I think your analysis of the end of year results is spot on. I am also very pleasantly surprised with the way the cost of doing business has been managed.
Just to add a little on top of your comments regarding the Capital Expenditures. Right now we don't know the status of the NDC however from the report we have this line of info "NDC will drive considerable savings in the second half of FY24 and enhance multi-channel customer experience." Therefore we can assume it is either close to being completed (therefore some additional capital expenditures remaining) or it is completed and financial impact won't be felt until 2nd half (no more additional capital expenditure).
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