RE:RE:RE:RE:RE:RE:RE:on va devoir attendre le 6 août et les autre développementWhat kind of miracles are investors expecting? Now that all the financial losers have been unloaded - esp ACLP - and major business aviation capex ended, we do have a clearer picture: 1) capex ~ depreciation so no relief there. 2) EBIT a little fluctuation by quarter but the interest on the debt in Q2 if we include CDPQ's 15% approaches $250M - so even at $1.5B and 10% EBIT on BA and $1.8B and 5% on BT - it's more or less break even. The interest is so high, even with a solid business, you're treading water. That said, the cash consumption in Q1/Q2 (and likely cash generation in Q3/Q4) we are seeing is mostly related to balance sheet movements IMO. It is therefore possible that this year's asset sales could come back to the balance sheet permanently in the form of cash. They've also just borrowed the $1B. For a total of $2.5B (assuming Belfast sale goes thru). How that gets used is critical. If it's used to shore up the balance sheet or address new skeletons, we are @#$_& in my opinion. If it's used to buy some debt back or CDPQ, we're off to the races. YMMV. As for BT sale to Alstom, it likely brings the debt down to $6B and of course no CDPQ 15%. So ~$500M interest against say $7B sales at BA @12% ebit. At least positive cashflow. Still paying $3.5M interest or more than 10% on each plane sold. Not a very good business model but better than right now and better than the past 5 years of overspending.