my analysis of today's announcements, page-25

Good point at the end there, eyeswideopen.

In regards to this:

"Operating cashflow of $99M, down from FY08 $227M was very weak. 2H09 in particular was surprising, with only $29M cashflow on our calculations. This provides the fund will minimal firepower to reduce fund level debt."

Surely the second half of FY09 was going to be poor after what transpired last year. It doesn't say FY10 will be as bad - it should be better. DBCT, for one, had its capacity significantly increased during FY10, which will ably help this FY.