Below are the key issues imo
Transition Agreement has increased the operating cost (As COE has to source gas), and from review of the financials hard to see a way out from this mess without resolving Sole production.
- Net debt increased between the Dec and March quarter. This indicates there is an overall draw on cash (evidenced by the increase in net debt)
- Debt remains steady but Cash reduces from $143M last year to $109M in March 2021.
- Capex for FY21 is $40M plus the cost to fix Orbost (Which initial estimate of next fix was $24M ~ $12M to COE). That is total capex of circa $50M. Capex spend in H1FY21 was $17M (and from point 1, still resulted in cash draw). With higher rate of capex, likely that the rate of cash burn increases
- FID for OP3D in H1FY22 (the good news). But how will this be funded, in the absence of Sole production and cash flows
Be interesting to see what the banks are going to do with the debt facility. If they reduce the facility limit, Sole is suddenly not the only concern for COE
I'm hoping things turn as I want exposure to the assets, so really hope that "root cause analysis" is progressing.
In terms of comments regarding margin being made whole, the ambiguity is a joke. ASX should request a proper explanation (as per my request to them on this issue). For me the ambiguity simply is more smoke
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Below are the key issues imo Net debt increased between the Dec...
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