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Profit & Loss

Yr to Jun 2008A
Operating revenue 251.5
Invest & other income 0.0
EBITDA 74.2
Depreciation/Amort (12.8)
EBIT 61.4
Net Interest (16.1)
Pre-tax profit 45.3
Tax expense (13.5)
Minorities/Assoc./Prefs (0.5)
NPAT 31.3
Non recurring items (17.3)
Reported profit 14.0
NPAT add Goodwill & Pref 0.0
Adjusted profit 31.3

Ratio Analysis

Yr to Jun 2008A
Revenue growth  (%) 18.4
EBITDA growth  (%) 19.7
EPS growth  (%) 0.0
EBITDA/Sales margin  (%) 29.5
EBIT/Sales margin  (%) 24.4
Tax rate  (%) 29.8
Net debt/equity  (%) 182.7
Net debt/net debt + equity  (%) 64.6
Net interest cover  (x) 3.8
Payout ratio  (%) 72.2
Capex to deprec'n  (%) 56.7
NTA per share  ($) 0.00
ROA  (%) 13.2
ROE  (%) 21.4

Cashflow Summary

Yr to Jun 2008A
EBITDA 74.2
Working capital changes 0.0
Interest and tax (29.6)
Other operating items (22.1)
Operating cashflow 22.5
Required capex (7.2)
Maintainable cashflow 15.2
Dividends (22.4)
Acq/Disp 0.0
Other investing items 21.0
Free cashflow 13.9
Equity 0.0
Debt inc/(red'n) 28.3

Multiple Analysis

Yr to Jun 2008A
Market cap  (M) 96
Net debt  ($M) 0.0
Peripheral assets  ($M) (0.0)
Enterprise value  ($M) 96.3
EV/EBIT  (x) 1.6
EV/EBITDA  (x) 1.3
EV/EBITDA  All Ind  (x) n/a
EV/EBITDA  rel All Ind  (x) 0.0
P/E  (x) 3.1
P/E  rel All Ind  (x) 0.0
P/E  rel All Ind ex banks  (x) 0.0
P/E  sector  (x) n/a
P/E  rel sector  (x) 0.0

Balance Sheet Summary

Yr to Jun 2008A
Cash & deposits 4.0
Inventories 4.7
Trade debtors 54.2
Other curr assets 10.0
Total current assets 72.9
Prop., plant & equip. 74.9
Non-curr intangibles 286.6
Non-curr investments 0.0
Other non-curr assets 31.1
Total assets 465.5
Trade creditors 40.4
Curr borrowings 16.2
Other curr liabilities 0.0
Total current liab. 56.6
Borrowings 0.0
Other non-curr liabilities 262.2
Total liabilities 318.8
Minorities/Convertibles 1.8
Shareholders equity 146.6

Assumptions

Dividends

Date
Dividend
24-Mar-10
1.2c 100% Franked Payable 23-Apr-10
24-Sep-09
1.0c 100% Franked Payable 23-Oct-09
24-Mar-09
2c 100% Franked Payable 24-Apr-09
24-Sep-08
9c 100% Franked Payable 23-Oct-08
25-Mar-08
8.5c 100% Franked Payable 24-Apr-08
24-Sep-07
9c 100% Franked Payable 16-Oct-07
26-Mar-07
7.5c 100% Franked Payable 20-Apr-07
25-Sep-06
8c 100% Franked Payable 16-Oct-06
27-Mar-06
6.5c 100% Franked Payable 19-Apr-06
26-Sep-05
7c 100% Franked Payable 17-Oct-05

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