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You're missing debt. Overall in a net debt position.
Lets not forget the deferred tax and corp tax liabilities on the balance sheet
Can't remember exact amount but they got approx 110 million as part of acquisition
Loss mainly due to w/off of the Benriach duster.
But clearly says “the Group is fully unhedged” so afraid you are wrong on the gas hedge point there
GD
Cash and cash equivalents. 31st Dec 21 77m euros, 30th June 22 148m euros, 31st Dec 22 212m euros, 30th June 23 247m euros. Very impressive cash generation.
Effective tax rate of 19% on EBITDA. Again, impressive against the headline rates of 75% 78% and 50% in the UK, Norway and Netherlands.
Kistos are playing the hand they have been dealt... Making big profits now just results in big taxes.
aimo dyor
"I am an accountant JAddams. You are reading the net net line of 42m and conveniently ignoring the line literally direct above that says end period net cash 240m…. Weird how you can’t minus one number from another but claim to be able to read financial statements."
Thank f you're not doing my books lol
Agree Woodster,
'Kistos exited the half year with net debt of €42 million, comprising total cash of €247 million and debt of €289 million. This excludes $45 million of hybrid bonds, that only becomes payable in full or part if the Jotun floating production storage and offloading vessel (FPSO) has offloaded its first cargo by 31 May 2025'
80million though coming our way in a few months through a tax refund so will transform us back to net cash
All rather confusing - i think the net debt position is correct though - we assumed 225mil of debt upon completing the acquisition
I am an accountant JAddams. You are reading the net net line of 42m and conveniently ignoring the line literally direct above that says end period net cash 240m…. Weird how you can’t minus one number from another but claim to be able to read financial statements.
Not sure you guys have ever read a financial statement before?
Kistos has more debt than cash which is why they are telling you they now have a net debt position of €42m!!
Read the highlights section if you can’t do that:
“Kistos exited the half year with net debt of €42 million”
To address Jaddams. I agree it is weird to report net cash and net debt as I assume net cash is net of debt and vice versa but you are definitely picking up the wrong end of a shtiy stick with your take outs.
Yes Kistos has £247m net cash, current mcap &189m. Clearly massively undervalued
Also now reporting a loss vs a profit and hedged 100,000mwh at €25 for some of next year!!
Have I read this right? Does Kistos have more net cash (circa 200 euros) than current mcap??
Shame as this was looking very good at one point
Management need a rethink here
Interims due imminently and looks over sold to me. Hoping further retire bond debt and a major step towards dividend payments, subject to any new deal of course
The interim results for the period ended 30th of June are due this week aren't they? AIM rule 18 gives companies up to three months from the end of the period to report. Last year we got them on the 7th of September and in 2021 we got them on the 14th.
Tomorrow seems most likely imo.
Thoughts?
Thank You
Source of info please? or a link if possible
I see Total getting out of GLA, I wonder if AA will want to pick up the 40% and Operate it
GD
Theshipscook1,
Yes, good point, and as I understand it we can claim around 73% back in year one.
In the ordinary tax base (22%), the costs must be capitalised and depreciated linearly over 6 years.
In the special tax base (56%), the costs are deductible immediately in the year they are incurred.
Example:
Investment in an offshore operating asset in Year 1 is 100.
In the ordinary tax base (22%), 100 must be capitalised and depreciated linearly over 6 years. The depreciation in Year 1 is 100 / 6 = 16.7, i.e., a deduction of 16.7. This results in a tax amount in Year 1 of -16.7 * 22% = -3.7.
In the special tax base (56%), the entire amount of 100 can be deducted directly. The special tax base will therefore initially be -100. However, we must deduct the tax amount from the ordinary tax base of -3.7 from the -100. The special tax base will thus be -100 – (-3.7) = -96.3. To calculate the special tax amount, we must use the technical special tax rate of 71.8%. The special tax will thus be -96.3 * 71.8% = -69.3.
Hence, total tax on the investment of 100 in the offshore operating asset in Year 1 is -3.7 + (-69.3) = -73, i.e., a tax deduction of 73.
In Years 2 – 6, the linear depreciation continues in the ordinary tax base. For each of these years, the tax on the investment of 100 in Year 1 is thus -3.7 in the ordinary tax base. At the same time, this tax is treated as "income" in the calculation of special tax, as the amount must be deducted in the special tax base. The special tax will thus be 3.7 * 71.8 = 2.7 in each of the years. Total tax per year will therefore be -3.7 + 2.7 = -1.
Looking at the entire period Year 1 – Year 6 as a whole, the total nominal tax for the investment of 100 in Year 1 is the sum of -73 in Year 1 and -1 for each of Years 2 – 6 (5 years), i.e., -73 + (-5) = -78, resulting in a total deduction of 78 over the period.
At least 78% is returned as a tax recovery
Continuous CAPEX overruns were why Mime became distressed in the first place…hopefully that’s not going to keep happening.
Var Energi released an update yesterday stating their capex estimate has increased by $340m.
That means ours has increased by around $38m or £30.6m
"The Balder X targeted start-up is maintained in Q3 2024. To reflect a tighter supplier market, mitigate schedule risk and to improve construction productivity the capex estimate has increased by approximately USD 340 million (~NOK 3.6 billion²) net pre-tax to Vår Energi."
On a more positive note Var are committed to extending the life of Balder X beyond 2045.
"We aim to extend the Balder area production beyond 2045 with the upgraded Jotun FPSO as a host for potential new tie-ins such as the King and Prince fields discovered in 2021, and future discoveries and tie-ins."
https://varenergi.no/news/var-energi-project-portfolio-and-operational-update/
Short term pain for long term gain.
aimo dyor etc