Chart, page-7363

The more pertinent question is how does a profit before tax of $6.1M become $166k - that is a rather hefty tax charge. Further, this year a $28m charge being applied to EBITDA?


Yet cashflow statement shows robust (and growing free cashflow). There is a fundamental difference between cash and accrual accounting of which the latter is used for reporting. The accounting gaming and classifications are significantly distorting the actual financial health of the company with significant non-cash charges.

TL;DR $34M of charges this year skew the optics to the downside while cashflow has grown significantly to be debt free and nearly $60M in the bank. Seems like they have a rather effective tax minimisation strategy