Can someone confirm what was said that in the absence of cash from Ivory Coast, the cash burn for this quarter will be less than $7m?
Would that indicate that with $16.9m in the bank at end of 1st quarter, we will still have about $10m cash if the $34m plus advance payment is not in?
IC project gross margin at 18%, US$184m will give us a total gross margin of $33.26m. Average $16.5m contribution for 2 years.
SPP margin (from memory) about 40%. This will contribute about $12m to Gross profit.
SG&A at $29m and falling. If it gets below $28m, we should see a net profit for the year. (Have not include the recurring income yet)
I think the only concern here is cash balance. Ivory Coast start will address this.
Ann: AGM Chairman's address, page-3
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