RD,
I suspect you know something about accounting. A couple of weeks ago I questioned the priority of the cash flow. 2013-2016 the company reported over $200 mill in operational cash flow. The same period they spent approx $240 on capex.
Now, in 2017 and ex TRW, we have seen around $27 mill in operational cash flow so far and could expect maybe $35 mill in total. Of the $27, we saw $21,5 spent on capex. No more was available due to disagio and repayment of loan. The last CC they even bragged about reducing capex, while the fact is that they could not have spent more and brought cash to a "ATL" around $1.8.
The Swede suggested that capex went partly into seeds. I have thought about this and IMO seeds must be found booked in inventory. Would you agree on this?
The balance line in 10K is called something like Property and Equipment. No increase in Property lease, leaves us with equipment. And with abbatoir closed, how could we spend around $25 mill (I'm estimating $3,5m in Q4) in 2017? It's a lot of money and you must wonder why none of these are reversable/sellable as new equiment or even refinanceable into leasing? It's like putting the kids to sleep while the house is on fire.
And what have we to show of the $240 mill capex the last years. Where is it to be found and why are we not able to free these assets or anything at all from our $800 balance to pay cash dividends? Have they ever? I think I found three occations where they paid $0,01 each time.
It's so simple and clear, and this is why we get a board divided into the two obvious possibillities (a. the management is crap, b. they don't control or own the assets). Maybe it's both, lol.
