As PPX has been silent since their 21 Feb presentation, thought...

As PPX has been silent since their 21 Feb presentation, thought I would ask if anyone is aware of any progress (or otherwise) towards achievement of the Key messages ex their 21 Feb slides (below).

I have been suggesting PPX really needs to reinvent itself (due to the poor returns from paper) and hopefully this may be what they mean by the 2nd, 4th and 5th dot points.

Also, FY14 profit (last dot point) appears a stretch. Does anyone envisage this as a possibility?

Key messages ex 21 Feb slides

• Poor results reflect legacy operating structures in Europe, which are now being addressed

• Board and senior management changes to support far-reaching restructuring initiatives

• Funding in place: ING facility extended 12 months, support from key suppliers and expected working capital improvements

• Cost-focused restructuring progressing with a goal of achieving a step change. More initiatives will be implemented over the coming months

• Not just a cost out strategy. Business model reorganisation to lay foundation for medium-term growth

• More value in turning Netherlands around than selling

• Strong performances in Canada and ANZA

• Key medium-term remaining problem areas are Germany, Dutch envelope business and Belgium

• Expecting to return to profitability in FY14