 “With the announcement of the third quarter results, there might be some disquiet amongst shareholders …”. So ran the press release which accompanied the first half numbers in early November of this year. It proved something of an understatement, with shareholders in Polish conglomerate Elektrim selling in droves in the immediate aftermath and analysts downgrading recommendations. The Polish team at ABN Amro focused on “soaring debt levels … lower than expected cash flows”. Flemings considered the results little short of “disastrous … significantly worse than expected”. |
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