2008 verses 2011

The numbers (below) tell an interesting story here,
the overall Property valuations have fallen by 21% in 3 years by a wopping $13 million and yet the Nett assets have only fallen $8 million. The deferred tax liabilities making up the difference.
So the two real reducing factors in debt are creditors and bank loan balances totalling $2.3 million.

With current assets of $18 million, and taking into account that the company is generating around $1 million a year in nett profit, they really are in a strong position.

I guess the current market value of $8.5 million (140m shares x .6c) is a fair reflection of the markets pessimistic view at the moment, but when valuations do start to make some form of recovery it'll be interesting to say the least.

Think about it, if you had a company that holds $18 million in clear assets and banks $1 million a year in profit what value would you put on it?
Crazy times ;-)


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LIST OF PROPERTY OWNED BY EBG:

*2008 Aspley Shopping Centre $22.5 million
*2011 Aspley Shopping Centre $17.8 million

*2008 Banksia Beach Shopping Village $10.05 million
*2011 Banksia Beach Shopping Village $11.2 million

*2008 Aspley Arcade Shopping Centre $14.15 million
*2011 Aspley Arcade Shopping Centre $11.8 million

*2008 Home Hill Shopping Centre $1.553 million
*2012 Home Hill Shopping Centre $200k (destroyed in fire)

*2008 Ashmore Tavern $15 million
*2012 Ashmore Tavern $9 million

2008: total propery value = $63 million
2011: total propery value = $50 million

Total write-down in value over 3 years -$13 million

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OTHER ASSETS:

2008:Cash and Inventories = $3.453 million
2011:Cash and Inventories = $2.060 million

2008:Intangible assets = $1.882 million.
2011:Trade and other receivables = $1.974 million

2008:Other receivables = $397k
2011:other assets = $386k

2008:Total = $5.732 million
2011:Total = $4.42 million

Total decline is cash assets = $1.312 million

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LIABILITIES:

2008: Borrowings = $36.016 million
2011: Borrowings = $34.622 million

2008:Deferred tax liabilities $5.040 million
2011:tax liabilities $88k

2008:Creditors = $2.791 million
2011:Creditors = $1.782 million

2008:Provisions $6k
2011:Provisions $218k

2008:Total debt = $43.853 million
2011:Total debt = $37.502 million

Total decline is debt = $6.351 million

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2008:NET ASSETS = $25,985,000.00
2011:NET ASSETS = $17,958,000.00

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