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Steorn Profit/Loss

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Wed May 02, 2007 10:59 am PostPost subject: Steorn Profit/Loss
Thicket
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Subject: Steorn Profit/Loss

There are three sets of Steorn financials in the public domain. They are;

• Filed Annual Returns
• Filed and audited Financial Statements
• Steorn website financials

It should come as no surprise to anyone that there are inconsistencies amongst the three sets of financials. Sometimes, there are inconsistencies within one set of financials.

I’ve pretty much discounted the Steorn website financials. Steorn has already changed the 2004 and 2005 website financials and removed the 2006 numbers.

The following are yearly profit/loss totals for Steorn as taken from their filed and audited Financial Statements. These statements show that Steorn has lost money each and every year of their existence.

July 2000 – Dec.31, 2001 ---- (249,146) Euros
2002 --- (180,282) Euros
2003 --- (192,661) Euros
2004 --- (971,708) Euros
2005 --- (2,766,356) Euros

These audited financials show that Steorn has been a total failure at every single thing they’ve ever undertaken.
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Wed May 02, 2007 9:28 pm PostPost subject:
PennyWise
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And the 2006 figures (from the web site before they pulled them) showed a 3.2 million loss.

At the end of 2005 they did have 2.5 million (bank + short term investment). They also had 700,000 in debtors. So lets say they spent all that during 2006 with no income. Hence the 3.2 million loss. To keep operating this year, even at the same level they did in 2006, they would need at least 3 million.

That money has to be coming from somewhere. Either they got it (and much more) before August 2006 or Steorn continue to milk existing shareholders.

Another oddity from the published accounts. Steorn claim an income (2005) of 1,000. But their end of 2005 balance sheet shows 700,000 of debtors. Two questions - what is Steorn selling and to you? And why isn't whatever they are selling included as income?
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