Forum Archive Index - October 2001

["Wedde, John" <John.Wedde@weltec.ac.nz>]

Gidday Silverfox,
I fear this is fairly standard [and accepted] reporting procedure for NZ
companies and share your frustrations on this score.
You wonder if they're trying to hide something. Some companies do of course
report more fully than this.
Cheers,
John

                -----Original Message-----
                From:   silverfox 101 [mailto:silverfox140@hotmail.com]
                Sent:   Friday, 5 October 2001 15:02
                To:     sharechat@sharechat.co.nz
                Subject:        [sharechat] SKC annual report

                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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