Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Think I've spotted a typo in the forecast 2022 EPS figure: https://www.marketscreener.com/quote/stock/MORGAN-SINDALL-GROUP-PLC-4002325/financials/
EBITDA, EBIT, PTP and Net Income all show an increase
Well he told us they've already invoiced 125kt (35 H1 + 90 Q3) YTD so the 150kt target looks likely to be exceeded. I was pleasantly surprised to hear that nearly all orders taken will invoice this year. Ditto that debtor days are 30 days (sounds like the customer credit arrangement with bank has made a big improvement here).
Most of this was covered on the last IMC interview in July. Deposit is 10% (doubt it's refundable or what would be the point?). The bigger question is what is the revenue recognition policy for deposits? Customers pay on 'harvest terms' i.e. pay after they have sold their crop. That will depend on how long the crop in question takes to grow and the mix of intended crop will probably vary year to year. As long as bad debts don't start appearing I'm not too focused on this, you'll see revenues, cash and trade receivables grow when the product is delivered. I believe the arrangement with the bank provides some kind of factoring facility which will see some invoices paid immediately.
I wouldn't be surprised if some orders already placed this year are for delivery in 2023 and the clarification RNS supports this 'The difference between these two numbers of 82,525 tonnes relates to the orders that are to be processed and invoiced post 30 June 2022'. The original interim results RNS however, told us that the company expects to invoice 150kt this financial year 'The Company is maintaining its 2022 year-end sales target of 150,000 tonnes of KP FĂ©rtil'. Some have suggested that figure refers to sales orders but that would make no sense as we are already past 150kt at the 9 month point.