Ann: Appendix 4D and Half-Year Financial Report, page-14

Yes, I wasn't suggesting that the balance sheet statement has not improved, thanks to AASB16. It clearly has. And I do appreciate the good intentions there. But surely, the accounting standards could mandate a number of improvements. Like mandating operating lease outgoings (principal AND interest) as an operating cashflow (not a financing outflow). Currently there's not even a mandate (I don't think) to place the interest component at the operating line. Also, why not have a new category of expense, such that all the operating lease expenses (interest & depreciation) be reported ahead of normal financing expenses & PPE depreciation. In short, there's no reason (that I can see) for lumping "operating lease" interest, with "financing lease" interest, much less for lumping "ROU asset depreciation" with other PPE (those not used or acquired through operating leases) depreciation.

No more "EBITDAs" that exclude these expenses. Seriously!

What's more, where there is a material difference between operating lease cash outflows and related "expenses", a clear note should to the effect should be mandated, with some explanatory notes (ideally). If cash outflows are markedly lower in one year than int-depr, then there will be a good reason. Why not give it?

I mean the intent was to create clarity, FFS.

I frankly have never paid any attention to reported EBITDAs or FCFs (what does FCF even mean anymore?), so I'm not sure why I shoudl care so much. I've just had a gut full of sleazy coporate BS.