Ann: Change of Director's Interest Notice, page-9

I have analyse Japanese operation 2019 vs 2024 resultes.. For 2024 I have extrapolated 2024 HY resultes. This will serve the purpose of this analysis.

Asia/Japan			2024 HY	2024 FY	2024 vs 2019	2019
Rev			433	866	80%	482
EBITDA			62	124	70%	73
D&A			35	70	268%	19
EBIT			27	54	2%	53
Assers				1329		578
Liabilities				971		290
				358		288
EBITDA/Assets				9%		13%
EBIT/Assets				4%		9%

Revenue and EBITDA have increased over 70% but not EBIT. It is because of D&A increase out pacing everything else. This will be due to expansion and acquisition DMP carried out over the period in Asia. The return on assets at EBITDA level is lower by 4% from 2019 to 2024.
The positive news is the operational cash flow would have increased by $100m over the 5 years based on above numbers. Plenty of cash to redeploy to keep improving the business using advertising, promotions,loyalty programs, discounts etc in Japan. Most likely DMP has over paid for the business in Asia and rapid expansion after Covid did not help, but opportunity still there to improve.Top line growth is impressive for these kind of consumer facing business. We should see positive numbers flowing back in the business gradually as the total fast food industry is still expanding globally.