noted there is no one discuss about the RESERVE increased in Balance Sheet (item D 6).
$120m increased - main contributor is Synlait.
If Synlait grow to 14 ~15, there is another increase of $150m paper profit added to the Balance Sheet bottomline.
The $120m paper profit was not accounted in EBITDA, NPAT or anyway of the report.
The presentation also not include the subsequent event - distribution contract signed a week ago with China State Farm.
Very strong result!!!, page-103
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