It cannot be anywhere near 100mm US$. Looking at YE 2022, total...

It cannot be anywhere near 100mm US$. Looking at YE 2022, total of inventories are 235mm US$, 82mm$ of this is finished product, 14mm$ work in progress. approx half of that is finished products and work in progress. So approx. 120 mm US$ is raw materials. Most of that I assume to be manganese ore, coal etc. Also inventories are pretty stable during the years (barring princing differences), so it doesn't seem there is a lot of electricity in there. Lastly there is a good chunck of trade payables > 1 year on the balance sheet. What could that be other than for electricity contracts? Any idea?

I'll shoot them an email, but I doubt energy to be capatilized, certainly not to such big amounts.

Profits will not increase by using the power, if it was capatizalized on the balance sheet, as it will just become part of the cost prize of production, hoewever _if_ it was paid upfrond it would benefit free cash flow. I assume that is what you mean.