SocratesI think you might need to brush up on your analytical...

Socrates

I think you might need to brush up on your analytical skills.

Revenues were down 17% on a continuing basis but on a constant currency basis which is what matters it was down 10%. That's a long way from a 20% decline.

Also, the overall EBIT needs to be taken in context. ANZA and Canada generating solid returns and this looks set to continue in the near future.

The big problem remains Europe. Even there however there are many profitable businesses but the result in this area is a loss due to a few problem childs.

The strategy is simple. Continue to get better returns from profitable businesses and sell or restructure the big loss makers in Europe.

Obviously it will be hard to implement and no guarantee they can do it but the goal will be to have all regions profitable next year.

Everyone knows the short term is tough - hence the price of the ords and hybrids. From where the price of both sit now limited downside (could obviously go to zero if they can't fix things) but massive upside if they even get things half right from here.

PXUPA only