I believe they must know the truth themselves, but I don't like their spin to shareholders. Without the management's hedge closure, that "extra" $180m is going to happen anyway after this financial year (at their assumed gold prices). However, the statement "Closure of the existing hedge book delivers an increase of more than A$180M in annualised pre-tax cash flows at current spot gold prices ..." easily misleads many, especially those looking for good news only. At current gold prices below $3,126/oz, the management's hedge closure is even costing us money.
Anyway, thank you for your discussion @mondyinvest. Different people have different perspectives and preferences.
Ann: Closure of Hedge Book, page-57
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