Ann: Half Yearly Report and Accounts , page-6

Figures look ok to me, but the lowish operative profit part shows that CBH's position is still fragile. If the suspected chinese bubble bursts, the effect on base metals prices will be very pronounced and could push CBH back into the red quickly, espcially when coninciding with CBH investments in capacity expansions. Fortunately, the Toho deal will make CBH more resilient regarding such cyclic swings. The CBH stock right now is mainly a bet on the development of China. My SP expectations have lost some of the "no brainer"-status attributed to CBH before, but since I do not expect the Chinese to overreact in their attempt to control their GDP figures, I remain bullish for the time being.