Originally Posted by
mistaTea
With all the chatter, I couldn't help but start to take a closer look at OCA.
It is interesting to me that their Depreciation charge at the last annual report was only ~$24M when total plant/property was valued at ~$2B.
I would have thought it would be at least double that.
$63M of revenue is based on a change in fair value of investment property. Not really earnings in the true sense?
Assuming I don't deduct any of the other 'earnings' stated (though I think the ~$10M of gain on business assets should probably go too), that would reduce revenue to $245M.
Subtract $252M expenses...and subtract another $26M to get a better reflection of true depreciation...and OCA Owner Earnings is -$33M.
Just some quick back of the envelope to help me form an initial impression - with OCR rises squeezing property values, plus OCA struggling to earn money at the moment - I guess I can see why the market has been tough on her right now.
Cashflow statement makes for grim reading (and I think echoes my income statement workings to a large degree). Paying a $20M dividend is very questionable I think.