Ivory Coast, page-74

I believe the cash was spent over a few years, the project was announced in Sep17 where Fluence were selected to negotiate a US$100m+ plant in Africa.

The US$20m would have been made up of staff, professional fees and other development related costs used to win the contract, which was announced in Feb19 which ended up beinng a US$185m contract .. almost double what was initially quoted back in 2017.

As such, the cash which is linked to the US$20m in revenue was spent on the IC project was mostly in 2018 with some in 2017 and probably not much at all in 2019.

The costs for Fluence relating to IC spent between Feb19 and Jan20 would not amount to much, as they were not party to the contract that was being negotiated i.e. IC govt, ASHRA and Discount bank were the three parties. Fluence just assisted in the process and may have incurred some small amounts of legal fees.

In my view, management are concerned about the timing of the revenue recognition because it was one of their key objectives for 2019. And no doubt, their bonuses are tied to it being achieved in 2019. As a shareholder, I couldn't care less which quarter it is recognised in.