The latest half yearly results state operating cash flow is $6 million. Since Gunns packaged up some of its MIS loans and sold them to Bendigo and Adelaide Bank, it acts a conduit for the receipt of loan payments from investors and their immediate remittance to the Bank.
But the receipt of the loans is included as an operating cash inflow yet the payment to the Bank is treated as an investing cash outflow. Operating cash flow is therefore overstated in this instance by $16 million.
What the duck is going on here!!???
How does Bingo treat this payment received from Gone with the forestry?
Part article and comment from an accountant
BEN Price at posting:
$9.83 Sentiment: Sell Disclosure: Not Held
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