Ann: Half Year Results Announcement, page-4

And they continue to be inconsistent in their description of their cash position. Gross, net, overall etc are used in ways that are difficult to follow.

Remember their 2016 full years said that they at 30 June 2016 they were owed $8m at Hastings due to a timing issue in the contract. If you factor that in, they're clearly cash negative for 1H17, and that's with higher HGV occupancy than they now expect moving forward.

Difficult times ahead.