my latest thoughts on IGL, page-16

The point is that AASB 16 eliminates operating lease cash outflows from opex and replaces them with (ficitious.. LOL) depreciation and interest charges. As such, EBITDA, in a post ÀASB 16 world, is blind to operating lease expenses of ANY kind.

I continue to think in terms of real operating expenses (ie pre AASB 16) rather than BS operating expenses (AASB 16).

If you look at the financing cashflows (in the cash flow statement) you will find the lease outflows. Note that IVE place ALL lease outgoings there, as from 2022 (I think), rather than breaking down into an interst component (at the operating line) and a principal component (at the financing line). One of those irritating details that took me a while to work out, due to the lack of disclosure.