Ann: Investor presentation - IOOF FY 2018 results, page-184

Statutory Profit attributable to owners of the company was $88m in 2018 and $116m in 2017. You are refering to the unaudited underlying profit after a long list of adjustments.

I am very skeptical about them putting $39m of amortisation of intangibles (essentially customer relations) as an adjustment to come up to their underlying profit of $191m. How can that be adjusted if its recurring every year? If so, once profits runs out, they will just do another acquisition (by raising capital), prepay for customer relations and then claim those amortisation as non-recurring. And people will ask where do the funds for acquisitions come from? Probably cap raising which means shareholder dilution.

That's just my view.