Ann: 2024 Half Year NPAT US$12.9 million, page-7

Don't seem to be able to reply to the latest post of BobbyMorane (buggy forum?)

but this is what I wanted to write in reply

Out of the 43M you have to take 12M write back of impairment that is in profit before income tax, as well as in 'increase in inventories', but has no cash effect, inflating operating profit before working capital movements. Furthermore you will need to take out 15M of interest expense, because you cannot run a smelter without funding. Then you need to take out sustaining capex of 6M because you cannot run a smelter without sustaining it. Not sure all of the 6MM is sustaining, but bear in mind that different than any other smelter OMH seem not to put up a provision for regular turnarounds - the effects we have noticed in the last two years I guess. And that is with most of the tax accrued for rather than paid for, basicly assuming no current tax.

Hence 43-/-12-/-15-/-6 is 10, of which about 10 is marketing/tshipi. And before any debt repayment. The smelter is cash break even at best.

How are they going to repay further debt of which a large chunck sits in current (<1 year)? I can't believe you guys are talking about dividends here.