update, page-7

Alonso

I definitely understand your frustration. I have only been in this of recent times and have an average around 65c, however the turnaround is taking longer than i expected.

If you put the frustration aside however its possible to see some significant progress over the last year imo.

The debt has been reduced from concerning levels, and writedowns must be nearing completion - there is no more goodwill on the balance sheet for Project management.

This current impairment wipes out any EPS in this period but beyond that has no significant impact. Impairments are dangerous when associated with high levels of debt and the possibility of the breaching loan covenants due to the reduction in equity. This isn't an issue here.

What we have here is management scrubbing the balance sheet in a period of vigorous cleaning.

Analysts will be solely focused on cashflow in the next reporting period as this is what is required to rebuild the business and shareholder confidence.

I can't see any funeral for COF on the horison.