P/B Ratio is currently 0.23, page-38

Thanks but it doesn't make sense. They can't say 60% less than guidance that wasn't given. The EBITDA is simply derived but it is not that actual figure. Yes I expected EBITDA to be something like $280m due to addition of WIP but not net movement will be negative it will be lower than EBITDAW. It is just that management didn't provide guidance at the EBITDA level.

Nevertheless interesting and slightly worrying as I'm sure some part of debt covenant will be linked to EBITDA.