$105m of proceeds from aerial pre-sales, page-8

Plough - there is a clear contradictory nature to the issue you have brought up IMO. Clearly there have been significant writedowns. To be honest I just see it as "spin", where there are little parts of the empire that provide "good" news, while all the bad news is in the accounts. (I have a friend who is a journalist who writes these bits for a top ten Aussie listed company's annual report. It is not written by an accountant, but is checked by a legal and accounting team before publication.) The whole idea of underlying anything can require a bit of a departure from reality. I usually barely read the spin section of the annual report, but go straight to the accounts (in this case you need to look at the cap raise pres as well).

Saying that - the amount of pessimism factored in to the FKP shareprice more than covers a lot of the problems IMO. Have a look at the share-price of FKP's roughly comparable peers including SGP, INA, FPG (related to FKP) if you are interested in getting some perspective.