Ann: December 2012 Profit Upgrade , page-11

Thanks Cam for the data and model. I'm a visualisation fan and I've put together a dashboard that paints a picture of Cam's points. http://public.tableausoftware.com/views/WookiesCorporateAnalysis/Dashboard

The first chart on the left shows the EBITDA impact of the price of silver; lower silver prices don't necessarily translate historically into greater EBITDA.
Switching to Cam's approximated $US-equiv revenue, an EBITDA "sweet spot" appears around the US$40-45M (annualised) sales mark. Might this be SDI's currently optimal scale? This cap may be due to ongoing sales challenges in places such as Brazil.

The second chart from left confirms all segments are having cost reductions with Australia, followed by Brazil, experiencing the greater % of these (see orange line as segment% of total revenue less pretax profit).

The third chart suggests loss-making sales are being pulled back in the most recent half, lifting gross margins and also bumping up inventories. Could this be a switch in strategy from expansion to rationalisation?

Finally the rightmost chart makes very clear how dramatic was the latest half-yearly NPAT leap.