Ann: FY20 Results Presentation, page-17

I’m amazed about a few things here:

1. it’s Australia’s 16th top company and hasn’t made a profit. You would have to go a long way down the list to find a company that hasn’t made a maiden profit.

2. why announce the loss as a% of sales? Because it sounds small....0.9% compared to saying $100M LOSS.

I can see some pain for shareholders in the future. Lastly, do you shareholders care about the lake of credit checks for customers that may not have the ability to repay things?