A great post and good to see a bit of realism on these threads....

A great post and good to see a bit of realism on these threads.

The result was not good by any stretch. Using "underlying" ebitda, npat can be useful, but can also be misleading as it's not audited or complying with the standards, and therefore allows unfettered discretion on what the company says is "one off". The accc settlement I'll give them, one would hope that is one off. Always a risk however that there are more lawsuits to come. Business restructuring I won't give them. And the impairment I would give to some businesses but not rfg, as they still have $218m of intangible assets, which may be the gift that keeps on giving with future impairments.

Despite multiple bailouts the balance sheet is still weak, although not as weak as it was.

FCF was approx -$15m (including lease payments). If we add back the accc it is still significantly negative.