1. The co has made several sizable investments in 2007/2008, but the price was generally not cheap. As a result, the intangible was increased significantly and NTA droped. The current NTA is about 0.88, droped from 1.56 in FY2007.
2. After disposing Robinson, the company is in net cash position. The biggest challenge for the co is to streamline newly-acquired business like Delifrance, FJH.
3. Its china non-food distribution is in loss making, which has been disposed at US$1 recently.
