Hi Banker here is the balance sheet as it stands.Current...

Hi Banker here is the balance sheet as it stands.

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.