bol is booming!!, page-8

They spent $58m on capex last fy without a cap raising and reducing net debt slightly. They have a big depreciation charge which helps as not all of it goes on maintaining fleet most of it supports capex. The presentation has pointed to a big increase in ebit fy13. Mining is slowing but they indicate that their maintenance contracts support low cost minners in production. We shall see how the next trading update goes. I admit I wrote these guys off a long time ago but am pleased with the result this time after years of disappointing results.