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  1. #3601
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    Quote Originally Posted by winner69 View Post
    Hey Beagle - was this the answer to the question you asked at the AGM that they deftly avoided answering (ie subtly told you to go away)


    • Impairments on higher risk lending categories has been worse than expected.


    A few points in the presentation seem to be at odds at what was said at road show and AGM presentations
    I see in the HY2019 accounts that 'Impairment provision expense' was (3,951) up from (2,276) in the previous year. However to check out the actual 'impairment expense' for the period we have to look at the what has happened to the total provision over HY2019 . And that part of the accounts has not yet been released.

    There is also something on the change of treatment of impairments in HY2019 result notes, referring to NZIFRS 9 and 15. An extra (2.160m) impairment charge seems to have arisen from that. But is this just in relation to debt collection services? Or does in apply to all loan contracts? Anyone care to offer an opinion?

    SNOOPY
    Last edited by Snoopy; 29-11-2018 at 10:53 AM.
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  2. #3602
    ShareTrader Legend Beagle's Avatar
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    Hi Snoopy me ol mate.
    Could this be to do with the new accounting standard that requires them to change the basis of calculating impairments ?
    In Heartland's case I think they explained this as they have to start making impairment provisions right from the outset of new loans based on predictive modelling rather than waiting until new loans start to become overdue. In HGH's case I think they took about an $18m charge against reserves for this, (just going off memory). Hope this helps. (You're the beagle with the most available time to get your snout into this, which is always much appreciated)
    Last edited by Beagle; 29-11-2018 at 11:07 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
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  3. #3603
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Snoopy View Post
    I see in the HY2019 accounts that 'Impairment provision expense' was (3,951) up from (2,276) in the previous year. However to check out the actual 'impairment expense' for the period we have to look at the what has happened to the total provision over HY2019 . And that part of the accounts has not yet been released.

    There is also something on the change of treatment of impairments in HY2019 result notes, referring to NZIFRS 9 and 15. An extra (2.160m) impairment charge seems to have arisen from that. But is this just in relation to debt collection services? Or does in apply to all loan contracts? Anyone care to offer an opinion?

    SNOOPY
    Snoops ....that 2.160m you mention is part of the 1.839m adjustment to March 18 Retained Earnings (see the Changes in Equity part of the accounts)

    Effectively reduced Shareholder Equity with no impact on the Income Statement (ie profit) this financial year

    The new standards do mean they need at what’s provided for differently than in the past - probably more detail in the full half year report and then you can work out if there is a real impact or not.
    Last edited by winner69; 29-11-2018 at 11:23 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #3604
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    Quote Originally Posted by Beagle View Post
    Hi Snoopy me ol mate.
    Could this be to do with the new accounting standard that requires them to change the basis of calculating impairments ?
    In Heartland's case I think they explained this as they have to start making impairment provisions right from the outset of new loans based on predictive modelling rather than waiting until new loans start to become overdue. In HGH's case I think they took about an $18m charge against reserves for this, (just going off memory). Hope this helps. (You're the beagle with the most available time to get your snout into this, which is always much appreciated)
    Heartland.
    New accounting standard IFRS9.HGH adopted estimated $25mil,with an impact on equity of $14mil to $18mil ,which also resulted in an increase in the impairment ratio..
    Last edited by percy; 29-11-2018 at 12:28 PM.

  5. #3605
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    Methinks this share buy back is going to go down a treat looking at the depth chart today.

  6. #3606
    Speedy Az winner69's Avatar
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    Quote Originally Posted by couta1 View Post
    Methinks this share buy back is going to go down a treat looking at the depth chart today.

    .......esp if the bargain hunters who want to get on the bus start competing.

    Bargain of the century

    Go you good thing TRA
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #3607
    Speedy Az winner69's Avatar
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    Quote Originally Posted by percy View Post
    Heartland.
    New accounting standard IFRS9.HGH adopted estimated $25mil,with an impact on equity of $14mil to $18mil ,which also resulted in an increase in the impairment ratio..
    Just as well it didn’t go against profit eh
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #3608
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    Just as well it didn’t go against profit eh
    My bean counting philosophical thought for the day.
    The concept of proactively provisioning delinquencies based on historically experienced averages (by loan type) is clearly a more accurate way of matching costs off against revenues in the appropriate period. What this accounting standard change highlights is that finance company and bank provisioning has always been historically focused and event driven as opposed to forward proactive thinking.

    Couta1 - You know you want to take those shares out at $2.50 I would but my shovel is locked in the cupboard and this puppy has to start barking before its allowed out again.
    Last edited by Beagle; 29-11-2018 at 01:17 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  9. #3609
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    Mr Baker buys 100k more shares on market.

  10. #3610
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    Quote Originally Posted by couta1 View Post
    Mr Baker buys 100k more shares on market.
    at $2.47. Looks like he likes picking bottoms

    https://www.nzx.com/announcements/327595

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