
34
2038/06/30
6
34
2038/12/31
6
35
2039/06/30
6
35
2039/12/31
6
36
2040/06/30
6
36
2040/12/31
6
37
2041/06/30
6
37
2041/12/31
6
38
2042/06/30
6
38
2042/12/31
6
39
2043/06/30
6
39
2043/12/31
6
40
2044/06/30
6
40
2044/12/31
6
2,700
54
54
2,646
40
2,700
54
108
2,592
39
2,700
54
162
2,538
38
2,700
54
216
2,484
37
2,700
54
270
2,430
36
2,700
54
324
2,376
36
2,700
54
378
2,322
35
2,700
54
432
2,268
34
2,700
54
486
2,214
33
2,700
54
540
2,160
32
2,700
54
594
2,106
32
2,700
54
648
2,052
31
2,700
54
702
1,998
30
2,700
54
756
1,944
29
2,700
54
810
1,890
28
2,700
54
864
1,836
28
2,700
54
918
1,782
27
2,700
54
972
1,728
26
2,700
54
1026
1,674
25
2,700
54
1080
1,620
24
2,700
54
1134
1,566
23
2,700
54
1188
1,512
23
2,700
54
1242
1,458
22
2,700
54
1296
1,404
21
2,700
54
1350
1,350
20
2,700
54
1404
1,296
19
2,700
54
1458
1,242
19
2,700
54
1512
1,188
18
2,700
54
1566
1,134
17
2,700
54
1620
1,080
16
2,700
54
1674
1,026
15
2,700
54
1728
972
15
2,700
54
1782
918
14
2,700
54
1836
864
13
2,700
54
1890
810
12
2,700
54
1944
756
11
2,700
54
1998
702
11
2,700
54
2052
648
10
2,700
54
2106
594
9
2,700
54
2160
540
8
2,700
54
2214
486
7
2,700
54
2268
432
6
2,700
54
2322
378
6
2,700
54
2376
324
5
2,700
54
2430
270
4
2,700
54
2484
216
3
2,700
54
2538
162
2
2,700
54
2592
108
2
2,700
54
2646
54
1
2,700
54
2700
0
0
2,700
54
2754
0
0
2,700
54
2808
0
0
2,700
54
2862
0
0
2,700
54
2916
0
0
2,700
54
2970
0
0
2,700
54
3024
0
0
2,700
54
3078
0
0
2,700
54
3132
0
0
2,700
54
3186
0
0
2,700
54
3240
0
0
2,700
54
3294
0
0
2,700
54
3348
0
0
2,700
54
3402
0
0
2,700
54
3456
0
0
2,700
54
3510
0
0
2,700
54
3564
0
0
2,700
54
3618
0
0
2,700
54
3672
0
0
2,700
54
3726
0
0
2,700
54
3780
0
0
2,700
54
3834
0
0
2,700
54
3888
0
0
2,700
54
3942
0
0
2,700
54
3996
0
0
2,700
54
4050
0
0
2,700
54
4104
0
0
2,700
54
4158
0
0
2,700
54
4212
0
0
2,700
54
4266
0
0
2,700
54
4320
0
0
2,700
54
54
2,646
40
2,700
54
108
2,592
39
2,700
54
162
2,538
38
2,700
54
216
2,484
37
2,700
54
270
2,430
36
2,700
54
324
2,376
36
2,700
54
378
2,322
35
2,700
54
432
2,268
34
2,700
54
486
2,214
33
2,700
54
540
2,160
32
2,700
54
594
2,106
32
2,700
54
648
2,052
31
2,700
54
702
1,998
30
2,700
54
756
1,944
29
2,700
54
810
1,890
28
2,700
54
864
1,836
28
2,700
54
918
1,782
27
2,700
54
972
1,728
26
2,700
54
1026
1,674
25
2,700
54
1080
1,620
24
2,700
54
1134
1,566
23
2,700
54
1188
1,512
23
2,700
54
1242
1,458
22
2,700
54
1296
1,404
21
2,700
54
1350
1,350
20
2,700
54
1404
1,296
19
2,700
54
1458
1,242
19
2,700
54
1512
1,188
18
2,700
54
1566
1,134
17
2,700
54
1620
1,080
16
2,700
54
1674
1,026
15
2,700
54
1728
972
15
2,700
54
1782
918
14
2,700
54
1836
864
13
2,700
54
1890
810
12
2,700
54
1944
756
11
2,700
54
1998
702
11
2,700
54
2052
648
10
2,700
54
2106
594
9
2,700
54
2160
540
8
2,700
54
2214
486
7
2,700
54
2268
432
6
2,700
54
2322
378
6
2,700
54
2376
324
5
2,700
54
2430
270
4
2,700
54
2484
216
3
2,700
54
2538
162
2
2,700
54
2592
108
2
2,700
54
2646
54
1
2,700
54
2700
0
0
2,700
54
2754
0
0
2,700
54
2808
0
0
2,700
54
2862
0
0
2,700
54
2916
0
0
2,700
54
2970
0
0
2,700
54
3024
0
0
2,700
54
3078
0
0
2,700
54
3132
0
0
2,700
54
3186
0
0
2,700
54
3240
0
0
2,700
54
3294
0
0
2,700
54
3348
0
0
2,700
54
3402
0
0
2,700
54
3456
0
0
2,700
54
3510
0
0
2,700
54
3564
0
0
2,700
54
3618
0
0
2,700
54
3672
0
0
2,700
54
3726
0
0
2,700
54
3780
0
0
2,700
54
3834
0
0
2,700
54
3888
0
0
2,700
54
3942
0
0
2,700
54
3996
0
0
2,700
54
4050
0
0
2,700
54
4104
0
0
2,700
54
4158
0
0
2,700
54
4212
0
0
2,700
54
4266
0
0
2,700
54
4320
0
0
1,500
30
30
1,470
22
1,500
30
60
1,440
22
1,500
30
90
1,410
21
1,500
30
120
1,380
21
1,500
30
150
1,350
20
1,500
30
180
1,320
20
1,500
30
210
1,290
19
1,500
30
240
1,260
19
1,500
30
270
1,230
18
1,500
30
300
1,200
18
1,500
30
330
1,170
18
1,500
30
360
1,140
17
1,500
30
390
1,110
17
1,500
30
420
1,080
16
1,500
30
450
1,050
16
1,500
30
480
1,020
15
1,500
30
510
990
15
1,500
30
540
960
14
1,500
30
570
930
14
1,500
30
600
900
14
1,500
30
630
870
13
1,500
30
660
840
13
1,500
30
690
810
12
1,500
30
720
780
12
1,500
30
750
750
11
1,500
30
780
720
11
1,500
30
810
690
10
1,500
30
840
660
10
1,500
30
870
630
9
1,500
30
900
600
9
1,500
30
930
570
9
1,500
30
960
540
8
1,500
30
990
510
8
1,500
30
1020
480
7
1,500
30
1050
450
7
1,500
30
1080
420
6
1,500
30
1110
390
6
1,500
30
1140
360
5
1,500
30
1170
330
5
1,500
30
1200
300
5
1,500
30
1230
270
4
1,500
30
1260
240
4
1,500
30
1290
210
3
1,500
30
1320
180
3
1,500
30
1350
150
2
1,500
30
1380
120
2
1,500
30
1410
90
1
1,500
30
1440
60
1
1,500
30
1470
30
0
1,500
30
1500
0
0
1,500
30
1530
0
0
1,500
30
1560
0
0
1,500
30
1590
0
0
1,500
30
1620
0
0
1,500
30
1650
0
0
1,500
30
1680
0
0
1,500
30
1710
0
0
1,500
30
1740
0
0
1,500
30
1770
0
0
1,500
30
1800
0
0
1,500
30
1830
0
0
1,500
30
1860
0
0
1,500
30
1890
0
0
1,500
30
1920
0
0
1,500
30
1950
0
0
1,500
30
1980
0
0
1,500
30
2010
0
0
1,500
30
2040
0
0
1,500
30
2070
0
0
1,500
30
2100
0
0
1,500
30
2130
0
0
1,500
30
2160
0
0
1,500
30
2190
0
0
1,500
30
2220
0
0
1,500
30
2250
0
0
1,500
30
2280
0
0
1,500
30
2310
0
0
1,500
30
2340
0
0
1,500
30
2370
0
0
1,500
30
2400
0
0
95
1.9
1.9
93
1
95
1.9
3.8
91
1
95
1.9
5.7
89
1
95
1.9
7.6
87
1
95
1.9
9.5
86
1
95
1.9
11.4
84
1
95
1.9
13.3
82
1
95
1.9
15.2
80
1
95
1.9
17.1
78
1
95
1.9
19
76
1
95
1.9
20.9
74
1
95
1.9
22.8
72
1
95
1.9
24.7
70
1
95
1.9
26.6
68
1
95
1.9
28.5
67
1
95
1.9
30.4
65
1
95
1.9
32.3
63
1
95
1.9
34.2
61
1
95
1.9
36.1
59
1
95
1.9
38
57
1
95
1.9
39.9
55
1
95
1.9
41.8
53
1
95
1.9
43.7
51
1
95
1.9
45.6
49
1
95
1.9
47.5
48
1
95
1.9
49.4
46
1
95
1.9
51.3
44
1
95
1.9
53.2
42
1
95
1.9
55.1
40
1
95
1.9
57
38
1
95
1.9
58.9
36
1
95
1.9
60.8
34
1
95
1.9
62.7
32
0
95
1.9
64.6
30
0
95
1.9
66.5
29
0
95
1.9
68.4
27
0
95
1.9
70.3
25
0
95
1.9
72.2
23
0
95
1.9
74.1
21
0
95
1.9
76
19
0
95
1.9
77.9
17
0
95
1.9
79.8
15
0
95
1.9
81.7
13
0
95
1.9
83.6
11
0
95
1.9
85.5
9
0
95
1.9
87.4
8
0
95
1.9
89.3
6
0
95
1.9
91.2
4
0
95
1.9
93.1
2
0
95
1.9
95
0
0
95
1.9
96.9
0
0
95
1.9
98.8
0
0
95
1.9
100.7
0
0
95
1.9
102.6
0
0
95
1.9
104.5
0
0
95
1.9
106.4
0
0
95
1.9
108.3
0
0
95
1.9
110.2
0
0
95
1.9
112.1
0
0
95
1.9
114
0
0
95
1.9
115.9
0
0
95
1.9
117.8
0
0
95
1.9
119.7
0
0
95
1.9
121.6
0
0
95
1.9
123.5
0
0
95
1.9
125.4
0
0
95
1.9
127.3
0
0
95
1.9
129.2
0
0
95
1.9
131.1
0
0
95
1.9
133
0
0
95
1.9
134.9
0
0
95
1.9
136.8
0
0
95
1.9
138.7
0
0
95
1.9
140.6
0
0
95
1.9
142.5
0
0
95
1.9
144.4
0
0
95
1.9
146.3
0
0
95
1.9
148.2
0
0
95
1.9
150.1
0
0
95
1.9
152
0
0
150,000
1,500
1,500
148,500
149
150,000
1,500
3,000
147,000
147
150,000
1,500
4,500
145,500
146
150,000
1,500
6,000
144,000
144
150,000
1,500
7,500
142,500
143
150,000
1,500
9,000
141,000
141
150,000
1,500
10,500
139,500
140
150,000
1,500
12,000
138,000
138
150,000
1,500
13,500
136,500
137
150,000
1,500
15,000
135,000
135
150,000
1,500
16,500
133,500
134
150,000
1,500
18,000
132,000
132
150,000
1,500
19,500
130,500
131
150,000
1,500
21,000
129,000
129
150,000
1,500
22,500
127,500
128
150,000
1,500
24,000
126,000
126
150,000
1,500
25,500
124,500
125
150,000
1,500
27,000
123,000
123
150,000
1,500
28,500
121,500
122
150,000
1,500
30,000
120,000
120
150,000
1,500
31,500
118,500
119
150,000
1,500
33,000
117,000
117
150,000
1,500
34,500
115,500
116
150,000
1,500
36,000
114,000
114
150,000
1,500
37,500
112,500
113
150,000
1,500
39,000
111,000
111
150,000
1,500
40,500
109,500
110
150,000
1,500
42,000
108,000
108
150,000
1,500
43,500
106,500
107
150,000
1,500
45,000
105,000
105
150,000
1,500
46,500
103,500
104
150,000
1,500
48,000
102,000
102
150,000
1,500
49,500
100,500
101
150,000
1,500
51,000
99,000
99
150,000
1,500
52,500
97,500
98
150,000
1,500
54,000
96,000
96
150,000
1,500
55,500
94,500
95
150,000
1,500
57,000
93,000
93
150,000
1,500
58,500
91,500
92
150,000
1,500
60,000
90,000
90
150,000
1,500
61,500
88,500
89
150,000
1,500
63,000
87,000
87
150,000
1,500
64,500
85,500
86
150,000
1,500
66,000
84,000
84
150,000
1,500
67,500
82,500
83
150,000
1,500
69,000
81,000
81
150,000
1,500
70,500
79,500
80
150,000
1,500
72,000
78,000
78
150,000
1,500
73,500
76,500
77
150,000
1,500
75,000
75,000
75
150,000
1,500
76,500
73,500
74
150,000
1,500
78,000
72,000
72
150,000
1,500
79,500
70,500
71
150,000
1,500
81,000
69,000
69
150,000
1,500
82,500
67,500
68
150,000
1,500
84,000
66,000
66
150,000
1,500
85,500
64,500
65
150,000
1,500
87,000
63,000
63
150,000
1,500
88,500
61,500
62
150,000
1,500
90,000
60,000
60
150,000
1,500
91,500
58,500
59
150,000
1,500
93,000
57,000
57
150,000
1,500
94,500
55,500
56
150,000
1,500
96,000
54,000
54
150,000
1,500
97,500
52,500
53
150,000
1,500
99,000
51,000
51
150,000
1,500
100,500
49,500
50
150,000
1,500
102,000
48,000
48
150,000
1,500
103,500
46,500
47
150,000
1,500
105,000
45,000
45
150,000
1,500
106,500
43,500
44
150,000
1,500
108,000
42,000
42
150,000
1,500
109,500
40,500
41
150,000
1,500
111,000
39,000
39
150,000
1,500
112,500
37,500
38
150,000
1,500
114,000
36,000
36
150,000
1,500
115,500
34,500
35
150,000
1,500
117,000
33,000
33
150,000
1,500
118,500
31,500
32
150,000
1,500
120,000
30,000
30
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
422,305
358,065
248,721
239,634
(184,481)
0
0
0
(184,481)
64,240
15.2%
5
422,305
358,065
211,413
206,301
(147,173)
0
0
0
(147,173)
64,240
15.2%
6
422,305
358,065
179,701
177,605
(115,461)
0
0
0
(115,461)
64,240
15.2%
7
422,305
358,065
152,746
152,900
(88,506)
0
0
0
(88,506)
64,240
15.2%
8
422,305
358,065
129,834
131,632
(65,594)
0
0
0
(65,594)
64,240
15.2%
9
422,305
358,065
110,359
113,322
(46,119)
0
0
0
(46,119)
64,240
15.2%
10
422,305
358,065
93,805
97,559
(29,565)
0
0
0
(29,565)
64,240
15.2%
11
422,305
358,065
79,734
83,988
(15,494)
0
0
0
(15,494)
64,240
15.2%
12
422,305
358,065
67,774
72,305
(3,534)
0
0
0
(3,534)
64,240
15.2%
13
422,305
358,065
57,608
62,248
6,632
0
224
224
6,409
64,016
15.2%
14
422,305
358,065
48,967
53,589
15,273
0
1,195
1,195
14,078
63,045
14.9%
15
422,305
358,065
41,622
46,135
22,618
0
2,031
2,031
20,587
62,209
14.7%
16
422,305
358,065
35,378
39,717
28,862
0
2,751
2,751
26,110
61,489
14.6%
17
422,305
358,065
30,072
34,193
34,168
0
3,371
3,371
30,797
60,869
14.4%
18
422,305
358,065
25,561
29,437
38,679
0
3,905
3,905
34,774
60,335
14.3%
19
422,305
358,065
21,727
25,342
42,513
14,454
4,364
14,454
28,059
49,786
11.8%
20
422,305
358,065
18,468
21,817
45,772
15,563
4,760
15,563
30,210
48,677
11.5%
2,700
2,700
992
2,700
2,700
992
1,500
1,500
551
95
95
35
Bridge Insurance
Unit ($)
Inflation (annual)
Bridges
Original Value
Depreciation
Replacement Cost
Insurance Cost
1,000
0.20%
0%
50
150,000
150,000
5,588
Asset Insurance
Unit ($)
Inflation (annual)
1,000
0.20%
0%
50
Assets (Gross)
Original Value (=BS Gross Assets)
Depreciation
Replacement Cost
Insurance Cost
Capital cost
Income
Expenditure
Depreciation (as per IT acts)
Depreciation (as per company acts)
Profit / (loss) for Income Tax
Income Tax
MAT
Income Tax / MAT
PAT
Cash profit
Cash Profit as % of Income
Avg. Rate (assum ing zero inflation)
Note.
$2,700,000
1
422,305
358,065
405,000
375,570
(340,760)
0
0
0
(340,760)
64,240
15.2%
14.7%
2
422,305
358,065
344,250
323,328
(280,010)
0
0
0
(280,010)
64,240
15.2%
3
422,305
358,065
292,613
278,353
(228,373)
0
0
0
(228,373)
64,240
15.2%
1. MAT is levied on book profit. For book profit dereciation (WDV basis) is w orked out as per companies act w hich is @ 13.91% for locomotives
2. For Income Tax, the depreciation (WDV basis) is based on @ 15% for locomotives and tax rate is 34% (30% + 0.10 of 10% +(30%*0.1*0.03))
COAL OPERATIONS
General
Distance
Speed - Permissible (kmph)
- Average (kmph)
Working days in year
Track
Axle Load
Ruling Gradient
Loco
Traction (IR sections not clear**)
HP
Traling load/loco
Availability
Wagon
Type (sections not clear)
Braking system
Discharge
Payload
Tare
Train
Composition (# cars)
Average turn round (days) [section & length}
Train load gross (tons)
Train load (net)
# Locos per train
Coal Traffic
Coal Traffic (m tons)
Earnings (%)
Loading (%)
NTKM (%)
Coal Tariff (average)
Equipment ownership
CCFB
RSA (R/Bay)
RSA (MPM)
IR (B)
USA
575
60
30
350
580
450
600
75
25
330
1,206
20
single
1.66%
26
double
ERM/RB = 1:160
18/20
single
22.5
double
36 to40
Diesel
3,100
1,500
92%
Electic
Diesel
2,200
Electic
5,000
4,930
Diesel
Steel
air
CCL
air
Drop/BAD
vacuum
BOXN
63
19
83
17
40
20
Box type
60
25
70
44.1 hours
5740
4410
3
200
56 hrs
20,800
58
4 days
4,930
3,480
1 or 2
90 to 120
4 or 6
40
5 days
2,400
1,600
3/2 (RG)
4 to 12
95%
89%
68.7
na
37.7%
1.09 (1.31)
na
na
784
20.1%
42.4%
0.0425 to 0.055
carrier
0.025
carrier
0.04
carrier
270.9
43%
45%
40%
0.02
carrier
50/40 (RG)
85%
Bharat Coking Coal, Eastern Coalfields, Central Coal fields to Northern India
Korba to Koradih Power House in Central India
Talcher to Paradeep
In June to October, traffic falls by 30%
Spoornet
2 100-wagon trains coupled to form one 200-wagon train at Ermelo, typicaly using CCL type wagons [Length of each train = 2.5km]
Starting at Mpumalangas's 44 coal-rich mines, 580-km line descends from Highveld through KwaZulu-Natal and terminates at Richards Bay
110 to 110
30
0.0173
part carrier
part shipper
Locos
Wagons
Intr. Rate
8%
8%
Profit
4%
4%
Life
16
16
Residual
15%
15%
Capex
2300000
68000
Maint./Yr.
90000
4000
Overhaul/Yr.
31250
0
Loco
Wagon
Annuity (6
Months)
150,481
4,449
Dry Lease/day
825
25
Maint.+Overha
ul/day
332
11
Wet
Leasee/day
1157
36
Insurance /Yr.
3.0%
3.0%
Yr. 1
20
392
Yr. 2
40
784
Yr. 3
59
1176
Yr. 4
59
1176
Yr. 4
59
1176
Yr. 6
59
1176
Yr. 7
59
1176
Yr. 10
59
1176
Yr. 15
59
1176
Yr. 20
59
1176
Yr. 25
59
1176
Locos - wet lease cost

Locos - insurance
Locos - total
8,446,100
1,380,000
9,826,100
16,892,200
2,760,000
19,652,200
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
24,915,995
4,071,000
28,986,995
Wagons - wet lease cost

Wagons - insurance
Wagons - total
5,150,880
799,680
5,950,560
10,301,760
1,599,360
11,901,120
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,452,640
2,399,040
17,851,680
15,776,660
(5,048,531)
10,728,129
31,553,320
(10,097,062)
21,456,258
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
46,838,675
(14,988,376)
31,850,299
Yr. 1
Yr. 2
Yr. 3
Yr. 4
Yr. 4
Yr. 6
Yr. 7
Yr. 10
Yr. 15
Yr. 20
Yr. 25
46,000,000
1,840,000
46,000,000
3,680,000
43,700,000
5,428,000
5,428,000
5,428,000
5,428,000
5,428,000
5,428,000
5,428,000
5,428,000
5,428,000
Wagons - purchase consideration

Wagons - depreciation / wear & tear
26,656,000
1,066,240
26,656,000
2,132,480
26,656,000
3,198,720
3,198,720
3,198,720
3,198,720
3,198,720
3,198,720
3,198,720
3,198,720
3,198,720
Total funds raised

Loan repayment over
Period (Yr.)
Rate
Yearly Installement
Interest
Principal
72,656,000
6,254,157
3,450,255
9,704,412
5,943,634
3,760,778
9,704,412
5,605,163
4,099,248
9,704,412
5,236,231
4,468,181
9,704,412
4,834,095
4,870,317
9,704,412
4,395,766
5,308,646
9,704,412
2,829,562
6,874,850
9,704,412
6,254,157
3,450,255
9,704,412
5,943,634
3,760,778
9,704,412
5,605,163
4,099,248
9,704,412
5,236,231
4,468,181
9,704,412
4,834,095
4,870,317
9,704,412
3,397,210
6,307,202
9,704,412
9,397,209
6,332,040
3,065,169
9,397,209
6,056,175
3,341,034
9,397,209
5,755,482
3,641,727
9,397,209
5,427,726
3,969,483
9,397,209
5,070,473
4,326,736
9,397,209
3,793,960
5,603,249
9,397,209
775,916
8,621,293
9,397,209
Lease Option
No. of Locos required
No. of Wagons required
Total wet lease cost (locos + wagons)

Tax shield from lease payments
Net cost to Company
32%
NPV @12%
222,661,179
Purchase Option
Locos - purchase consideration
Locos - depreciation / wear & tear
Total funds raised

Loan repayment over
Period (Yr.)
Rate
Yearly Installement
Interest
Principal
Total funds raised

Loan repayment over
Period (Yr.)
Rate
Yearly Installement
Interest
Principal
Locos - insurance
Locos - maintenance
4%
13
9%
9,704,412
6,539,040
3,165,372
9,704,412
72,656,000
13
9%
9,704,412
6,539,040
3,165,372
9,704,412
70,356,000
13
9%
3.0%
Wagons - insurance
Wagons - maintenance
Locos - tax shield from depreciation

Wagons - tax shield from depreciation
Insurance & maintenance tax shield
Interest tax shield
32%
32%
32%
32%
Net Cost to Company

NPV @ 12%
12%
1,380,000
2,425,000
3,805,000
2,760,000
4,850,000
7,610,000
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
4,071,000
7,153,750
11,224,750
799,680
1,568,000
2,367,680
1,599,360
3,136,000
4,735,360
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
2,399,040
4,704,000
7,103,040
(588,800)
(341,197)
(1,975,258)
(2,092,493)
(4,997,747)
(1,177,600)
(682,394)
(3,950,515)
(4,093,823)
(9,904,332)
(1,736,960)
(1,023,590)
(5,864,893)
(5,929,546)
(14,554,989)
(1,736,960)
(1,023,590)
(5,864,893)
(5,633,591)
(14,259,034)
(1,736,960)
(1,023,590)
(5,864,893)
(5,311,000)
(13,936,444)
(1,736,960)
(1,023,590)
(5,864,893)
(4,959,377)
(13,584,820)
(1,736,960)
(1,023,590)
(5,864,893)
(4,576,107)
(13,201,550)
(1,736,960)
(1,023,590)
(5,864,893)
(3,206,634)
(11,832,077)
(1,736,960)
(1,023,590)
(5,864,893)
(248,293)
(8,873,736)
(1,736,960)
(1,023,590)
(5,864,893)
0
(8,625,443)
(1,736,960)
(1,023,590)
(5,864,893)
0
(8,625,443)
10,879,345
21,849,852
32,578,834
32,874,789
33,197,379
33,549,003
33,932,273
35,301,745
18,851,262
9,702,347
9,702,347
207,543,307
(15,117,873)

Coal Model GOM Benefits 12m & 18 M (Equity 80 M) 12.11.09

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Coal Model GOM Benefits 12m & 18 M (Equity 80 M) 12.11.09

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Growth Scenario

Freight volume ('000 tons)

Factor for increase in cycle time of trains

Freight volume ('000 tons)

DEBT SERVICE 10th yr (6m)

SUMMARY 10th yr (6m)

Sensitiv ity Parameters

Fuel Cost (presently 0.8$/l)

Var Fee (>1bn tkm)

Corporate Tax Rate

Capex ('000 USD)

Press "F9" if "Check"

a. Capex: Neg DSR transfers

Capex ('000 USD)

SUMMARY 10th yr (6m)

Cost-based Tariff (early years)

Debt Service 10th yr (6m)

Analysis of Earnings Profile (000 $)

Note: No taxes for 10 yrs

Analysis of Balance Sheet ($000)

Analysis of Cash Flow ($000)

Total Current Liabilities

Total Common Equity

Comparision of DSCR & LLCR

McKinsey Analysis ($000)

Net cash used in investing activities

Net cash used in financing activities

Total Current Assets

Net cash from optg activities

Total Staff & Crew Costs

Average Contribution of Staff Costs

Breakup of Variable Costs

Fuel & Oil Consumption

Average Contribution of Variable Fee paid

Average Contribution of Corporate Tax

Breakup of Fixed Costs

Average Contribution of Operating Staff

Average Contribution of Fixed overheads

Average Contribution of Depreciation

Total Fixed Component

Phased Fund Requirement

Second Hand Steel Sleepers

(B) Other Works

Replacement of 40/45 kg rail by new rail - Cost for 181 km

Machipanda Line (General Cargo)

Traffic ('000 tons)

NTKM (in 000)

Beira - Moatize (Coal)

Machipanda Line (General Cargo)

Total Traffic NTKM

Rev Sharing [(0.3*0.03+0.7*0.05) = 4.4%

Beira - Moatize (Coal)

Sena Line (General Cargo)

Machipanda Line (General Cargo)

Total Traffic (Asc + Desc)

Sena Line (General Cargo)

Machipanda Line (General Cargo)

Yearly Traffic as given in Traffic Study Report

Pay ment Method

Mid-y ear Balance

Note (*) Links to modif y

Amount (total draw)*

Pay ment Method

Rev Sharing [(0.30.03+0.70.05) = 4.4%