Report comment

Reggie,

Here are some thoughts on items found on company balance sheets etc.

1) EBITDA - A facility whereby a corporation can take on as much debt as humanly possible, to make it look more attractive than its peers.

2) Before Exceptional Items - This is how the figures would have looked, if we didn't screw up in a big way.

3) Non-core Items - A facility designed to hide poorly performing divisions ( you can always move them back to core ops when they start to improve).

4) Forward looking statements - A piece of fiction designed to make the shareholders feel good about owning the stock until the AGM is finished ( you can always issue profit warnings or downgrades later, when they're no longer looking).

5) Forward P/E - a guess, based on an assumption, based on an estimate.

6) Annual Report - 6 pages of useful info, 94 pages of rubbish, but an opportunity for the bozo's that run the company, to have their pictures and views aired.