Member Info for f15jcm

I think the market has taken umbridge at the fact that EBITDA is up but cash is down. Cash was £6m at year end so the VAT repayments don't explain it all. EBITDA doesn't appear to be a good proxy for cash flow. Perhaps there have been R&D investments (capex) into the software division that haven't been detailed? Perhaps it could be explained by movements in working capital but without an explanation there is uncertainty.

Disappointing for what is my largest holding. There was a very large H2 weighting last year, I had hoped it was a sign of revenue momentum. Unfortunately not the case. The words don't align with the numbers. I'll give it until year end since profits appear to have increased.

Analysts only predicting $56m of net sales for this year. They're going to be about $70m

I watched the presentation today. Oli seemed to answer the question about operational gearing by talking about financial gearing but apart from that I liked what I heard. 20% EBITDA margin would be transformative (currently ~7%). I think the acquisition looks good, they haven't overpaid and have already achieved synergies by sharing office space. Cross-selling presents real opportunity

Brian bought at 18.5p in June 2018. I think it's safe to say things haven't moved as fast as he expected

This is the only board on LSE that I post on these days. I actually think it's quite balanced with some reasonable and knowledgeable people. 'He of several monikers' seems to have moved on to ADVFN and I can't say I miss him. Given the SP and lack of evidence of any actual profit, if everyone was on here was positive it would be a forum for the self deluded.

I think you'd find it quite impossible to take out a short position on HMI. No borrow available.

Brian is a chartered accountant, the opacity isn't due to inability, it's his deliberate choice

Brian saying all the right things but he's shady AF and he clearly needs to rebuild trust with the market. Yes the interims didn't include Q3 sales (duh) but we do know what sales were in H1 and there was an ocean between the two. He has repeatedly said the company is profitable (on a cash accounting basis) so if cash hasn't gone up come year end, I'm out.

A cash position would have been helpful though it wasn't provided in the last sales update either. Without clarity the market is always going to be sceptical and rightly so.

I would expect sold to mean invoiced, in which case the revenue would show up on the income statement, irrespective of whether payment has been made in full, in part or not at all. I'll reiterate what I said before, receivables haven't increased despite increased sales so either the product hasn't been invoiced (in which case, why?) or the cash has come in. Brian said the company is profitable on a cash if not an accrual accounting basis. The accounts show an accounting loss and cash has fallen, no explanation is provided. All this from a man that so far, has not delivered. Compare Brian's commentary to that of a FTSE350 miner, it's woeful.

Revenue and margin is what matters, not tonnage. It's very poor that management have provided zero commentary on pricing despite selling at only ~1/3 of what was originally communicated to shareholders. Not getting RNS's out for 7am is another irritation.

About time the NOMAD earnt their money

Correction, they are only getting 30 AUD/tonne. Why were shareholders previously advised the sale price was 50-60 USD/t if prices are in fact fixed in local currency??

Worth pointing out that the accounts receivable balance had actually come down slightly despite the increase in sales.

Isn't the credit facility offered to farmers a bit like invoice financing? This would mean Harvest were effectively getting cash on delivery?

Can someone explain this to me from the 2020 results? How do accrual accounting and cash accounting, reconcile?

Harvest has previously stated that in broad terms, "breakeven" is represented by sales of approximately 40,000 tonnes of KP Fértil®, accordingly, having sold 54,000 tonnes represents Harvest achieving its maiden profit on a cash accounting basis. Note, however, that these financial statements are prepared on an accrual accounting basis.

I agree with your comments but it is to be hoped that there is some pricing power held in reserve. Brian hasn't corrected the market since he said b/w was at 40kt/year. It's clearly well above that at the current USD/BR FX rate and I suspect it was when he last said it.

Trouble is, due to the weak Brazilian Real they are only getting 30 USD/t

Technically I think you are right but I believe you can apply to UK courts to work around this and it's a mere formality

They won't. Even if they made loads of money there is the limestone project to appraise and develop