Full year result for the period to 30 June 2007 27 August 2007
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Transcript of Full year result for the period to 30 June 2007 27 August 2007
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Full year result for the period to 30 June 2007
27 August 2007
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DisclaimerThe information contained in this presentation is given without any liability whatsoever to Babcock & Brown Wind Partners Limited, Babcock & Brown Wind Partners (Bermuda) Limited and Babcock & Brown Wind Partners Services Limited as responsible entity for Babcock & Brown Wind Partners Trust, and any of their related entities (collectively Babcock & Brown Wind Partners) or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.The information in this presentation has not been independently verified by Babcock & Brown Wind Partners. Babcock & Brown Wind Partners disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts. No representation or warranty is made by or on behalf of Babcock & Brown Wind Partners that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved.Please note that, in providing this presentation, Babcock & Brown Wind Partners has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the recipients objectives, financial position or needs.This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Babcock & Brown Wind Partners. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Babcock & Brown Wind Partners.
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AgendaIntroduction & Highlights Financial StatementsOperational Performance Strategy & OutlookWrap Up AppendixFor further information please contact:Rosalie Duff+61 2 9216 [email protected]
Presenters:Miles GeorgeChief Executive OfficerGerard DoverChief Financial OfficerGeoff DutaillisChief Operating Officer
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Who we areGlobal wind energy businessDiversified by geography, wind resource, currency, equipment supplier, customer & regulatory regimeOperating cash flows underpinned by long term contracts and legislated tariff regimes across multiple jurisdictionsDistributions paid from net operating cash flowsAttractive pipeline of potential future transactionsConservative capital structure and risk management policiesBBW is among the worlds top 5 wind farm owners & operators, with 1,4871 MW of installed capacity in its current portfolio, increasing to 2,1241 MW post the acquisition of US07 & interest in Enersis wind farms1. Includes construction projects; class B interests in US wind farms. The acquisition of US07 and Enersis are subject to security holder approval 1
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IntroductionUnderlying PerformanceGeneration increased by 149% to 2,326.6 GWhEBITDA + US cash distributions increased by 90% to $99.7mNOCF increased by 133% to $79.8mFY07 distribution increased by 22% to 12.5cpsGrowth & DiversificationDelivered accretive acquisitions Invested approximately $944m during FY07Proposed acquisitions of US07 & Enersis Resolution to be put to AGM (9 November)Asset ManagementContinued focus on building operations capabilityCompleted first review of wind & energy assessments & no material adjustments made Commenced inter-annual climate variability analysisCapital ManagementSuccessful completion of institutional placement 1.03bn Global refinance & syndicationEIFEL WIND FARM
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Financial Highlights (A$ millions)10.212.511.2FY06FY07FY07 IPODistribution22%11. Revenues of the U.S wind farms are not included in BBWs statutory revenue as BBW does not control these investments. The US revenue presented represents BBWs B class ownership interest 2. EBITDA after corporate costs3. Before incentive fee of $33.1m (EBITDA); $20.1m (NOCF)4. Excludes $8m positive impact of closing out interest rate swaps pursuant to the global refinance, includes $1.8m gains on FECs
110%73.0103.7105.312.668.219.3FY06FY07FY07 IPO86.4US1NON US
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Financial Highlights (A$ millions)1. Includes $182m relating to the 29 June 2007 purchase of Allegheny Ridge Phase I and GSG (paid on 2 July 2007)66%LAKE BONNEY 2
Chart2
568
944
568
944
AcquisitionCapex
FY06568
FY07944
AcquisitionCapex
$AUD millions
Sheet2
Sheet3
Chart1
8693600.293
131210790.451
6922460.261
Equity
Net Debt
Net Debt / EV
1,0791
Total Revenue
1.Total Revenue Chart
FY0680.4
FY07168.5124.3
FY07 IPO
Total Revenue
80.4FY06
168.5124.3
FY076
FY06
FY07 IPO
Sheet1
3.EBITDA & US Distribution
FY0677.8
FY07162.486.4
FY07 IPO
2.NOCF
FY0634.1
FY0780.168.5
FY07 IPO
4.DISTRIBUTION
FY0656.2
FY0778.352.5
FY07 IPO
INIVESTMENTS
FY06
FY07 IPO
FY07
INTEREST EXPENSE
FY0612.8
FY07
6.NET DEBT/EV
FY0629.3%
FY0745.1%26.1%
Global Installed Capacity - cumulative
YearMW
200017.4
200123.9
200231.1
200339.3
200447.6
200559.1
200674.2
Global Forecast 2006 - 2010
200791
2008109.1
2009128.5
2010149.5
Sheet1
00
00
FY06
FY07
FY07 IPO
Contribution to EBITDA
00
00
FY06
FY07
FY07 IPO
Future Cash Flow Profile
0
0
0
0
0
0
0
GW
2001
2000
2002
2003
2004
2005
2006
EV
0
0
0
0
GW
2007
2008
2009
2010
00
00
FY06
FY07
FY07 IPO
34.1FY06
80.168.5
FY06
FY07
FY07 IPO
FY06 Contribution
US10.5%
Australia45.0%
Germany5.7%
Spain38.8%
FY07 Contribution
US31.5%
Australia30.2%
Germany9.1%
Spain29.2%
0.105
0.45
0.057
0.388
0.315
0.302
0.091
0.292
FY06FY07FY08FY09(figures in Aus millions - needs to be scaled properly as per the drawing)
34.279.8120141
55.265.4
FY06FY07FY08FY09
7.310.714.416.5
34.2FY067.3
79.8FY0710.7
12055.214.4
14165.416.5
16.5c
14.4c
10.7c
7.3c
5.EV
FY06FY07FY06FY07FY06FY07IPO
Equity86.8131.2Equity0.8681.312Equity8691312692
Net Debt360.2107.9Net Debt3.6021.079Net Debt3601079246
FY06FY07IPO
Net Debt / EV0.2930.4510.261
00
00
Equity
Net Debt
Equity1.312
Equity0.868
Net Debt3.60
Net Debt1.08
00
00
Equity
Net Debt
$AUD billions
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Operational HighlightsGenerationProduction below forecast largely due to winds below long-term mean across a number of wind farmsPortfolio continues to expand and capture benefits of diversificationWarranties mitigate turbine availability downsideAvailability improvements will capture some upsideAnalysis of operational performance has confirmed confidence in P50 estimatesOperationsIntegration of 12 additional wind farms into operationsAsset management team expandedContinued integration and automation of reporting systemsConstructionLake Bonney Stage 2 (159MW) progressing well towards expected completion by mid 2008First stage of Fruges I (22MW) expected to be operational by September 2007
Chart2
932.66017244121015.3482266312
2326.73902124722595.6936948735
Actual
P50
GWh
BBW
BBWFY06FY07TotalBBW
(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07(GWh)FY06FY07
Budget (P50)89.8144.9380.9399.6479.1641.3730.8744.51,015.32,595.7Budget (P50)1,0152,596
Actual86.4150.7367.4328.1417.9596.7698.4613.7932.72,326.7Actual9332,327
%96%104%96%82%87%93%96%82%92%90%%92%90%
P25 and P75 lines are approximate and do not take into account any portfolio effect
Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07
P25108.3170.7444.2470.2551.1736.6845.0862.8
P5089.8144.9380.9399.6479.1641.3730.8741.3why don't these qtrs have Spanish adjustment?
P7571.3119.1317.7329.1407.0546.0616.6619.8
P25 and P75 lines are approximate; they are linked to an old file that needs to be checked for consistency with updated P50 and actual data.
BBW
0000
0000
0000
0000
0000
0000
0000
0000
Actual
P50
P75
P25
GWh
Quarterly - BBW Production
Aus
00
00
Actual
P50
GWh
BBW Production
Deu
AustraliaFY06FY07Total
(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07Australia
Budget (P50)62.954.6146.7129.3129.2169.0147.9130.5393.5576.6(GWh)FY06FY07
Actual58.555.7134.1115.9120.2150.4145.9124.2364.1540.7Budget (P50)393.5576.6
%93%102%91%90%93%89%99%95%93%94%Actual364.1540.7
%93%94%
Q2 FY06 excludes pre-commissioning production for Alinta;
Includes compensation production for Alinta in Q3 and Q4 FY06, and for Lake Bonney in Q1-Q4 FY07 (Jul-06 to Apr-07);
P25 and P75 lines are approximate and do not take into account any portfolio effect.
Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07
P2576.065.9161.7143.3145.0186.5163.2144.8
P5062.954.6146.7129.3129.2169.0147.9130.5
P7549.843.3131.7115.3113.4151.4132.7116.2
Deu
0000
0000
0000
0000
0000
0000
0000
0000
Actual
P50
P75
P25
GWh
Quarterly - Australian Production
Esp
00
00
Actual
P50
GWh
Australian Production
US
GermanyFY06FY07Total
(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07Germany
Budget (P50)0.02.224.522.115.829.242.222.748.8109.9(GWh)FY06FY07
Actual0.02.218.015.510.627.941.821.035.8101.4Budget (P50)48.8109.9
%0%101%74%70%67%96%99%92%73%92%Actual35.8101.4
%73%92%
Kaarst included from Mar-07 Qtr;
Eifel I&II included from Jan-06;
P25 and P75 lines are approximate and do not take into account any portfolio effect.
Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07
P250.02.730.127.119.435.855.527.8
P500.02.224.522.115.829.242.222.7
P750.01.718.917.112.222.628.817.6
US
0000
2.2372.2161.74239747572.6896025243
18.04824.4897518.91427981730.065220183
15.47722.0897517.085251277727.0942487223
10.6024051515.803377524812.237045843219.3697092065
27.90588130529.196622475222.613501769535.7797431808
41.841784659542.167470909128.815342559755.5195992585
21.00663895222.726125682217.606848211227.8454031533
Actual
P50
P75
P25
GWh
Quarterly - German Production
SpainFY06FY07TotalSpain
(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07(GWh)FY06FY07
Budget (P50)26.941.968.395.469.6107.0102.399.6232.5378.5Budget (P50)232.5378.5
Actual27.948.461.559.155.881.895.876.1196.9309.5Actual196.9309.5
%104%116%90%62%80%76%94%76%85%82%%85%82%
P25 and P75 lines are approximate and do not take into account any portfolio effect
Public P50's (from Generation Act vs Budget file)69.6107.0102.399.6
Internal P50's67.1102.698.296.3
Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07
P2532.449.781.2113.783.2127.5121.9119.2
P5026.941.968.395.469.6107.0102.399.6
P7521.534.155.477.156.086.582.780.0guess
must include Apple and Conjuro
Babcock & Brown:Updated to include Eifel (wth P50's taken from Qtly Prodn Analysis
Actual
P50
GWh
German Production
35.762
48.7955
101.3567100665
109.8935965914
27.908226.934333119721.496423446732.3722427926
48.42804441.897677522234.101173735949.6941813084
61.5032768.299537518755.44637028781.1527047503
59.08640595.409636512277.1221981861113.6970748384
55.76983289669.655.981749061583.2182509385
81.823498823810786.491767117127.508232883
95.809102.382.664336738121.935663262
76.091562118499.6280119.24
Actual
P50
P75
P25
GWh
Quarterly - Spanish Production
USFY06FY07TotalUS
(GWh)Q1Q2Q3Q4Q1Q2Q3Q4FY06FY07(GWh)FY06FY07
Budget (P50)0.046.2141.4152.8264.5336.1438.4491.7340.51,530.7Budget (P50)340.51530.7
Actual0.044.4153.8137.7231.3336.6414.9392.5335.81,375.2Actual335.81375.2
%0%96%109%90%87%100%95%80%99%90%%99%90%
Three US06 assets (Aragonne, Buena Vista and Mendota) included from Mar-07 Qtr;
P25 and P75 lines are approximate and do not take into account any portfolio effect.
Other Notes:
Q1FY07 includes JA and Bear Creek from Jul-06
Aragonne ownership 95%
Sep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07
P250.052.4159.6176.2303.6386.8504.3565.1
P500.046.2141.4152.8264.5336.1438.4491.7
P750.040.0123.3129.4225.4285.5372.5418.2
nraffan:Reduced to be consistent with public P50's
Neil Raffan:includes Apple and Conjuro
Actual
P50
GWh
Spanish Production
196.925919
232.5411846727
309.4938938382
378.52
0000
44.402224752646.21714765240.031295249652.4030000544
153.7836906887141.4367186364123.3138184872159.5596187856
137.657188152.82862777129.4275230156176.2297325244
231.272474409264.4925843395225.4005954054303.5845732736
336.587009411336.1217724323285.4783606968386.7651841677
414.859148804438.3990522113372.4502886543504.3478157684
392.450101491.666676361418.2125461026565.1208066194
Actual
P50
P75
P25
GWh
Quarterly - US Production
335.8431034412340.4824940584
1375.1687336241530.6800853441
Actual
P50
GWh
US Production
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Portfolio Diversification and Growth1. EBITDA includes US Distributions & before corporate costs.2. Current portfolio including post balance date acquisitions3. FY06 & FY07: as at 30 June 2006 & 2007 respectively, MW & GWh are on an equity interest basis4. Includes BBWs 70% equity interest in the Conjuro wind farm. The remaining 30% equity interest was acquired post balance date.5. Includes Allegheny Ridge Phase II which BBW has agreed to acquire as part of the US06 Portfolio once the wind farm achieves operational status, MW & GWh are on an equity interest basis.
FY063FY073IncreaseOPERATIONAL4Installed Capacity MW6011,16894%Generation GWh1,8583,52490%UNDER CONSTRUCTION5Installed Capacity MW18128356%Generation GWh52880953%DIVERSIFICATIONTotal number of wind farms1634Number of wind regions69
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Distributions: Growth + YieldFY07 Distribution of 12.5 cents per security, 22.5% increase on FY06
FY08 Distribution guidance 14.0 cents1 per security, 12% above FY07
Distributions expected to be fully tax deferred for FY08
Proposed acquisitions expected to provide scope for further distribution growth in medium term
1. Assumes P50 production and no performance feeStrong growth in distributions14.0c
Distributions (cents)22.5%12.0%
Chart1
10.2
12.5
14
DISTRIBUTION
10.2c
12.5c
14.0c
Sheet1
DISTRIBUTIONYIELD
FY06 Actual10.26
FY07 Actual12.57.7
FY08 Guidance148.5
Sheet1
00
00
00
DISTRIBUTION
YIELD
14.0c
12.5c
10.2c
8.5%
7.7%
6%
Sheet2
Sheet3
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AgendaIntroduction & Highlights Financial StatementsOperational Performance Strategy & OutlookWrap Up Appendix
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Revenue1. Non US includes Australia, Spain & GermanyUSNON US1
Chart1
73FY06 Actual012.60265865620
105.3387647091FY07 IPO019.25440279970
124.5931675088Acquisitions @ P5012.768259386560.50336386360
182.6690233566Wind15.1957674023Wind0
178.0715057303Availability4.597517626300
176.2227748648Network Loss Factor and Constraints1.84873086550Network Loss Factor and Constraints
176.2227748648Market TariffMarket Tariff0.58934565270
171.9380083258FX4.874112191800
FY07 Actual103.695607307468.2424010184FY07 Actual0
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
- 1.8
- 4.6
- 15.2
- 4.9
US Cash Flow Waterfall Chart
InvisibleFinalUnfavourableFavourableInitial
GAAP Revenue68.20.034.10.0
Operating Cost41.526.70.00.0
EBITDA41.50.00.00.0
Change in Working Capital39.42.10.00.0
US Cash Distributions39.40.00.00.0
US Cash Flow Waterfall Chart
GAAP Revenue68.242406978034.10051337180
Operating Cost41.515289004926.72711797300
EBITDA41.5152890049000
Change in Working Capital39.43513874662.080150258300
US Cash Distributions39.4351387466000
Note: PTCs - Production Tax Credits Revenue applicable to the U.S Wind farms
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
US Revenue to Cash Distributions Waterfall (Based on % B Class Ownership)
PTCs: 34.1
Total Rev Chart
PLEASE PUT IN KEY WHICH EXPLAINS SHADING. ALSO PUT IN TOTALS WHICH ADD UP MULTIPLE SHADED BARS
InvisibleFinalUnfavourableFavourableInitial
Split into U.S and Non U.sFY06 Actual73.00.012.60.0
Split into U.S and Non U.sFY07 IPO105.30.019.30.0
Acquisitions @ P50124.612.860.50.0
Wind182.613.22.10.0
Availability178.04.60.00.0
SwapNetwork Loss Factor & Constraints176.11.80.0
Market Tariff176.10.60.0
FX171.21.33.60.0
Split into U.S and Non U.sFY07 Actual103.768.20.0
171.9380083258
Total Rev Chart
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
171.9
85.6
73.3
(1.8)
(4.6)
(15.2)
(4.9)
FX Graph
PLEASE FIGURE OUT HOW TO MAKE AXIS WRITING LOOK TIDY
.EuroUSD
Average Rate assumed at IPO in FY070.59160.7542
Average Rate observed in FY070.60180.7868
Average Rate of FX hedge rates in FY070.58700.7619
InvisibleFinalUnfavourableFavourableInitial
FX on Revenue-4.90.00.00.0
FX on Operating Expense-3.3-1.60.00.0
FX on Interest-2.7-0.60.00.0
FX on Principal Repaid and Working Capital Movement-2.4-0.30.00.0
Unhedged FX loss-2.40.00.0
FX Hedging-0.7-1.8
Hedged FX Loss-0.70.0
US EBITDA Margin for FY0762.8%
Non US EBITDA Margin for FY0782.3%
Average FY07 RateAverage IPO Rate
Total Interest42.4
USD3.00.82250.7522-0.3
Euro180.60180.5916-0.3
AUD21.40
Average FY07 RateAverage IPO Rate
Total Interest42.4
Euro Principal Repaid @ 12/06 and VAT Receipt (WC Movement in Foreign Currency)1.000.59330.59380.0
Euro Principal Repaid @ 5/075.600.61680.5851-0.3
FX Graph
-4.8741121918FX on Revenue00
-3.3170124223FX on Operating Expense-1.55709976950
-2.7277937494FX on Interest-0.58921867290
-2.4250216792FX on Principal Repaid and Working Capital Movement-0.30277207020
-2.4250216792Unhedged FX lossUnhedged FX loss0
-0.6650216792FX Hedging-1.76FX Hedging
-0.6650216792Hedged FX LossHedged FX Loss0
Invisible
Final
Unfavourable
Initial
AUD Millions
Net Impact of FX on Cash Flow
1.6
0.6
0.3
1.8
Tariff and EBITDA Margin
Implied TariffPTCsPool TariffFY06FY07AUDAUDEBITDA MarginOperating Costs per MWhrCapacity Factor
Spain FY060.00.030Market Pool Price/MWh50.7234.1484.2756.73Spain FY060%Spain FY060.0
Spain FY070.00.0Market Option Premium and Other Price Components/MWh45.6448.2475.8480.16Spain FY070%Spain FY070.0
Germany FY060.00.0Total Mean Price/MWh96.3682.38160.11136.90Germany FY060%Germany FY060.0
Germany FY070.00.0Germany FY070%Germany FY070.0
Australia FY060.00.0Australia FY060%Australia FY060.0
Australia FY070.00.0Australia FY070%Australia FY070.0
US FY060.023.1US FY060%US FY060.0
US FY070.023.1US FY070%US FY070.0
FY06FY07
USD0.82250.8225
EURO0.60180.6018
Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07FY06FY07
AlintaActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Lake Bonney 1ActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Lake Bonney 2ActualRevenueAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Bocholt-LiedernActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
EifelActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KaarstActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
WachtendonkActualRevenueGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0.00.00.00.0
ConjuroActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
El SardonActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
La Muela NorteActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
La PlataActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Monte SeixoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
RedondalActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Serra da LobaActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Serra do CandoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sierra del TrigoActualRevenueSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0.00.00.00.0
Allegheny AActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Allegheny BActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
AragonneActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Bear CreekActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Blue CanyonActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
BuenaVistaActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
CaprockActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Combine HillsActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Crescent RidgeActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
GSGActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Jersey AtlanticActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KumeyaayActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
MendotaActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 1ActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 2ActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 3ActualRevenueU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07Inst Cap
AlintaActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.089.1
Lake Bonney 1ActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080.5
Lake Bonney 2ActualGenerationAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Bocholt-LiedernActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.07.4
EifelActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KaarstActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.010
WachtendonkActualGenerationGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.011.9
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
ConjuroActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.011.9
El SardonActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.025.5
La Muela NorteActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.029.8
La PlataActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.021.3
Monte SeixoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.035
RedondalActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.030.6
Serra da LobaActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.036
Serra do CandoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.029.2
Sierra del TrigoActualGenerationSpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.015.2
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Allegheny AActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080
Allegheny BActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
AragonneActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.085.5
Bear CreekActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.014.2
Blue CanyonActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.037.1
BuenaVistaActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.038
CaprockActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.064
Combine HillsActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.020.5
Crescent RidgeActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.040.8
GSGActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.080
Jersey AtlanticActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KumeyaayActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
MendotaActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 1ActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 2ActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 3ActualGenerationU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07FY06FY07
AlintaActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Lake Bonney 1ActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Lake Bonney 2ActualEBITDAAustralia0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Bocholt-LiedernActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
EifelActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KaarstActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
WachtendonkActualEBITDAGermany0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
ConjuroActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
El SardonActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
La Muela NorteActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
La PlataActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Monte SeixoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
RedondalActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Serra da LobaActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Serra do CandoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sierra del TrigoActualEBITDASpain0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Allegheny AActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Allegheny BActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
AragonneActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Bear CreekActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Blue CanyonActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
BuenaVistaActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
CaprockActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Combine HillsActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Crescent RidgeActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
GSGActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Jersey AtlanticActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
KumeyaayActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
MendotaActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 1ActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 2ActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Sweetwater 3ActualEBITDAU.S0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Tariff and EBITDA Margin
85.672550173777.1005818346
57.750624776981.6023785702
148.72405898740
139.10862234030
87.98197953480
83.29630181080
34.948001766123.1015955299
42.687601614523.1015955299
Implied Tariff
PTCs
Implied Tariff by Country ($AU/MWhr)
US Rev Chart
0.828090579Spain FY06
0.8656522877Spain FY07
0.7019259609Germany FY06
0.7510400389Germany FY07
0.681138109Australia FY06
0.8219597173Australia FY07
0.5961971643US FY06
0.6290420588US FY07
EBITDA Margin
EBITDA Margin by Country
Non US Rev Chart
27.9822348777
18.7217572001
44.3307809804
34.6324772068
28.0541003694
14.8300971242
14.1121022149
15.8353048098
Operating Costs per MWhr
InvisibleFinalUnfavourableFavourableInitial
FY06 Actual12.60.00.00.0
FY07 IPO19.30.00.00.0
Acquisitions @ P5019.30.060.50.0
Market Tariff78.51.30.00.0
Availability73.94.50.0
Compensation for loss of Revenue73.9
Network Loss Factor and Constraints73.90.0
Wind71.82.10.0
FX68.23.60.0
FY07 Actual68.20.00.00.0
WindfarmDec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Total
Bear Creek0.00.00.02943891932011,078639.20
Blue Canyon7728596467429485905915,1482,059.33
Caprock7559858171,1501,1496598686,3824,084.56
Combine Hills2978093824703913943723,1151,245.85
Crescent Ridge0.00.00.00.00.00.00.00.00.0
Jersey Atlantic0.00.00.0110184139156589349.20
Kumeyaay0.05925891,0701,0387105114,5100.0
Sweetwater 13924643784503784992922,8541,141.48
Sweetwater 21,6021,1658961,1141,1151,1986177,7083,083.04
Sweetwater 30.01,4501,3831,6941,6651,8241,1209,1370.0
Total FY06 Rev12,602.66
WindfarmDec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06
Blue Canyon40%40%40%40%40%40%40%
Combine Hills40%40%40%40%40%40%40%
Sweetwater 140%40%40%40%40%40%40%
Caprock64%64%64%64%64%64%64%
Sweetwater 240%40%40%40%40%40%40%
Kumeyaay0%0%0%0%0%0%0%
Sweetwater 30%0%0%0%0%0%0%
Crescent Ridge0%0%0%0%0%0%0%
Bear Creek59%59%59%59%
Jersey Atlantic59%59%59%59%
Aragonne0%0%0%0%0%0%0%
BuenaVista0%0%0%0%0%0%0%
Mendota0%0%0%0%0%0%0%
Allegheny A0%0%0%0%0%0%0%
Allegheny B0%0%0%0%0%0%0%
12.6026586562FY06 Actual000
19.2544027997FY07 IPO000
19.2544027997Acquisitions @ P50060.50336386360
78.4647681236Market Tariff1.292998539700
73.9341670282Availability4.5306010954Availability0
73.9341670282Compensation for loss of RevenueCompensation for loss of RevenueCompensation for loss of RevenueCompensation for loss of Revenue
73.9341670282Network Loss Factor and Constraints0Network Loss Factor and ConstraintsNetwork Loss Factor and Constraints
71.7945046026Wind2.1396624256Wind0
68.2424010184FX3.5521035843FX0
FY07 Actual68.2424010184000
.
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
FY07 Revenue Variances (Non U.S Portfolio)
- 1.3
- 4.5
- 2.1
- 3.6
InvisibleFinalUnfavourableFavourableInitialPreso
Wind/Avail Aus-3.2 for wind and avail
FY06 Actual73.00.00.00.0Wind/Avail Sp-9.4 for Winf/Avail and + 1.1 balancing figure
FY07 IPO105.30.00.00.0
Acquisitions @ P50105.30.012.80.0
Spanish Tariff118.11.90.0
Availability116.73.20.0
Compensation for loss of Revenue116.73.2
Network Loss Factor and Constraints118.11.8
Wind105.013.10.0
FX103.71.30.0
FY07 Actual103.70.00.00.0
73FY06 Actual000
105.3387647091FY07 IPO000
105.3387647091Acquisitions @ P50012.76825938650
118.1070240956Spanish TariffSpanish Tariff1.88234419250
116.7445336472Availability3.2448346409Availability0
116.7445336472Compensation for loss of RevenueCompensation for loss of Revenue3.17791811Compensation for loss of Revenue
118.0737208917Network Loss Factor and Constraints1.8487308655Network Loss Factor and ConstraintsNetwork Loss Factor and Constraints
105.0176159149Wind13.0561049768Wind0
103.6956073074FX1.3220086075FX0
FY07 Actual103.6956073074000
.
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
FY07 Revenue Variances (Non U.S Portfolio)
- 1.3
- 13.1
- 1.8
- 3.2
-
Cash Flow1.Includes EBITDA from non-US operations + US Distributions2.Excludes $8m positive impact of closing out interest rate swaps pursuant to the global refinance3. Includes $2.8m FX gains4. Notional debt repayment assumes average net debt balance of $586m, straightline amortisation over 25 years, with a 30% residual balance.5.Net of DRP participation of H107: 23.6%; H207: 24.1%6.FY07 weighted no. of securities: 594.2mNo. of securities attributable to assets under construction: (92.7m)501.5mAssets under construction = $238m; Average gearing in FY07 36%; FY07 VWAP = $1.64 AustraliaSpain USA$37.0m$36.6mEBITDA1 from Operations$124.4 millionLess Corporate Overheads and Management Fees ($24.7 million)Less net finance costs and tax paid2,3($37.6 million)Notional debt repayment4$16.4 millionGermany $11.4m$39.4mGains on foreign exchange contracts$1.8 millionAdd Movement in working capital and non-cash items$15.9 millionNet operating cash flow$79.8 millionDistribution5$59.7 millionCarried Forward2$3.7 million
-
Income StatementUS Wind Farm InvestmentsNet Borrowing Costs1. Before incentive fee of $33.1m2. $39.4m excluding minority interest3. Finance costs & Tax paid per cash flow: Interest$32.0m Bank charges $4.7m Tax paid $3.7m FX gain on cash ($2.8m) $37.6m2
FY06FY07Revenue73.0103.7Operating Costs(13.3)(18.7)Corporate Costs & Management fees(14.2)1(24.7)US Wind farm investments2.118.6EBITDA(after US investments)47.678.9Depreciation and amortisation(20.0)(34.0)EBIT27.644.9Net borrowing costs(14.8)(33.1)Foreign exchange gains4.12.8Income tax expense-(0.8)Incentive Fee(33.1)-Net Profit/ (Loss)(16.2)13.8
FY06FY07Net interest expense(11.2)(32.0)3Net loss on financial instruments(0.9)(0.8)Other finance charges(2.7)(8.2)Global refinance- Gains on financial instruments- Write off of loan cost--23.9(16.0)TOTAL(14.8)(33.1)
-
Acquisitions & Investments1.Enterprise value including advisory fees and other transaction costs2.Includes US06 Phase 1: March 2007 and Phase 2: June 2007. Phase 2 ($182m) payment was made on 2 July 20073.Represents a purchase of 70%. The remaining 30% was purchased after 30 June 20074. Per statutory cashflow: - Payment for PPE 266 - Payments for investments in controlled entities 75 - Payments for investments in financial assets 297 638 - US06 Phase 2 Payment 2 July 2007 182 - Net debt assumed on acquisitions 124 944$246m$698mTOTAL INVESTED IN FY07 = $944M4
AcquisitionsAmount1(A$m)US05 Portfolio- Sweetwater III, Kumeyaay, Bear Creek, Jersey Atlantic117US06 Portfolio2- Buena Vista, Aragonne, GSG, Mendota, Allegheny Ridge (Phase I)361Monte Seixo/ Serra do Cando170Conjuro330Kaarst20
ConstructionAmount(A$m)Lake Bonney 2184Alinta16Eifel17Fruges29
-
Balance Sheet & Interest Rate Hedging1. $182m relating to the 29 June 2007 purchase of Allegheny Ridge Phase I and GSG paid on 2 July 2007. Deducted from cash and included in net debt. Restricted cash: FY07 = $14.2m; FY06 = $79.0m2.Net Debt / EV is calculated as Net Debt / (Net Debt + Equity); EV calculated using share price of $1.51 for FY06; $1.95 for FY073.Calculated from a simple average based on opening, half year and closing debt values and includes capitalised interest4. EBITDA + US Distribution /Net Interest excluding capitalised interest, fair value gains/losses on financial instrumentsamortisation of borrowing costs and bank charges. Net interest expense for FY07: $32.0m ; FY06: $11.2m5. Swaps existing at balance date (AUD; EUR; USD) and based on notional principal amount
Hedging Profile 15 year horizon
FY07FY06Gross Debt$1,338.9m$671.4mCash$259.81m$311.2mNet Debt$1079.1m$360.2mNet Debt / EV245.11%29.3%
FY07FY06Average interest rate (p.a.)36.2%5.8%Net interest cover43.1x4.7xAverage Swap Rate 55.3%5.1%Average Maturity of Swaps9.7yrs8.8yrs
AUD - BBW
BBW - PHOENIX
1Fixed rateJun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
2AUD
3NEW DATA FORMAT
4Core Debt512,948537,840560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,960560,9600000000
5Amortising Debt560,305556,695548,358536,651525,258513,172502,352483,589466,748449,376433,831417,730401,196383,726373,088361,272350,128335,805323,011306,642291,464269,031244,524217,736191,272162,834136,335107,76080,34252,13526,827000000000000000000
6
7Novation -0000000000000000000000000000000000
8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia, WW: BNP)
9Grandfather - Walkaway CBA84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000
10Total - Fixed6.2550%84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000
11
12% Hedged16%16%15%14%14%14%13%13%13%12%12%12%11%11%11%10%10%9%9%8%8%7%7%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
13Overhedged000000000000000000000000000000000000000
14
15Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000
16Total - Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000
17
18PROPOSED TRANSACTIONS
19Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000
Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000
Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000
Swaps - executed 17/05/0785,00090,00090,00090,00090,00090,00085,00085,00070,00070,00070,00065,00065,00065,00045,00045,00045,00045,00045,00045,00045,00045,00045,00030,00020,00020,00020,00010,00010,000
1Proposed Swaps6.6050%340,000360,000360,000360,000360,000360,000340,000340,000280,000280,000280,000260,000260,000260,000180,000180,000180,000180,000180,000180,000180,000180,000180,000120,00080,00080,00080,00040,00040,0000000000000
2Average fixed rate6.5353%
3Total - Fixed (incl. Proposed)424,575444,575442,267440,716438,471436,940414,864413,198351,100349,631347,467325,849323,510321,731239,219237,269234,573232,454229,598227,293224,208221,686218,369120,00080,00080,00080,00040,00040,0000000000000
4% Hedged (incl. Proposed)83%83%79%79%78%78%74%74%63%62%62%58%58%57%43%42%42%41%41%41%40%40%39%21%14%14%14%7%7%0%0%0%0%0%0%0%0%0%0%
5
6BBW POLICY
7Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%
8Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%
9
10Policy Min384,711403,380420,720420,720420,720280,480280,480280,480280,480280,480280,480140,240140,240140,240140,240140,240140,240140,240140,240140,240140,240000000000000000000
11Policy Max461,653484,056504,864504,864504,864448,768448,768448,768448,768448,768448,768336,576336,576336,576336,576336,576336,576336,576336,576336,576336,576280,480280,480280,480280,480280,480280,480280,480280,480280,480280,48000000000
12
13
14FOR GRAPH:
15Novation - Dexia / BOS000000000000000000000000000000000000000
16Close / Novate - BNP / SG / KBC / Suncorp000000000000000000000000000000000000000
17Grandfather - ANZ / CBA84,57584,57582,26780,71678,47176,94074,86473,19871,10069,63167,46765,84963,51061,73159,21957,26954,57352,45449,59847,29344,20841,68638,3690000000000000000
18Proposed Swaps340,000360,000360,000360,000360,000360,000340,000340,000280,000280,000280,000260,000260,000260,000180,000180,000180,000180,000180,000180,000180,000180,000180,000120,00080,00080,00080,00040,00040,0000000000000
19Overhedged - committed000000000000000000000000000000000000000
20Floating88,37393,265118,693120,244122,488124,019146,096147,761209,860211,329213,492235,111237,450239,228321,740323,690326,387328,505331,361333,667336,751339,274342,591440,960480,960480,960480,960520,960520,960560,960560,960560,9600000000
21Amortising Debt560,305556,695548,358536,651525,258513,172502,352483,589466,748449,376433,831417,730401,196383,726373,088361,272350,128335,805323,011306,642291,464269,031244,524217,736191,272162,834136,335107,76080,34252,13526,82700000000
22Policy Min384,711403,380420,720420,720420,720280,480280,480280,480280,480280,480280,480140,240140,240140,240140,240140,240140,240140,240140,240140,240140,240000000000000000000
23Policy Max461,653484,056504,864504,864504,864448,768448,768448,768448,768448,768448,768336,576336,576336,576336,576336,576336,576336,576336,576336,576336,576280,480280,480280,480280,480280,480280,480280,480280,480280,480280,48000000000
24
&L&8&Z&F&D, &T
USD - BBW
BBW - PHOENIX
1Fixed rateJun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
2USD
3NEW DATA FORMAT
4Core Debt156,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,094406,0940000000
5Amortising Debt405,621403,007396,971388,497380,249371,500363,666350,084337,892325,316314,062302,406290,437277,790270,089261,535253,468243,099233,837221,986210,999194,759177,018157,625138,467117,88098,69678,01058,16237,74219,421000000000000000000
6
7Novation - US06: HBOS5.3450%50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,000000
8Closeout/novate: US06 BNP
9Grandfather - ANZ5.2515%85,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,000000000000
10Total - Fixed135,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,000105,00050,00000000000
11
12% Hedged86%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%26%12%0%0%0%0%0%0%0%0%
13Overhedged000000000000000000000000000000000000000
14
15Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000
16Total - Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000
17
18PROPOSED TRANSACTIONS
19Swaps - executed 17/05/0700000000
20Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000
21Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000000000000000
Swaps - executed 17/05/0740,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000
40,00040,00040,00040,00040,00040,00040,00040,00040,00030,00030,00030,00030,00030,00030,00030,00030,00030,00015,00015,00015,0005,0005,000
22Proposed Swaps5.2460%0160,000160,000160,000160,000160,000160,000160,000160,000160,000120,000120,000120,000120,000120,000120,000120,000120,000120,00060,00060,00060,00020,00020,000000000000000000
23
24Total - Fixed (incl. Proposed)135,000265,000265,000265,000265,000265,000265,000265,000265,000265,000225,000225,000225,000225,000225,000225,000225,000225,000225,000165,000165,000165,000125,000125,000105,000105,000105,000105,000105,000105,00050,00000000000
25% Hedged (incl. Proposed)86%65%65%65%65%65%65%65%65%65%55%55%55%55%55%55%55%55%55%41%41%41%31%31%26%26%26%26%26%26%12%0%0%0%0%0%0%0%0%
26Av fixed rate5.8603%
27BBW POLICY
28Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%
29Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%
30
31Policy Min117,071304,571304,571304,571304,571203,047203,047203,047203,047203,047203,047101,524101,524101,524101,524101,524101,524101,524101,524101,524101,524000000000000000000
32Policy Max140,485365,485365,485365,485365,485324,875324,875324,875324,875324,875324,875243,657243,657243,657243,657243,657243,657243,657243,657243,657243,657203,047203,047203,047203,047203,047203,047203,047203,047203,047203,04700000000
33
34
35FOR GRAPH:
36Novation - Dexia / BOS50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00000000000
37Close / Novate - BNP / SG / KBC / Suncorp000000000000000000000000000000000000000
38Grandfather - ANZ / CBA85,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,00055,000000000000
39Proposed Swaps0160,000160,000160,000160,000160,000160,000160,000160,000160,000120,000120,000120,000120,000120,000120,000120,000120,000120,00060,00060,00060,00020,00020,000000000000000000
40Overhedged - committed000000000000000000000000000000000000000
41Floating21,094141,094141,094141,094141,094141,094141,094141,094141,094141,094181,094181,094181,094181,094181,094181,094181,094181,094181,094241,094241,094241,094281,094281,094301,094301,094301,094301,094301,094301,094356,094406,0940000000
42Amortising Debt405,621403,007396,971388,497380,249371,500363,666350,084337,892325,316314,062302,406290,437277,790270,089261,535253,468243,099233,837221,986210,999194,759177,018157,625138,467117,88098,69678,01058,16237,74219,42100000000
43Policy Min117,071304,571304,571304,571304,571203,047203,047203,047203,047203,047203,047101,524101,524101,524101,524101,524101,524101,524101,524101,524101,524000000000000000000
44Policy Max140,485365,485365,485365,485365,485324,875324,875324,875324,875324,875324,875243,657243,657243,657243,657243,657243,657243,657243,657243,657243,657203,047203,047203,047203,047203,047203,047203,047203,047203,047203,04700000000
45
&L&8&Z&F&D, &T
EUR - BBW
BBW - PHOENIX
1Fixed rateJun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
2EUR
3NEW DATA FORMAT
4Core Debt318,721348,213358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,811358,8110000000
5Amortising Debt358,393356,083350,751343,262335,975328,245321,323309,322298,550287,438277,495267,196256,620245,446238,641231,083223,955214,794206,610196,140186,432172,082156,407139,272122,345104,15587,20568,92751,39033,34817,160000000000000000000
6
7Novation - (Olivo:Dexia & HBOS, Apple: 3rd party only )162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000
8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia)
9Grandfather - ANZ / CBA
10Total - Fixed3.7990%162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000
11
12% Hedged51%45%43%41%40%38%37%35%34%32%31%26%25%24%22%21%20%18%16%15%13%12%10%8%6%4%2%0%0%0%0%0%0%0%0%0%0%0%0%
13Overhedged000000000000000000000000000000000000000
14
15Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000
16Total - Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000
17
18PROPOSED TRANSACTIONS
19Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500
20Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500
21Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500
22Swaps - executed 17/05/0730,00030,00037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500
23Proposed Swaps4.6080%120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000
24
25Total - Fixed (incl. Proposed)282,438277,868302,662296,997291,795286,964281,527276,490270,796225,564219,664204,514199,391194,637189,215184,154180,248175,051169,148163,590157,401151,527144,978138,736131,792125,11677,72170,00030,0000000000000
26% Hedged (incl. Proposed)89%80%84%83%81%80%78%77%75%63%61%57%56%54%53%51%50%49%47%46%44%42%40%39%37%35%22%20%8%0%0%0%0%0%0%0%0%0%0%
27Average fixed rate4.1427%
28BBW POLICY
29Policy Min75%75%75%75%75%50%50%50%50%50%50%25%25%25%25%25%25%25%25%25%25%0%0%0%0%0%0%0%0%0%0%
30Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%
31
32Policy Min239,041261,160269,108269,108269,108179,406179,406179,406179,406179,406179,40689,70389,70389,70389,70389,70389,70389,70389,70389,70389,703000000000000000000
33Policy Max286,849313,392322,930322,930322,930287,049287,049287,049287,049287,049287,049215,287215,287215,287215,287215,287215,287215,287215,287215,287215,287179,406179,406179,406179,406179,406179,406179,406179,406179,406179,40600000000
34
35
36FOR GRAPH:
37Novation - Dexia / BOS162,438157,868152,662146,997141,795136,964131,527126,490120,796115,564109,66494,51489,39184,63779,21574,15470,24865,05159,14853,59047,40141,52734,97828,73621,79215,1167,721000000000000
38Close / Novate - BNP / SG / KBC / Suncorp000000000000000000000000000000000000000
39Grandfather - ANZ / CBA000000000000000000000000000000000000000
40Proposed Swaps120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000
41Overhedged - committed000000000000000000000000000000000000000
42Floating36,28370,34556,15061,81467,01671,84777,28482,32288,015133,247139,148154,297159,420164,175169,596174,657178,563183,761189,663195,221201,410207,285213,833220,075227,019233,695281,090288,811328,811358,811358,811358,8110000000
43Amortising Debt358,393356,083350,751343,262335,975328,245321,323309,322298,550287,438277,495267,196256,620245,446238,641231,083223,955214,794206,610196,140186,432172,082156,407139,272122,345104,15587,20568,92751,39033,34817,16000000000
44Policy Min239,041261,160269,108269,108269,108179,406179,406179,406179,406179,406179,40689,70389,70389,70389,70389,70389,70389,70389,70389,70389,703000000000000000000
45Policy Max286,849313,392322,930322,930322,930287,049287,049287,049287,049287,049287,049215,287215,287215,287215,287215,287215,287215,287215,287215,287215,287179,406179,406179,406179,406179,406179,406179,406179,406179,406179,40600000000
46
30,00030,00037,50037,50037,50037,50037,50037,50037,50037,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50027,50017,50017,5007,500
&L&8&Z&F&D, &T
Data - BBW
BBW - PHOENIXJun-08Dec-08Dec-09Jun-10Dec-10Dec-11Jun-12Dec-12Dec-13Jun-14Dec-14Dec-15Jun-16Dec-16Dec-17Jun-18Dec-18Dec-19Jun-20Dec-20Dec-21Jun-22
1Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
2
NOCF Notional amortisation14,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,01014,010
3NOCF Notional amortising debt1,000,749986,739972,728958,718944,707930,697916,686902,676888,665874,655860,644846,634832,623818,613804,602790,592776,581762,571748,560734,550720,539706,529692,519678,508664,498650,487636,477622,466608,456594,445
hedging % NOCF debt77%77%78%78%77%78%74%70%67%65%65%66%60%60%61%61%61%56%56%56%51%43%37%37%31%26%21%12%6%0%
4Core Debt747,520975,9951,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,7491,000,749
5Amortising Debt747,520975,9951,000,749957,383937,058915,497896,193862,721832,676801,684773,953745,228715,732684,565665,587644,507624,627599,075576,250547,047519,971479,950436,230388,440341,228290,495243,221192,243143,33093,00947,860-000000000000000000
6
7Novation - (Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP )199,187194,616189,410183,745178,543173,713168,275163,238157,544152,312146,412131,262126,139121,385115,963110,903106,996101,79995,89690,33884,14978,27571,72665,48458,54151,86444,46936,74836,74836,74836,74800000000
8Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia)000000000000000000000000000000000000000
9Grandfather - ANZ / CBA114,25792,20890,79589,84588,47187,53386,26285,24283,95783,05881,73380,74279,31078,22176,68375,48973,83872,54170,79269,38067,49265,94763,91640,42340,42340,42340,42340,42340,42340,423000000000
10Total - Fixed313,444286,824280,205273,590267,014261,246254,537248,480241,501235,370228,145212,004205,449199,606192,646186,391180,834174,340166,688159,718151,641144,222135,642105,90898,96492,28784,89277,17177,17177,17136,74800000000
11
12% Hedged42%29%28%27%27%26%25%25%24%24%23%21%21%20%19%19%18%17%17%16%15%14%14%11%10%9%8%8%8%8%4%0%0%0%0%0%0%0%0%
13Overhedged000000000000000000000000000000000000000
140.420.290.280.290.280.290.280.290.290.290.290.280.290.290.290.290.290.290.290.290.290.300.310.270.290.320.350.400.540.830.77
15Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000
16Total - Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000
17
18PROPOSED TRANSACTIONS
19Swaps - Tranche AUD208,180220,426220,426220,426220,426220,426208,180208,180171,442171,442171,442159,197159,197159,197110,213110,213110,213110,213110,213110,213110,213110,213110,21373,47548,98448,98448,98424,49224,4920000000000
20Swaps - Tranche USD0117,595117,595117,595117,595117,595117,595117,595117,595117,59588,19688,19688,19688,19688,19688,19688,19688,19688,19644,09844,09844,09814,69914,699000000000000000
21Swaps - Tranche EUR120,000120,000150,000150,000150,000150,000150,000150,000150,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,000110,00070,00070,00030,0000000000000
22Proposed Swaps328,180458,021488,021488,021488,021488,021475,775475,775439,037399,037369,638357,393357,393357,393308,409308,409308,409308,409308,409264,311264,311264,311234,912198,175158,984158,984118,98494,49254,4920000000000
23
24Total - Fixed (incl. Proposed)641,624744,845768,225761,611755,035749,267730,312724,255680,538634,407597,783569,397562,842556,998501,055494,800489,243482,749475,097424,029415,952408,533370,555304,082257,947251,271203,876171,663131,66377,17136,74800000000
25% Hedged (incl. Proposed) based on core debt86%76%77%76%75%75%73%72%68%63%60%57%56%56%50%49%49%48%47%42%42%41%37%30%26%25%20%17%13%8%4%0%0%0%0%0%0%0%0%
26% hedged based on bank profile86%76%77%80%81%82%81%84%82%79%77%76%79%81%75%77%78%81%82%78%80%85%85%78%76%86%84%89%92%83%77%
27BBW POLICY
28Policy Min75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
29Policy Max90%90%90%90%90%80%80%80%80%80%80%60%60%60%60%60%60%60%60%60%60%50%50%50%50%50%50%50%50%50%50%
30
31Policy Min560,640731,996750,562718,037702,794686,623672,145647,041624,507601,263580,464558,921536,799513,424499,190483,380468,471449,306432,187410,285389,978359,962327,173291,330255,921217,872182,415144,182107,49769,75735,89500000000
32Policy Max672,768878,396900,674900,674900,674800,599800,599800,599800,599800,599800,599600,450600,450600,450600,450600,450600,450600,450600,450600,450600,450500,375500,375500,375500,375500,375500,375500,375500,375500,375500,37500000000
33
34
35FOR GRAPH:
36Novation - Dexia / BOS199,187194,616189,410183,745178,543173,713168,275163,238157,544152,312146,412131,262126,139121,385115,963110,903106,996101,79995,89690,33884,14978,27571,72665,48458,54151,86444,46936,74836,74836,74836,74800000000
37Close / Novate - BNP / SG / KBC / Suncorp000000000000000000000000000000000000000
38Grandfather - ANZ / CBA114,25792,20890,79589,84588,47187,53386,26285,24283,95783,05881,73380,74279,31078,22176,68375,48973,83872,54170,79269,38067,49265,94763,91640,42340,42340,42340,42340,42340,42340,423000000000
39Proposed Swaps328,180458,021488,021488,021488,021488,021475,775475,775439,037399,037369,638357,393357,393357,393308,409308,409308,409308,409308,409264,311264,311264,311234,912198,175158,984158,984118,98494,49254,4920000000000
40Overhedged - committed000000000000000000000000000000000000000
41Floating105,896231,150232,524239,138245,715251,483270,437276,494320,211366,342402,966431,353437,908443,751499,694505,949511,506518,001525,652576,720584,797592,216630,195696,667742,802749,478796,874829,086869,086923,578964,00100000000
42Amortising Debt747,520975,9951,000,749957,383937,058915,497896,193862,721832,676801,684773,953745,228715,732684,565665,587644,507624,627599,075576,250547,047519,971479,950436,230388,440341,228290,495243,221192,243143,33093,00947,860-00000000
43Policy Min560,640731,996750,562718,037702,794686,623672,145647,041624,507601,263580,464558,921536,799513,424499,190483,380468,471449,306432,187410,285389,978359,962327,173291,330255,921217,872182,415144,182107,49769,75735,89500000000
44Policy Max672,768878,396900,674900,674900,674800,599800,599800,599800,599800,599800,599600,450600,450600,450600,450600,450600,450600,450600,450600,450600,450500,375500,375500,375500,375500,375500,375500,375500,375500,375500,37500000000
45
&L&8&Z&F&D, &T
results preso
0.76765008950.7676500895
0.80575024530.7762031485
0.81490469850.7730561344
0.8172903770.7423896453
0.77237705760.6726752881
0.78638655290.6539771396
0.75280197510.6017789222
0.78325606410.6080558228
0.82446347270.6117800638
0.79995217730.5556692023
0.84944750030.5142739786
0.75593942660.3724773191
0.83823427880.3068119435
0.91860414480.2068627243
0.76783206920.0603960756
2008
2011
2014
2017
2020
% global facility profile
% notional debt profile
% hedged
Graph - BBW for banks
20052006200720082009201020112012201320142015
&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005
Graph - BBW for banks
199186.726197797114256.9159573410328180.1523199910747520.157017446560640.117763084
194616.13189779792207.91895466340458020.6943138810975995.035034516731996.276275887
189409.87109779790794.71309471630488020.69431388101000749.28539228750561.964044207
178543.25885779788470.82009697260488020.6943138810937058.074355275702793.555766457
168275.20391779786261.78621220950475774.8030009410896192.885512116672144.664134087
157544.00963779783957.31213661530439037.1290621190832676.451310047624507.338482535
146411.86627779781732.89802465770369638.4663918810773952.5984017580464.448801275
126139.34117779779309.83718676730357392.5750789410715731.660653015536798.745489761
115963.30565779776682.90001505880308409.0098271780665587.009661378499190.257246034
106996.28283779773837.89719526790308409.0098271780624627.388529186468470.541396889
95896.222017796970791.81439094030308409.0098271780576249.963729619432187.472797214
84149.461177796967491.51974114190264311.0158218220519971.078956579389978.309217434
71726.106297796963916.24850026790234912.3531515850436230.264741605327172.698556204
58540.709897796840423.16117157650158983.5652517630341227.652979798255920.739734849
44469.050817796840423.16117157650118983.5652517630243220.520085747182415.39006431
36748.328337796840423.1611715765054491.78262588130143329.717021628107497.287766221
36748.3283377968000047859.85088573635894.888164302
00000-0.000000000544926
00000045107
&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004
Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia
Novate Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP
Core Debt
Grandfather Hedges - ANZ / CBA
Novation - Dexia / BOS
Grandfather - ANZ / CBA
Close / Novate - BNP / SG / KBC / Suncorp
Proposed Swaps
Overhedged - committed
Amortising Debt
Policy Min
EUR '000
BBW - Phoenix Interest Rate Hedging Position based on Latest Model
Graph - BBW Total
20052006200720082009201020112012201320142015
%
%
%
%
%
%
%
%
%
%
Current debt amortisation profile - fully drawn
&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005
Graph - BBW Total
199186.726197797114256.9159573410328180.1523199910105896.362542317747520.157017446560640.117763084672768.141315701
194616.13189779792207.91895466340458020.6943138810231150.289868174975995.035034516731996.276275887878395.531531065
189409.87109779790794.71309471630488020.6943138810232524.0068858811000749.28539228750561.964044207900674.356853048
178543.25885779788470.82009697260488020.6943138810245714.512123625937058.074355275702793.555766457900674.356853048
168275.20391779786261.78621220950475774.8030009410270437.492261328896192.885512116672144.664134087800599.428313821
157544.00963779783957.31213661530439037.1290621190320210.834555744832676.451310047624507.338482535800599.428313821
146411.86627779781732.89802465770369638.4663918810402966.05469794773952.5984017580464.448801275800599.428313821
126139.34117779779309.83718676730357392.5750789410437907.531948771715731.660653015536798.745489761600449.571235365
115963.30565779776682.90001505880308409.0098271780499694.069892242665587.009661378499190.257246034600449.571235365
106996.28283779773837.89719526790308409.0098271780511506.095532033624627.388529186468470.541396889600449.571235365
95896.222017796970791.81439094030308409.0098271780525652.23915636576249.963729619432187.472797214600449.571235365
84149.461177796967491.51974114190264311.0158218220584797.288651515519971.078956579389978.309217434600449.571235365
71726.106297796963916.24850026790234912.3531515850630194.577442626436230.264741605327172.698556204500374.642696138
58540.709897796840423.16117157650158983.5652517630742801.84907114341227.652979798255920.739734849500374.642696138
44469.050817796840423.16117157650118983.5652517630796873.50815114243220.520085747182415.39006431500374.642696138
36748.328337796840423.1611715765054491.78262588130869086.013257021143329.717021628107497.287766221500374.642696138
36748.32833779680000964000.95705447947859.85088573635894.888164302500374.642696138
000000-0.00000000054492644926
00000004510745107
&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004
Closeout/novate (KBC,SG, SC, HSH, LB: HBOS/Dexia
Novate Olivo:Dexia & HBOS, US06: HBOS/BNP, Apple, Walkaway: BNP
Core Debt
Grandfather Hedges - ANZ / CBA
Novation - Dexia / BOS
Grandfather - ANZ / CBA
Close / Novate - BNP / SG / KBC / Suncorp
Proposed Swaps
Overhedged - committed
Floating
Amortising Debt
Policy Min
Policy Max
EUR '000
BBW - Phoenix Interest Rate Hedging Position based on Latest Model
Graph - BBW AUD
20052006200720082009201020112012201320142015
%
%
%
%
%
%
%
%
%
%
Proposed Swaps: EUR30M Jun07 - Jun22, EUR50M Jun07 - Jun17, EUR20M Jun07-Jun10
Current debt amortisation profile - fully drawn
&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005
Graph - BBW AUD
084574.910340000088372.6449524529560305.450524836384710.66621434461652.799457208
084574.910360000093264.6449524529556695.087108365403379.66621434484055.599457208
082266.86103600000118692.693952453548357.817428895420719.66621434504863.599457208
080715.50303600000120244.051952453536650.9574554420719.66621434504863.599457208
078471.47703600000122488.077952453525258.112124349420719.66621434504863.599457208
076940.33303600000124019.221952453513172.349194827280479.777476226448767.643961962
074863.68103400000146095.873952453502351.557524591280479.777476226448767.643961962
073198.48503400000147761.069952453483589.419382032280479.777476226448767.643961962
071100.01202800000209859.542952453466748.084025039280479.777476226448767.643961962
069630.60802800000211328.946952453449375.777961186280479.777476226448767.643961962
067467.09702800000213492.457952453433831.041891307280479.777476226448767.643961962
065848.58702600000235110.967952453417729.828215784140239.888738113336575.732971472
063509.75202600000237449.802952453401195.90359529140239.888738113336575.732971472
061731.14202600000239228.412952453383725.712312417140239.888738113336575.732971472
059219.43601800000321740.118952453373087.843450647140239.888738113336575.732971472
057269.22301800000323690.331952453361271.716680668140239.888738113336575.732971472
054572.97501800000326386.579952453350128.355818009140239.888738113336575.732971472
052454.1201800000328505.434952453335805.340336027140239.888738113336575.732971472
049598.1101800000331361.444952453323010.895849328140239.888738113336575.732971472
047292.85201800000333666.702952453306641.568031078140239.888738113336575.732971472
044208.06601800000336751.488952453291464.355056017140239.888738113336575.732971472
041685.78901800000339273.765952453269030.774219220280479.777476226
038368.9301800000342590.624952453244524.3166677060280479.777476226
0001200000440959.554952453217735.8842378060280479.777476226
000800000480959.554952453191271.5953406710280479.777476226
000800000480959.554952453162834.2040155920280479.777476226
000800000480959.554952453136334.7210876340280479.777476226
000400000520959.554952453107759.6313093680280479.777476226
000400000520959.55495245380341.97520350670280479.777476226
00000560959.55495245352135.08471694650280479.777476226
00000560959.55495245326827.33931948740280479.777476226
00000560959.5549524530
0000000
&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004
Close / Novate - SG / KBC / Suncorp/Dexia
Novation BNP
Core Debt
Grandfather Hedges - ANZ / CBA
Novation - Dexia / BOS
Grandfather - ANZ / CBA
Close / Novate - BNP / SG / KBC / Suncorp
Proposed Swaps
Overhedged - committed
Floating
Amortising Debt
Policy Min
Policy Max
AUD '000
BBW - Phoenix Interest Rate Hedging Position based on Latest Model
Graph - BBW USD
20052006200720082009201020112012201320142015
%
%
%
%
%
%
%
%
%
%
Proposed Swaps: EUR30M Jun07 - Jun22, EUR50M Jun07 - Jun17, EUR20M Jun07-Jun10
Current debt amortisation profile - fully drawn
&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005
Graph - BBW USD
500008500000021094.1787224905405620.654387293117070.634041868140484.760850241
500005500001600000141094.17872249403007.012185181304570.634041868365484.760850241
500005500001600000141094.17872249396971.431449669304570.634041868365484.760850241
500005500001600000141094.17872249388496.51085266304570.634041868365484.760850241
500005500001600000141094.17872249380248.914163772304570.634041868365484.760850241
500005500001600000141094.17872249371499.695208914203047.089361245324875.342977992
500005500001600000141094.17872249363666.224029652203047.089361245324875.342977992
500005500001600000141094.17872249350083.79190453203047.089361245324875.342977992
500005500001600000141094.17872249337891.882184822203047.089361245324875.342977992
500005500001600000141094.17872249325315.588045195203047.089361245324875.342977992
500005500001200000181094.17872249314062.322507557203047.089361245324875.342977992
500005500001200000181094.17872249302406.207398597101523.544680623243656.507233494
500005500001200000181094.17872249290436.840836353101523.544680623243656.507233494
500005500001200000181094.17872249277789.684872061101523.544680623243656.507233494
500005500001200000181094.17872249270088.636586782101523.544680623243656.507233494
500005500001200000181094.17872249261534.61472554101523.544680623243656.507233494
500005500001200000181094.17872249253467.626762186101523.544680623243656.507233494
500005500001200000181094.17872249243098.79863967101523.544680623243656.507233494
500005500001200000181094.17872249233836.545451957101523.544680623243656.507233494
50000550000600000241094.17872249221986.335079562101523.544680623243656.507233494
50000550000600000241094.17872249210999.12970265101523.544680623243656.507233494
50000550000600000241094.17872249194758.8383923510203047.089361245
50000550000200000281094.17872249177017.9341419130203047.089361245
50000550000200000281094.17872249157625.0449918120203047.089361245
5000055000000301094.17872249138466.8123344370203047.089361245
5000055000000301094.17872249117880.1961101230203047.089361245
5000055000000301094.1787224998696.48551781090203047.089361245
5000055000000301094.1787224978010.18556449250203047.089361245
5000055000000301094.1787224958161.78394532590203047.089361245
5000055000000301094.1787224937742.03367041390203047.089361245
500000000356094.1787224919421.05492646470203047.089361245
00000406094.178722490
0000000
&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004
Novation
Core Debt
Grandfather Hedges
Novation - Dexia / BOS
Grandfather - ANZ / CBA
Close / Novate - BNP / SG / KBC / Suncorp
Proposed Swaps
Overhedged - committed
Floating
Amortising Debt
Policy Min
Policy Max
USD '000
BBW - Phoenix Interest Rate Hedging Position based on Latest Model
Graph - BBW EUR
20052006200720082009201020112012201320142015
%
%
%
%
%
%
%
%
%
%
Proposed Swaps: EUR30M Jun07 - Jun22, EUR50M Jun07 - Jun17, EUR20M Jun07-Jun10
Current debt amortisation profile - fully drawn
&L&"Arial,Regular"&8&Z&F&D, &T&R&"Arial,Regular"&8Quarterly Treasury Report - September 2005
Graph - BBW EUR
162438.3978600120000036282.7561718702358392.76386014239040.865523903286849.038628683
157867.8035600120000070345.3504718702356083.43754151261159.865523903313391.838628683
152661.5427600150000056149.6112718703350750.601459559269108.365523903322930.038628683
146996.9732800150000061814.1807518702343262.446743066269108.365523903322930.038628683
141794.9305200150000067016.2235118703335975.147783896269108.365523903322930.038628683
136964.4043200150000071846.7497118703328244.632266669179405.577015935287048.923225496
131526.8755800150000077284.2784518703321323.240675317179405.577015935287048.923225496
126489.6486800150000082321.5053518703309322.26060536179405.577015935287048.923225496
120795.681300150000088015.4727318702298549.899351271179405.577015935287048.923225496
115563.9946001100000133247.15943187287437.908955646179405.577015935287048.923225496
109663.53794001100000139147.61609187277494.902121888179405.577015935287048.923225496
94513.83212001100000154297.32191187267195.95096003989702.7885079676215286.692419122
89391.01284001100000159420.14119187256620.22135283389702.7885079676215286.692419122
84636.53572001100000164174.61831187245445.61983294989702.7885079676215286.692419122
79214.97732001100000169596.17671187238641.23265559789702.7885079676215286.692419122
74154.36324001100000174656.79079187231083.18672324489702.7885079676215286.692419122
70247.9545001100000178563.19953187223955.46755770989702.7885079676215286.692419122
65050.65016001100000183760.50387187214793.91986869389702.7885079676215286.692419122
59147.89368001100000189663.26035187206610.10456340289702.7885079676215286.692419122
53589.77618001100000195221.37785187196139.65735675889702.7885079676215286.692419122
47401.13284001100000201410.02119187186431.73232991589702.7885079676215286.692419122
41526.6374001100000207284.51663187172082.357302690179405.577015935
34977.77796001100000213833.37607187156407.0911669040179405.577015935
28736.0658001100000220075.08823187139272.186751750179405.577015935
21792.38156001100000227018.77247187122344.6169189870179405.577015935
15115.9258001100000233695.22823187104154.9754217980179405.577015935
7720.7224800700000281090.4315518787204.89414288250179405.577015935
000700000288811.1540318768927.17545642020179405.577015935
000300000328811.1540318751389.79554847530179405.577015935
00000358811.1540318733347.59119028210179405.577015935
00000358811.1540318717159.79074756260179405.577015935
00000358811.154031870.0000000002
0000000
&L&8&F&C&8&D&T&R&8Quarterly Treasury Report - April 2004
Close / Novate - BNP / HBOS/ HSH
Novation - Dexia / BOS
Core Debt
Novation - Dexia / BOS
Grandfather - ANZ / CBA
Close / Novate - BNP / SG / KBC / Suncorp
Proposed Swaps
Overhedged - committed
Floating
Amortising Debt
Policy Min
Policy Max
EUR '000
BBW - Phoenix Interest Rate Hedging Position based on Latest Model
Active8_Reference_Sheet
%
%
%
%
%
%
%
%
%
%
Proposed Swaps: EUR30M Jun07 - Jun22, EUR50M Jun07 - Jun17, EUR20M Jun07-Jun10
Current debt amortisation profile - fully drawn
-
Global Refinance1.03 billion global facility
Capital efficiency captured
Multi currency: enables FX Management
Scaleable with acquisitions
Reduced borrowing costs
Manager base fee adjusted to ensure no inadvertent increase
-
Revenue1 Operating ExpenseInterestDebt Principal and Working Capital MovementPre hedging FX LossFX HedgingPost hedging FX LossImpact of FX on FY07 Cash FlowNatural HedgeRisk Management1. Total Revenue including US(0.6)
Chart2
-4.874112191800
-3.3170124223-1.55709976950
-2.7277937494-0.58921867290
-2.4250216792-0.30277207020
-2.42502167920
-0.6650216792-1.76
-0.66502167920
Invisible
Final
Unfavourable
Initial
AUD Millions
(4.9)
(2.4)
(0.7)
1.6
0.6
0.3
1.8
Total Rev Chart
PLEASE PUT IN KEY WHICH EXPLAINS SHADING. ALSO PUT IN TOTALS WHICH ADD UP MULTIPLE SHADED BARS
InvisibleFinalUnfavourableFavourableInitial
Split into U.S and Non U.sFY06 Actual67.80.012.60.0
Split into U.S and Non U.sFY07 IPO105.30.019.30.0
Acquisitions @ P50124.612.860.50.0
Market Tariff197.30.00.60.0
Availability193.34.60.00.0
SwapNetwork Loss Factor and Constraints192.01.80.0
Wind176.815.20.00.0
FX171.94.90.00.0
Split into U.S and Non U.sFY07 Actual103.768.20.0
171.9380083258
Total Rev Chart
67.75012.60265865620
105.3387647091019.25440279970
124.593167508812.768259386560.50336386360
197.275445106200.58934565270
193.26727313264.597517626300
192.00788791991.848730865500
176.812120517615.195767402300
171.93800832584.874112191800
103.695607307468.24240101840
Invisible
Final
Unfavourable
Favourable
Initial
AUD Millions
FY07 Revenue Variances Total Portfolio
- 1.8
- 4.6
- 15.2
- 4.9
FX Graph
PLEASE FIGURE OUT HOW TO MAKE AXIS WRITING LOOK TIDY
.EuroUSD
Average Rate assumed at IPO in FY070.59160.7542
Average Rate observed in FY070.60180.7868
Average Rate of FX hedge rates in FY070.58700.7619
InvisibleFinalUnfavourableFavourableInitial
-4.90.00.00.0
-3.3-1.60.00.0
-2.7-0.60.00.0
-2.4-0.30.00.0
-2.40.00.0
-0.7-1.8
-0.70.0
US EBITDA Margin for FY0762.8%
Non US EBITDA Margin for FY0782.3%
Average FY07 RateAverage IPO Rate
Total Interest42.4
USD3.00.82250.7522-0.3
Euro180.60180.5916-0.3
AUD21.40
Average FY07 RateAverage IPO Rate
Total Interest42.4
Euro Principal Repaid @ 12/06 and VAT Receipt (WC Movement in Foreign Currency)1.000.59330.59380.0
Euro Principal Repaid @ 5/075.600.61680.5851-0.3
FX Graph
0000
0000
0000
0000
0000
0000
0000
Invisible
Final
Unfavourable
Initial
AUD Millions
1.8
0.3
0.6
1.6
-
FX ManagementRevenue1Cost2Based on current portfolio for FY081. Total revenue including US2. Includes Operating & Corporate Costs + Interest3. After notional repayment of debt4. Impact on FY08 after Forward Exchange ContractsNOCF3Net Exposure4AUDUSDEURAUDUSDEUREURUSDUSDEUR
Exchange Rate SensitivityA$/EuroA$/US$Movement in FX rate+ 5%- 5%+ 5%- 5%Impact on NOCF2-0.7%0.7%0.5%0.5%
Chart6
91977.7002501619
45396.6031819726
71633.524254035
COST FY08
FY08 FX
Revenue FY08
Revenue FY08COST FY08NOCF FY08Net Exposure FY08
AUD81,55991,9780.00.0
EUR99,75845,39735,7928,870
USD120,38571,63430,1817,003
Total in 000's3022096616
9319.6016.319.174.50
4.94.12.31.1
COST FY08 incl Interest0.2405948774
SensitivitiesNOCFNet Exposure-5%+5%
EURO35,7928,8700.67%-0.67%
USD30,1817,0030.53%-0.53%
NOCF FY08 after pricnipal deduction
Net Exposure FY08
FY08 FX
0
0
0
0
0
0
Revenue FY08
0
0
0
COST FY08
0
0
0
NOCF FY08
0
0
0
Net Exposure FY08
Chart7
0
35791.5073538788
30181.1518828718
NOCF FY08
FY08 FX
Revenue FY08
Revenue FY08COST FY08NOCF FY08Net Exposure FY08
AUD81,55991,9780.00.0
EUR99,75845,39735,7928,870
USD120,38571,63430,1817,003