| In Millions of USD (except for per share items) | 12 months Ending 2005-12-31 | 12 months Ending 2004-12-31 | 12 months Ending 2003-12-31 | 12 months Ending 2002-12-31 | 12 months Ending 2001-12-31 | 12 months Ending 2000-12-31 |
| Net Income/Starting Line | -1436 | 312 | 122 | 43 | 16 | -259 |
| Depreciation/Depletion | 125 | 120 | 112 | 106 | 107 | 96 |
| Amortization | - | - | - | - | - | - |
| Deferred Taxes | -1261 | 49 | 59 | 67 | 134 | -365 |
| Non-Cash Items | 3106 | -1 | 16 | 96 | 33 | 900 |
| Changes in Working Capital | -28 | -52 | -72 | 130 | -53 | -8 |
| Cash from Operating Activities | 506 | 428 | 237 | 442 | 237 | 364 |
| Capital Expenditures | -198 | -138 | -111 | -100 | -109 | -380 |
| Free Cash Flow | 308 | 290 | 126 | 342 | 128 | -16 |
| % change in FCF | 6% | 130% | -63% | 167% | 0% | |
| Average Growth | 48% |
| Growth | 30% | Duration | 10 | |
| Constant Growth Phase | 5% | |||
| Discount Rate | 7% | |||
| Year | FCF | PV Factor | Present Value | |
| 1 | 2005 | 308 | 1 | 308.00 |
| 2 | 2006 | 400 | 0.931 | 372.79 |
| 3 | 2007 | 521 | 0.867 | 451.20 |
| 4 | 2008 | 677 | 0.807 | 546.11 |
| 5 | 2009 | 880 | 0.751 | 660.98 |
| 6 | 2010 | 1,144 | 0.700 | 800.01 |
| 7 | 2011 | 1,487 | 0.651 | 968.29 |
| 8 | 2012 | 1,933 | 0.606 | 1,171.96 |
| 9 | 2013 | 2,512 | 0.565 | 1,418.48 |
| 10 | 2014 | 3,266 | 0.526 | 1,716.85 |
| 11 | 2015 | 4,246 | 0.489 | |
| Future value at Constant growth | 176,374 | 0.456 | ||
| Future Int Value | 0.424 | |||
| NPV | 99,407.81 | |||
| Total Common Share | 90 | |||
| Value per Share | 1014.53 | |||
| Margin of Safety | 30% | |||
| Estimate | 1,558.81 | |||
| Current price | $57 | |||
