Answers:
They both (GBG and Ansteel) funded the deal originally with $AUD1,149 billion split 50:50 with GBG and Ansteel. GBG raised their share from shareholders.
They then borrowed a total of $US2.564b which is still the debt we have from my understanding, since KML is still rolling over those $US400m, $US300m and $US200 loans. These have not been paid off.
Write down on value of asset doesn't reduce the debt.
8 million tones at $AUD100 equals $800m, not $8b.
I have analysed the last six quarters as follows: (Spreadsheet usually stuff up on HC so bear with me) - all from GBG quarterly activity reports:
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
Column 5 |
| 1 |
Costs |
Cost/t |
tonnes |
Total cost |
|
| 2 |
|
|
1000t |
$AUDm |
|
| 3 |
Sep-16 |
$71.23 |
1891 |
$134.70 |
|
| 4 |
Dec-16 |
$75.71 |
2087 |
$158.01 |
|
| 5 |
Mar-17 |
$78.79 |
1994 |
$157.11 |
|
| 6 |
Jun-17 |
$68.50 |
2095 |
$143.51 |
|
| 7 |
Sep-17 |
$82.36 |
1830 |
$150.72 |
|
| 8 |
Dec-17 |
$70.85 |
2128 |
$150.77 |
|
| 9 |
|
|
|
|
|
| 10 |
Sales |
Sales/t |
tonnes |
Total sales |
Margin |
| 11 |
|
|
1000t |
$AUDm |
$AUDm |
| 12 |
Sep-16 |
$82.09 |
1842 |
$151.21 |
$16.51 |
| 13 |
Dec-16 |
$112.54 |
2101 |
$236.45 |
$78.44 |
| 14 |
Mar-17 |
$131.78 |
2066 |
$272.26 |
$115.15 |
| 15 |
Jun-17 |
$95.30 |
2093 |
$199.46 |
$55.96 |
| 16 |
Sep-17 |
$105.12 |
1851 |
$194.58 |
$43.86 |
| 17 |
Dec-17 |
$98.21 |
2095 |
$205.75 |
$54.98 |
But from margin you have to deduct the following:
excluding depreciation and amortisation, corporate administration, sale, royalties, ocean freight, interest and financing costs
So it can be seen that last calendar year 2017 our margin was $AUD269.95m. March 17 was a ripper of a quarter.
It is possible depending upon interest rates that KML actually made money last year - how much I am unable to say with any accuracy given the cloak of darkness which hides the KML accounts from the GBG shareholders.
