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Profit & Loss

Yr to Mar	2008	2009	2010
Sales Revenue	1,600.0	1,749.7	1,227.9
EBITDA	245.2	231.0	(16.0)
Depreciation & Amort	(61.5)	n/a	n/a
EBIT	183.7	231.0	(16.0)
Net Interest Expense	1.2	(4.4)	(4.4)
Profit Before Tax	184.9	226.7	(20.4)
Tax	(39.3)	(28.4)	(72.3)
Adjusted NPAT	145.5	198.3	(92.7)
Reported NPAT	(78.0)	198.3	(92.7)

Ratio Analysis

Yr to Mar	2008	2009	2010
Price/Earnings (x)	23.1	10.2	(34.3)
EV/EBITDA (x)	11.8	9.3	(21.4)
Dividend Yield (%)	3.6	0.0	0.0
EBITDA Margin (%)	15.3	13.2	(1.3)
EBIT Margin (%)	11.5	13.2	(1.3)
Net Profit Margin (%)	9.1	11.3	(7.6)
ROE (%)	(65.9)	(125.4)	72.0
ROA (%)	6.5	7.6	(3.7)
ROIC (%)	(835.4)	113.3	291.1
Net Debt/Equity (%)	n/a	n/a	n/a
Interest Cover (x)	n/a	52.9	n/a

Cashflow Summary

Yr to Mar	2008	2009	2010
Receipts from Customers	n/a	n/a	n/a
Net Operating Cash Flow	347.8	(65.8)	199.9
Capex	(41.9)	(38.0)	(55.1)
Acquisitions & Investments	n/a	n/a	n/a
Sale of Invest. & Subsid.	n/a	n/a	n/a
Net Investing Cashflow	(41.9)	(38.0)	(55.1)
Proceeds from Issues	3.6	0.1	11.0
Dividends Paid	(137.5)	(50.3)	n/a
Net Financial Cashflow	(277.1)	36.4	(173.6)
Net Increase Cash	28.8	(67.4)	(28.8)
Cash At Beginning	37.1	51.5	46.3
Exchange Rate Adjust	(27.3)	77.1	3.5
Cash At End	38.6	61.7	21.0

Multiple Analysis

Yr to Mar	2008	2009	2010
Market cap (M)			2,835
Enterprise value ($M)			2,938.4
EV/EBIT (x)	16.0	12.7	(<99)
EV/EBITDA (x)	12.0	12.7	(<99)
EV/EBITDA All Ind (x)	n/a	3.5	5.4
EV/EBITDA rel All Ind (x)	n/a	3.6	(34.0)
P/E (x)	20.3	14.3	(30.4)
P/E rel All Ind (x)	n/a	1.2	(2.6)
P/E rel All Ind ex banks (x)	n/a	1.1	(2.6)
P/E sector (x)	n/a	12.5	3.0
P/E rel sector (x)	n/a	1.1	(10.1)

Balance Sheet Summary

Yr to Mar	2008	2009	2010
Cash & Equivalent	84.7	135.5	70.2
Receivables	143.1	162.1	169.2
Inventories	195.8	187.5	162.8
Other Current Assets	156.9	191.0	104.9
Prop. Plant & Equipment	824.0	1,019.6	775.8
Intangibles	n/a	n/a	n/a
Other Non-Current Assets	970.2	1,066.8	1,095.9
Total Assets	2,374.6	2,762.5	2,378.9
Interest Bearing Debt	288.1	471.4	168.1
Other Liabilities	2,307.2	2,449.3	2,339.4
Total Liabilities	2,595.3	2,920.7	2,507.6
Net Assets	(220.7)	(158.2)	(128.7)
Total Shareholder Equity	(220.7)	(158.2)	(128.7)

Assumptions

Dividends

Date: Dividend

29-May-08
8.36c 0% Franked Payable 11-Jul-08

28-Nov-07
13.71c 0% Franked Payable 18-Dec-07

07-Jun-07
17.89c 0% Franked Payable 10-Jul-07

07-Jun-06
5.42c 0% Franked Payable 06-Jul-06

23-Nov-05
5.41c 0% Franked Payable 16-Dec-05

03-Jun-05
5.8725c 0% Franked Payable 01-Jul-05

04-Jun-04
3.207869c 0% Franked Payable 01-Jul-04

08-Jan-03
3.21c 0.00% Franked Payable 30-Jan-03

09-Oct-02
6.88c 0.00% Franked Payable 01-Nov-02

23-May-01
9.50c 0.00% Franked Payable 14-Jun-01

Notes To Accounts

Our projections assume that payments made by the AICF commence in FY09. We include the currency impact of asbestos-related assets and liabilities above the line in our forecasts. We no longer forecast non-currency changes in the actual asbestos liability.

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