mate Appendix 4E page # 6, Group wrote off $27.8 million in bad debts (net of bad debt recoveries) during the financial year, as compared with $10.8 million in the prior financial year. The Group reported a provision for expected credit losses of 4.40%of the gross receivables portfolio at 30 June 2020, compared with 3.75% at 30 June 2019, as a result of an increase in the economic overlay in Zip’s provisioning model (actual net bad debts currently running at 2.36%
PLEASE LEARN SOME BASIC ACCOUNTANCY BEFORE SHOUTING!!!
Page 14 of 4E, ongoing concern: The directors have prepared the Report on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The preliminary consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2020 reflects a consolidated entity’s loss after tax of $20.0 million. The preliminary consolidated statement of cash flows for the year ended 30 June 2020 reflects net cash flows from operations of $14.6 million.
The Directors have reviewed cash flow forecasts for the consolidated entity through to 30 September 2021. The cash flow forecast indicates that the consolidated entity will have sufficient funding to operate as a going concern during the forecast period. The Directors have concluded that it is appropriate to prepare the preliminary financial statements on the going concern basis, as they are confident that the consolidated entity will be able to pay its debts as and when they become due and payable from operating cash flows and available finance facilities.
THIS SHOULD REST YOUR PROPAGANDA REGARDING CR TO MEND LOSSES!
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