The Australian

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Profit & Loss

Yr to Apr	2006A	2007A	2008A	2009A
Operating revenue	0.0	0.0	0.0	0.0
Invest & other income	0.0	0.0	0.0	0.2
EBITDA	(0.0)	(0.4)	(39.6)	(5.0)
Depreciation/Amort	0.0	0.0	(0.1)	(0.1)
EBIT	(0.0)	(0.4)	(39.7)	(5.1)
Net Interest	0.0	0.2	1.3	1.1
Pre-tax profit	(0.0)	(0.2)	(38.4)	(4.0)
Tax expense	0.0	0.0	0.0	0.0
Minorities/Assoc./Prefs	0.0	0.0	0.0	0.0
NPAT	(0.0)	(0.2)	(38.4)	(4.0)
Non recurring items	0.0	0.0	0.0	0.0
Reported profit	(0.0)	(0.2)	(38.3)	(4.0)
NPAT add Goodwill & Pref	0.0	0.0	0.0	0.0
Adjusted profit	(0.0)	(0.2)	(38.4)	(4.0)

Yr to Apr	2006A	2007A	2008A	2009A
Revenue growth (%)	n/a	n/a	n/a	n/a
EBITDA growth (%)	n/a	n/a	n/a	n/a
EPS growth (%)	n/a	n/a	n/a	n/a
EBITDA/Sales margin (%)	0.0	0.0	0.0	0.0
EBIT/Sales margin (%)	0.0	0.0	0.0	0.0
Tax rate (%)	0.0	0.0	0.0	0.0
Net debt/equity (%)	(91.2)	(47.2)	(20.5)	(30.0)
Net debt/net debt + equity (%)	(<1000)	(89.5)	(25.8)	(42.8)
Net interest cover (x)	n/a	n/a	n/a	n/a
Payout ratio (%)	0.0	0.0	0.0	0.0
Capex to deprec'n (%)	0.0	0.0	>1000	>1000
NTA per share ($)	0.00	0.00	0.00	0.00
ROA (%)	(0.0)	(9.1)	(68.4)	(6.4)
ROE (%)	(0.0)	(4.6)	(66.3)	(5.1)

Yr to Apr	2006A	2007A	2008A	2009A
EBITDA	(0.0)	(0.4)	(39.6)	(5.0)
Working capital changes	0.0	0.0	0.0	0.0
Interest and tax	0.0	0.2	1.0	0.0
Other operating items	(0.0)	0.1	37.3	2.0
Operating cashflow	0.0	(0.1)	(1.3)	(3.0)
Required capex	(0.1)	(2.5)	(10.9)	(10.9)
Maintainable cashflow	(0.1)	(2.6)	(12.2)	(13.9)
Dividends	0.0	0.0	0.0	0.0
Acq/Disp	0.0	0.0	(3.0)	0.0
Other investing items	0.0	0.0	0.0	0.7
Free cashflow	(0.1)	(2.6)	(15.2)	(13.2)
Equity	4.1	1.3	38.9	5.0
Debt inc/(red'n)	0.0	0.0	0.0	0.0

Yr to Apr	2006A	2007A	2008A	2009A
Market cap (M)				106
Net debt ($M)				(14.0)
Peripheral assets ($M)				(0.1)
Enterprise value ($M)				44,106.2
EV/EBIT (x)	(<99)	(<99)	(<99)	(<99)
EV/EBITDA (x)	(<99)	(<99)	(<99)	(<99)
EV/EBITDA All Ind (x)	n/a	n/a	n/a	3.5
EV/EBITDA rel All Ind (x)	0.0	0.0	0.0	(<99)
P/E (x)	0.0	(68.5)	(1.8)	(20.9)
P/E rel All Ind (x)	0.0	0.0	0.0	(1.7)
P/E rel All Ind ex banks (x)	0.0	0.0	0.0	(1.6)
P/E sector (x)	n/a	n/a	n/a	12.5
P/E rel sector (x)	0.0	0.0	0.0	(1.7)

Yr to Apr	2006A	2007A	2008A	2009A
Cash & deposits	3.2	2.4	22.7	14.0
Inventories	0.0	0.0	0.0	0.0
Trade debtors	0.0	0.0	0.0	0.0
Other curr assets	0.0	0.0	0.0	1.1
Total current assets	3.2	2.4	22.7	15.1
Prop., plant & equip.	0.0	0.1	0.4	0.5
Non-curr intangibles	0.0	0.0	0.0	0.0
Non-curr investments	0.0	0.0	0.0	0.1
Other non-curr assets	0.3	2.7	87.7	33.7
Total assets	3.5	5.3	110.8	49.4
Trade creditors	0.0	0.2	0.3	2.5
Curr borrowings	0.0	0.0	0.0	0.0
Other curr liabilities	0.0	0.0	0.0	0.0
Total current liab.	0.0	0.2	0.3	2.6
Borrowings	0.0	0.0	0.0	0.0
Other non-curr liabilities	0.0	0.0	0.0	0.0
Total liabilities	0.0	0.2	0.3	2.6
Minorities/Convertibles	0.0	0.0	0.0	0.0
Shareholders equity	3.5	5.1	110.5	46.8

There are no recorded dividends for this company.

James Dunn

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