The point was not about derivatives as such. FMG made US$ 878M...

The point was not about derivatives as such. FMG made US$ 878M NPAT in full 2018 financial year.
Six months earlier:
Fortescue has released its FY18 half year results reporting a net profit after tax of US$681 million
The implications are that if current business conditions continue into the 2019 financial year, then FMG would go into borrowing spree to fund projected capital expenditure. The dividends would be symbolic. Then, there are prepayments, nearly US$ 800M. One day the ore has to be delivered. this is what is driving FMG SP down and AF's effectively withdrawing out of AGO contest.
If the above figures are not accurate could you post your version please.