Hi all, is the Forsyth Barr analysis report available online anywhere or if anybody has a copy they are willing to share that would be much appreciated?
Edit: all sorted now, thanks a lot.
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Hi all, is the Forsyth Barr analysis report available online anywhere or if anybody has a copy they are willing to share that would be much appreciated?
Edit: all sorted now, thanks a lot.
If you took a rational approach, what would be the reasons a development margin may be small? This is an actual question, non rhetorical, I’m unsure what variables come into a development margin.
Oceania obviously would not be selling units at discounted prices without explaining/giving a reason for it. On the other side, is the development costs significantly increased on the particular units they sold? They explained in the AGM they select building companies in the mid range of expenses, are there other consenting costs etc that were a part of these units? Perhaps our view of what a good average margin was has been skewed by significant selling in the Auckland region over the past years, when in reality this is the true average?
40% average margin which was achieved in recent half’s was clearly unsustainable, it was boosted by the huge gains in property value over the 3-5 years it takes from buying land to getting units built. I would expect the long term average to be between 20-25%. May pay to look over the last 5 years (or further If possible) for the margin of all the listed village operators to get some sense of what you can expect going forward. The margin achieved this half May even be higher than long term average.
When did the $20 million profit difference in question hit OCA's bank account seems to be a good question ;)
The reduced dividend seems to be the answer to that one ..
Surprised they didn't use the old Comprehensive Income trick again this time
Comprehensive Income was $57.0m (v reported NPAT of $24.8m)
After all $32m revaluation gains are real even though unrealised
Real enough .. but they can mysteriously evaporate which could be as early as the next reporting period .. ;)
then they become mysteriously unreal & probably still unrealised .. ;)
Whatever happened to 'Beancounter's Reporting on Conservative side' with some of these listed Outfits ? ;)
At least back then everyone knew where they stood without all the Mickey Mouse unrealised revaluations
being booked as actual trading surpluses above the line in some sectors .. ;)