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Profit & Loss

Yr to Jun 2007 2008 2009
Sales Revenue 446.2 470.4 418.0
EBITDA 207.1 233.8 176.7
Depreciation & Amort (36.6) (32.7) (20.5)
EBIT 170.5 201.1 156.1
Net Interest Expense (19.6) (27.9) (20.4)
Profit Before Tax 150.9 173.1 135.7
Tax (39.0) (44.6) (38.6)
Adjusted NPAT 111.9 121.9 97.1
Reported NPAT 54.0 109.9 87.2

Ratio Analysis

Yr to Jun 2007 2008 2009
Price/Earnings  (x) 22.8 21.1 13.0
EV/EBITDA  (x) 15.9 8.4 6.9
Dividend Yield  (%) 4.4 6.7 7.6
EBITDA Margin  (%) 46.4 49.7 42.3
EBIT Margin  (%) 38.2 42.7 37.3
Net Profit Margin  (%) 25.1 25.9 23.2
ROE  (%) 130.7 131.9 143.2
ROA  (%) 19.7 29.5 25.0
ROIC  (%) 30.4 34.7 31.1
Net Debt/Equity  (%) 571.8 359.9 446.9
Interest Cover  (x) 8.7 7.2 7.6

Cashflow Summary

Yr to Jun 2007 2008 2009
Receipts from Customers 474.2 517.9 472.3
Net Operating Cash Flow 93.9 137.9 133.4
Capex (50.8) (23.8) (10.6)
Acquisitions & Investments (4.9) n/a n/a
Sale of Invest. & Subsid. 0.0 145.8 n/a
Net Investing Cashflow (64.1) 124.4 (2.9)
Proceeds from Issues 4.3 2.3 0.4
Dividends Paid (119.1) (107.5) (101.3)
Net Financial Cashflow (25.9) (266.2) (125.0)
Net Increase Cash 4.0 (4.0) 5.5
Cash At Beginning 9.5 13.5 9.5
Exchange Rate Adjust n/a n/a n/a
Cash At End 13.5 9.5 15.0

Multiple Analysis

Yr to Jun 2007 2008 2009
Market cap  (M)     1,495
Enterprise value  ($M)     (12,384,505.2)
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) 12.9 11.9 15.0
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 9.4
P/E  rel sector  (x) 0.0 0.0 1.6

Balance Sheet Summary

Yr to Jun 2007 2008 2009
Cash & Equivalent 13.5 9.5 15.0
Receivables 64.3 72.2 51.9
Inventories 11.2 12.7 12.3
Other Current Assets 4.5 6.5 1.7
Prop. Plant & Equipment 255.3 237.1 224.3
Intangibles 125.7 127.5 130.0
Other Non-Current Assets 165.3 17.0 12.4
Total Assets 639.9 482.5 447.6
Interest Bearing Debt 503.0 342.0 318.0
Other Liabilities 51.3 48.1 61.8
Total Liabilities 554.3 390.1 379.8
Net Assets 85.6 92.4 67.8
Total Shareholder Equity 85.6 92.4 67.8

Assumptions

Dividends

Date
Dividend
02-Mar-10
19c 100% Franked Payable 31-Mar-10
03-Sep-09
10c 100% Franked Payable 30-Sep-09
04-Mar-09
23c 100% Franked Payable 31-Mar-09
10-Sep-08
32c 100% Franked Payable 30-Sep-08
11-Mar-08
21c 100% Franked Payable 31-Mar-08
10-Sep-07
31c 100% Franked Payable 28-Sep-07
09-Mar-07
30c 100% Franked Payable 30-Mar-07
11-Sep-06
28c 100% Franked Payable 29-Sep-06
10-Mar-06
22c 100% Franked Payable 31-Mar-06
12-Sep-05
23c 100% Franked Payable 30-Sep-05

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