Ann: Half Year Results Investor Presentation, page-29

The issue with the $10mill revenue is they cannot spread it out. The revenue was earned and booked. I dont know of any accounting practice that lets you push that out. There may be on IP. I just dont know. But if you can cook the books so easily, it makes the books not so believable.

For example the big EDITDA loss this half year was because they moved service resources to product production. If they spread this $10mill revenue out, they would be able to spread out ramp up costs, too - as those costs are a one off, and help the company over the years. So if they spent $5 mill on ramp up, why can they not book only $1 mill of ramp up costs this FY, and put the $4 mill somewhere on the balance sheet, nothing to do with costs, profit, revenue for this half year. Balance sheet would say 'provision for ramp up allocation' = 4 mill. It goes on assets and liabilities. Then the half year could be MINUS 0.3 mill EDITDA and not MINUS $4.3 mill as shown.

Works for me! But man that would make reading the P&L and Balance Sheets challenging. Almost Enronish or Christopher Skase-ish.