Ann: Appendix 4C - quarterly , page-4

Just a bit of research...

CCE started Jan 2003
So the first full year was 03/04
2010* is just half year x2

__________2004___2005___2006___2007___2008___2009___2010*

Sales_____556k___1213k__1102k__932k___1086k__2380k__3096k
Cost of___1344k__1329k__1429k__1331k__515k___1021k__892k
%%%____241%__109%__130%___143%__47%___43%___29%

Admin_____3161k__5879k__7605k__6317k__4156k__4791k__3338k
R&D_______609k___1531k__1793k__732k___171k___225k___181k
Marketing__1199k__1827k__2563k__2265k__1453k__1703k__1346k


Well - if my old mates at CCE could pick any line they want and try and justify it.
For those who are new - CCE and VSG merged to form AVH in Feb 2008.
So - immediately cost of Sales plummets
CCE never got below 100%
AVH get to 47% immediately and have maintained the trend with eoy 2010 projected at 29%

Then look at admin expenses
The morons who achieved 130% cost of sales then paid themselves 7.6million.
We are looking at a $3.4million total this year.
In the same year they spent 1.8million on R&D
NOTE: ReCell was already launched at this stage.
Not sure how my "Aust. of the Year don't give a stuff about investors" mate feels about the 181k R&D for this financial year, but I can promise that I don't give rats tail.

Marketing cost percentages speak for themselves as well.

Its one thing to wait for a company's market profile to change due to time - Its another to see real numbers stacking up.

AVH is clearly being run a different way to my beloved CCE
Now that is a trigger kakoii