The above is from the December 2013 prospectus. From that document the figures are also supplied for the previous year (FY2012) for comparative purposes. So time to crunch those numbers too.
The 'profit before tax' is listed as $52.445m (p35). But this includes a provision for credit impairment of $6.031m which I would remove to get the picture of ongoing operational performance. So I get EBT of $58.476m.
Now go to note 4 (p43) on interest expense. There is underlying interest over and above what is due to debenture holders of $19.529m.
So total underlying EBIT = $58.476m + $19.529m = $78.01m
Now turn to page 45 (note 8) and you will see total loans and advances of: $2,014.473m
So the operating margin based on the end of year loan balance book is:
$78.01/$2014.47 = 3.87%
No quite as good as FY2013, but not bad.
SNOOPY
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