Ann: 2020 AGM Presentation, page-2

This company is flying under the radar IMO. The presentation shows the company is growing organically while paying dividends and paying down bank debt substantially. Once the bank debt is paid out one would have to assume that they are going to pay out the excess cash in dividends or increase the rate of expansion organically or by suitable bolt-on acquisitions. With a favourable outlook even with the Covid19 restrictions in place I find it difficult to be critical at all. However I did have a think about the considerable involvement with the coal industry at a time when our major buyer China is playing political games about the future import of it. Offsetting this is the indication that Mader is now considering that future contracts will be aimed at the gold, copper and zinc mining industries. The management are nimble and run a tight ship so I believe that markets which are tailing off would be exited at an early stage and not when it is too late to avoid excessive costs. So - looking at it all I am happy with what the company is doing and a tad unhappy about how the investment community are shunning it. Tell me where I am wrong.