Ann: Preliminary Final Report, page-7

I wouldn't be as focused on the write down, while it is massive, it is an obligation on VRS from the accounting standards only because they are not making any money.

From their own segment breakdown (page 30 of the annual report) Veris Australia had revenue of $93M for an EBIT loss of nealy $2M. Even if the 'identified' $3M is overhead savings are applied fully to Veris Australia it would only make this a $1M profit, hardly an acceptable return.

DA costs were $7.7M but these only exist from legitimate equipment depreciation and the acquisition spree.

Note: Elton still make good margin after 'paying' a $1M amortisation cost.