Ann: App 4E / Full Year Statutory Accounts, page-13

Net debt is now 83.8%, but if you add back $26m (I'm using this number they provided in the absence of a clearer range or mid point) from Samsung, net debt is 63.6%. And fortunately $80m of their stated debt is actually non-current, and supported by better P&E fleet utilisation.

I agree it's very difficult to get a read on the cash that could flow from Samsung - it sounds like a minimum $26m but who knows what an upper estimate might be, and/or whether legal costs will be recoverable too.

Exec salaries need a good hard look at - they need adjusting relative to the reduced business size. Otherwise good to see cost reduction was ahead of target (30%) at 35%.

I reckon they should do an equal-access rights issue to remove any uncertainty over their balance sheet while the Samsung receivable plays out. In my view we've been through the worst and the bulk of writedowns have now flushed through to give a base to their book value. Samsung cash flows plus contract wins from the still-substantial pipeline give some reason for optimism.

They also have $41.5m in franking credits sitting there... equal to a 34.8c full franked div... the company would be on my radar if I was a larger predator in the same industry (DOW comes first to mind).