West Coast, my point was on the movement in ccy, as you are no...

West Coast, my point was on the movement in ccy, as you are no doubt aware MMA funded the acquisition with a new USD debt facilities from existing banks for US$227mln, at the time they announced this was equivalent to A$253mln (using AUD/USD exchange rate of 0.8966 Feb 2014). They now have more exposure to CCY movements,(due to debt and buying offshore operation) not saying this is bad but looking through half yearly report it is difficult to get a handle on what exactly they are doing on the currency risk.
You can see hedging losses of $24mln and translations gains of $81ml going through reserves. Also $73mln other comprehensive income related to foreign operations. I am still reviewing to see what exchange rates have been used and total exposure. These are not small numbers and hence without more clarity around the translations and ccy numbers they are using it is difficult to know what they are doing here, hence the risk.