Five year profit record FY2013 to FY2017
Quote:
Originally Posted by
hardt
Snoopy Wrote: "And of course the reason A2 are 'debt free' is that they have only recently transitioned from a loss making start up. Loss making start ups are always 'debt free', because there isn't a snowballs chance in hell of any bank lending them any money!"
This loss maker somehow made a profit for 7 out of the last 10 years in business...
Enough funds and investors were backing A2 to allow for ample amounts of debt if required... not sure what you are on about there either.
My view of the normalised profits for A2 Milk over the last five years is as follows:
FY2013: $4.120om + 0.7( $0.824m -$0.121m) = $4.612m
FY2014 $0.010m +0.7($0.597m) = $0.4279m
FY2015: -$2.091m +0.7($1.681m-$0.831m) = -$1.497m
FY2016: $30.4m + 0.7($0.753m) = $30.9m
FY2017: $90.6m + 0.7($2.435m+$0.265m) = $92.5m
Notes:
1/ For FY2013 I have removed $0.824m of strategic review costs.
2/ For FY2015 I have removed the $1.681m worth of ASX listing costs
3/ For FY2017 I have removed $2.435m of intangible asset impairments
4/ For all years I have added back the foreign exchange losses (or removed the foreign exchange gains)
I haven't gone back over ten years because in the light of where the business is today, those early years are not really meaningful. I might even suggest only the last two years have been meaningful! Before then the business pretty much ran on the smell of an oily rag. I would suggest that pre FY2016, the business was in no position to take on debt. Not that this mattered. There wasn't a problem when shareholders were called upon to put in more funds instead.
In terms of 'earnings per share', I get the following results:
FY2013: $4.612m / 617.232m = 0.01cps
FY2014 $0.4279m / 633.066m = 0.00cps
FY2015: -$1.497m / 639.327m = 0.00cps
FY2016: $30.9m / 715.570m = 4.3cps
FY2017: $92.5m / 718.238m = 12.9cps
The eps figures more clearly illustrate how far ATM has come over the last two years.
SNOOPY