Table B3. Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability of Representative Feed Grain Farms in South Carolina and Kansas. _____________________________________________________________________________________________________________ BASE ETHANOL BASE ETHANOL BASE ETHANOL BASE ETHANOL SCG1500 SCG1500 SCG3500 SCG3500 KSG728 KSG728 KSG1652 KSG1652 _____________________________________________________________________________________________________________ Change in Real Net Worth 1997-2002 (%) 31.93 26.98 50.69 47.24 -35.32 -47.61 -19.28 -26.29 Government Payments/Receipts (%) 1997-2002 Average 7.47 7.85 6.31 6.61 8.38 9.35 9.06 9.97 Expenses to Receipts (%) 1997-2002 Average 75.14 76.37 63.06 63.89 88.93 92.74 83.61 86.83 Average Cash Receipts ($1000) 1996 605.24 605.24 1599.33 1599.33 219.73 219.73 358.79 358.79 1997 540.32 535.35 1458.09 1448.91 197.09 191.33 317.54 308.78 1998 550.32 543.94 1464.66 1451.52 201.52 196.89 325.03 317.94 1999 568.54 559.75 1506.64 1488.41 207.32 200.18 336.20 325.37 2000 584.73 574.14 1550.52 1528.29 208.08 200.84 338.20 327.02 2001 602.16 588.96 1604.11 1575.93 213.82 204.78 347.84 333.97 2002 610.92 596.64 1626.07 1595.27 219.56 210.21 355.28 341.04 1997-2002 Average 576.16 566.46 1535.01 1514.72 207.90 200.70 336.68 325.69 Average Government Payments ($1000) 1996 24.41 24.41 58.04 58.04 12.24 12.24 22.35 22.35 1997 36.36 37.08 84.66 85.82 16.30 17.82 29.01 31.25 1998 48.80 50.70 112.49 116.83 20.81 22.05 36.22 38.09 1999 45.80 48.27 105.57 110.76 19.51 21.28 33.87 36.48 2000 41.80 44.57 97.09 103.37 17.71 19.44 30.68 33.16 2001 32.59 33.72 73.20 75.99 13.72 14.47 23.96 24.99 2002 30.18 30.55 67.82 68.81 12.87 13.42 22.73 23.53 1997-2002 Average 39.25 40.82 90.14 93.60 16.82 18.08 29.41 31.25 Average Net Cash Income ($1000) 1996 197.30 197.30 664.79 664.79 46.62 46.62 88.76 88.76 1997 138.65 133.67 530.79 521.62 24.92 19.15 51.36 42.60 1998 149.12 142.63 547.40 534.07 29.58 24.40 61.66 54.04 1999 162.20 153.12 586.13 567.54 29.68 21.48 65.49 53.51 2000 165.57 154.45 617.22 593.92 23.19 14.05 60.96 47.49 2001 176.31 162.32 655.76 626.12 23.56 11.74 59.67 42.60 2002 177.76 162.38 675.92 642.50 24.23 10.96 61.13 42.20 1997-2002 Average 161.60 151.43 602.20 580.96 25.86 16.96 60.05 47.07 Average Cash Reserve ($1000) 1996 85.88 85.88 276.90 276.90 5.68 5.68 24.56 24.56 1997 113.71 110.66 455.64 450.79 -17.04 -21.82 -1.28 -7.85 1998 151.30 144.76 633.07 622.19 -35.99 -44.20 -18.27 -28.96 1999 192.20 180.84 794.72 776.93 -61.55 -75.35 -48.77 -66.47 2000 226.73 209.63 943.41 924.22 -80.55 -100.95 -50.15 -75.92 2001 263.21 239.37 1048.41 1030.63 -101.08 -130.30 -65.61 -102.61 2002 290.83 261.08 1128.39 1109.40 -122.54 -162.10 -81.25 -130.46 1997-2002 Average 206.33 191.05 833.94 819.03 -69.79 -89.12 -44.22 -68.71 Average Total Debt ($1000) 1996 156.99 156.99 609.87 609.87 117.11 117.11 142.01 142.01 1997 166.59 166.68 598.73 598.73 118.07 121.69 124.20 126.81 1998 165.76 166.06 567.85 568.09 130.76 138.13 135.24 142.30 1999 242.04 242.57 622.70 624.80 161.46 175.09 129.08 145.13 2000 231.33 232.86 629.79 641.59 168.47 188.35 190.50 212.52 2001 232.98 236.24 462.59 489.63 175.21 204.14 184.45 218.34 2002 264.50 270.56 384.08 425.19 252.35 291.77 194.09 238.47 1997-2002 Average 217.20 219.16 544.29 558.01 167.72 186.53 159.59 180.60 Average Nominal Net Worth ($1000) 1996 752.27 752.27 2372.36 2372.36 285.28 285.28 629.21 629.21 1997 815.76 812.70 2673.27 2668.42 276.32 271.53 624.23 617.66 1998 891.06 883.98 2986.03 2973.02 272.47 264.16 618.54 607.70 1999 968.27 955.15 3308.47 3283.20 264.43 250.37 622.83 604.73 2000 1041.58 1020.35 3608.73 3564.87 251.14 230.13 614.36 587.64 2001 1109.93 1078.05 3932.15 3863.81 237.07 206.74 608.64 569.91 2002 1168.09 1124.25 4207.40 4111.00 217.16 175.89 597.76 545.89 1997-2002 Average 999.12 979.08 3452.68 3410.72 253.10 233.14 614.39 588.92 _____________________________________________________________________________________________________________