yeh we've been through this before as to what the relevant discount rate should be and someone hit pb up about it at a previous rrs or something similar. from memory he confirmed 12 might have been more relevant! Regardless, it's been known for a while that 8%isn't accurate, although makes for a much nicer npv. I wonder if 8% dropping off presentation reflects the feedback/progress with kfw...
Ann: Managing Director Presentation, RRS Conference, page-20
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