bly holders, page-11

Combing thru reports carefully now, so might have been mentioned few times already.

Although profit was 156.7m, there was FX differences on translation of foreign ops (-133.8m) and benefit plans (-31.7m) and few other items. That FX adjustment is on top of the already accounted for FX gain on operating activities which was +6.5m.

Total recognised income and expense for 2008: -US10.8m.

Can't see FX of ops hitting them this hard for 2009, might be positive contribution if anything.

Their net cash holdings of -44.7 for the year was held up by around +154m in borrowings received - borrowings repaid, otherwise would have been -199m.

On positive note, the -145.9m used for purchase of prop, plant equip wont be anywhere near that high this time around, as well as the -138.4m used for business acquisitions. Trim their dividend and hope revenues hold to projections and with less operational expenses, they should see through their covenants, which can always be retuned if benefits both sides.

Buy order at 9.5c, the 78.6% retrace might get tested with an outside chance of reaching 8.2c in the gap, at 88.7% retrace, .618^.25 if and when XJO retraces hard.