The crooks here get themselves re-elected at the AGM today. So free to carry on with the spend, cash raises and further dilution of any Pi's left.
Thanks to SloppyG, LSE.
Let us not forget that even after 20% cut in costs annual opex is still running at c€4m per annum.
They need to invoice and bank c€13m p.a. to break even at 30% gross margin. We know they were expecting Q1'24 revenue of 600k so simple maths and way short of b/e.
Interims out end of Sep I believe will show min. Op losses of €1.5m. Finance costs on top of this.
Logik 2m, if and when lands, 500k straight to Riverport (this covers annual interest element only of the 5m debt). Remaining 1.5m covers H1 losses and possibly some of H2 losses.
DP taps the market start of Q4 or possibly earlier. No doubt setting the wheels in motion already post AGM.
SP trashed further and DP and private equity chums mop up the left overs in due course.
Simples. Great work if you can get it. |
Not really, as they agreed to purchase the land by 30 July 2024, from RNS in January 2024, so left it almost to the last minute. |
I'd take that as a positive on how things are developing in Italy, and looking at the lease costs it will pay for itself in no time at all. |
FACT: I saw somewhere in a presentation and review (reported broker's note?) of the status of the 19 plants installed or on order that DMC Italia had made its first deliveries of electriciy to th Grid in March. The other 3 classed as satisfactorily 'in production' were the 10 year old plant for olive waste and the two miniatures at the two universities. |
That's a very convoluted way of saying "yes, I made it up"
Bye |
Thanks for your insight into this company (not).
Instead we have someone who wants to personalise the thread and who repeats logical non sequiturs that have no standing.
Anyway I have better things to do, so bye ..... |
I don't owe you anything |
cmackay. OK let's hear your interpretation or analysis rather than pathetic one liners ..... |
If I've hurt your feelings by questioning the basis of your claims, that's your problem. I don't owe you anything. |
cmackay. OK let's hear your interpretation or analysis rather than pathetic one liners ..... |
Oh you made it up then, ok got it |
If you've been here long enough, then read between the lines. DP's language is forever meant to deceive and not to give a true or truthful picture. |
"In other words downtime predominates."
How have you reached your conclusion? |
 Thanks to SloppyG, LSE. A couple of call outs for me.
Large impairment as expected reducing Net Assets to c€21m. A word of caution on that remaining NA value however; 12m is intangible Goodwill which is effectively worthless and another 7m is trade receivables of which 5m is now overdue so no guarantees of collection given their history. Its easy to see why MC is so low therefore given this.
Admin expenses (even after 20% reductions) are still €4.3m. H1 and H2 broadly the same hence reasonable to assume €4.3m is the ongoing run rate for annual Opex for FY24. Given they have said operating margins are now 30% it means the company needs to generate annual Revenue of c€14m to b/e. Consequently i think they are still miles off achieving break even so will need to fund operating losses this year.
Possibly sentiment change will provide an opportunity to make a few quid after the inevitable post lock-in sell off. Remain to be convinced however as to mid term viability especially with the 5m debt accruing interest at c10%. For me the overhead reductions of 20% are nowhere near enough to secure their future and prevent DP tapping the market again in near future. |
Italia MDC. 15 months after start up this plant is not performing in an acceptable commercial manner. EQT can't say when this will happen and won't disclose the losses to date.
"The plant has in early 2024 undergone successive rounds of operational uptime, followed by maintenance and improvements to repair and refine operation toward continuous operations.
The Company expects the plant to achieve continuous operations in 2024."
The plant has undergone successive rounds of operational uptime. In other words downtime predominates. Who is responsible for this shambles? What repairs and refinements to an essentially new plant with very few hours of running in 2015 or currently.
North Fork. We can expect similar performance here if it ever completes commissioning. |
From the Accounts:
................... 2023 ........2022
Revenue ..........EU2.5m .......EU8m
Av No of employees...28 ..........27
Salaries .........EU2.5m .......EU2.4m
So whilst revenue fell by 69% there was no corresponding cut back in staff or salaries. Instead these both rose. This is just one example of DP's mismanagement of resources and finances leading to constant cash raises and dilution of shareholders.
DP looks after very well himself, other directors, staff and venture capitalists whilst PI's get 98% haircuts for bald heads all round ..... |
still no £2m from Logik's land sale...seems that this still requires another level of investment committee final approval (ie) decision |
Last day for FY 23 results is tomorrow. The delay to the maximum possible tells us all we need to know about these accounts.
SloppyG, LSE: Must be a nightmare for the auditors having to sign off the accounts.
In the absence of the £2m logik payment the company cannot be a Going Concern.
Annual Report has to be released by Friday close, possibly get away with Monday 1 July or else entering the world of suspension. Looks like leaving it all to the last minute.
I imagine a serious impairment review as well of the spurious Net Asset value has to be considered. Would not want to be in the auditors' shoes......... |
No FY accounts from EQT so far with only a few days to go. Perhaps I've missed them?
Their partner in continual PI dilution and share issuance, Kibo, has announced today that their FY accounts won't be ready until end July/August so they will be suspended by the LSE until their accounts are ready.
Both companies heading for de-listing?! |
How many years late is it now |
North Fork. Greg Stangl, Phoenix Energy presentation.
Economic, funding and build factors. Recent 21 min video.
There is no update here on progress towards commercial production of NF but it's interesting information about Greg's experience of California biomass gasification projects. |
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