Not so bad ..., page-3

First 3 Last

Share
Profile

Follow
thecone

2,490 Posts.

127

01/09/17

20:20

Post #: 26943141
Share

Originally posted by miningnut ↑

My few thoughts on the numbers:
1) Cash at bank $11.21m higher than I expected but only because Gold awaiting settlement(Note 7) was down from $12.51m last year to just $0.31m this year. They used to wait for a month for gold settlement but now it looks like just one day as $310k is the value of one day's production. Now I'm thinking this might have something to do with a 100% owned subsidiary that was incorporated in HK on 23Jan17 named Komo Diti Traders Ltd(Note 22) - sounds like their gold buyer is a HK organisation and that Komo Diti has a USD bank account where funds are deposited before being transferred to the Philippines and they might keep a percentage of the receipts as profits in HK. I think a reading of Note 28 confirms this.
2) Trade and other payables $19.57m against $13.44m last year. That's a large amount this year and I wouldn't be surprised if they did a large creditors cheque run on 1st July. So maybe a little bit of Balance Sheet window dressing for 30th June between cash at bank and trade payables.
3) Exploration, evaluation and development capitalised A/c $122.99m is broken down to Exploration and evaluation $56.55m that will sit on the Balance Sheet and not get amortised, and Development that is amortised over the expected mine life - they used eight years in FY17 so will amortise it at 14.3%(seven years) in FY18.
4) Total Borrowings $10.50m as against $7.57m last year. That is not onerous and with expected cash flow surpluses in FY18 will be easily managed if repayment is required.
I think their net cash position would have been much tighter during the first four months this year but that good production in May and June has eased the situation to a large extent.

Expand

Thanks for taking the time mn.
At work at mo so cannot fully scrutinise your notes with thee notes.

Was worried it was a friday avo ann.

Cheers tc

MML Price at posting: 29.0¢ Sentiment: Buy Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

SIG

Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

GRL

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

DUI

Panic, paranoia, and gangland politics: HotCopper users react to Dubber's missing $26M

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Week 47 Wrap: HotCopper users' most watched; Brent lifts on Putin's scary letter; RFK dents CSL

LPE

Sales growth pushes Lovisa's fortunes (and shares) upwards

HotCopper Highlights: Your most watched stocks for Week 47, 2024

PYC

Scientific conference spotlights PYC's work on blindness disease treatment

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

There are more pages in this discussion • 2 more messages in this thread...

First 3 Last

Add MML (ASX) to my watchlist

Not so bad ..., page-3

Top Stories

Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Panic, paranoia, and gangland politics: HotCopper users react to Dubber's missing $26M

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Week 47 Wrap: HotCopper users' most watched; Brent lifts on Putin's scary letter; RFK dents CSL

Sales growth pushes Lovisa's fortunes (and shares) upwards

HotCopper Highlights: Your most watched stocks for Week 47, 2024

Scientific conference spotlights PYC's work on blindness disease treatment

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects