Ann: Trading Halt, page-249

So Saturday night was putting all the DSH numbers into a massive spreadsheet and comparing them.

I would really appreciate it if anyone can comment on the lines below to explain what was happening.

The summary for me is that most numbers seemed cyclical so I believe DSH should have been allowed to continue EXCEPT for the debt which just infested them in their final six months - WITHOUT ONE ANNOUNCEMENT ABOUT IT. The CFO even said on the phone conference 'no debt issues'. WHAT DID THEY USE THE DEBT FOR and why did they take it if they could not service it? How and why did they increase cash held and debt over the same period! What about responsible lending? Yet these predators get to tear up the shareholders value to get their money.

* Thanks to Bensterz for the recommended approach. I will try and check notes the annual report notes ASAP


BALANCE SHEET
Major ^ between 12/14 and 30/6/15 (i.e last two published sets of numbers)
30 -6 -15 numbers that I am curious about

CA - Prepaid Expenses – less 333m
CA – Inventories – plus 288m (CEO said they bought stock early to take advantage of higher AUD). Also pattern for inventory with DSH was to skyrocket inventory then deplete in six month periods
CA – Other – less 434m (consistent pattern)
NCA – Investments – less 87m (consistent pattern)
NCA - PP&E – plus 93M (consistent pattern)
NCA – Other – less 115m (consistent pattern)
CL - Account Payable – plus 228M (consistent pattern)
CL - Short-Term Debt – plus 60M (highly irregular!)
CL – Other – less 316 M (consistent pattern)

The biggest abnormalities to patterns seemed the prepaid expenses reduction and the rapid debt increase in six months.

CASH FLOW
Major ^ between 12/14 and 30/6/15 (i.e last two published sets of numbers)
30 -6 -15 numbers that I am curious about

Interest Received – plus 370k (abnormal pattern)
Tax paid 15M (double 30/6/14)
Proceeds and repayments of borrowings equalled every other period except 30/6/15 where proceeds were 123M and repayment was 52M
Increased cash on hand by 12M to 29.5M (approximately the same as one year earlier)