Btw @friendlydwarves, fwiw, in 2017 ACR wrote down its Axiron IP to the tune of $10.7m. Ex this, the business would have made a net after-tax profit of $11.8m. Also in that year the business generated FCF of $4.7m. This was low due to a large tax payment in that year amounting to $6.3m - which did not match the actual tax expense for that year. The FCF before tax was $11m which well matches the P&L PBT (before IP impairments), which was $12m.
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