CASE: NGHE AN TATE & LYLE SUGAR COMPANY [VIETNAM]

CALCULATION OF ECONOMIC RATE OF RETURN - WORKSHEET

Sl no

DESCRIPTION
Nominal free cash flow

CASE EXH / PAGE NO

Ex-8

1996-98
-57939

2
2.1
2.2
2.3

Net return to farmers

ADD From cane
LESS From cash crop and subs crop [avg]
Total benefit from cane

Ex-11
Ex-11

-614
-1010
396

3
3.1
3.2
3.3
3.4

Net return to truckers

Cost for cane
Paid to truckers
Profit margin
Net return to truckers

Ex-8
10% of Cost of cane
21% of 10% of cost of cane

0
0
0
0

ADD BACK Profit taxes

Ex-8

Net loss from tariff

World sugar price (per ton)
Tariff rate
Sugar production [tons]
LESS Total net loss from tariffs

Ex-8
Page-11
Ex-8

0
0
0
0

4
5
5.1
5.2
5.3
5.4
6
7
7.1
7.2

ADD Net return to labor50% of 3mn during construction + 50% of 1.5 mn after
1500that
Total nominal social cash flow
Deflator
Total real social cash flow

-56043
1
-56043

ERR [Real]
ERR [Nominal]

17.96%
21.51%

NAM]

KSHEET
1999
-15258

2000
5337

2001
13466

2002
18688

2003
22282

2004
24189

-2825
-5474
2649

-853
-6636
5783

3740
-948
4688

4599
-3427
8026

4341
-303
4644

4611
2285
2326

853
85.3
17.4865
17.4865

5333
533.3
109.3265
109.3265

10000
1000
205
205

11333
1133.3
232.3265
232.3265

12000
1200
246
246

12360
1236
253.38
253.38

300
30%
6600
594

314
30%
41200
3881.04

331
30%
77300
7675.89

348
30%
87600
9145.44

366
30%
92700
10178.46

385
30%
92700
10706.85

750

750

750

750

750

750

-12436
0.971
-12075

8098
0.943
7637

11433
0.915
10461

18551
0.888
16473

17744
0.863
15313

16812
0.837
14071

2005
25938

2006
20178

2007
20514

2008
20811

2009
21111

2010
21412

5911
912
4999

6201
1149
5052

5696
4232
1464

6007
3161
2846

7349
709
6640

7682
272
7410

12731
1273.1
260.9855
260.9855

13113
1311.3
268.8165
268.8165

13506
1350.6
276.873
276.873

13911
1391.1
285.1755
285.1755

14329
1432.9
293.7445
293.7445

14758
1475.8
302.539
302.539

6189

6533

6741

6813

6884

405
30%
92700
11263.05

417
30%
92700
11596.77

426
30%
92700
11847.06

435
30%
92700
12097.35

444
30%
92700
12347.64

454
30%
92700
12625.74

750

750

750

750

750

750

20685
0.813
16817

20841
0.789
16444

17691
0.766
13551

19336
0.744
14386

23260
0.722
16794

24133
0.701
16917

2011
21391

2012
21198

2013
20972

2014
20731

2015
216133

7222
-1837
9059

7578
90
7488

8968
4898
4070

9349
3848
5501

8939
4288
4651

15201
1520.1
311.6205
311.6205

15657
1565.7
320.9685
320.9685

16127
1612.7
330.6035
330.6035

16611
1661.1
340.5255
340.5255

17109
1710.9
350.7345
350.7345

6828

6726

6618

6504

7211

459
30%
92700
12764.79

463
30%
92700
12876.03

468
30%
92700
13015.08

472
30%
92700
13126.32

476
30%
92700
13237.56

750

750

750

750

750

25575
0.681
17416

23607
0.661
15604

19726
0.642
12664

20700
0.623
12896

215858
0.605
130594