The company released its annual report to the Australian Securities Exchange late yesterday. The document said that Gunns’ revenue was down from $862 million to $769 million. The forest products revenue was listed as $597 million, a decrease of 5.8 per cent. Earnings before interest and tax were $110 million, down almost 20 per cent. The financial document said Gunns has $2.4 billion in assets, slightly lower than last year. Net debt has fallen from about $1 billion to $662 million – principally as a result of Gunns’ $316 million capital raising venture in September and the sale of a tranche of its timber in February for $173 million. Its gearing was reduced from 52 per cent last year to 33 per cent. Another capital raising venture is under way so it can buy Elders subsidiary ITC Timber. Read more here
An observation and a question from John Hawkins …
John Gay, the beloved leader of Gunns cannot even calculate his salary correctly, in the Annual Report on page 28 his salary is stated to be $1,654,665 but on page 30 it is $1,376,051. I reiterate my previous comments: “Would you trust this man with your money?”
Share price: Here
