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| Subject: Good to see that ERG have employed Bacock and Brown now Hahaha | |
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Author: re the interest bill ERG--regards,--Steve |
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Date Posted: 18:41:15 02/10/03 Mon In reply to: Ipost em privately now--good sharetrader keeps records. 's message, "Re: Its a funny place stockhouse even daily net shorts got banned and removed" on 18:23:21 02/10/03 Mon hahahaa (ID#: 367398) Hi 16th1015nov55 Re: ERG financial 4/11/02 1:39:03 PM 5676112 « Previous Message Next Message » Hi 16th1015nov55. I appreciate your generosity in sharing your view on this forum. On ERG financial, I do hold a very negative view. Don’t let the EDITDA (earning before interest, tax, depreciation and amortisation) in the ERG 2001/2002 financial year mislead you. The EDITDA 0f $2.3M in 2nd half of the financial year may look good. One may get a false sense of comfort by looking at EDITDA only. The truth is, in the case of ERG, the interest must also be looked at. The impact of interest cannot be ignored!!! The interest is a whopping $29.7 million in 2001/2002 financial year and this figure, in my opinion, is expected to grow in 2002/2003. The present conversion of the unlisted notes will save ERG only $1.8 million in interest payment. ERG has deferred the second payment to the former Proton shareholders. This means interest will be incurred on this deferred payment. Its recent $30 million credit line/loan from Babcock & Brown and $20 million credit line/loan from Rothchild also imply additional interest payment. Also, don’t forget the extended ANZ credit line (or whatever they call it) arrangement for the Melbourne settlement. The interest payment on debts that Proton carries before the ERG acquisition will be reported fully in the new financial year. Mind you, these are the interest items which I can think of at this moment, I may have missed many others. I don’t see ERG retiring its old debt (except for the unlisted CN), yet it keep accumulating new debts. From the way ERG is begging money from everyone, it is obvious that the interest is killing ERG. All I am hoping for is that it won’t eventually kill ERG. « Previous Message Next Message » This message has been viewed 9 times Report a BullBoards Violation Ignore hahahaa Post View Threads [ Next Thread | Previous Thread | Next Message | Previous Message ] |