What you say makes good sense. Perhaps the EBITDA's at the start were overstated, that might be one explanation. That would make it hard for them moving forward, for investors to understand the financial metrics at the starting point. Perhaps it won't matter if the bar charts continue to show upward trajectories with time.
All IMHO, DYOR
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-70
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