Just had a skim on the half year accounts, cash revenue $65m, only $17m was from product sale, $40m establishment fees and management fees. So large chunk was recurring fees.
The terminated contract worthy $8m p.a.
Inventory is also valued at US$2,800/kg substantially lower than average sales price (US$3,906/kg).
If only were terminating the $8m contract, share price probably wouldn't drop 72%, it's mainly due to management credibility, imo.
In Quintis’s financial statements as at 31 December 2016, an Album oil price of US$2,800 per kg was used to value the plantation. This Album oil price component was well below both the average sales price of Page 6 of 8 US$3,906 per kg that Quintis recorded for Album oil in the prior six months and the US$4,500 per kg achieved for each supply contract entered into since 2009.
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