" FY09 result: Operating EBITDA was $734M, effectively flat vs FY08. The FY09 result is somewhat distorted by a once-off provision for a $37M doubtful debt related to the Tasmanian Gas Pipeline. Differences from our forecast also include weaker than expected PD Ports and Euroports contributions, and a stronger than expected contribution from DBCT and WestNet Rail. NPAT was affected by an $895M asset impairment charge and a $227M mark-to-market loss on hedges, but benefitted from a gain realised on the sale of a 58% stake in PowerCo.
Credit metrics have weakened. Operating cashflow deteriorated markedly, particularly in 2H09."
BBI Price at posting:
9.2¢ Sentiment: LT Buy Disclosure: Held
