Ann: FY17 Results Investor Presentation, page-19

"I'm not saying your point is not valid, but are we really debating/making a lot out of a ~1% change in margins?"

It's that people think some businesses are so finely tuned that you can take a 0.5% change in margin and predict outcomes years away. I said it was a valid point as people have already said it may show some pricing pressures. Is that a short-term or long-term issue it's hard to know. What I am comfortable with is knowing the areas where this business operate are growing and will continue to grow. Are they the business that will take advantage of this? I don't know. I don't think it is an expensive business etc.

The more I learn the more I think EBITDA is a silly number.