Positive vs Negative, page-27

That is what the AFR is also saying. However, with the burn rates accelerating (not reducing), the task is extreme, to say the least. Below is my own abridged version of the Acid Test which basically shows that their assets cover first halved, then deteriorated on a re-stated basis in 2014 before becoming stuck in a perpetual motion setting since then (absent H15 where the benefit of several acquisitions just prior to the Dec31 half year artificially inflated the results):

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14	Column 15
0		F10	H11	F11	H12	F12	H13	F13	H14	F14*	H15*	F15*	H16	F16	H17
1	Assets
2	- Cash	30	7	4	2	4	1	20	9	25	16	97	52	82	57
3	- Receivables	67	79	96	94	128	118	131	200	184	262	574	633	529	475
4	- WIP	112	153	189	191	246	267	299	393	192	562	455	429	362	331
5	- Total	209	239	289	287	378	386	450	602	401	840	1126	1114	973	863
6	Liabilities
7	- Payables	33	45	61	48	81.5	77	92	169	191	229	613	567	464	431
8	- ST Debt	7	11	7	10	12.5	15	20	3	9	30	4	4	4	23
9	- Total	40	56	68	58	94	92	112	172	200	259	617	571	468	454
10	A/L cover	169	183	221	229	284	294	338	374	201	581	509	543	505	409
11	- A/L Ratio	5.3	4.3	4.2	4.9	4.0	4.2	4.0	3.5	2.0	3.2	1.8	1.95	2.0	1.9

F17 (if SGH lasts to then) will likely see a further deterioration given that there will be a significant shift in the debt column from LT to ST (due to the original May18 maturity date then approaching). It therefore looks like that both Skippen and Grech will have to be sand blasted out.