u gotta luv the "normalisations""* EBITDA is a non-AASB...

u gotta luv the "normalisations"

"* EBITDA is a non-AASB financial measure, defined for the purposes of this document as earnings before interest, tax, depreciation,
amortisation, non-recurring income/expenditure and certain non-cash items such as share based payments and unrealised foreign exchange
gains/losses and excludes restructure and acquisition costs and has been adjusted to normalise the impact of AASB16 accounting treatment"

so essentially, if you exclude:
all the interest they continually capitalise or defer or equity convert, ignore the multiple "incentive plan costs" (and those lovelly ~$1m share buy backs they did),ignore FX costs (that impact margins)ignore divestment costs (ezi)ignore the massive restructuring (sacking as many heads as we can - while paying peeps peanuts), ignore anything we deem "non operational" to finally make this number positive...

then we look might look good to the mug$$ on a one pager basis ...(non AASB of course!)