reported loss $577m-670m (goodwill writeoff provisions)= $93m profit add depreciation of $131M =$224m cash or cash equivalents generated
Not bad,but then you don't want any clawbacks from the lenders for the gas and interest allownces by reporting that do you----so writedown the goodwill.We were told that would not affect actual market values,just reflect a reduction in intangibles,that have to be written off ultimately for tax purposes anyway over 20 yrs.
Told us BBI deal would add around $250m to shareholders equity
nett assets=429M add impairment back+$690m -last years equity $950m =$238.76m improvement from bbi deal
and then that little titbit on $32m or so owed to that ex BBI lot settled on the 24th aug that allows us to stop paying interest,but if there is a comprehensive restructure,then the debt drops by $5m and they get $4.5m or so capital repayment and no interest.Worth a read
Plus sales not settled yet in accounts---Oakey for one. Cawse for two
AEJ Price at posting:
5.0¢ Sentiment: None Disclosure: Held
