Simple to answer. The reason to why they are different yet arrive at the same EBIT is because;
1. The 2011 report includes revenue from Bill to Bill, Circa $1.4m (Business was then sold so in the 2012 report, it doesn't include this figure in the 2011 column. If this wasn’t done then comparing 2012 figure to 2011 figure in the 2012 report would be misleading) You will notice pg 23 of the most recent 2012 report is says "Revenue from continuing operation" . As the Bill to Bill business was sold, it’s not continuing
2. Reason to why getting rid of the bill to bill revenue in the most recent report still arrived at the same EBIT figure for 2011 column in 2012 report is because bill to bill made no money, it was basically breaking even.
When I first bought ONC they had circa $15m cash in bank nil debt. Fast forward a few years they now still have nil debt but have cash of $24m.
I think 2013 will be the year the market wakes up to ONC
TFL Price at posting:
18.0¢ Sentiment: LT Buy Disclosure: Held
