My conclusion is that it most likely represents the total costs spent to bring the plants up to their current stage. The other way to record it would be if there was a market for plants in their various stages of growth in which case the market price could be used. In short, I don't like it as it's open to interpretation (and fudging by management).
I've decided to go back to using operating margin. It's a better representation of the overall trajectory of the business. For those unfamiliar, it basically shows you how much profit is retained for every $1 in revenue generated. For ECS in FY22 the operating margin was -15%, this means for every $1 in revenue generated the company lost 15c. If you look at 1st half for FY23 this worsened to 20c lost, however that's because it includes the loss on Tassie of $540k. Removing this one-off and the perfromance of the company improved with only 12c lost for every dollar in revenue generated.
ECS is unbelievably close to becoming profitable, I've already called out that I believe we will be there by the end of FY23 (at least on an adjusted basis). I've seen nothing that makes me second-guess that. Might be time for you to consider dipping your toes back in the water before it's too late? DYOR!
Industry Period EBIT Revenue Operating Margin CAN FY20 -$16,937,000.00 $1,862,000.00 -910% FY21 -$25,103,000.00 $8,568,000.00 -293% FY22 -$26,468,000.00 $11,238,000.00 -236% ECS FY20 -$4,569,470.00 $919,128.00 -497% FY21 -$5,089,282.00 $1,375,045.00 -370% FY22 -$1,107,234.00 $7,180,455.00 -15% LGP FY20 -$9,315,425.00 $2,204,021.00 -423% FY21 -$22,215,518.00 $7,003,630.00 -317% FY22 -$18,051,760.00 $10,529,947.00 -171%
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