cardno powers on ex dividend, page-15

Further to post, over the years CDD have made acquisitions stating Revenue and EBITDA. Question is, how has it contributed to today's bottom line?

Have gone through and reviewed all news announcement with acquisitions. The following are the details:

	Column 1	Column 2	Column 3
0	Financial Year	Revenue	EBITDA
1	2014-2013 (2 acquisitions)	170.0m	29.0m
2	2013-2012 (7 acquisitions)	282.28m	44.856m
3	2012-2011 (6 acquisitions)	120.278m	25.2m
4	2011-2010 (2 acquisitions)	186.66m	21.89m

Note: have converted all figures stated in $USD from announcements at $0.90 AUD/USD

In total, they have acquired $759.218 million in revenue and $120.946 million in EBITDA. Admittedly some of the earnings figures did not include Depreciation and Amortisation, so there is some variation in the true figure.

In addition, in their announcements there was no distinction between actual revenue from engineering and consulting fees versus reimbursable revenues.

In 2010 Annual Report EBITDA was $55.27M (adding back $11m in depreciation, amortisation and finance costs). If Cardno was growing with each and every acquisition and not impacted by general market malaise, EBITDA should be $176.216m today. Not $141.724 million in 2014 and certainly not up to $31 million in 2015 (adding this years depreciation, amortisation and finance cost figures takes EBITDA to $110m).

There is something seriously missing from this companies announcements that has been going on for some time. CDD's Intangible Assets have increased to $750 Million through acquisitions. How long can they go on without writing-off some previous acquisition values built into their non-current assets? These acquisitions are either bleeding earnings or existing business is in serious decline. Both spell trouble ahead.

Interested in others opinions.

Best of Luck
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