Ann: Preliminary Final Report , page-6

Pretty simple, the market is still concerned about DOW.

Total revenue = $6.06bn
EBIT was $53.362m.... down 82.5%
net profit $2.96m down 98.4%

Shows how thin the margins are, that out of $6bil they managed net profit of $3mil (putting aside the $260mil impairment).

Also the commentary:

The significant contract renewals announced by Downer Mining since 30 June 2010 are encouraging, however the outlook across our businesses is variable in both the markets and geographies in which we operate."

Overall for the 2011 financial year, we expect improvement of around 5% in EBIT and, reflecting an expected increase in effective tax rates and interest expense, NPAT in line with the underlying NPAT result in 2010.

No cap raising was declared again.

Chairman going.

IMO fair value is probably $1.00 higher than current prices.