Ann: 1H23 Results Presentation, page-18

In current three years, it's challenging for RFG to survive first and grow and expand more stores later, particularly in the international market. (I prefer oversea market expansion/growth rather than domestic one, for example, DMP, XRO, WTC).

Apart from the cost for the ACCC case, RFG has made much more progress in EBITA(underlying） which shows how the business is performing. This amount is an indication of what the business may do year after year if all other parameters remain the same.



Inventories decreased $1.2 mil, however, the trade payables ( a little bit concern) have increased by $6.7 mil


As for debt (not a big issue), RFG continued to decrease the debt by $5 mil (following FY2022 $7.5m in repayments made)