Results look pretty solid to me, except for the training result....

Results look pretty solid to me, except for the training result. I had a forecast EBITDA of $19.6m (see earlier post). Based on the audited accounts, ASH generated an EBITDA of $19m for the year (the summary results announcement says $18.7m but when you look at the audited accounts you get $18.96m - it could be because amortisation was not added to EBITDA but I cant be sure). In any case, my $19.6m assumed EBITDA of $2.2m from the training business so the underperformance at the EBITDA level appears due almost entirely to training. Net profit was also a bit lower due to higher interest expense and tax, but all in all a solid result with weakness in areas that have a good excuse. In terms of cashflow, I was interested to see that there was a $5.5m increase in receivables 0-30 days overdue. Assuming these get paid, then cashflow should look much better at next reporting date. I was also pleased to see that the only skeletons the new CFO uncovered was some relatively immaterial underprovisioning from prior years.
Finally, I agree that the comments in the impairment section paint a much more conservative view of the future. Time will tell if its just a more conservative new CFO who prefers to overdeliver, or profitability really is going to drop. As Buffett says 'forecasts about the future tell you more about the forecaster than they do about the future'.