Its worth noting that a not insignificant amount of revenues over the historical period have come from the revaluation of assets, in particular property. Effectively meaning that accounting earnings have significantly exceeded cash earnings for a number of years.
As property prices shift into reverse this is going to be a drag on earnings and whilst this is also non cash, the company will have borrowings secured against this property which have increased from $4.2bn to $5.7bn from Jun16A to Jun18A.
Perhaps the race is now on to realise these gains and deleverage the balance sheet.
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