I had a quick look and could be wrong, but FY2019 was also a loss in operating income compared to ‘18 but masked overall by a property revaluation of $46m.
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Operating cash flow includes what they get for property sales and doesn’t include what they spent on property related things.
Take out property related cash flows and you are left with a proxy for what cash flow was generated (or not) from looking after the oldies.
Half one this was negative $22m ....usually it’s only slightly negative .....so a huge jump ...and this was pre-Covid......might have been a timing difference or a one off and reverse itself in second half but who knows.
We know stuff all made from looking after oldies and it’s all about property but wouldnt want another $20m cash burnt looking after people ....that’s what I’m getting at.
That’s how I look at the financials ....show me where the cash comes from and where it goes ....a methodology that I find works with others in the sector.
From page 7 2020 interim report, money is being made on care.
The Care segment generated total revenue for the first half of $81.3m, representing 84.2% of total operating revenue, and underlying EBITDA of $9.5m. Adding $8.9m of care suite development and resale gains over the period (currently classified in the Village segment), our total aged care related underlying EBITDA of $18.4m was $0.1m higher than the prior corresponding period
I think you expect capital investments to appear in the operational cash flow segment, but my understanding is that it is standard for this to be under the cash flow from investment segment.
I see it as a positive that in the latest interim report cash inflow from operations increased by 21% while cash outflow from investing activities reduced slightly by app 4%.
I cant wait for winners reply and im not even holding any directly:D.Thanks all re reading the entrails.
Yep forest read all that stuff ...and all the stuff in presentations ...and even listened to a bit of Earl
But follow the cash
From the Operating Cash Flow (the $57.0m) leave out the $80.0m net they got for ORA sales you get negative $23.0m
This is Receipts from residents for vilage and care fees less employees and suppliers less rent less interest ...to me that’s the cash cost of looking after and caring for residents. The rest of the cash flow statements are all property related
So following the money $23m cash gone in H1 ....last year it was ~$4m ...big diffference.
You do it your way ...I’ll look at it my way ....and no doubt beagle and mav will do it their way.
Crap....Master winner bailed out..!! better sell too...more than 500k holdings...