Meanwhile back at the ranch.... Does anyone have a view about...

Meanwhile back at the ranch....

Does anyone have a view about the discrepancy between the employee expenses items on the income vs cashflow statements?

	Column 1	Column 2	Column 3	Column 4
0	Statement	Field	2015	2014
1	Income	Revenue	150,930,754	115,754,205
2	Cash Flow	Customer Reciepts	134,628,803	101,674,920
3		Comparison	112%	114%
4
5	Income	Employee Benefits	-68,891,560	-52,969,923
6	Cash Flow	Payments to suppliers and employees	-121,643,875	-91,129,928
7		Comparison	57%	58%

I find it really strange that the focus of discussion in the past has been on the WIP model when by far the bigger discrepancy is actually on the expense side. Have been puzzling over the reconciliation in Note 29a of the report but this isn't very instructive.

I'm aware that the Cash flow statement field includes "payments to suppliers", however there is no obviously comparable expense on the income statement. Even if we were to further include "Other Expenses" ($37m in 2015) there is still a material difference. Does anyone have any thoughts on this?