re: Ann: Trading Update New Growth Initiative...
The like for like earnings relates to if the current earnings were calculated based on the old accounting method (earning a substantial portion of the income in the first year) then there would be substantial growth compared to last year.
Because they are now moving to lease accounting the profit won't look so good in the first year but over the life of the lease they will achieve a better yield. So, in other words don't expect FY'12 profit results to be outstanding under the new accounting method but it will be better for the company on a long-term basis.
TSM Price at posting:
45.1¢ Sentiment: LT Buy Disclosure: Held
