interesting., page-6

Thought I'd borrow this subject title, "imteresting".

In Paladin's 2012 financial report they record 'Cost of sales' for 2012 as 301.7, giving PDN a gross profit for the year of 26.7m.

But then some convenient accounting in 2013 and their financial report records that their 'Cost of sales' for 2012 were in fact 304.5m and so the 2012 gross profit therefore decreases to from 26.7m to 23.9m - conveniently lower that 2013's 25m, giving them a "5% increase" to report.

It's so annoying trying to compare cost of sales for the last 5 years with them changing the definition of 'cost of sales' all the time. This is the first mining company I've analysed - so is this Paladin's choice to make reporting inconsistent and hard to compare or changes to accounting policies throughout the mining industry? I'm going loopy trying to put together a DCF.