Ann: MOZ-Activity Statement and Appendix 4C Q2FY24, page-6

It's definitely a company to watch and your diligent research is very interesting.

A few amateur observations:

• Comp store growth was -1% in Q1 per AGM presentation and 'just' (!) -6.6% for the half year is hardly encouraging.
• It will be worse when we see what margin was earned to clear the inventory, I suspect.
• Is it me, or is the absence of EBITDA figure for the half telling us something?
• I am wondering if the low corporate costs in Q1 include the benefit of a one-off item, such as reversal of an impairment charge taken in prior years.
• The exchange rate effect is interesting, but the fact is that this year's result at this year's exchange rate is what has to be reported and it should be compared to last year's result as reported.
• The statement that they are getting the best-ever prices for future purchases doesn't mean much. Has quality been sacrificed? I know in the footwear business you definitely get what you pay for. Rivers' shoes are pretty average quality now. Are they going to get worse?