a couple of other highlights: I've been told the best way to...

a couple of other highlights:

I've been told the best way to read a cash flow statement is to look at it first before anything else. Cash flows were good - the only surprise for me why was why an increase in gross debt occured. But it was offset by increases in cash, and they've suspended the DRP, so no issues. The increase in inventory was specific to one area and explained (kindof).

Positive outlook : " While the macro environment continues to be dynamic and challenging, we believe our acceleration program is progressing well and will position us for continued success". Also Q4 seems to have been a strong sales quarter, so looking v. good for FY18.

Global products EBIT growth looked a little disappointing at first blush given the strong constant currency and AU sales growth reported. But that marketing spend seems to explain it (and a bit more R&D) and I suspect the marketing is concentrated in the global products division. that's a bullish sign for mine. But as stated earlier we can expect further fast growth in marketing spend - ahead of the rate of sales growth! So I should temper expectations for any operating leverage!

On the worth watching front, I noted: the large and growing gap between capitalised intangibles vs amortisations; and yet more performance rights. I still do wonder what the longer term plan is for the distribution segment. In this area, they've lost philips, but the aquaport acquisition (although small) suggests they still see want to develop this area.

On balance, progressing nicely, but hard to make the case for buying more now.