Ann: 2016 Full Year Statutory Accounts and Appendix 4E, page-38

I agree this report shows a very poor year for profit and cash flow which has been dismal with such high grading going on I would have expected much better (as below an extra A$30M NPAT). If mining continued on the same basis this year IMO cash flow would not have been sufficient to repay the $50M+ due in 2017. The inventory figures I feel add to the muckier waters and when you add in exchange differences it's almost impossible to get an accurate idea of what will happen this year.
I cannot reconcile just making $15M NPAT for the second HY. On the basis of the investor presentation AISC figures, NPBT for the last 6 months should have been approx A$64M ( 46,000 x $550 + 42,000 x $700) so approx A$45M NPAT. This is a massive difference that BDR should explain.
Using BDR's AISC guidance of, say, A$1,200 BDR should make A$60M NPBT in 2017. I'm currently not confident, on the basis of what has happened in 2016, that SJ and his team not only did not do enough in 2016 but have a lot more to do in 2017. I want some comfort from BDR that they will make a decent NPAT this year assuming gold and exchange rates don't move too much. Currently I don't think we have it as I am very disappointed this CR was necessary so soon after the previous one.