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## MANAGEMENT DIsCUssION AND ANALYsIs REPORT 

## RECONCILIATION OF STATUTORY TO UNDERLYING PERFORMANCE 

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## notes: 

(i) Revenue from ordinary activities excluding interest income and trading results of discontinued operations. 

(ii) Finance costs less interest income. 

(iii) The remaining 51% of Trade Me Group Ltd was disposed of on 21 December 2012 and classified as a discontinued operation. The “As reported” net profit after tax from discontinued operations includes both trading results of this business up to the date of disposal and the profit on disposal. Certain numbers shown here do not correspond to the 2012 financial statements and reflect adjustments due to discontinued operations as detailed in Note 5. 

(iv) Significant items are those items of such a nature or size that separate disclosure will assist users to understand the accounts. Refer to Note 4 for further details of significant items. 

## RECONCILIATION OF TRADING TO OPERATING CASH FLOW 

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