Ann: Update on Galderma Contracts, page-73

I've a bit looked at last year's annual report.
Cash: $107m
Main debt: US$200m notes are matured on 1 August 2023.
Net debt in QIN: $165m

Net tangible asset less external MIS grower liability: $482m or $1.24/share

There's no going concern issue, secured notes are not due until 2023, net debt in QIN: $165m.
I think this one has a relatively good asset backup.

Management do have corporate government issues.



The external MIS grower liability $142m arises from the consolidaon of certain MIS for accounting purposes. The liability will be settled with the proceeds arising from the monetisaon of the external MIS grower interests in the Group’s biological assets as detailed in Note 11, and will not require any additional cash contribution from the Group outside of the MIS projects.