If you are going to try and interpret this doc, I wish you all...

If you are going to try and interpret this doc, I wish you all the luck in the world.

Centro NP is a part of the US Super LLC joint venture between CNP and CER. As you are probably aware, Centro NP only files SEC reports because it has US bonds on issue. Super LLC, is not required to file.

All of the Centro financial reports we have seen here and in the US contain the 'going concern' and risk clauses - the auditors wouldn't let them out without being included.

This report is difficult to read for many reasons a) you need to be versed in US accounting procedures b) it is only part of the JV c) There is no long history to compare it to d) during the past year, there have been a number of transactions between Super LLC and Centro NP which are material but you are only seeing one side of e) we have no idea what this will translate into cross-currency with FX hedges in place

The market already knew we were in for property write-downs and this was factored in a long while ago.

For my 2c worth the write down, which is primarily NON CASH, is is a lot less than I thought it was going to be...