Investor Briefing Session, page-2

Joined the investor briefing session today. Not much more to add in addition to the presentation. They did draw attention to the UNPAT December run rate "The run-rate of UNPAT for December 2020 is over 15% higher in comparison with the prior corresponding half year and FUMAA, at $9.33 billion at the start of the new calendar year should benefit shareholders by generating higher profitability going forward " and said that the calendar year has had a good start. There was a question about the $16M of cash i.e. can we have some ? $5M required for compliance, $3.5M for WC and $3.87M for the dividend. If you wanted a higher dividend than 12.6 cents Breville is paying 13 cents this half but you'll have to stump up $31 a share ! Indy mentioned there are a number of acquisitions afoot at various stages of completion and this is the best use of the remaining cash balance. 101 economics here - one of the most important metrics of assessing the quality of management is return on incremental invested capital (ROIIC). We know management have a very thorough process to enable the highest ROIIC.