Ann: Half Yearly Report and Accounts, page-2

FOD needs to stop headlining EBITDA as it did in the accompanying announcement, and has for the last 3 if not 4 quarters

I = Interest
D = Depreciation / Ammortisation
T = Tax

exactly which of those EBIDTA line items are avoidable in an equipment intensive manufacturing operation, carrying close to $5m debt ?


IMO the "turn around", needs to see at least these things having and maintaining a "tick in the box":

• 4 consectuive quarters without any capital raises
• 3 consectuive quarters of positive Cash Flow (all inclusive, no ommissions or exceptions)
• 2 consectuive HY Financials of positive Net Profit After Tax
• 1 FY Annual Account with positive Net Profit After Tax without the presence of any Abnormal Items as per Accounting Standards
• Debt decreasing HY on HY as a continuing improvement
• the chart has to show a change in trend, which means other's beleive the story in no longer just a narrative

The Weekly FOD chart is (and remains) dominated by dark shadows as they say in a TA sense:



With all of that, I could not consider coming back into a FOD position at this point in time.