Loading up the truck, page-2989

Medici

1. My late grandmother could eke $200 M PAT out of $1B turnover. She obviously hasnt tried yet but I shall ask. Shrewd cookie she was. Born in Bendigo and a descendant of the brother of Ensign Hicks ( HMS Endeavour) .

2. There was $144M on QPP books for WIP fro NIHL. SGH expended $30M more to Dec 15.
Independant view from Wilson research is that 50% at least should result in fees in period 1 july 16 - 10 June 17. Odd if all but the probable spend by SGH ( $80m?) isnt cash of $280M . Then deduct QPP share.
Its a big cash dollop. $200M +?

3 Wilson research also point to 15% case non replacement. This is milking existing WIP, and that WIP not replaced , written down to zero value will ensure supernormal high margin when at or very near fee stage.
Odd if that does not generate $120M cash in a case cycle.

YOU would have to be a bit odd not to understand 2. and 3. point to a material cash dollop dent in borrowings over the next 14.5 months. I always hesitate to use the word stupid but in this case you are probably not.
Just trying to spread doubt where there need be none. Not nice.

Just to be helpful $200m + $120m = $320M .....or did you never do a cashflow forecast?
All my 100's of casssssh flow forecasts have been out by a manageable average of 12% ......so on a bad day
maybe $250M cash positive in 14 .5 months? . Donchyajuslove that. ( Last bit is eagle plagiarism)

Mel