No love for CSV, page-97

The company includes lease interest income and lease interest costs in EBITDA. Most of the $223m debt is associated with leased equipment and as such the cost (interest expense) is included within EBITDA. During FY16 the company reported c$1.6m of interest expense associated with corporate debt and this is not included in the EBITDA. To summarise, if CSV achieves the EBITDA of $38m, then after excluding $1.6m interest expense and c$7m tax (as per FY16), it will have c$30m for dividends/share buy back and growth capital.

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