Ann: ADH Trading Update and Stores Re-opening, page-76

I worked through some calculations this morning. I can dig into each number separately if you're curious:

Net Debt 4th May: $43m
Monthly Rent: $2.5m
Monthly Wages: $7.1m (42.6/6)
Leave Provisions already paid before May 4th: $5m
(Leave amounts were questioned on a call, $5m was a rough number given. This was at the start of shutdown)

Total Jobkeeper payments to receive this FY: $10.3m [**]
(This changes based on assumptions of employed workforce, i.e. how many are stood down, for how long)

Rental backpay: $4m
(Might be high, but assumes ~75% of rent for two months to be paid after negotiations)

EBIT (excl. JK) for May/June: $10m
($5m per month is higher than 1H20, but factors in rental reductions)

$31.3m is the net debt figure I get at the end of FY20. Roughly $8m higher than yours.
Keep in mind the June JK payment won't have been received by June 30, so it's possible net debt sits closer to $37m.

(There will undoubtedly be a few additional expenses here [external accountants/lawyers], so I'd add $1-2m on top of that figure)


[**] Month by month JK estimates, assuming a 85% wage coverage ratio (that is, Adairs pay 15% of wages after JK):
April: $0.6m (only 10% of workforce paid, paying out leave provisions don't attract JK)
May: $4.02m (Assumes full employment half way through the month - may be too high)
June: $5.68m ($7.1m per month, by 85%)
July: $5.68m
August $5.68m
Sept: $5.68m