Anza Region Performance, page-2

I mentioned this previously .......


historically - PPX used to report volumes for each division .......you could then compare $/T of product sold, versus the wholesale price .....to get an idea of gross margin ........

they no longer report this rather important detail ........

it was also possible to demonsatre that they were selling "paper" at a loss in Europe (loss leader) ......

if you chk the "transpost co" (aka deliveryco) website - you will note that total product movements down 30% YonY in UK .....

if market volumes for paper fell 5% in 2015 to Dec, then PPX's aust division is "credible" ......given 95%+ of the stuff is imported into Oz ..........margin compression shows that competition is increasing .......

concur with your comment re acquisition of NZ businesses (you need to annualise the numbers ......)......hardly confidence inspiring ........

rgds
V_H