Ann: FY18 Half Year Results Announcement Date, page-81

This is interesting:

	Column 1	Column 2	Column 3
0	('000)	SHJ	SGH
1	WIP Current	135,809	116186
2	WIP Non Current	111,801	120954
3	Total WIP assets	247610	237140
4	Shares	173,162	69,527
5	Per share WIP assets	$1.43	$3.41

As Ashley mentioned in theory Slater is also using a more conservative method of accounting for WIP. Though we might ask if Slater can realize these assets (win all these cases) with a workforce about to be downsized? Or will it need to write off some of this?

An optimist might overlook Slater's terrible stats if only looking at book.