Guys, this is terrible. Net cash outflows for the total year ~$100 million. The bleeding didn't stop in the second half, they lost a further $20 million.
"Net operating cash outflow of $104.2m for the full year was driven by the UK underperformance along with payments to external advisors in relation to the ASIC review, AASB15 implementation and restructuring costs in relation to the UK operations and the Group’s finance facilities. Gross operating cash flow (“GOCF”) improved materially in H2 FY16 to an outflow of $17.2m (H1 FY16: outflow of $61.1m). The Company recognises that significant improvement is still required to restore cash flow, however the trend is positive with H2 GOCF just over breakeven when normalising non-recurring restructuring payments."
ALL investors, should be angry with SGH's statement in bold, as it is an attempt to misrepresent the company's true financial position. (How can they make any claims on that basis? How do they no further restructuring payments will be required in 2017?)
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