Compelling case for an investment., page-10

@MarsC,

For starters, I think comparing BOL to IFM should be confined to just the circumstances the IFM faced at one stage and which BOL is facing now, but in terms of their respective financial pedigrees, I think that IFM - if it were a person - would be highly indignant and offended at any further comparisons of any sort.

For IFM is an inordinately better business than BOl will ever be able to pretend to be.


Onto your question about BOL's yes, I goofed up when I copied the figures from my spreadsheet. But I've checked: only the figures relating to Salaries and Employment Benefits are incorrectly quoted; the other 3 sets of data series in the post (namely Number [and Average Number of Employees]), Average Salary and Benefit Per Employee, and EBIT/Employee) remain intact.

But to provide absolute clarity, here follows all 4 sets of data series, with the required amendment to the Salaries and Employment Benefits figures (NB, I have also included figures for FY2015 now that they have become available since my initial post):

TIME SERIES 1:
Number of Employees at Period-End
(Average number of employees for the financial period in parenthesis)

FY2006: 1,204
FY2007: 1,373 [1,289]
FY2008: 1,435 [1,404]
FY2009: 1,277 [1,356]
FY2010: 1,225 [1,251]
FY2011: 1,160 [1,193]
FY2012: 1,145 [1,153]
FY2013: 1,025 [1,090]
FY2014: 820 [925]
FY2015: 710 [765] [Added since release of full-year results]

TIME SERIES 2:
Salaries and Employment Benefits ($m)

FY2007: 121.5
FY2008: 144.7
FY2009: 152.0
FY2010: 140.7 (corrected)
FY2011: 150.5 (corrected)
FY2012: 157.1 (corrected)
FY2013: 161.9 (corrected)
FY2014: 129.1 (corrected)
FY2015: 105.4 [Added since release of full-year results]

Now, dividing Time Series 1 by Time Series to give:

AVERAGE SALARY AND BENEFIT PER EMPLOYEE ($,000)

FY2007: 94
FY2008: 103
FY2009: 112
FY2010: 112
FY2011: 126
FY2012: 135
FY2013: 148
FY2014: 141
FY 2015: 138 [Added since release of full-year results]


EBIT/EMPLOYEE ($'000)

FY2007: 49
FY2008: 35
FY2009: 25
FY2010: 16
FY2011: 20
FY2012: 30
FY2013: 21
FY2014: 9
FY2015: -13 [Added since release of full-year results]


Holler if there are more errors of ommission/commission