Joint Statement by Baillieu Limited Chairperson David Trude and Managing Director Gavin Powell

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MNF Group (MNF) | Reaffirms guidance; strong financial position

FY20 guidance reaffirmed: MNF provided an operational update which reaffirmed FY20 EBITDA guidance of $36-39m (our forecast $37m). MNF again highlighted its strong financial position, with $69m of liquidity (cash of $39m and undrawn debt capacity of $30m) as at 31 December (Gross Debt/EBITDA ratio of 0.8x). Operating cashflow for 1H20 was $11m, which we believe is sustainable into 2H20, whilst capex for FY20 is expected to be below $15m. As such, MNF’s liquidity position is likely to be even stronger at this point.

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