Hi Dannyboy,
Regarding the conversation on a Slater vs Shine team up, i don't think the question was why Slater would have an interest in Shine, rather it's the reverse.
Regarding the provisioning question, I've heard this argument on the forum before (perhaps from yourself, I'm not sure). My understanding is that provisions are to account for WIP deemed unrecoverable. So approx 18-19% of Shine's WIP is subjectively considered unrecoverable. Is this too much? I don't know.
Comparing it to Slater these possibilities exist:
1. perhaps Slater has had a better track record than Shine of selecting successful cases
2. or perhaps Slater is less conservative than Shine in estimating what WIP can be recovered
3. Slater may have written WIP/provision off their balance sheet (i haven't looked at their accounts recently so am not sure)
4. a mix of the above
#1 is a bad thing for Shine if true.... #2 is good.
It should be noted that while this impacts revenue it doesn't impact the amount of cash that comes in the door. If Slater is less conservative at booking provisions then it will book larger revenue (true) but this is paper only and wont be reflected by cash receipts. It may just mislead investors to inflated expectations of how profitable Slater is by comparison to Shine
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