Ann: AGM Chair and Managing Director & CEO Addresses, page-5

I'm with Seb on this one. There were some good things in the AGM address, but the traditional EBITBA skew of 65% 1H vs 35% 2H is very troubling. The 1H17 EBITDA sounds like it will be ~$25m. Requires a massive turnaround in the 2H (ie ~$35-40m) to achieve FY17 EBITDA of $60-65m. History suggests the 2H faith stories rarely deliver ...