Ann: Appendix 4E and 30 June 2017 Annual Report, page-10

H2 FY16 was not abnormally high on EBITDA, if that's what you are arguing about. H1 FY16 was abnormally low due to one off legal costs and some expenses associated with South African.

The franchise fee can cause timing difference but that did not elevate H2 FY16. they split those $ out, so look into them. Conversely... H2FY17 sales franchise revenue is actually the highest among the last 4 HY, yet that did not elevate H2 FY17 did it?

H2 FY17 EBITDA is lower mainly because the mkting expenses higher and admin higher (in house IT development all expensed, which is good). GP line is pretty strong HY on HY, so that's good.

Cashflow conversion wise, you need to take out the restricted cash impact that pretty much is just money in the air going in and out their account for their franchisees. Even after that impact, the conversion is still very strong, so that's very good.

Considering their top line is subdued due to the transition to Gold Partner net fee contract model, top line projection and assessment is better done on the GP line, which is looking very healthy, so that's very good too. =)

sentiment: neutral/positive.