From the BBP release clarify the NA vs NTA posistion.... Not the...

From the BBP release clarify the NA vs NTA posistion.... Not the "Acquisition of the Alinta RETAIL business"...

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At 30 June 2008, BBP had negative net tangible assets per security of $1.05 compared to a positive
$2.02 as at June 2007. The large negative net tangible asset value is attributable to the full
acquisition of the Alinta retail business completed in December 2007. The nature and value of the
retail energy business is in its brand position as the pre-eminent West Australian gas retailer and its
customer base (both existing and potential future growth). As such the business has a smaller fixed
asset base and relies on efficient and effective working capital management as a key component of
profitability. This business is inherently different to the power generation business as it relies on its
branding and customer base to produce cash flows as compared to the operation of tangible assets
(such as power plants) that characterise the power generation business.
Therefore, while the acquired intangibles and goodwill of the retail business in particular represent
future economic value to the Group, they are deducted for the purposes of calculating net tangible
assets per security. Net assets per security at 30 June 2008 was $1.92 (30 June 2007: $2.52).