Ann: Appendix 4D and Interim Financial Statements, page-9

From a set of half year disclosures it’s hrd to know the answer for sure on the tax. The cash flow has a refund received. The tax expense in the P&L on first glance I would expect to be an unwind of deferred tax, but there is also an income tax payable arising on the balance sheet. I would think with the number of subsidiaries (lots of them!!) they might have formed a tax consolidated group for the lot, but I can’t see disclosure of that and perhaps not. If some of the subs are in and some out of a tax group (thus a stand-alone tax payer) then it’s hard to work out. Be interested to know the answer though and also whether they have a grouping for GST as well. The compliance burden would be high if all separate, so if they are I would be interested to know the why.

Anyway, I was fairly neutral on the result. It was good enough to support maintaining my position, but not strong enough to take more. Liquidity is the other reason I’ll limit my position to a small percentage of my portfolio - easy to see a lot of slippage.