The largest expense in the published accounts (p 45 2012 AR) is $6,142,713 for Administration Expenses which are likely to be mostly cash.
Other than Depreciation there will be some non-cash expenses but its unlikely to be very much.
I suspect "DA" in the 2012 accounts is less than $500,000. The incremental revenue from Connexus and Tas Government is around $5 Million. EBITDA Margin of 15% ....?
Not tryng to be a smartarse just lookin to get the right answer!
MNF Price at posting:
83.0¢ Sentiment: LT Buy Disclosure: Held
