Ann: Appendix 4E and Annual Report FYE 30 June 2022, page-2

As stated in the report there is still work to be done - costs are still too high - liquidations are static despite an increase in purchases. I look mainly a the cashflow statement to really see what is going on due to the fancy way the accounting standards have altered the profit and loss statement. According to the cashflow statement they basically have been treading water while accumulating PAs and PDLs with loans with lower rates. I still wait for further evidence that they can improve their liquidations ratio against purchase costs while at the same time reduce costs without reducing headcount. Seems quite a task to me but Johns does say that they are making headway. Next HY report will be telling IMO.