EWC 0.00% 2.0¢ energy world corporation ltd

Ann: US$75M Investment by Standard Chartered Priv, page-11

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  1. 171 Posts.
    re: Ann: US$75M Investment by Standard Charte... Malmanu

    You did not read the balance sheet correctly. It is clear that you did not read the notes to the balance sheet. In fact I wonder if you can read at all. No wonder you claim there is no transpency.

    There is $119m in unrestricted cash.
    There is also $192m of restricted cash.

    Meaning there is net debt of $40m.

    The restricted cash is held in reserves to repaid and service the debt.

    To summarise:

    $75m SC revolver - fully drawn; $75m held in restricted reserve accounts to repay this.

    $200m PTES non recourse facility SC/Mizuho (also the french and german government) - $142m drawn, $23 held in resticted reserve accounts for servicing this.

    $88m EEES facility SC/Mizuho - $82.5m drawn, $42m in stricted reserves accounts for debt dervicing

    $51m HSBC revolver - $50.5m drawn, $51m held in restricited reserve accounts to repay this.

    So in total the debt looks like:

    PTES non resourse debt secured against the ppa $119m
    EEES debt $40m secured against the psc.

    Less unrestricted cash $119m

    Net debt $40m

    On a recourse basis there is actually $80m net cash.

    Is there any bit of this you still fail to understand? You know how non-recourse debt works? Does someone need to lead you through that as well?

    Jesus wept. what a moron.
 
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