RE:RE:Expect the expected Did a bit of a deeper dive. There is definitely a drop in the long term contract liabilities, I don't know the explanation however, when I include both short term CL and long term CL in the cashflow (ie changes in cash, AR, PPE, inventory, payables) then I get a shortfall of $12M less 4M difference between LTD reduction and reduction in restricted cash so $8M negative cash. Big deal WS.
All the while, they paid 100M RVG or whatever its called to Mitsubishi?, 87M capex over and above depreciation, 256M of interest, 11M of pref dividends (thank you!) and refinancing the debt cost them 36M for a grand total of $492M (they did issue 47M of stock).
I think its fair to say that without the debt and the legacy !@#$, Bombardier would be a cashflow machine. Mea Culpa RBC, you may be on to something.
Martel is a very good Manager but not quite statue worthy. Otoh If he can figure out a way to get rid of most of the debt (say below $3B) and get the family to agree...
Enjoy the 2nd half.
PS - the other assets (incl. fin) and liabilities and retirement improved 108M but 100M is what they had to pay for residual guarantee - I did not dig into those details to see what is mark to market or re-valuation of assets and liabilties resulting from the quarterly review, and what actually affects cash. It could be material.
PPS - I feel stupid to ask this but they sold Downsview and then proceeded to spend all that money at Pearson - was it worth it?