Ann: 2017 Full Year Profit Guidance, page-3

If you take their word for it on externalities, then H2 was 389 v h1 381. Fy 16 H2 342, H1 359.

I wonder why terminating many of their franchisees this year is not mentioned as an externality. Shouldn't they have greater profits from the franchisee terminations, as many were terminated and Caltex retained the goodwill? But then costs for taking over managing these outlets? There is no mention of the franchisee termination issues at all - but surely there is a significant impact one way or the other, and I suspected it would be very favourable.