Good pickup bcc, thanks. That does improve underlying earnings...

Good pickup bcc, thanks. That does improve underlying earnings and subsequently p/e.

I think I misunderstood your tax point. So you're reducing underlying earnings by the corporate tax rate, to disregard the losses history?

On a side note - regarding my earlier comment on inventory, I was going over an old investor presentation and it explained that inventories had gotten out of control a bit on weaker sales, but it was a priority to manage them down to a more acceptable level.