yeah looks close on your numbersbut as i said watch out for...

yeah looks close on your numbers

but as i said watch out for derivative financial liabilities!

because trusts have locked in higher interest rates with hedges over the last few years, these hedges are now recognised as large liabilities on the balance sheet. Same for foreign exchange hedges due to the fall in aussie dollar. Most trusts (incl IIF) measure gearing as TL/TA so these A-IFRS non-cash items can cause gearing to jump much more than anticipated

that's what got CPA into trouble. look at the equity raising presentation... D/A rose by 2% while TL/TA jumped about 6% (from memory)