MML sp: 82.5cEPS: US 17.2c (AUD 25.4c)PE Ratio: 3.2Headline...

MML sp: 82.5c
EPS: US 17.2c (AUD 25.4c)
PE Ratio: 3.2

Headline figure: Total cash and cash equivalent in gold on metal account of US$23.4million at year end (2018: US$15.1M)
Actual cash & cash equiv: US$18.1 (2018 $11.1 million)
Bank Borrowings & Interest Rate: US$6.6 million @ 6.3% (2018 $6.3 million @ 3.6%)

This gives an actual net cash figure of US$11.5 million.

In MML's quarterly reporting, interim and FY accounts why does the company not provide a net cash or net debt figure? Under current reporting, bank borrowing is reported only twice a year with interim results and FY accounts so the true position of net cash is either not reported at all or is buried in the accounts that have to be waded through to calculate this important metric. This is in line with the policy of secrecy and non-disclosure that pervades all aspects of the company's operations.

During the year cash flow has been used to reduce trade payables by $10 million from $24 million to $14 million rather than reduce bank borrowing. This would seem to be highly necessary for good business relations and to keep creditors at bay.

Dividend. It can be seen that the company has very little real net cash on hand ($11.5 million) with which to pay a dividend. This is likely to be an entirely different matter by the end of September with Q1/19 gold prices an average $200 or 300 higher falling straight to the bottom line.