Ann: Appendix 4E and Annual Report, page-22

Yeah $50m unwound to P&L and essentially hidden (ex $3m in derivatives line).

I don't pretend to be a hedge accounting expert but two points I would make:-

Firstly, Gross margins have almost doubled so clearly this more than efficient hedging - the unwound hedges have gone to GP - and that's just flat-out incorrect - auditors asleep

Secondly, hedge accounting is not compensation for lost customers, it is hedging their wholesale costs (their accounting policy note says that).

So if they had lower wholesale costs (due to reduced business as a result of shutting down) then on a unit for unit basis the hedging should reduce too - the excess is essentially trading energy prices (or inefficient to use accounting phraseology) and should be shown separately.

Overall they don't wanna show it separately as it would highlight that that the business was unprofitable - which also becomes a political problem with AER for their conduct, as the AFR wrote about here

copyright link/companies/energy/energy-retailers-submit-financials-to-aer-as-scrutiny-grows-20220726-p5b4sx

P.S. I don't understand hubris around questionable accounting