sp smashed , page-21

I think what is more pertinent is the clarity of these quotes within the announcement.

1. "due to the continued slowing in the economy and the steeper than anticipated decline in construction activity, volumes and margins, primarily across our manufacturing businesses, have been much weaker than expected".

2. "the results for the first quarter of the current financial year are 45% lower than the corresponding period last year".

but then go on to say,

3."Our balance sheet and cash-flows are strong"


Given points 1 & 2 have been presented, how can the 'cash flows' be strong??

Strong as opposed to what??

Point 1 says volumes are down, that means cash flows are down?? Is that correct? And if cash flows are down (given 45%) how are they strong??

Is this a case of a new CEO entering the door, smashing the company and preparing it to be stripped??


Cheers