hi Parma
I wonder if this time they will publish a transcript?
I recorded it but the loudest volume at play back is so low as to be very irritating :/
FWIW My notes beyond those on Gascoyne and the Covalent/Mt Holland/Kwinan refinery already mentioned.
•The market should have already factored in the lower cash balance as it was well flagged ($170m worth of equipment bought for Karara alone.
•The dividend: unfranked as no franking credits available (due to NRW accessing ATO’s temporary full expensing allowances)
They don’t expect to pay cash tax until 2024 - better for company and shareholders
Ultimately the upshot will be better for shareholders.
•Jules wanted Greenbushes but Macmahon got it.
(That *wanting* was reaffirmed in a roundabout way a few times in the call by him mentioning NRW had no need to go “chasing tenders to boost revenue.”
Greenbushes would have required $250m capex … it needed to be cost effective for NRW .. and the returns needed to justify the spend, especially after Karara..
further in ;
“… We are very focused on pricing projects correctly” (especially since?) the competitive landscape has lessened -
“Particulaty given the pipeline coming at us”
( but some need to book revenue over margins?)
•He reaffirmed guidance remains as forecast.
Partly due to being conservative? - Queensland having very heavy impact from daily rain which included into first part of this quarter
“January has not been great for Queensland”
Rainfall has made a signifivany impact in regards loss hours
… there and elsewhere delayed projects mean teams have had to be carried longer
(20min delay)