PROFIT & LOSS STATEMENT( in AUD Million) FY17 FY18

TOTAL SALES REVENUE 3344.14 3083.10

Growth (YOY) -0.08
Other operating income 0.00 0.00
Cost of goods sold 2737.84 2485.20
Gross Profit 606.30 597.90
Gross Margin 18.13% 19.39%
Opeating Expenses 55.65 63.50
Unsual Income/Expense -1492.33 -285.90
Operating profit 2042.98 820.30
Margin 61.09% 26.61%
Growth (YOY) -0.60
Interest Expense 111.20 76.10
Interest Coverage Ratio 3.33% 2.47%
Interest to Sales
Profit before Tax 1931.78 744.20
Margin 57.77% 24.14%
Growth (YOY) -61.48%
Adjusted Provision for tax 106.81 171.00
Tax to sales 3.19% 5.55%
Profit after taxes 1824.97 573.20
Margin 54.57% 18.59%
Growth (YOY) -68.59%
FY19 FY20E FY21E FY22E
2929.20 2489.82 2290.63 2336.45
-0.05 -0.15 -0.08 0.02
0.00 0.00 0.00 0.00
2280.00 1991.86 1832.51 1869.16
649.20 497.96 458.13 467.29
22.16% 20.00% 20.00% 20.00%
46.80 37.35 34.36 35.05
-13.50 -100.00 -100.00 -100.00
615.90 560.62 523.77 532.24
21.03% 22.52% 22.87% 22.78%
-0.25 -0.09 -0.07 0.02
36.60 49.80 45.81 46.73
1.25% 2.00% 2.00% 2.00%

579.30 510.82 477.95 485.51

19.78% 20.52% 20.87% 20.78%
-22.16% -11.82% -6.43% 1.58%
176.40 153.25 143.39 145.65
6.02% 6.15% 6.26% 6.23%
402.90 357.57 334.57 339.86
13.75% 14.36% 14.61% 14.55%
-29.71% -11.25% -6.43% 1.58%
 BALANCE SHEET ( in AUD Million) FY17 FY18 FY19
Property Plant & Equipment 3959.2 3880.7 4259
Intangible Assets 1660 1543.4 1479.3
Other non current Assets 874.6 671.4 610.5
Total Non-Current Assets 6493.8 6095.5 6348.8

Current Investments
Inventories 17.5 17.3 16.7
AcccounT Receivable 225.3 172.3 98.7
Cash and bank 1771.2 1844.6 1126
Other current assets 44.8 42 43.6
Total Current Assets 2058.8 2076.2 1285

TOTAL ASSETS 8552.6 8171.7 7633.8

Reserves -5 -76.2 1.4
Contibuted Equity -53.2 -71.9 -203.3
Retained Earnings 5177.9 5306 5298.8
Total Equity 5119.7 5157.9 5096.9

Secured Loan 1594.9 1467 791

Deffered Assets/Liabilities 377.4 380.9 401.5
Other long term Liabilities 274 287.6 255.1
Long term provision 54.5 34.7 28.7
Total Non-Current Liabilities 2300.8 2170.2 1476.3

Trade Payable 453 427.5 433.1

Other current laibilities 118.2 165.3 153.9
Short term Borrowings 350.1 25.7 287.6
Short Term Provision 210.8 225.1 186
Total Current Liabilities 1132.1 843.6 1060.6

TOTAL LIABILITIES & SHAREHOLDERS FUND 8552.6 8171.7 7633.8

FY20E FY21E FY22E
3620.15 3330.54 3397.15
1257.41 1156.81 1179.95
518.93 477.41 486.96
5396.48 4964.76 5064.06

14.20 13.06 13.32

83.90 77.18 78.73
957.10 880.53 898.14
37.06 34.10 34.78
1092.25 1004.87 1024.97

6488.73 5969.63 6089.02

1.19 1.09 1.12
-172.81 -158.98 -162.16
4503.98 4143.66 4226.53
4332.37 3985.78 4065.49

672.35 618.56 630.93

341.28 313.97 320.25
216.84 199.49 203.48
24.40 22.44 22.89
1254.86 1154.47 1177.56

368.14 338.68 345.46

130.82 120.35 122.76
244.46 224.90 229.40
158.10 145.45 148.36
901.51 829.39 845.98

6488.73 5969.63 6089.02

 Calculation of WACC WACC Particulars As per B/S
Risk free rate 3% Equity 5096.9
Risk premium 6% Debt 791
Beta 1.13 Debt/(Equity+debt) 13.43%
Equity/(Debt+Equity) 86.57%
Cost of equity 9.28%
Cost of debt 2.50% WACC 8.27%
Terminal Growth rate 3%

Particulars FY17 FY18 FY19 FY20E

EBIT 820.30 615.90 560.62
Taxes 246.09 184.77 168.18501
NOPLAT 574.21 431.13 392.43
Increase/Decrease in capital expenditure -78.5 378.3 -638.85
Increase in working capital -78.7 -68.6 -82.275
Cash flow 417.01 740.83 -328.69
Add: Depreciation 0

Year FY 20
FCFF -328.69
Terminal Value
PV of Cah Flows -328.69
Net Present Value 121.56
Enterprise Value 8150.91
Debt
Equity
No of shares Outstanding 677.16
Value per share 12.036906
Current market price 9.490000
Upside/Downside 26.84%
 Target Price 12.03
Current Mkt Price 9.49
Upside 26.77%

FY21E FY22E
523.77 532.24
157.1302092 159.672813384
366.64 372.57
-289.612 66.61076
-37.298 8.57854
39.73 447.76
0 0

FY21 FY22
39.73 447.76
7995.15266088
36.6926709153 8442.91185877