So bonus is based on increase in NAV.
NAV can rise even with a decline in profits and they still get paid.
NAV rise can be caused by revaluation of assets which means this has not been realized in cash and may not fetch the said price if actually sold.

Where does the cash to pay the bonuses come from when NAV rises from revaluation of assets?
It means cash dividend from companies centum has invested in is being 'eaten' by employees, no wonder the negative cash-flow.
Employees are using shareholders capital to enrich themselves.
The shareholder has been fooled with the NAV narrative while the employee’s pockets all the dividend income centum receives from companies it has invested in, all in the name of motivating employees. This type of bonus payment makes the employee a risk free partner who shares profits with the shareholder.
Isn't motivation being taken way too far?
More than the entire annual profits made by HFCK is what 90 employees are sharing and will rise over years as the company becomes bigger.
I won’t be surprised when the entire company ends up with the DJ and his cronies.
Wait for 2019 when they announce centum will freeze dividends for another ten years (Centum 4.0) and spark a sell from impatient investors and they will be the ones buying on the cheap, probably with the accumulated bonuses. They must be loving this NAV narrative and dividend freeze.
Clearly the employee’s interests are not aligned with that of the shareholders.
Employees who double as shareholders will be the real beneficially in the end as they will increase their shareholding with their bonuses and eventually take over the company at no cost.

Say what u wish, centrum is a 65bob stock soon. It's one of the very few companies trading at book value (or close to it). They have made some very smart moves, case in point 180,000 bob per acre in Vipingo. Where an acre is going for 16m. The CEO bought his stake at 64 bob. If u look at daily volumes, the demand easily outstrips supply. The coal project, which kicks off in Jan will be quite something financially. Also, with 2 rivers coming online, cash flows due to rent will greatly improve and due to the publicity of the largest mall in this side of the world, shares should do extremely well. I suggest you get on to this ship at reasonable prices before it's too late.