From the 2017 Annual Report "The financial criteria upon which...

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?