Ann: Half Year Results Analyst Presentation, page-11

Putting the guidance into context, in FY2017, the second-half NPAT was 66% of first-half NPAT.
This year - using the mid-point of the $1.55bn to $1.60bn NPAT guidance - they are effectively saying that second-half NPAT will be just 45% of first-half NPAT.

And, put another way, this guidance implies an 8% decline in JH2018 NPAT vs JH2017.

Which suggests:

1. there is something skewiff with the business,
2. there is going to be the mother of ramp-up sin R&D expenditure, or
3. the guidance is very conservative

I have a decidedly firm view of which one of those possibilities will turn out to be the case.