DIFFICULT TO SEE WHY THIS ENTITY WONT HAVE EBIT/EBT/NPAT OF $15M...

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smokeyd

230 Posts.

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08/10/15

11:54

Post #: 16136873
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Originally posted by Value_Hunter ↑

Smokey

the brief preso with 4b stated

Operating Summary 2015 2014 2015 2014 Segment: Australia, New Zealand, Asia $000 403,961 424,012 14,667 15,341 Corporate/Unallocated $000 - - (11,515) (11,812) Total continuing operations pre Europe exit $000 403,961 424,012 3,152 3,529

so around 3-4m pretax .......

that is a bit less than 14-15m ......
WHICH IS EQUAL TO THE $14-15M LESS THE C$10M CORPORATE UNALLOCATED WHICH I SUSPECT IS NOT REPEATABLE

my point still stands - until they get rid of the costs assoc with financing / factoring of inventory / recievables - it wont generate any significant cash .......

note13 - Balances subject to these approvals at reporting date were $37.1 (ie 22m "available")
I)$22M IS STILL MORE THAN DEBT
II) I IMAGINE A NEW FACILITY WITH A CLEANER SIMPLER PPX WILL NOT HAVE AS ONEROUS COVENANTS

note 24 - The regional asset backed facilities in Australia and NZ have availability periods of 9 months to 2 years, and include regional covenant measures. These vary by region and include fixed charge coverage ratios, net worth and capital expenditure tests. These facilities have restrictions on the ability to draw down and move cash within the Consolidated Entity. The regional asset backed facilities in Australia and Germany involves the securitisation of receivables. In New Zealand, the regional facility is secured by both receivables and inventory.

ALL THIS SAYS IS THAT THE $16M OF BANK LOANS ARE SECURED. IT IS NOT FACTORING WHICH DEPENDING ON THE ACCOUNTING TREATMENT WOULD SEE DEBTORS AND DEBT REDUCED BY THE SAME AMOUNT. STILL CANNOT SEE ANY EVIDENCE OF FACTORING
kind regards
V_H

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DIFFICULT TO SEE WHY THIS ENTITY WONT HAVE EBIT/EBT/NPAT OF $15M LESS CORPORATE/UNALLOCATED COSTS AND A BALANCE SHEET WITH NO DEBT AND $40M OF CASH

SRS Price at posting: 3.3¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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DIFFICULT TO SEE WHY THIS ENTITY WONT HAVE EBIT/EBT/NPAT OF $15M...

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