Forum Archive Index - October 2002

["Rockbottom" <rockbottom@ihug.co.nz>]

Thanks Snoopy

You were mostly right. There is actually very small print on P1 which says
"Before non-recurring item (Force right-off) of $27.9 million."

I should have got my magnifying glass out!

However on  P32 the Non-Recurring Expenses were $39.1 million not $27.9 m as
used in the EPS. So in effect SKC apparently is writing back some NRE's and
not others for this statistic

The $85.1m profit (before Non-Recurring Items emblazoned on P1 is before
NRI's of $39.1 m has been written off.

Me thinks we are comparing apples with pears.

Also what is the difference between a Non-recurring Expense and a
Non-recurring item?

Cheers

Rockbottom


----- Original Message -----
From: <tennyson@caverock.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Saturday, October 05, 2002 9:20 AM
Subject: Re: [sharechat] Sky City


> Hi Rockbottom,
>
> >
> >
> >Just had a quick look at the annual report. On page 1 (Financial
> >Summary) it states the Earnings per share was 41.5cents yet on page
> >55 of the notes it states Earnings per share on a consolidated basis
> >was 27.9 cents.
> >
> >Why the difference?
> >
> >
>
>
> The difference you refer to is 41.5 - 27.9 = 13.6c per share.
>
> There are 204,688,892 (weighted average) shares on issue, so in
> dollar terms this difference equates to:
>
> 0.136 x 204,688,892 = $27.8 million
>
> There was a lot of goodwill written off after Sky City acquired
> Force Corporation.  Have a look on page 52, under note 13 (intangible
> assets).  There goes $16.7m.
>
> Now turn to page 47 and look at Note 8 under 'Minority Interests'.
> There you will see a figure of -$10.5m.
>
> That brings it up to $27.2 million lost which is within $600,000 or
> so of the $27.8million figure we are after.
>
> Back on page 52 under intangible assets there is a figure of $600,000
> (actually $647,000) which is a write off in foreign currency
> translation.  Could that be the missing amount we are after?
>
> Perhaps someone else might explain to us what 'foreign currency
> translation' means, and why it might be seen as a 'one off'
> adjustment.
>
> SNOOPY
>
>
>
> -----------------------------------------------
> Message posted by Harry Tennyson
>  using Pegasus Mail 2.55
> I have Word 97 to read attachments
> ------------------------------------------------
>
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