No one seems to talk about the non cash adjustment of financial liabilities that gave rise to the perception of not meeting analyst projection. There's $22m worth of profit that has been 'erased' because of this recognition. Add this back and you get $75M NPAT, i.e. exceeding analyst consensus. Read note 18.1 for yourself to understand this. Precisely because the accounting associated with convertible debt and JARE arrangements are complex that cashflow is all that matters
Ann: FY18 Financial Report Presentation, page-39
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