Hard to make out what really happening. Quite a messy result with all the references to footnotes, asterixis etc.
I keen to hear everyones take on the balance sheet. $4.2bn liquidity I couldn't really reconcile, other than to count revenue that wasn't yet earned so what discount rate do you apply to that.
I think the Ventia sale needs to happen to reduce the gearing. The underlying leverage from the invoice factoring is being unwound but I don't think the business was ready for it so the cash is just being found by bringing forward earnings and borrowing money elsewhere.
However, I am likely wrong.
Would appreciate some other insights.
CIM Price at posting:
$19.75 Sentiment: Hold Disclosure: Held
