Tuesday, August 15, 2006

[EMFI] August Financial Report

About EvE Financials

The past month was again a rollercoaster in the EMFI portfolio. The investment side of things was rather placid, but the dramatics witnessed on EvE-O forums concerning EIB and UEMA made this month quite a ride. We witnessed just about every conceivable plot twist with Cally’s disappearance, in conjunction with a major corp theft at the EIB, an acrimonious split between UEMA and the EIB, and an audit that dragged on throughout the month.

About AATP

This month also saw EMFI launch a new Tech2 production corporation, the AATP, which exceeded all expectations on the speed with which the IPO sold out. We are gratified by the high investor confidence placed in AATP partially because of its affiliation with us. At one point during the IPO release on the EGSE, AATP shares were flying off the shelves at the rate of 427.3 shares per second. We are very excited about our involvement in this new corporation. They have already acquired two Tech2 BPOs, and investors can be assured that the future looks bright.

About EIB

As I have said on numerous occasions, it was crucial for me to remain neutral, impartial, and fair while doing the EIB audit. I know that my shareholders expect my name to be synonymous with trustworthiness, as it directly affects EMFI share prices. Because of this, I offered Cally the opportunity to hold my EIB assets in escrow until the completion of the audit. Cally agreed that when he logged in, he would accept all of my EIB holdings: he would reimburse my savings and corporate accounts and would temporarily buy back my EIBI and UEMA shares. After the conclusion of the audit, EMFI would step back in, reopening our accounts and buying back our shares. Because Cally was never in-game after the agreement was made, I voluntarily froze any trades on our EIBI share holdings, and never once accessed our EIB accounts. I felt that by choosing this course of action, I could best maintain the neutrality that I and my shareholders value in an audit. At no time did I publicly post that assets were only voluntarily frozen, because I felt that it would undermine the confidentiality of the auditing process, both in public perception and in the extent of Cally’s availability. Since the audit was officially put on hold, EMFI has withdrawn 3 billion ISK from our EIB accounts, and has also sold 25 EIBI shares. With the changes that are happening in EIB and EIBI and the change of management, EMFI will reduce its position in EIBI to a lower level until operations are stable again and validate a higher investment. We are still looking forward to the execution of the bank’s plans to work in a divisional manner, which will hopefully increase the profitability of the EIB as a whole.

Our Results

Our results this month are just a little above our target. This is mostly due to the recent unrest with UEMA. UEMA has promised a buy-back price of 750,000, which represents a loss in book value of 250,000 per share. We have adjusted the value of the shares we hold to the buy-back price of 750,000. This represents a dividend loss of 50 ISK per EMFI share. By re-evaluating the share price in this way, we hope to mitigate a bigger loss to EMFI shareholders in the future. Also, this month was very hectic with regards to the EIB audit. Now that the audit has been put on hold, we will have more time to devote to increasing our profit margin for next month.

Dividends

I accidentilly paid about 30isk/share too much dividends this month due to a cut&paste error, this will not be accounted for in the published results and the 30isk/share will therefore automatically be removed from next months dividends.

Now our profit statement:



And our Balance Sheet:

6 Comments:

Anonymous Anonymous said...

lol, damn typos, could be the ruin of finances.

August 16, 2006 12:18 am  
Anonymous Anonymous said...

Hey can you put the dividend up on your schedule table so I can see it? I can't login at the moment and want to work out how much I got paid.

Thanks for your all hard work by the way, the shareholders really appreciate it I'm sure.

August 16, 2006 11:58 am  
Blogger EMFi Manager said...

done

August 16, 2006 12:26 pm  
Anonymous Marodi said...

Are you going to put the investment portfolio (like you had for july 15th) up for every month, every other, every quarter or how often?

August 16, 2006 5:53 pm  
Blogger EMFi Manager said...

every month, or more often... I have them done, just not posted yet :)

August 16, 2006 7:28 pm  
Anonymous Anonymous said...

Market drama is brutal on dividends. I would like to go back to june dividend level and stop with the soap operas.

August 17, 2006 3:17 am  

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