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Gold/Mining/Energy : Noble China (NMO) on TSE. Chinese Brewery Stock
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To: Mario Gallant who wrote (231)2/5/2000 3:09:00 AM
From: Lee Matheson  Read Replies (1) of 248
 
I found Noble's last earnings very surprising.

What surprised me was Noble's failure to mention the Shanhaiguan Brewery and the Shouguang Brewery.

I'm NOT surprised the Zhaoqing Noble Brewery did OK.

But I had thought, since Noble is listed on the Toronto Stock Exchange (TSE), they are required to comply with western accounting practises and list ALL earnings and losses from ALL sources. Perhaps this is not true??

And my (incorrect??) assumption had lead me to believe that Noble now has to account for the earnings (or loss) from the Shanhaiguan Brewery (as they have completed(??) negotiations with this brewery). If Noble has already "written" off both of these Northern breweries, I still thought they had to be reported as "discontinued operations" (as soon as the accounting numbers became available). And thus while the "capital" (book value stuff) for these two Northern breweries no longer has to be written off as a loss, the quarterly earnings (or loss) from discontinued operations, such as the Shanhaiguan Brewery (since they are now back in the Noble "fold", so to speak,) still have to be accounted for??

I had been very worried that Noble would now have to retroactively apply the accumulated loss over the past few years from any negative earnings from the Shanhaiguan Brewery (and later from the Shouguang Brewery). This accumulated amount could negatively impact Noble's balance sheet, and thus have Noble report a loss, instead of reporting ONLY the profit they are making from Zhaoqing Noble Brewery.

This fear of mine does not appear to be happening, and thus it looks like I am wrong.

Perhaps someone who knows more about this can explain the true situation and TSE requirements on Noble to me??
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