Ann: Half Year Results Announcement, page-3

@Crumbed Cutlet yeah doesn't sound like a positive does it!!

Still no reval of Homeground despite rubbish ongoing occupancy.

"Adjusted" EBITDA excludes Hastings. Uh, why, exactly? It's their core business!! And the adjustment also excludes discontinued operations, which is reasonable, but of course they haven't excluded those operations from the revenue numbers they're shouting about. It's pretty funny, they also like to adjust for Homeground revals; if you look at their ACTUAL EBITDA for the last few years they've been losing swathes of money or at best break even.

The graphs on slide 6 of their 11 pager are hilarious. There are some 2H17 estimate numbers included. Now, why include some, but not all? Presumably because the ones they haven't included aren't great. And that includes Homeground (which is the vast majority of claimed NTA) and, tellingly, OCF.

Still don't see why anyone would buy this.