Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27

even allowing for seasonality it’s going to be fairly flat this year after the flat Q3. Hopefully will get the rewards next year.

if we were optimistic and said we could achieve 19 million in EBITDA then positive npat is possible

. EBITDA 19
lease adjustment 3 million

gives 22 million

interest 2.8
dep. 9.2
shares. 2.0. (Probably low)
acquisition costs .8
impairment 5.0

so 19.8 million gives a small 2 million profit before tax. Every million under cuts into that. Of course this is all guess work. If we could achieve it in a flat year then we are looking much better for next year.

not sure why some people think a cap raise is necessary. Once the WIP unwinds in June then they should be back to a decent cash balance even after paying nearly 7 million of the 17 million deferred consideration in cash. And sinking another million into Daltrey. Might need to be a bit more careful about that in future. Any investment can go down, but that seems really quick after giving them more money…..