Ann: Appendix 4C - quarterly, page-3

Yes, not a bad quarter.

By my calcs the business will end up with FY18 EBITDA c. $1m, and net debt of $5.3m versus $6.4m at the beginning. A definite improvement.

The table below includes figures largely pulled from the quarterly reports but include a few of my extrapolations. I have checked my half year against the reported half year and it is pretty close. I have also not included some info from FY17 as the acquisitions make comparisons impossible):

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0	Harris Tech	Q117	Q217	Q317	Q417	Q118	Q218	Q318	Q418
1	Cash	-2,399	-2,267	-1,584	-2,219	-1,118	-1,421	-929	-1,784
2	Trade Debt	655	3,471	2,758	2,156	3,077	2,577	2,161	1,985
3
4	Starting Debt (Reported)
5	Loans	1,360		2,750		2,314		2,104
6	S/h Loans	4,028		4,279		4,138		4,089
7
8	Free Cash	34	511	2,954	3,930	-1830	893	47	1,934
9	Free Cash (after W/C)	34	511	2,984	5,167	192	90	123	903
10	Rolling FCaW/C					192	282	405	1,308
11
12	Estimated Debt
13	Loans					2,122	2,032	1,909	1,006
14	S/h Loans					4,138	4,138	4,138	4,138
15
16	Q'ly Receipts	15,187	15,098	15,581	15,705	12,920	11,989	12,561	12,738
17	Q'ly COGS	-12,899	-11,091	-10,117	-9,566	-12,676	-9,173	-10,602	-8,967
18	Margin	2,288	4,007	5,464	6,139	244	2,816	1,959	3,771
19	Margin %	15%	27%	35%	39%	2%	23%	16%	30%
20
21	Rolling Receipts (ytd)	15,187	30,285	45,866	61,570	12,920	24,909	37,470	50,208
22	Rolling COGS (ytd)	-12,899	-23,990	-34,107	-43,672	-12,676	-21,849	-32,451	-41,418
23	Rolling Margin (ytd)	2,288	6,295	11,759	17,898	244	3,060	5,019	8,790
24	Rolling Margin % (ytd)	15%	21%	26%	29%	2%	12%	13%	18%
25
26	Overheads					-2,078	-1,916	-1,912	-1,841
27	Rolling Overheads					-2,078	-3,994	-5,906	-7,747
28	EBITDA					-1,834	900	47	1,930
29	Rolling EBITDA					-1,834	-934	-887	1,043