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Ann: Trading Update, page-70

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Just_a_guy

5,421 Posts.

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21/11/23

20:29

Post #: 71029077
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Originally posted by Bailey241: ↑

Not sure there are any amortisation payments against cash advance facility as the facility limit has not reduced in recent years. I assume it's just a final bullet payment when it expires in Feb '26 (unless refinanced).

Gee, IDX don't make this easy to figure out either as there's minimal disclosure and adjustments everywhere.

Fixed charge cover calculated on a pre AASB 16 basis. From FY23 results they booked $43.8m in "Operating EBITA" but that got a $3.4m kick from AASB 16:

Back it out and EBITA reduces to $40.4m. But there's also a few more adjustments to work back to Pre AASB 16 EBIT:

So FY23 EBIT closer to $32.7m after unwinding amortisation of contracts and finance ROU assets.

Interest expense flagged as $17m in the recent update, and with no facility amortisation, the fixed charge cover would be $17m x 1.75 = $29.75m. Total EBIT for FY24 should be ahead of FY23 despite the margin compression but hard to get too comfortable I would think.

I have no idea if my numbers are correct though, the lack of disclosure from the company as to the calculation inputs make it impossible to be sure.

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interesting that we get very different ebit numbers by going down from ebita as you did vs me going up from pbt

IDX Price at posting: $1.72 Sentiment: None Disclosure: Not Held
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(20min delay)
Last $2.97		Change -0.110(3.57%)		Mkt cap ! $694.8M

Open	High	Low	Value	Volume
$3.06	$3.06	$2.96	$699.8K	232.1K

Buyers (Bids)

No.	Vol.	Price($)
1	1999	$2.97

Sellers (Offers)

Price($)	Vol.	No.
$3.00	5378	5

View Market Depth

No.	Vol.	Price($)
1	1999	2.970
2	4070	2.950
1	1570	2.940
1	3460	2.890
1	1052	2.850

Price($)	Vol.	No.
3.000	5378	5
3.010	2592	2
3.020	2500	1
3.050	12100	2
3.080	5485	2

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