bernard2

for me,it s more complicated to read the accounts the rent don t go anymore in the ebiitda....it s interest and diminishing debt and with a new contract,it does not go via capex a lot of business doesnt account it in net debt cash flow reading more difficult and ebitda go up!!

return, i understand,but if it was your company,you would have cancelled the shares in your control;why not done?perhaps,tax or other things... the simplier and easiest thing is always the best

return, i am sure you agree that is a bit confusing and that we have to trust a employee of elf have we got the whole picture?never sure... the only indirect detained elf shares are with evt,all others are then valued at 0;that was my possible explanation do you know other companies with that kind of accounting? are they tax issues? no idea then,a little bit careful

thanks parsad, my concern is not credit or hyperflation,is just long term rates going up by 1-2 percent

return,thank you 1/strange,no?you have to deduct 70m from the equity in order to use the 3.320 number;but it's not public info....!!!!they are using that number for the eps and normalized dividend 2/evt has,i think,341.000 elf shares 4/i was talking about the nominal amount of the special convertible series with a quite good authorized number,not the 2 classic series; i still think that book value is max 650,you have to accept that the accounting is not so transparent thank again

parsad,what do you think of the FFH bond portfolio?are you comfortable with that bet?

thanks,good idea also,2 minor questions 1/details of the bond portfolio,duration and what change in value if interest go up or down by +/- 1% 2/what's the idea behind the serie A pref ? +/- 400.000 pref still authorized,indefinetely convertible 1 to 1 always a risk for me

return, a strange explanation may be that,for valuing evt,they take out the value of elf shares in evt, then it will be +/- 63m; and perhaps,they value other elf shares in the asset side are at +/- 0;in that way,they can apply +/- 3.3m shares for book value and earnigs per share,as you did but it will be quite strange for me nice day