FINANCIAL OVERVIEW
Five year history
For years ended 30 June
| ($AUD million except where indicated) | Actual 2008/2009 |
Actual 2007/2008 |
Actual 2006/2007 |
Actual 2005/2006 |
Actual 2004/2005 |
|
|---|---|---|---|---|---|---|
| PaperlinX consolidated financial performance | ||||||
| Sales revenue | 7,107(1) | 7,485(1) | 7,839(1) | 7,372(1) | 7,574 | |
| Sales growth (%) | (5.1) | (4.5) | 6.2 | (2.7) | 21.9 | |
| (Loss)/Profit from ordinary activities before depreciation, amortisation, impairment net interest and income tax | (36.0) | 254.3 | 286.5 | 257.1 | 293.0 | |
| Earnings from ordinary activities before interest and income tax | (718.2) | 160.4 | 185.5 | 152.4 | 180.1 | |
| (Loss)/Profit from ordinary activities before income tax | (800.0) | 100.4 | 114.6 | 87.3 | 111.6 | |
| (Loss)/Profit from ordinary activities after income tax (excluding ATC) | (798.2) | 72.3 | 80.1 | 65.4 | 89.6 | |
| (Loss)/Profit from ordinary activities after income tax (including ATC) | (798.2) | 72.3 | 80.1 | 65.4 | 166.6(2) | |
| Financial statistics | ||||||
| Depreciation, amortisation and impairment expense | 682.2 | 93.9 | 101.0 | 104.7 | 112.9 | |
| Net interest expense | 81.8 | 60.0 | 70.9 | 65.1 | ||
| Cash flow from operating activities | (6.0) | 117.1 | 142.9 | 259.8 | 273.4 | |
| Capital expenditure – acquisitions | 3.4 | 17.8 | 35.3 | 100.9 | 44.6 | |
| Capital expenditure – plant and equipment | 180.1 | 326.0 | 177.4 | 101.4 | 86.3 | |
| Earnings from ordinary activities before interest and income tax by segments |
||||||
| Merchanting | 82.3(3) | 185.7(3) | 205.2 | 188.9 | 194.1 | |
| Paper Manufacturing Continuing | (8.7)(4) | (26.1)(4) | 10.2(4) | (3.3)(4) | 12.1 | |
| Paper Manufacturing Discontinuing | 36.5(5) | 30.8(5) | ||||
| Corporate | (93.7) | (30.0) | (29.9) | (33.2) | (26.1) | |
| Total EBIT Pre Significant Items | 16.4 | 160.4 | 185.5 | 152.4 | 180.1 | |
| Significant Items | (734.6) | – | – | – | – | |
| Total EBIT Post Significant Items | (718.2) | 160.4 | 185.5 | 152.4 | 180.1 | |
| Financial position summary | ||||||
| Current assets | 2,312 | 2,678 | 2,874 | 2,881 | 2,674 | |
| Non-current assets | 636 | 1,700 | 1,568 | 1,510 | 1,493 | |
| Total assets | 2,948 | 4,378 | 4,442 | 4,391 | 4,167 | |
| Current liabilities | 1,503 | 1,536 | 1,823 | 1,460 | 1,373 | |
| Non-current liabilities | 174 | 917 | 714 | 1,322 | 1,231 | |
| Total liabilities | 1,677 | 2,453 | 2,537 | 2,782 | 2,604 | |
| Net Assets/Total shareholders’ equity | 1,271 | 1,925 | 1,905 | 1,609 | 1,563 | |
| Financial ratios | ||||||
| Basic earning per share (excluding ATC) | (cents) | (145.6) | 10.1 | 16.4 | 14.7 | 20.1 |
| Basic earning per share (including ATC) | (cents) | (145.6) | 10.1 | 16.4 | 14.7 | 37.3(2) |
| Earnings per share growth (excluding ATC) | (%) | (1,541.6) | (38.4) | 11.6 | (26.9) | (18.6) |
| Return on average funds employed | (%) | (26.3) | 5.7 | 7.0 | 6.2 | 6.7 |
| Return on average shareholders’ equity | (%) | (46.3) | 3.8 | 4.7 | 4.4 | 10.4(2) |
| Dividend per ordinary share | (cents) | 0 | 6.5 | 11.0 | 10.0 | 25.5 |
| Dividend franking | (%) | 0 | 0 | 0 | 0 | 0 |
| Net tangible asset per ordinary share | ($) | 0.85 | 2.59 | 2.58 | 2.49 | 2.40 |
| Net interest cover | (times) | (7.7)(6) | 2.0(6) | 2.5(6) | 2.3 | 2.6 |
| Gearing (Net debt/net debt and shareholders’ equity) | (%) | 14.6 | 28.7 | 24.3 | 36.0 | 35.9 |
| Gearing (Net debt/shareholders’ equity) | (%) | 17.1 | 40.3 | 32.1 | 56.2 | 55.9 |
| Other information | ||||||
| PaperlinX share price: | ||||||
| • Year’s high | ($) | 2.29 | 3.71 | 4.40 | 3.86 | 5.46 |
| • Year’s low | ($) | 0.31 | 1.72 | 3.03 | 2.85 | 2.33 |
| • Close as at 30 June | ($) | 0.425 | 1.72 | 3.72 | 3.12 | 3.01 |
| Fully paid ordinary shares as at 30 June | (millions) | 603.6 | 453.1 | 448.7 | 446.2 | 446.2 |
| Weighted average number of shares | (millions) | 558.7 | 450.8 | 447.6 | 446.2 | 446.1 |
| Market capitalisation as at 30 June | ($ millions) | 257 | 779 | 1,669 | 1,392 | 1,343 |
| Number of shareholders as at 30 June | 54,551 | 57,002 | 62,663 | 73,223 | 90,889 | |
| Employee numbers as at 30 June | 7,199 | 9,365 | 9,502 | 9,672 | 9,369 | |
(1) Sales revenue is net of trade and settlement discounts.
(2) Includes once only benefit of entering Australian Tax Consolidation regime of $77 million.
(3) Merchanting excludes Dalton Web and Paper Trading, which are now included in Paper Manufacturing Discontinuing.
(4) Paper Manufacturing Continuing includes the Tasmanian Paper operations.
(5) Paper Manufacturing Discontinuing represents Australian Paper disposed to Nippon Paper on 31 May 2009.
(6) Includes capitalised interest in 2009 of $11.3 million, $18.8 million in 2008 and $4.2 million in 2007.