Hi hottuna,
How do you think the market should interpret the 2015 profits?
PBT was $ 114.531 mm, 98.08 % came from " valuations " by senior management, consisting of gain from bargain purchases $58.939 m and net movement in WIP $ 53.339. These are not realized profits but borrowing profits from future earnings. Deferred profits but counted as profits now. The tax on these "profits" is also postponed.
Worse still, $ 142.83 million has been borrowed from future earnings in WIP valuation alone, and a forward guidance of $ 205 million profits for 2016, now retracted.
I am still a believer in the good bits of this company, but for now, bailed out on Monday and have saved $ 39,900.
Good luck to the believers.
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