@Wa_ithaka. Centum must sell KCB at some point. Whether it's now or sell its rights...only way it'll have cashflow. I'm not saying they won't make money, sure they will, but they won't have cash. Those 79m dividends will make a difference, but not as much as the ones GM pays.
@mv_ufanisi. I don't know the NAV, but it will improve a lot but not like pre-2007 levels. RVR recovery is likely to happen, but we don't know for sure and yes the Carbacid Investment will make a difference. We have to differentiate the gains that are recorded on the P&L and those on balance sheet. Carbacid is an associate company and any gains will be recorded in statement of equity, although the dividend will be good. I suspect Centum will continue to prop up Carbacid and sell it soon to one buyer.
@vvs. What I am smoking? Take a look at the financials bro. Let's imagine BAT didn't have an AAA credit rating. Would a company with negative working capital, end year cash balance of -ve 1.2 billion, cash of only 251million, but bank overdrafts of 1.3 billion have cashflow problems? I haven't even factored in the 1 billion final dividend. I'm smoking the good shyt.
@sparkly. Centum have equity investments which must be sold at a profit and whose dividend profiles mostly suck. They sold investment properties and fixed income instruments that would have given them real cashflow.
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