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Profit & Loss

Yr to Jun	2007	2008	2009
Sales Revenue	9,967.0	10,295.4	13,235.6
EBITDA	1,007.1	1,344.9	1,538.5
Depreciation & Amort	(426.7)	(442.5)	(642.1)
EBIT	580.4	902.4	896.4
Net Interest Expense	3.7	(134.5)	(141.1)
Profit Before Tax	584.1	767.9	755.3
Tax	(128.9)	(158.9)	(146.0)
Adjusted NPAT	450.0	607.9	610.0
Reported NPAT	450.0	607.9	440.0

Ratio Analysis

Yr to Jun	2007	2008	2009
Price/Earnings (x)	16.4	23.1	13.7
EV/EBITDA (x)	10.9	11.1	4.9
Dividend Yield (%)	2.7	2.8	4.9
EBITDA Margin (%)	10.1	13.1	11.6
EBIT Margin (%)	5.8	8.8	6.8
Net Profit Margin (%)	4.5	5.9	4.6
ROE (%)	33.3	40.9	26.1
ROA (%)	10.0	10.9	9.4
ROIC (%)	100.5	91.5	60.5
Net Debt/Equity (%)	n/a	57.3	26.2
Interest Cover (x)	n/a	6.7	6.4

Cashflow Summary

Yr to Jun	2007	2008	2009
Receipts from Customers	10,893.0	11,151.1	14,490.4
Net Operating Cash Flow	1,201.0	922.5	875.9
Capex	(1,025.1)	(832.6)	(1,064.3)
Acquisitions & Investments	(309.9)	(1,335.6)	(100.0)
Sale of Invest. & Subsid.	115.1	61.4	99.3
Net Investing Cashflow	(914.8)	(1,837.4)	(915.7)
Proceeds from Issues	1.2	n/a	690.8
Dividends Paid	(240.6)	(352.7)	(415.3)
Net Financial Cashflow	(249.6)	801.0	(7.3)
Net Increase Cash	36.7	(113.9)	(47.1)
Cash At Beginning	809.8	831.4	686.6
Exchange Rate Adjust	(15.2)	(30.9)	26.3
Cash At End	831.4	686.6	665.8

Multiple Analysis

Yr to Jun	2007	2008	2009
Market cap (M)			8,867
Enterprise value ($M)			(1,778,940,987.1)
EV/EBIT (x)	(<99)	(<99)	(<99)
EV/EBITDA (x)	(<99)	(<99)	(<99)
EV/EBITDA All Ind (x)	n/a	n/a	3.5
EV/EBITDA rel All Ind (x)	0.0	0.0	(<99)
P/E (x)	18.4	13.8	14.3
P/E rel All Ind (x)	0.0	0.0	1.2
P/E rel All Ind ex banks (x)	0.0	0.0	1.1
P/E sector (x)	n/a	n/a	8.1
P/E rel sector (x)	0.0	0.0	1.8

Balance Sheet Summary

Yr to Jun	2007	2008	2009
Cash & Equivalent	831.4	686.6	665.8
Receivables	1,626.2	1,617.5	2,387.9
Inventories	231.8	272.5	381.1
Other Current Assets	130.0	382.2	142.2
Prop. Plant & Equipment	1,258.6	1,461.5	1,762.0
Intangibles	87.7	120.4	124.3
Other Non-Current Assets	579.5	1,851.9	2,167.2
Total Assets	4,745.2	6,464.2	7,692.3
Interest Bearing Debt	362.1	1,538.1	1,278.8
Other Liabilities	3,028.5	3,440.9	4,074.9
Total Liabilities	3,390.6	4,979.0	5,353.7
Net Assets	1,354.6	1,485.2	2,338.6
Total Shareholder Equity	1,354.6	1,485.2	2,338.6

Assumptions

Dividends

Date: Dividend

15-Mar-10
65c 100% Franked Payable 31-Mar-10

07-Sep-09
55.0c 100% Franked Payable 30-Sep-09

16-Mar-09
60c 100% Franked Payable 31-Mar-09

21-Aug-08
85c 100% Franked Payable 30-Sep-08

07-Mar-08
60c 50% Franked Payable 31-Mar-08

10-Sep-07
65c 50% Franked Payable 28-Sep-07

09-Mar-07
45c 0% Franked Payable 30-Mar-07

11-Sep-06
41c 50% Franked Payable 29-Sep-06

10-Mar-06
25c 50% Franked Payable 31-Mar-06

12-Sep-05
30c 50% Franked Payable 30-Sep-05

Notes To Accounts

All P&L items except reported profit exclude goodwill amortisation as per the Australian equivalents to International Financial Reporting Standards (AIFRS) requirements.

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