Ann: Appendix 4E - Preliminary Final Report, page-4

Addendum to my previous post, I had used the wrong figure for the assumed cost of IC's previous work booked in 1Q2020. Hence the gross margin was incorrect. This is the amended version:



The adjusted gross margin for 2020 is higher than 2021 is because it comprises 58% SPS; 14% in RR and 28% in CES. With higher portion of revenue in SPS and RR, the average margin is higher, whereas in 2021, CES is 56%; SPS 38% and RR 5.8%. This sounds about right and there was no gross losses in CES in 2020 as mentioned in the previous post.

The operating comparison results still holds. Accounting profit/loss wise, 2021 has improved by about $9.6m over 2020 on the continued operations, and performance operating cash flow has improved by $9.5m.