FY17 Forecast, page-5

leasx - "US won't make profit for now as a lot of the earnings have been used to upgrade their CRM (software), expand to more markets and gain more SPG customers. With current margins and customer reach profitability is close."

- going on the numbers provided there would need to be a hell of a lot of CAPEX in FY17 for them not to book a solid little profit from US operations. 5TWH at what appears to be $4 net margin ($8-8.5 gross margin, minus $4 OPEX).

Portfolioplus - statutory profit is not a good guide for this company due to the way forward contracted sales are booked - only one side of the equation is reflected in the statutory accounts.