Angels and Demons and taking risks, page-67

Maz

You write down the value of WIP - then when the written down stuff turns into fees/cash - it makes the
directors look good . SGH has faced up to a Tsunami and nothing on the planet was going to stop the SP trashing once it got going.
Now that which was written down can reappear as higher profits .

As an investor I am looking for what everyone else is hoping for. Solid proof that the formula - the profit margins etc are future proof,..... that the group is net cash generative and that the capital tied up in NIHL is converted to debt repaying cash in the next 12 months. If they can do all that it should look solid and possibly good. It isnt going to look really good until the high borrowing is dealt with. In time I expect it to look really good.

Mel