Looking at it briefly I think they mention $45m accrued income was for Wartsila (which is on the balance sheet) of which $40m they conservatively put through as income. Meaning to me the amount in question is the $5m which would make more sense right. The maximum value of the contract remaining however is $45m as per accrued income on the balance sheet.
This can be backed up by cash flows in of $69m for the quater compared to income statement of $112mAlso note they had cash flows out of $97m which is the - $28m for the month to pay for works on Wartsila. This means they have paid their workers out of their own cash without receiving payment. Not many companies could do this.
All this can be backed up by the balance sheet showing 80m assets in accrued income and receivables minus the 30m liabilities in payable and unearned work. That is a health $50m gap moving forward!
PGX Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
