Ann: Full Year Results Presentation, page-10

The result doesn’t look that bad to me. It is typical of a turnaround at the very bottom and about to start the long climb back. The strategic reviews have been complete, new management and people in place, recognition of past mistakes, concentration of higher margin products, clearing out non-performing assets, COVID a known unknown. The write downs are neither here nor there so long as they don’t trigger any bank covenants - they will reduce costs going forward. It’s like a shareholder coming to the realisation that shares they bought for 40 cents are now only valued at 20 cents. Would rather they were higher but has no bearing on what the price will be tomorrow. The hangover from the “buy any company at any price” is over, hopefully, and consolidation of good assets can start. Was inclined to a sell sentiment but more like a hold or maybe a buy on this result.