yes COGS have been stated to be around 82% although receipts from customers are a combination of two charges:
Electricity billed at 18% margin
Payback of conversion capital costs about roughly 7% of the reciepts from customers
I think this explains why COGS are typically 75% of receipts if you have a look at P&L and 4c's. would be good to have this confirm thou
Ann: October Operational Update, page-268
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