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Profit & Loss

Yr to Jun 2006A 2007A 2008A 2009A
Operating revenue 804.0 902.8 1,201.2 1,358.5
Invest & other income 0.6 4.1 1.7 1.8
EBITDA 81.7 89.1 114.9 73.6
Depreciation/Amort (34.8) (34.8) (40.2) (43.8)
EBIT 46.9 54.3 74.7 29.8
Net Interest (8.1) (10.4) (7.5) (8.9)
Pre-tax profit 38.8 43.8 67.2 20.9
Tax expense (11.4) (13.8) (17.8) (2.7)
Minorities/Assoc./Prefs 10.2 5.9 5.5 13.6
NPAT 37.6 35.9 54.9 31.9
Non recurring items (19.9) 11.1 0.0 0.0
Reported profit 7.5 44.5 48.8 17.2
NPAT add Goodwill & Pref 0.0 0.0 0.0 0.0
Adjusted profit 37.6 35.9 54.9 31.9

Ratio Analysis

Yr to Jun 2006A 2007A 2008A 2009A
Revenue growth  (%) 44.8 12.3 33.1 13.1
EBITDA growth  (%) 38.9 9.1 29.0 (35.9)
EPS growth  (%) (70.3) 447.1 8.3 (66.2)
EBITDA/Sales margin  (%) 10.2 9.9 9.6 5.4
EBIT/Sales margin  (%) 5.8 6.0 6.2 2.2
Tax rate  (%) 29.3 31.5 26.5 12.7
Net debt/equity  (%) 94.5 53.3 31.7 1.1
Net debt/net debt + equity  (%) 48.6 34.8 24.1 1.0
Net interest cover  (x) 5.8 5.2 9.9 3.4
Payout ratio  (%) 98.1 23.9 38.6 0.0
Capex to deprec'n  (%) 362.7 94.8 115.7 89.4
NTA per share  ($) 0.00 0.00 0.00 0.00
ROA  (%) 14.5 12.8 16.2 6.2
ROE  (%) 58.8 39.5 56.3 23.9

Cashflow Summary

Yr to Jun 2006A 2007A 2008A 2009A
EBITDA 81.7 89.1 114.9 73.6
Working capital changes 0.0 0.0 0.0 0.0
Interest and tax 1.1 (2.4) (4.7) (12.4)
Other operating items (14.6) (18.0) (21.9) (7.9)
Operating cashflow 68.2 68.7 88.3 53.4
Required capex (126.1) (33.0) (46.5) (39.2)
Maintainable cashflow (57.9) 35.7 41.8 14.2
Dividends (5.7) (8.8) (12.0) (18.9)
Acq/Disp (5.8) (29.3) 0.0 0.0
Other investing items 0.0 0.0 (1.4) (14.9)
Free cashflow (69.5) (2.3) 28.3 (19.6)
Equity 56.1 1.5 1.8 58.4
Debt inc/(red'n) 58.1 (51.4) (29.8) (53.1)

Multiple Analysis

Yr to Jun 2006A 2007A 2008A 2009A
Market cap  (M)       433
Net debt  ($M)       1.8
Peripheral assets  ($M)       (7.5)
Enterprise value  ($M)       (10,273,540.5)
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) 38.6 7.0 6.5 19.3
P/E  rel All Ind  (x) 0.0 0.0 0.0 1.6
P/E  rel All Ind ex banks  (x) 0.0 0.0 0.0 1.5
P/E  sector  (x) n/a n/a n/a 8.1
P/E  rel sector  (x) 0.0 0.0 0.0 2.4

Balance Sheet Summary

Yr to Jun 2006A 2007A 2008A 2009A
Cash & deposits 87.4 114.6 120.1 109.3
Inventories 22.3 34.1 33.5 38.7
Trade debtors 0.0 0.0 0.0 0.0
Other curr assets 9.6 0.0 0.3 6.6
Total current assets 119.3 148.8 153.8 154.6
Prop., plant & equip. 245.4 255.7 257.9 268.7
Non-curr intangibles 11.0 20.5 31.3 42.5
Non-curr investments 6.5 4.7 5.9 7.5
Other non-curr assets 11.9 21.7 22.6 23.4
Total assets 394.1 451.3 471.6 496.7
Trade creditors 121.4 138.8 168.5 154.9
Curr borrowings 34.5 33.8 32.6 26.6
Other curr liabilities 28.6 33.7 53.1 44.1
Total current liab. 184.6 206.4 254.2 225.7
Borrowings 127.9 135.6 116.8 84.5
Other non-curr liabilities 2.4 6.7 8.4 11.6
Total liabilities 314.8 348.7 379.3 321.8
Minorities/Convertibles 0.0 0.0 0.0 0.0
Shareholders equity 79.4 102.7 92.3 174.9

Assumptions

Dividends

Date
Dividend
15-Mar-10
1.5c 0% Franked Payable 12-Apr-10
17-Mar-09
1.5c 100% Franked Payable 07-Apr-09
08-Sep-08
3.5c 100% Franked Payable 10-Oct-08
14-Mar-08
2c 100% Franked Payable 04-Apr-08
04-Sep-07
2c 100% Franked Payable 09-Oct-07
15-Mar-07
1c 100% Franked Payable 04-Apr-07
05-Sep-06
1.5c 100% Franked Payable 09-Oct-06
15-Mar-06
0.5c 100% Franked Payable 14-Apr-06
25-Aug-05
1c 100% Franked Payable 14-Sep-05
07-Sep-04
0.5c 100% Franked Payable 30-Sep-04

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