true bongo....look, we all know they have bloody good assets,...

true bongo....look, we all know they have bloody good assets, but compare it to one of its peers spn

spn (millions)
revenue 1169
ebitda 709
npat 146.9
interest 311 million

total assets 7.8 billion
borrowings 4.5 billion
icr 2.5x
operating costs 61


bbp (millions)
revenue 1668
ebitda 405-405 (with contracts terminated)
ebitda underlying 260-270
npat 1st half 17.8
interest 347 million

total assets 4181
borrowings 2860
operating costs
Operating costs - Power generation ( 279.1)
Operating costs - Energy markets ( 431.1)
= 1420 predicted for fy09

As you can see, what kills bbp is the sheer operatings costs - fuel, maintenance etc, as well as the high debt margin