Net debt in May was $373M
Since then ELD should have received
1) pulpwood forest asset sale - $60M
2) ATO payment of $38.5M plus costs
Total around say $100M
ELD also reduced back office size. -75 jobs and -2 directors which should lift group EBIT going forward by approx $7M per annum (my estimate)
My theoretical net debt as at Sep 30 is then is approx
$270M
If they could get $150M net for futuris and say $25M net for remaining forestry assets this would mean a theoretical net debt of about $95M sometime in 1H 2013.
At $95M net debt the backoffice restructure savings alone can fully service the debt at 7% interest.
Thats why to me i think ELD can make it out of the woods - subject to the asset sales process.
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