look at the leverage, page-14

Problem TSE is manange has not performed in boom times. I had friend that previous work at Transfield at what she was getting paid was ridiculous. You have middle management earning what prime minister is earning. Company pay for empolyees regulary to travel, these cost must add up. The above would be fine if it could be justified but earning has been bad even in boom times. There has to be change culture and debt has to be reduced, otherwise TSE is may go under.