Ann: Letter to Shareholders, page-14

VH

Yes, the shareholder letter really is a pathetic piece of work. They blame everyone, ranging from the Australian Government for reducing tariffs to Asian countries emerging as major producers of manufactured goods, for their woes. These were not overnight events and HIL had ample opportunity to adjust. What they refuse to acknowledge/admit it they got their response strategy horribly wrong. To the extent that in 8 short years they wiped off 95% of their market. cap.

Th letter finishes with an outlook that contains all of the usual "feel good" talk and as you correctly point out "it will take further time for the businesses to return to the profit levels we expect". Note it is what "we expect" and not what the owners of HIL (the shareholders) have the right to expect.

To my mind it will take a miracle to arrest the terminal decline of HIL.