Ann: Macquarie Connections Presentation , page-2

can someone please explain to me how only 13% of InvoCares funerals are prepaid when the prepaid assets under management are over 350 million?

What arent I getting here? Of the 44 million in net profit,.. 17.3 million was income from prepaid expenses. Where does the rest of the profit share come from? I assume that its from selling funeral packages on demand.

In this case how can 13% of the total funerals be prepaid but over 25% of net profit come from prepaid funeral returns? I know they invest the 350 million in a trust and have made a return of roughly 5% on this total.. I guess this is within market expectations..

anyway just dribbling thoughts, hopefully someone can better fill me in with how the business operational model works? How else do they make money (as opposed to the prepaid funerals trust profits) and why is only 13% of their business prepaid funerals considering the high nominal asset value?

Cheers