Scenario SummaryCurrent Values: optimization 1

Changing Cells:$C$9 11 16.8$C$10 36 42$C$11 45 42$C$12 43 33.6$C$13 33 33.6

Result Cells:$D$9 6.5% 10.0%TotalValue_content 168 168

Notes: Current Values column represents values of changing cells attime Scenario Summary Report was created. Changing cells for eachscenario are highlighted in gray.

Dhahran Roads (A): Simplified

Negotiable Inputs Parameters

Start_Date 1/1/1993 Cost_Equipment 38Advance on Contract 15% Advance_Equipment 75%

Salvage_Equipment 0Billing Schedule SAR millions %of TV Hurdle_Rate 18%

1993 11 6.5%1994 36 21.4%1995 45 26.8%1996 43 25.6%1997 33 19.6%

sum of last 3 72.0%Outcomes

Net Present Value(NPV) 7.17Internal Rate of return (IRR) 40.764%

Cost Schedule SAR millions

Intermediate Calculations 1993 7Percent_Retention 5% 1994 25Percent_BillPaid 80% 1995 29TotalValue_content 168 SAR 1996 27Remaining_EquipmentCosta 0.25 1997 20

SAR millions

SAR millions

NPV Calculation

Year (as on January) 1993 1994 1995

Cash Inflowsadvance on contract SAR 25.20 receipts on billing SAR 8.80 SAR 28.80 retention salvage value of equipmenttotal cash inflow SAR 25.20 SAR 8.80 SAR 28.80

Cash outflowsEqipment Costs advance (SAR 28.50)Equipment payment on delivery (SAR 9.50)Costs accumulated at each years end (SAR 7.00) (SAR 25.00)Costs of equipmenttotal cash outflow (SAR 28.50) (SAR 16.50) (SAR 25.00)

Net cash flow (SAR 3.30) (SAR 7.70) SAR 3.80

present value (SAR 3.30) (SAR 6.53) SAR 2.73

net present value 7.17

1996 1997 1998 1999

SAR 36.00 SAR 34.40 SAR 26.40 SAR 4.20 SAR 4.20

SAR 36.00 SAR 34.40 SAR 30.60 SAR 4.20

(SAR 29.00) (SAR 27.00) (SAR 20.00)

(SAR 29.00) (SAR 27.00) (SAR 20.00)

SAR 7.00 SAR 7.40 SAR 10.60 SAR 4.20

SAR 4.26 SAR 3.82 SAR 4.63 SAR 1.56

net present value 45.29