My apologies, I was looking at the wrong number. Total current...

My apologies, I was looking at the wrong number. Total current liabilities is stated in the AR as $101.8M against Loans and Borrowings. Not sure where the above Net Debt of $185M comes from. In the body of the report, the Chairman talks about total borrowings of $99.3M.

Even so, not a particular issue with revenues of $3.35B.

And, yes, revenue is very important. While in our heads only NPAT will repay debt, to banks its cash flow that's all important. The reason is very simple, if you have cash flow, you can choose to allocate cash as you wish (theoretically). However, the ATO, then the senior ranked creditors (ie, the banks) are first in line for any repayment. Everybody else, including unsecured creditors, come a very distant third. That's why EBITDA is such an important measure of a company's economic health too: its one measure below revenue.