What i was trying to do with my previous numbers, was to take increases of inventory and livestock into consideration when looking at earnings.
The reason being is that there is an 18m lifecycle, so just looking at earnings for the last 6 or 12 months isnt the full picture, there is a delay in costs becoming earnings, it should be an fairly steady number, not skewed do to the H1/H2 earnings split.
I thought (trying to) look at cashflow was the way to go, but now looking from the other end.
Below i track changes in total equity, which should have all the magic already done.
I subtract issued capital, because its not money that's been earned by the business (and issues to employee should be deduced as operational expense), and add the Dividend because its money paid from earnings to us.
The number is at least no lumpy, it has dropped in the last 2 halves, i guess in part because not all the growth capex can come back as PP&E.
I am thinking as a next step i could subtract Deprecation and Amortization, and add Maintenance Capex, because DA is backwards looking, and Maintenance capex is forward looking.
1H21 2H20 1H20 2H19 1H19 2H18 1H18 2H17 1H17 1 Shares in Issue 211,334,135 209,118,582 207,374,785 178,450,013 177,263,858 174,458,730 173,275,247 169,889,399 150,281,739 2 Issued Capital 426,193 418,635 412,814 288,814 283,060 271,082 266,775 253,905 167,120 3 Total Equity 805,282 789,049 773,457 633,858 617,143 586,003 566,359 537,894 433,400 4 5 Change in (Equity – Issued Capital) 8,675 9,771 15,599 10,961 19,162 15,337 15,595 17,709 266,280 6 Dividend paid (for prior period) 14,793 18,664 18,836 15,953 18,287 15,953 14,105 12,896 12,590 7 Change in Equity + Dividend 23,468 28,435 34,435 26,914 37,449 31,290 29,700 30,605 278,870 8 0.111 0.136 0.166 0.151 0.211 0.179 0.171 0.180 1.856
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