Ann: 2021 Half Year Results Presentation, page-4

"May i know why ur calculation of EV does not include debt? also why do you have over 70m on EBITDA? Sorry i might have missed it and wondered how you come to the number"

It does include debt, but borrowings are small ($2.0m current and $1.4m non-current) and are more than offset by loans to other parties, including shares holders ($1.0m current and $2.2m non-current). For context, cash @30 June 2020 was $155.5m.

As for $70m of EBITDA, I referenced the prospectus:




And at the interim stage, the company was already well over half way to the $70m EBITDA prospective figure

(Of course, I'm unaware of any specific timing issues which might make the second-half meaningfully weaker than the first half; I'm merely taking the company's figures at face value).

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