Sydney - Thursday - August 28: (RWE Aust Business News) -...

Sydney - Thursday - August 28: (RWE Aust Business News) - Babcock
& Brown Wind Partners (ASX:BBW) reported a net profit of $36.77 million
for the year to June 30 2008, compared with $15.1m in FY07.
A final tax deferred distribution of 7.25c will be paid 18th
September
Total revenue was $422.7m compared to $171.9m previously, the
rise attributed to a full period contribution from the US06 Portfolio,
acquisition of the Enersis and US07 Portfolios, and a contribution from
the Lake Bonney 2 wind farm which was previously under construction.
EBITDA from operations increased by 164pc to $333.7m.
Total proceeds from the sale of the Spanish portfolio of $1.42bn
provide BBW with financial flexibility to consider reinvestment and
capital management initiatives.
Recognising current credit market conditions and the growth
market in which BBW operates, the directors have decided to re-align the
distribution policy to provide additional balance sheet flexibility and
to take account of the reduced net operating cash flow following the sale
of the Spanish wind energy portfolio.
Revised guidance for FY09 net operating cash flow is 21.4c per
stapled security.
The FY09 distribution guidance has been re-stated to not less
than 9c per stapled security, assuming no further divestments and that
the proceeds from the Spanish wind energy sale are not reinvested.

Strategic initiative
On 28th February 2008, BBW announced a strategic initiative in
relation to its European wind energy portfolio.
BBW sold its Spanish wind energy portfolio for a sale price of
$1.42bn which, subject to completion, represents an estimated profit
before transaction costs of approximately $266m in FY09.
The strategic initiative has been extended to allow bidders
further time to complete their analysis in relation to Portugal and
France.
Whilst the Enersis portfolio is offered jointly with Babcock &
Brown, both parties can proceed independently.
It is still anticipated that any potential sale of the Portugal
and France assets would be agreed in the final quarter of 2008.