There is a lot I could say about this table. I think it is confusing at best - eg FX movements ($21m) and idoba development ($15m) are not "non-recurring" and the customer intangible expense of $47m represents the price paid by the company to buy these assets in the prior years acquisitions written off over useful life...there is nothing unusual or non-recurring in this. In addition, the $25m gain on the DDH1 acquisition (I agree is non-recurring) is an unusual accounting outcome and has boosted NPAT by $17m - ie NPAT was $90m excluding this.
At the risk of being a broken record, this highlights that management have a lot of work to do in lifting profitability...and doing this in a real way, not by mucking around with "underlying" "non-recurring" fantasies.
PRN Price at posting:
98.8¢ Sentiment: Hold Disclosure: Held
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