Ann: Annual Report to shareholders, page-9

ah here's the money shot.



They've upped the discount rate by 3%, increased the harvesting costs, reduced the yield per tree from 19.6kg to 14.6kg (still north of reality), and reduced the oil content from 3.7% to 3.2%.

The yield and oil content reductions account for a reduction in the biological assets of 36% - I'd previously assumed they'd changed the pricing assumption. They haven't! They've wiped 36% from the value of their assets due to more realistic silvicultural outcomes.

Which still leaves the expected price at USD2800/kg of oil - which they stand zero chance of realising. Updating that to anything more realistic leaves QIN with negative asset value.

Clever old Glaucus.