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Agria Corporation Message Board

  • atuzi2002 atuzi2002 Mar 19, 2013 3:21 PM Flag

    Look at how Mr Liar's favorite PGW doing

    jetionsolarproblem said:
    [quote]
    Now Agria and all the other shareholder of PGW has received a small dividend out of an additional income that PGW has received (craffar loans).
    [/quote]

    This is a myth about PGW that has to be squashed. Look at the half year cashflow statement. PGW received $22.1m cash from a decrease in finance receivables. But in the same statement $28.5m in external borrowings were repaid. This indicates to me that all of the cashflow from the Crafar farms went straight into repaying debt. None was retained inside PGW.

    Now look at the PGW segmental information. PGW rural capital (discontinued) lost $1.140m while finance (also discontinued) made $1.169m. Now sum the two. Within rounding error PGW neither made nor lost money as their finance book was wound down.

    I conclude that overall the final repayment of the Crafar loans had no net effect, either good or bad, on PGW.

    That in turn means that the declared recent dividend will be paid by just borrowing more money from the banks to do it.

    SNOOPY

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