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Ann: 2021 Results Commentary, page-19

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    Now do 2016!

    They've been stalled out for over 5 years - and given that they've since translated their spare cash into a bunch of semi-related small businesses, this is even more ominous than just "flat" revenue looks. They're pretty much out of spare cash now - if their net asset position is positive overall, it's largely because they've turned a cash pile in 2016 into a "intangibles" pile in 2022.
 
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