OVERVIEW
SUMMARY
FINANCIALS
PaperlinX Limited and Controlled Entities
| Year ended 30 June | ||||
|---|---|---|---|---|
| 2008 | 2007 | 2006 | ||
| Sales revenue | $m | 7,485.1 | 7,839.3 | 7,371.6 |
| Earnings from operating activities before interest, income tax, amortisation and depreciation | $m | 254.3 | 286.5 | 257.1 |
| Earnings from operating activities before interest and income tax (EBIT) | $m | 160.4 | 185.5 | 152.4 |
| Underlying earnings from operating activities before interest and income tax | $m | 154.4 | 197.7 | 156.6 |
| Profit before tax | $m | 100.4 | 114.6 | 87.3 |
| Profit after income tax | $m | 72.2 | 80.1 | 65.4 |
| Step-up Preference Security (SPS) distribution | $m | 26.7 | 6.6 | 0.0 |
| Key Ratios | ||||
| Earnings before interest and income tax to average funds employed | % | 5.7 | 7.0 | 6.2 |
| Average working capital to sales | % | 18.0 | 18.3 | 18.7 |
| Operating cash flow | $m | 113.0 | 142.9 | 259.8 |
| Net interest cover(1) | x | 2.0 | 2.5 | 2.3 |
| Net debt/Net debt and equity | % | 28.7 | 24.3 | 36.0 |
| Basic earnings per share post SPS distribution | cps | 10.1 | 16.4 | 14.7 |
| Dividend per share (Total annual) | cps | 6.5 | 11.0 | 10.0 |
(1) Including capitalised interest in 2008 of $18.8 million, $4.2 million in 2007 and $0.3 million in 2006.
Note: In this statement, currency is in Australian dollars unless otherwise indicated.
| EBIT | Sales Revenue | Total Assets | ||||
|---|---|---|---|---|---|---|
| June 2008 $m |
June 2007 $m |
June 2008 $m |
June 2007 $m |
June 2008 $m |
June 2007 $m |
|
| Industry Segments | ||||||
| Europe | 139.0 | 139.9 | 4,573 | 4,780 | 2,020 | 2,148 |
| North America | 32.4 | 51.5 | 1,275 | 1,380 | 457 | 502 |
| Australia, NZ and Asia(1) | 21.0 | 13.8 | 1,005 | 1,033 | 444 | 462 |
| Inter-merchant Sales | – | – | (37) | (34) | – | – |
| Total Paper Merchanting | 192.4 | 205.2 | 6,816 | 7,159 | 2,921 | 3,112 |
| Paper Manufacturing(1) | (1.9) | 10.2 | 973 | 1,016 | 1,354 | 1,148 |
| Corporate(1)(2) | (30.1) | (29.9) | 35 | 129 | ||
| Operating earnings before interest and income tax |
160.4 | 185.5 | ||||
| Net interest(3) | (60.0) | (70.9) | ||||
| Income tax expense | (28.1) | (34.4) | ||||
| Outside equity interests | (0.1) | (0.1) | ||||
| Inter-segment sales | (304) | (336) | ||||
| Unallocated assets | ||||||
| (deferred tax assets) | 68 | 53 | ||||
| Total | 72.2 | 80.1 | 7,485 | 7,839 | 4,378 | 4,442 |
(1) Reported historic results adjusted to reflect the formation of PaperlinX Office.
(2) Corporate includes Group overheads, governance and compliance costs, financing costs, public company costs, Group-wide long-term incentive costs and applicable one-off items.
(3) Excludes capitalised interest in 2008 of $18.8 million and $4.2 million in 2007.