Ann: Full Year Results - Investor Presentation-BOL.AX, page-2

No surprises in the profit announcement. This is now set up to perform in FY2017. Pressure is on management to move from survival mode and focus on bank paydown to extracting value from the fleet, winning new business (infrastructure projects and wind farms) and further managing costs.

Whilst they now have flexibility in their debt position, I would not be surprised if management try and carve some more headroom in their debt facilities and pay down some more debt this year before the board contemplate a more business as usual approach to cash and dividends.

I suspect that, in the absence of any profit downgrades, we will continue to see a slow and steady uptick of this stock between now in January, a check by the market at that point that everything is moving in the right direction and then a more substantial re-rate through 2017 as cash flow is confirmed and a more reliable view on its performance with its slimmed down fleet and refocused management is apparent.

DYOR