My estimates are from the balance sheet in the annual report....

My estimates are from the balance sheet in the annual report.

non current liabilities at ~ 1400m.

Then I net out the current liabilities from current assets and add to assets (I ignore intangible assets and plant/equipment as that is just accounting BS) comes to around 2700m.

I consider that a viable ratio as there does not appear to be any short term debt stress on the balance sheet, they have cash, and IMO should be able to survive until the banks have washed their undies.

Yes - expecting some write downs in asset values, but what property company isnt?
I think they did a comprehensive write down recently.

Interesting to note that at g20 meeting, hints that mark-to-market valuation rules might be bent in the short term in these times, due to no viable market for some instruments (derivatives) may impact on property companies also I guess?