Exceptional Result!, page-25

Back to square one again

Operating cash flow margins actually declined from the previous period (see tables below). EBIT and EBITDA margins for Europe and Japan increased slightly but are still not close to those in Aus/Nz

	Column 1	Column 2	Column 3	Column 4	Column 5
1	HY16
2		AUNZ	EUR	JAP	TOTAL
3	REV	128035	109249	207973	445257
4	EBITDA	44545	12255	27475	84275
5	%	34.8%	11.2%	13.2%	18.9%
6	EBIT	38349	8361	20947	67657
7	%	30.0%	7.7%	10.1%	15.2%
8	OCF				55306
9	%				12.4%

	Column 1	Column 2	Column 3	Column 4	Column 5
1		HY14
2		AUNZ	EUR	JAP	TOTAL
3	REV	102238	87022	154311	343571
4	EBITDA	35083	7190	17752	60025
5	%	34.3%	8.3%	11.5%	17.5%
6	EBIT	29315	3773	13863	46951
7	%	28.7%	4.3%	9.0%	13.7%
8	OCF				56490
9	%				16.4%

I find it interesting that Japan is now the main source of revenue yet margins are still 1/3rd of what they are in Australia and NZ. I don't know why the market is still pricing the stock like it has 30% margins everywhere when it clearly doesn't. Scale will improve margins but it still seems  fairly obvious that overseas markets are much more competitive.

Free cash flow was also negative (increase in cash largely due to fx and sale of assets). There are also 131m of contingent liabilities related to acquisitions not kept on the balance sheet. Debt was taken on post balance day which means nothing is showing up in the accounts yet.

They also managed to sneak in an extra day to this years results