"From the Annual Report, the underlying NPAT for continuing operations and after non-recurring items appears to be around $300m? Am I missing something?"
I think the thing you are missing is the ~$100m of government grants which I can't see being accounted for in that pro forma, management interpretation which you posted:
While management might attempt to argue that this kind of thing forms part of underlying profitability, I certainly don't! (I mean in the previous year, government grants amounted to $290m).
This is why I always assess financial performance using the audited financial statements prepared under GARP, as opposed to management presentations and/or interpretations.
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While management might attempt to argue that this kind of thing forms part of underlying profitability, I certainly don't! (I mean in the previous year, government grants amounted to $290m).
(20min delay)