Ann: Appendix 4C - New Format, page-20

Thanks for the further detail.

A few points:

(i) Balance Sheet vs 4C

You can't reconcile'Total Current Liabilities', which includes debts that are NOT attributable tofinancing facilities, to 'Amounts drawn under Financing Facilities'.

(ii) Accounting

1. Balance Sheet: Equity =Assets - Liabilities
2. P&L Statement: P&L= Revenue - Expenses [goes directly to Equity]
3. This change in Equity fromthe P&L is represented by an equal change in A-L

The 19.4m loss in the firsthalf is manifested in A-L by:
Assets decreasing by 14.6m
Liabilities increasing by4.8m
Change in Equity = Loss= -14.6-4.8 = -19.4

i.e. the loss is manifestedmostly by a decrease in assets, not an increase in liabilities, andspecifically, not 'financing facilities'

(iii) Facilities

It would appear that theSCG facility (90m USD ~ 145m AUD at 31/3) may no longer qualify as a ‘facility’if they've arranged to get their escrow cash back).

You'd have to ask the companyand/or their accountant about that. In any case, none of it hasever been drawn as far as i can tell (otherwise I suspect they’d be finishingAmsterdam with that cash). From what I can see, the amount drawn under financingfacilities has remained around 10m over the last three quarters.

So there are no phantom liabilities missing here from what i can see.