Forum Archive Index - September 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi winner69,

> 
>If you follow through the cash flows over the last 5 years or so you
>probably would come to the conclusion that the increased debt you
>mentioned 
>

What increased debt?

I'll quote the long term debt figures again for you again:

FY2003: $30.377m
FYmar2002: $31.610m
FYnov2001: $76.425m
FY2000: $79.182m
FY1999: $51.050m
FY1998: $55.550m

Debt has never been lower in dollar terms.

Debt has never been lower in relation to profits

>
>has gone to keep that dividend up during a period of
>expansion. Or, if you disagree with that conclusion, than 
>they have paid these dividends from selling those 
>properties.
>

Property sales amounted to $10.9million.  Dividend at 10cps takes 
$9.481million of cash.   I think RBD need to write off about $8.2million  
in goodwill, for what was really the cost of taking out Eagle Boys.

Although all three numbers are in the same ball park, I don't think you 
can say that property sales were diverted to the dividend.  The 
dividend had imputation credits.   If the money had been diverted from 
property sales, then paying imputation credits would not have been 
possible.  There are no smokes and mirrors here.  Every RBD dividend 
has been real.    I prefer to think of the property sales as the cost of 
taking out Eagle Boys.

SNOOPY


--
Message posted by Harry Tennyson
 using Pegasus Mail 4.02
I have Word 97 to read attachments
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