Annus horribilis, page-49

Bloater,

Last report indicates higher coke consumption volumes than last year. The issue isn't sales but profit per carton. I have worked at numerous offices now where they have a coke fridge. It is a good money spinner for the christmas party. Probably 10 cartons a week of coke and subsidary products for 100 people. Don't assume your experience represents the market.

You'd be crazy to guess what is causing the reduced profits at CCL. It is like a new manager is writing everything off and thinning margin in her first year so her bonuses for the next 5 years will be measured from a low base and thus proportionally higher. Obviously it must be a coincidence because no manager in the history of ASX listed companies has ever done something like that before. It's not like managers are motivated by money or proficient enough at maths to know how their bonus structure works. That would be crazy. It would be crazier to assume this means the full year result this year will be bad, as terrible as possible within the confines of accounting rules... The kind of profit that could create a really cheap share price. I'm not ballsy enough to pick the bottom but I would guess it will be somewhere around the announcement of this years full year result given someone has a vested interest in such an outcome. The kind of vested interest that could help buy a spare mansion on the river and a few nice cars alongside.