Ann: Veris 1H FY20 Results Presentation, page-27

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06/03/20

12:49

Post #: 43342247
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Originally posted by mikalee: ↑

add to that $8m of staff entitlements plus any redundancy costs which aren't of course on the balance sheet. I don't think they can afford to shrink to greatness - I really can't see a solution here that is within the Boards control.

I suspect with the semi-annual reviews from the bank the screws will just tighten to reduce the secured lenders exposure each reporting period. I see the large increase in Current Liabilities reflect this short term nature of their bank debt though they have taken on more debt with total loans and borrowing (current and non-current) increasing from $22m to $30m and that is after they paid back $8m from the Elton sale....whats happening here?

Interestingly I see P&E has moved from $14m to $30m. I understood they sold off their vehicle fleet on a sale and leaseback to raise cash. I know they have not been buying survey equipment so I can't work out what P&E they have been buying and why they would need $16m of it and that is before you consider their precarious financial position.

I have heard scuttlebutt that all recruitment is banned, existing staff morale is very poor even in the high performing regions. That there are offices of people poorly utilised 'waiting for the big projects to start' so they are eroding whatever small margin they have by having people not earning. Then those that need additional help cannot get it.

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What is the scuttlebutt re the Olympic Park Office problems alluded to?

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Ann: Veris 1H FY20 Results Presentation, page-27

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Ann: Veris 1H FY20 Results Presentation, page-27

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