Ann: Quarterly Update - Strong Q4 & Large Increase in FY21 Sales, page-15

What I’ve been able to piece together from what has been disclosed on the JV model we effectively get 75% from Australia/AP subs (bear all costs) and 25% of Americas sub (no costs) - of the revenue generated. This is based on 30% going to the JV and JV profits (not revenue) being split 50-50. The remaining revenue we get 85% of 70% for AP, 15% of 70% for America’s...presumably in the form of royalty. Noting Americas seems to dwarf AP, and subject to the actual profitability and financial model of the JV, this can work out better than the 85/15 headline market split.

There’s certainly more to it but this is the basic flow I can see based on what has been put out and my interpretation of it.