Ann: Half Yearly Report and Accounts, page-33

You can only make such as statement on two accounts: 1st, you haven't read past the revenue table line on the first page, and' 2nd you haven't one of any of the other HY reports from the other 2200 companies listed on the ASX.

In a year they've written of the full value of one acquisition made just a year ago, whilst in the Key Audit Matters section at the end of the report the valuers haven't finished with the other two acquisitions since with the auditor suggesting there is risk of impairment there too. Part of the reason of delay is because management have poor record keeping making it hard to delineate goodwill and intangible assets to assess for impairment.

JAT have bought low quality revenue from crappy low margin distribution businesses that still burn cashflow as they attempt to increase sales. It will mostly likely end up a capital sinkhole going forward as its run by low quality management, with low governance supported by low quality operations.