* Asset sales and leasebacks proceeding well (quickly)
* FCF high with low capex (From the 2013 AGM Outlook statement; "Capex expected to be less than $8m pa over the next two years + no requirement to acquire a new headset press for the foreseeable future)
* That has in part led to net debt reducing even quicker than forecast
* Now forecasting Net Debt to be between $60m and $65m by June 30 2014. (Revised down from original forecast of $70m to $75m)
* On the downside EBITDA was in line with forecast - unfortunately. Forecast EBITDA $60m to $65m to June 30 2014.
* Net Debt reduction against pcp 39.65%
* EBITDA reduction against pcp 12.90%
* Gearing ratio (Net Debt to EBITDA - pre significant items) reduced to 1.2x from 1.9x
* Forecast gearing ratio by June 30th 2014(Net Debt to EBITDA - pre significant items) 1.0x.
The financial derisking of the business continues at pace and ahead of forecast.
From the Strategic direction comments; "We have substantially reduced the cost base of the business and also considerably reduced financial risk. We are now focused on the third priority, which is to build a more competitive PMP".
They have done and admirable job of reducing the cost base and reducing financial risk. Third priority may be a bigger ask in this segment. Even a flattening in the fall rate of EBITDA would be heartening.
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