I had not gotten into the complexities of their operating companies, but now that I look at that I was shocked that JEMSE apparently grabbed 8.5% of the company and made them create yet another level of operating company to protect that ownership stake from future dilution. Nasty. So Orocobre didn't have the potential to own 75% of their project. It was 75% of 91.5%. I'm not focused on that, however, in this thread anyway.
The reconciliations on pages 6 and 9 completely lose me. On page 6, how is it that $120M of revenue to SDJ PTE is only $17.4M of revenue to Orocobre? I guess that would take a while in the detailed financial statements to understand, but at surface level it is weird.
I guess your point is that "net" numbers to the operating company are being taken as gross numbers to Orocobre. That's a complete nightmare for allowing average investors to understand the financials.
