Looking back, we enjoy the benefit of hindsight... but let's not under - estimate the existential threat to the company
at the time: Operating free cash flow was minimal, there was little opportunity to realise assets (
except at fire -
sale prices) in 2009 - 11, almost EUR 400 million of net losses, investment write - downs & goodwill impairments were recorded in the five years ending in 2012 (which actually understates a near - 85 % collapse in net equity), as the banks kept shrinking their committed facilities & imposing harsher terms (and seriously considering pulling the plug).