Sino Agro Food Inc (fka SIAF)

[Orreborren]

Two things:

Firstly, it seems we interpret "non-controlling interest" differently. I believed this cash stream is what SIAF has to pay their JV partners from the result of product sales, in accordance with their percentage stake in the JV. Earlier when revenues were largely licence fees and other non product sales revenues, there were virtually no costs for "non-controlling interest". With an increasing share of product sales, this negative cash stream will increase.

In other words, I do not think that "non-controlling interest" is the cost of increasing SIAF's stake in the JV's. But please prove me wrong...

Secondly, I continuously talk about net margin, and you keep coming back talking about gross margin. And I get confused when you refer to page 15, cause it does not talk about gross numbers (like you do) and it clearly shows that the net margin is 29,7%

Revenue: 55.107.751
Net income: 16.378.772
Net margin= net income/revenue = 29,7%

Or do I get it wrong?