"Based on volumes advised by Qenos Pty Limited for the period to December 2014, it is expected that revenue will decrease by up to $2.0 million in that year, continuing at this lower level thereafter"
says without any qualification "revenue will continue at this lower level thereafter"
from the chairman's report 21/9/2012
"In August 2012, Qenos advised the Fund of revised forecast throughput volumes to December 2014. This is expected to have a minimal impact on FY2013 revenues."
"The impact on FY2014 revenues is expected to be a reduction of $2.0 million, compared to prior forecast volumes. This reflects lower annual volume forecasts as well as a reduction in volume for a major plant maintenance shutdown currently scheduled for the second quarter of FY2014, for 4 to 6 weeks. Qenos has indicated that they will advise the Fund of any further relevant information on forecast volumes as and when it becomes available."
so the latter statement leaves unclear what the volumes and revenue are likely to be beyond fy 2014.
so summing up expect the remaining 3 qtrs. of fy2013 distributions to remain at the current level, and the distributions for fy 2014 to be at half the current level.
thereafter - who knows?
GK
EPX Price at posting:
$1.71 Sentiment: LT Buy Disclosure: Held
