Ann: TNE ARR up 21% and H1 Profit Before Tax up 17%, page-30

you have raised an excellent point.

while preparing the financials for audited unlisted financial company I was able ultimately to determine small profit or loss margins when reviewing capitalisation and depreciation rates.

obviously TNE has different requirements being listed and large but obviously profitability can be to a degree massaged with capitalisation and depreciation.

l used to debate with the auditor that for many organisations the cash flow was a more accurate representation of the profitability of organisations. Indeed banks for many organisations use the cash flow not the profit and loss (well at least they did two decades ago).

indeed something to watch and a prudent reminder to always keep holdings within portfolio limits and nothing is perfect.

appreciated
please excuse my grammar l dictate not type