15-02-2016, 08:08 PM
(15-02-2016, 07:21 PM)Boon Wrote:(15-02-2016, 04:33 PM)crubs Wrote: Hi Boon,
Before I continue, just to double check. From your post #1290 and #1296, are you saying that the Net Profit used to value Garden Fresh should exclude Fair Value changes and include Non-cash Interest Expense ?
Hi crubs,
I would rather use After/Before than Exclude/Include to avoid making the same mistake again in my earlier computation. Ha-ha!
Net Profit should be profit
After taxation, interest, depreciation and amortisation (of non-cash interest expenses related to CB)
Before Fair Value Change arising from CB
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By the way, I think government grant (infrequent) is another example of “extraordinary items” that would give rise to higher profit.
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Boon,
Ok, I go according to your method ah.
In 3Q 2015, Sino Grandness reported profits of RMB 76.7m right ?
This includes a positive finance cost of RMB 187m and a negative change of RMB 224.4m to fair value.
Adding back changes to Fair Value of RMB 244.4m, The adjust profit is RMB 321.1m !! How is this possible ? So high ? Huang must be very pleased if that's the case.