Table B2. Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability of Representative Feed Grain Farms in Nebraska, and Texas. _____________________________________________________________________________________________________________ BASE ETHANOL BASE ETHANOL BASE ETHANOL BASE ETHANOL NEG800 NEG800 NEG1575 NEG1575 TXNP1600 TXNP1600 TXNP5500 TXNP5500 _____________________________________________________________________________________________________________ Change in Real Net Worth 1997-2002 (%) -2.16 -8.56 13.59 8.34 31.07 23.98 47.99 41.70 Government Payments/Receipts (%) 1997-2002 Average 7.65 8.55 8.00 8.94 8.82 9.49 7.58 8.30 Expenses to Receipts (%) 1997-2002 Average 88.75 92.27 78.86 81.78 69.41 71.36 64.11 65.97 Average Cash Receipts ($1000) 1996 378.03 378.03 789.61 789.61 379.44 379.44 1427.68 1427.68 1997 346.64 337.02 713.46 692.80 335.07 327.80 1252.10 1222.97 1998 358.42 350.67 732.22 715.76 341.26 335.44 1273.42 1249.17 1999 372.89 360.65 753.54 727.96 356.38 347.63 1321.43 1285.28 2000 381.58 368.73 762.19 735.58 358.41 349.16 1333.43 1295.55 2001 393.45 377.58 785.36 752.52 368.13 356.69 1376.18 1329.54 2002 399.52 383.23 806.81 772.84 375.12 363.19 1401.41 1353.17 1997-2002 Average 375.42 362.98 758.93 732.91 355.73 346.65 1326.33 1289.28 Average Government Payments ($1000) 1996 19.07 19.07 41.07 41.07 24.77 24.77 75.30 75.30 1997 25.78 28.49 54.93 60.39 30.34 32.10 97.74 105.17 1998 33.41 35.64 71.72 76.30 37.15 38.65 119.41 125.58 1999 31.10 34.19 66.94 73.42 34.69 36.70 111.17 119.59 2000 28.20 31.06 60.43 66.35 31.45 33.34 100.78 108.89 2001 21.74 23.00 46.96 49.69 24.79 25.50 78.72 82.21 2002 20.43 21.33 44.00 45.99 23.72 24.32 74.49 77.00 1997-2002 Average 26.78 28.95 57.49 62.02 30.36 31.77 97.05 103.07 Average Net Cash Income ($1000) 1996 81.51 81.51 220.06 220.06 133.11 133.11 581.24 581.24 1997 51.84 42.22 149.99 129.33 95.46 88.19 426.24 397.11 1998 54.12 45.66 168.90 151.69 105.13 99.00 452.52 427.57 1999 62.33 48.58 182.90 155.82 118.36 109.03 493.18 455.68 2000 59.36 43.72 183.10 153.63 118.55 108.36 500.57 460.35 2001 63.55 43.35 195.40 158.47 120.10 107.24 529.86 480.29 2002 59.62 36.91 208.86 169.08 123.38 109.52 545.17 492.99 1997-2002 Average 58.47 43.41 181.52 153.00 113.50 103.56 491.26 452.33 Average Cash Reserve ($1000) 1996 12.95 12.95 80.89 80.89 61.39 61.39 309.51 309.51 1997 -6.99 -14.08 87.55 73.80 83.46 78.45 435.74 417.80 1998 -29.94 -42.44 94.46 71.61 113.85 105.56 545.75 516.05 1999 -52.22 -74.05 94.65 56.38 151.52 137.89 704.07 657.37 2000 -75.34 -107.61 109.68 56.49 175.62 156.82 842.89 786.91 2001 -102.92 -149.51 107.15 33.45 198.11 172.49 959.63 904.26 2002 -142.81 -204.83 114.46 18.63 224.44 193.22 1055.54 999.09 1997-2002 Average -68.37 -98.75 101.32 51.73 157.83 140.74 757.27 713.58 Average Total Debt ($1000) 1996 251.34 251.34 579.90 579.90 92.95 92.95 350.66 350.66 1997 327.55 330.70 593.47 595.12 82.24 82.24 425.85 425.85 1998 313.89 321.54 579.08 583.65 70.62 70.62 384.92 384.92 1999 354.18 368.99 553.88 564.90 66.21 66.44 330.92 333.51 2000 351.55 375.70 550.71 568.25 118.71 119.56 319.92 333.43 2001 379.15 417.15 512.14 540.17 112.63 114.33 227.06 267.09 2002 406.52 458.51 540.92 578.36 145.26 149.72 131.77 197.28 1997-2002 Average 355.47 378.76 555.04 571.74 99.28 100.49 303.41 323.68 Average Nominal Net Worth ($1000) 1996 1041.52 1041.52 2205.25 2205.25 466.65 466.65 1809.94 1809.94 1997 1068.13 1061.12 2332.22 2318.48 498.55 493.55 1994.98 1977.03 1998 1116.73 1103.27 2483.40 2458.50 540.20 531.72 2223.19 2192.87 1999 1165.49 1140.91 2647.23 2603.15 590.60 576.20 2467.59 2416.51 2000 1196.06 1157.52 2763.45 2695.55 634.95 614.07 2685.29 2611.52 2001 1208.02 1150.50 2876.85 2776.73 681.02 651.43 2911.17 2807.96 2002 1199.31 1120.92 2948.11 2811.88 719.84 680.92 3152.37 3018.37 1997-2002 Average 1158.96 1122.37 2675.21 2610.71 610.86 591.31 2572.43 2504.04 _____________________________________________________________________________________________________________