Boustead released their FY 2011 results on May 26, 2011, and this was followed by the usual live audiocast where Management would take questions on the phone, as well as through the internet. These results were interesting because they illustrated Boustead’s first major crisis since I started investing in the Company in 2006 – and this was in the form of civil unrest in Libya, which is where Boustead are building a township in. The numbers were predictably bad, but surprisingly the overall performance remained resilient and the Company continued to generate healthy amounts of FCF in spite of this setback. Upon closer inspection, the impairment loss was merely a book entry (including provisions) and did not significantly affect cash flows during the period. I will elaborate more in the following sections. This analysis is split into the usual 3 major sections. Part 1 will focus on the numbers, chiefly ......