ASX CXO TODAY, page-134

Earnings growth is a really good measure when a company is in production. Pre-production or in start-up it can be basically meaningless, especially in industries where start-up takes an extended period or financial years have different proportions of start-up vs full production.

Most of that growth in SWS's number comes from assuming half a year production in one year then a full years production the next year. 100% growth. If hypothetically the first year had a quarter of a years production and the next year had a full year's production the same maths would report 300% growth. Both would then crash and say 0% growth when comparing a full year of production with another full year of production.

Its the projected dollar increase in earnings that is important at this stage, not the percentage changes. Percentage changes are meaningless until there is a full-year annual level of production. They will become important later.