Ann: AGM Presentation, page-36

I checked back on company announcements. Stage 2 was announced in October 2017 at $5m and the AGM forecast of $22m sales in 2017-18 said a Chinese contract for $5m would be signed in February 2018, which was presumably stage 2 of the canals. It was never announced as signed in February 2018 and there is no mention of Stage 2 in subsequent quarterlies, the half yearly or final reports. It simply disappears. This probably helps explain why we undershot the forecast revenue for last year.

The half yearly released on 23/2/18 only mentions North China canal works worth $5m, with $1-2m maintenance. Nothing on Stage 2 when the contract was supposed to be being signed.

The forecast for 2018-19 does include $10 m for water treatment in China and the October 2018 update the new $1.5m canal order. So the forecast for this year could include an assumption Stage 2 occurs this year (as did the forecast for last year). However, obviously the timing slipped though that has never been announced.