$ Millions
150 Nomey
DETERMINATION OF GROSS MARGIN TO (a) BREAK EVEN (b) GIVE 5% HEAL RETURN
(GEARED FOR KUWAIT CRUDE)
180
101
*82
'83
04
*85
186
137
'88
189
190
*91
*92
193
'94
195
*96
'97
198
CAREX
(39)
(153) (154)
(39)
:
OP COSTS
(15)
(15) (15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15) (15) (15)
GROSS INCOME
X
X
X
y
X
X
X
X
I
X
X
X
X
X
x*
NET INCOME
TAX ON
x-15
X-15
x-15
x-15
x-15
X-15 x-15 x-15 X-15 x-15
NET INCOME
17%
TAX RELIEF
AGAINST DEPRECIATION
NIL IN FIRST YEAR
0.17%
0.17x 0.17x 0.17x
X-15 x-15 x-15 x-15 x-15
0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17x 0.17%
-2.55 -2.55 -2.55 -2.55 -2.55 -2.55 i-2.55 -2.55 -2.55 -2.55 -2.55 -2.55 -2.55 -2.55 -2.55
7.4
4.6 4.2
3.8
3.4
3.1
2.8
2.6
2.1
1.2
0.2
CASH FLOW
(39) (153) (154)
x-46.6
0.83x 0.93% 0.83x
-7.85 1-9.25 -8.65 -9.05
...
-9.35 -9.65
12.45 x = 536.35
X = 43.1
0.83% 0.83x 0.83x 0.83x 0.83x 0.83x 0.83x 0.83x 0.83x 0.83x 0.83x -0.17%
-9.85 -10.35 -11.25 -12.25 -12.45 -12.45-12.45 |-12.45 +2.55
છે
43.1
11.045
$3.90mt
0.9524 0.90703 0.8633 0.8227 0.7335 0,7462 0.7107 0.6758 0.6446 0.6137 0.58470.5568] 0.5303 0.5051 0.4910
0.59% 0.56% 0.54x 0.51x -7.0 -7.0 7.25 -7.52
0.79x 0.75x 0.72x
1-7.48 -7.47
0.49x 0.46x 0.44xi 0.42x -0.08% -7.28 -6.93 -6.60 -6.29 +1.23
DCF 5%
1.15751.1025 1.05
PRESENT VALUE
X
(45) (169) (162)-46.6
-7.49
0.68%
-7.45
0.65x 1-7.33
0.52% -7.2
9.14 x =
X =
521.65
57.1
57.1
$5.17mt
Qey
11.045
AFFENDLY 6