Ann: Half Year Accounts, page-18

Back of envelope was wrong:

In Half 1 (Jan 1st 2018 to June 30th 2018).
Starting cash = $75.153 mill
10.4 mill of 32.8 mill rev was PDVSA (prepaid).
PDVSA accounted for 31.7 % of rev.
22.4 mill cash received (adj 22.8)
Cash outgoing = $57 mill
Cash at end of half = $40.56 mill

Estimated Half 2 (July 1st 2018 to Dec 31st 2018).
Starting cash = $40.56 mill
15.8 mill of est 72.2 mill rev will be PDVSA (prepaid).
PDVSA will account for 21.8% of rev.
56.4 mill cash expected to be received
Approx cash outgoing = circa $65 mill
Approx cash at end of half = $31.96 mill

View attachment 1270139
Note increase in rev and gap between product manufacturing and operating costs comes from selling previously manufactured Nirobox inventory from Q4 2017/Q1 2018. Additional spend likely can be attributed in product man category.