mngmnt told us so ---well done

EBITDA Guideance $288m-actual $319m

reported loss $577m-670m (goodwill writeoff provisions)= $93m profit add depreciation of $131M =$224m cash or cash equivalents generated

Not bad,but then you don't want any clawbacks from the lenders for the gas and interest allownces by reporting that do you----so writedown the goodwill.We were told that would not affect actual market values,just reflect a reduction in intangibles,that have to be written off ultimately for tax purposes anyway over 20 yrs.

Told us BBI deal would add around $250m to shareholders equity

nett assets=429M add impairment back+$690m -last years equity $950m =$238.76m improvement from bbi deal

and then that little titbit on $32m or so owed to that ex BBI lot settled on the 24th aug that allows us to stop paying interest,but if there is a comprehensive restructure,then the debt drops by $5m and they get $4.5m or so capital repayment and no interest.Worth a read

Plus sales not settled yet in accounts---Oakey for one.
Cawse for two