Yes agree GH1971, all the $32m is doing thus far is inflating 'Unbilled Disbursements" as an asset by $32m and increasing 'Disbursement Creditors' as a liability by the same amount. No impacty on EBITDA.
But, correct any write back against WIP will impact EBITDA which, according to their previous announcement of 'increase over FY22 by low double %" or around $60-$65m. Clearly the quanturm is in dispute. That said whatever is written back will not be a 100% hit because is there not a corresponding reduction to the 'Future Tax Liability' of around 30% of whatever the write back is? Shades of 2016???
Ann: Change of FY23 Financial Results Announcement Date, page-5
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