Noble Group reported its full year results today, with net profit for the year up 9% YoY, from US$ 431 Million (FY2011) to US$471 Million. However, if you look closer, its Earnings before Interest and Taxes (EBIT) has actually decreased from previous year, down 11% YoY. The reason why net profit is up is due to the utilisation of its deferred tax assets from previous year, resulting in a tax credit, and hence a better net profits.
Overall working capital has also increased by some US$847 Million compared to previous year, resulting in a weaker cash flow from its operating activities for FY2012 as compared to FY2011. The management has attributed this due to the increasing segment of its energy business. More cash is also used to repay debts as the company focuses on deleveraging its debts. Net debt to capital has improved to 48.8% at year ...
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