I don't know what point you're try to make here, are you...

I don't know what point you're try to make here, are you alluding to the fact the company has $1.7m of unrecoverable assets sitting on the balance sheet? If you notice last year they had $1.1m in debts past due but not impaired but the bad debts balance written off during the year was only $18k which leaves one of two possibilities:

1. These are the same bad debts as last year that havent been written off.
2. The company ended up collecting the cash from these debtors.

I can almost guarantee you that no auditor would sign off on a material bad debt balance outstanding for that long a period, so by deduction I am going to assume they collected the cash.

Furthermore given the significance of the testing the auditor places upon trade receivables balances and the ease at which it is to verify if a debt is likely to be paid or not, I'm also going to assume that this amount is not impaired, I would have greater reason to doubt its recoverability should a portion of it be provided for as doubtful.

Also there have been numerous companies which have IPO'd over the past couple of years and not a single one of them has reported NPAT growth on a statutory basis, I implore you to find some that have because just off the top of my head I can tell you: Medibank, Ozforex, Veda, Bursons, Ballamys, Lifehealthcare, iSentia. All of these I believe are high quality business and yet none of which grew their NPAT against prior year on a statutory basis.

please dyor.