Ann: Full Year Results 2015, page-11

I'm still digesting this report and I'm deeply confused as to why there was no talk of underlying EPS, NPAT and EBITDA (ie stripping out the impairment)...

By my quick back of the envelope calculations the underlying EPS, NPAT, and EBITDA are as follows:

EBITDA = ($186.8M) + $259.6M = US$72.8M = A$101.8M
NPAT = ($218.1M) + $259.6M = US$41.5 = A$58M
EPS = A$58M / 207.8M shares = A$0.28

Note: current AUD/USD exchange rate of 0.715 was used for currency conversion

So the underlying figures look great, but with guidance being for another year of large capex and development costs and with the PoG currently sitting at $1120 it's looking unlikely that MML will add to its cash pile in FY16 without a PoG above $1150, which is unattractive next to numerous ASX listed gold miners who are printing cash and throwing off dividends these days.

So should be very interesting to see how the market reacts to this report tomorrow...

Does it tank on the shock of the large impairment? Or does it rally aggressively on with an underlying EV/EBITDA ratio of less than 1!?!