Ann: Market Update , page-2

Reported 09 earnings are forecast at about breakeven before adjustments. But, they are carrying a stack of goodwill which will have to be written down. I suggest reported NPAT will end up being a good sized loss - thus reducing equity and a bit of a drag on the debt/equity ratio.

Business is stabilising somewhat but still too highly leveraged and not showing the touted benefits of amalgamating all those smaller businesses imo. I still have some faith. Probably a good longer term proposition - at the right price.