We are not privy to the detailed breakdown of capex costs that...

We are not privy to the detailed breakdown of capex costs that make up the total "EPC" capex. However, we can be sure there is some % allocation to DEL's EPC Margin within the total capex price. We'll never get the details of the breakdown on capex, part of operating in a listed environment unfortunately.

Yes, their margin does increase overall capex costs but this is standard practice undertaken by contractors in the infrastructure sector and yes this does increase total funding requirements (i.e. debt and equity). There is a whole range of topics that fall outside the scope of this conversation on this point.

Just a point to recall the setup here. We have the project SPVs (these will be generating the project revenues and also paying project costs) but we also have revenues being received from the Delorean parent company from the project SPV, in this case EPC and O&M Margins. At least at this stage Delorean own 100% of the SA1 SPV (and in the case of VIC1 - 90%). 10% on VIC1 is retained by the landholder (free carry). So any equity cash flows, i.e. after all costs, debt financing etc is received by the SPV, these flow to Delorean.

EPC and O&M Margins (as per the underlying contracts) will be payable to Delorean parent company. So you are right these are 'costs' to the SPV Project vehicles, but they are also revenues to Delorean. It is like Delorean taking from the right hand (SPV) and giving to the left hand (Delorean Parent Company).

I would agree that EPC Margin and O&M Margin should be excluded, if the focus of this conversation is on the SPV level only. However as the portfolio builds these will become material and therefore undervaluing Delorean Group (Group - meaning all SPVs and revenues received from EPC, O&M contracts).