I understand adjusted earnings measures. My point was that if analysts hoped for 20m, was that an adjusted 20m or statutory 20m NPAT? Because if its statutory that means there were significantly more costs than anticipated as statutory was only ~3m.
The bigger issue is really KGN cashing up enough of the inventory so it can pay the 160m in current liabilities and purchase new on trend stock. It only has about 90m in cash, so a big chunk of the 220m in inventory needs to be liquidated.
Ann: Kogan.com FY21 Results Presentation, page-109
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