The market has reason to panic. While the profit is in line with the prospectus, their balance sheet is not. The net debt has increased to 44.5m, up from 39.8m pro forma net debt as expected, due to Musashi working capital investment. The increased amount on the net debt is almost equal to the total pro forma net profit of 1H year, which means the all the profit of 1H year went to the working capital of Musashi. Be careful that they may ask for second capital raising.
Ann: Vitaco First Half FY16 Result, page-50
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