Current liabilities exceeded current assets by 415 million after the initial reclassification of 1,096,936 of non current liabilities to current.
A further review of accounts conducted on the 15th of Jan has identified another 1,514,097,090 of non current liabilities that should be reclassified as current.
(Note: AUD 223.8 million of this has been refinanced and can now been reclassified as non current again.)
Total debt remains unchanged but there is a huge disparity between current liabilities and current assets.
Clearly this is a gross oversight (understated) and I'd be interested to find out how it may have occurred.
Seems everyone is ducking for cover, the CEO is gone, the CFO, so to the head of financial risk management and PWC are doing a Pontious Pilot and wshing there hands of it.
Though as the auditors I don't see how they didn't pick it up.
000's
Cash Assets 191,371 Receivables 361,182 Investments 0 Other Current Assets 0 Total Current Assets 1,337,991
Property 947,380 Investments 5,865,319 Other Non Current Assets 14,366 Total Non Current Assets 6,827,065 Total Assets 8,165,056
Account Payable 263,341 Provisions 177,476 Other Current Liabilities 1,096,936 Total Current Liabilities 1,753,499
Borrowings 2,844,767 Def Tax 0 Other Non Current Liabilities 1,667 Total Non Current Liabilities 2,846,434 Total Liabilities 4,599,933
Shareholders Equity (Book Value) 2,950,947
Regards,
Russ.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held