[Capitalising leases]

 

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!!

[ELF Q3]

 

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

[ELF Q3]

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

 

[Mortgage Delinquencies Continue To Rise]

thanks parsad,

 

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

[ELF Q3]

 

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

[Mortgage Delinquencies Continue To Rise]

 

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

 

 

[ELF Q3]

 

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

 

 

[ELF Q3]

 

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