DDH Depreciation went from $20M in FY21 to $30M to $50M in FY23.
If depreciation for DDH for 2024 was anywhere over $60M then the update appears to be an upgrade: better EBIT(A) for the combined entity and lower capex and better revenue overall because the combined entity exists from early October (which is only three quarters of the financial year).
Ann: Update and FY24 Guidance, page-24
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