Q2 2025 Results (Post 9) continued Continuing the Return on Capital analysis, the next step is to analyze the P&L numbers so as to allocate all revenues and expenses to the appropriate category. For example, all the finance charges associated with the Long Term Debt is assigned to the APL Land holdings, and all R&D costs against the R&D component. I can now add the Q2 results to the Q1 2025 allocations previously shared, as shown below:
Q2 2025 Q1 2025
1. APL Operations $1,626,877 $829,834
2. APL Land holdings ($190,803) ($201,923)
3. Mineral properties ($71,737) ($60,634)
4. Exploration and evaluation assets ($60,152) ($77,457)
5. Private companies ($661,925) ($39,417)
6. R&D expenditures ($18,762) ($77,039)
Total losses 2-6 ($1,003,379) ($456,470)
Consolidated Results $623,498 $373,364
Office & Administration costs, along with Personnel and Professional fees have been allocated to the 6 components based on their pro-rata share of net assets (shareholder equity) employed by each component.
What this analysis clearly shows is the rapidly improving results from the core APL business which is being offset and essentially hidden by the continuing losses from each of the other 5 business units. I will highlight this fact in the next post by listing the return on capital employed percentages.