Ann: Quarterly Activities Report, page-6

The thing is the $8.6m is just timing. At the end of the June quarter they had the same thing, so it essentially nets off during the quarter.


As they don't release the cashflow quarterly any longer, it is hard to tell, though I can get pretty close.

Op Cash = 76.1m. Closing Cash $59.6m. Total Movement ($16.5m)

One-off items (as stated by FEX)
Mount Gibson ($10m), though this could be a bit higher, I'm not sure if they pay GST on the whole acquisition price or if there are adjustments
Dividend ($13.9m)
FY23 Income tax installments ($3.8m)
Net capex ($0.7m)
Quotation period adjustments ($0.9m)
Hedging gain +$0.5m
Total non operating cashflow movements ($28.8m)

That leaves Operating Cashflows at about $12.3m, though they state that its $14m. There will be something else but I get fairly close with the above.

I do though find it a bit disingenuous to state that Income tax installments are non-operating. FEX makes a profit due to its operations therefore tax paid on that is part of your cashflow from ops. Its one of the reasons why I sold out of this one because of the smoke and mirrors that gets spat out by JW. Essentially you've got cash from ops at about $10m for the quarter.