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Profit & Loss

Yr to Jun 2007 2008 2009
Sales Revenue 15,165.7 15,748.8 14,552.0
EBITDA 2,476.0 2,604.3 1,619.0
Depreciation & Amort (1,362.7) (1,469.3) (1,390.0)
EBIT 1,113.3 1,135.0 229.0
Net Interest Expense (14.9) 45.6 (22.0)
Profit Before Tax 1,098.4 1,180.6 207.0
Tax (312.5) (437.9) (58.0)
Adjusted NPAT 785.7 742.0 143.0
Reported NPAT 719.4 969.0 117.0

Ratio Analysis

Yr to Jun 2007 2008 2009
Price/Earnings  (x) 11.6 12.6 36.2
EV/EBITDA  (x) 5.2 2.8 4.0
Dividend Yield  (%) 5.4 11.5 3.0
EBITDA Margin  (%) 16.3 16.5 11.1
EBIT Margin  (%) 7.3 7.2 1.6
Net Profit Margin  (%) 5.2 4.7 1.0
ROE  (%) 12.7 12.9 2.5
ROA  (%) 4.9 4.6 1.5
ROIC  (%) 11.4 10.9 2.3
Net Debt/Equity  (%) 27.6 27.2 32.7
Interest Cover  (x) 74.7 n/a 10.4

Cashflow Summary

Yr to Jun 2007 2008 2009
Receipts from Customers 15,707.3 16,628.3 15,462.0
Net Operating Cash Flow 2,353.4 2,128.4 1,129.0
Capex (1,235.9) (1,424.0) (1,530.0)
Acquisitions & Investments (34.3) (48.5) (13.0)
Sale of Invest. & Subsid. 3.2 106.2 5.0
Net Investing Cashflow (1,220.2) (1,322.6) (1,163.0)
Proceeds from Issues n/a n/a 514.0
Dividends Paid (414.7) (638.0) (218.0)
Net Financial Cashflow (672.3) (1,569.7) 1,052.0
Net Increase Cash 460.9 (763.9) 1,018.0
Cash At Beginning 2,902.0 3,362.9 2,599.0
Exchange Rate Adjust n/a n/a n/a
Cash At End 3,362.9 2,599.0 3,617.0

Multiple Analysis

Yr to Jun 2007 2008 2009
Market cap  (M)     5,595
Enterprise value  ($M)     (777,993,797.1)
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) 6.2 6.4 35.8
P/E  rel All Ind  (x) 0.0 0.0 2.9
P/E  rel All Ind ex banks  (x) 0.0 0.0 2.7
P/E  sector  (x) n/a n/a 8.1
P/E  rel sector  (x) 0.0 0.0 4.4

Balance Sheet Summary

Yr to Jun 2007 2008 2009
Cash & Equivalent 3,362.9 2,599.0 3,617.0
Receivables 1,376.8 1,434.9 1,054.0
Inventories 180.3 215.7 250.0
Other Current Assets 714.0 1,366.6 1,019.0
Prop. Plant & Equipment 12,308.3 12,341.0 12,155.0
Intangibles 365.9 448.4 664.0
Other Non-Current Assets 924.8 762.7 742.0
Total Assets 19,605.7 19,700.1 20,049.0
Interest Bearing Debt 5,074.6 4,160.0 5,503.0
Other Liabilities 8,336.1 9,805.2 8,781.0
Total Liabilities 13,410.7 13,965.2 14,284.0
Net Assets 6,195.0 5,734.9 5,765.0
Total Shareholder Equity 6,195.0 5,734.9 5,765.0

Assumptions

Dividends

Date
Dividend
02-Mar-09
6c 100% Franked Payable 08-Apr-09
28-Aug-08
17c 100% Franked Payable 01-Oct-08
28-Feb-08
18c 100% Franked Payable 02-Apr-08
27-Aug-07
15c 100% Franked Payable 26-Sep-07
13-Feb-07
15c 100% Franked Payable 19-Mar-07
31-Aug-06
11c 100% Franked Payable 04-Oct-06
02-Mar-06
11c 100% Franked Payable 05-Apr-06
25-Aug-05
10c 100% Franked Payable 28-Sep-05
03-Mar-05
10c 100% Franked Payable 06-Apr-05
26-Aug-04
9c 100% Franked Payable 29-Sep-04

Notes To Accounts

Reports under IFRS

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