valuation dates and book values, page-40

I will not assume that anyone knows what they are talking about especially when the evidence is to the contrary.

There is absolutely no necessity to provide a reconciliation b/w the Cash Flow from Operations and changes in working capital. This is part of the auditors working papers and most companies would not disclose.

Your assessment is not correct just because the bankers control Centro. They have over-extended funding. The underlying business is incredibly strong and the gearing is too high. That is what the financials reveal and that is my assessment. They need to make asset sales to reuce gearing and then the fundaumentals will come to the fore.