Not so fast! From my reading of the GBG annual financial report,...

Not so fast!

From my reading of the GBG annual financial report, the $473m in shareholder guarantees (note 24) is quoted in Australian dollars. AUD is GBG's operating currency, and all amounts quoted in $ refers to the Australian dollar.

However, the CDB and BOC fixed term loan facility that is no longer guaranteed by GBG is specifically quoted as US$400m.

Therefore, GBG's liabilities were reduced by 47.84% of 400m / 0.8. That is roughly $239.2m.

Therefore, GBG's remaining contingent liability should only be AUD$233.8m.

Please let me know if anybody has reason to believe otherwise.