what the , page-18

95% debt funded. How do you arrive at that figure?

CEU has $2.1B in debt which is fixed until 2010.
It has approx the same in equity which makes it 50% geared.


Here is a risk table developed by COMSEC


Risk TCL MIG CEU
Refinancing risk Medium Medium Low
Interest rate risk Medium Medium Low
Traffic risk Low Medium High
Geographic
diversification risk
Medium Low High
Foreign exchange risk Medium High Low
Operational efficiencies High Medium Low
Future acquisitions High High Low


CENTRO, AFG, MKS etc were attacked becuause they had not fixed their long term debt