Ann: Transerv Funded to Progress Opportunities in 2017, page-19

I guess that's my point. To "receive" $9.3m in R&D Tax Incentive-related refunds, that implies expenses (that have been offset by income, in the tax return) of $93 million. You don't get a refund if your revenues fall short of expenses (i.e. you have not paid tax), so this implies revenues from that "project" of over $93 million (to TSV, not as a whole). So if you divide by (1-0.65) (to account for the Alcoa share) that implies total revenue of $265.7 million from Warro alone ($93m being TSV's share, and $172.7m being Alcoa's share). Remember also that R&DTI is done (calculated and paid for) on an accounting year basis. That is, the announcement implies that in one year Warro generate total income in excess of $265.7 million.

As I said - happy to be shot down by a tax expert - but that is my understanding of the way it works. Its not a "grant" but a tax rebate.


Regards
Kit