Ah a little more debt than that Winteck. $167 mill debt and $124...

Ah a little more debt than that Winteck. $167 mill debt and $124 mill cash so $43 mill net debt and income is from a limited number of contracts. (see below) This is why is is trading so low - big debt and a risky business right now.

This from the half yearly:

Debt In September 2014, the Company completed the refinancing of its syndicated debt funding facility. A $317.5 million facility was successfully secured despite a challenging refinancing environment and came into effect on 10 September 2014. Backed by new and existing lenders, the facility provides the Company with access to funds to support the Company’s growth strategy over the next three years. The facility is comprised of three tranches, including working capital, bank guarantees and equipment financing. The new terms include the right for the lenders to review the facility in the event that there is a significant decline or termination of business from existing material contracts. At 31 December, the Company had drawn down $167.9 million consisting of $159.0 million for equipment financing and $8.9 million for bank guarantees. The outstanding commitment for operating leases was $47.1 million.

Going concern

These interim financial statements have been prepared on the going concern basis. At 31 December, the Group had drawn $159.0 million in equipment finance facility and $8.9 million of outstanding bank guarantees against its total approved syndicated debt facility of $317.5 million. In addition the Group held cash of $124.7 million at that date. A risk for the Company is the concentration of its mining services order book whereby a significant portion of annual revenue is generated by a limited number of contracts.