kha341 wrote: Clipper2 wrote:
2018 the full year the Revenue adjustment received (RAR) was 66.05m
2019.......Revenue.......Revenue adjusted payable (RAP)........Revenue after RAP
Q1...........101.04m.................57.08m ......................................44.31m
Q2............75.79....................46.32m........................................29.46m
Q3............52.53....................20.41...........................................32.12m
Q4............47.60....................13.45...........................................32.12m
.................................total.....137.26m (RAP)
Bl**dy ridiculous.
Some explantion needed.
In my opinion the amount of remeasurement adjustments in favour of G in 2019 was worse than the amount of RAP reported in the same year.
"The Company’s only financial instruments susceptible to price risk is its trade receivables and trade payables,which can vary with the market price of vanadium"
Q1-19 Sales from contracts with G = C$101.4M
Q1-19 RAP (in favour of Glencore = (C$ 57.1)M
Q1-19 Total Revenues = C$44.3M
Q4-18 Trade Receivables (G owed to Lago) closing balance = C$55M
Q1-19 Trade Receivables (G owed to Lago) opening balance = C$55M
Q1-19 Trade Receivables reductions due to remeasurement = (C$55M)
Q1-19 Trade Receivable (G owed to Lago) closing balance = Nil
Therefore the total remeasurement adjustments processed in favour of Glencore in Q1-19 comprised 2 components which are a reduction in revenues ( or RAP C$57.1M) and a reduction in AR (C$55M) for a total amount of C$112.1M
Q1-19 RAP (in favour of Glencore = (C$57.1M)
Q1-19 Trade Receivables reductions due to remeasurement = (C$55M)
Q1-19 Total remeasurement adjustment = (C$57.1M) + (C$55M) = (C$112.1M)
So I reckon that the total amount of remeasurement adjustments in favour of G for the whole year of 2019 should be C$192.26M as compared to C$137.26 RAP.