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  1. #21
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    Annual report came out recently (viewable at http://file.nzx.com/000/096/5215096.pdf).
    The numbers look reasonable to my uneducated, ignorant eyes. Not sure what all the pictures of underdressed models are for, especially as not all of them are holding candles.
    Importantly, they are looking at turning a profit next year, which is ahead of schedule.
    Share price is almost back at IPO levels, although the warrants will put a soft cap on the price in the intermediate term.

    I would think it's not the best market condition to sell $50 candles, most of which I personally find a bit eccentric (odour-wise) and intense for enjoyment, but I don't think I'm the target audience anyway (possibly the target market, though).
    Last edited by darksentinel; 07-07-2011 at 05:27 PM.

  2. #22
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    Quote Originally Posted by darksentinel View Post
    Not sure what all the pictures of underdressed models are for, especially as not all of them are holding candles.
    I must say the naked lady on the horse after the Director profiles is a bit random... I assume its not Collette or Deeta

  3. #23
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    Damn, lost my post. Trying again in a summarised form...

    my take aways were... nice increase in revenue. cogs increasing linearly. 1.8 million in cash which should last about 3 months. 5.5 million in bank debt coming due in <3months. So in less than 3 months, they will go back to the banks or (less likely imho) to the market. They seem to be living paycheck to paycheck. Interesting the banks don't go for longer term funding, but perhaps they're a little risk adverse.

    Anyone have any idea why the admin expense is the same size as the sales expense?

    cheers
    Greg

  4. #24
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    Quote Originally Posted by darksentinel View Post
    Not sure what all the pictures of underdressed models are for, especially as not all of them are holding candles.
    Geoff Ross must have such a ball with this spoofy stuff. When it comes to Ecoya, I often figure it must have been some drunken bet over a late-night restaurant meal...

    Geoff: "Yeah, the Forty-Two Below win was a real gag, but I'm getting bored... have to think of something new... hard to choose really... it's all about the marketing, you know... I reckon I could sell anything..."

    Other Guy (staring glazedly into the flame of the candle centrepiece): "Candles... what about candles... bet you couldn't make a business out of those!" (giggles tipsily)

    Geoff: "Yeah, of course I could. It's all about the marketing. With a bit of managing shareholder expectations. Bit like walking a tightrope... hard to do, but once you've mastered it, it doesn't matter whether you're strung up between the washing line poles or the twin towers... well, sort of"

    Other Guy: "Nah. Candles? Really? I mean, who buys candles?"

    Geoff (mind begins working): "No it's dead easy... really......."

    Other Guy (slapping a $50 bill on the table): "Okay, $50 says you can't get a business up and running selling candles"

    Geoff: "How long have I got?"
    Well, at least that's the only rationale I can come up with - and I reckon the underdressed models are all just a marketer's private joke... though someone should ask at the agm whether Geoff had to attend the photo shoot.

  5. #25
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    Someone must be buying them though, right? Someone with lots of money and a diminished sense of smell...

  6. #26
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    Hey, I never said they weren't a good bet... bit of a challenge but nothing to someone who probably developed a sense of humour from being called GRoss on a daily basis. NZ could do with him building and selling off listed businesses on a 3-5 year cycle, no matter how naff the original concepts he chooses to ride on.

  7. #27
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    Quote Originally Posted by gregrday View Post
    Damn, lost my post. Trying again in a summarised form...

    my take aways were... nice increase in revenue. cogs increasing linearly. 1.8 million in cash which should last about 3 months. 5.5 million in bank debt coming due in <3months. So in less than 3 months, they will go back to the banks or (less likely imho) to the market. They seem to be living paycheck to paycheck. Interesting the banks don't go for longer term funding, but perhaps they're a little risk adverse.

    Anyone have any idea why the admin expense is the same size as the sales expense?

    cheers
    Greg
    No need to go back to the bank - they've already been !

    from note 18 (p71)

    "The combined multi-option facility [with the BNZ] is $9,500,000 and the facility expires on 17 September 2013. At 31 March 2011 $3,500,000 was drawn against this facility under a rolling multi option facility for 30 days at an interest rate of 6.74% and $1,947,000 was drawn under the overdraft facility at an interest rate of 7.62%."

    So just under $5.5 mil drawn down, meaning another $4 mil still left to go.

    The provocative photos are taken from their billboards promoting the new body products line. I've seen a few of these up around Auckland/Wellington. Very effective at grabbing your attention.

    Like most I was skeptical with ECOs IPs offering - scented candles. However I think Ecoya 1 year on is a completely different beast, with the Trilogy acquisition and the launch of the body care range. Trilogy was a steal at $18.5 mil (give or take) in my opinion. Fast growing revenues AND profitable ! Net profit from Trilogy's last 12 months trading was approx $3.7 mill (p80), which equates to a PE of 5 !! And this is before any of the synergies with Ecoya have been exploited.
    Last edited by mr.needs; 07-07-2011 at 09:50 PM. Reason: added page references

  8. #28
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    Quote Originally Posted by darksentinel View Post
    Someone must be buying them though, right? Someone with lots of money and a diminished sense of smell...
    Haha actually I bought a couple of items from their 'body care' range last week for girlfriends birthday. Ecoya products had a prominent center display near the front of the shop. Sales assistant was very enthusiastic/knowledgeable about their products. She said the ecoya products had been very popular and were selling well. Surprised me how much she knew about the company/products/brand story etc...

    This reminds me of FTB, where they pushed the vodka to bartenders, as these where the ones who recommend the drinks to the punters, not the bar owners/managers

  9. #29
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    Quote Originally Posted by Anonymous View Post
    I must say the naked lady on the horse after the Director profiles is a bit random... I assume its not Collette or Deeta
    It’s worth just receiving the annual report to look at the pictures, never mind the numbers, it beats the hell out of looking at ageing directors and CEO’s

  10. #30
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    Quote Originally Posted by waikare View Post
    It’s worth just receiving the annual report to look at the pictures, never mind the numbers, it beats the hell out of looking at ageing directors and CEO’s
    So has it replaced the compnay that use to own Bendon as your favourite annual report?
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

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