FTN Cocoa

[omydee]

Originally Posted by knightofdelta

I will think of something... I am sure that Oga Wanna$$ go get interest for this kain deal.

Has anyone observed that this company is ACTUALLY on life support? In 2009 FY alone it got over N200million from government agencies!!! But for this, it would have declared a significant loss and would not have had interest coverage with which to pay the interest on the colossal debt it has, even though the interest rate is less than 5%! What more, it has not generated any free cash flow in the last 5 years!!! Add to that, the currency risk exposure it has from that FCY debt, for which it got hit by a 275million exchange loss in 2009 alone. Yet they are not hedging this risk.

This is a combustible mixture: a colossal accident waiting to happen! Me don tear race o!!!

[knightofdelta]

Originally Posted by omydee

Has anyone observed that this company is ACTUALLY on life support? In 2009 FY alone it got over N200million from government agencies!!! But for this, it would have declared a significant loss and would not have had interest coverage with which to pay the interest on the colossal debt it has, even though the interest rate is less than 5%! What more, it has not generated any free cash flow in the last 5 years!!! Add to that, the currency risk exposure it has from that FCY debt, for which it got hit by a 275million exchange loss in 2009 alone. Yet they are not hedging this risk.

This is a combustible mixture: a colossal accident waiting to happen! Me don tear race o!!!

The company is in bad hands and need a better management. Instead of tearing race, shouldn't we do something?

[horlads]

Originally Posted by knightofdelta

The company is in bad hands and need a better management. Instead of tearing race, shouldn't we do something?

Like a SMN take over bid..??? Multitrex too is losing (bottom line) ooo...! I think it's an industry wide problem...

[knightofdelta]

Originally Posted by horlads

Like a SMN take over bid..??? Multitrex too is losing (bottom line) ooo...! I think it's an industry wide problem...

Obviously, they could not manage the cocoa crises. SMN saw it coming...

[omydee]

Originally Posted by knightofdelta

The company is in bad hands and need a better management. Instead of tearing race, shouldn't we do something?

Bros, count me out!

I am no corporate Messiah. I am in this game to make kulele by putting money in companies with great businesses, GOOD and (relatively) honest management and selling at a significant discount to intrinsic business value. I say, I don tear race! When una change management, i go show face. Biko...dem no go put put san-sand for your garri o...

(Go and review the past 3 years AR to check out how the key guy dey strategically offload shares over the years, shares he got at ridiculous options pricing pre-IPO. Also, the 2009 AR has all the tell tale signs of financial shenanigans ala Cadbury. BGL don train the guy well well. Anyway, no be my money dem go take chop groundnut and burger for Lagos.)

[saheewale]

bizhallmark.com - Cocoa grinders consider relocating overseas

[knightofdelta]

Originally Posted by saheewale

bizhallmark.com - Cocoa grinders consider relocating overseas

And yet our government keep making promises without intentions to keep them... rubbish!

[omydee]

Originally Posted by knightofdelta

And yet our government keep making promises without intentions to keep them... rubbish!

This stock finally reached the parking lot today. O di gbere o! Next in line?

Starcomms! Sorry, NEM! Sorry, I meant Goldlink! No vex. At least, you know the likely candidates.

[1himself]

Originally Posted by omydee

This stock finally reached the parking lot today. O di gbere o! Next in line?

Starcomms! Sorry, NEM! Sorry, I meant Goldlink! No vex. At least, you know the likely candidates.

come GENERAL wetin Ftn cocoa do u self?
Anyway its welcome at d B/stop bt me i no dey.
Ll b glad to have Nem,glink at d bstop i go enter them with passion.
Starcom? I go ask oga Nosa if him permit me to think technically then i go consider am.

[Ayoola Efunkoya]

Originally Posted by 1himself

come GENERAL wetin Ftn cocoa do u self?
Anyway its welcome at d B/stop bt me i no dey.
Ll b glad to have Nem,glink at d bstop i go enter them with passion.
Starcom? I go ask oga Nosa if him permit me to think technically then i go consider am.

I need to make some findings about ftn cocoa before positioning. Bargain hunting is the order of the day at the NSE, Oga o

[omydee]

Originally Posted by Ayoola Efunkoya

I need to make some findings about ftn cocoa before positioning. Bargain hunting is the order of the day at the NSE, Oga o

On positioning for FTNCocoa: UROYO.

[Oracle]

FTN COCOA PROCESSORS PLC 27 July 2011
Audited Year Ended December 2010
Profit and Loss Information
2010 2009
Turnover N1.196b N1.361b
Cost Of Sales (N1.014b) (N1.146b)
Profit Before Tax N63.647m N259.710m
Taxation Nil (N51,000)
Profit After Tax N63.647m N259.659m
Balance Sheet Information 31-12-10 31-12-09
Fixed Assets N2.865b N1.946b
Investment N1.490m N838,000
Stock N398.369m N625.441m
Trade Debtors N331.972m N296.509m
Cash and Bank Balances N1.267m N46.061m
Other Debit Balances N725.292m N565.772m
Trade Creditors N107.327m N111.498m
Short Term Borrowings N149.875m Nil
Other Credit Balances N1.806b N980.656m
Working Capital N867.315m N1.303b
Net Assets N2.260b N2.389b
Corporate Actions
Closure Date 22nd to 29th August 2011
AGM Date 8th September 2011 at 11am
AGM Venue Chamber of Comm & Ind.Conference Centre Plot 10,Nurudeen Olowopopo Way Alausa Ikeja Lagos

[citizen]

Red Tape - Was S&P downgrade an act of revenge?

[Babs_O]

Originally Posted by citizen

Red Tape - Was S&P downgrade an act of revenge?

FTN Cocoa story is not in this attachment.

[cashrules]

FTN COCOA PROCESSORS PLC
May 9th 2012
Audited Results (Dec, 2011)
Profit and Loss Information
Turnover 31-12-11 N836.936m 31-12-10 N1.196b
Cost of Sales 11 (N833.936m) 10 (N1.050b)
Other Income 11 N33.161m 10 N122.016m
Admin Expenses 11 (N213.749m) 10 (N164.195m)
Interest on Corporate Bond 11 (N44.166m) 10 (N39.968m)
Profit before Tax 11 (N221.032m) 10 N63.647m
Taxation 11 (Nil) 10 (Nil)
Profit after Tax 11 (N221.032m) 10 N63.647m

Balance Sheet Information
Fixed Assets 31-12-11 N3.205b 31-12-10 N2.865b
Investments 11 N1.192m 10 N1.404m
Stocks 11 N478.752m 10 N398.369m
Trade Debtors 11 N278.172m 10 N331.837m
Cash and Bank Balances 11 N104.545m 10 N1.267m
Other Debit Balances 11 N442.733m 10 N725.513m
Trade Creditors 11 N114.634m 10 N107.327m
Short term Borrowings 11 N197.000m 10 N149.875m
Other Credit Balances 11 N2.257b 10 N1.806b
Working Capital 11 N554.940m 10 N867.401m
Net Assets 11 N1.941b 10 N2.260b