"credit quality remained consistent with portfolio maturity"? I...

"credit quality remained consistent with portfolio maturity"?

I thought this is a relatively new company listed back in December 2016. I wouldn't call it a maturing portfolio when $111m in net receivables are due within 12 months out of total net receivables of $319m as at June FY18 (32%) VS $46m due within 12 months out of total net receivables of $169m as at June FY17 (27%).

Impairment provisions start from 1 July 2018, therefore, it has increased based on their existing account treatment.

In terms of arrears, 30 days overdue is 30 days overdue, unless the group has determined invoice payment terms to be 60 days or 90 days to be considered in an arrears position?

The surprising news for me is how little profit is now made from Hospitality Segment (which I consider their bread and butter business) and how profit is now driven by "Other Products" and "Transport". Looking at "Other Products", it seems they have expanded into "fitout/establishment finance for franchise businesses" which are extremely risky as you are taking on both asset and potential business risk of start-up businesses looking to establish the business before trading.

Hence you are punting on whether a new business succeeds or not. Just look at Retail Food Group and recent public press on how well franchisees are doing these days......not good.