The Australian

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Profit & Loss

Yr to Jun	2006A	2007A	2008A	2009A
Operating revenue	0.0	0.0	0.1	2.0
Invest & other income	0.3	0.3	0.1	0.4
EBITDA	(2.4)	(3.9)	(4.2)	(19.7)
Depreciation/Amort	(0.0)	(0.1)	(0.4)	(16.0)
EBIT	(2.5)	(4.1)	(4.7)	(35.7)
Net Interest	(0.4)	0.7	0.8	(4.4)
Pre-tax profit	(2.8)	(3.3)	(3.8)	(40.1)
Tax expense	0.0	0.0	(0.5)	(2.0)
Minorities/Assoc./Prefs	0.0	0.0	0.0	0.0
NPAT	(2.8)	(3.3)	(4.3)	(42.1)
Non recurring items	0.0	0.0	0.0	0.0
Reported profit	(2.8)	(3.3)	(4.2)	(42.2)
NPAT add Goodwill & Pref	0.0	0.0	0.0	0.0
Adjusted profit	(2.8)	(3.3)	(4.3)	(42.1)

Yr to Jun	2006A	2007A	2008A	2009A
Revenue growth (%)	n/a	n/a	n/a	>1000
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	(<1000)	(967.8)
EBIT/Sales margin (%)	0.0	0.0	(<1000)	(<1000)
Tax rate (%)	0.0	0.0	(12.5)	(5.1)
Net debt/equity (%)	(106.9)	(39.8)	0.6	8.3
Net debt/net debt + equity (%)	>1000	(66.0)	0.6	7.6
Net interest cover (x)	(7.0)	n/a	n/a	(8.1)
Payout ratio (%)	0.0	0.0	0.0	0.0
Capex to deprec'n (%)	309.5	>1000	>1000	228.2
NTA per share ($)	0.00	0.00	0.00	0.00
ROA (%)	(13.0)	(22.4)	(10.7)	(29.9)
ROE (%)	(20.8)	(21.8)	(14.1)	(43.5)

Yr to Jun	2006A	2007A	2008A	2009A
EBITDA	(2.4)	(3.9)	(4.2)	(19.7)
Working capital changes	0.0	0.0	0.0	0.0
Interest and tax	0.0	0.0	0.0	0.0
Other operating items	0.2	0.5	0.8	2.0
Operating cashflow	(2.2)	(3.4)	(3.4)	(17.7)
Required capex	(0.1)	(10.0)	(26.2)	(36.6)
Maintainable cashflow	(2.3)	(13.4)	(29.5)	(54.3)
Dividends	0.0	0.0	0.0	0.0
Acq/Disp	(0.2)	0.0	(9.0)	(85.9)
Other investing items	0.1	0.9	1.1	1.9
Free cashflow	(2.4)	(12.5)	(37.5)	(138.3)
Equity	22.0	0.1	34.5	121.9
Debt inc/(red'n)	(0.2)	2.1	(0.2)	21.6

Yr to Jun	2006A	2007A	2008A	2009A
Market cap (M)				789
Net debt ($M)				12.1
Peripheral assets ($M)				(0.0)
Enterprise value ($M)				(182,210.6)
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)	(<99)	(<99)	(<99)	(15.4)
P/E rel All Ind (x)	0.0	0.0	0.0	(1.2)
P/E rel All Ind ex banks (x)	0.0	0.0	0.0	(1.2)
P/E sector (x)	n/a	n/a	n/a	14.9
P/E rel sector (x)	0.0	0.0	0.0	(1.0)

Yr to Jun	2006A	2007A	2008A	2009A
Cash & deposits	18.0	7.6	3.3	4.8
Inventories	0.0	0.0	0.1	0.2
Trade debtors	0.1	0.1	0.1	0.1
Other curr assets	0.1	0.1	0.2	0.4
Total current assets	18.2	7.8	3.7	5.5
Prop., plant & equip.	0.1	4.5	46.0	57.7
Non-curr intangibles	0.0	0.0	1.3	1.3
Non-curr investments	0.0	0.0	16.1	0.0
Other non-curr assets	0.1	5.5	1.7	105.8
Total assets	18.4	17.9	68.7	170.3
Trade creditors	0.5	0.8	16.9	3.8
Curr borrowings	0.1	0.0	0.3	0.5
Other curr liabilities	0.2	0.2	0.0	1.8
Total current liab.	0.8	1.0	17.2	6.1
Borrowings	0.0	2.1	3.3	16.4
Other non-curr liabilities	0.8	0.9	0.8	1.6
Total liabilities	1.6	4.0	21.3	24.2
Minorities/Convertibles	0.0	0.0	0.0	0.0
Shareholders equity	16.8	13.9	47.4	146.1

There are no recorded dividends for this company.

James Dunn

THE increasing longevity of Australians means super investments must work harder for longer.

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