What i was trying to do with my previous numbers, was to take increases of inventory and livestock into consideration when looking at earnings.
The reason being is that there is an 18m lifecycle, so just looking at earnings for the last 6 or 12 months isnt the full picture, there is a delay in costs becoming earnings, it should be an fairly steady number, not skewed do to the H1/H2 earnings split.
I thought (trying to) look at cashflow was the way to go, but now looking from the other end.
Below i track changes in total equity, which should have all the magic already done.
I subtract issued capital, because its not money that's been earned by the business (and issues to employee should be deduced as operational expense), and add the Dividend because its money paid from earnings to us.
The number is at least no lumpy, it has dropped in the last 2 halves, i guess in part because not all the growth capex can come back as PP&E.
I am thinking as a next step i could subtract Deprecation and Amortization, and add Maintenance Capex, because DA is backwards looking, and Maintenance capex is forward looking.
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| 1H21 | 2H20 | 1H20 | 2H19 | 1H19 | 2H18 | 1H18 | 2H17 | 1H17 |
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| 1 | Shares in Issue | 211,334,135 | 209,118,582 | 207,374,785 | 178,450,013 | 177,263,858 | 174,458,730 | 173,275,247 | 169,889,399 | 150,281,739 |
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| 2 | Issued Capital | 426,193 | 418,635 | 412,814 | 288,814 | 283,060 | 271,082 | 266,775 | 253,905 | 167,120 |
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| 3 | Total Equity | 805,282 | 789,049 | 773,457 | 633,858 | 617,143 | 586,003 | 566,359 | 537,894 | 433,400 |
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| 5 | Change in (Equity – Issued Capital) | 8,675 | 9,771 | 15,599 | 10,961 | 19,162 | 15,337 | 15,595 | 17,709 | 266,280 |
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| 6 | Dividend paid (for prior period) | 14,793 | 18,664 | 18,836 | 15,953 | 18,287 | 15,953 | 14,105 | 12,896 | 12,590 |
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| 7 | Change in Equity + Dividend | 23,468 | 28,435 | 34,435 | 26,914 | 37,449 | 31,290 | 29,700 | 30,605 | 278,870 |
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| 8 |
| 0.111 | 0.136 | 0.166 | 0.151 | 0.211 | 0.179 | 0.171 | 0.180 | 1.856 |
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