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USD mn 2011 2012 NI 10 15 Accumulated Depreciation 50 55 Interest expense (6) (8) Tax 30% 30% Dividend 5% 10% Current Assets 10 12

USD mn

2011

2012

NI

10

15

Accumulated Depreciation

50

55

Interest expense

(6)

(8)

Tax

30%

30%

Dividend

5%

10%

Current Assets

10

12

Current Liabilities

5

7

Gross Block

55

78

Debt drawdown

15

25

Debt repayment

(6)

(8)

Equity balance in balance sheet

15

25

The Free Cash balance for 2011 is USD 60m. The Debt balance for 2011 is 100m. What is the Net Debt of the Company in 2012?

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