Ann: Half Yearly Report and Accounts, page-8

It's not clear the exact calculation of cash profit as I cannot see a figure showing impact of trailing commissions present value but in the finance expenses there might be included a further breakout of this that's not in the report. my guess is that this impact is added back to the operating profit figure to get to the $3.3m odd that is quoted by MB.

It's starting to look clearer as they move to profit that Ybr is trading at a lot lower multiple to earnings than its peers. IMO.