ubs research on bbp, page-39

Melua

One should not remove the D&A from EBITDA because by
definition its already excluded, e.i. Earnings BEFORE ITDA.
Mate, I'm no Einstein, just trying to reason logically. You
still think D&A should be removed from EBITDA if one were to account for capex other than by way of Depn. in arriving at
an earnings figure?

By the way, thanks for your input to the BBI & BBP threads.

regds raico