THG full year result now out. Below is a brief summary. The chart looks good & with plenty of buyers around it could easily move higher, but please do your own research on THG. Summary of their Results: Positives: 1. NTA in range 81-84 cents, depending on valuation used. 2. Profit before revaluation $13.1m 3. Cashflow from operations $20.8m 4. Interest payments down from $44m to $36m 5. Drop in profits mainly due to development division of business, being down from $25.6m to 3.7m. 6. Development projects only represent 15% of assets. 7. Revised loan facility expected to be signed in September 2009 for 3 years. Negatives: 1. THG need to renogiate loan covenant with lenders (refer point 7 above) 2. Loss of $87.5 m. 3. Gearing has increased from 40% in June 2008 to 55% in June 2009. Overall Comment: Not the greatest result but given the steep discounting of the current market price of around 30 to the NTA of around 80 cents, this stock could easily be re rated by the market. Regards Buffett
