RE: The FutureToday 21:02
Exhibit 9: Possible financial implications for Quadrise from different MSAR adoption
scenarios
Power market
Number of MSAR manufacturing units 8 40 80 200
Production capacity (HFO equivalents mtpa) 1.9 9.3 18.6 46.6
% global HFO market* 0.5% 2.3% 4.6% 11.6%
Revenues – licence model ($m) 63.3 316.7 633.4 1,583.6
EBITDA – licence model ($m) 15.9 79.4 158.8 397.1
Revenues – tolling model ($m) 122.1 610.6 1,221.1 3,052.9
EBITDA – tolling model ($m) 41.2 205.8 411.6 1,029.1
Capex – tolling model ($m) (53.5) (267.5) (535.0) (1,337.5)
Revenues – merchant model ($m) 419.2 2,095.9 4,191.8 10,479.4
EBITDA – merchant model ($m) 64.8 323.9 647.8 1,619.4
Capex – merchant model ($m) (68.1) (340.5) (681.0) (1,702.5)
Marine market
Number of vessels using MSAR 75 375 750 1,875
% global fleet 1.3% 6.3% 12.6% 31.5%
Revenues – licence model ($m) 99.7 498.6 997.1 2,492.8
EBITDA – licence model ($m) 17.1 85.5 171.0 427.5
Revenues – tolling model ($m) 153.2 766.1 1,532.1 3,830.3
EBITDA – tolling model ($m) 37.1 185.5 371.1 927.7
Capex – tolling model ($m) (53.5) (267.5) (535.0) (1,337.5)
Revenues – merchant model ($m) 419.2 2,095.9 4,191.8 10,479.4
EBITDA – merchant model ($m) 29.6 148.1 296.2 740.6
Capex – merchant model ($m) (68.1) (340.5) (681.0) (1,702.5)