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nxs underlying profit and cashflows, page-3

  1. 13,068 Posts.
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    The underlying profit of $43m is not supported by the results. The footnote to slide 14 has a footnote that states it is not an IFRS measure which means it is not an accounting measure but one made up by the company.

    In the details of adjustments from the real accounting loss after tax of $342m to the underlying profit of $43, the company has adjusted for most of the one off items including the writedowns but has not adjusted for the one off deferred tax recognition of $83m mainly based on the writedowns. So they have adjusted for extraordinary losses but not the extraordinary tax credit associated with those losses. So the quoted underlying profit number is meaningless. If you adjust the $43m for the $72m one off tax credit the "underlying profit" becomes an underlying loss of $28m

    As to operating cashflows as stated on page 29 of the report these were $14m not $56m as stated in your post
 
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