Message-ID: <2723836.1075840866241.JavaMail.evans@thyme>
Date: Thu, 22 Mar 2001 14:22:00 -0800 (PST)
From: steve.irvin@enron.com
To: louise.kitchen@enron.com
Subject: Re: Vitro
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X-From: Steve Irvin <Steve Irvin/HOU/ECT@ECT>
X-To: Louise Kitchen <Louise Kitchen/HOU/ECT@ECT>
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Louise, 

The following are the differences in NPV at 13% for the Vitro project under the three different scenarios you laid out.


1.  If we keep the plant,  

Project NPV@13% :  US$ 24.0 MM

Equity Investments to Project:  US$ 52.8 MM



2.  If we sell to Enel's based on their offer as it was delivered to us on March 2 of this year

Project NPV@13% :  US$ 16.2 MM

Equity Investments to Project:  US$ 10.5 MM   (under this scenario we would fund 100% of the equity required for the project through COD but after giving 						    effect to the cash received up front by Enel, we would only be funding 20% of the equity required from Enron 						    which is equal to the US$ 10.5MM)


3.  If sell to Enel under the restructured proposal to achieve our deconsolidation and earnings objectives,

Project NPV@13% :  US$ 16.8 MM

Equity Investments to Project:  US$ 10.5 MM   (under this scenario we would fund 50% of the equity required for the project through COD but after giving effect 						     to the cash received up front by Enel, we would only be funding 20% of the equity required from Enron which is 						     equal to the US$ 10.5MM)

Let me know if you have any questions or if you would like to see more details on the three different scenarios.

Thanks,

Steve