Ann: Appendix 4E Final Report, page-5

I noticed Mars Bars comment about the reduction in NTA and it got me wondering if this actually a true reflection of CCFs value.

Now, I'm not an accountant but doesn't the NTA subtract all intangible assets which in this case includes amortisation of forestry rights?

2015 $889,230
2014 $735,301
2013 (sep) $3,274,460
2013 $212,094

Total $5,111,085

So if this figure is added to the NTA the 'true' book value should be over 11 cents per share.

Page 10 of the annual statement shows assets of $12,192,218 which divided by the shares on offer, 137,600,000 is 11.28 cents per share.

I could be wrong but the land although retrated as forestry still belongs to CCF to do with as they see fit. Under the previous Carbon Farming policy the land is to remain as is for 100 years. Under the new ERF policy the company has two years to decide if they wish to remain under the old system or change to the new policy which requires the trees to remain for only 25 years. (May open up other options in the future).

As I said I am far from being an expert in any of this but it seems to me that CCF may have more on offer than the books may have you think, still trying to work out why the Chairman was happy to pay 10 cents per share!

Also trying to do some research into WA dairy and what the future holds for the industry. Depending on what you read, WA is short on milk supply or everything is booming! Has anyone got any information or research that they are willing to share?