Ann: 2016 Results Investor Presentation-MRM.AX, page-11

If it's appropriate to consider the first half with the second, Revenue is down from 309m to 172m EBITDA from 66.3m to 9m.
Income down 137m but EBITDA down 57m so costs coming down with it but just not fast enough.
I am calling 342m Revenue per annum as the bottom of the market, I see MMA as a business presently being type tested to survive in a worst case environment.
Realistically income will probably be higher than 342m with INPEX starting next year for four? vessels.
What can change from here to lead to marginal profitability?
"MMA continues to lay up underutilised vessels at
its Batam and Singapore shipyards, significantly
reducing the operating costs on these vessels."
With the 17 vessels gone that leaves us with around 53 vessels, sold for 40m that seems low but I haven't yet seen if they were sold below book value. You would think they were.
The result shows costs reducing but I would like to know potential for further reductions as the fleet is laid up.
The 2014 Annual Report stated how brilliant it was to buy Jaya and build exploration support capacity, 2016 report says how the international market is underperforming and how the historical strength of the production support focus was key. Reading through years of reports is the only way to cut through the copious amounts of bullshit (not ripping into MMA in particular).
This vindicates those who told me Jaya was the acquisition that led them to this impasse, if only they had done nothing instead. Bloody executives need to be on a tight leash IMO.
The new build programme is almost complete and costs expected to reduce, that's a win but how much was spent. There must have been one off restructuring costs in the half?
The company is in dire straights, yes bad decisions made but I prefer to focus on the here and now and what can be done. I will try to dig through these results and get answers to these questions but ideally the company should be laying these out themselves to demonstrate that they can get through this.
@ckchristian in my view companies will always say things are OK until the receivers are called in (not saying this will happen here) what I want is for them to prove it to us.
I may have high expectations due to fond memories of a similar turnaround situation. Would be great if they spelled these things out for us here but it's worth  my while and good practice for me to investigate.