Ann: Results for year ended 30 June 2011 , page-2

Well, this is a pleasing profit report.
rev up 14% !!
costs down 6.3%
free cash flow 58 mil - improved 40 mil over last year - at this rate will be able to pay 2.5c dist next year, but peninsula link will increase this even more.
nett debt only 1049 mil which is only 35% gearing - NO PROBLEM WITH GETTING REFINANCING WITH THIS GEARING AND CASH FLOW IN 2012.

INSUMMARY - cash is flowing in, dist will rise, 14% rev raise is fantastic. more extensions to follow. gearing satisfactory to raise capital for loan repayment at most likely reduced interest rate.

CP2 can go to hell!