SSC Security Services Corp Ordinary Shares V.INP

RE:RE:RE:Good Conference Call

[bargainhunts]

Hey pienter, mortgages will have totally different accounting treatment to the capital streams. I suggest taking a close look at the presentation on the IR site. 

You are right that input is paid once a year after harvest. But from an earnings perspective the interest payments will be accrued monthly. As mortgages become a bigger share of their capital deployment this will smooth out earnings over the four quarters. The other key point is that principal repayments are going to be made in cash (not canola). This will massively reduce the volatility of their balance sheet over time.