Member Info for eshaitan

Tuck them away it will come good. Falanx more than made up for the drop yesterday but it’s still a bit annoying. People are pricing in a placing but hopefully now they are firing on all cylinders.

Interesting. Especially the ratio of production. 70000m3 of marble which I think equates to about 170000 tonnes. But 1million m2 of tiles produces. A ratio of approximately 6 per block tonne to m2 of tile. Fox are aiming for 20000 tonnes to 40000 m2 of slab and tiles. A ratio of 2. Hopefully they can equal the other firm, that’s where the money is.

Maybe a maximum of 5 million I think, especially with commissions. I was just thinking how much it costs to get a couple of hundred blocks of marble from the quarries to the factory. There was definitely a charge for transportation costs in the last annual accounts, but for sales the customer pays delivery. Johnpwh there’s a good chance you’re right about them raising money but I really hope not at these prices and that invoices have been raised for significant amounts of marble tile that will be paid imminently. It did cross my mind that could be another reason the company has not responded to me, a placing is already underway and it’s safer to stay silent. There’s not much more to say about fox until the next rns. I think the next news I’m waiting for is falanx on the 14th of this month.

All depends on malisheve really. Will the Selene be available in large quantities? They need to extract around 100 blocks a month to satisfy orders. They were aiming for 20000t of block marble and 40000m2 in slabs/tiles this year. But it takes around 3500t of block marble to make that 40000m2 and they will need to stockpile more over the winter so how much of that block will be available to sell? They also need to factor in higher transportation costs to get it to the factory. It can be done but there is no margin for error.

I wouldn’t be so sure this time. The caveat is when the tile orders are recognised and paid for. Cutting 10000m2 of tiles in 10 weeks clearly isn’t a disaster, but the revenues for h1 were only 60pc of what I hoped for. Logically they can’t have been recognised in the first half as too many other orders we know about would have been recognised to make up that 600000 in revenues. I have checked the agreements for commission and it says for prilep alpha fox receives 42.5pc of all revenues for block marble. Nowhere does it say they have to pay additional commission if they value add those blocks into slabs. It makes sense to have an agreed price per tonne of marble extracted from prilep with a Minimum or set amount paid to the quarry owner. Otherwise fox could sell it for way under the market value to increase sales.

We all want this company to be cash generative so h2 needs revenues of at least 2.5-3 million Euros. I can’t see that being a problem. Everything is in place that all these other profitable marble companies have. Mature quarries, low cost of extraction, sales agreements, a factory capable of processing marble into everything and a showroom. All they need is favourable weather until December.

The key numbers this year is how many tonnes of marble are quarried, how much of that was processed or sold as block marble and what will be the average price commanded for both types. Everything else is just pr. We might get an update on some of that in September.

I expect the next rns to say tile orders have been delivered and paid for in their entirety. But I’m still not buying on principle until fox answers my questions, Even if I do think the share price will double in the next 6 months.

My thoughts are if I don’t understand the numbers it’s uninvestable. I wouldn’t buy any more until they are clarified. The company never responded to my questions, and I never asked for anything specific, just general questions so they weren’t market sensitive. Poor form really, I live in Australia now not London so it’s not easy to get to the investor show to ask them in person. If they have finished the orders and are invoicing them say so in the update as they don’t recognise orders in their sales until they are paid for and shipped. They don’t need to say what the orders are worth as that might be commercially sensitive for future sales to other customers. I can’t imagine though you would give new customers that much quantity of material without a big advance payment. It’s very strange. I did ask how the commission structure worked for cut to size material for sivec, I know how they work for block marble and if revenues were pre commission or after. Nothing. Holding. This is the only share I’m down on and I thought it was the most likely to do well. Shows what I know!

Still happy to hold :)

I would have thought like any non performing company, the administrators! Can’t see that happening here, progress is progress. They quarries 5400 tonnes. It would have taken 825 tonnes of that to fulfill the 2 tiles orders. The lack of revenues suggests either payment is forthcoming, there are commission costs I haven’t realised or they have stockpiled more marble that hasn’t sold. I wait to hear from the company. One bad point the quarrying is always meant to start up in March. When has they ever actually happened? One good point, I said some time ago their target of 40000m2 of processed material will probably be upgraded. I stand by that they did 10000m2 of tiles and the cnc machine was only operational for 10 weeks. The processed stuff was why I am invested, not so much the block marble. But not if they are producing it at give it away prices. The average price they commanded last year was 70 a square meter so time will tell.

I have emailed investor relations. I will update when they get back to me. The h1 results including those 2 orders should have been out of the park, substantially over a million.

I’m at work so just a short one. Vindicated in cut to order orders, they have obviously smashed it if just 2 customers took 10500 square meters worth. BuT hold on I thought that was worth 90 euros a square meter? Shouldn’t that be a million revenue in itself. And no mention of your largest Indian based customer that was meant to be taking everything you could dig up from malasheve. Problems at the quarry or the customer taking the 1000 tonnes of blocks each month they said they would? Progress yes, but not enough. Needs clarification I will be contacting the company later.

Don’t worry it’s from fox marble.

I would like to announce a new sales order. TW ordered 2000 euros of marble in June for his place in Greece.

Update tomorrow hopefully.

Your welcome guys. I just wanted to make the point that fox have to deal with private landowners or they would have a very niche supply of marble. I thought they were good business deals myself. I just use a rule of thumb that an average 20pc of block sales may be commission. I’m pretty sure that wouldn’t apply to cut and polished marble. I wish I could have gone to the investor show and seen CG and asked a few questions. Thanks for the feedback on the meeting. He comes across well. Light volumes showing on the nex exchange today as well, it looks like typical aim stocks swinging on small trades. I totally agree with you unvrkw, I just want to see steady progress. Revenues of a million plus would be good, and definitely no nasty surprises with factories or quarries or customers not taking what they said they would :) Have a good weekend all.

Good luck on your top up Ctw2014.

Maybe I'm in the minority but I haven't heard anyone pushing for a change of management, especially when they own about 10pc of the shares each. CG's business partner Etrur Albani was the chief adviser to the Kosovan Prime Minister for telecoms. He has the political and business connections in Kosovo and both him and CG have spent the last ten years trying to drum up investor support to raise money for this venture and then get it underway. They have more to lose than anyone if this doesn't succeed.

They do have third party arrangements with private landowners but I'm not sure they had a choice as only some of their quarries had municipal agreements with the Kosovan government and these didn't have the most desirable marbles or ones that could be sold at scale. Also Fox quickly realised to gain traction they had to have a range of marbles to attract developers, especially the go to white colours.

The Cervenille quarry they only pay half a euro per tonne mines to the Kosovan government but that covers Rosso Cait, Flora and Grigio Argento. Only the last has sold in any great volume.

The Malesheve deal in 2013 was company making. They have to pay 20pc commission on profits to a local company who own the land, so deductions can be made for quarrying costs so commons will be less than that. But when you consider they have 3 types of of illyric marbles which they can sell in massive amounts the royalties have to be worthwhile and were company making.

Similarly the Cervenille quarry originally had a 25pc net profit royalty but the Breccia Paradisea and Etrusco Dorato marbles command significant premiums and increase there range to offset the white colours.

The Prilep quarry in Macedonia was the worst deal but probably necessary. The original Omega quarry was ready to go and needed no work but Fox only got 25pc of all revenues and had to fund all quarrying costs. 75pc went to the landowner. They probably made very little on this but again it increased the range and opened doors for the sales team. The terms have subsequently changed and Fox now receive 42.5pc of revenue, probably because they took an option on a neighbouring Omega quarry with better terms. As Sivec accounts for less than 20pc of all fox sales and probably falling this year to less its not a major issue.

They do have other quarries where they will pay no commissions, only half a euro per tonne extracted but these will take at least a year and significant money to get to a commercial stage.

In an ideal world the Kosovan government would have had rights to all the land and there would be no commission. But fox marble have always been clear on the costs and you have to base the investment on those terms.

the link for you :)

http://dino-5.com/

I can't see how they can be a company worth 1.5 million in sales to us each year.

We may be completely off the mark, that's fair :)

I'm encouraged that Mahadev Marmo have a video of their Fox marble deal on their homepage. Maybe they will start to take other marbles as well, they are a huge operation

Unvrkw, if you want to brush up on your Albanian can you tell me what you think of Dino Company in Kosovo? Based in Pristina I think they must be the large construction group dino marble was part of.

no not me.

Just got an alert, but it was a holding rns. Flat out this week, I have the landscapers in at home and have just been promoted, so thrown in at the deep end and have to sink or swim. I hope the update is next Monday.

Haha, the gamble is that 1.8 million, 1000 tonnes a month delivery to Mahadev. Or as ray would say it’s all about the in play will they deliver? I low balled h1 sales as that’s the big unknown. It. Should be worth 510000 - 600000 for the 3 months the quarry has been open this year. But even opening a second bench will fox fulfill it? Or even get close? History tells us they won’t. But if they did revenues would be out of the park. There are a lot less unknowns than before with every other supplier. As I said before simsekler and om enterprises are a guaranteed 300000. The gcc order took 50000 in jan and paid up front. I haven’t included anything from the other 450000 they paid up front, so that is 350000 guaranteed h1 revenues, it will almost certainly be more. Slabs have been going for 6 months, cut to size orders for 2.5 months. That one Turkish bathroom they supplied had to have been worth 10000 in revenues. But the first cnc job was for a mansion in south London for 5 bathrooms, 1 kitchen and a common area which was cut in a day. How much was that worth? And the weekly walk ins to the factory as well, it’s hard to know how much they are selling through that. Chris said anecdotally one walk in took 4 containers of cut material that was ready and was shipped to the Far East but no materials or dimensions were included. With revenue streams coming in from so many places and block marble stockpiled in every quarry except malasheva im pretty confident it won’t be a complete pigs ear anyway.

True. It’s hard to value this until it’s profitable and has aP/E ratio and potential dividend. Roll on the update.

And yes definitely no more.!

I was thinking the same thing. We may all be experienced in becoming paupers!

Sorry that link changed to this

https://store.wallpaper.com/en/handmade/cleansing-plinth-white-FOMA18CLE513WHI.html

I changed my mind and put in 10k more, and took 10k out of another share. I like the risk/reward here more, but that's the last top up. I probably have about the same amount of shares as you now.