Worth applying a few caveats here to normalise those figures if the company is a shell going forward
on the income side
- Production uptime has been significantly impacted on SM71 in the past 6 months they have had >4 weeks of downtime and freezing temps impacted production in December through January. Expect this has resulted in income for the 6 months being USD$1m lower than it would of been.
on the cost side
- one off staff/admin/corp restructure costs - down sizing the team (getting rid of Mike U & VP exploration etc). Cost ~$0.5M
- One off development costs - cost $2.2M
So net net this should improve your numbers from $2.3M to $6M - annualising to $12M which would bring down the PE from your 3x-4x to <1.5x
Ann: OTTO PROVIDES UPDATE ON TIMETABLE FOR RETURN OF CAPITAL, page-26
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