Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-39

I think it's time for investors to ask exactly how that ARR is calculated....I recall they had set this out quite clearly some time ago, but the question still remains that if a client does not spend the expected amount in the 12 mths since they were engaged, how can they class it as ARR......I suspect what is happening is that they are probably reporting it under ARR when it take 12-18mths before the client pays any material fee, but if that is the case, only the actual setup charge etc should be recognised as nothing is 'Annual' and/or 'recurring' at that time

Ask investor relations......I will be doing it this week too!