ALEXIUM INTERNATIONAL GROUP LIMITED (ASX:AJX) - Ann: Appendix 4C - quarterly, page-42 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by joewolf ↑

My take:

Your margins are now up to say 30% so your COGS should be 70% of turnover. So in effect the fact that they state that volumes increased by 10% the balance of this should have flowed into debtors. So its easy for them to allay our fears by providing the make-up of working capital last quarter and this quarter. However, they don't so to my mind these are all factual but to alarge degree meaningless.

In a normal cycle where what you sold you got paid for then there would be a gross margin of 29% but here we have another gross loss. Fact cash receipts were $3,391 m vs cash costs of $3,571m let's stop the BS. The year to date 6 months shows receipts of $9,155 million and production costs of $6,720 m that creates a margin of 26.5%.

Wow, we have doubled the number of customers from 6 to 12. No relative weighting.

Previously forecast revenue dip forecast realized - So you want credit for warning me how bad the turnover would be - However it looks like you have clearly rolled the creditors payments into the second quarter and now we don't have cash flow positive - Over 6 months we are down over $2,7 million.

Raised $12 million - Well would you have raised that if everyone knew what was going to happen. I haven't seen any directors having taken up the SPP have you?

Added 10 new institutions and 4 increased their holdings - How many have left. are those just companies because we sold out and that is 2 companies. All a load of fluff.

Added 4.56million shares in the SPP. Well, actually we wanted to add 8.571 million.

Added 2 new directors and paid our directors and officers insurance - read into that what you will.Why is adding 2 directors of any importance to a 4c report...

Sales volumes of chemistry increased by9% - what does that mean - how can anyone relate that back to results - In effect if you sell wine vs water and water increases the volume increases but the revenue decreases.

Cash burn due to operations in December was only $47,155 as order volumes continued to recover from seasonal dip - I don't understand this at all - Cash burn reflects cash in vs cash out and order volumes would have nothing to do with it as you are unlikely to have received the cash for this months sales this month. Also as has been stated here by many cash burn is capable of manipulation. I can give an early payment discount and then delay paying my suppliers until 2 January and my December will look good.

A huge warning sign for me is the constantly changing language - We never seem to have a consistent company language that keeps allowing us to compare apples and apples - just as you get comfortable they introduce grapefruit. So is the mix GP going to be around 29% or is the actual going to hit 40% soon? Is the target achievable?

Quarter 3 may well be absolutely great as they may have decided to pay all suppliers in December in order to have a low outflow to suppliers or they may well just pay them in April as Easter falls over month end...

However, I feel dudded as they said we were break even last quarter 2017 actually we have now had all this growth and 2 more quarters and we are still losing money and have used up almost all of our debt facility.

Sorry for using "We" but I used to think this was a great investment.

I am out and I don't know whether I can ever regain the trust. It is a great product with huge potential but I just don't get the feeling that I am getting the whole picture. Sounds more like Tesla telling us how many cars they will produce each week... Too much optimism for me and not enough reality.

All opinion and all my own opinion nothing more or less - draw your own conclusions.

I sold out when the share could not hold above 36c after all the corporate oversubscribed ... I was extremely unhappy to sell but thought I would buy back in even higher up if I could believe what I was seeing... Now this 16.11 pm announcement.

Expand

Spot on, great post.
Ajx aka the Masters of Creative Accounting.

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Last 1.1¢		Change 0.001(10.0%)		Mkt cap ! $17.18M

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1.0¢	1.1¢	1.0¢	$1.184K	114.5K

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