Zagro Asia

FY13 (ended 31Dec13) AR makes interesting reading…..
http://infopub.sgx.com/FileOpen/Annual%2...leID=20466 [FY13 AR]

Against the latest (as at 31Dec13) NAV/share at $0.3234, Zagro Asia's last done share price at $0.32 (28Mar14) is obviously still undemanding.

Zagro Asia closed at $0.33 today (31Mar14), and a new high…..
http://www.reuters.com/finance/stocks/ch...ol=ZAGO.SI

Wife bought 1.3million worth of shares oday, increased interest with hubby to 65.21% from 63.55%

Does it seems like a delisting coming in the making?

looked a bit at the business, quite solid and good company to buy to get exposure to agriculture market, especially when the commodities like palm oil goes up...

(30-05-2014, 11:52 PM)BlueKelah Wrote: Wife bought 1.3million worth of shares oday, increased interest with hubby to 65.21% from 63.55%

Does it seems like a delisting coming in the making?

looked a bit at the business, quite solid and good company to buy to get exposure to agriculture market, especially when the commodities like palm oil goes up...

Isn't the CPO heading south from RM2900 in March to about RM2400 now?

Zagro's 2014 H1 report is out.
http://infopub.sgx.com/FileOpen/Zagro_SG...eID=309410

A rather curious figures caught my attention.
I noticed the Balance Sheet & Cashflow figures are rather not in balance.
Not sure if I perceived it wrongly (I am not an Accountant).

Just for sharing, please take this as educational sharing:
Inventories - Balance Sheet
2013-Dec-31: 31,824
2014-Jun-30: 42,136

Cash Flow - Changes in Inventories for 2014 H1: 172

That goes for Receivable & Payable as well.

Any accountants could help to verify?

The CF statement change would be change in the first half of the FY, i.e. change from 31 Dec 2013.

The difference between the inventory in the balance sheet that you are comparing with would be between 30 June 14 and 30 June 13 (one year).

Hope this helps.

(14-08-2014, 10:15 AM)ksir Wrote: Zagro's 2014 H1 report is out.
http://infopub.sgx.com/FileOpen/Zagro_SG...eID=309410

A rather curious figures caught my attention.
I noticed the Balance Sheet & Cashflow figures are rather not in balance.
Not sure if I perceived it wrongly (I am not an Accountant).

Just for sharing, please take this as educational sharing:
Inventories - Balance Sheet
2013-Dec-31: 31,824
2014-Jun-30: 42,136

Cash Flow - Changes in Inventories for 2014 H1: 172

That goes for Receivable & Payable as well.

Any accountants could help to verify?

(14-08-2014, 10:31 AM)madagnet Wrote: The CF statement change would be change in the first half of the FY, i.e. change from 31 Dec 2013.

The difference between the inventory in the balance sheet that you are comparing with would be between 30 June 14 and 30 June 13 (one year).

Hope this helps.

(14-08-2014, 10:15 AM)ksir Wrote: Zagro's 2014 H1 report is out.
http://infopub.sgx.com/FileOpen/Zagro_SG...eID=309410

A rather curious figures caught my attention.
I noticed the Balance Sheet & Cashflow figures are rather not in balance.
Not sure if I perceived it wrongly (I am not an Accountant).

Just for sharing, please take this as educational sharing:
Inventories - Balance Sheet
2013-Dec-31: 31,824
2014-Jun-30: 42,136

Cash Flow - Changes in Inventories for 2014 H1: 172

That goes for Receivable & Payable as well.

Any accountants could help to verify?

In 2014 H1 report, the BS reflected are for 2013-Dec-31 & 2014-Jun-30, as stated in my post.
So isn't CF changes should reflect as 42,136 (Jun-14) minus 31,824 (Dec-13)?

I think it is due to the consolidation of the new subsidiary Orion Crop Protection Limited.

The acquisition of 80% of the New Zealand company was completed on 30th May.
http://infopub.sgx.com/FileOpen/ZAL-Annc...eID=299494

So there is no effect on the top line. Revenue accounted for during the half was mostly from the existing Zagro business. They probably contributed 1 month of sales. But in New Zealand, it's winter. Maybe that's why the HY figures for Zagro showed no impact (and in fact it dropped).

However, the balance sheet of Orion Crop Protection Limited has been consolidated. So you see the "discrete" jumps in the balance sheet line items.

We can see the price paid for the new NZ business under the cash flow for investing as an outflow. So in a way, the cash spent to acquire the new NZ business is the reason for the jump in inventories and the other line items in the BS.

I am not an accountant. But hope I haven't misled/misinform/misguided anybody.

I do think of the reason being the acquisition. But it is strange when you consolidate BS but not Cashflow? Shouldn't both be balance out in totality?

100% of the cash-flow since 1 June has been consolidated. But I think it is the lull period. So while the one-month performance of Orion is added to Zagro's results, it has no impact.

On the other hand, 100% of the balance sheet (such as inventories) has been consolidated.

Perhaps somebody more qualified can give you a better answer.