Could you explain why you think less CAP X will help Lynas? CAP X is not recorded as an expense it all goes into Plant and equipment as a credit. (It does lower cash balance) See PG 18 (Property, plant and equipment) of SAR this section grew YOY from AU$ 1.3 B to 1.7B, This is listed as an asset so it helps profits, see note 9 for more detail. If you go back to the 2020 AR this was 0.6 B this 1.1 B increase matches pretty close to the CAP X spending over that period. This 1 .1 B will be depreciated over time. In US depending on life of asset this is usually 3 to 20 years. Some things like power plants can be as long as 50 years but that is rare. I do not know about AU, it is usually close to US. As KAL, MT Weld, PDF and LAMP improvements come on line They add to expense lowering profits.
Even if it is all deprecated at 20 year rate, (which I doubt some things ware out quickly) that is 1.1B /.20 = 55 M in new expenses per year. Take a look at past profits and decide for your self how big an impact this will have.
This expense does not show up as a line item in SAR or AR P&L. If it is new offices then it shows up in admin cost. If it if for making product it shows up in cost of sales. There are other areas but those account for most of it. Looking at just cost of sales and going to 2023 AR, go to the note A1 PGs 65, 66 & 67, 2023 AR, (Cost of sales (depreciation)) you can find it broken out there. In FY 2023 this expense was 53.7M. Need to wait for the 2024 AR or possibly the 2025 SAR, JMO this will double.
Sorry if facts do not line up with your dreams. CAPX has no effect when it is spent. It does have a negative impact to profits in the future. Nothing is free. I am sorry for all the PG#s and references, they do interrupt the flow of ideas. I think it is important for people to see the company does supply this info and how to find it.
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