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Sanford Earnings FC effected by FX changes
SAN exports practically all its produce and will therefore significantly benefit from
a lower exchange rate. A 1c movement in the NZD versus either the USD or JPY
will boost after tax earnings by NZ$2m.
The above quote is from Aspect Huntly research 4 Dec 08.
I like to state a few facts : Average exchange rate in San 2008 financial year (to 30 Sep).
1NZ$ approximately US 0.75
1NZ$ approximately Jap Yen 81
First 8 months 2009 financial year
1NZ$ approximately US 0.56
1NZ$ approximately Jap Yen 54
San NPAT in the 2008 Fin year was NZ$31.5 mil.
English is not my first language and I fail to be able to work out what San NPAT will be in 2009 fin year (assuming everything else stays the same).With other words I do not get the above sentence 'A 1 cent movement in the.....'.
Would be great if somebody can put some light on this.
Thanks in advance.
Forest
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