Ann: Money3 Secures $150m Debt Facility, page-33

Thanks again. I must say I'm having a hard time making sense of the BP numbers. 19.4c EPS on $31.6 mil NPAT implies 162.9 mil weighted average number of shares. Assuming all the options are exercised on the expiry dates and no DRP I get 178.9mil shares. So lets say 180 mil.

I'm also at a bit of a loss on how they've arrived at $107mil in revenue for FY20. In FY17 secured automotive generated revenue of $56mil on a loan book of $151.8mil at end FY16 changing by $62.1mil to $213.9mil at end FY17.

In FY20, BP have the FY19 loan book size at $342.9 mil changing by $80 mil to $422.9 mil in FY20. Assuming complete exit in FY19 this is entirely secured automotive. The base loan book for FY20 is more than double the FY16 base and the delta is also larger. So I'm not seeing how revenue can be less than double FY17 secured automotive revenue of $56 (i.e. $112mil).

I think they're off by about $10 mil in revenue and as the cost base doesn't change this goes straight through to NPAT which is also out by $10mil. I see NPAT being more like $40 mil with EPS at 21.7c (on 180mil shares).

The only thing thats not accounted for is the accounting changes. As these are with regards to late fees on loans in arrears, would this account for a 10% difference?