Ann: Trading Update, page-14

I don't disagree that the stock price at these levels "may" be oversold but to say a few months of economic downturn is the reason for the decline in trading performance is incorrect. As you can see in the announcement the top line revenues have not varied greatly, but the profit has. First half NPAT was $54M, and at the forecast levels NPAT for the second half will be about $40M - at 25% reduction! And by the way Bapcor's second half results are historically higher than the first half. And to say it again the previous share prices had built in to some extent >$100M benefits from the Better than Before (sic) project that are not going to materialise. What we will be looking at now is mass redundancies ($20M in overheads were introduced to work on the BTB project). The McKinsey project was always going to be a disaster. And by the way don't just look at the bottom line, check out the increase in debt over the past few years. This business has great fundamentals, but unfortunately gross mismanagement will mean it will take some time to get this business back on track.