Ann: Investor Presentation - Half Year Results, page-23

Not sure how you look at this figures but I am like Burwood said above make sure that any special one off items to be removed while looking at this numbers so basically if you remove $7,659,000 government hand out from 2020 then you will have net cash for 2020 about $19,972,000 which certainly lower then net cash of 2021 where company didn't receive any handout... IMO.

You may argue about margin difference but fact remains they got new company added in 2021 so it will take time to achieve efficiency or cost - saving through synergy... IMO. While they will try that I am certain that it won't make margin of 30% because as the company goes bigger and bigger the margin goes down unlike self employed trady who asked me to pay him $3,000 for the work which he is going to finish in 6 hour by 2 labour and material cost of $500 maximum... and that is why it is important to know what cash they have in hand and what debt they carry... IMO. Based on this at the moment SXE has enough cash and zero debt so it will be interesting to see how next half goes.... IMO.