The report from BP on SM1 was before A2M and SM1 revealed their H1 reports. The contract was renegotiated in July, 2018. So the perception was A2M were giving SM1 too much margin prior to seeing the results of the renegotiated contract. Thus SM1 was perceived to be 'over-earning'.
Both A2M and SM1's H1 reports indeed do show that A2M was giving away too much margin as A2M reported higher margins since the renegotiated contract. We did not attribute much of this to taking margin off SM1, but now that SM1 have reported, we see A2M has taken margin off them as per your quote from their report. So it confirms that SM1 were 'over earning' and under the new contract it has normalised, rather than BP's view of the exact opposite.
TEN RED today GREEN on SYNLAIT News.., page-25
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