Ann: Trading Halt, page-156

going back through the 2022 annual report, ASM have spent:
note 10 inventories:
$12.924m (current) + $0.984m (non-current) + $2.392m (add back written off value) = $16.3m

this quarterly they spent an additional $18.441m (production costs, assuming all relate to inventory) - $2.206m (sale of excess feedstock) = $16.235m. so in total KMP has spent on inventories to 30 Sep 2022 = $32.535m

i find it a bit crazy that ksm had written of about 10% of its inventory value in the annual accounts. this means they pretty much were buying feedstock at the peak of the market without any customers locked away and had to write down to net realisable value at 30 june. i'm open to other interpretations of this though. prices haven't really improved in the sept quarter so i'm guessing they also took a loss on the sale of the excess feedstock in the quarter. how is this company being managed? now we have about $32m of feedstock and raising another $30m, presumably majority of which will be spent on more feedstock according to the AFR.

more wastage found in the annual report, check out note 25 related party transactions. ASM paid $152,000 to Gandel Metals for 'travel services'. i presume this means the leadership team were flying around in gandel's private jet? why else would a metals company provide travel services. no wonder they loved having opening/signing ceremonies in korea all the time. a gulfstream can't even get to korea in one jump so pretty much has to stop over in singapore there and back. we're also paying a director related entity $114,000 for IT services. but somehow IT services should be covered under the agreement with ALK, who was paid $430,000. check out section 8.6(b) of the demerger booklet:

With an effective date of 1 April 2020, Alkane and ASM (Holdings) entered into the Intercompany Services Agreement (ISA) for the provision of professional and IT support services, as well as access to certain office facilities. This agreement will continue to apply post-Demerger until terminated. The professional services to be provided by Alkane under the ISA involve back office
support with some executive assistance, including accounting and finance, commercial and project management services. Access to certain office facilities and IT support services will also be provided to ASM.

on top of this we have a 'chief information officer' who is probably chewing up $250k a year, and don't get me started on ASM's chief culture officer, probably another few hundred k. the bloat in this organisation is terrible.