accor, page-5

I'd love to see your maths to figure that one out lp2!!

On 07/11/2007 the company projected group EBITDA of $490 million for FY 2008. Let's say that Stella made up $250 million of this. Then the rest of the business would generate $240 million. Regardless of what damage has occured to the brand over the past month this is worth more than zero.

OK, it is likely this is not just the FM business. Possible profit from realising sales of other assets held for sale, but I don't see at all how the number zero is derived.

MJS