2020, page-6

The 1st 4 months of fy20 produced ~11m group EBITDA, however that was based on a high win rate and low turnover at DSV, but helped by solid Aristo numbers. If turnover hasn't picked up at DSV with new junkets in Nov and Dec, the final couple of months could be lower than 4 month average based on standard or lower win rates. Maybe around 14-17m at group level. There was a big build up of payables in H2 Fy19 (~10m) which flattered operating cashflow, if that is unwound perhaps cash might be in the region of ~20m to 25m inclusive of the US 5m paid in dec. Net debt should be approaching zero (USD17.8m outstanding). Although, it really is now aboit the binary legal actions, one would hope compensation is on the horizon, but we have been suprised before. Even if Singapore yields some $$$ or shares, the lease dispute overhangs heavily on DSV. Let's hope the new directors flag thier plans for the company in Feb.