Buying a good idea at $1.19, page-7

The following shows the last 10 years of cash paid for PDLs vs the current carrying amount on balance sheet at 31 December 2015. Current carrying value is approximately 50% of last 10 years worth of cash paid for the debts. Bear in mind that in addition to the multiple that could be expected to be earned on these in the future (see <1 year, 1-2 years, 2-3 years, 3+ years above), the carrying amount will also be a present value and thus discounted for time value of money. Uncertain what the effective interest being applied on these debts are, but let's assume it would be a reasonable amount given the fact that the debts are credit impaired on acquisition.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
1	$k	30-Jun-06	31-Dec-06	30-Jun-07	31-Dec-07	30-Jun-08	31-Dec-08	30-Jun-09	31-Dec-09	30-Jun-10	31-Dec-10	Total
2	Purchase of debt (cash outflow)	(15,615)	(13,131)	(12,838)	(30,331)	(43,194)	(18,155)	(16,560)	(11,342)	(18,106)	(23,971)	(203,243)
3		30-Jun-11	31-Dec-11	30-Jun-12	31-Dec-12	30-Jun-13	31-Dec-13	30-Jun-14	31-Dec-14	30-Jun-15	31-Dec-15
4		(24,655)	(30,452)	(30,555)	(33,860)	(16,763)	(38,390)	(42,880)	(40,452)	(30,944)	(30,055)	(319,006)
5												(522,249)
6	Total Purchases (cash outflow)	(522,249)
7	Total value on balance sheet of PDLs	260,539
8	Carrying amount as % of 10yrs cash paid	50%