- Revenues improve since 2009, as well as from first quarter
- Net Profit remains largely the same as previous quarter
- On the balance sheet, net cash position is actually worse.
- At Current liabilities, there was a 50% reduction in current liabilities attributable to lower short term debts.
- This reduction was largely offset by a 250 million long term debt borrowing. M1 Limited have kept their debts fixed at 250 million.
- This is where it matters. Due to Trade Debtors increase and a reduction in Trade Creditors, Net Operating Cashflow fell from 58 mil to 20 mil!
- Comparatively, Free Cashflow is worsening from 2009 or previous quarter. It is negative 55 mil.
[caption id="attachment_2936" align="alignright" width="150" caption="Photo by jared"][/caption]
It looks like the iPhone and Smartphone sales are controlling M1’s biggest problem the last few quarters, which is high churn rates. Here is a summary of what I think of their results: