reviewed results. a few things I don't understand so if...

reviewed results. a few things I don't understand so if someone who knows better can check my analysis that would be good

FY19. FY18
NPAT $4.3m. $3.8m
amort. 4.0m. $3.0m (adj for tax)
one off 0.6m. 0.2m (adj for tax)
NPATA. 8.9m. $7.0m

increase in NPATA was $1.9m after minorities

accounts show acquisitions contributed $2.2m. not sure if this was post minorities. assume it's not so adj down so $1.3m contribution from acquisitions.

so we have increased organic growth of $0.6m

Exec Director indemnified business $1.0m so tax effect that to be conservative. then we have no growth at all.

why would a Director indemnify the business for bad debts?

contract assets are non cash mvt of $3m which is growth in trail income

if you take out movt in contract assets then you have the business in fast reverse.

Consumer leasing segment has also gone backwards. lease numbers have dropped from 2927 at the half year to 2890. and bad debts up from 2% to 2.8%.

the lease book has residual value at 21% and investor presentation says this is $30m booked at 67% which is $20m. not sure what balance was last year. but say increase of $6m for the year. also non cash and assuming customers just keep paying.

CEL segment also gone backwards in second half in revenue and very weak new lease numbers way below market guidance of $70m.

have I missed something?

don't fully understand terminated leases but they have increased. why don't they disclose the aging of these receivables?


keen to hear what NAOS have to say in their update.

more pain ahead for shareholders