Continuing the obfuscation theme, let's look at what is happening in the UK and the USA. If FY2014 UK stood on its own. USA only started in FY2015. Now the UK and the USA are bracketed together. So what do the comparative figures say this time about both markets?
UK (FY2014 Pres.) UK & USA FY2014 Result, FY2015 Pres.) Operating EBITDA -$4.3m -$4.3m Revenue N/A $1.0m Intercompany Charges & Licence Fees -$2.1m N/A Segment Profit -$2.2m N/A
Unless I have this wrong (and I may have) it looks like the Australian and New Zealand 'Operating EBITDA 'results have been changed retrospectively in FY2015 (see my previous post) so they include intercompany charges and licence fees. However the UK result has not been changed in the same way and remains as bare 'Operating EBITDA'.
It is very disappointing to see the result presentation (apparently) changed for 'ANZ' year on year but not changed for the UK segment in the same way. The intercompany charges and licence fees (*) for the UK in FY2014 (actually the UK segment doesn't receive any licence fees so it must be all intercompany charges) seem to have vanished! It is very difficult for investors to follow what is happening year on year with these kind of reporting inconsistencies.
SNOOPY
(*) from FY2015 report (p15)
Inter-company charges include:
a/ royalties,
b/ licence fees and management fees payable to the Parent,
c/ marketing and herd testing costs payable by the Parent