The Sustainable Timbers Tasmania (formerly Forestry Tasmania) Annual Report released today has relied on government transfers, on-book asset revaluations and plantation sales to hide an escalating operational loss.
Save the Tarkine has reviewed the financials within the report, and found that once government funding, asset revaluations and the plantation sales were removed, the real financial position represented a $75.3million loss.
This is an increase on the $67million operational loss in 2016, and the $53million operational loss in 2017.
In deceptively reporting a claimed $47.7million profit, Sustainable Timbers Tasmania has relied on:
- $16.18million of government funding including an unexplained $8.39million increase on 2017 funding despite the Minister’s assurances that the restructured GBE would no longer receive public funds.
- $62.35million received from the sale of 29,000ha of hardwood plantations, which it sold at significantly below market value.
- $26.6million of on-book revaluation of the ‘biological assets’ (forests).
- $17.9million of unspent Commonwealth funds from the 2005 Tasmanian Community Forests Agreement, that will not be returned to the Commonwealth.
“In the tradition of Forestry Tasmania Annual Reports, Sustainable Timbers Tasmania have produced another exercise in creative accountancy”, said Save the Tarkine Campaign Coordinator, Scott Jordan.
“The smoke and mirrors hide the core underlying fact that Sustainable Timbers Tasmania produced one and a half million tonnes of wood, at a loss of $50 a tonne”.
“And they have the audacity to call themselves sustainable”.
“The logging of the forests like the Tarkine at taxpayer expense must stop”.