Ann: JP Morgan Emerging Leaders Conference - GXL Presentation, page-15

Orlando G / Black Peter... I think we are both looking at different reports.

I was basing my assumptions of the December 2014 Half Year report... whereas it seems you are looking at the June 2014 Annual report.

My view is the capital structure has become weaker since they took on Petbarn; as instead of having Cash of 120m / Debt of 150m, they now have Cash of 30m / Debt of about 230m

On top of that the Operating Cash flows look weaker, and I am not sure where the figure for your forecast cash flow of $40m came from... that would mean they were expected to earn $40m in this half year alone... or an annualised cash flow of $80m.

Is that right? I was expecting annual operating cash flow (pre tax / interest) between 20m to 40m. (pessimistic / optimistic)

Interested in your comments on the last half year results.