Exhibit 6

Summary of Financial Projections in Constant 1997 Dollars ($ millions)

Total assets
Current senior debt
Net senior debt
Subordinated debt
(quasi-equity)
Retained Earnings
Share capital
Total capital
Senior debt/Total capital
Current ratio
DSCR (senior debt)a
DSCR (total debt)a

Sales
Cash flow (pre interest)
Interest on senior debt
Senior debt principal
repayment
Equity investmentb
Dividends and subordinate
debt interest
Subordinated debt
principal repayment

Source:
a
b

1997

1998

1999

2000

2001

2002

2003

2004

163

778

1,252

1,328

1,272

1,202

1,132

1,062

63

366

29
595

57
592

70
522

70
451

70
381

70
311

85

144

100
163

327
778

484
1,252

150
13
500
1,312

150
13
500
1,255

150
13
500
1,184

150
13
500
1,114

150
13
500
1,044

39%

47%

50%

49%
1.3
5.2
4.6

47%
1.4
1.7
1.6

44%
1.6
1.6
1.5

40%
1.8
1.7
1.6

36%
2.0
1.8
1.6

394
170
12

429
189
52

429
190
47

429
190
41

429
186
35

29
22

57

70

70

70

63

51

57

63

66

100

312

216

Company documents, IFC analysis, and casewriter estimates.

DSCR = debt service coverage ratio = cash flow (principal + interest).

The equity investment includes both equity and subordinated debt (quasi-equity) investments.

Senior Debt
Subordinated Debt
Equity
Total Value of Project

63
0
100

Senior Debt Payment (Principal+Interest)

Total Debt payment (Principal + Interest)
Interest For Subordinated Debt

303
85
227

258
59
157

Total
678
150
500
1328

54
6
16

32.69 111.18 118.75 111.76 103.33

36.96 118.13 126.67 118.75 116.25
4.26
6.95
7.92
6.99
12.92

Total equity cash flow

-100.00 -312.00 -216.00 107.00

IRR (year 1-25)

Cost of Equity

13.43%
14.36%

80.00

73.00

79.00

81.00

2005

2006

2007

2008

2009

2010

2011

2012

991

921

851

750

687

607

570

530

70
240

70
170

70
100

33
67

53
13

13
0

0
0

0
0

150
13
500
973

150
13
500
903

150
13
500
833

120
13
500
733

90
13
500
669

60
13
500
586

30
13
500
543

0
13
500
513

32%
2.1
1.9
1.7

27%
2.3
2.0
1.8

20%
2.5
2.0
1.7

14%
4.0
2.1
1.4

10%
3.2
4.3
2.2

2%
7.1
3.0
1.8

0%
12.8
12.1
3.4

0%
16.1
NA
5.2

429
187
29

429
187
23

429
171
17

429
170
11

429
171
7

429
170
4

429
170
1

429
170
0

70

70

70

70

33

53

13

72

79

68

73

79

106

125

140

30

30

30

30

30

98.42
93.50
85.50
80.95
110.00 103.89 100.59 121.43
11.58
10.39
15.09
10.48

39.77
77.73
7.96

56.67
94.44
7.78

88.00

94.00

84.00

59.00 101.00

14.05 NA
50.00
32.69
5.95
2.69

Assuming that cash flow remain same as the year 16 from y

17
18
19
20
21
22
83.00 126.00 140.00 170.00 170.00 170.00 170.00 170.00 170.00

me as the year 16 from year 17-25

23
24
25
170.00 170.00 170.00

Fisher Equation :

(1+Real Interest Rate) = (1+Nominal Interest Rate)/(1+Inflation index)

1+Inflation Index = 1.0656 / 1.0357
Inflation Index = 2.95

Beta-Asset = 0.78
Beta-Equity = Beta_Asset * V/E
Beta-Equity = 0.78*1328/650
Beta-Equity = 1.59

Cost of Equity= Rf + Beta * (Rm - Rf - Inflation Index)

Cost of Equity= 3.5 + 1.5936*(13.35 - 3.5 - 2.95)
Cost of Equity= 14.36