Ann: NNG Quarterly Activities Report and Appendix 4C Dec-23, page-10

It goes in the cash flow statement where ever the accounting standards say it should go but its basically dishonest to characterise it as earnings - as they did on line 2 of page 1 of the Activities report - when its plainly a Government grant. Or perhaps you missed it altogether.

Do you think its "earnings" ??

Do you disagree that the underlying operating business burnt cash again in the Qtr ?

On an underlying basis this business will be lucky to barely exceed double digit EBITDA margins in my view