Reporting, page-4

Sorry mate - super hectic week so far - hope to get to it tomorrow, but if not my basic assumptions (nothing earth shattering) are:

-The language of previous announcements indicates that there is likely to be upside in both volume and margin in the Australian business.
- US earnings to continue to transition, with a weighting toward the second half. This isn't a simple case of dividing the full year forecast by two, given that loads will increase over time and OPEX will drop per unit as a result. Expecting gross margins per guidance, but OPEX around $3.50-3.80 as a result of the guidance being across a full year in a growth segment.
- generation to be down slightly due to the good run that Neerabup had last year.