Ann: Palla Pharma Investor Presentation - FY19 Results & Outlook, page-4

I was always a big PAL advocate but recently that is changing. It seems that the acquisition of the Norwegian business has maybe allowed the muddying of the financials on how well their Australian arm of the business is performing.

I was looking through some of their historic presentations and they quoted a NRM efficiency increase back in 2016 to 91%. This year they have quoted a NRM efficiency increase of another 4% but they did not state what efficiency they are actually achieving. Surely prior to this year they would have made some further efficiency improvements on their 2016 achievement of 91%. So on top of their efficiency increase this year would it be safe to say they are achieving 96 or 97%? For people who have more of an industry insight does this seems achievable??