Okay, here are the highlights - Group revenue down 55% (!!!) to...

Okay, here are the highlights

- Group revenue down 55% (!!!) to $302m. Barely within guidance, and includes revs bought over the year. Ex purchased revs it would have been maybe $260m if they’re lucky. Oh wait wait it’s okay, their FY 17 revs will be over $400m, they say. Uh-huh, sure, sure. They guided FY 16 at $450m - $550m and delivered $260m ex bought revs. Don’t think I buy their >$400m FY 17 story.

- Hastings Fuel Depot - $27m contract awarded one year ago.  They lost $8m on it.  $8m!!!  That’s perhaps a 40% blowout on what they thought it would cost.  So not only are these guys losing revenue hand over fist, they are losing swathes of cash on the jobs they do win.  No guidance on EBITDA margins anywhere, go figure

- They’ve dumped the WA division of SAS Telecom.  They paid $14m for SAS less than a year ago!!!  Written off $3m in six months.  Great buying, guys

- Homeground now valued at $111m.  This is crucial to the quoted NTA which has still fallen off a cliff, to 93c.  Yet the Homeground val still assumes 30  - 45% occupancy.  But what was occupancy in FY 16?  12%.  TWELVE PERCENT.  Homeground produced an EBITDA loss.  Even if you value it linearly (and given it’s losing money, that’s still bullish), at 12% LTO it’s worth about 1/3 of current val, ie it’s worth maybe $37m.  And even your 93c NTA is now torpedoed.

- Net OCF for the year – negative $20m even after a $3m tax refund.  LOL.  As @byg2323 has noted, for 2H it was horrible, because 1H was +$3m.  Wonder how many tens of million they’ll dust in 1H 17?

- Net cash is almost zero, down from $60m PCP

Who the heck is buying this dog?