Euro, when you work out your cash flow projections I usually assume they are pretty much right, but was I mistaken in my view that the finance lease payment of, I think it was 463 million, somewhat surprised you last time?
It did me, though it shouldn't have. They have to make payments of their debt and don't may payments of each tonne they ship but rather make periodic cash payments (quarterly I presume) which has a far more sudden impact on their cash position in that they have 463 million cash on hand the day before they make the payment and they don't after they make it.
In your projections of cash at end of june, are you assuming that another 463 million (a quarterly cash payment towards debt) will come out on the last day of june?
Iron Ore Price, page-7111
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