You are right - the $5m does come off as it quite clearly excludes discontinuing business which is making a loss (somehow - I agree I am not sure exactly how it is making a loss). It is not cost control, it is a simple accounting adjustment... in the announcement it says 1H19 includes a A$1.8m positive benefit of AASB 16 (lease adjustment), implying that 2H19 is going to include a $2.2m positive benefit, this is more luck than anything else.
Agree there is potentially opportunity, just too expensive for me to get too excited at 9.2x expected reported FY19 EBITDA
Ann: Company Update & Earnings Outlook, page-17
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