Sorry mate I that isn't quite right. It is not how JV's work.
BKW and FBR are in a JV for the operational business providing Waas . Picture this as a completely new company - JVco. JVco has to buy the bricks from BKW, a supplier. It must also lease the HX from FBR, another supplier.
These costs, plus whatever else (ie insurance, admin) form the cost base of the JV company. These form the financial result which is then shared between JVco owners (50/50 FBR/BKW)
FBR as a company gets the benefit of whatever JVco leases the HX from them for, as well as 50% of the financial result of JVco.
it's nothing like "shopping at coles".
The road to commercialization, page-47
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