APAS development costs have been capitalised as an Intangible Asset on the balance sheet. This is just a balance sheet entry Dr Intangible Cr Cash at Bank
Each year LBT will need to carry out an impairment test as to the carrying value of the Intangible for the Auditors to sign off the annual accounts. If they can sell a few APAS machines they’ll easily be able to conclude that the Intangible asset they have created has fair carrying value and there will be Nil impact to the P&L Statement.
On this basis it has nothing to do with a PE calculation, but would be taken into consideration when doing let’s say more complex NPV / Enterprise Value calcs.
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