9h 57min, feb 7, 2025 y - Sulzer Chemtech Update

Description:

Luberef Project:
- 10 years ago in Saudi
- 3 mini projects contained
- contract asset and contract liability gone in FY24 as it has been invoiced
- 3 issues left
- Descope issue; original contract asset potentially overstated by £2.6m; booked to current year R&P agree

- Saudisation penalty completeness/existence; omission recognised by Sulzer Board but no formal evidence
- Drawings not provided to customer which is part of the agreement
- £250k unrecognised revenue; Alban pushing back
- 3 final invoices for Lubref

Jhuffali Agent
£7m receivable - no balance confirmation, £1.5m after date cash received

Recoverability of Lubref and Jaffali (in-house legal confirmation no recoverability issues)

Group PM £1.4m
Local PM £230k

Added to timeline:

Date: