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Elders Announce End of Year Results
Elders have announced the end of year results to 30 September 2009. Key points from the results include;
- Financial results in line with prospectus on like-for-like basis;
- Pro-Forma gearing reduced from 131% to 32%; Net debt reduced from $976 million to $388 million;
- $270 million QBE Insurance transaction completed;
- $550 million capital raising completed - SPP oversubscribed;
- ITC Timber sale completion pending completion of ACCC review;
- HiFert sales process ongoing;
- Impairments made to carrying value of HiFert, FEA post 30 September resulted in non-recurring items of $89 million;
- Board renewal ongoing with appointment of 2 new directors to fill vacancy created by retirements; and
- Announcement of 10 to1 share consolidation.
Read more on these announcements
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