Sino Agro Food Inc (fka SIAF)

[RealDutch]

Here's what I think.

The Seafood Distribution Center is not a subsidiary of the company at present. Therefore, it qualifies as an outside party. Therefore they can book the revenues.

However

"The Parties hereto also agree that CA or a company within its group of companies shall acquire up to 75% equity in the SFJVC after the official formation thereof."

When it does become a subsidiary, then they will have to eliminate
intersegment sales. That applies to the restaurant chain as well if they own >50%.

And that's probably why we don't get an estimate for 2013, yet. Because they have no idea when they will own 50% or more of the Seafood Distribution Center.

You can look at this in different ways. But on a consolidated basis we will not get the revenue numbers that we were expecting. Or/And that Solomon was probably expecting.