Fair comments Miningnut. I've read that phrase at least ten...

Fair comments Miningnut. I've read that phrase at least ten times and it could go either way. I would suggest that any management team would want to put as positive a spin on the result as is possible. Afterall, that is the logic behind all of these quasi ways of describing the annual results. At the end of the day, statutory NPAT is the one I look at.

Good point about the D&A being non-cash (of course) but I think there is a build up in inventory occurring and surely the bankers will want to see some priority in the early stages of an intensive capital build up - maybe even insist on a cap raising to share the risk of expansion. We are now entering an era of prudence in corporate lending as losses tote up almost daily in the building and construciton industry. Buy yeah, I'd like a dividend but am not counting on it.