It is unfortunate that, with the December balance date passed, the company does not better explain the significance of the hedge book reversal and its impact on full year profits to the company's shareholders given that it had a massive negative impact on the half yearly accounts.
Apologies if this is hard to understand. I did my best.
The mark-to-market hedge book liability of US$176.4M at June 30 2008 when the oil price was around US$140/BBL has now, with the decline in the oil price to 31 December 2009, become an asset of US$19.1M. This US$195.5M reversal is an extreme example of the extent to which hedge reporting can distort headline profits. Its US$142M net loss to the June 30 2008 half year can now be ignored as it has been wiped out for the full year with a net derivative profit now of A$70M (US$44M).
Regards,
Andrew Richardson.
It is unfortunate that, with the December balance date passed,...
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