Hi Yes, the higher cash balance despite FY17 P&L loss is because...

Hi

Yes, the higher cash balance despite FY17 P&L loss is because the cash in respect of work that was done in prior periods (and therefore revenue was recognised in prior periods) was received in FY17. Company P&Ls often don't follow cash flow statements - revenues/expenses are often booked, a receivable/payable raised on the balance sheet, then there's a delay until the cash moves.

On FMG - it doesn't make metal (at least to the best of my knowledge), but rather it digs up iron ore which it mostly ships off to China (where a lot of the worlds's steel is made). FMG's fortunes are therefore mostly determined by the global price of iron ore, rather than any domestic issues.