what was of concern to me: 1. disclosure - they announce an...

what was of concern to me:

1. disclosure - they announce an amendment to syndicated debt facility, and nil mention in the HY preso
2. change in reporting breakdown (previously it had Aust / Intl separated out)
3. change in "size" of vessels in the % utilisation number .....which makes pcp and trend analysis meaningless
4. a deal post bal date - and nil details .....Jaya didn't have "that many" subsidiary companies when it was acquired by MRM ........is this material ? use of funds (repay debt ?), impact ?
5. inc in B&D debts, despite recievables falling commensurately with sales rev....


finally - if you think next half - Dampier supply base will be similar to H1, small loss on slipway, then approx. 1.1bn in assets will generate o - 10m in ebitda .................lets say parts of Oz are profitable ....this means (implies) Jaya is circa 20-50m loss.......

imho - this is "comparable" to Boom Logistics (ie excess assets, lower income generation due to commodity price cycle, and reliant upon asset sales to pay down debt.....), however - we don't know debt repayment scheduale .....

rgds
V_H