A UBS analyst, (UBS is one of Gunns� major shareholders) was reported in the AFR on 16th August of this year as saying �(w)hile Gunns has given earnings guidance for 2010, the high contribution of EBIT from MISs, almost entirely non-cash, means it is of questionable quality�.
But then in a breathtaking display of bravado Gunns included as revenue, an amount of $67.7 million for the current value of future commissions to be received at harvest time from trees owned by Great Southern investors.
So for a payment of $6.1 million to Great Southern�s Liquidator, Gunns improved their reported revenue by $70.9 million, a truly awe inspiring effort. When it comes to award winning book entries, this was a peerless performance. Part comments from John Lawrence (accountant)-re the Tasmanian Times.com
GTP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
