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Cisco Australia profit wiped out by AU$45m income tax adjustment

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Cisco Systems Australia has posted a AU$16 million after tax loss for the fiscal year between 29th July 2018 and 27th July 2019 following the Australian Taxation Office catching up to the networking giant and taking its share for prior years.

As filed to ASIC over the weekend before Christmas, Cisco Australia paid a total of AU$86.2 million in income tax during 2019 compared to AU$26.8 million a year prior.

In statutory terms, the company had an income tax expense of AU$58 million which consisted of current income tax of AU$15.8 million and an adjustment for prior periods of AU$44.7 million. Last year, the company reported an income tax expense of AU$21.2 million and current income tax of AU$21.8 million.

For revenue, Cisco Australia saw an increase from AU$1.84 billion last year to AU$1.97 billion, made up of AU$1.27 billion of product sales, and AU$411 million of services. This flowed through to a pre-tax profit of AU$41.8 million this year against AU$53.3 million in 2018, and once the increased income tax expense was taken into account, saw Cisco Australia post an after tax loss of AU$16.1 million compared to the AU$32 million profit for last year.

The employee benefits line item grew by AU$29 million to AU$414 million for 2019, with wages and salaries accounting for much of the rise from AU$366 million to AU$393 million.

Cisco Systems Australia has an immediate parent of Cisco Systems Netherlands Holding B.V. before reaching its ultimate parent Cisco Systems Inc in the United States.

Over the course of 2019, Cisco Australia took in AU$277 million in payments from related entities, while at the same time it paid out an extra AU$50 million in payments to related entities, which took the total outflow to related parties to AU$1.33 billion. That number consisted of AU$646 million paid to the US mothership, and AU$687 million to other related parties.

As part of the $1.9 billion deal which saw Cisco acquire Broadsoft, Cisco Australia gained Broadsoft Australia following its parent’s AU$8 million purchase of the local company.

During its 2019 financial year, Cisco Australia announced it would spend AU$61 million over three years to bring its Country Digital Acceleration program to Australia, would invest AU$20 million into a new Webex data centre, and partnered with NBN on business bundles.

In November, Cisco overall announced net income of $2.9 billion from $13.2 billion in revenue for its first quarter.

The company said it expected revenue to decline by 3% to 5% for its second quarter.

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The Bizarre Porsche Cayenne That Was Never Actually Made

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Porsche’s engineers eventually came up with two designs for the Cayenne-PMF, both of which varied predominantly over the tail light. But ultimately, the entire idea was canned. With the Cayenne-PFM convertible idea, Porsche originally set to answer four key questions:

  1. If the windscreen and A-pillars are reduced, and the roof tapers over the rear half, would the car still offer a comfortable seating experience?
  2. If the Cayenne’s doors are elongated by 20 centimeters and it is offered as a two-door model, does it make sense from a practical standpoint?
  3. Is it possible to accommodate a quick-folding soft-top roof that also meets Porsche’s standards for quality and design?
  4. And the most important question of them all: How the rear should look?

Michael Mauer, Chief Designer at Porsche, remarked that “an SUV as a convertible is a challenge both aesthetically and formally.” Mauer, who wasn’t a part of Porsche back then, added that “very strange shapes” emerge when an SUV’s bulky body is amalgamated with a convertible’s smaller, open-roof looks (per Porshe). However, it was not the just aesthetic and practical failures that put the Cayenne convertible plans on cold ice. 

“Forecasts regarding profitability were not particularly promising and doubts remained as to whether the car would look as appealing as a Porsche should,” says the official blog marking the 20th anniversary of Porsche’s venture into the SUV segment. As for the one-off Cayenne-PMF convertible unit, it lives on at the Porsche Museum in Germany’s Stuttgart.

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Tesla Body Damage Repairs Cost Way More Than You Might Expect

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In a YouTube video, Ryan Shaw, a creator who specializes in Tesla and Tech content, described just how much it might cost to repair a Tesla after an accident. According to him, the repair cost of his Tesla Model Y after a rear-end collision was almost $20,000! Some of the most expensive parts that were replaced included the lift gate at $1,200, the quarter panel at $1,150, and the rear bumper at $680. Ryan Shaw’s Tesla Model Y was also involved in another rear-end collision with a repair bill that cost around $10,000. Lucky for him, the repair costs of both accidents were covered by insurance.

It’s not the first time that Tesla vehicles have proven to have expensive repair bills — a windshield replacement for a Tesla Model X could cost you as much as $1,311 without labor. Another YouTuber, Rich Rebuilds, claims he fixed a Tesla Model 3 at his garage for $700 after Tesla estimated the repair cost at $16,000. Also, a Tesla owner based in Finland decided to blow up his Model S after Tesla estimated a cost of $22,600 to replace the battery (via Gizmodo).

Similar stories are all over the internet, and even though the can’t all be verified, it’s a concern that most Tesla owners complain that repair costs are too expensive without a warranty or insurance cover. At the moment, Tesla discourages its customers from taking their cars to third-party repair services.  

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Supercar Brands You’ve Probably Never Heard Of

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In 1990, an unnamed businessman from the UAE contacted German racing car manufacturer Lotec and asked for the fastest car in the world. With the promise of a blank check, Lotec began developing the car in 1991, and by 1995, the C1000 was finished. It featured a 5.6L Mercedes twin-turbocharged V8 engine that made over 1,000 horsepower. According to Motor1, Lotec claimed the car had a 0-62 mph time of just 3.2 seconds, and a top speed of 268 mph. The C1000 was strictly a one-off, but at a development cost of $3.4 million, it’s not like many other buyers could have afforded one anyway.

Creating the C1000 gave Lotec owner Kurt Lotterschmid the supercar bug, and shortly after development finished, he set about building a follow-up. By 2001, the brand’s next car, the Sirius, was unveiled. It was planned that five units a year would be created, each car selling for $462,000. The Sirius featured a mid-mounted Mercedes V12 making 850 horsepower, with many of the car’s internals derived from Lotec’s racing parts bin. It was a similar recipe to the Pagani Zonda, which launched just a few years prior, and shared the same engine. However, unlike Pagani, Lotec couldn’t drum up much interest in its ultra-expensive supercar, and only one example of the Sirius ended up being built.

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