Ann: Full Year Statutory Accounts, page-32

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jazzmox

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03/01/17

16:11

Post #: 21656186
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Originally posted by Consolidated Fuzz ↑

Hello Boundary Rider.
I wondered when someone would point that out.
It adds some credit to your posts.
The Impaired Allowance is indeed because of Kolosori being lost to Axiom. It also includes WG since that lease has run out and currently is under reapplication too.

Like you said it an accounting practice:

"Impairment is an accounting principle that describes a permanent reduction in the value of a company's asset, normally a fixed asset. When testing for impairment, the total profit, cash flow or other benefit that's expected to be generated by a specific asset is periodically compared with that same assets book value. If it's found that the book value of the asset exceeds the cash flow or benefit of the asset, the difference between the two is written off and the value of the asset declines on the company's balance sheet."

Read more: Impairment Definition | Investopedia http://www.investopedia.com/terms/i/impairment.asp#ixzz4UfXclUv4

It therefore reflects that we have lost the Kolosori Asset at present. This will revert back on financial sheets if we get back Kolosori.

But I guess it is easier to run around like a chook that has lost its head saying we have a $22m loss and shouting that the sky is falling than to actually analyse what the financial statements say.

Cheers

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"than to actually analyse what the financial statements say"

Why don't you analyse the $24 million debt on Axiom KB's balance sheet.

Landholders know about this debt? Axiom KB has net assets of negative $23.5 million and is clearly insolvent

AVQ Price at posting: 15.0¢ Sentiment: Sell Disclosure: Not Held
4 Upvote

0 Great analysis

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Ann: Full Year Statutory Accounts, page-32

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