Hi, please try to do more due diligence in the future, you are misleading others here with your statements and lack of due diligence efforts, you are also questioning the integrity of stratmin and bass and their financial disclosures and published financial statements and news releases regarding sales of graphite/revenues. However, eventhough you also attacked me many times in this board (refrain from that in the future), because I am a good person, I will still help you. Some points :
1- The chart you are referring to, IS NOT THE BSM CHART. This is Benchmark Minerals (a consulting company) own statistical chart, based on their own market intelligence of what they believe is the average price based on their own SAMPLES - SURVEYS. Graphite prices are opaque and confidential (negotiated case by case). For BSM, the price received would be based on % of large flakes, purity, consistency....etc. We have a main off-taker in north america (believed to be asbury carbon, acccepts only high quality graphite), we also sell graphite to europe and even to india (through Tirupati, mainly small flakes / amorpheous low purity graphite, the stuff difficult to sell in other markets).
Page 20, Audited 2015 financial statements of stratmin :
REVENUE RECOGNITION The Group’s Revenue is predominantly generated from the sale of Graphite all of which is governed by an Offtake agreement signed in 2014. The agreement is with an external third party, the terms of which are subject to a confidentiality agreement. Revenue is recognised net of any sales taxes and discounts. Customers are invoiced on an Free On Board basis (FOB), Meaning ownership transfers to the customer following clearance of customs at the port of departure.
2- The revenue from selling graphite doesent show in the main financial statements of stratmin group company, because the Graphmada Mauritius and its subsidiaries have been treated as a disposal group and accounted for as discontinued operations. However thee revenue DOES SHOW in the Discontinued operations portion of the audited 2015 financial statements. And it should be shown in the audited 2016 financial statement of the company (not yet released, they will be published beginning of next year). The interim half year 2016 statements do not show thediscontinued operations, that is why you cant find any revenue. So you should wait for full year audited 2016 complete statements.
Page 29. Discontinued operations (point 12)
DISCONTINUED OPERATIONS In December 2015 Bass Metals Limited acquired 6.25% of Graphmada Mauritius, the holding company for the Group’s graphite operations in Madagascar, and in May 2016 it was announced that Bass Metals Limited would proceed with an offer to acquire the remaining 93.75% of Graphmada Mauritius that it did not already own. Completion of the acquisition is expected to take place following the Company’s Annual General Meeting in July 2016.
Consequently Graphmada Mauritius and its subsidiaries have been treated as a disposal group and accounted for as discontinued operations. The results of the discontinued operations, which have been included in the consolidated income statement, were as follows:
2015 £’000 / 2014 £’000
Revenue 445 / 92
Expenses (1,762) / (1,241)
Loss before tax (1,317) / (1,149)
Attributable tax expense - (4)
Net loss attributable to discontinued operations (1,317) / (1,153)
The major classes of assets and liabilities comprising the disposal group and classified as held for sale are as follows
2015 £’000
Goodwill 4,699
Property, plant and equipment 1,288
Inventories 384
Trade and other receivables 170
Cash and bank balances 2
Total assets classified as held for sale 6,543
Trade and other payables 259
Decommissioning obligation 236
Total liabilities associated with assets classified as held for sale 495
Net assets of disposal group 6,048
During the year discontinued operations used net cash of £404,000 (2014: £901,000) in operating activities, paid £42,000 (2014: £413,000) in respect of investing activities, and paid £nil (2014: £nil) in respect of financing activities
