Buying SGH, page-410

Success here are some facts:

- Normalised EBITDAW is not normalised cash flow.

- Gross Operating Cash Flow (normalised) is $7.1m for HY17 improving from -$58.1m at HY16. The reason why the board like Gross Operating Cash Flow (normalised) is because they define it as follows:

Gross Operating Cash Flow ("GOCF") is defined as net cash (utilised)/provided by operating activites before interest received, borrowing costs paid, income tax paid and payments to former owners. GOCF has been normalised for non-recurring restructuring payments to suppliers.

- The really important figure is Net Operating Cash Flow which was still -$11.4m at HY17 compared with -$83.3m for the corresponding period HY16. All the company's figures are here: http://www.asx.com.au/asxpdf/20170227/pdf/43gbms5r4vk2yt.pdf

- If the restructuring and PIP are almost complete as you suggest then you still have a business that is burning cash and one that is not worth persisting with, hence the need to continue to implement further restructuring and to engage in a whole new set of performance improvement plans, notably now in Australia as well.

Perhaps you should reflect on your own words.

If one was to invest guided by you. Help us all.
Keep honest and you will be respected.
There is no reasons to mislead by giving out incorrect information.
That was your free lesson for the day.