FY 2019 Profit Forecast, page-2

Great work, I like the look of those numbers - you seem to have the right balance between optimistic and conservative. I'm hoping for two things before the full - year financial statement:

1) No more write-down announcements, non-cash or otherwise. It's a terrible look for these to continue. On the positive side you would expect this bad news to be delivered already - only two weeks out from FY ann is not the usual practice with Shine, and the closer it is to the ann date the more it looks like they are just massaging the accounts one way or another to make up for poor estimates in other areas of the books.

2) I know everyone can expect this but the wait for the Ethicon case is just getting ridiculous. The sp has basically been frozen at the same values of November last year, almost certainly I suspect because everyone is waiting on the sidelines for this news. In this sense the FY results aren't going to provide much of a upside - only a potential downside - unless there is a settlement before they are released. There is another case management hearing on the 27th of this month ( day before FY results ) , and a settlement could come anytime, but I'm not optimistic this will happen before then.


Finally if there is or isn't a settlement before results I would love to see shine's accountants get of their arses and provide at least some rough detail into how much WIP/ disbursement liability is tied up in the Ethicon case (or any other very large case) - it makes it very hard for investors to see through this area of accounts, it's a black box with either a bomb or a pot of gold inside. I'm sure this could be done in a way that doesn't compromise the company processes. The last update provided some optimism on the growth of the underlying PI business - it would be great if we could see that continue a bit too.