Ann: MTO 2018 Full Year Results Presentation, page-4

I'm not sure if this is the best thread for this but given this is the latest one with comments I guess it's as good as any.

From the announcement "Presentation - Acquisition of Cassons & Capital Raising" 04/10/2017 https://hotcopper.com.au/threads/ann-presentation-acquisition-of-cassons-and-capital-raising.3731262/ Page 20 Cassons Pro Forma Revenue is $76.5m and NPAT is $11.4m = after-tax profit margin 14.9%.

From the latest annual report 29/08/2018 https://hotcopper.com.au/threads/ann-annual-report-to-shareholders.4396982/ Page 59 reads in-part "In the eight months to 30 June 2018, Cassons contributed revenue of $60,518,000 and net profit after tax of $6,971,000." = after-tax profit margin 11.5% which is 22.8% lower than the 14.9% number in the first announcement above.

Looking at cash flow from operating activities 2018 = $1.582m vs 2017's $8.46m = 81% decline.

Paid a dividend of $6.24m in 2018 vs 2017's $2.846m = 219% increase and left them with 45% less cash and of course they also now have the interest expense on the debt from Cassons acquisition to deal with. Shouldn't have paid a dividend at all and paid down debt instead.

All this with a bad macro economic environment in Australia and it just seems bad how opaque finances are disclosed to the public before these acquisitions.