In the actual cashflow report there is this gem:
: "The information provided in this Appendix 4c does not include the activities of Papyrus Egypt, as Papyrus Australia does not currently control Papyrus Egypt even though it has a direct equity interest of 50% and an indirect equity interest of 19.61% (through its 39.22% equity interest in the joint venture partner EBFC (Egyptian Banana Fibre Company). The activities of Papyrus Egypt are currently accounted for in the half year report and
annual report using the equity accounting method."
Given that PPY owns nearly 70% of the company it would be wonderful to know exactly WHO is controlling Papyrus Egypt!
It's a very convenience ruse to not need to report on any revenue from the Egyptian operations, considering how it supposedly has "increasingly positive results", and that "Demand for ‘Musa’ continues to be strong, resulting in the installation of additional equipment in the Sohag factory to facilitate increase in production".
Given that "Musa" is the juice of the process, and that "Research and development continued at the Sohag factory in order to upscale
the production capacity and improve the quality of the fibre, required for moulded products" it seems that the fibre part might not be working too well...
Remember in November 2020 Progress Report, apart from supposedly 3000 litres per day of MUSA fertiliser being produced, the following products were supposedly in production:
- laminate for kitchen and doors
- veneer going to Japan for use by Yamaha in musical instruments (small volumes at $30 a sq metre sheet)
- absorbent fibre pads for oils (producing 30,000 per month)
- Cairo Peat blocks
- Bokashi- soils structure improver
- Panel board- the use of BPP chips for fibre board
Apart from a vague Musa reference in the current reporting, none of the above is worthy of a mention a year later. Is there ANY fibre production at all?
