Ann: Shareholder Newsletter, page-47

Thank you for your valuable analysis SP. Some very encouraging numbers for next year.

One other point that you could add relates to your NPAT estimate.

Net profit before tax = $21.35
Net profit after tax = $12.98

Page 50 of the Annual Report shows that the Company was carrying accumulated tax losses going forward of $17.78 million as at 30th June. Since this could be used to offset against the $21.35M profit figure you calculate only $3.57M would become taxable ($1.07M tax at 30%).

So you could use a figure of $20M in your scenario testing.

Even more encouraging.

Cheers