Did anyone else notice the inconsistency in the information presented in the half-yearly report in relation to the Soco JV?
The reconciliation of Net Assets no longer actually reconciles and Net Assets seems to have dropped by more than $5m since Dec 23.
So at December the carrying value was $5,079 which is 50% of the Net Assets of $10,159 (which makes sense) however at June 24 the carrying value is now $5,338 but the Net Assets are only $5,018. (This can't be correct as the financial performance is said to be profitable (VMT share is +$220K).
What happened to the missing assets? Is it just a typo or is it real? If it's real then the JV must have suffered a much bigger loss than shown.
Ann: Settlement with Soco Shanghai, page-35
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