I believe the item "Changes in inventories of finished goods" in the P&L statement is the COGS. There is no need to adjust it further.
I believe this term is a little bit confusing, it should just be called COGS. Up until 2005, they used to call it COGS, and starting from 2006, they used this more confusing term.
Therefore, the stock turnover for 2016 should be 49,988 / 27,386 = 1.83.
The FY2016 is really a transitional year. With the major move behind it, we can expect management to resume its growth strategy. Personally, I feel that management is being very cautious with their FY2017 targets of $92m revenue and $7.5m EBIT. I will be very disappointed if SNL is unable to achieve better than these targets.
I'm looking forward to hearing the next update in the AGM in November.
SNL Price at posting:
$2.10 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)