@zog
The “Board & KMP costs + Overheads” (which you are merely solving for, to match reported earnings with operating cash flow) are already included under Employee benefit expense. The mismatch between reported earnings and operating cashflow was due to movements in working capital, namely a) increase in trade receivables and b) decrease in trade payables.
I had already done the reconciliation between earnings and cash flow in this previous post:
https://hotcopper.com.au/posts/37579466/single
where it was shown that, after adjusting for movements in working capital, the underlying operating cashflow was indeed very close to the reported earnings of -1.8mA$ for the half year.
Before we move on to discussing the prospects after signature of the deal, can you please confirm that we’re on the same page vis-a-vis the current rate of pre-GLE net outgoings?
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