In Q1 SEA exceeded capex by $11M, because they brought forward...

In Q1 SEA exceeded capex by $11M, because they brought forward capex from Q2 resulting in debt drawdown to $341M as at 31 March 2019.

• Q2 capex should be $45-$50 less the $11M, so $34M to $39M
• Q2 EBITDA should be $38M (my projection).

So from tomorrow's report I will be paying close attention to debt - it should not have been drawdown further.

If debt is still $341M, then given the $30M sale from Dimmit, and projected free cash flow from H2, debt will be on track to be sub $300M by end of year.

Please don't show any further drawdown tomorrow - and I think the market will really like this. Better still perhaps a debt reduction!!?