GWest results a plea for better IPO standards

Investors in GWest public share offer were supposed to be swimming in a pile of profit by now, according to the forecast of revenues and profit included in the company’s prospectus back in 2017.
Nearly three years after the public issue, they only have a depressed stock to look at, with no sign of relief anytime soon.
That is the story of the terrible side of the stock market, with investors being lulled in by tantalizing prospects of making a killing, but fed with poor information and thinking that there are people in higher places looking out for their interest.
According to projections, the company included in the prospectus and vetted by regulators, the company should have produced revenues of $158 million for the year to March 2018 and a loss of $111 million but could only muster revenues of $66 million with a loss of $88 million. For the 2019 fiscal year, forecasted revenues were to surge to $803 million, with a profit of $166 million, with revenues projected to reach $1.19 billion in the year March 2020 and profit of fiscal year to reach $389 million. So abysmal was the forecast, the company produced revenues of just $130 million in the fiscal year 2019 and $129 million in 2020 with loss of $48 million after-tax in 2020 and $136 million in 2019.
The forecast was much more wishful thinking than one based on professional rigor. How did those projections get into the prospectus, is the question that needs an answer, more importantly, what are the lessons learned if any for preparation of future prospectuses?
Medical services were the area that should deliver the sharp rise in revenues and increased profit, instead of growing, income from this area are stuck at $75 million from $77 million in 2019 after being up from $17 million in 2017. Importantly, the revenues are far below projections and some way off from a breakeven position, which would require revenues to double to the region of $260 Million.
Importantly, the 2020 result includes $58 million in gains from the net increased value of investment property, an element of income that was not included in the forecast. Excluding that income, the loss for the company would be closer to $100 million than the amount shown above.
During the year, the company made progress in cost containment, with Repairs, maintenance and waste disposal cost falling to $19 million from $70 million in 2019. Staff cost dropped from $57 million to $46 million, while bad debts fell from $16 million to recovery of $1 million. The cost for laboratory and medical supplies fell to $13 million from $23 million. Depreciation charges jumped from $6 million to $49 million and finance cost climbed to $45 from $31 million.
The results for 2020, consumed $74 million in cash funds. Property and equipment fell from $390 million to $231 million, with a transfer to investment property that rose to $947 million after the sale of $171 million. Current assets grew from $224 million to $367 million with cash of $39 million and $148 million from, sale of investment properties and $75 million owing by the Strata Corporation. Payables rose from $183 million to $231 million.
The company’s borrowings rose to $847 million from $690 million and now exceeds shareholders’ equity of $688 million. The net asset value at March was 86 cents per share, with the stock selling at 89 cents on Friday gone.

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