@2ic your post states "Qtr Rev $$76.1 less $59.1 Op Costs less $2M Capex = $15M positive cash, yet the table shows $10.6M... which imo is the 'non-operating' asset capital lease payments certainly not included in operating costs"
My understanding of what you are seeing in Bridge Street's table here is not the "'non-operating' asset capital lease payments certainly not included in operating costs" but instead an adjustment to Revenue (from Cashflow Statement) to Revenue (from P&L) to account for royalties. As per my previous post, no further adjustment to the reported C1 Costs of $55.6m is required to account for the P&I amortisation of specific lease payments.
Leases appear on the balance sheet by recognising a ‘right-of-use’ asset and a lease liability for the present value of the obligation. Remembering, that the DMU is under a Build Own Operate (BOO) and not Build Own Operate Transfer (BOOT) agreement. This nuance of who holds and ultimately retains ownership of the leased asset carries an important distinction.
But back to your Bridge Street example. Revenue (from cashflow statement) Q2 FY25 76.1 Revenue (from P&L) Q2 FY25 71.9 The difference is royalties not 'lease payment asset capital' which is already accounted for in the $55.6m or the $58.1m as forecast by Chris Baker.
SFX Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
