Yes, but $57m of the NPAT $$188m is a non-cash item. It is a...

Yes, but $57m of the NPAT $$188m is a non-cash item. It is a revaluation "net gain on step acquisition of associate" as per note 21.

What else looks odd in the FY18 accounts?

For starters, although revenue is up 19%, cash flow from operating activities is down from $125m to $119m. Not a good look and the reason is not apparent.

Then there is the increase in debt - up $262m to fund the increase in ownership of associated company. Gearing has shot up to 135% using my measurement (debt/equity).

Worse, total intangibles jumped to $658m compared with equity at year end of only $335m.

Seems to me that CAR badly needs a discounted share issue. However the market disagrees, as the price increased 10%.