But what is included in financing is not the annual rental payments required per the lease agreements, but repayment of lease principal amounts, surely?
This assumption seemed to tie in with the step-function reduction in lease liability balances (down from $176.1m @ 30 June 2019 ([*] to $110m @ 30 June 2020).
But then I reconciled the FY2020 EBITDA line (which does now not include lease rental expenses) with Net Receipts (adjusted for changes in working capital) and the results weren't that far apart, which supports your advice.
So, I'm a bit confused.
No matter, though, because as you said, the Operating Cash Flow is still strong.
$72m less $10m in capex, so some $60m in FCF, in the context of a $275m company currently with $90m in net cash.
[*] Per Note 19 in relation to Note 19, when leases were still carried off-balance sheet pre AASB19:
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