Ann: FY19 Preliminary Results - Record Portfolio Growth, page-96

The reality though is that the amortisation changes are going to hit the numbers. The capture cost amortisation in 1H 2019 was $4.526m. It will increase to something like $11.3M with EBIT similarly impacted; a loss of $5m for the year. Next year will be a loss as well.

I accept there is no change to EBITDA and cash. Me? I invest primarily on the basis of NPV but keep a keen eye on EBIT, NPAT and pcp comparisons. Be careful because there are a lot of investors who invest primarily on that basis!