"have a look at what CNP's cash result was for the half year. the loss was largely the result of write down on their properties. the cash result was 22cps profit."
Yeah sure. I will give you a 'going concern' valuation when CNP releases a simple and comprehensible set of accounts (post asset sales, post cross-holding eliminations, post the near certain write-offs in June and after I see what remains as recurring 'services' income).
In the meantime ponder this from the half-year accounts (explaining the so-called 22 cps distributable income) :
Net profit/(loss) attributable to members of the Group includes the Group’s share of the underlying profitability of CER, DPF and DPFI, not withstanding that the cash distributions for the period from these vehicles is significantly less due primarily to CER not declaring a distribution at 31 December 2007. Recognition of the underlying profitability of these investments is considered appropriate in providing a representation as to the Group’s underlying operating profitability, and hence the distributable income, notwithstanding that no distribution has been declared by the Group for the period. As such, the reconciliation below is shown for comparative purposes.
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CNP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
