Ann: Additional Disclosure on AGM Trading Update, page-26

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petro292

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04/11/21

21:48

Post #: 57328510
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Originally posted by sydneyguy: ↑

You add it back to get a like for like

they included it in the gross profit reported for the financial year Just ended

they are now excluding it to get last years number down so the comparison looks better

last years gross profit included it and they then used that figure to compare against 2020

it’s merely smoke and mirrors to lift the gp comparison from 14 to 22 - as soon as I saw that exclusion I knew it didn’t reconcile to the accounts as it was included along with a number of other items - and hence I didn’t think the comparison they rushed out was going to satisfy many after perhaps a few rushed in on the headline

the gross profit now stated multiplied by 3 gives you a gross profit run rate which is only slightly higher than last years despite the grow being reported weekly - personally I thought that was very disappointing

with the amount of volume reported weekly many saw this and headed for the exit imo after the initial pop

it’s that simple - market isn’t going to fall for that
And as there is no guidance it’s a simple to calculate a gross profit run rate with the limited data they produce to see how last years figure could look against this year

seemed like a panic clarification following some heavy selling which isn’t in the big holders interest - some of which are already frequently selling with a large remaining balance and another major holder resigning before the agm who may also look to dump like fite seems to be doing is a risk

as I said I’ll wait for the accounts as it doesn’t seem to be ( bendigo terminals) as profitable as I expected

sure EY will help them with accounts - doesn’t mean much actually- they produce accounts as per accounting standards and what is considered a true and fair view - this is why there is an Army of analysts all over the globe that pull accounts to pieces

there will be nothing illegal with the way they have presented the accounts but again it’s every analysts job or investors job or traders job to look at the detail

So imo including trailing commission below the line imo is a Croc if we are being pushed to look at gross profit growth - ok it’s allowed but the true gross profit figure which comes out is then skewed and then skews comparisons to previous year - if you include all bendigo revenue in the top line which goes in part to calculating gross profit - imo the costs of that revenue - including trailing commission should be included in cogs

if you didn’t add it back then the margins looked better than reality

same with job keeper — 4.5 m basically added to the gross profit but it has nothing to do with normal operations - agains this lifted the final declared gross profit figure - margins etc

hence why I suggest ebit is a better metric for this business

good luck

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Yeah but that's how a comparison works? There's no jobkeeper now so why would you still include it in last year's number?

Last year they included it in their stats because that's a requirement by law. By taking it out in this operational update it's trying to show business performance.

I think you're getting confused with statutory requirements and business performance. For stat requirements you need to show job keeper, in showing how the business is going itself you can remove it to get a pure operational view

TYR Price at posting: $3.30 Sentiment: Buy Disclosure: Held
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Last 82.0¢		Change -0.015(1.80%)		Mkt cap ! $433.2M

Open	High	Low	Value	Volume
83.0¢	83.0¢	80.0¢	$1.357M	1.667M

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1	5000	81.0¢

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Price($)	Vol.	No.
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11	98715	0.800
3	18025	0.795
7	21693	0.790

Price($)	Vol.	No.
0.820	198	1
0.825	12348	1
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