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18-01-2014, 12:37 AM
Just to clarify.
RMB195m is not the FCF in 2014.
It is the sum of RMB120m profit (based on estimated Q4 2013 profit of RMB30m) and non-cash expense of RMB75m (based on RMB18.8m for Q3 2013).
RMB195m is an approximate amount of cash available for capex, working capitals and dividend in 2014.
No assumption has been made on the amount of cash generated from the new steam generation business.
RMB195m is not the FCF in 2014.
It is the sum of RMB120m profit (based on estimated Q4 2013 profit of RMB30m) and non-cash expense of RMB75m (based on RMB18.8m for Q3 2013).
RMB195m is an approximate amount of cash available for capex, working capitals and dividend in 2014.
No assumption has been made on the amount of cash generated from the new steam generation business.