Ann: Preliminary Final Report , page-29

It seems actual cash flows may have been largely the issue which i've read elsewhere may be down the the way accounting for revenues and payments has been completey which inflated cash flows last year and held them back this year.

Matrix are likely to be having the same problem as a lot of other Australian companies - High AUD, High wages for lack of skilled workers, increasing competition.

In saying that, I think given the recent market fall and MCE not meeting the EPS expectations that were put on it, it has been smacked down more then it should have. Thats the problem with consensus forecasts, a company may achieve a good result, but if it doesn't meet forecasts they pay for it.

I think MCE will start to appreciate again if/when the markets globally stablise a bit and start moving back up. I have a different valuation style/equation to Roger but when I quickly added in the numbers yesterday I got an IV of about $8.00.