Not good.
Con Catenator,
Pretty much correct mate however:
The reported cash position at 31 Dec 07 was 771 million.
The reported cash position at 31 Dec 08 was 526 million.
The reserved cash as required by the leasing agreements is 300 million.
The reserved cash is locked by the leasing covenant and is not able to be spent.
526 million less 300 million = 126 million.
The cash burn is over the 52 week calendar year 08 and is 4.7 million per week.
Slice,
Take your shoes off and do the math again.
Given the poor credit rating of VB, it is likely the leasing cost is higher. I obtained the figure from a research paper of an MBA grad.
Last edited by tsalta; 24th Feb 2009 at 01:18.
Reason: grammar