Hi BookYou will find that brokers make their estimates in...

Hi Book

You will find that brokers make their estimates in conjunction with the company. The company own estimates for 2014 was 127 to 133, so it wasn't hard to figure out what they would need in Q3 and 4.

This was a very disappointing result. And the 2014 forecast at the lowest point of their own estimates is also very disappointing.

Achieved price and costs are good.

However, why give us dry achieved prices? Production and shipments are given in wet and prices are in dry? I thought they were being paid in wet. So if we are trying to forecast cash flows and hence debt reduction, how can us plebs do our figures with the information supplied?

Also very disappointing in an extra 200M over run in capital expenditure - again!

By the way, the monsoon period continues in February, so 127 is still optimistic.

Also notice the "prepayments" received and allow for this in future cash received.

Still a long term believer, however am losing patience with the competence of these managers. Coming on budget for one quarter would be good.

Regards

Pear