Ann: Annual Financial Report, page-2

pg 73 interesting

"During the year, the non-cash fair value movements (i.e. investment earnings) of $65,881,000 in prepaid contract funds under management (2018: $13,581,000) was greater than the non-cash growth due to interest expense increases of $20,331,000 in the liability for future service delivery obligations (2018: $18,573,000)."

net gain 45m in income statement

roughly 72% of npat

some systematic risk here!