Have a talk to Mr Excel. The math is fine.This is not a case of...

Have a talk to Mr Excel. The math is fine.

This is not a case of 67m outflow in one case and not in the other, as you are misrepresenting this

both have a 67m outflow
the difference is in the timing of that
the cost of interest
and when the loan is repaid

the effect of an up front -67 in the ungeared case is large
and is offset by the delayed payment of the loan, plus interest in the geared case
the math tells the story of that

and yes, of course the cashflow is not the same every year, this is illustrative of the point

the worst case of a more 'real' or 'accurate' cashflow is a slower build up in production and hence less early cashflow and later repayment of the loan
but your contention that this is not highly profitable is incorrect