Looking at annual balance sheets, yes, cash has been decreasing since 2020AR but matched by ongoing increases in inventory. Recent updates spoke of materials prepayments- locking in supply and prices.
Increases in long term debt since 2020AR have been more trhan matched by PPE.
More recently cash has been expended on land, a floating dock and material prepayments.
They have considerable retained earnings but, yes, they had a loss for the 23FY.
It will be a cash burn if they continue to have losses but we don't know that yet. We do know that multivessel contracts become more profitable with subsequent craft.
There is a question mark over the market. Happy to hold here.
IMHO DYORn
ASB Price at posting:
$1.70 Sentiment: Buy Disclosure: Held
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