Ann: Half Year Results Presentation, page-7

I'm definitely not an accountant either! But I am fairly comfortable with it, I think 2-2.5 is realistic for now and they have made a significant dent in debt levels already, with net debt down over $200 million. And they have increased expenditure on 'growth capex' which should see a better bang for back than paying down more debt with interest rates at current levels. But in the medium term I do expect interest rates to rise, so in the next 12-18 months I would hope that 2.4 figure might come down a bit.