RE: Presentation
I think the answer is in the difference between calculation of "free cash flow" and "net income"
Net income, as you pointed out, will be negative for 2013.
Free cash flow is going to be close. I estimate (-14M to +22.9M). I know, quite a range. Lot's of possibilties with production, down-time, POG, etc etc
Look here for explaination of free cash flow:
https://www-student.unl.edu/cis/fina361b04/online_course/unit3/lsn08-tp01.html
Quote:
The Irrelevance of Financing
When evaluating the feasibility of a project, the financing costs (interest expenses, costs and fees associated with financing) should not be taken into consideration. The mode of financing does not affect the NPV of a project. The firm should not deduct interest expenses even if they are actual cash flows. The intuitive explanation is that by discounting the cash flows generated by the project, the firm has already considered the time value of money. If interest expenses were deducted, these expenses would be double counted, similarly as the expenses associated with depreciation. We also know dividends, the return paid to equity holders, is a fixed expense that is not tied to a specific project. If the project is financed through a mix of debt and equity, the discounting process accounts for both interest and equity costs. Also, it should be mentioned that financing reflects the firm’s long–term capital policy and not its short–term capital needs.