Ann: General Meeting Presentation, page-27

Sales or turnover covers the fixed cost. Believe me, you want to see big t/o. T/o with margin (that's the qualifier!) then gives EBITDA, then covers depreciation (machines and equipment) and depreciation before paying taxes (EBIT), and then you get your NPAT, if your are lucky.

What you don't want to see is t/o growth through the use of equity and debt over the long term. BOD knows that, and that's why they want THM with its juicy margins.