Analysist Updates, page-46

Roy, you go into far greater detail than I ever have and I'll need to spend a bit of time building a picture of what you've written.

Essentially I come up with a reasonable revenue figure based on ACV, first half results and exchange rates.
Next I come up with reasonable expenses based on last year, first half, changes to product mix, some embuggerance and then a bit more for good measure.

Depreciation and Ammortisation - again, last year, first half and embuggerance etc.
FX - I just go roughly for what it was last year.

For tax I've been very simplistic - 30% Australia, 0% USA. You have a far more sophisticated calculation, so I'm not going to pretend I'm close there. You've highlighted how ham fisted my calculation is. I can see a few formulas on the horizon. Thanks for all that extra work ;-)

It ain't forensic in its detail, but it helps me build a bit of a picture.

For what it's worth, I have revenue for Aus at about A$42.5m, and in the US almost A$10m

Cheers Reg