Forum Archive Index - October 2001

["silverfox 101" <silverfox140@hotmail.com>]

A query for the accounting-aware out there:

I am still getting to grips with some aspects of NZ financial reporting, and 
am struggling to reconcile SKC's Statement of Financial Performance (Profit 
and Loss statement). In particular, the expenses of $335 million refer to 
note 2, which in turn lists operating expenses that are 'included within 
total expenses'. The list is obviously not complete as they add up to only 
$214m. Is the missing $121m found elsewhere in the report, or is that the 
extent to which NZ entities need to report their costs?

They also report an EBITDA of $192m in the foregoing 'blurb', but nowhere do 
I see it calculated in the statements.

I understand that NZ financial reporting is relatively 'neutral' between the 
requirements of creditors and equity holders, whereas US standards lean 
towards shareholder needs. Are less than complete P&L figures an example of 
such? If so, my instinct will be to concentrate my investing efforts 
elsewhere.

Regards
silverfox



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