Ann: Appendix 4E - Preliminary Final Report, page-6

Do share your concern. However, if I could make it a bit better again, there are a couple of items we may scrutinise in the balance sheet. NTA are basically Tangible assets less all liabilities. However, I may like to highlight that we do have “good” liabilities, namely deferred revenues. These are prepayments like those $27m bond money paid in 4Q2020. These liabilities will be paid back from our delivery of work done, and for IC project, so I am fairly comfortable for that $20m of liabilities as it is counter balanced by the term deposit in our current assets. Those will be reclassified into revenue as the project progresses in the next 15 months, which is worth 3c per share of NTA.

Still on deferred revenue, I think the rest of it is the can that is kicked down the road from merger days, PVDSA.

My main concern on the balance sheet is the borrowing from Upwell. Interest rate is fixed, but high. The sooner the US/Caribbean BOOT and WaaS projects comes in, the less worried I will be.