Ann: Appendix 4E and Full Year Statutory Accounts, page-6

Current and would be investors are well advised to read my prior posts and then you will have little doubt in concluding that the current performance of Korvest is mostly attributed to utterly hopeless leadership as opposed to cyclical conditions.

Almost a decade has been lost and the business is in deep trouble on many fronts, unfortunately there is no easy path to recovery, if at all unfortunately.

Root cause, a lot of the quality leadership team of past has been replaced with passive bystanders.  Perfect for the self serving nature of the current MD, but good for nothing when the leader has absolutely no clue about strategy or business management.

Remember this guys is the apparent Lean specialist from Holdens, however he has failed to demonstrate any skill in this area whatsoever according the performance of Korvest since his leadership.

The report goes on blah, blah, blah, rehashing the same old paraphrases and worthless references, example ‘NSW market most improved’, what they fail to mention is that the revenue in that region is likely not even where it was a decade ago. And now there is a focus on Inventory reduction – what the _ _ _ _ !

Large infrastructure projects in NSW (aka Tunnels) are slipping away, and these are unlikely to be the saviour as initially expected.

For those with a bias to visual simplicity, let me illustrate some of the fundamental issues in a graphical sense.

Problem 1 – this is the most fundamental issue- aka ‘death spiral’, once gross margins begin to slip together with sales, you are mostly F _ _ _ e d !



Problem 2 –


Problem 3