Ann: Appendix 4E and 30 June 2017 Annual Report, page-9

"no one has anything to say about how H2 FY17 ebitda is actually lower than that of FY16?"

Here are the figures for EBITDA over the past 4 halves:

2016

DH EBITDA: $500,000

JH EBITDA: $1.6 million

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2017

DH EBITDA: $1.2 million

JH EBITDA: $1.4 million

As you can see, EBITDA was abnormally low for the 2016 DH ($511,000). This was due mainly to timing differences from Master Franchise and Franchise sales. It was stated in the FY16 half year report that the shortfall would be corrected by the year end as it got added to the second half earnings.

This explains the abnormally large EBITDA of $1.6 million for 2016 JH.

Given this year's sales were not as lumpy as last year's, I believe this explains the relatively poorer second half EBITDA performance. It's also why I think assessing earnings performance on the whole year is more instructive than comparing halves.