I missed some of this but in relation to acquisitions, 1.0 times...

I missed some of this but in relation to acquisitions, 1.0 times earnings is the debt level MTO is comfortable with: A$20 million of debt at present.

There are deals of substance out there, with Mr Ahmet CEO said there were different ways of funding acquisitions including a capital raising.

Re inventory, it's been a conscious decision to increase as it has new dealerships in places like Wide Bay (Qld) to 'feed'.

The dealer marker in Australia is only about 20 per cent of total transactions: there's also a big private-to-private market that MTO misses out on.

Re margins in 2H 22 being lower, it reduced in Cassons, but no underlying major change. It was the case for two to three months but at present margins are comfortable.

Re used sales, MTO is paying for these late model used bikes as an alternative to slowly arriving new motorbikes. There has been some margin degredation but good demand these bikes.

The outlook and growth included a comment about diversifying the product range, but Mr Ahmet said this didn't necessarily mean a switch from motorbikes. He could see potential for MTO to move into towns with more of an 'agricultural' market such as Ballarat, Moree and Tamworth. This can be lucrative, as they have one (I missed where) and it's opened MTO's eyes. In contrast, selling jet skis is no game changer but it does bring more potential customers into the outlets.

Mr Ahmet said there's been many instances of price rises: when the manufacturer changes the price list, it's automatic. Some have done one rise in the past year, others two or three. Mr Ahmet doesn't believe there are more to come from what he's hearing, and hopes no more price rises.