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$89m loan repayment

Felix Chaudhary
Saturday, January 27, 2018

THE Fiji Sugar Corporation says its debt repayment commitments of $89 million due on May 31 this year will be serviced by prudent cash flow management.

"Our loan and interest repayments will all be serviced by May 2018," said CEO Graham Clark.

"We will do this by managing our cash flow, it's all about treasury management.

"Instead of running around asking for money, you manage what you have got and you manage it carefully."

Mr Clark added that a corporate restructure and other measures introduced last year was already reaping rewards for the miller.

"For example, just internally, in terms of the money we spend in FSC, we have been restructuring, people have left and we have brought controls in.

"Our costs are 20 per cent lower this year than last year.

"That's a lot of cash we are not spending like we did before.

"So that all goes into the pot, we look at all of our commitments — loan repayments are one of our commitments, the same as salaries, paying farmers and everything else and we manage the cash flow that way."

Mr Clark said the FSC was able to better service loans through a proactive approach to debt management.

"We have been engaging with all the providers of debt and where we have had to we have paid the debt off and where we are able to ask for extensions and what have you.

"So we are managing our debt portfolio quite carefully in order to bring it down within our means.

"That is what we are doing and it is working quite well at the moment.

"The only reason our debt has come down from $390m to $370m and now to $324m, is because we have been using money from whatever to pay debts as they come due."

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