Corporate,I'm afraid I don't quite follow your line of query...

Corporate,

I'm afraid I don't quite follow your line of query when it comes to those historical NIBD/EBITDA and EBITDA to Net Interest ratios.

For starters, I didn't give a figure of 9.7x EBITDA-to-Net Interest for FY12. That was for FY11. FY12's figure was 9.1x (derived from: $756m EBIT plus $126m D&A, all divided by $97m in Net Interest = $9.1x).

As for the seasonality of the cash flow in the June half compared to prior June halves, yes the working capital movement is negligible over the six months leading up to June 2013, but you will need to check the delta in working capital over the previous June half years before you draw any conclusions. For example, there might have been working capital builds over those periods that might have dampened the Operating Cash Flows.

In terms of your question in an earlier post relating to benchmarking CTX with Z-Energy, I started doing the exercise at one stage, but I found it to be largely futile because I concluded that I was comparing apples with oranges given the different respective industry structures, competitive landscapes and corporate evolutionary stages of the two businesses.

Cam