Minus 500,000.

So you take the interest out.

And you could guess what the next line is going to be, given that this says pre tax.

And now we are left with our we're getting close to where we need to get to pre tax income.

But just so you know what EBlT is, EBlT is just Earnings

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

They have no interest expense, because that's not the point of this video.

It's dependent on how the operations were financed.

The company's profit amounted to 250 million before tax.

I did in that last video it might be interesting to say, is that the pre tax or the post tax return on asset.

And you'll hear these numbers, gross and operating profit and net profit and pretax profit, and it's very hard to understand that these are actually very, very different things, because they all have the word profit, and what does gross and operating and all that mean?

The company announced a profit of 200 million after tax.

PUMA has 2.7 billion dollars of turnover, 300 million dollars of profits, 200 million dollars after tax, 94 million dollars of externalities, cost to business.

Are the profits exclusive of taxes?

Before Interest and Taxes.

In this example that I did in the previous video, it was the pre tax return on asset.

It looks like we lost 200.

And so you can already imagine that both EBlT and the way I defined it initially, operating profit divided by assets.

But the point of this is, even though their business is ultra stable, they do the exact same thing every year, when we look at the pre tax or the operating income, or if we tax it, or even at the net income, we see a super lumpy business, because in one year they lost 100,000.

Kill the goose that lays the golden eggs.

And we were to add back the taxes and the interest.

When we did return on asset, we looked at the operating profit, because this is what our company generated before we paid the bank or Uncle Sam or anything like that.

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