Ann: VTG HY18 Results Presentation, page-20

@SteveSage I must say I'm not quite sure how you've arrived at these specific views. The FY18 EBITDA guidance is clearly stated on Page 2 of the presentation as being between $38 - 43m.

Depreciation and amortisation for VTG is typically around $10m with finance expenses of around $1m. So the earnings breakdown (guidance) is approximately:

EBITDA: $38 - $43m
EBIT: $28 - $33m (less $10m depreciation and amortisation)
NPAT: $18.9 - $22.4m (less $1m finance expenses and tax @ 30%)

Considering the HY came in at $20m EBITDA you can assume that they'll be towards the mid-high end of that range.

Assuming the top end ($43m EDBITA), EPS will come in at around 14.5c with the divi around 9.5c (note: interim divi 4.7c so final divi around the same 4.7-4.8c).

With regards to the performance of clear complexions (CC). While I agree more visibility would be nice, the reality is that CC's revenues & earnings aren't material to the group in 1H18. There are two factors here. The first is that annual revenues are around $10mil, which is only 1.5% of group revenue (assuming $650m) so there is not much point going into it in detail. Second, as CC was acquired in November there was always going to be very little contribution from CC to 1H results. Combining these two factors and CC's numbers are not really worth including in the presentation. The important stuff is the strategy for consolidating and scaling the business. I'll agree with you here that they could have provided more information here even if it was just a restatement of previous disclosures. In the questions Maxine / Andrew did state that the aim is for approx 70-90 networks across the eastern seaboard and that they have also identified a number of potential acquisitions.

That being said, if you're interested in the numbers, the contribution of CC to the group in 1H18 is contained in note 7 (Business combinations) in the HY report. I'll copy and paste this information at the bottom of this post for your information (the emphasis (underlined text) is mine).

As CC scales and becomes material to the group, they will most likely need to report on it as a different segment to ICT under Australian accounting standards. I'll be looking for increasing detail on CC as the business scales.

Revenue and profit contribution*
The acquired businesses contributed revenues of $1,176,332 and EBITDA of $76,251, after the inclusion of certain acquisition costs, to the Group for the period from acquisition date to 31 December 2017.

On the basis of trading results from the date of acquisition to the end of the reporting period, had the businesses been acquired on 1 July 2017, the contribution to the Group for revenue and EBITDA for the half year is estimated at $4,726,264 and $501,385 respectively.

*EBITDA has been stated in the place of NPAT for business combinations revenue and profit contribution as depreciation, finance costs and income tax are attributed only to the Consolidated/Parent entity and are not calculated at an individual Clinic level.