Possibly not released to market yet, not sure. CBA updated the market on their view posted below, my view is worse than theirs. The trains they have least "8" two more than last year are not being used. LY profit included a large amount on rail, this year rail will be a loss as the trains are not being used as very little is getting exported from the East Coast.
Event GNC has updated the market on the likely accounting treatment of its malt business, grain receivals YTD and the search for a new CEO. FY10 EBITDA guidance for the group and malt business was reaffirmed.
We have downgraded our earnings forecasts but the majority of the downgrade is a result of the non-cash adjustment to D&A. Implication Acquisition accounting nearly complete. GNC has enlisted a third party to complete its malt acquisition accounting. It is likely to result in increased D&A of $10-20m pa. We have assumed a $16-17m pa impact, which actually increases our forecast cashflow generation as a result of lower tax paid.
Lower FY10 grain receivals and grain trading earnings. GNC has received ~7.2MT of grain YTD, which is slightly below our exEvent GNC has updated the market on the likely accounting treatment of its malt business, grain receivals YTD and the search for a new CEO. FY10 EBITDA guidance for the group and malt business was reaffirmed.
We have downgraded our earnings forecasts but the majority of the downgrade is a result of the non-cash adjustment to D&A. Implication Acquisition accounting nearly complete. GNC has enlisted a third party to complete its malt acquisition accounting. It is likely to result in increased D&A of $10-20m pa. We have assumed a $16-17m pa impact, which actually increases our forecast cashflow generation as a result of lower tax paid.
Lower FY10 grain receivals and grain trading earnings. GNC has received ~7.2MT of grain YTD, which is slightly below our expectations. A high portion of feed-quality grain is currently being stored on-farm and is less likely to reach GNC's network this year compared to milling- or malting-quality grain. We have subsequently reduced our FY10 grain receival forecast to 7.7MT, as well as our FY10f trading earnings to reflect lower grain prices and volatility. pectations. A high portion of feed-quality grain is currently being stored on-farm and is less likely to reach GNC's network this year compared to milling- or malting-quality grain. We have subsequently reduced our FY10 grain receival forecast to 7.7MT, as well as our FY10f trading earnings to reflect lower grain prices and volatility.
GNC Price at posting:
$5.79 Sentiment: Sell Disclosure: Not Held
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