my revised nta calc arrives at 1.711, page-7

Hi Defabstar

I think the work you put in is FAB. Thanks, you have sorted some stuff out for me. You would not believe this but I have a finance degree (awarded when you were in grade 4), but never used it and do not understand accounting that well, so thanks for your efforts.

Both CER & CNP made large losses last financial year but I can see quite a bit of the loss had to do with the exchange rate and if the rate stays were it is now over the next 6 months both companies, I assume, will be able to write back some healthy gains (assuming that the Australian writedowns are not severe). I know these are non cash items, but this is what the media will pick up. Can you imagine CER bounces back with a $300 + mil half year profit at the end of Feb?

I don't know much about the fund management industry but a little about marketing and its a brave soul investing in Centro at the moment - "you invested in what?" - so the PR will be good if/when it comes.

I totally agree with dreamcatcher though, cash is king and if you don't have it the market is not interested - there are to many other places to put your money. Unless CER comes out with some dividend guidance, then we will be waiting another 6 months for any shareprice action.

By the way one last question, CER had a taxable income of around $25 mil last year. Is this income they did not distribute and were threfore taxed?

Thanks again