Writedowns see value Solid Energy plummet

Here is a question for you… why does Mark Ford receive a full salary for his role at Watercare as CEO when he also spends time feeding from the government trough for such activities as Solid Energy chair?

Ailing state-owned coal miner Solid Energy’s net value to the taxpayer has plunged from more than half a billion dollars to less than $100 million in three years, its annual result yesterday revealed.

The company reported a $335 million loss as it wrote down the value of mines, alternative energy investments and land to the tune of $215.3 million and incurred $102.2 million in one-off restructuring, redundancy and closure costs. 

Chairman Mark Ford said the write-downs “draw a line under those parts of the business that no longer form part of our future and acknowledge that any future improvement in value will come from our core coal mining activities”.

Solid Energy said the writedowns of its assets and other factors had reduced its existing shareholders’ equity by $332 million to $91.6 million. Its shareholders’ equity in 2011 before investments in alternative fuels failed to fire.

Surely if one is paid a full ticket then all their other revenue sources are by the wayside?

Surely if one is a ‘full time employee’ they can’t devote time to other activities?

Mark Ford must be NZ’s most proactive trougher.

Do you want:

  • Ad-free access?
  • Access to our very popular daily crossword?
  • Access to daily sudoku?
  • Access to Incite Politics magazine articles?
  • Access to podcasts?
  • Access to political polls?

Our subscribers’ financial support is the reason why we have been able to offer our latest service; Audio blogs. 

Click Here  to support us and watch the number of services grow.

As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.