Net Investments (in Millions) 9344

Plant Efficiency 90%

Price premium due to quality 10%
Tax Rate 30%

Coception Pre-feasibility phase Feasibility phase

2009 2010 2011 2012 2013
Revenue/Barrel
Operating Cost/Barrel
Operating Margin/Barrel
Number of Barrels
Figures (in Millions)
Operating Profit (EBITDA)
Depreciation
EBIT
EBIT*(1-t)
Change in Working Capital
Capital Investments 280.32 280.32
Net Cash Flows 0 0 0 -280.32 -280.32

Discount to 2009 (Years) 0 1 2 3.00 4.00

Discounted Cash Flows 0 0 0 -179.59 -154.82

80.70
Net Present Value (in Millions)
₹ 80.70

Internal Rate of Return 16.22%

 GLOBAL SYNFUELS CASE STUDY

Feasibility phase EPC Commssioning

2014 2015 2016 2017 2018 2019
150.17
45
105.17
26,280,000.00

2,763.80
311.47
2,452.34
1,716.64
1,156
373.76 5606.4 934.4 934.4 934.4
-373.76 -5606.40 -934.40 -934.40 -2090.40 2028.10

5.00 6.00 7.00 8.00 9.00 10.00

-177.95 -2301.10 -330.62 -285.02 -549.68 459.74
 2020 2021 2022 2023
154.67 159.31 164.09 169.01
45.9 46.82 47.75 48.71
108.77 112.49 116.34 120.31
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

2,858.54 2,956.36 3,057.36 3,161.63

311.47 311.47 311.47 311.47
2,547.08 2,644.90 2,745.89 2,850.16
1,782.95 1,851.43 1,922.12 1,995.11

2094.42 2162.89 2233.59 2306.58

11.00 12.00 13.00 14.00

409.29 364.37 324.38 288.77
 2024 2025 2026 2027
174.09 179.31 184.69 190.23
49.68 50.68 51.69 52.72
124.40 128.63 133.00 137.50
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

3,269.28 3,380.41 3,495.14 3,613.58

311.47 311.47 311.47 311.47
2,957.81 3,068.95 3,183.68 3,302.12
2,070.47 2,148.26 2,228.57 2,311.48

2381.93 2459.73 2540.04 2622.95

15.00 16.00 17.00 18.00

257.08 228.85 203.73 181.36
 2028 2029 2030 2031
195.93 201.81 207.87 214.10
53.78 54.85 55.95 57.07
142.16 146.96 151.92 157.03
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

3,735.85 3,862.05 3,992.33 4,126.81

311.47 311.47 311.47 311.47
3,424.38 3,550.59 3,680.87 3,815.34
2,397.07 2,485.41 2,576.61 2,670.74

2708.53 2796.88 2888.07 2982.20

19.00 20.00 21.00 22.00

161.45 143.72 127.94 113.88
 Normal Operations
2032 2033 2034 2035
220.53 227.14 233.96 240.97
58.21 59.38 60.56 61.78
162.31 167.77 173.39 179.20
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

4,265.61 4,408.88 4,556.75 4,709.36

311.47 311.47 311.47 311.47
3,954.14 4,097.41 4,245.28 4,397.90
2,767.90 2,868.19 2,971.70 3,078.53

3079.37 3179.65 3283.16 3390.00

23.00 24.00 25.00 26.00

101.37 90.24 80.32 71.50
 2036 2037 2038 2039
248.20 255.65 263.32 271.22
63.01 64.27 65.56 66.87
185.19 191.38 197.76 204.35
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

4,866.88 5,029.45 5,197.22 5,370.36

311.47 311.47 311.47 311.47
4,555.41 4,717.98 4,885.75 5,058.90
3,188.79 3,302.59 3,420.03 3,541.23

3500.26 3614.05 3731.49 3852.69

27.00 28.00 29.00 30.00

63.64 56.65 50.42 44.88
 2040 2041 2042 2043
279.36 287.74 296.37 305.26
68.20 69.57 70.96 72.38
211.15 218.17 225.41 232.88
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

5,549.05 5,733.44 5,923.73 6,120.09

311.47 311.47 311.47 311.47
5,237.58 5,421.98 5,612.26 5,808.62
3,666.31 3,795.38 3,928.58 4,066.04

3977.77 4106.85 4240.05 4377.50

31.00 32.00 33.00 34.00

39.94 35.55 31.64 28.16
 2044 2045 2046 2047
314.42 323.85 333.57 343.57
73.83 75.30 76.81 78.35
240.59 248.55 256.76 265.23
26,280,000.00 26,280,000.00 26,280,000.00 26,280,000.00

6,322.71 6,531.80 6,747.54 6,970.15

311.47 311.47 311.47 311.47
6,011.25 6,220.33 6,436.07 6,658.69
4,207.87 4,354.23 4,505.25 4,661.08

4519.34 4665.70 4816.72 4972.55

35.00 36.00 37.00 38.00

25.06 22.31 19.85 17.67
 2048
353.88
79.91
273.97
26,280,000.00

7,199.85
311.47
6,888.38
4,821.87

5133.33

39.00
15.72
 WACC Calculation
Weightage of Debt 50%
Weightage of Equity 50%

Rate of Returns
Debt (Post tax) 7%
Equity 25%

WACC 16%
0.16 0.16 0.16 0.16 0.16
1 2 3 4 5
0.16 0.16 0.16 0.16 0.16 0.16 0.16
6 7 8 9 10 11 12
0.16 0.16 0.16 0.16 0.16 0.16 0.16
13 14 15 16 17 18 19
0.16 0.16 0.16 0.16 0.16 0.16 0.16
20 21 22 23 24 25 26
0.16 0.16 0.16 0.16 0.16 0.16 0.16
27 28 29 30 31 32 33
0.16 0.16 0.16 0.16 0.16 0.16 0.16
34 35 36 37 38 39 40
0.16 0.16 0.16 0.16 0.16 0.16 0.16
41 42 43 44 45 46 47
0.16 0.16 0.16 0.16 0.16 0.16 0.16
48 49 50 51 52 53 54
0.16 0.16 0.16 0.16 0.16
55 56 57 58
Year 2012 2013 2014 2015 2016
Crude Price (Forecasted) 111.00 114.33 117.76 121.29 124.93

Year 2024 2025 2026 2027 2028

Crude Price (Forecasted) 158.26 163.01 167.90 172.93 178.12

Year 2036 2037 2038 2039 2040

Crude Price (Forecasted) 225.64 232.41 239.38 246.56 253.96
 2017 2018 2019 2020 2021 2022 2023
128.68 132.54 136.52 140.61 144.83 149.17 153.65

2029 2030 2031 2032 2033 2034 2035

183.47 188.97 194.64 200.48 206.49 212.69 219.07

2041 2042 2043 2044 2045 2046 2047

261.58 269.43 277.51 285.83 294.41 303.24 312.34
 2048
321.71
Year 2010 2011 2012 2013
Net Cash Flow (in Mn) 0.0 0.0 -280.32 -280.32

Year 2021 2022 2023 2024

Net Cash Flow (in Mn) 2162.89444649515 2233.590719 2306.580133 2381.934927

Year 2034 2035 2036 2037

Net Cash Flow (in Mn) 3283.16200974662 3389.995037 3500.255883 3614.051838

Year 2047 2048

Net Cash Flow (in Mn) 4972.54699571163 5133.332752

Year 2011 2012 2013

Net Cash Flow (in Mn) 0.0 -280.32 -280.32
Year 2021 2022 2023
Net Cash Flow (in Mn) 2162.894446 2233.590719 2306.580133
Year 2031 2032 2033
Net Cash Flow (in Mn) 2982.204504 3079.366199 3179.652719
Year 2041 2042 2043
Net Cash Flow (in Mn) 4106.850491 4240.050734 4377.502944
 2014 2015 2016 2017 2018 2019 2020
-373.76 -5606.4 -934.4 -934.4 -2090.4 2028.103151 2094.421245

2025 2026 2027 2028 2029 2030 2031

2459.729576 2540.040861 2622.947937 2708.532406 2796.878393 2888.072624 2982.204504

2038 2039 2040 2041 2042 2043 2044

3731.493501 3852.694881 3977.773497 4106.850491 4240.050734 4377.502944 4519.339797

2014 2015 2016 2017 2018 2019 2020

-373.76 -5606.4 -934.4 -934.4 -2090.4 2028.103151 2094.421245
2024 2025 2026 2027 2028 2029 2030
2381.934927 2459.729576 2540.040861 2622.947937 2708.532406 2796.878393 2888.072624
2034 2035 2036 2037 2038 2039 2040
3283.16201 3389.995037 3500.255883 3614.051838 3731.493501 3852.694881 3977.773497
2044 2045 2046 2047 2048
4519.339797 4665.698056 4816.718687 4972.546996 5133.332752
 2032 2033
3079.366199 3179.652719

2045 2046
4665.698056 4816.718687