Ann: Monetisation and Third Quarter Operating Upd, page-7

re: Ann: Monetisation and Third Quarter Opera... Folks

Interesting mention by the CEO on the last paragraph about "this years's Ebitda been better then '07-08" on page 3.

For '07-08 (12 mnths):
Revenue: $2814.2m
Ebitda: $652.7m
Margin: 23.2% (ie 652/2814)
Debt: $4592m
Ebitda/Debt: 14.2 times (due to their high debt)

For HY till Dec-'08 (6 mnths):
Revenue: $1526m
Ebitda: $341.1m
Margin: 23.3%

Althou' earnings for Q1-'09, weren't mentioned in the update, if one were to double the Revenue & Ebitda from Dec 08 to Jun'09, then we'd b looking at $3052m & $682.2m which are better then '07-08 overall.

So the question that springs to mind is, is the Ebitda multiple quoted in the AFR for the WOC based on 12 monthly earnings or 6 monthly?

Cheers