Ann: NRW Holdings FY24 Results Update, page-8

I have not bothered to indulge in any arithmetic, but conceptually what NWH paid for the shares is only one aspect of the profit recognised. Other accounting conventions apply too - for instance, earlier years provisioning for doubtful debts. If such a provision were reversed in FY24, then it adds to EBITDA for Fy24.

That type of accounting tactic is what I call time shifting - where a debit or a credit for a transaction made in one year is reversed in a later year, or when a debit or a credit should have been made in one year, but was made in a later year. Over or under depreciating is a form of time shifting, because they do not match the timing of the benefit to the expense.