Deltatango, I didn't get anything out of it (it sounds more like...

Deltatango,

I didn't get anything out of it (it sounds more like an opinion than analysis), are you predicting that the PME EBITDA for the full year will be $5.45 million (based on straight line revenue generation) with potential to surprise to the upside based on contracted customers (in your experience) exceeding their usage limits?

You've assumed that the revenue generation next half will increase by $2.81m, but at an additional cost of $0.735m to generate that revenue, which assumes that it will cost 26c per dollar generated for the new contracts. However, if we look at revenue growth from the period 1H2014 to 1H2015, additional revenue was generated at a cost of 41c. Is there a basis as to why you have chosen to expand the income margins (above what PME has reported since 2009) given that the North America segment has been operating at lower margins (relative to the AU and EU) in the last 4 years?