from the annual report:CAPITAL HEDGE MONETISATION"At 30 June...

from the annual report:

CAPITAL HEDGE MONETISATION
"At 30 June 2008 cross-currency swaps extending to 2014 were in place, to hedge approximately 39.0% of
BJT’s net investment in Japanese assets. The purpose of these capital hedges is to protect against adverse
currency fluctuations over a period of time. During the life of the capital hedge, BJT receives capital hedge
income equal to the spread between Australian and Japanese interest rates. In early August 2008, BJT
announced the monetisation of all pre-existing capital hedges and the resetting of a portion of these hedges
representing 20.4% of the net investment in Japanese assets. This was undertaken as the pre‑existing
hedges were significantly in-the-money and monetisation provided an opportunity for BJT to realise
approximately A$19 million in cash which may be used for a number of future capital management initiatives.
The new capital hedges are at the bottom end of BJT’s 20% - 40% capital hedge range, although the level of
hedges may be increased over time."

Phew! so it seems they unwound some of their hedging at a really inopportune time. Oh well.

Gearing 55.7%. They have heaps of cheap debt on the books, weighted average cost of debt is 1.99%. One would assume this is good as it gets for entities like BJT.

So...fair amount of debt, currency a negative for the moment. Steep discount to NTA suggests they are cheap, and they can easily unwind debt by selling assets if need be.

Where's the bottom?