Here are the numbers - They lost 22m in 1Half, excluding loss...

Here are the numbers - They lost 22m in 1Half, excluding loss from US business of 10m. They still lost 12m. Now if there was no late fees of 18m then they would have lost 30m.

Now you can use fancy matrix like proforma earning or EBITDA, however they just fool you into thinking that somehow interest, tax and depreciation are not real expenses.

If you read their own material they aim to have 20bn in underlying sales and NTM of 2% by FY2022, so if you exclude late fees of 0.8% then their NTM would be only 1.2%. This is no where enough to cover their operating expense, considering that their business will be 10 times what it is today?