Ann: Cleansing Notice and Shares Coming Out of Escrow, page-24

I'm not taking issue with the EBITDA numbers because I think its too difficult to separate the underlying EBITDA from additional costs due to acquisitions etc. I'm just looking at the revenues because it would be a straight summation across all the acquisitions (I would expect they would just maintain the same revenues whether aquired or not, probably with some annual increase because cyber spending in the sector is increasing). TNT have always quoted the revenues when the acquisitions are announced, so very simply just add them and then compare with the current revenue of the TNT group. Nothing difficult here.

All IMHO, DYOR