In all seriousness though Mayday, I think what a small minority of folk miss is that the rate of a2mc expansion is consciously engineered to quite precisely match available cashflows, they also have cash on hand which was raised to be used for growth and that is what they have and are doing.
a2mc have also told us that they will fund the US expansion ($20M) from cashflows and other financial holdings in the same way.
They have been growing at the maximum possible rate that cashflows have permitted, but no faster, hence the close to zero NPAT that we have seen for the last three years.
Earnings will come later from the now four markets Australia, UK, China and US when a2mc decide to level the growth rate off, hopefully no time soon, although I suspect we may well see a modest surplus at FY15 and FY16 as the forward $20M in US growth is not that great within the big picture.
The reconciliation is in the presentation for those who like to step things through.
https://www.nzx.com/files/attachments/208707.pdf