poor result, page-15

Some comments on the P & L, Bal sheet and cash flow, but first please take note that NTA = zero. Most of what follows has already been mentioned.

P & L comments
Raw mtls and consumables increased by $4M
Depn increased by $2M
Finance costs increased by $1M
If it was not for the Deferred consideration adjustment, the profit before tax would have been $13.2M or a 40% fall. Ouch!!!!

Bal sheet
Cash and cash equivalents of $12,000 do not line up with the cash flow stmt of $-4.4M (I do not understand why)
Intangibles are now > net assets
Current fin liabilities grew to $16M and vender payments of $16.6M provides a large growth on the current liabilities. (risk here for cash flow or more debt?)

Cash flow
Atrocious!

HT1