PROJECTEVALUATION

Preparedfor: Preparedby: Date: 1.011FINALTERMPROJECT MITStudents SPRING2011

Acknowledgements: SYDNEYOPERAHOUSE,OFFICEOFTHECHIEFFINANCIALOFFICER PROFESSORJOSEPHSUSSMAN(MITDEPT.OFCIVILENGINEERING) NIHITJAIN(MITDEPT.OFCIVILENGINEERING)

Image courtesy of Kevin Gibbons on Flickr.


TableofContents BACKGROUND THESTAKEHOLDERS STAKEHOLDERSDURINGTHEINITIALCONSTRUCTIONPERIOD PRESENTDAYSTAKEHOLDERS MAJORISSUESTHATAFFECTEDTHEPROJECT COSTSANDBENEFITS INITIALANALYSIS LOTTERIESUSEDFORFINANCING SIGNIFICANTDECISIONSTHATAFFECTEDDESIGNANDIMPLEMENTATION THEFOURSIGNIFICANTCHANGESTOTHEDESIGNAFTERUTZONLEFT: STATUSOFTHEPROJECT OURANALYSISOFTHERELEVANTCOSTSANDBENEFITS ANALYSISOFINITIALCONSTRUCTIONCOSTS: ANALYSISOFOPERATIONALPERIOD(19732010): REVENUE EXPENDITURE NETCASHFLOWS CRITIQUEOFTHEPROJECTANDPROJECTEVALUATIONPROCESS 3 4 5 7 8 9 9 9 11 13 14 15 15 19 20 21 22 23

WASITAPROFITABLEVENTURE? 23 HOWWEAREATTEMPTINGTOQUANTIFYITSVALUETOTHEPEOPLEOFNEWSOUTHWALES? 23 ISITFINANCIALLYSUSTAINABLEFORTHEFUTURE? 24 ADDITIONALINFORMATION:WHATDOESTHEAUS$800MILLIONTOTALREFURBISHMENTRECOMMENDEDIN 2010REALLYMEAN? 24 CRITIQUEOFTHEPROJECTANDCONCLUSIONSFROMOURPROJECTEVALUATIONPROCESS 25 FROMTHISPROJECT,ANDTHEMISTAKESMADETHEREIN,WELEARN: 25 WELEARNTHEIMPORTANCEOFPLANNINGWELLBEFOREIMPLEMENTINGAPROJECT.COMPLETEDESIGNSWOULDHAVE 25 SAVEDTHISPROJECTAGREATAMOUNTOFMONEYANDTIME. COMMENTSONTHEPROJECTEVALUATIONPROCESS 26 APPENDIX GENERALFORMULAS REVENUEFROMOPERATIONALPERIOD EXPENDITUREFROMOPERATIONALPERIOD NETCASHFLOWSFROMOPERATIONALPERIOD BIBLIOGRAPHY 27 27 28 29 30 31

NOTE:Allamountsgivenareinactualdollars

BACKGROUNDi, ii , iii
OnNovember11,1954thehonorableJohnJosephCahill,thePremierofNewSouth Walesatthetime,convenedaconferencetodiscusstheestablishmentofanoperahousein NewSouthWales,Sydney,Australia.Attheconference,Cahillexpressedhisdesirefor properfacilitiesfortheexpressionoftalentandthestagingofthehighestformsof entertainmentthatwillbeacredittotheStatenotonlytodaybutforhundredsofyears. Outofthe21possiblesitesoftheproposedoperahouse,BennelongPoint,apeninsulaof 2.23hectares(240000ft2)waschosenonMay17,1955.Thetramshed,whichwaslocated there,wasremoved:achangewelcomedbytheOperaHouseCommitteeandtheresidents ofSydney. OnFebruary1,1956,theinternationalcompetitionforthenationaloperahousewas commenced.Thecompetition,arrangedbyPremierCahillandthegovernmentofNew SouthWales,providedcompetitorswitha25pagebookletwithblackandwhitephotosof BennelongPoint.Detailedinthebookletweretherequirementsfortheoperahouse includingalargehallforsymphonyconcerts,largescaleopera,balletanddance,choral, pageants,andmassmeetingsthatcouldseat30003500peopleandasmallhallfor dramaticpresentations,intimateopera,chambermusic,concerts,recitals,andlecturesthat couldseat1200.Thestructurealsorequiredarestaurantwithacapacityof250andtwo meetingrooms,onefor100peopleandonefor200people.Thecompetitionclosedinlate 1956with233entriesrepresenting28countries,includingAustralia,England,Germany, FrenchMorocco,Iran,andKenya. InearlyJanuaryof1957,38yearoldDanisharchitect,JrnUtzon,wasannouncedas thewinnerofthecompetitionbyCahillattheArtGalleryofNewSouthWales.Utzonhad designedtheoperahousewithoutfirsthavingseenthesiteinpersonandhereliedon photographs,shippingmaps,andfirsthandaccounts.ThejudgeschoseUtzonsdesign basedonitspureoriginalityandcreativity,realizingthatitwouldclearlybea

controversialdesign.However,theywerestillconvincedofitsmeritstoNewSouthWales andSydney.TheoriginaldrawingfeaturedUtzonsstructurallyunrealizable,but aestheticallypleasingroofdesign. OnJuly19,1957,theSydneyOperaHouseLotteryFundwasestablished.Asit wouldturnout,thelotteries iv wouldpayforthemajorityoftheinitialconstructioncost,as thegovernmentofNewSouthWalesdidnotwanttopayfortheproject. WithUtzonsapproval,OveArupandPartnerswasappointedasthestructural engineersfortheprojectin1958andconstructionoftheSydneyOperaHousebeganin 1959.ItwasexpectedtotakefouryearstocompletewithanestimatedcostofAUS$7M. However,evenworkingtogetherwithArup,Utzondidnotcomeupwiththefinalspherical designoftheroofuntilsometimebetween1961and1962;threetofouryearsafter constructionbegan. TheSydneyOperaHousewouldbeoneofthefirstmajorprojectsdesignedusing computeraideddesign(CAD) v andpresentedmajorrevolutionaryarchitecturalconcepts andengineeringchallenges.Itwasalsooneofthefirstmajorprojects,whichemployedthe useofcomputerstoanalyzeinternalloadeffectsonthemembersthatwouldsupportthe roofstructure vi . Altogether,theSydneyOperaHousetookfourteenyearstocompleteand constructioncostsamountedtonearlyAUS$102M(actualdollars).Sinceitsinitial openingin1973,theSydneyOperaHousehasundergonenumerousrenovationsand expansionsandhostedmanyperformances.

THESTAKEHOLDERS vii
AprojectthemagnitudeoftheSydneyOperaHouse,apublicsectorendeavor,had manystakeholders.Thefollowinganalysisofthestakeholdersclassifiesthemusingthe Mitchellcriteria,whichdeterminesandplacesstakeholdersonthebasisofwhetherornot theypossessanycombinationofthethreefollowingqualities:power,legitimacy,and urgency.Inadditiontothis,thestakeholderswillbeevaluatedwithintwodifferent timeframes:duringtheconstructionoftheSydneyOperaHouse(19591973)andthe moderndayera.

Stakeholdersduringtheinitialconstructionperiod
WhentheSydneyOperaHouseProjectfirststartedtotakeforminthemid20th century,thegovernmentofNewSouthWales(NSW)wasgivenatasktocreateatheater, whichwasintendedtoservethearts.ThismakestheNSWgovernmenttheveryfirst stakeholderoftheproject.FromtheMitchellperspective,thegovernmentwasprobablya definitivestakeholder,exhibitingpower,legitimacy,andurgency,sincetheyweregiventhe responsibilitytofacilitatethecreationofsuchaproject. Chronologically,thenextstakeholdersarethejudgingpaneloftheinternational competitiontodesignthefutureoperahouse.Thesestakeholderscanbeclassifiedas dependent,becausetheywereappointedbythegovernmentofNewSouthWalestochoose adesignfortheoperahouse;however,theylackedthepowertodoanythingfurtheronce thedesignwaschosen. Themainstakeholderthroughouttheinitialconstructionprocess(19591973)was JrnUtzon,whosedesignwaschosenoutofatotalof233entries.Sincetheprojectlacked apropermanager,Utzon,alongwithOveArup,thechiefstructuralengineerworkingonthe project,facilitatedandoversawtheconstructionoftheproject.Together,theyworkedfor fouryearsbeforearrivingatthefinaldesignfortheroof.Thiskeensenseofarchitectural visioncausedsomeproblems,asUtzonwouldpaymoreattentiontothedesignaspectof thestructureratherthanthetimeandcostobjectives.However,becausehewas essentiallytheprojectmanager,nearlyeverythinghesaidwentthrough,whichclassifies himasadefinitivestakeholderundertheMitchellframework.Arup,whowasforthemost partUtzonssecondincommand,isalsoconsideredadefinitivestakeholder.

This image has been removed due to copyright restrictions. Figure1:UtzonworkingonamodeloftheOperaHouse viii

In1966,duetofinancialissues,JrnUtzonresignedfromtheprojectbeforeits

completion,andthegovernmenteventuallyhiredHall,Todd,andLittlemore.Utzonleft withsomeoftheoriginalblueprintsofthebuilding,soHall,Todd,andLittlemorehadto spendtimeandmoneyonadditionaldesigns ix .ThismakestheHall,ToddandLittlemore definitivestakeholders,becauseafterUtzonleft,theyessentiallyassumedtherolesof projectmanager. In1967,attherequestoftheAustralianBroadcastingCommission(ABC),theNew SouthWalesgovernmentchangedtheproposedlargeroperahallintotheconcerthall becausesymphonyconcerts,whichweremanagedbyABC,werepredictedtobemore popularandableofdrawinglargeraudiencesthanopera.Thus,therevenuestotheopera housewouldincrease.TheAustralianBroadcastingCommission,atthispointintime,was adependentstakeholder,becausetheyhadlegitimateandurgentconcernsforaconcert hall,buttheyhadtorelyontheNSWgovernmenttodotheirbidding. ThefundingfortheSydneyOperaHousewasdoneprimarilythroughlotteries, whichhadparticipantswhoweremostlikelypoor,aswewilldiscussinalaterpartofthe project.Withoutthelotterycontestants,therewouldhavebeeninsufficientfundingforthe operahouse.However,besidesfundingthisendeavor,thesecontestantsreallyhadno power.Thesestakeholdersalsodidnotexhibitlegitimacyorurgency;thecontestants participatedinthelotterieswiththeirownbenefitsinmind.Itcanthereforebeargued thattheydidnotquitehaveanyinterestintheOperaHouseandonlysoughttowinthe jackpot,thus,theyhavenoneofthethreequalitiesdetailedbyMitchellsotheyare classifiedasnonstakeholders.However,thistermcouldbealittlemisleading,because withouttheirfundingfromthelotteries,itisdoubtfulwhetherornottheSydneyOpera Housewouldbearoundtoday. TherewasalsoanOperaHouseCommitteeformedin1954,andtheSydneyOpera HouseExecutiveCommittee(SOHEC)replacedthisentityin1957.TheCommitteewas Utzonsmainclient,thatis,insteadofinteractingwiththeGovernmentofNewSouthWales, UtzononlyinteractedwiththeCommittee.TheCommitteehad3advisorypanels,onefor architecturalandconstructionalaspects,onefortrafficandoneformusicanddrama x .It continuedtomakerequestsofchangestothedesignandcapacitybasedonrequestsfrom theAustralianBroadcastingCommissionandotherindividualseveninto1959,when 6

constructionhasalreadybegan xi .Itwasthereforeadefinitivestakeholder,asitwasUtzons mainclientuntil1960.Atthispointthegovernmentbecameconcernedwiththeprogress madeanddecidedtotakecontroloftheprojectdirectlyundertheSydneyOperaHouseAc oft1960,whicheffectivelygavetheMinisterofPublicWorksauthoritytosupervisethe work xii .

Presentdaystakeholders
Today,theSydneyOperaHouseremainsanicontothetheatrical,structuraland architecturalworlds.TheNewSouthWalesgovernmentcontinuestobeaprimary stakeholder,overseeingtheoperationsoftheoperahouse.Thesectionofgovernmentthat maintainsthetheateristheSydneyOperaHouseTrustFund,whooperatesthetheateron behalfoftheNSWgovernment.Althoughthegroupwascreatedawhileago,theycontinue tohelpoperatetheSydneyOperaHouse. ApublicattractionsuchastheSydneyOperaHouseattractsalotoflocalsand touristseveryyear.Themainsourceofrevenueforsuchastructurecomesfromadmission fees,concertsales,toursandotherpublicevents.Thismakesthepublicdiscretionary stakeholder,becausethoughtheyhavenopowerorurgency,theyexhibitlegitimacy.Their presenceaddsimmensevaluetotheoperationsoftheOperaHouseandtheirabsence wouldinessencedestroytheprimaryaimofthisiconicbuilding.Theirconcernsand measuresofsatisfactionarethereforelegitimateconcernsofthoseinpower. However,ifthepublicinsistsonchange,forwhateverreason,theirsalienceinthe eyesofthegovernmentcouldquicklyincrease.If,forexample,thepublicsuddenly becomesunsatisfiedwiththeoperationsoftheoperahouse,theycouldformprotests groupandboycottticketsales.Theseactionswouldgivethepublicqualitiesoflegitimacy andurgency,makingthemdependentstakeholders.Theywouldbedependentonthe governmentofNewSouthWalestotakeaction.Itisimportanttonotethatthisisonlya theoreticalsituationandismeanttoexemplifythedynamicnatureoftheMitchell classificationofstakeholders.

MAJORISSUESTHATAFFECTEDTHEPROJECT
ThereweremanyuncertaintiesandrisksassociatedwiththeSydneyOperaHouse project.First,thedesigncompetition,thoughitwasagoodincentive,failedtoevaluate howmuchexperiencetheentrantshadwithlargescaledesignprojects.JrnUtzonsshell likestructurewonthecompetition,eventhoughhisdesignswereonlypartiallycompleted. Hisdesignswerewellaheadoftheirtimeandevenasof1959,whenthegovernment orderedforconstructiontobegin,therestillexistednoknownmethodstoconstructthe proposedroofstructure xiii .Tofurthercomplicatetheinitialproblem,thedesignrequired thattheroofspannedcompletelywithoutcolumns,asUtzonwantedanopenareawitha ceilingofstructuralribs xiv . TheSydneyOperaHouseprojecthadnoprojectmanager,anditwasassumedthat Utzonwouldtaketheinitiativeforalldecisionsregardingdesign,construction,or development xv .Therewerenoprojectevaluationmeasuresorofficiallyinplace,andfor thatreason,goalpostsandimplementationmethodskeptonchanging.Somesectionsof theoperahousewereevenbuiltthenlaterdemolished,redesignedandbuiltagain xvi . Oneaspectthatwasundergreatdebatewasthedesignoftheoperahouseroof.As mentionedearlier,therewasnoknownwaytoimplementtheoriginaldesign.Therefore Utzonrevisedthedesign,however,itstillprovedtobeachallengingandexpensivetaskto actualize. Alongwiththeuncertaintyrelatedtotheroof,therewasalsouncertaintyabout governmentexpectationsoftheproject.Originally,thestructurewastohavetwotheaters; however;governmentlatertoldUtzonthattheywantedfourtheaters,whichrequiredhim toredesignpartsofthebuilding,thusdelayingconstruction.Duetothesedelaysand changesinthebuildingblueprint,boththeoriginalcostandtimeestimatesofAUS$7 millionandfouryears,respectively,seemeduncertain.Asthecostscontinuedtoincrease, anissuearoseastohowthislargescaleprojectwouldbefunded xvii . Thegovernmentinitiallygavenolimittoavailablefinances,andthenfouryears laterlimitedthefundingresultingindiscouragement,frustrationandeventualwithdrawal ofJrnUtzonin1966 xviii .Thegovernmentlaterincreasedthefundingmassively,butJrn Utzonhadalreadyleft,withsomeoftheinitialblueprints,sonewdesignsand

modificationshadtobeputinplace.AgroupofAustralianarchitectsledbyPeterHall xix tookoverandeventuallycompletedtheproject,butsinceUtzontookhisideaswithhim, newdesignplanshadtobecreated.Itshouldbenotedthatbecausenosuchfeathadbeen attemptedbefore,costestimateswerehighlyinaccurate.Intheend,thebuildingwasfinally completedforAUS$102million xx ,anamountmuchgreatertheinitialestimategivenAUS $7million.

COSTSANDBENEFITS
InitialAnalysis
Thefoundationsbeganmid1959.Itwasinitiallynotclearhowtheyevenachieve thestructure,asithadneverbeendonebefore.Theyalsohadnoprecedentsfor comparison;itwasthereforedifficulttocomeupwithfeasibleestimates.Theotherissue wasthatactualconstructionbeganbeforethedesigncouldbecompletedwhichledtoa greatamountofwastebecausesomepartshadtobuiltthendemolishedthenbuiltup again;inadditionCivilandCivic,thecontractors,saidthat700drawingshadbeenissued, almosthalfhadcomeaftertheexpiryoftheinitialcontract,andthattherehadbeen695 amendmentsissuedinthefirstphaseoftheprojectalone. xxi Estimatesfortheentirecostof constructionhadrisenfromAUS$7.2Min1957to$9.8Min1958to$18Min1961to$ 24.5Min1962to$34.8Min1964andto$48.4Min1965. xxii By1968costsestimateshad risentoAUS$85M. xxiii Thelackofproperplanningpriortotheexecutionofthisplanwaspartially responsibleforthemannerinwhichtheestimateschanged.

Lotteriesusedforfinancing

TheGovernmentofNewSouthWaleswouldgivenomorethanAUS100,000and declaredthattherestofthefundingwouldcomefrompubliclotteries xxiv andapublic appealfund.TheoriginalappealfundraisedaboutAUS$900,000andtherestofthe$102M thattheOperaHouseendedupcostingcamefromtheprofitsofthelottery xxv .InNovember of1957,OperaHouseLotteryNo.1wentonsale.Ticketswere5each($10)withafirst prizeof100,000($200,000) xxvi .Thislotterywasrevampedin1960withthecostsof 9

ticketsreducedto3($6)eachandoneoffprizesof$200,000introduced.TheOpera HouseLotteriesraisedmorethan$105milliontowardstheconstructionoftheSydney OperaHouse xxvii . This image has been removed due to
copyright restrictions.

Fig2:SydneyOperaHouseoriginallotteryticketfrom~19571958 xxviii

Themajorbenefitofusingthelotteriesasthemajorsourceoffinancingisthat unlikeloansormortgagesyoupaybackmuchlessthanyougainfromtheprocess.Italso savedthegovernmentfromspendingitsownrevenue,andindoingsokeptthe governmentfromusingfundsthatwouldhavetakenoutofmoreessentialpublicprojects suchhealthcare,educationandinfrastructure.However,wasthisreallygoodforthe generalpublic?IthasbeenshowninAmerica,forexampleinpublicstatelotteries,thatfor themostpart: Theaverage[lottery]expenditureindollarsforhouseholdsmaking$10,000isabout thesameasforthosemaking$60,000.Oneimplicationofthispatternofdemandis thatthetaximplicitinlotteryfinanceisregressive,inthesensethatasapercentageof income,taxpaymentsdeclineasincomeincreases. xxix Itcanthereforebeargued,thateveninthecaseoftheSydneyOperaHouse,itwas therelativelylesswealthythatendedupbearingadisproportionatepartofthecostof puttingthisrelativelyluxuriousandiconicstructure,whichtheyprobablywouldnotuseas much.Sothoughthisventuredirectlysparedthegovernmentanydirectexpenditure,it

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mayinessencenothavebeenverybeneficialforthenotsowealthywhoreadilyboughtup thelotteriestoraisetheAUS$100million.

SIGNIFICANTDECISIONSTHATAFFECTEDDESIGNAND IMPLEMENTATION
Duringthedesignprocessandimplementationofthebuildingthereweresignificant changestotheoriginalplans.Firstofall,theconstructionoftheoperahousewas underwaybeforethedesignswerefinalized,resultingincostoverrunsandorganizational chaos.Becauseofthemajoruncertaintyinthedesign,costlymistakesweremadeduring production.Forexample,hugesupportingcolumnswerebuilt,demolished,andrebuiltfor acostof$300,000whenthedesignchangedfromtheoriginalblueprint. xxx Utzonwasquitestubbornandherefusedtolistentotheengineerssolutionforthe roof,resultinginadditionaldelaysandcosts.ForthefirstsixyearsoftheoperationUtzon workedfromEuropeandrefusedtodelegatetasks.ThoughUtzonhadbrilliant architecturalskills,hewasnotthebestmanager xxxi .Hismainconcernduringthistimewas thearchitecturalaestheticsoftheroofdesign.Thisresultedinbottlenecksinthe constructionandcauseddelays.Theseincreaseddelays,inturn,ledtohighstaff turnovers. xxxii Becauseitwasstillnotknownhowtheroofwouldactuallybeconstructed,even yearsintotheconstruction,thedesignblueprintskeptonchanging(asshownFig.3below). MichaelBaume,intheSydneyOperaHouseAffairnarrates: CivilandCivic,thecontractorssaidthat700drawingshadbeenissued,almosthalfhad comeaftertheexpiryoftheinitialcontract,andthattherehadbeen695amendments issuedinthefirstphaseoftheprojectalone.Inaddition,manyoftheitemspricedinthe initialestimatesthatcostatotalof1.1$Mwerereplacedwithnewitemsthatcost$3.2 M. xxxiii

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This image has been removed due to copyright restrictions.

Figure3:TheEvolutionoftheSydneyOperaHouseDesign.Thegeneralformwentfromjustafreehandform, intoaparabolic,thenellipsoidform.Thefinalshapechosenwasspherical,becauseoftheeaseofconstruction andeaseofcalculatingthestructuralintegrity. xxxiv

Thefinalsolutionwasthenchosenfromsphericalsections.Thesphericalselections wereselectedbecause,theywereeasytoconstructfromprecastforms,anditwaseasier toperformastructuralanalysisthanintheothermodels.Thisfinaldevelopmentisshown inFigure4,below.

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This image has been removed due to copyright restrictions.

Figure4:UtzonsFinalSolutiontotheroofproblem;precastsphericalshapes xxxv

ThefoursignificantchangestothedesignafterUtzonleft xxxvi :
AfterUtzonsresignationfromtheprojectin1966,agroupofAustralianarchitects ledbyPeterHalltookover.Asmentionedabove,Utzontooksomeofhisdesignswithhim, forcingHallandcompanytocomeupwithnewdesigns.Duringthisstageofconstruction, thedesignunderwentfoursignificantchanges. Thefirstsignificantchangetothedesignwastothecladdingofthepodiumandthe paving.Utzonsoriginalintentionwastouseasystemofprefabricatedplywoodmullions.

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Thesystemthatwasactuallyconstructedwasmadetodealwiththeglass,whichwas differentfromUtzonsdesign. Second,therewasamajorchangeinthepurposesofeachoftheplannedrooms. Themajorhall,whichwasmeanttobeamultipurposeoperaorconcerthall,becamesolely aconcerthall.Toaccommodatetheoperas,theminorhall,whichwasoriginallyintended forstageproductions,hadtobeconvertedtoservebothoperasandstageproductions. Third,twomoretheaterswereaddedtothedesign.Thisoverhaulofthedesign completelychangedthelayoutoftheinteriors.Thestagemachinery,whichhadpreviously beendesignedandfittedinsidethemajorhall,hadtobepulledoutandthrownaway. Fourth,themovementandredesignofthevariousroomshadsignificantimpactson theacousticsofthebuilding.Utzonhadoriginallydesignedtheinteriorwithacousticsin mind.Hisoriginaldesignsweremodeledandfoundtobeacousticallyperfect.However, Utzonsinteriordesigns,includingtheplywoodcorridordesigns,aswellashisseating designswerecompletelyscrappedbyPeterHallandcompany.Therefore,thecurrent internalorganizationisnotoptimal.

STATUSOFTHEPROJECT
Thebuildingcurrentlyhas5mainauditoriaandnearly1000rooms,areceptionhall, 5rehearsalstudios,4restaurants,6theatrebars,anextensivefoyer,library,and administrativeoffices. xxxvii Thebuildingcoversabout1.8hectares(4.5acres)ofits2.2 hectares(5.5acre)siteandhasabout4.5hectares(11acres)ofusablefloorspace.There are645km(400miles)ofelectricalcablewithinthiscomplexanditsenergyneedsare equivalenttotheneedsofatownof25,000people.Morethantheseimpressivefeatures however,theSydneyOperaHousebecameandremainsaworldclassperformingarts center,andtheiconicsymbolofSydney,andtosomeextent,Australia xxxviii . In2007,UNESCOnamedtheSydneyOperaHouseaWorldHeritageSite.Todaythe institutionconducts3000eventsyearly,whichdrawannualaudiencesofabout2million. TheSydneyOperaHousealsoprovidesguidedtoursto200,000eachyear. xxxix

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OURANALYSISOFTHERELEVANTCOSTSANDBENEFITS
Themainaimsofthefinancialanalysiswereasfollows: ToattempttofigureoutwhethertheSydneyOperaHousewasandcurrentlyisa profitableventure. Toseewhetheritwouldbeaselfsustainableventureinthecomingyears. ToattempttofigureoutwhatthevalueoftheSydneyOperaHouseistothepeople ofNewSouthWales,andAustraliaingeneral;andfigureouteitherwhattheypay forhavingthisiconicbuildingorwhattheyreceiveinpaymentsforhavingthis building. Fordetailsonanyoftheseconclusionsorcalculationmethodology,pleaserefertothe appendix.

AnalysisofInitialConstructionCosts: xl
TheconstructionperiodoftheSydneyOperaHouselastedfromabout19571973. Theinitialconstructioncanbebrokendownintothreestages.StageI,theconstructionof theplatform,lastedfrom19571963,withUtzonasarchitect.StageII,theimplementation oftheroof,lastedfrom19631967,againwithUtzonasthemainarchitect.Itshouldalso benotedthatOveAruphelpedUtzoncomeupwiththefinalsphericaldesignoftheroof. StageIII,thefinalstageofconstruction,whichconsistedoffabricatingtheinterior,lasted from19671973andwasledbyPeterHall.

Image removed due to copyright restrictions. Original image can be viewed here: http://www.andreas praefcke.de/carthalia/world/images/aus_sydney_oper a_9.jpg

Figure5:ConstructionoftheSydneyOperaHouse xli

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Thecosts(inactualmillions)inAustraliandollarsforeachstage,respectively,were

AUS$5.2M,AUS$13.2M,andAUS$80.4M.ThereasonwhyStageIIIcostthatmuchis becausethearchitects,Hall,Todd,andLittlemorehadtostartsomeaspectsofthedesign fromscratch.Uponhisresignationin1966,Utzontooksomeoftheinitialblueprintswith him,forcingPeterHalltocomeupwithnewplans,resultinginalargeincreaseintheprice. Thefollowingisananalysisofthepresentvalue(PV)ofthesecosts.Itisassumed thatthecostsofeachstagecanberepresentedasalumpsumcostattheendofthatstages year.Thisanalysisalsoneglectstheeffectofinflation.Usingthisinformation,itispossible toestimateanamountthathadtobepaidperyear(anannuity)duringeachstageofthe project.Thiscanbedoneusingthesinkingfundpaymentequation,A=F[A/F,i,N].Inthis casethediscountrate(i)ischosentobe8%,atypicalvaluegiventoprojectsfundedbythe publicsector.Nvarieswitheachstageandisfoundbysubtractingthestartyearofthat periodfromtheendyearofthatperiod.Usingthelumpsumvalues,thevaluein2010can alsobedeterminedusingthefuturevaluegiventhepresentvalueformula,F=P[F/P,i,N].N varieswitheachstageandisfoundbysubtractingtheyearofthelumpsum2010(theyear thatthecostshouldbediscountedto).TheresultsaresummarizedintheTable1,below. Table1:ConstructionCostsforthe3keystages
Cost Actual CostPerYear 2010ValueofCosts

Year

Stage

Million

Discountedat8%

Discountedat8%

1957

Stage1start

708,840.01

1958

708,840.01

1959

708,840.01

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1960

708,840.01

1961

708,840.01

1962

708,840.01

1963

Stage1end,Stage2start

5,200,000.00

2,929,354.62

193,606,463.28

1964

2,929,354.62

1965

2,929,354.62

1966

2,929,354.62

1967

Stage2end,Stage3start 13,200,000.00

10,959,757.05

361,239,653.59

1968

10,959,757.05

1969

10,959,757.05

1970

10,959,757.05

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1971

10,959,757.05

1972

10,959,757.05

1973

Stage3end

80,400,000.00

1,386,548,297.03

PresentValueof

2010

constructioncosts:

1,941,394,413.90

Thefollowinggraphshowstheannualexpendituresduringtheconstructionperiod oftheSydneyOperaHouse.ItshouldbenotedthatallthesefundsotherthananinitialAUS $100,000givenbythegovernment,wereobtainedviapubliclotteries.

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 Graph1:EstimatedConstructionExpenditure Bylookingatthetableabove,itisseenthatthe2010valueoftheconstructioncosts isaboutAUS$2billion,whichisquitealargenumberconsideringthefactthatthecostsin actualmillionwasaboutAUS$100M.TheconversionfromAustraliandollarstoUSdollars isabouta1to1ratio.Thisshowsthepowerfuleffectoffiguringoutfuturevaluesgiven pastvalues.Inretrospect,$2billionmaynotbethatmuch,consideringhowmuchthe governmentspendseveryday.Inourinitialassumptions,wethoughtthatthevalueof beingsuchaniconicstructurethroughoutalltheseyearswouldoutweighthiscost. However,ourcashflowsfromtheperiodofoperationtelladifferentstory. Itisimportanttonotethatthisanalysiswasonlyperformedforthecostsofthe initialconstructionperiod.Since1973,theSydneyOperaHousehasgonethroughseveral renovationsandtransformations,fromexteriorandinteriorupgradestocreationofan undergroundparkinglot.Theserenovationshaveincreaseditscostsandexpenditure significantly.

AnalysisofOperationalPeriod(19732010):
Fortheperiodithasbeeninoperation,weusetheannualfinancialreportsforthe exactdetailsoftherevenueandexpenditure.

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Revenue xlii TheSydneyOperaHousereceivesgreatvolumesofmoneyeachyear.Forpurposes ofcomparison,webringalltherevenuereceivedsincetheofficialopeninguntil2010and discountthemat8%tobringallthevaluestopresentvalueasof2010.Weuse8%because itisatypicalapproximatediscountrateinlongtermpublicserviceproject.Weclassifythis asapublicprojectbecausethegovernmentallocatesmostoftherevenuetoit,aswewill seeinthecashflowdiagramsshownbelow.Therevenuereceivedfromoperationscame fromticketssales,shows,merchandizing,catering,festivalsandtours,andgrantsfrom privatedonors.

Graph2:RevenueBreakdownforOperationperiod(2010AUS$)

Graph3:RevenueBreakdownforOperationperiod(%) 20

Inthetopmostcashflowdiagram,welookatvolumesofmoneyreceivedinthe secondweseewhatfractionscamepurelyfromthegovernmentandwhatcamefrom operationsoftheHouse.OvertheyearstheSydneyOperaHousehasbeenopen,theyhave receivedatotalof~AUS$5.6billion(2010value);ofthatAUS$2.85billiondollarshas beenfromthegovernment. Expenditure xliii Whenwelookadditionallyintotheexpenditureovertheyears,wenotethatthe expenditurewasalwaysgreaterthantheoperationalrevenue,andhaditnotbeenforthe governmentendowments,theSydneyOperaHousewouldperpetuallybeindebt.The valuesgivenforexpendituremostlyarosefromsalariesofstaff,depreciationofthe propertyandmaintenance&repairs.Thisbuildingisalwaysinneedofgreatamountof repair,maintenanceandrenovation,andthusrenovationsandrepairformagreatpartof theexpenditure. ThetotalexpenditureovertheyearstheSydneyOperaHousehasbeeninoperation amountsto~AUS$5.5billion,anumberveryclosetothetotalrevenuesreceived.In followingcashflowdiagramswecomparetheexpendituretotherevenues,withand withoutthegovernmentcontributions,inanattempttoanalyzewhethertheprojectwould beselfsustainable,andtheanswerseemstoabearesoundingnoseeingthatthereisnot asingleyearwheretheoperationalrevenuewouldmeettheexpenditure.

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Graph4:OperationalRevenueandExpenditureBreakdownwithoutGovernment Contributions(2010AUS$) NetCashFlows Thenetcashflowsclarifythemagnitudeoftheexpenditureevenfurther.TheNPV oftheTotalSummationofNetCashFlowsin2010valuecomestoAUS$100million,which lookssomewhatdismalconsideringtheamountofmoneythathasbeeninvestedintothis project.WeshouldnotethatthisamountdoesnotincludetheNPVofconstructioncosts.

Graph5:NetCashFlowswithoutGovernmentContributions(2010AUS$)

22

Graph6:NetCashFlows(2010AUS$)

CRITIQUEOFTHEPROJECTANDPROJECTEVALUATIONPROCESS
Wasitaprofitableventure?
Inthisfinancialanalysis,twoperiodswerelookedat:theconstructionperiodand theperiodduringwhichtheSydneyOperaHousewasoperated.Thepresentvalues(in 2010)ofthecostsandbenefitsincurredduringthesetimeperiodswerecalculatedusinga discountrateof8%. Duringtheconstructionperiod,onlycostswereincurredandthepresentvalueof theconstructioncostisaboutAUS$2B.From1973tothepresentday,thepresentvalueof thecostsisaboutAUS$5.5B.Duringthissametimeperiod,benefitsfromoperationsand governmentrevenueshaveapresentvalueofaboutAUS~$5.6B.Subtractingthebenefits fromthecostsresultsinanetcashflowofaboutAUS~$100M.Itisimportanttonotethat aboutAUS$2.9Boftherevenue(alittleoverhalf!)wasfromthegovernment.Itcanthen beconcludedthatAUS$2.7Bwasaccumulatedthroughtheactualoperationoftheopera house.Ifthecost(AUS$5.5B)issubtractedfromtheoperatingrevenues,thepresentvalue netcashflowisAUS$2.8B,whichisalargedeficit.Itisimportanttonotethatthisdoes nottakeintoaccounttheconstructioncosts.Addingintheconstructioncostsbringsthe operationalcashflowevenlowertoaboutAUS$4.8B. Theresultsfromtheanalysisshowthatfromastrictlyfinancialstandpoint,the SydneyOperaHousewasnotaviableprojectatall.SowhyisitthattheSydneyOpera Houseisstillstandingtodaydespiteitsfinancialflaws?Thisquestionwillbeaddressedin thenextsection.

HowweareattemptingtoquantifyitsvaluetothepeopleofNewSouthWales?
Fromtheanalysis,itshowsthattheSydneyOperaHouseisnotaprofitableproject. However,todayitremainsanapexintheworldofarchitectureforitsinnovativedesign.It alsohostsoverathousandoperas,concerts,etc.peryear.Itsiconicvaluetothecitizensof NewSouthWalesandAustraliaismostlikelywhatiskeepingthestructureincommission. Itsiconicvalueisquitehardtoquantify,however,asseenabovetheoperahouses 23

operationalactivitieswouldhavenotbeenenoughtobreakeven.ThegovernmentofNew SouthWaleshascontributedapresentvalueofalmostAUS$3Btotheoperahousetohelp keepitinfunction.ThegovernmentmightknowthattheSydneyOperaHouseisnotdoing wellfinancially;however,tothepeopleofNewSouthWalesitremainsanimportanticon. Therefore,asaroughestimate,theiconicvalueoftheoperahousetothepubliccanbe estimatedasthegovernmentscontributionthroughouttheyears,avalueofnearlyAUS$3 B.

Isitfinanciallysustainableforthefuture?
Inthepasttenyears,itseemsthattheSydneyOperaHousehasatleastbeen contributing50%oftherevenuesolelythroughitsoperations.Eventhoughthisisover halfoftheirrevenuesthroughtheiryears,theratioofoperationalrevenuetogovernment revenueshouldbemuchhigher.Consideringthefactthatinthesenextyears,theSydney OperaHouseplanstoundergomorerenovationsandtotalrefurbishment,currentlyvalued atAUS$800billion xliv ,additionalcostswillbeaccrued.Theoperahouseisalreadyinhuge debtandthiswillonlyincreaseinthenextdecadeorso.Operationalrevenueswill probablynotincreasemuch,sothereforegovernmentrevenuemustincreasetohelp financetheseexpenditures.BecausetheSydneyOperaHouseissuchanicon,the governmentwillprobablycontinuetofunditforawhile.However,atonepointthe governmentmayrealizethatitcannotcontinuetofundtheoperahouse,andwill eventuallysuspendfunding.Therefore,itdoesnotseemthattheSydneyOperaHouseis definitelyfinanciallysustainableforthefuture.

AdditionalInformation:WhatdoestheAUS$800millionTotalRefurbishment recommendedin2010reallymean?
Thetablebelowcomparesittocurrentmaintenancecostsfromthepastdecade. Table2:MaintenanceCostsfor20002010
Year ExpenditureIn ActualDollars (AUS$) Expenditurein2010 dollarsusing8% (AUS$) Expenditurein2010 dollarsusing5% (AUS$) Expenditurein2010 dollarsusing2.5% (AUS$)

24

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

15,467,000 13,493,000 15,310,000 15,109,000 16,420,000 16,987,000 18,344,000 14,821,000 15,968,000 17,849,000 17,939,000

33,392,093 26,972,569 28,337,742 25,894,171 26,056,476 24,959,476 24,956,809 18,670,192 18,625,075 19,276,920 17,939,000

25,194,113 20,932,072 22,619,843 21,259,880 22,004,370 21,680,195 22,297,247 17,157,160 17,604,720 18,741,450 17,939,000

19,799,068 16,850,908 18,653,748 17,959,853 19,042,166 19,219,231 20,248,344 15,960,596 16,776,380 18,295,225 17,939,000

Seeingthattheyneedtoaddabout$800milliontothemaintenancebudgettokeep itinoperation;ifforexamplethemaintenancewasprioritizedsuchthatonlyaboutAUS $40millionwasusedeveryyearforthenexttenyears,thiswouldmeanthattheSydney OperaHousewouldneedtoonaveragetripleexpenditureonmaintenancetohandleboth theregularannualmaintenanceworksandcarryouttherequiredrenovation.Forthisto remainafeasibleoption,wewouldneedtoconsiderotheroptionsforfunding:Wouldthe governmentbewillingtofinancethis?WouldthepeopleofNewSouthWalesfindthisa worthyventuretoinvestinforthenexttenyear?Basedoncurrentoperationalrevenue, wouldthisbeconsideredaprofitableventurebyprivatefinanciers?Currently,thefuture seemsbleakformanyoftheseoptionsseeingthatitsoperationalrevenuealreadydoesnot meettheannualexpenditure.

CritiqueoftheProjectandConclusionsfromOurProjectEvaluationProcess
Fromthisproject,andthemistakesmadetherein,welearn: Welearntheimportanceofplanningwellbeforeimplementingaproject.Complete designswouldhavesavedthisprojectagreatamountofmoneyandtime. Welearnthatitisimportanttoconsultwithotherexpertswhenembarkingonan unprecedentedventure.Theinitialcostestimatesandstructuralsketcheshadbeengiven withoutstructuralexpertise,thisalsoledtomanyiterationsofthedesign,andcouldhave beenavoidedtosomeextent. 25

Thechoicematerialandfinaldesigngreatlyinfluencefinalmaintenancecosts.Inthe

caseoftheSydneyOperaHouse,thefinaldesignandmaterialchoicehasledtohigh maintenancecostsovertheyearsduetoitsverydelicateform. Theprojecthasshowntheimportanceofimplementingagoodprojectmanagement strategy,especiallywhenimplementingalargescaleunprecedentedplan.Utzonwas knowntobeabrilliantarchitectbutverypoormanager.Seekingaprojectmanagerwould havebeenofgreatbenefittothisprocess. Italsoshowsastheimportanceofhavinggovernmentbacking.Governmentsupport andapprovalofthisplanenabledittohavelargeaccesstopublicfundscreatedviaapublic lottery,andthisensuredthatthefinanceswerealwayscateredforduringtheconstruction period.Intheoperatinglife,thegovernmenthasalsocontinuedtokeeptheOperaHouse afloat.

CommentsontheProjectEvaluationProcess
Thefinancialanalysisgiveninthisreportisbynomeans100%accurate.Several assumptionsweremadethroughoutthefinancialanalysistosimplytheprocess.Firstof all,weonlyknowforsuretheexchangerateoftheAUS$totheUS$in2010,itistherefore slightlydifficulttogetafeelforwhattheActual1972AustralianDollarsmeansin1972US$ aswedonothaveexchangeratedatatospanthelengthoftheproject.Wethereforebring allAUS$to2010valueandthencomparethesevaluestoUSD.Wedonotethatthisisan approximationandthattherearemanyeconomicnuancesthatthissimplificationdoesnot address. Inaddtion,whendiscountingthecashflowsbacktothepresentday,adiscountrate of8%isassumedthroughout,asthisthediscountrateassignedtomostpublicsector projects. xlv Thediscountratecaneasilychangefromyeartoyear,especiallyduringthe variousconstructionstagesoftheproject.Also,ithasbeenassumedthattheconstruction costsforthethreestagesarepaidasalumpsumattheendofeachstage,whichcanthenbe modeledasanannuity.Inreality,thecostsprobablyvariedfromyeartoyear.Theremay alsobealittlevariationbetweentheactualcashflowsfrom19732010andwhatisshown above.AlthoughtheofficialfinancialreportsoftheSydneyOperaHousewereobtained,

26

therewasalotoffinancialdatathatitwasdifficulttosiftthroughwhatwasactually relevantforthefinancialanalysis. However,hadthesesimplificationsandassumptionsnotbeenmade,itwouldhave beenverydifficulttocarryoutafinancialanalysis.Therearetoomanydifferentvariables anddynamicelementsthatwouldhavetobeaccountedfortoperformaflawlessanalysis. Despitethesecircumstances,theauthorsfeelthattheyhavecapturedtheessenceofa thoroughfinancialanalysisoftheSydneyOperaHouse.

APPENDIX
GeneralFormulas
Itispossibletoestimateanamountthathadtobepaidperyear(anannuity)duringeach stageoftheproject.Thiscanbedoneusingthesinkingfundpaymentequation: A=F[A/F,i,N]=F*[i/((1+i)N1)] NistheamountofyearstheannuityhastobepaidtomeetacertainfuturevalueFgivena certaindiscountrate,i. Givenapastcashflow,itispossibletodiscountittothefutureusingthefollowing equation: F=P[F/P,i,N]=P*(1+i%)N

27

Nvariesbyyearandisfoundbysubtractingtheyearofthepastvaluefrom2010(theyear thatthecashflowshouldbediscountedto).Thediscountrate(i)istakentobe8%as mentionedabove.

RevenueFromOperationalPeriod

Revenue Revenue Revenue from Revenue from from Operations from Government Operations Government (Actual (Actual Millions) Millions) (2010,8%) (2010,8%) 1,680,424 28,979,957 3,652,295 62,986,112 2,470,982 39,457,071 3,950,000 63,074,279 2,887,411 42,691,372 4,456,000 65,883,494 3,183,170 43,578,023 4,980,000 68,176,865 5,301,379 67,200,543 5,692,000 72,152,075 6,166,970 72,382,239 5,950,000 69,835,644 7,030,687 76,407,182 6,252,000 67,944,669 8,044,039 80,944,404 6,700,000 67,419,801 9,525,351 88,750,314 7,331,000 68,304,942 5,543,835 47,827,254 8,100,000 69,879,562 6,800,960 54,326,487 8,400,000 67,099,716 6,681,000 49,415,036 8,495,000 62,832,021 7,393,000 50,630,777 9,518,000 65,183,787 7,413,000 47,007,173 10,000,000 63,411,807 9,386,000 55,109,558 14,811,000 86,962,248 8,950,000 48,657,037 17,342,000 94,280,484 25,123,000 126,465,004 21,937,000 110,427,210 23796000 110,912,136 26,749,000 124,675,943 24,109,000 104,047,237 23,248,000 100,331,418 Revenue Total (Actual Millions) 5,332,719 6,420,982 7,343,411 8,163,170 10,993,379 12,116,970 13,282,687 14,744,039 16,856,351 13,643,835 15,200,960 15,176,000 16,911,000 17,413,000 24,197,000 26,292,000 47,060,000 50,545,000 47,357,000 Revenue Total(2010, 8%) 91,966,069 102,531,350 108,574,866 111,754,888 139,352,618 142,217,883 144,351,852 148,364,206 157,055,256 117,706,816 121,426,203 112,247,056 115,814,564 110,418,980 142,071,806 142,937,521 236,892,215 235,588,079 204,378,655

YEAR 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

28

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TOTAL

26,442,000 30,775,000 22,673,000 26,245,000 30,872,000 37,349,000 28,382,000 43,319,000 32,908,000 50,683,000 36,277,000 32,736,000 38,496,000 40,482,000 43,351,000 56,937,000 62,923,000 66,930,000 65,942,000
945,208,208

105,662,748 113,868,056 77,676,398 83,253,578 90,677,042 101,575,227 71,470,704 101,004,270 71,045,904 101,315,552 67,146,195 56,103,751 61,088,314 59,481,339 58,978,557 71,724,222 73,393,387 72,284,400 65,942,000
2,738,480,446

24,903,000 24,832,000 30,472,000 31,842,000 28,246,000 33,086,000 30,328,000 26,262,000 28,687,000 9,513,000 59,168,000 31,583,000 53,206,000 51,646,000 68,279,000 63,672,000 21,363,000 44,834,000 43,456,000
902,941,295

99,512,874 91,878,848 104,395,324 101,008,209 82,963,971 89,981,471 76,371,063 61,233,503 61,933,081 19,016,531 109,515,839 54,127,712 84,431,235 75,884,918 92,892,826 80,208,382 24,917,803 48,420,720 43,456,000

51,345,000 55,607,000 53,145,000 58,087,000 59,118,000 70,435,000 58,710,000 69,581,000 61,595,000 60,196,000 95,445,000 64,319,000 91,702,000 92,128,000 111,630,000 120,609,000 84,286,000 111,764,000 109,398,000

205,175,621 205,746,904 182,071,722 184,261,787 173,641,013 191,556,697 147,841,768 162,237,773 132,978,985 120,332,083 176,662,034 110,231,463 145,519,549 135,366,257 151,871,383 151,932,605 98,311,190 120,705,120 109,398,000
5,591,492,834

2,853,012,388 1,848,149,503

ExpenditurefromOperationalPeriod

YEAR 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 TotalExpenditure (ActualMillions) 5,589,187 6,095,830 7,139,149 8,423,109 10,902,158 11,880,747 13,063,675 14,708,134 17,021,782 13,306,993 15,062,691 15,836,000 16,503,000 17,637,000 24,939,000 27,983,000 44,532,000 49,336,000 47,857,000 53,087,000 TotalExpenditure (2010,8%) 96,389,029 97,339,258 105,554,776 115,313,488 138,196,296 139,445,314 141,971,702 148,002,906 158,596,622 114,800,844 120,321,702 117,128,649 113,020,386 111,839,405 146,428,432 152,130,710 224,166,683 229,952,982 206,536,506 212,136,687

29

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TOTAL

53,253,000 50,822,000 56,165,000 57,923,000 57,799,000 56,502,000 71,036,000 60,187,000 58,788,000 74,778,000 74,634,000 80,415,000 84,317,000 84,868,000 102,413,000 107,022,000 123,094,000 124,878,000 1,799,797,455

197,037,061 174,113,257 178,164,878 170,131,066 157,191,532 142,281,648 165,630,308 129,939,219 117,517,484 138,408,859 127,909,560 127,608,499 123,889,335 115,461,977 129,010,885 124,830,461 132,941,520 124,878,000 5,466,217,926

NetCashFlowsfromOperationalPeriod
NetCashflow (Actual Millions) 256,469 325,153 204,262 259,939 91,221 236,223 219,012 35,905 165,431 336,842 138,269 660,000 408,000 224,000 742,000 1,691,000 2,528,000 1,209,000 500,000 1,742,000 2,354,000 NetCashflow (2010,8%) 4,422,960 5,192,092 3,020,091 3,558,600 1,156,322 2,772,569 2,380,150 361,300 1,541,366 2,905,972 1,104,501 4,881,593 2,794,178 1,420,424 4,356,626 9,193,190 12,725,532 5,635,097 2,157,851 6,961,066 8,709,843 SansGovt.Net Cashflow (2010,8%) 67,409,072 57,882,187 62,863,404 71,735,465 70,995,753 67,063,075 65,564,519 67,058,501 69,846,308 66,973,590 65,995,215 67,713,614 62,389,609 64,832,232 91,318,874 103,473,674 97,701,679 119,040,845 102,489,269 106,473,940 83,169,006

YEAR 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

30

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TOTALS

2,323,000 1,922,000 1,195,000 12,636,000 2,208,000 1,455,000 1,408,000 1,408,000 20,667,000 10,315,000 11,287,000 7,811,000 26,762,000 18,196,000 22,736,000 11,330,000 15,480,000

7,958,465 6,096,909 3,509,946 34,365,165 5,560,120 3,392,535 3,039,766 2,814,599 38,253,175 17,678,097 17,911,050 11,476,922 36,409,406 22,921,720 26,519,270 12,236,400 15,480,000 125,274,909

96,436,859 94,911,300 79,454,025 55,616,305 70,810,944 64,626,038 58,893,315 16,201,933 71,262,664 71,805,809 66,520,185 64,407,996 56,483,420 57,286,663 51,437,074 60,657,120 58,936,000 2,727,737,479

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