Have readers seen the new 2007/2008 Rhodium Annual Report, just posted on their web site.
I find amazing the revelation on page 71 of 80 (pdf file page numbers) that Rhodium is now in hock to the ACT Treasury for $19.8 Million. The ACT Treasury increased its loan to Rhodium in 2007/2008 by $12.5Million compared to $7.3Million at end June 2007. Under all the adverse circumstances impacting on our economy and Rhodium, how secure is this loan from the ACT Treasury ?
Are there any readers who have accounting skills who could comment on this plus the tables on pages 67 and 68 of 80 where we see Total financial assets compared with Total financial liabilities for 2007 and 2008 and it is stated that by June 2008 Assets were $73.9Million and Liabilities $91.4Million, making for a deficit of $17.4Million. An alarming figure I would have thought at any time, but even more so given all the current global financial turmoil.
On page 66 of 80 we see an alternative method for calculation of the Total financial liabilities for 2007 and 2008 which gives numbers circa $10Million higher, at $99.3 and $103.2Million respectively.
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Surely any prudent person reading this latest Annual Report could conclude that there are great risks Rhodium will end up with a deficit of several tens of millions of dollars, a loss which ACT taxpayers must bear.