I agree with you re getting things going in Asia, but we have to remember it is a premium brand. I don't know much about the dynamics in these markets or whether there is a big demand for expensive IF but I think at least English label should be pushed hard into SEA. America is often a trophy market given its size and wealth so I reckon they'll do everything they can to make it work.
But if reverse out the US then we get another 27% lift in EBITDA to 156.6m for FY21 (33.5m/123m) - which just goes to show how profitable the IF business in China is on a standalone basis. And then if we add another 100m for the write-offs then we could've done 256m in EBITDA for FY21.
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