Well summarised, Firsova. My interpretation of the results was...

Well summarised, Firsova.

My interpretation of the results was much the same.

Fortunately, funding is not an issue anymore. This is significant and positive news. Alternative sources of cash can speed up the restructuring - perhaps even getting rid of Germany altogether. Andy Price is in a good place to drive UK to profit this year. The hybrids will still be an underlying issue, but will be sidelined for the next FY until return to profitability which is inevitable.

All I can say is that I wish I had more capital to invest in PPX at these levels. I have a feeling in a year's time 3c will be a distant, dark memory. I am confident that management can pull through eventually.