WBL
Many thanks for that detailed summery. Yes it is more reassuring. I guess i'm happy for the fact that their nightmares high risk portfolios have been re-valued to more realistic levels, effectively wiping the slate.
To put things into perspective, I see writedowns of A$469 million and A$68 million mark-to-market loss on derivatives as asset writedowns totaling A$537mil. that is better than the 100% write off of VCS as many were expecting (equating to A$610 million) , or thought was more than priced in.
the remaining was an impairment on INtangibles assets of A$315 million. of which were never included in any of our valuations.
both number together is what has shocked many people IMO,
but remove the intangibles and you get something looking much more acceptable
just one correction for you post. I believe their stake in goldfields house is 60%
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