London Biscuits: something seems wrong (2)

It should be interesting to compare the numbers from London Biscuits with those from Apollo Food, a company in the same industry.

Apollo:

London:

These are some key numbers from 2013 of the two companies, all in millions of RM:

                       Apollo     London
PPE                     115         517
Revenue                 223         290
Depreciation              9          16

In other words:

• Apollo has a Revenue/PPE ratio of 1.9, while London has a ratio 0.6
• Apollo's depreciation (as percentage of PPE) is 7.8%, while London has 3.1%

Huge differences, the numbers of London Biscuits are really very strange.

If London Biscuits depreciation would be around 7.5% of its PPE (a percentage that sounds roughly right to me), then depreciation should have been RM 39 million, instead of RM 16 million. PBT would then have been a loss of RM 4 million, instead of a profit of RM 19 million. And that is just the adjustment for 2013.

Apollo Food by the way has a rather pretty set of numbers: