Ann: Full Year Statutory Accounts, page-27

Hi Sabine - forecasting a 50% increase in revenue and NPAT delights me too! Hopefully the poster projecting $100M NPAT is right ... but a 250% increase seems a little optimistic to me!

All good points Parma and PB. Very much aligned with my thoughts.

I was amazed how cheaply NRW was able to pick up Golding. It seemed this was because Goldings order book had near term strength but then might fall off a cliff. NRW/Golding appears to have done a great job since the acquisition in securing a great forward order book and integrating the businesses. This I think is the most impressive aspect of the results (and there are many aspects to be impressed by).

Re: the Golding difference, off the top of my head I think this is due to timing. When you buy a business from say 1/7 but settle later, the profits between the 1/7 and the settlement date are treated as a reduction to the purchase price (rather than being consolidated into profit). An accountant may be able to explain better.

I’ve got multiple kids soccer things tonight - so will have to wait to tomorrow to celebrate with a nice red! Hope you all enjoy yours ... but not so much that you have sore heads tomorrow!

Cheers, Simon