Reported earnings are clearly terrible, but how about Cash Flows? As at Dec15, HIL's had Net Cash of +$1.7m. As of todays announcment HIL's now has Net Debt of $25m. $5m can be explained by payment of interim dividend (2.1cps). They also purchased Holliers, but no purchase price disclosed, so can assume it is probably a couple of million. And no cash has been spent on the buyback during the last four months. So it implies FCF for the 2H15 is a disastrous -$20m. Wow. Any thoughts on this issue?
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