Thanks mate. I’m all for healthy debate and will admit it when I’m wrong but some people just can’t see past their own ego/hubris...
Anyway, back on topic.
The worst part about the R&D capitalisation isn’t even the poor disclosure. Its the fact that the board of directors has set KMP incentives based on EBITDA not PBT/NPAT targets which encourages this behaviour. Which leads to more cash cash outflows in performance bonuses even in scenarios where the bottom line is worsening. Simon Lister the Chair is responsible for signing off on this structure. As far as I can tell he is just another lawyer and adds no real value to the board. I would prefer to see him replaced with someone who understands numbers, as he clearly doesnt...
Ann: Beam Quarterly Report - Further Growth in Cash Position, page-42
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