2009 the year of the bbi rebound, page-33

To my understanding the reason there is no profit is because while they made plenty of cash last year, there depreciation costs were around $300M (from memory) this is a non cash expense, but when claiming it, it reduces or negates the need to pay tax.

While theroeticaly depreciation reduces the value of the underlying assets intrinsicly , without a sale of those assets to determine value its really just a guestimate of the probable loss in value, on the useable life of the underlying asset. It could be argued that an asset like a pipeline or transmission cable market value may infact increase in value over time as demand for its use increases, that means its extrinsic value, value to the outside world (not intrinsic value) has actually increased in value.


When reading the balance sheet and income statement there are figures from probably 1 to 20 next to some of the expenses listed those are notes by scrolling down to the notes section it gives a more detailed break down of those expenses ie depreciation

best to spend some time going through annual reports to get a better understanding of a business and reading an annual report start from the back and read towards the front as the front pages are often just fluff.