Forum Archive Index - September 2003

["winner69 ." <wwinner69@hotmail.com>]

Snoopy - I think you have answered all your own questions, just give it a 
bit more thought.

You are worried about goodwill as an asset and its 'ammortisation' what not 
about fixed assets and its depreciation. Both (irrespective of the cost) are 
the acquisition of assets to generate income. Yes? and expensed (as 
amortisation and depreciation) over the life of that asset.

You right when you say If you consider RBD as a pure yield play, do RBD 
*need* to build up anything of long term value for shareholders? Thats 
exactly what RBD is - using leading brands to generate what cash they can.

Therefore you'd be better of looking at cash flows (including future capex 
and investment requirements) to assess the sustainability of those 
dividends.

By the way I am even more convinced than ever that the Pizza Hutt and 
Starbucks concepts in NZ are running at a loss. As the company refuse to 
break down performance to this level you need to judge this yourself.

Interesting to see what happens to that dividend at the half year 
announcement

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