Ann: Appendix 4C - quarterly-SMA.AX, page-66

There is a time lag for revenue collection, in SMA's case 90+ days. The payments is "normal?" (presuming normal credit terms of 30 days) so the cash flow from initial ramping up of Revenue will be skewed...untill the revenue and collections start "marrying"...but I hope not...I mean I hope the Revenue keeps going up and variable cost as a % drops...that is when the fun starts...Clear as mud guys....GLTA...I've topped up at thees levels...I didn't in my wildest dreams thought it would drop below 3.8-4c...let alone 3.1c...Yippie...