Division (6)

Oltchim SA's in-situ value has been computed by Winterhill by using a net replacement cost methodology. Such a methodology is an acceptable proxy of the liquidation value of a company that would be bought in one bulk by a purchaser: as underlined by Winterhill in its 2013 report, such a value is indeed representative of both the cost of acquiring lands, equipments and machineries, setting up the associated buildings and paying for their installation costs, as well as of the depreciation induced by time for each of the assets purchased.