| Report after-tax NPV at 8%Table 22-2, p.258 | US$1,376M |
| Re-created NPV at 8% | US$1,361M |
| Variance vs report | −1.1% |
The re-created NPV is 1.1% below the report's figure, outside a one-percent tolerance, because the report's published annual cash flow, discounted as the report describes, does not give its own headline NPV.
Re-created NPV: the report's after-tax NPV recalculated in our model from the report's published inputs, using the report's own tax, working-capital and timing treatment. It shows how closely the published economics can be reproduced. It does not confirm that the report's calculations or assumptions are correct, and it is not our base case.
Discounted as the report describes, the report's published annual cash flow does not give its own headline pre-tax NPV, and its closure line differs from its capital table. Both show when the report's tables are checked against each other. The model keeps the resulting gap and sets it out line by line, rather than adjusting inputs to match the headline.
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