Ann: Investor Presentation Q1 2023, page-13

None of these reports seem to take into account the 25% acquisition or an extension of the tax holiday, do they ?

They keep attributing a portion of the net profit to minority interests and allocate heavy tax payments.

Also, somehow, they see debt barely going down despite allocating 50m us$ a year in change in borrowings?
And also 50m$ a year in "others" in financing outflows, what is that refering to ?
The 124m$ in FY22 is obviously the acquisition, so I can't see what these 150m$ in the next 3 years will be.

Where do they see all the cash this is generating going ?
Pretty conservative report overall.
Things should look quite different from this in 2025 I reckon.