Thks, I remember doing bank rec's before computers and if it wasn't exact we knew we were wrong, some wrote the difference off but it always came back to haunt us if we did. The adjustment I made relates to the hedge number to add back the non realised portion of hedge gains recognised in the P&L. I got this number from the balance sheet, I didn't include the March/June 2014 as I think they are not related to current situation however that is not a consistent logic and I think those type issues will make it hard to easily drop a number out.
Just an observation on the March number, I think the unrealised hedge number is the key as if needed that could be realised and then take new hedges at today's rate to protect the downside essentially giving a sugar hit if needed. If relationship is good I think this cover would probably be taken into account and therefore an adjusted number would be about 2.8 for Dec and 3.85 for march (my guess on the numbers I have) that's not so bad considering the OP drop. These comments are not to detract from your points though as I think they are valid considerations.
It was a good exercise, I had a go a while back by doing the same way you did which was why I tried a different approach as I couldn't make any sense and gave up. Now close I can refine it when qtrly is out.
Cheers
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