Ann: Presentation - FY2023 Full Year Result, page-24

There are some companies that give poor answers, filled with motherhood statements and exaggerations, or 'look at how good we are' comments.

Virtue signalling QAN would be tops for that (notably, a company whose net promoter rating and general passenger satisfaction have markedly declined as it fills the overrated CEO's stocking with extra millions).

However BGA management (while loquacious, and it was hard to copy everything down accurately so apologies if one or two points seem muddled - my fault) wasn't in this category today.

Of course with the extremely large impairment, it had to be upfront.

It was particularly good to hear the detailed explanation about dryers installed at its Koroit, Victoria plant. This may not have filled employees and contractors there with joy, but it seemed comforting to the analyst who asked the quesion. New information was provided, so I learnt something useful.