research & resulting questions, page-37

IP

You are brave IP.

I wish you well .

I am interested to hear how you have calculated the expected EBIT numbers over the next few years at Geelong

The reference the company made to an ebit of $8.6m at full capacity seems to be the "bible" of seeing what the profit is going to be .

I just cant see how it is going to be more than $4m net

The world leader in this space is a company called Abengoa .

Their division in this area is a buisness called Befesa that in 2009 had $700m of revenue , but only made $40m profit ie 8% of revenue .

From the Befesa annual report

Sales 721.8 -17.4 873.4 169.7 15.6
EBITDA 118.7 -24.8 157.8 34.7 13.1
Net Profit 40.9 -30.3 58.7 14.5 10.9

I am not cetain of the structure but on the surface it .
appears to me Befesa was bought by Abengoa in 2010 , trying to find what the value was