Ann: Earnings Update & Appendix 4C for June 2012 , page-7

re: Ann: Earnings Update & Appendix 4C for Ju... It might not be super strong cash flow yet but at this rate of improvement it will be within a year the upgrade in revenue is a good sign. NPAT isn't the same as cashflow under GAAP cash flow just helps us determine the health of the company and it looks fine to me. AZG is actually an asset light model hence the high return on capital. NRW holdings actually had cash flow that was quite a lot lower than their NPAT in 2008 and when they dropped to these multiples they then increased cf along with the NPAT and the share price went up big time so it's not the end of the world but I do want to find out about those staff costs...