Subject: ERG--Forgetting sharetrend huge turnaround - fundies24.6375 million. -- ERG trade data forum

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Date Posted: 21:03:09 03/08/03 Sat
Author: Name: Wonder Woman
Subject: Subject: ERG--Forgetting sharetrend huge turnaround - fundies24.6375 million.

Thank you for using the forum, Wonder Woman
Your entry has now been added to the forum as follows...

Name: Wonder Woman
Location: Sydney, NSW Australia
Date: Sunday, March 9, 2003 at 3:58:31 PM
Subject: ERG--Forgetting sharetrend huge turnaround - fundies24.6375 million.
Comments:

Forgetting about the focus on sharetrend Sabre, huge trunaround on fundies isn't it?
If you take out the restructuring charges of 9.4 million that ERG are paying back Babcock and Brown with out of the proceeds of PWI--or failing that the rights issue--ERG have stted PWI in the 233 page report. The interest savings that are annualised at 30 mill splitting that in half for the half year--equalling 15 million--then extrapolating forward and then getting the next lot of 15 million (we are halfway through the next financial period as you know being March.)(7.5m already) anyway to cut a long story short if we add for the second half 15 million plus the 9.4 the Group won't have to pay--forgetting about the recapitilisation proposal that with Sydney tells members of the public that ERG is here to stay--regardless of share price, just doing it basically--it did include an element of Melbourne Settlement--going forward though that is recurring with payments due from OneLink now coming in reguarly every six months commencing from May 30th 2002 (annualised 4.75 million) (based on existing shares as given by the company as it is now--I get an eps effect of approximately half a cent on Melbourne) totalling it up operating cash flow positive this half by approximately 24.6375 million. Most of the cash flow negative occured in the first half of last year which was the 30/6/01 to the 30/6/02 as reported on the 12/9 audited the 1/10--of course that is the operating cash flow and is not profit, with future contracts being outsourced wherever possible such as Sydney ( financing of Sydney looks like being off balance sheet) Seattle and San Francisco with the entity stating that depreciation and amortisation hampering profatibility, it certainly helps to get rid of approximately 15 million in amortisation with the sale of PWI --with the added bonus that the deffered consideration was added to the goodwill of the acquisition which ERG made back on March 15th 2002--now coming back as part of the provision of for 52.4 mill linked to the earn out of 40.9 million over the next ten years.
Looks good to me, I said that when it was released, just bad sentiment in the paper and a rush to cover shorts. Theres more to add to this I know, but I think that is the gist of it.
Regards,--WW.

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