In reviewing this very disappointing AGM report I am surprised to read on slide 7; "Full-Year Performance Review: Statutory", that despite the consistent negative trend in the 22 FY figures, June 22 net cash has somehow improved to $12.3m from $5.5m as of June 21, and that's after repayment of $5.3m in loans.
In trying to figure out how this has come about I went back to the IRI FY22 Financial Reports and found on page 40; "Consolidated statement of cash flows", that cash and cash equivalents at 30 June 2022 were given as $12.329m and for 2021 $12.149m, a difference of only +$180k, and that $12.149m included -$6.447m in dividends paid out in FY2021.
I'm not sure how IRI can claim at their AGM presentation an improvement in net cash of $6.8m over FY2021 based on this, any finance/accounting gurus care to comment?
Ann: 2022 AGM Presentation, page-2
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