Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-477

Hi @BigKenny, that's fine - no problem if you want to disregard it. But I hope you also think all the revenue-only charts that have been posted are also "fairly pointless", otherwise it's a very one-sided way to look at a business. I think this approach is a good test for how honest with ourselves we are about where the growth in our investments comes from. The chart posted has 10 quarters already, I agree that in another 4 quarters the picture will be clearer. Cheers

Hi @BootBoot, I should have clarified that my 'total expenses' only takes into account items 1.2 (a) to (f) of the 4C, i.e. what I consider to be the 'operating expenses'. So the chart you're looking at has already stripped out any inflows/outflows for stuff like income taxes paid, government grants etc, for the very reasons you have stated. It is just these items totalled up:

Payments for
(a) research and development
(b) product manufacturing and operating costs
(c) advertising and marketing
(d) leased assets
(e) staff costs
(f) administration and corporate costs

Cheers