本文发表在 rolia.net 枫下论坛1)“going concern 主要看balance sheet，及收入的outlook. 光看现在的income statement是不够的” - in my article, I mentioned about external FS and MD&A,
external FS包括了income statements, statements of comprehensive income, balance sheets, statement of retained earnings and statements of cashflow.
I never said by just looking at IS will give me sufficient information to do the assessment. 如果你有看过MD&A，你应该知道，MD&A里不仅包括了你所
指的”收入的outlook“，还有公司未来几年的发展计划。FFP公司既然有going concern问题，它自己当然早就意识到了，所以它的MD&A里有两页都是写如何去补救，否则我
怎么会知道"FPP估计把部分不用的plant & equipments卖掉的话可以generate ~100M cash inflow". Also, I don't agree with you that "going concern 主要看balance
sheet", balance sheet 能看的可能就是working capital,至于其它的，如land, building, plant & equipment就没多大意义，先别说公司需要这些fixed assets继
续运作，即使都卖了换现金，那也的有人要啊! 与其说balance sheet, 不如说cashflow更有用。2) “200M loss 应该是negative earnings,其中120M是interest exp, 它的
operating loss 只是80M而已”，thanks for questioning my mathematical skills, I admit that my math skills isn't that great, but can't be that bad either.
请你先分清楚income statement and cashflow, $150M-$200 net loss is in income statement, fixed interest payment on senior notes ~$120M is presented in
cashflow statement, please note I said fixed interest payment (actual cash payment), not interest expense. You must be confused with these two. Interest
expenses, a lot of time, include non-cash expenses, such as bond discount amortization, amortization of deferred financing costs, etc...
3) "美加贸易纠纷的解决，有人愿借1.2 Billion给这个公司等等，都是要考虑的因素" - don't know why "美加贸易" come in play here as both are Canadian owned
public companies. Also, where do you get $1.2 billion from? For any companies that may have going concern issues, I will only look at their existing unutilized
credit facility or operating line of credit, 因为像FPP这种有going concern问题的公司，你以为还有哪个银行或financing 公司会贷更多的款项给它？

Anyways, thanks for reading my article and thanks for your comments. Again, positive or negative comments are all welcome!更多精彩文章及讨论，请光临枫下论坛 rolia.net

当时就很纳闷哪! One of the possibilities is this company is still on the boarder line.
不过话说回来了，我这里说的花了一天的时间去做了那么多的分析，不是只是为了
证实这个公司有going concern 的问题(其实这个谁都能很快发现问题),这里更多的
是从Treasury角度做的分析。更多细节的东西在article里就省略了!