Ann: CER - FY11 Half Year Results Presentation , page-2

re: Ann: CER - FY11 Half Year Results Present... I read all this as a good result. I see;

1. Assets of $2,445,490 with liabilities of $1,497,963 which is reasonable for this type of asset, particularly bearing in mind the property valuations are still heavily written down compared to replacement cost. This should keep lenders happy.
2. Australian property numbers are only reduced by one and USA properties only reducer by twelve.
3. Cash on hand now $95M+. An increase of $63M on this time last year.
4. Nett profit up 48.5%.
5. Occupancy rate 99.5% Aust. properties and 89.4% USA properties.
6. SuperLLC getting closer to being of value again.

All in all I smell dividend territory being approached. While some of the profit can be attributed to revaluations,etc there will be a much bigger proportion of the profit subject to high "retained profits tax" than last year and it makes no sense to retain this profit and lose half of it in tax. There is a good cash balance available.