Burmans,
You you quite new to FEA and other MIS companies.
MIS component contributed 94%-98% to FEA's PBIT in FY08 and FY07.
Please read the following post half year ago under "GNS".
********************************************************
http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=931999&msgno=4285653#4285653
08/07/09 00:25
zwu
Post #: 4238863
...
According to FEA's FY2008 Annual Report (issued 30/9/2008) (Page 44),
===================================
Segment results 2008 2007
Forest Products 4,576 1,215
Managed Investment Schemes 69,753 55,774
Total of all segments 74,329 56,989
Unallocated (2,599) (2,229)
Borrowing costs (4,118) (2,070)
Profit from ordinary
activities before income tax 67,612 52,690
Income tax expense (19,477) (15,419)
Profit for the period
from continuing operations 48,135 37,271
=======================================
So, for the FY 2008, the "MIS" and the "Forest products" segments in PBIT was $69.8m vs $4.6m. The MIS segment contributed 94% of the total PBIT $74.3m. The 2007 data were even worse, MIS contributed 98% to the PBIT. So it's a lie when FEA said MIS was only small part of its business.
By 30/12/2008, FEA got a total debt of $205.3m (see its HY report), and this year's MIS sales was only $23m (see its 1/7/2009 announcement). How can it possibly service the debt at all?
...
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