Ann: Appendix 4C - quarterly, page-137

This is a cash statement whose purpose is to inform viability of the business as a going concern, not to establish profitability metrics. Receipts and revenue are very different. Who knows you might be right, but the annual report is the document to analyse in this manner not the 4C.

FWIW I think the new 'steady state' has only been in place for a few months as evidenced by the falling staff costs and clear change in communication and direction as per the Sydney meeting - hence even the annual report it will be hard to truly establish where we currently sit.

That said it really doesn't take much once CFN is established to really start generating serious free cash.