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SFC

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galumay:
What a difference 6 months makes!

Crap H1 2022 for my little illiquid car seat maker/LIC/REIT, $SFC - the leather business wiped out by chip shortages and supply chain issues and LIC crushed by the fall in the SP of their main #shitco.




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galumay:
Interesting AR from my little car seat/concrete gnomes/REIT/LIC, SFC out this morning. They have weathered the impacts on the business fairly well I believe. The accounting changes to value the property holdings at fair value will take me a bit of time to digest. The biggest single impact on income was the $32m turnaround in "Net (loss)/gain on other financial assets at fair value through profit or loss - non-current". This impacted profit by about $16m after allowing for a similar "Net gain on investment property at fair value". Might have to ask them for a bit more detail around what these non current financial assets are. The non-current bit is what I cant quite identify.

I emailed them and Jason replied explaining its simply the bag of equity and property syndicates they intend holding longer than 12 months. The impact on these valuations on earnings is really largely irrelevant anyway, my focus is on the cash in this sort of situation.

Looking through the shareholder presso, (i usually only read the actual annual report), its obvious that the holding in HTG is the main culprit.

galumay:
SFC H12023 results in line with my expectations, earnings down due to the impacts on the automotive trimming business, Delta returned to profit and investments (RE & equity) doing ok.

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