Hi Dan, my understanding of the report is that they received JobKeeper and listed the two amounts separately since they are offsetting different figures in the report. The COGS includes the blue collar workforce (most employee wages) whereas employee wages and salaries is a subset of administrative expenses (probably just the white collar workforce). Unfortunately the company never disclosed anything in any announcement, quarterly, half yearly report, prelim report, etc. so we have no idea how they were eligible or when and for who they claimed it! The auditors picked it up and made them disclose in a note in the audited annual report IMO. Since it substantially worsens the EBITDA/NPAT I personally think they were very dodgy not to disclose it earlier. The quarterlies showed the Cash Flow Boost figure (immaterial) but deliberately hid the JobKeeper numbers (material) IMO. So, all in all, this makes me even more cautious when analysing the company for investment as they have a poor track record of disclosure and profitability. There are some other concerning things in the annual report IMO that weren’t disclosed but they probably have no bearing on future performance so I won’t bring them up. Cheers for your friendly demeanour, it’s a nice change so I couldn’t not respond!
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