Operating cash conversion, page-35

Hi Grazerau, see page 20 of presentation. Its Operating Cash Conversion. so its only at the highest level. payments to suppliers of tickets and receipts from sales of those tickets. There is a couple of asterisks which mention the Billing settlement plans. It is when payments made under the plans are made before receipts from the sales of tickets that the ratio is cactus. For example payments made under plan on say 24th December but receipts come in on say 4th January make Operating Cash conversion look poor for that half year but as the money is received in Jan it corrects in the next period. As its operating cash conversion payments sucb as dividends are excluded from the calculation. CTDs problem is more likely a high PE ratio and market worries whether growth rates can be maintained. The other issue of course is the campaign being waged against it lately.