I think the more worrying item in the ann is the fleeting...

I think the more worrying item in the ann is the fleeting reference to potential impairments. The operating result guidance appears to be pre impairment but they are carrying significant investment in capex, goodwill and non-current inventory. Another round of operating losses clearly causes one to assess the recoverability of those non-current assets. Also, the covenant issue is a concern.

The business seems to be bleeding but how long will DE be the company's saviour?

That said, I think this could be an opportunity, but I don't think this SP has reached anywhere near its bottom. Wait until the 4E comes out and we know the full extent of the full year's result, inclusive of any write-downs.

Are the banks still supporting them??