Ann: Appendix 4E and 2019 Annual Report, page-20

Just to add my two cents. ASH generated operating cashflow (pre working capital) of about $11m in 2021 which amply covers the dividend, however the working capital investment of ~$6m brought operating cashflow back to about $5m. Given their was a 40% increase in LH activity in June, the increase in working capital was to be expected. This is a nice problem to have and we'll continue to see working capital investment until the growth starts to slow down. The working capital investment should also mean we will see strong operating cashflows if this business starts to slow and the working capital investment unwinds. Trade receivables performance/collections also looks healthy, so their customers appear to be paying on time and in good financial shape.

Having been in ASH for many years, this seems like a stock where you will be handsomely rewarded for long term holding through big dividends and modest price gains, but its a mugs game trying to guess when its share price will ever reach its intrinsic value (which in my view is currently 80c+ with upside from there).