Ann: EHE Market Update-EHE.AX, page-46

The other thing is Slide 8 - they're reconfirming their downgraded EBITDA of 86-90m, but it's based on 93.7% FY17 occupancy... But page 12 of the presentation says to 30-Nov average occupancy was down to 93.1% (from 94.4% in FY16) & what's worse, ACTUAL OCCUPANCY at 30-Nov was 92.8%

So to meet this EBITDA forecast, they have to massively turn around their occupancy levels, which are in a chronic downward trend... This is a huge leap of faith for mine & hence I see another profit downgrade coming as the assumptions to meet 86-90m EBITDA are too generous