Ann: AGM Presentation, page-110

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matchbox20

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15/06/20

22:46

Post #: 45237813
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Originally posted by edshann ↑

My take was nothing much new was said and certainly nothing to excite the market.

My interpretation of the comment on Zeep was it worked in the lab, but making it commercial could take a while.

On the accounts cash declined from $15 million at Dec 31 to $9.4 million at 31 March and in the absence of the placement would have declined further to $8.8 million at 25 May (assuming the $0.8 million cost of the raising has been paid).

I also found interesting the cash flow table. There are sales of $50 million, cash receipts from customers at end Dec are only $40 million and receivables grow from $17 million at end 2019 to $27 million at end 2020. Net cash (operating and capital) is actually negative by $2.2 million over 2020, before the capital raising. That presumably reflects the bulk of work being done in the second half of the year and lagged cash receipts. The half year cash flow at 30 June, excluding the placement will not be flash. That is not really surprising given covid and explains the need for the sudden cash raising.

I asked whether the range of forecast receipts for Chinese other projects of $9-18 million and $4.5-9 million new international projects was a range for certain projects, or whether possible but not certain projects were also included. It was not answered live, but all questions are supposed to be answered on the website, so I will wait and see.

I note that the total forecast sales range is unchanged at $50-70 million. However, Chinese sales are estimated at $40-55 million and international sales total is around $10 million, which implies the top end of the range is unlikely. I suspect the bottom end of the range is more likely. The certain Chinese projects bottom range is $45 million (assuming $2 million for Dianchi trials) and the international bottom range is $10.5 million (and covid could delay some of these), suggesting the "certain" total sales are only just over $50 million.

Lachie mentioned that the trial on Dianchi was small. I assume that means the main impact if it proceeds after the trial will be in 2021.

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The cash receipts are $40m
$17m is from 2019 sales
$23m of receipts from $50m of sales from 2020
So PET has to carry the Chinese Provinces for $27m until 2021.
Must be the price for dealing over there.
Only 46% of sales for 2020 will be recieved in 2020

PET Price at posting: 45.5¢ Sentiment: None Disclosure: Not Held
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