Ann: Ceasing to be a substantial holder for IMU, page-10

Had a look at AMP's 2017 annual report today when the SP was falling. It made for very unpleasant reading. AMP's cash generation seems particularly poor.

Rather than AMP, I was more looking towards PPT, CGF, IFL and MFG. BLA seems rather opaque with no way to get a definite gage on their cash flow generation. AMP's report was particularly difficult reading and almost felt like a zombie corp to me. Obviously employing all of those people in the distribution network, combined with declining margins across the FUM industry has made for difficult business conditions. Embarrassingly, when writing about IFL's competitors in an article I forgot all about AMP.

Maybe somebody more clever than me can figure out AMP. Looking at the report it appears as if needs a massive restructure and severe slimming down. Perhaps they can make a cash* profit if they do that.

*AMP seems to produce plenty of accounting profits and few cash profits