NSW FORESTRY CORP ACCUSED OF COVER UP ON NATIVE FOREST LOGGING LOSSES
Conservationists are accusing the NSW Forestry Corporation of trying to hide another loss on its native forest logging and woodchipping.
“The year is almost over and we still have no financial results for native forest logging for last financial year,” according to forest campaigner, Harriett Swift.
“The public has a right to this information, even if it embarrasses the Government,” she said.
"I am calling on Bega MP, State Treasurer and Forestry Corp shareholder Andrew Constance to make sure that the figures are released."
“In recent years, the Annual Reports of the Forestry Corporation have provided separate figures for the Hardwood (mostly native forest) Forest Division which have revealed large losses, ranging between $15 - $16 M per year.”
“This year, separate figures for native forests are not there. Instead, Forestry Corporation has reverted to a former practice of amalgamating all the figures for the Hardwood (mostly native forest) Forest Division and the Softwood (Plantation) Divisions.”
“This used to be their way of concealing the fact that the profitable plantation sector was subsidising the native forest destruction.”
The Annual Report was tabled in State Parliament on 20 November, the last day of sitting. This made it impossible to ask any questions on the forestry accounts until after the election next year, when Parliament sits again.
“I was advised weeks ago by the Forestry Corporation that the figures will be published in another report, to be released shortly, but where are they?”
There are hints within the Annual Report that “net cash flows” from native forest logging “have been negative”, but why don’t they come clean and tell the public the truth?” Ms Swift said.
23 December 2014
 “Native Forests is a separate cash generating unit (CGU), however as the net cash flows from the CGU are negative, related assets apart from land are 100% impaired.”(p.28)
“Biological valuations for native forests assets have a nil value due to negative net present values." (p.37)