FY 18-19 ARs

[galumay]

SND

Well its been a rough couple of years for SND and the pain continues for shareholders this year! I have them in the bottom drawer and hopefully the turnaround story will play out over the next couple of years. One of my few dogs!

[galumay]

REH

REH released their AR late yesterday afternoon, I didnt think it was all that good to say the least, revenue up 100% but a slight drop in earnings. Seems like borrowing and capital raising $1b to buy Moresco has generated barely any return on capital! Shareholder returns look even worse via the dilution as eps drops over 20%.

The market has not marked REH down for the result, so it must be confident the payoff will eventuate!

[galumay]

ICU

A bad error of judgement! This is now my worst holding. AR out very late, a loss that has increased by 2994% is impressive in scale, if nothing else! Looks like about 18 months to 2 years of cash left, slow burn and fiery death methinks! Everyone needs at least one total dog i guess.

[galumay]

VRS

another sad year for VRS, luckily my position is tiny and who knows, one day they might turn it around.

If you were looking for a positive, I guess its the free cash flow which was put to use in reducing debt.

[galumay]

ODDS & SODS

So stuff I didnt bother looking at in any detail, AHZ a suspended basket case of stupidity on my part. The lesson learnt the hard way, dont average down into biotechs especially when they dont have any profit.

PAR is a biotech play and the balance sheet is irrelevant, its a binary bet on a single product, hence a small position size.

A number of others report on the calendar year, so nothing from DDR, PPH, TNE, UOS

[galumay]

So far to date in the SMSF 9 good results, (+4 that report calendar year all had good 1/2y)  6 ok but not great, and 2 poor, 2 not rated (KPT & PAR) - by far the best results in the 5 years of the SMSF.