34 mill cash 10 mill MC !, page-9

Your reading what they want you to read. The Headline numbers. Look behind the numbers to get the true result.

The business fundamentals are actually going backwards and have been consistently for the last few years.

Sales ( top line) is down 12% (not good) and the underlying NPAT (business as usual) is also down 26%.*

Lets look behind the headline numbers to find the real result:

* Adjustment to the 2015 result: Add back the $2.63m in renovation support one off expenses and then do the comparison. This gives you a like for like or a apples for apples comparison:

2016 NPAT as reported $2.9m

2015 NPBT as reported $2.83m
add back one off expense $2.63m- Franchise store owner renovation support expense
=Underlying NPBT = $5.460m
less Tax 28% $1.52m
Underlying NPAT = $3.94M

So 2016 NPAT =$2.9m v 2015 underlying NPAT =$3.94m- actually down 26% led predominately by the 12% decrease in top line sales.