top level observations for those interested:P&L:compared to my...

top level observations for those interested:

P&L:
compared to my earlier estimate, you can easily pin point the "one-offs" they baked into the results:


Income drivers:
1. $10.9m higher mngt fees - skew to retail and lag delays of monthly step down in FUM
2. net change to fair value.....$37.8m!

H2 impacts of above:
1. FUM has depleted further, H2 avg will be lower. MNGT fees will shrink much further as the starting fum is closing FUM
2. One off REALISED fair value gains. Not to be repeated.

Expense drivers:1. employee costs - heads have rolled
2. that dodgy unwind of the options - [some1 advised them to do that buy back]....$32m of one-off unwind to P&L
3. cost mngt, no more "strategic initiatives" (like $35 options )

H2 impacts of above:1.l more employee savings (more heads rolling)
2. one off options (almost bought thm all back - no more fake benefits to unwind)
3. continued cost mngt highly likely given depleted FUM

So, normalised for $22m (net) in Income one-offs, and $31m in expenses (options unwind) = $53m less PBT = $93m PBT normalised for these one-offs.

Cash
cash post divi will drop to $272m:

that leaves some leg room for another "special div" at year end to artificially prop up the yield and SP (again)

FUM
dependence on retail fum has grown:


Retail is bleeding the most! 1.2% vs 0.3% fees....4 times the outflow for every retail $$$ exiting! Major risk to mngt fees if retail outflow doesn't improve!

gltah - enjoy the $$$ cash splash....