running the numbers, page-3

Hi GF,
I'd be disappointed if operating cashflow in Q1 was only $C25 million($US20 mil) being the same as Q4 - I thought it might go to $US30 million.
My thinking might be muddled but I don't agree with your financial accounting treatment of the hedges going forward - if the NZ gold price stays at around $1600/oz then there would be no benefit on the P&L Statement over the next two years - remember the liability only increased because the NZ gold price increased as the hedges as set in NZ dollars - there will only be a hedging benefit on the P&L Statement if there is a fall in the NZ gold price and we don't want that.
Still looking good value at A80c.
Don't understand why the Annual Report to shareholders is a full month later(1st May)than last year(1st April) - also don't understand why the AGM is being held in Melbourne this year when it was in Toronto last year.