Ann: Ivory Coast Project Finance Agreements Awaiting Execution, page-54

I think there is a solid basis to recognise the revenue in 2019.

Fluence complies with IFRS reporting. IFRS 15 provides guidance on Revenue from Contracts with Customers.

To recognise revenue under IFRS 15, an entity applies the following five steps:
- Identify the contract(s) with a customer.
- Identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct.
- Determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer.
- Allocate the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good or service promised in the contract.
- Recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For a performance obligation satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognised as the performance obligation is satisfied

I think the grey area is point 1. I expect that Fluence's contract has already been signed but potentially held in escrow until Financial Close, at which point it would be released. Or FLC may be asked to sign subsequent to the other documents being executed. Provided we can clear this up prior to release and auditing of the accounts this seems achievable.

The remainder of the obligations appear largely mechanical, noting that in relation to point 5 revenue will be recognised over time (which aligns with the staged revenue projections provided repeatedly by FLC management).