Agree. CKF are obviously targeting debt with a healthy reduction...

Agree. CKF are obviously targeting debt with a healthy reduction reported. The payout ratio is lowish at 39%, but in line with prudent management of debt, and probably more in line with what other companies should be, given the discussion in the media re: need for growth by investment.

Whats pleasing is the % increase in profitability on a lower % increase in revenue. Margins are improving with COB going down.

I don't understand the statement "Dividend policy to pay out 50% of full year NPAT excluding KFC WA/NT". I've never heard of market segmentation like this. Are WA/NT a special franchise case? Or are CKF directing revenues in those markets to expansion specifically?