babcock & brown infrastructure's (bbi) dalrymp, page-7

G'day Pete,

one thing I learnt early on is that accounting allocations are arbitrary and imprecise. What is important is the cash flow. At the end of the day it is the performance of the pool of assets which deliver the cashflows.

If DBCT sold above book profit would increase due to a one-off gain on sale. It is the future cash flows however that will determine whether you can pay the remaining debt. Profit or loss in some cases can be deceptive.

Cheers