On the presentation call last week, the point was made that tax losses had now been used up and there was tax due for the 2024 year that had been paid post balance date. 2025 tax instruments would also be due during FY25, so that will have a negative impact on FY25 cash conversion.
See page 16 of the presentation https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02841598-2A1542397&v=fc9bdb61fe50ea61f8225e24ce041a0e155a9400
Ann: Investor Presentation FY2024 Results, page-13
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