Ok, took me a while to work out what you were asking. But I...

Ok, took me a while to work out what you were asking. But I think you are asking about the $12m "Other Expenses" on Page 11 of the Annual Report.

This is less than 5% of their total expenses, so it is not material. But it is all the "bits and pieces" that don't fall into the other categories, so any other amounts that are not really material, but are all part of running a business. There are no strict definitions of what is "Employee Expenses" or "Distribution Expense", etc, so I can only speculate what is in this Other Expenses. My guess of the things that would make up this would be travel, IT/computer (network, hardware, software, etc), Accounting/Audit Fees (probably in Finance Expense), consultants & legal fees (and other professional fees), entertainment (lunches, snacks, dinners), staff amenities (canteens, food), donations, printing, stationery, postage and many other smaller cost items.

I am pretty confident I have covered the majority of what would be in "Other Expenses", ranked in order of cost. In reality these costs need to be controlled by management, but they don't make a material difference to the costs of the company. ARB would focus more of Labour and Material costs which are variable (and able to be managed, not only day-to-day but also shift-to-shift) are the most important parts of the equation. Occupancy and Distribution Expense are things that are long term and should be reasonably constant.

Hope this helps a little. Happy to be questioned or proved wrong on any of this.

I think the best thing about ARB is that we all agree it is a great company - we are not trying to push up the share price, or drag it down. We are all pretty happy to where it is and what the Board and Management are doing to continue to grow the company.