Ann: FY20 Results Presentation, page-13

Lol, Although I haven't had a great deal of time to sit down & digest all the results, at a quick glance it is very obvious that AMA have used the Covid event to claim a huge amount of impairment to their goodwill & assets, coupled with a large amount of depreciation to affect the reporting of their results.

Fact is before normalization their EBITDA is over 100 million for the financial year. Their net debt position has improved to the half year. Their cash position has improved dramatically on 2019 & if you added the impairment costs, the new regulating occupancy expenses AASB16 & the much larger amount depreciation claimed this year as a percentile compared to 2019, the 2019 results would have diplayed as a loss of 100 mil, however the market just saw the EBITDA of 31 mil last year & raised the price to $1.40

Take these write downs out of the 2020 result of 70 - 80 mil EBITDA. AMA have claimed 10 years of impairment in one year. This is clearly results designed to appeal to the government incentives received & justify the need to not pay a dividend. The company is very well positioned to take advantage of its position in this industry post COVID.