Ann: Quarterly Investor Update, page-4

My query was why Ebitda was 8.1 mill yet operating cashflow just 4.5 Mill. There was no mention of working capital movements as far as I can tell but feel free to correct me.

Revenue is up 13.9% yet Ebitda just 6.4%. Again I don’t understand, all that is mentioned is that as more rigs increase costs will decline. Well they’ve just delivered over 13% in revenue increase yet Ebitda is 6.4% up. Operating leverage appears to be very high or not being controlled.

It all great to say outlook is wonderful but at the end of the day you can be in a market with exceptional growth potential, if you can’t execute and deliver on bottom line numbers it means little.

Again, check the most recent FY result, Revenue was up 9% yet Ebitda only 2% and bottom line a decline of 35%. Clearly there’s an issue here and that increases in revenue isn’t flowing through.