CDY Half-Yearly Analyses, page-4

I also much appreciate your analysis & charts T7...thank you!

In my VHO, the US's contribution to our business in the early stages have been, predictably, disappointing. I think Asia is going to be where things are at for us - at least for a while yet. Well, I hope this is where we concentrate our main efforts anyway.

I am just hoping the US marketing/advertising budget doesn't suck out too much air from our operating cash flow. I would hate to see another CR or debt placement to fund the US push. Given the small Royalty payments, surely we can learn from PEB's very slow and low US related income trajectory (and many equity raisings).

I tend not to include Government Grants as "Income" but view them more as a "Contribution". To me, it appears to give the "operational income" a tainted (or artificially bloated?) appearance.