Ann: Quarterly Report and Appendix 4C, page-2

OK talk about getting back to basics. A quick review of the cashflow, which I understand is not a perfect picture but, its close enough for my purposes.

Cash Outflow for Operations for the qtr. ( $1,362,508)

Total Outflow for the qtr. ($852,972)

Difference of $509,536 this represents inflow from funding (new funding)
and outflows for other adjusts due to asset disposal and funding change.

Therefore, using just the outflows from operations the answer doesn't look at all positive, bearing in mind we have the non cash adjustments of depreciation to go. Tax adjustments and interest are in the above number, as interest, tax paid. Can't wait to see the full half year profit but I bet it's not positive. I know this analysis is not perfect due to timing differences of debtors collections etc but I still can't believe there is any profitability in there. Can't wait for the P/L and B/S for the first half.