Forum Archive Index - November 2002

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

A new set of BIL International accounts are out, so it is time to
revise the 'BIL' equation.  THe BIL equation allows us to calculate
the net asset value per share of BIL international.

Global assumptions used are as follows:
--------------------------------------

Exchange Rates: $NZ1= 48.6 USc
                $NZ1= 86.6 SGPc
                $NZ1= 31.0 UKp
                $NZ1= 87.8 AUc


Total number of BIL International shares on issue:

1,368,000,000


Specific assumptions, relating to the assets below are included with
the relevant calculations.  Where not specified below the dollar and
cents amount shown represent New Zealand dollars:


--------------------------------------


>
>
> Assets:
>
> A1/Property Plant and Equipment
>

$US2.2m, or 0.3c/share.


>
>
> A2/Investment Properties (Molokai Ranch and Denarau)
>
>


$US195.5m, or 29.4c/share.


>
> A3/Investments in Associates
>
> -3a/ Thistle Hotels
>


BIL International holding is 46%.
Total of 'Thistle' shares on issue is 998,800,000

Asset backing is 1.084(THO), where THO is the thistle share price
quoted in UK pence but the result is in NZ cents


>
>
> A4/Listed Investments
>
> -A4i/ Fraser & Neave
>
>

Fraser and Neave total holding is 6.449%
Total Fraser and Neave shares on issue are 295,572,803

Asset backing is 0.01609(FRNM), where FRNM is the Fraser and Neave
share price in Singapore cents, but the result is in NZ cents


>
> -A4ii/ Air New Zealand
>


Air New Zealand total holding is 5.4%
Total Air New Zealand shares on issue are 4,203,354,290

Asset backing is 0.1659(AIR), where AIR is the Air New Zealand share
price in NZ cents, and the result is in NZ cents.

>
> -A4iii/ Bass Strait Oil Trust
>


BSO total holding is 20 million units (out of 44 million on issue).

Asset backing is 0.01662(BSO), where BSO is the Bass Strait Oil Trust
unit price in AU cents, and the result is in NZ cents.



>
>
>
> A5/Other Investments
>
> -A5i/ Bass Strait Oil Royalty Residual (1997-2007 Income Stream)
>


$US76.1m or 11.4c/share



>
> -A5ii/ Unlisted Company Shares
>
>


$US21.2m or 3.2c/share


>
> A6/Short Term Assets
>
>


$US203.5m or 30.6c/share


>
>
> Total:  SumA1A6                          {&1&}
>
>


74.9+ 0.01889(BSO) + 0.01609(FRNM) + 0.1659(AIR) + 1.084(THO)


>
> Liabilities:
>
> L1/Due under 1 year
>
>

$US65.9m or 9.9c/share

>
>
> L2/Due 1-2 years
>
>

$US124.2m or 18.7c/share

>
>
> L3/Due 2-5 years
>
>

$US424.3m or 63.8c/share

>
>
> L4/Over 5 years
>
>

$US0m or 0c/share

To all of this must be added the 'provisions' (liabilities on office
relocation and pension schemes)

$US6.8m or 1.0c/share

and the debt needed to purchase $A52m worth of BSO units which works
out to be

4.3c/share.

>
>
> Total:  SumL1L4 (+ Provisions)
>
>

97.7c/share

>
> SO to get the result we want, the net tangible asset backing is:
>
> NTA= SumA1A6 - SumL1L4
>
>

This gives:

NTA=0.01609(FRNM)+0.1659(AIR)+1.120(THO)+0.01889(BSO)-$NZ0.228

If we put in FRNM= $SGD7.65, AIR=$0.54, THO=£1.29.5 and BSO=$A3.30,
which are the market prices (near enough) at the time I write this we
get:

NTA= $NZ1.45

*Provided*, that is, you believe all the asset values that are listed
in the annual report.  Would anyone like to put forward an argument
that one or more of these assets is not recorded or trading at fair
value?

SNOOPY

disclosure: hold BRY






---------------------------------
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e-mail  tennyson@caverock.net.nz
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----------------------------------
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