What?

I have just finished reading the 2009 Interim Report for Macquarie Airports (a publicly listed Australian company). The first two sentences of the CEO's report are:

In the first half of 2009, the proportionately consolidated proforma EBITDA of our airports fell 4.2%, outperforming the 7.2% decline in traffic. This demonstrates the value of active management.

I actually think it demonstrates an example of poor writing where incomprehensible jargon is used to validate the writer's assertions. I am astonished that a company with a market valuation of over 4.5 Billion dollars doesn't take more care with shareholder communication.

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