update, page-14

good question

certainly the repayments are greater than the actual income

as I said, if they can meet the repayments

but here are my calculations........


To meet the repayments of 117m EUROS by 31mar09

there are a few factors

rental income
loan income
loan repayments
asset sales

plus non cash
financial instrument gains (was 32m full year)
property revaluations (expect a loss)


for 12 months I estimate the following

Rental income
Full year = 51.986m dollars
half year = 26.29 (15.4m euros)
ie expected forward 12 months
= $52m


CRE income
full year = 28.897m
half year = 7.4m (4.6m euros)
ie expected forward 12 months
= $42m - 10% from paid off
ie probably $38m

Ie CRE + property = $80m ($47m euros)

Loan repayments
Jan 2009 = 18m Pounds (22m Euros)
(34m euros paid back Mar 08)

Asset Sales
??? who knows


ie all these $69m euros
excluding asset sales

ie 48m euros short fall

this would be something like one big asset sale


ij