Author Topic: Per Share Data Reconcilliation  (Read 877 times)

rishig

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Per Share Data Reconcilliation
« on: September 13, 2017, 08:30:51 AM »
Fairfax experts, can you help me reconcile something in the data. I have put together what net investments per share has been, as well as net debt, float and book value per share. I see that net investments / share = net debt / share + float / share + book value / share + something / share. The last part "something / share" grows to be significant as I go back to earlier years. What is this other stuff? All the other numbers are as quoted from annual reports.

Year Investments / Share   Net Debt / Share   Float / Share   Book value / Share
2001 710   83   389   117
2002 752   114   424   125
2003 905   142   478   164
2004 841   123   464   163
2005 835   111   492   138
2006 950   91   594   150
2007 1073   68   596   230
2008 1140   24   620   278
2009 1064   54   577   370
2010 1137   61   639   376
2011 1193   101   706   364
2012 1292   95   786   379
2013 1173   83   734   339
2014 1236   93   711   394
2015 1307   93   769   403
2016 1231   149   722   367


StubbleJumper

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Re: Per Share Data Reconcilliation
« Reply #1 on: September 13, 2017, 09:28:31 AM »
Minority interest?  Specifically in ORH and NB?  The investments were probably consolidated, but the minority interest would be removed from book?

rishig

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Re: Per Share Data Reconcilliation
« Reply #2 on: September 13, 2017, 09:52:58 AM »
Minority interest?  Specifically in ORH and NB?  The investments were probably consolidated, but the minority interest would be removed from book?

For the moment, let's ignore per share data. Here is what I get (all of these are reported numbers). The differences are too large to be minority interest:

Year Investments Net Debt   Float   Common Equity   Investments - Net Debt - Float - Equity
2001   10,222.8   1,194.1   5,607.0   1,679.5   1,742.2
2002   10,596.5   1,602.8   5,975.5   1,760.4   1,257.8
2003   12,491.2   1,961.1   6,598.1   2,264.6   1,667.4
2004   13,460.6   1,965.9   7,421.0   2,605.7   1,468.0
2005   14,869.4   1,984.0   8,756.6   2,448.2   1,680.6
2006   16,819.7   1,613.6   10,518.8   2,662.4   2,024.9
2007   19,000.7   1,207.4   10,548.0   4,063.5   3,181.8
2008   19,949.8   412.5   10,841.9   4,866.3   3,829.1
2009   21,273.0   1,071.1   11,537.4   7,391.8   1,272.7
2010   23,300.0   1,254.9   13,109.5   7,697.9   1,237.7
2011   24,332.5   2,055.7   14,399.0   7,427.9   449.9
2012   26,094.2   1,920.6   15,879.2   7,654.7   639.7
2013   24,861.6   1,752.9   15,550.5   7,186.7   371.5
2014   26,192.7   1,966.3   15,065.0   8,361.0   800.4
2015   29,016.1   2,075.6   17,072   8,952.5   916.0
2016   28,430.7   3,438.2   16,673.0   8,484.6   (165.1)

rishig

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Re: Per Share Data Reconcilliation
« Reply #3 on: September 13, 2017, 10:33:06 AM »
Minority interest?  Specifically in ORH and NB?  The investments were probably consolidated, but the minority interest would be removed from book?

For the moment, let's ignore per share data. Here is what I get (all of these are reported numbers). The differences are too large to be minority interest:

Year Investments Net Debt   Float   Common Equity   Investments - Net Debt - Float - Equity
2001   10,222.8   1,194.1   5,607.0   1,679.5   1,742.2
2002   10,596.5   1,602.8   5,975.5   1,760.4   1,257.8
2003   12,491.2   1,961.1   6,598.1   2,264.6   1,667.4
2004   13,460.6   1,965.9   7,421.0   2,605.7   1,468.0
2005   14,869.4   1,984.0   8,756.6   2,448.2   1,680.6
2006   16,819.7   1,613.6   10,518.8   2,662.4   2,024.9
2007   19,000.7   1,207.4   10,548.0   4,063.5   3,181.8
2008   19,949.8   412.5   10,841.9   4,866.3   3,829.1
2009   21,273.0   1,071.1   11,537.4   7,391.8   1,272.7
2010   23,300.0   1,254.9   13,109.5   7,697.9   1,237.7
2011   24,332.5   2,055.7   14,399.0   7,427.9   449.9
2012   26,094.2   1,920.6   15,879.2   7,654.7   639.7
2013   24,861.6   1,752.9   15,550.5   7,186.7   371.5
2014   26,192.7   1,966.3   15,065.0   8,361.0   800.4
2015   29,016.1   2,075.6   17,072   8,952.5   916.0
2016   28,430.7   3,438.2   16,673.0   8,484.6   (165.1)

For instance, the numbers in 2008 are very off. I am sure I am wrong somewhere.

StubbleJumper

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Re: Per Share Data Reconcilliation
« Reply #4 on: September 13, 2017, 01:43:06 PM »
Well, if the investments, debt and float are all consolidated to the FFH holdco level, but the equity is reduced by the minority interest there should be a large-ish gap.  Remember, back in the day it was ~20% of both NB and ORH that were held by us minorities (to say nothing of Lindsay Morden).  I wonder if it would come closer to balancing if you were to hair-cut the investments, debt, and float for ORH and NB?  Also, is it possible that some of the cash/ST investments are double counted as perhaps they could appear in BOTH the net debt number and possibly the investments number?

Interestingly enough, after the repurchases of NB in late 2008 and ORH in 2009(?) your calculated gap narrows rapidly. 

Sorry for the fuzziness, but it's been a long time since 4th year accounting where consolidations were a nightmare.



SJ