Forum Archive Index - November 2002

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

Hi DR,

>
>Good analysis but BIL itself claims only the equivalent of $NZ 1.14
>/share as at the reporting date.
>

>From page 46 (Parent Company Balance Sheet) in the BIL International
Annual report:

Total equity = $US749.1m
Exchange rate at 30th June:  $1NZ= US 48.65c
No. Shares on Issue  1,368,063,633

NTA= ( Net Asset Value )/ Number of shares

( $US749.1m/0.4865 )/ 1,368.063633m = $NZ 1.12.6

Pretty close to your figure of $NZ1.14, DR!

However, balance date was 30th June which is four and a half months
ago.   Nevertheless from 'bigcharts' the Thistle Hotel price seems to
have been about £1.35 back then, or identical to today's close so by
that reckoning my 'BIL equation' should still be roughly correct.

My BIL equation was constructed from the Consolidated Balance Sheet
at at 30th June 2002.

Can anyone suggest why the asset backing should have moved from $1.14
to $1.45 in just 4.5months?  Or have I made a mistake?

SNOOPY


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Message posted by Harry Tennyson
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