H1 results due 19 Nov, page-3

Pioupiou - I have a question for you. Your analysis on TGA is excellent, I always manage to pop by regularly to see your latest thoughts. Anyone else is free to answer as well

Looking at the cashflow statement, I note the line "thorn equipment finance settlements" appeared in 2013. Obviously this relates to the purchase of assets for the equipment finance business, but do you have any more details about this? I guess that I want to know why they have split this out compared to the other rental assets - I'm assuming they have a longer lease term? This seems to be the main area that has consumed cash over the last few years and just trying to understand more about this area.

Also, operating cashflows are very high, but without investing anything in new assets this figure will run down very quickly as assets come off lease. Do you have any idea how much of the "acquisition of rental assets" is needed to maintain the size of the business, and how much is growth? My free cashflow calculation depends on coming up with an estimate for this...have you done something similar?

I have held TGA since 2012, and just going back through and doing some updated research before i do a portfolio re balancing and decide to buy more or hold (or sell I guess, but unlikely at currency prices).

Thx