I don't think it is a terrible 4C, but putting out a report at...

I don't think it is a terrible 4C, but putting out a report at 5pm on a Friday is a big No No. Fundies hate it.

I've put all 4 quarterlies on a spreadsheet. There wasn't an official 1Q 4C since they IPOed in November, so I've calculated it based on the 6 months numbers in the 2Q 4C.

Some of my concerns are:

• A big increase in product manufacturing & operating cost in 4Q. I assume this has something to do with the new modular DC contracts, i.e. part of Cost of Sales?
• They also bought a lot of PPE in 4Q. Probably also has something to do with the modular business. Or potentially new clients have signed up for Bibra Lake and they need to furnish the DC?
• Not sure what that R&D spending is for?

Also, they will have an Extraordinary meeting on 25th August, EGM not AGM, mainly to deal with issuing options/salary changes to the management team. Given the current M&A climate, I would not be surprised if there is some corporate activity on the horizon.

		Reported		Calculated	Reported	Reported	Reported
		1H21		1Q21	2Q21	3Q21	4Q21
Cash receipt		1,018		602	416	692	632
Cash payments
	R&D	0		0	0	-8	-202
	Product manu & Opex	-715		-487	-228	-435	-727
	Advert	-68		-16	-52	-14	-53
	Leased assets	-95		-14	-81	-141	-3
	Staff	-445		-127	-318	-294	-369
	Admin	-76		-12	-64	-75	-115
Gov incentive		126		0	126	0	0
Other - IPO expense		-302		-67	-235	-18	-11
Net cash from oper		-557		-121	-436	-293	-848
Payment for PPE		-61		-50	-11	-287	-918
Other non CA		-106		0	-106	0	0
Net cash from inv		-167		-50	-117	-287	-918
Issues of shares		5,500		0	5,500	0	0
Trans costs		-418		0	-418	0	0
Repayment of borrowings		-186		-25	-161	-14	-157
Net cash from financing		4,896		-25	4,921	-14	-157
Net cash flow		4,172		-196	4,368	-594	-1,923