don't give up your day job, page-7

The total loss includes things like write-offs, impairments, tax provisions, interest charges and so on. Some (but not all) of these are merely accounting adjustments which do not involve cash. What matters is whether TRADING is getting any better. You can go on writing assets down and writing off investments until the cows come home, and no-one cares because it doesn't cost any cash. But if you goon trading at a loss, you are draining cash and sooner or later cash runs out.

So what you need to look at is:

(1) the trading loss, are they still trading at a loss and is it getting worse than last year's $19.2m loss? They call it group underlying EBIT. My guess is that it will be aorund twice as bad as that.

(2) the trading cash burn, aka operating cash flow. Last year this was a cash burn of $62m. I have no idea what it will be this time, but at the half year it was already negative $61m.

I hope that helps. To repeat, the thing to focus on is the trading performance, not the number after all the accounting adjustments have been made.