Understood, but to remove the provision and just recognise the...

Understood, but to remove the provision and just recognise the economics on a cash basis ignores the fact that they will have receivables created this year that are unlikely to be recovered in periods down the track (so it's not obvious in the amounts written off this year, but embedded in the provision so you can't discount that provision altogether).

This is complicated by the fact that the receivables side is growing so fast that the provision is massive, but it would be less of a problem in a more stable environment......so it's not all negative, but just saying difficult for me to get a sense of the real economics (as I don't think the Cash NPAT reveals the full story).

BTW unrelated question, how much capacity do they have in their receivables book?