Ann: Full Year Statutory Accounts, page-38

"Bad and doubtful debts": If I recall correctly, TNT used to serve Virgin Australia. No trace of it today but I did note it when I bought in months ago. I'm relieved to see TNT being open and honest that they won't be seeing that money again. Spoke to a chauffeur the other day and they said VA owed their company a lot of money which they now anticipate they'll never see again. Straight bats!

Capital raising and burn rate have been mentioned a bit. Referencing two points of note: expenses of late have been attributed as one-off and the last 4C stated they had another 13 quarters funded at the current rate (ref item 8.5). What that number is on the upcoming 4C will be interesting after the last 3 months.

Another worthy reminder is that Lord isn't getting a wage (p. 17 of report) - only shares. Timely reminder to look at which company is his baby - Belgravia Group and where they stand in the list of top 10 shareholders (p. 75 of report) of TNT. If Lord was getting a wage, that balance sheet should be looking a lot worse. For us - shareholders - his remuneration couldn't suit as any better.