australian energy upgrade cfcl spec buy to buy, page-21

For starters, underlying cash flow for the first quarter of 2010 was $4.5m. The $6.6m includes entirely artificial foreign exchange adjustments.

The cash flow also includes considerable capital investment in the German plant, which isn't an ongoing cost. "The Company expects that in the June quarter receipts from customers will be higher and expenditure on inventory purchases and capital expenditure on the Heinsberg plant will be significantly lower than in the March quarter."

So it looks to me like they have enough cash for at least a year's operation. I agree this is not as much as they'd like to have - especially given the risk of another credit crisis - but I don't think it's quite as bad as you make out.