Ann: Lapse of Performance Rights, page-3

From the 2017 Annual Report

"The financial criteria upon which the performance rights
are eligible to vest consist of the following hurdles measured
over a three year period:
∙ Weighting of 50% – Earnings Per Share compound growth
of at least 10% per annum;
∙ Weighting of 25% – Improved Earnings Before Interest,
Income Tax, Depreciation and Amortisation (EBITDA)
of at least 0.15% to sales per annum; and
∙ Weighting of 25% – Return on Average Capital Employed
of at least 20% per annum."

Depending on how the committee does the measurement, it could mean that performance rights weren't vested due to the poor FY16/17 results or it could mean that one or more of the following targets weren't met this financial year FY17/18: EPS >= 122c, EBITDA/S >= 7.05%, ROCE >= 20%, most of which would have been unachievable, with perhaps ROCE target as the exception.

A bunch of analysis later and I conclude that this notice on its own doesn't reveal a lot about the FY18/19 results with the exception that ROCE for FY17/18 may be less than 20%.

Any other thoughts?