Trying to make sense of their financials, so any assistance on the below is greatly appreciated.
- Looking at the FY15 Annual Report, on the balance sheet there are $29.18m of PDPs listed as Current Assets (for FY14)
- In Note 3, the "Change in value of PDPs" for FY15 is listed as $16.7m.
- In Note 3, Liquidation of cash flows from purchased debt portfolios listed as $51.7m. This being the total amount of cash collected
- Also in Note 3, revenue, after adjusting for Change in Value (Liquidation Cash flow - Change in Value), is listed as $38.7m
To me, this reads as if there were $29.18m of PDPs (purchase value, not face value of debt), but of these, $16.7m worth were collected upon, to generate total cash flows of $51.7m and net revenue of $38.7m
Given there were $29.18m of PDPs listed as Current Assets, what happened to the other ~$12.5m worth of PDPs? Are they still current assets?
PNC Price at posting:
$1.68 Sentiment: None Disclosure: Not Held
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