More shares issued would not impact ROE itself, but the capital raised would reduce the need for debt, hence lower gearing and a lower ROE. I have often vented disapproval of the capital raising at a low SP, so I'll write no more on that.
A high ROE obtained via debt funding can be dangerous, so ROE should only be compared if other things, like leverage, remained the same. That is why some people prefer ROCE (return on capital employed) to ROE. Capital employed is total assets less current liabilities so ROCE excludes accounts payable, but includes longer-term debt.
All the above said, the returns made for some post 2009 years were exceptionally good, and not sustainable. I have not read the material released today, so I'll comment on that later, but superficially the 2-page summary looks as good as I could expect.
CCP Price at posting:
$28.50 Sentiment: Hold Disclosure: Not Held
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