dividend , page-11

yes, alnby, the impairment loss taken above the line is one of the factors that accounted for the "20% earnings understatement" that I alluded to earlier.

Then there are also:
- $156k of expenses relating to the executive share plan (pcp: $11k),
- $220k expense for equity-settled, share-based payments (pcp: $66k), and
- $128k of R&D expenses (pcp: $23k).

While there are a few offsets to these directly-expensed imposts (when more aggressive financial directors might have accounted for them in a less punitive fashion), the net effect I estimate to have been close to a negative $1.0m delta on JH14 Pre-tax Profit.

This result is prudential buffer and padding.

It's the way all self-respecting shareholders should want it.