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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (52322)	9/5/2013 12:14:17 AM
From: Spekulatius	Read Replies (1) of 78802

Veresen FCGYF appears interesting, but I don't understand their financial statements. I am concerned about debt load, which maybe is higher than shown, the reason being that some debt is "hiding" in their Alliance pipeline subsidy (50% stake, so it would not be consolidated) and there is a second layer of debt on the corporate (holding) level. Alliance shows ~65M$ interest for 2012 for Veresens 50% stake alone (there is some more from the Aux Saible sub, which is a minority stake and for sure not consolidated), so this is a not a small number. I am concerned that only the holding company debt is shown in yahoo and other agglomerators but not the significant debt of their subsidies. If you add the sub debt back in, the debt load become rather high. Any ideas how they account for it? I probably could find this out going through their footnotes but I have not been able to find out how they do it. vereseninc.com

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