yes looking at note 29, the bank bills are with Westpac and are...

yes looking at note 29, the bank bills are with Westpac and are due for repayment by 30 October 2009. Ordinarily that would be rolled over. However in the current market? Interest on Bills are at $250,000 per month and the quarterly principal payments commencing this quarter are $875,000. That results in a finance cost of $6,380,000 per year on my calculations. Finance costs in the 07/08 accounts were 1,845,000. So what we have is finance costs increasing close to 350% but EBIT falling 40%. Further looking at the cash side, you have potetial writedowns of close to $5,000,000. My favourite line in the recent updae is "overall, assuming trading conditions do not continue to worsen ..." - uummmm looks like they are going to get a lot worse. As they say you dont have to be a rocket scientist ...