Member Info for Snapper10

PFC Balance sheet

Year

2015 2016 2017 2018 2019 2020 2021 2022

Current assets 5,502m 6,209m 5,591m 4,329m 4,948m 3,378m 3,094m 2,664m

Current liabilities 4,914m 5,029m 4,982m 3,794m 3,922m 3,336m 2,221m 2,846m

Total capital 2,500m 2,520m 1,766m 1,083m 1,232m 483m 1,239m 129m

Total debt 2,660m 2,380m 2,126m 1,087m 1,448m 1,113m 1,015m 1,009m

Total equity

---------------- 1,230m 1,097m 912m 707m 633m 433m 475m 129m

"PFC will get Cash Windfall when Legacy work finishes" .............What a load of Bo@llocks

Legacy Contracts are not Jobs that are being paid for by the Client........

They are contracts that are late due to PFC issues with the EPC process which PFC are held responsible for under the Contract ..........

95% of the EPC work PFC have is Fixed price..........FACT THe PFC Accounts state this......

The Legacy issues are because PFC have for years misled shareholders regarding the true status of this EPC work..........

To correct these mistakes its PFC money that is being used to fund this work........

There is NO /NONE/ZILCH/ZERO money coming to PFC from legacy contracts its a total DRAIN on PFC in every shape an form.......

And all the time these Legacy contracts run the Performance Guarantees and the Various Associated Bonds supporting Legacy Contracts are still in place..........

The FACT is Because PFC have a History of Misleading the Markets and Corrupt Business Dealings......Nobody Trusts them and the Legacy contracts are burning the PFC Dime.........And the real Investors are now wise to this.......

So forget any Cash Windfall coming the PFC way in fact the Legacy issue is increasing not decreasing..............

Dream on.............

Important Message from the Financial Conduct Authority

Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse

I left PFC .........via a letter of resignation in which I received a glowing Reference for contribution to the project and knowledge from PFC........

In fact it described myself "Extremely Knowledgeable Professional employee "

not something you would write if your getting sacked........

Never kicked out..........Thats why my Testimony is priceless it is the truth and PFC have read it on my witness statements........ as they say Read it and Weep......

Whos business is it what I own or don't own,Now End Of Story......

Disgruntled no.......I am very happy about PFC considering the Shares were £17.50 and what are they now.......????????

its the truth and in the case of PFC it Hurts.....If only they had listened...........

oh and By the way.....

Important Message from the Financial Conduct Authority

Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse

Only Good News Welcome........HA HA HA

PFC have had new contract Awards.........and what has that done to the share price........Because all the prior contracts were loss makers and continue to drain PFC.....

What guarantee any new work is Profitable........All the prior Jobs have lost money....

Its Made IT worse........ DOWN DOWN DEEPER AND DOWN........

Then please enlighten me why the Share Price is where it Is.........Because PFC have a History of Misleading the Markets and Corrupt Dealings......Nobody Trusts them and the Legacy contracts are burning the PFC Dime.........And the real Investors are now wise to this.......

The BAD NEWS IS THAT IT BECAUSE OF LEGACY ISSUES AND ITS EFFECT ON FUNDING AND THE UNCERTAINTY IN HOW BAD THESE ISSUES ARE............Nothing will Change

Remember this share was December 2012 PFC Share £17.50 each

Today £0.51 each.

The Truth is very Painful............

The Share Price Reflects PFC worth.....and its toxicity NO COMPANY WILL BUY PFC AS A INVESTMENT.....ITS A TOXIC ENTITY.............

Its a Forum not a Propaganda instrument...................

95% of PFC EPC contracts and are on a fixed price basis........FACT there Accounts reflect this.......

The Legacy issues are because PFC have for years misled shareholders regarding the true status of this EPC work..........

Legacy work is in some cases 5 to 7 years old............

If the status of that was not true then PFC could close Performance Guarantees and the Various Associated Bonds supporting Legacy Contracts..........

This is a massive issue, WHY DO YOU THINK THEY THEY PFC HAVE OWNED UP TO THIS FACT.......

Previously it was not a issue.........Because they PFC buried this Issue don't you think considering the SFO and the associated criminality the auditors have trailed through everything only to protect the auditors........

Thats why Legacy work is TOXIC.........

Remember this was December 2012 PFC Share £17.50 each

Today £0.51 each.

Bury Your heads in the sand and blame everything else so as you can justify to yourselves that your money is lost...............again I highlight and please Remember this was in December 2012 PFC Share £17.50 each

Today £0.53 each. The Share Price has Dropped £17 since the start.........

The Truth will out..............

Cheapshares Idiot

I Would not recommend anyone to Buy PFC Stock........

And I certainly would not buy them

In 2012 when I was giving PFC shares they were £17.50..........

Today the same PFC shares are £0.53 each.........

and since 2012 till today they have went down........... and only down............

DYOR

December 2012 PFC Share £17.50 each Asfari worth £320 million

Today £0.51 each.........today Asfari worth £9.6million

Any Guarantees will be supported by Share values I would have assumed.......

Meltdown...........

The cost of a performance bond depends on a variety of factors, such as the size of the project, the Ccreditworthiness of the contractor, their license history, and the overall financial strength of the bonding party. In general, the rate usually ranges between 1.5% and 3.5% of the total value of the performance bond.

In the Case of PFC the 5% to &.7% is the most likely............

And the Best Bit Banks don't make mistakes............Aye Right.......

CheshireMad

Your knowledge on contracting astounds me.........

Without Bond there are no contract awards.......

And when a company has a bond pulled the House of Cards Collapse.......

Whats the Status on the PFC Bonds???????

£17.30 Share in 2012.........

Today 0.53p........

Petrofac credit facility is US$1.2 billion syndicated five-year revolving credit facility. Barclays and Standard Chartered acted as coordinators for the facility.

The facility is for general corporate purposes. Drawings under the facility are priced at between 150 and 200 basis points above Libor dependent on the level of utilisation.

How much of this facility is utilised to support Legacy issues and in the support of Performance Bonds and Completion Bonds.........????????

It cold be as much as 60% based on legacy contracts that are not complete.........

Not a lot of cash to run a Business when you take into account Sub Contractors and major Equipment Suppliers who will only deal with PFC on a cash positive basis..........

DYOR..............

The nature of an advanced payment is determined by the manner in which the contract is drafted. In most cases, the advance payment is simply an interest free loan since it is paid at a time when no value is received by the client in return. The loan is then repaid as the works are executed (or services are performed or goods are supplied), usually through deductions from the amount due at the relevant time. This type of regime is provided for in some of the standard form contracts including FIDIC (sub-clause 14.1) and the NEC (Option X14).

Advance payment regimes can vary significantly, with different consequences as to whether, and to what extent, the advance payment is recoverable and on what basis

However, nothing stops the parties from agreeing that the repayment of the advance payment will be subject to interest that runs from the date on which the advance payment is made until the date of repayment. This can act as a means of compensating the client for paying the amount upfront; or to deter late repayment - which, in this scenario, translates to the delayed performance of the milestones linked to repayment.

Should the contract be terminated before the advance payment has been repaid, and irrespective of the cause of termination, the unpaid balance of the advance payment would fall due. For the employer, this is the primary benefit of structuring the advance payment in this manner.

'Where the value of the advance payment is significant, it is usually secured against a bond of equivalent value which reduces commensurately with the repayment of the advance payment.'

The advance payment regime often does not specifically regulate how the amount is to be spent, affording the contractor some flexibility here. In other instances the advance payment might be made for a specific purpose

And all Bonds are usually tied to the "Completion Certificate"..............

Examples of Completion Certificate in a sentence The Performance Security shall be valid until a date 28 day from the date of issue of the Certificate of Completion in the case of a Bank Guarantee, and until one year from the date of issue of the Completion Certificate in the case of a Performance Bond.

Is that not scary or what on Legacy Contracts alone how may Construction Completion certificates Do you think PFC are waiting for.............

Between 5 and 10 % of legacy contract value is being held back.......... and what is that doing to cash flow............

Performance Guarantees and Advance Payment Bonds

EPC performance guarantees require absolute compliance and impose unlimited make-good obligations on the contractor until attained. In other cases, and more commonly, the EPC will assume liquidated damages with a defined minimum performance level. These damages are traditionally capped, often ranging from 5-10% of the contract value.

So prior to a contract start the contractor ie PFC has to put in place a Performance Guarantees and a Advance Payment Bond which impacts PFC overall borrowing capacity and exposure……………

At least do some research into the world of EPC contracting or do you believe the bit about the client finances everything …………….

And on Legacy work these Bonds will be still in Place……….

The Advance Payment Bond is the guarantee which is issued upon instructions of the Contractor in favour of the Employer for an amount equal to the advance payment received -which is generally between 5% and 10% of the contract value (despite it can reach an amount between 10% and 20% for technological or power producing plants).

"As we guided in the half year results in August, in the second half, we expect a positive tailwind from cash advances collected from new E&C awards won in the first half, coupled with the unwind of working capital. "

And to get these "Cash Advances".........

PFC are required to put up Advance Payment Bonds which eat into there funding facility.........

If you decide to work in the world of propaganda at least get it right.........

PFC Annual Report +Accounts 2022

Page 193 (Please Read)

Total Revenue From EPC Contracts £1,307

Fixed Price EPC Contracts £1,204

Its self explanatory why this company is a loss maker....... its exposure to Fixed Price Contracts...........

£17.43 per share in 2012 is now trading at £0.57 per share..........

INCOMPETANCE PERSONIFIED...........

What is it that investors do not understand............????????

The Share price was £17 in 2012...........

The decline started then 10 years ago due to false reporting and inept management and the lack of Strict Project Controls it caught up with PFC......AND CONTINUES TODAY..........

And old adage in contracting is that when you falsely claim something is complete you have burnt the cost and labour expenditure associated......you don't get that back........ Hence having to Rob Peter to Paul.........

When your required to complete that task you have claimed for where does the time and associated costs come from?............"The Contractor"

The Contractor............ and thats burning his Dime but because this is now required to complete the work the associated cost is now as much as 5 times the original planned cost because its now out of program sequence and your overheard is impacted also because of a inability to and reduce manpower in line with the original program..........

This is how PFC operate hence all the legacy Issues.........

Inadequate Project Controls and inexperience in a proper Execution Strategy.........

Its also the fault of Senior Management who comply with this Strategy through weakness and inexperience.......

If PFC wish to dispute this then why don't they publish the Legacy (To Completion Program) if they have one.........

Instead they claim all projects are funded by the Client........

Yes thats completely TRUE........ BUT its based on a PFC tendered estimate and 95% of this work is FIXED PRICE.........PFC don't have a track record of successful completion of Fixed Price Contracts to date............

Trying to create stories about Market manipulation etc..... is absolute rubbish.........

This Organisation is badly run end off Story....... Jan 2012 £17 share is today £0.58 it speaks for it self...........

The Share price was £17in 2012...........

The decline started then 10 years ago and due to false reporting and inept management and the lack of Strict Project Controls it caught up with PFC......

And old adage in contracting is that when you falsely claim something is complete you have burnt the cost and labour expenditure associated......you don't get that back........

When your required to complete that task you have claimed for where does the time and associated costs come from?............"The Contractor"

The Contractor............ and thats burning his Dime but because this is now required to complete the work the associated cost is now as much as 5 times the original planned cost because its now out of program sequence and your overheard is impacted also because of a inability to and reduce manpower in line with the original program..........

This is how PFC operate hence all the legacy Issues.........

Inadequate Project Controls and inexperience in a proper Execution Strategy.........

Its also the fault of Senior Management who comply with this Strategy through weakness and inexperience.......

Will the accounts tell you how much PFC lost this year??????..............

I wonder........

Residual Contracts (State Of Play)as of last year audited accounts.....

UAE Duqm Refinery, 94% @31-12-2021

Oman Tinrhert, Algeria 91% @31-12-2021

HKZ Alpha – Netherlands88% @31-12-2021

HPCL Visakh, India 88%@31-12-2021

Seagreen, United Kingdom 82%@31-12-2021

Majnoon CPF, Iraq 76% @31-12-2021

HKZ Beta, Netherlands Clean Fuels Project, 66% @31-12-2021

Thailand Ain Tsila, 66% @31-12-2021.......

the majority must be near 99% complete now .......... if not why not???????

PFC are burning there own Dime as they say in contracting when contracts overrun and are supposedly complete........

Actually they are burning the Shareholders Dime "your money".............as this is lost money due to underestimation and Poor contract execution .......... something PFC excel at.............

£17 share reduced through bad management and inept Directors