GR,I'm really trying to find the positives,so much so i...

GR,I'm really trying to find the positives,so much so i relatively slowly read the 39 page report.But it hurt my brain.
First i believe a post suggested the NPAT figure is not important,and suggested cash flow is the important figure.Or something similar.
ebitda,npat and FCF figures are all imperative.FCF is created from prior depreciation then various co's use various metrics to adjust the figure.So i just thought i would post that before the following.
But first i believe it is reasonable as u suggest to hold tls but in a relatively small position.
I have no interest in holding tls as i was hoping for some hint of a turn around.

So for me while trying to find something positive i'll suggest the operating expenses is interesting thats about as positive as i can get.

But ,as posted many times telstra purple is my major concern,and i could not find a ebitda figure for this $8b division,if anyone has one i'd be happy to read the reference.Tls seems to break the division up until u can't recognise tls purple.
But i did read this which unfortunately sounds famaliar to the way thodey described the chinese website businesses,ie thodey 'we continue to manage it'.as in the chinese website business.

penn re tls purple a $8 billion division of tls and this is the only reference i found from tls 'our consulting and professional services business,telstra purple,and extensive gaming offers have all been developed and are in market'.

imo forget t22,tls purple is what tls is relying on for growth,but we don't get a combined ebitda figure on tls purple.,why not.,why break it up until no one can understand how this $8b division is performing.

Also y i included above rough definition of ebitda,.
CFO p13 of very painful to read 39p report.quote 'ebitda needs to be $7.5b to $8.5b to pay a .16 cent div ie to revert to tls's payout ratio policy of 70% to 90%.
Currently CFO suggests pay out ratio for fy20 is 99%,even that doesn't make sense to me.CFO also making the comment tls understands the importance of the div to shareholders but it appears to me its an opaque way to suggest div will be cut to reflect fy21 lower ebitda guidance of ebitda $6.5b to $7b.compared to fy20
Maybe i'm wrong on div,but more important i hope o'm wrong on tls purple.
ps i must go read data 3 report and see how a real IT and data company should report.