Haha couldn't agree more, he mumbles a lot when presenting.
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Hey Snoops me old mate …..have you the last 5 years Operating Ebitda on a like for like basis …ie adjusting for the change in accounting of leases (which effectively increased ebitda by quite a lot
I’m after F16 and f17 and F19 to complete the series X, Y, Z, 48.2m, 56.0m and F22 58.0m
Just being lazy
Cheers
Hi Winner,
Two points.
1/ I tend to work on NPAT for my comparative figures. Those figures are not affected by the change in accounting lease standards, so I don't have the comparative EBITDA figures you ask for at hand.
2/ Where I have looked at doing this before (in another company), I have always adjusted the current EBITDA figures back to what they would have been under the old standard. What you are proposing is the other approach of adjusting the old figures up to the new standard. To my mind that is the better way to go (always better to be forward looking). The problem I run into is finding a practical way to do that.
The lease change standard effectively replaces an expense called 'rent', with two new expenses, those being:
a/ Depreciation of a 'right of use asset'
b/ An interest charge on lease liabilities.
The 'rent expenses' for want of a better broad umbrella term, sum match over the total term of a lease contract(s) under each method. But on a year to year basis they do not match, due to different accounting discounting rules.
The problem is in the old accounts, the split between depreciation of a 'right of use asset' and 'interest lease expense' is not declared, because under the old accounting standard such a separated construct did not exist. Sure you can make some estimates of what the historical split might be. But that sort of stuff is beyond my accounting pay grade. Is there a way to practically do this? You Winner, are probably one of the few people on this forum qualified to answer that question.
SNOOPY
Thanks Snoopy …thought it would be hard trying to get adjusted (fiddled) numbers
Was trying asses whether this is a good trend and where it might head seeing F22 58m isn’t much more than F21 56m.
Trend:
F22 58m guidance
F21 56.0m
F20 42.2m
F19 24.4m but includes leases
F18 34.5m including leases
Snoopy …so this impressive looking chart they showed at the ASM isn’t really the truth ……lemons some years and apples other years
Never mind …the market doesn’t care ..just focusing on 2021 and 2022
Record earnings for the primary sector - a restructured and now well managed & well positioned PGW cannot but benefit.
More profit upgrades for PGW to come.
https://www.1news.co.nz/2021/12/14/n...d-508-billion/
The revenue from food and fibre sector exports are projected to surge to a record $50.8 billion.