May the best Dragon Thread Win
As I said on the other one
Best Wishes
The Dragon Slayers Cat
Next Big Thing on the NZX
And up to 3c on turnover of 300,000 shares ($9,000)
This, significantly, could see me in positive territory in the NZX competition :scared:.
Best Wishes
Paper Tiger
A little more information for you
My comments in Red:
Quote:
Originally Posted by
blah
Maybe I'm not reading the financial statements correctly, but from what I see, even if we strip out SNK out of the statements I think it is still very very impressive. I'll need to see more detailed statements and the notes of the statements to be sure though.
Revenue in FY 2012 was only $15,000 [that was Claridge Capital not SeaDragon]; FY 2013 was $8,999,000. From my limited knowledge of accounting, asset appreciation shouldn't be treated as revenue [it isn't]; or at least should be treated as a separate item [it is]. Lets be charitable and say that it was indeed included in the revenue figures [again it isn't]. Seadragon owns 25m shares in SNK; the share price on 31 March was 0.15c [actually closed at $0.155] - valuing SEA's stake in Snakk at 3.75m at that date. Even if we take the entire $3.75m out of revenue (let alone the appreciation over the previous year's valuation) we are stll left with revenue a healthy bit over $15,000: about 35000% revenue growth.
However, I have a hunch that this SNK value appreciation has not been included in revenue, since the cost of sales of 7.8m suggests that the 9m revenue solely is trading revenue [correct].
Having said that, I don't know why there has been no cost of sales for the 2012 year [2012 is for Claridge not SeaDragon].
I also note that in the balance sheet, the 3.9m figure under the heading "Assets classified as held for sale" I suspect is Snakk [correct]
SeaDragon was reversed in Claridge Capital so the 2012 accounts refer to what was basically a non-trading shell of a company.
Reading the commentary will help you.
Ignore janner he appears to be drunk in charge of a keyboard.
Best Wishes
Paper Tiger
Tiger's Course in Reading Company Statement's Lesson 2
Quote:
Originally Posted by
CJ
...It also looks as if the revaluation on the shareholding is taken directly to an equity reserve account so is not going through the P&L.
Of course at some point I am going to post some massive mistake and you can all tell me I got it wrong but...
If you go back to SeaDragon accounts the revaluation of the Snakk holding is in the Profit & Loss account, $3M65 near the bottom, it is NOT under revenue which is what blah was querying.
As SeaDragon pointed out in their commentary and the accounts show they made a loss of $296k from their marine oil operations, but an overall profit of $3M354 because of the Snakk reval.
Best Wishes
Paper Tiger
Well, I have seen just about everything, but I have never seen a ...
You lose some, you lose some more
Well today's price action has not done anything for my position in the ST contest.
Best Wishes
Paper Tiger
Selling Snakks to stay afloat
The operating profit of $273K does include the $801K realised from the sale of Snakks.
Also the operating cash flow figures do not add up to the total as given:
they have +$123K and my calculator insists on -$363K, I think the $123K may be right but one of the parts is wrong/missing.
But the 'are we not doing wonderfully compared to last year' & 'sharp turnaround' is really pushing reality a bit.
Best Wishes
Paper Tiger