It's a pity that NFL's Darwin plant is equity accounted as it...

It's a pity that NFL's Darwin plant is equity accounted as it makes getting specific figures harder.

If it was part of NFL's consolidated reports then profitability and cash flow figures would be readily available. I would love to know how it is performing financially. The company claim to have arranged favorable contracts for the supply of feedstock but who knows where the figures are at in comparison to spot prices.

The benefit of their Singapore plants will be that they will be 100% owned by NFL so the figures will be transparent plus given their 10 year (possibly 20 year) tax free status in Singapore the price of the feedstock shouldn't affect their profitability just the level of of profitability. But we won't know much on the Singapore figures until about April/May 2008 assuming they are ramped up as planned.