This morning I dialed into the Woodside call via the Quartr App (Quartr is amazing btw)!! Woodside is my 5th largest holding and one I look to for Dividends.. It's fair to say I came away grumpy with Management's presentation style.

I open the presentation also on Quartr and start scrolling.. The first financial numbers I want to see are the key financials, including dividends compared to last year. Funny enough with 24 companies in my portfolio, I don't walk around with last year's comparatives in my head. Slide 5 is the financials and it's anything but what I want to see.. it's the story they want to spin "Strong Results".

Interim CEO Liz Westcott announces we've had great results with "strong shareholder returns" with total full year dividends of US$112cps. But I can't remember what they paid me last year so why can't they just give me the entire picture in one slide...

I keep scrolling as Liz drones on with her sales gibberish, until I get to SLIDE THIRTY.. Where I can finally wrap my head around a bunch of Non-IFRS financial measures myself.. yet here I find the table of numbers we should be included in the bank of chart/table crimes.

Maybe it's just me, but my eyes scan the table and my first glance sees EBIT up 14%.. But wait.. When I read the table carefully I see the FY25 number is smaller than the FY24 number.. why is the 14% written as a positive number... oh.. these stupid ($%&'s have put a small grey down arrow indicated that the positive 14% number is actually a negative (14)%.

Turns out strong shareholder returns means lowering dividends (8)% from last year!!

If Interim Liz can't be honest and straight forward with Shareholders l hope she's not confirmed as full time CEO!

Cheers

JM