SKC - Sky City

[Snoopy]

Year	Normalised Net Profit {A}	S/h Equity EOFY {B}
FY2012	$140.264m	$809.1m	17.3%
FY2013	$129.209m	$812.9m	15.9%
FY2014	$102.221m	$773.8m	13.2%
FY2015	$130.106m	$816.9m	15.9%
FY2016	$152.319m	$1,113.0m	13.7%

The FY2016 result is a little unfair. The end of the financial year is 30th June. So the $263m of new capital raised from shareholders in June 2016 was only on the books for a month. If I remove this new shareholder equity from my calculation I get an ROE for FY2016 of:

$152.319m/ ($1,113m - $263m) = 17.9%

On this basis I am prepared to overlook the failure for FY2016.

Conclusion: Pass Test