The Bottom Line

I'm wondering if I could get some help understanding SLR's 'Bottom Line' .... it's reported a profit of a measly $2m from an EBITDA of $70m as outlined in the "Key Financial Points" that headed up the 2017 Annual Report to Shareholders

• »  Revenue of $227.5 million
• »  Net pro t after tax of $2.0 million
• »  EBITDA (excluding significant items1) of $70.0 million
• »  Fourth straight year of EBITDA margin growth
• »  Cash flow from operations of $64.0 million
• »  Cash and bullion at 30 June 2017 of $69.1 million
• »  No bank debt

Now I must admit I had to look up the definitions (again) of depreciation & amortization, but still am puzzled. Perhaps that the reason the CFO got an STI of $73,361 and LTI of 183,299, giving a total remuneration of $433,697 (!) and the company secretary an STI $70,182 and LTI of 171,079 shares, giving a total of $411,712 (?) (both more than the Premier of WA), while the Chief Geologist & Exploration Manager gets a mere $362,320. These are 9-5 Perth based jobs with added super, 4 weeks annual leave and sick leave ..... perhaps if we could get women in these positions we could pay less and get more (only kidding, bad joke).
When you see who the remuneration committee is comparing itself too, you have to laugh and wonder how delusional and inventive they are at putting SLR in the same league as NST, SAR, OGC, EVN ... mega-successful companies that have strong SP and analyst support. STI let alone LTI not connected to the SP and real SH returns are a sham & a ruse!
"Evolution Mining Ltd; Medusa Mining Ltd; OceanaGold Corporation; Doray Minerals Ltd; Northern Star Resources Ltd;
Ramelius Resources Ltd; Kingsgate Consolidated Ltd; Gold Road Resources Ltd; Regis Resources Ltd; Independence Group NL; St Barbara Ltd; Saracen Mineral Holdings Ltd and Tanami Gold NL."

Here's the thing. The updated hedging position is 140,000 oz for the next 3 years or so, at A$1700/oz. Now with an AISC of $1200 (impossible I hear you say, but) then the EBITDA should be $70m. Why that doesn't translate into a much bigger bottom line for SH is a mystery to me. Market Cap $200m... EBITDA $70m ... 13c per share ... why no dividend ?
I feel like the owner of a successful racehorse who sees all the winnings gobbled up by the big pay of the jockey, trainer(s) mostly, but also the stable hands, and the stable etc. SLR has a staff of 130 or so, and senior staff and board extracting over $3m/yr (every year), and I naively thought that all salary, wages, and expenses were included by the AISC. This is a company that has mined over a 1m oz, had many capital raisings, and never paid a dividend. It remains a company run primarily for the benefit of the staff, especially the senior staff & board .... and is a major contributor to the GDP of WA.
When will the SH revolt and how ?