Professional Documents
Culture Documents
VBA Forecasting
VBA Forecasting
Consolidated
2010 2009 2008 2007
$m $m $m $m
Current assets
Cash and cash equivalents 814.70 475.90 603.90 704.00
Trade and other receivables 141.10 122.30 108.50 74.30
Inventories 0.00 0.00 0.60 0.40
Derivative financial instruments 36.90 11.90 126.80 26.40
Current tax assets 0.00 1.70 23.50 0.00
Total current assets 992.70 611.80 863.30 805.10
Non-current assets
Receivables 0.30 0.00 0.00 0.00
Investments accounted for using the equity method 7.30 6.70 6.30 2.80
Other financial assets 58.40 49.00 24.00 24.80
Derivative financial instruments 0.00 1.90 60.90 0.00
Property, plant and equipment 2753.90 2645.70 2336.00 1425.00
Intangible assets 53.30 51.10 46.70 47.30
Deferred tax assets 6.00 0.70 0.70 0.70
Total non-current assets 2879.20 2755.10 2474.60 1500.60
Total assets 3871.90 3366.90 3337.90 2305.70
Current liabilities
Trade and other payables 323.80 268.70 224.40 163.30
Interest-bearing liabilities 251.50 233.30 303.70 86.70
Provisions 82.40 75.10 43.40 44.00
Derivative financial instruments 34.90 88.60 72.30 105.00
Current Tax Liabilities 0.00 0.00 0.00 0.10
Unearned revenue 616.30 493.20 408.20 332.70
Total current liabilities 1308.90 1158.90 1052.00 731.80
Non-current liabilities
Payables 0.00 0.10 0.30 0.50
Interest-bearing liabilities 1536.30 1546.10 1182.50 759.70
Provisions 49.90 42.50 47.00 38.00
Derivative financial instruments 8.30 36.10 3.70 0.00
Deferred tax liabilities 34.60 5.00 125.30 29.90
Unearned revenue 0.60 1.10 1.80 2.30
Total non-current liabilities 1629.70 1630.90 1360.60 830.40
Total liabilities 2938.60 2789.80 2412.60 1562.20
Net assets 933.30 577.10 925.30 743.50
Equity
Share capital 632.50 407.70 406.20 405.30
Reserves (3.80) (113.90) 75.80 (49.10)
Retained profits 304.60 283.30 443.30 387.30
Total equity 933.30 577.10 925.30 743.50
21.3 75.2948808 215.8
21.3 75.2948808 194.90
224.80 224.8 4.40
110.10 110.1 (62.00)
21.30 75.3 194.90
0.0 193.08
2006
$m
573.00
63.20
0.40
6.50
4.70
647.80
0.00
0.40
7.90
0.00
1206.30
52.80
0.60
1268.00
1915.80
154.90
107.30
33.90
0.00
0.00
246.70
542.80
0.80
697.60
39.00
0.00
26.40
3.00
766.80
1309.60
606.20
400.90
12.90
192.40
606.20 1915.80
250.6 250.613
229.7 34.81 0.00
4.4
-62
229.7 34.81
Balance Sheet of VBA
Consolidated
2010 2009 2008 2007
$m $m $m $m
Current assets
Cash and cash equivalents 1134.43 742.13 1031.82 853.39
Trade and other receivables - Current 141.10 122.30 108.50 74.30
Inventories 0.00 0.00 0.60 0.40
Derivative financial instruments - Current 26.10 11.90 3.60 14.70
Current tax assets 0.00 1.70 23.50 0.00
Total current assets 1301.63 878.03 1168.02 942.79
Non-current assets
Receivables 0.30 0.00 0.00 0.00
Investments accounted for using the equity method 7.30 6.70 6.30 2.80
Other financial assets 58.40 49.00 24.00 24.80
Derivative financial instruments - Non Current 0.00 1.90 22.90 0.00
Property, plant and equipment 3852.29 3815.42 3096.28 2263.02
Intangible assets 53.30 51.10 46.70 47.30
Deferred tax assets 59.45 43.53 48.02 37.81
Total non-current assets 4031.04 3967.65 3244.21 2375.73
Total assets 5332.67 4845.68 4412.23 3318.52
Current liabilities
Trade and other payables 323.80 268.70 224.40 163.30
Interest-bearing liabilities - Current 392.25 386.46 439.18 220.55
Provisions - Current 82.40 75.10 43.40 44.00
Derivative financial instruments - Current 3.20 12.30 72.30 0.00
Current Tax Liabilities 0.00 0.00 0.00 0.10
Unearned revenue - Current 616.30 493.20 408.20 332.70
Total current liabilities 1417.95 1235.76 1187.48 760.65
Non-current liabilities
Payables 0.00 0.10 0.30 0.50
Interest-bearing liabilities - Non Current 2594.35 2708.34 1848.42 1550.58
Provisions - Non Current 49.90 42.50 47.00 38.00
Derivative financial instruments - Non Current 8.30 36.10 3.70 0.00
Deferred tax liabilities 34.60 5.00 125.30 29.90
Unearned revenue - Non Current 0.60 1.10 1.80 2.30
Total non-current liabilities 2687.75 2793.14 2026.52 1621.28
Total liabilities 4105.70 4028.90 3214.00 2381.93
Net assets 1226.97 816.78 1198.23 936.58
Equity
Share capital 632.50 407.70 406.20 405.30
Reserves (3.80) (113.90) 75.80 (49.10)
Retained profits 598.27 522.98 716.23 580.38
Total equity 1226.97 816.78 1198.23 936.58
229.71
194.9
34.81
2006
$m
573.00 788.07
63.20 65.90
0.40 0.30
6.50 1.45
4.70 17.19
647.80 872.91
0.00 0.00
0.40 0.00
7.90 7.90
0.00
2038.27
52.80
92.78
2192.16
2839.96
154.90
249.06
33.90
0.00
0.00
246.70
684.56
0.80
1321.72
39.00
0.00
26.40
3.00
1390.92
2075.48
764.47
400.90 400.35
12.90
350.67 239.68 -1.90 75.81 24.03 242.69
764.47 293.67 50.54 -1.90 75.81 24.03 242.69
0.00
75.29
-100.95
-97.50
VBA
2010 2009
Net Operating Assets (NOA)
Operating Assets
Trade and other receivables - Current ### ###
Receivables 0.30 -
Inventories - -
Current tax assets - 1.70
7.30
Investments accounted for using the equity method 6.70
Property, plant and equipment ### ###
Intangible assets 53.30 51.10
Deferred tax assets 59.45 43.53
Total Operating Assets 4,113.74 4,040.75
Operating Liabilities
Trade and other payables ### ###
Provisions - Current 82.40 75.10
Current Tax Liabilities - -
Unearned revenue - Current ### ###
Payables - 0.10
` Provisions - Non Current 49.90 42.50
Deferred tax liabilities 34.60 5.00
Unearned revenue - Non Current 0.60 1.10
Total Operating Liabilities 1,107.60 885.70
Net Operating Assets (NOA) 3,006.14 3,155.05
Net Debt
Financial Assets
Cash and cash equivalents ### ###
Derivative financial instruments - Current 26.10 11.90
Other financial assets 58.40 49.00
Derivative financial instruments - Non Current - 1.90
Total Financial Assets 1,218.93 804.93
Financial Liabilities
Interest-bearing liabilities - Current ### ###
Interest-bearing liabilities - Non Current ### ###
Derivative financial instruments - Current 3.20 12.30
Derivative financial instruments - Non Current 8.30 36.10
Total Financial Liabilities 2,998.10 3,143.20
Net Debt 1,779.17 2,338.27
Equity
Share capital ### ###
Reserves (3.80) ###
Retained profits ### ###
Total Equity 1,226.97 816.78
1,226.97 816.78
59% 74%
- -
Opening CSE 816.78 ###
Clean Surplus Profit 185.39 ###
Net Payments to Shareholders (d) ### (1.50)
Closing CSE ### 816.78
Check OEt =
Year 2010 1,226.97
Year 2009 816.78
Year 2008 1,198.23
Year 2007 936.58
2008 2007 2006
302.45 188.61
- -
Oet-1 + CSP - d
816.78 185.39 (224.80)
1,198.23 (382.95) (1.50)
936.58 302.45 40.80
764.47 188.61 16.50
Net Operating Assets (NOA)
Operating Assets
Trade and other receivables - Current
Receivables
Inventories
Current tax assets
Investments accounted for using the equity method
Property, plant and equipment
Intangible assets
Deferred tax assets
2,840 Total Operating Assets
Operating Liabilities
Trade and other payables
Provisions - Current
Current Tax Liabilities
Unearned revenue - Current
Payables
Provisions - Non Current
Deferred tax liabilities
Unearned revenue - Non Current
2,075 Total Operating Liabilities
0.936 Net Operating Assets (NOA)
Net Debt
Financial Assets
Cash and cash equivalents
Derivative financial instruments - Current
Other financial assets
Derivative financial instruments - Non Current
Total Financial Assets
Financial Liabilities
Interest-bearing liabilities - Current
Interest-bearing liabilities - Non Current
Derivative financial instruments - Current
Derivative financial instruments - Non Current
Total Financial Liabilities
Net Debt
Equity
Share capital
Reserves
Retained profits
Total Equity
2010 2009 2008 2007 2006
Con
2010
$m
Revenue and income
Revenue 2,976.1
Other income 5.1
Share of net profits of associate accounted for using the equity method 0.60
2,981.80
Operating expenditure
Aircraft operating costs 188.8
Airport charges, navigation and station operations 591.2
Contract and other maintenance costs 135.4
Commissions and other marketing and reservations costs 195.3
Fuel and oil 782.1
Labour and staff related costs 639.8
Other expenses from ordinary activities 145.9
Depreciation and amortisation 203.8
Foreign exchange losses 21.60
Total operating expenses 2,903.90
Profit / (loss) before tax expense, finance costs, ineffective cash flow hedges and
non-designated derivatives 77.90
Ineffective cash flow hedges and non-designated derivatives 12.60
Profit / (loss) before related income tax expense and net finance costs 90.50
Finance costs (83.90)
Finance income 27.70
Net financing costs (56.20)
Profit / (loss) before income tax expense 34.30
Income tax expense / (benefit) 13.00
Net profit / (loss) attributable to the members of Virgin Blue Holdings Limited 21.30
0.38
Other comprehensive income
Exchange differences on translation of foreign operations 26.9
Effective portion of changes in fair value of cash flow hedges (20.2)
Net change in fair value of cash flow hedges transferred to profit or loss 111.9
Income tax on other comprehensive income (10.5)
Other comprehensive income for the period net of income tax 108.1
Total comprehensive income for the period attributable to equity holders of
Virgin Blue Holdings Limited 129.4
Consolidated
2009 2008 2007 2006
$m $m $m $m
(12.8) (2.3)
(259.5) 181.5
29.8 (59.6)
53.8
(188.7)
(348.7) 217.3
Income Statement of VBA
C
2010
$m
Revenue and income
Revenue 2,819.0
Other income 5.1
Share of net profits of associate accounted for using the equity method 0.60
Net adjusted income from capitalised lease 50.54
2,875.28
Operating expenditure
Aircraft operating costs 188.8
Airport charges, navigation and station operations 591.2
Contract and other maintenance costs 135.4
Commissions and other marketing and reservations costs 195.3
Fuel and oil 621.6
Labour and staff related costs 639.8
Other expenses from ordinary activities 145.9
Depreciation and amortisation 203.8
Foreign exchange losses 21.60
Total operating expenses 2,743.39
Profit / (loss) before tax expense, finance costs, ineffective cash flow hedges and
non-designated derivatives 131.89
Ineffective cash flow hedges and non-designated derivatives 12.60
Profit / (loss) before related income tax expense and net finance costs 144.49
Finance costs (83.90)
Finance income 27.70
Net financing costs (56.20)
Profit / (loss) before income tax expense 88.29
Income tax expense / (benefit) 13.00
Net profit / (loss) attributable to the members of Virgin Blue Holdings Limited 75.29
(12.8) (2.3)
(259.5) 181.5
29.8 (59.6)
53.8
(188.7)
(348.7) 217.3
2010 2009 2008 2007 2006
lease payment 172.1 126 112.3 119.3 97.134
maintenance reserve 52.9 44.2 34.2 38.5 31.113
other 67.1 58 53 37.7 29.021
292.1 228.2 199.5 195.5 157.268
VBA
2010
Operating Revenues
Revenue 2,819.04
Other income 5.10
Share of net profits of associate accounted for using the equity
method 0.60
Net adjusted income from capitalised lease 50.54
Total Revenue 2,875.28
Operating Expenses
Aircraft operating costs 188.80
Airport charges, navigation and station operations 591.20
Contract and other maintenance costs 135.40
Commissions and other marketing and reservations costs 195.30
Fuel and oil 621.59
Labour and staff related costs 639.80
Depreciation and amortisation 203.80
Other expenses from ordinary activities 145.90
Foreign exchange losses 21.60
Total Operating Expenses 2,743.39
Net Operating Profit/ (Loss) from ordinary activities 131.89
Other Operating Income/Expenses
Ineffective cash flow hedges and non-designated derivatives 12.60
Net Operating Income/(Loss) before Tax 144.49
Tax on operating profit 29.86
Clean Surplus Adjustment 110.10
Net Operating Profit/ (Loss) After Tax 224.73
Net Financial Expenses
Finance costs (83.90)
Finance income 27.70
NFE (56.20)
Tax effect at 30% (16.86)
Net Interest Expense After Tax (39.34)
2010
Operating Revenues
Revenue 98.04%
Other income 0.18%
Share of net profits of associate accounted for using the equity 0.02%
method
Net adjusted income from capitalised lease 1.76%
Total Revenue 100%
Operating Expenses
Aircraft operating costs 6.57%
Airport charges, navigation and station operations 20.56%
Contract and other maintenance costs 4.71%
Commissions and other marketing and reservations costs 6.79%
Fuel and oil 21.62%
Labour and staff related costs 22.25%
Depreciation and amortisation 7.09%
Other expenses from ordinary activities 5.07%
Foreign exchange losses 0.75%
Total Operating Expenses 95.41%
Net Operating Profit/ (Loss) from ordinary activities 4.59%
Other Operating Income/Expenses
Ineffective cash flow hedges and non-designated derivatives 0.44%
Net Operating Income/(Loss) before Tax 5.03%
Tax on operating profit 1.04%
Clean Surplus Adjustment 3.83%
Net Operating Profit/ (Loss) After Tax 7.82%
Net Financial Expenses 0.00%
Finance costs -2.92%
Finance income 0.96%
NFE -1.95%
Tax effect at 30% -0.59%
Net Interest Expense After Tax -1.37%
1 1 2
Discount Dividend Valuation - - 11 12
Dividend Growth 6.0%
Total PV 196.93
1 1 2
Discount Free Cash Flow - 83 32 106
FCF Growth -61.3% 229.9%
Total PV 1,701.33
Less Debt 1,779.17
PV equity (77.83)
Total PV 805.21
Plus BV 1,226.97
PV equity 2,032.18
Total PV #REF!
Less Debt -
PV equity #REF!
1 2 3 4
Discount Abnormal Earnings
CSP #REF! #REF! #REF! #REF!
BE 0 #REF! #REF! #REF! #REF!
AE #REF! #REF! #REF! #REF!
AE Growth #REF! #REF! #REF!
Cost of Capital 13%
TV Growth Rate 6.4%
TV
Discount Factor 1.10 1.20 1.32 1.45
PV AE #REF! #REF! #REF! #REF!
PV of TV
Total PV #REF!
Plus BV -
PV equity #REF!
9% 9% 9% 9% 9% 9% 9% 9% 9%
320 339 359 381 404 428 453 481 509
- - - - - - - - -
4% 4% 4% 4% 4% 4% 4% 4% 10%
13 14 14 15 16 17 18 19 51
3 4 5 6 7 8 9 10 11
13 14 14 15 16 17 18 19 51
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 165.0%
221
1.32 1.45 1.59 1.75 1.92 2.10 2.31 2.53
10
166.88
3 4 5 6 7 8 9 10
112 119 126 134 142 150 159 169
6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2055.19645
1.32 1.45 1.59 1.75 1.92 2.10 2.31 2.53
85 82
1416.86
3 4 5 6 7 8 9 10
887.01
1.32 1.45 1.59 1.75 1.92 2.10 2.31 2.53
53 48 42 37 33
462.65
5 6
#REF! #REF!
#REF! #REF!
#REF!
1.59 1.75
#REF!
#REF!
5 6
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF!
1.59 1.75
#REF!
#REF!
3.26% 3.22% 3.19% 3.16% 3.13% 3.10% 3.08% 3.05% 3.02% 2.47% 26.01% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
1. Forecast sales 2010 2011 2012 2013
Actual Forecast Forecast Forecast
Sales growth rate - estimated 4% 4% 4% 4%
Sales 2,981.80 3,101.07 3,225.11 3,354.12
1 2 3
Discount Dividend Valuation - 25 26 27
Dividend Growth 4.0% 4.0%
Total PV 211.09
1 2 3
Discount Free Cash Flow 83 - 2,948 10 10
FCF Growth -3644.9% -100.3% 4.0%
Total PV (2,520.51)
Less Debt 1,779.17
PV equity (4,299.68)
1 2 3
Discount Abnormal Earnings
CSP 131 177 65 67
BE 1,227 1,379 1,418 1,459
AE 10 - 123 - 126
AE Growth -1330% -3%
Total PV (582.00)
Plus BV 1,226.97
PV equity 644.97
Total PV #REF!
Less Debt -
PV equity #REF!
2 3 4 5
Discount Abnormal Earnings
CSP #REF! #REF! #REF! #REF!
BE 0 #REF! #REF! #REF! #REF!
AE #REF! #REF! #REF! #REF!
AE Growth #REF! #REF! #REF! #REF!
Cost of Capital 13%
TV Growth Rate 6.4%
TV #REF!
Discount Factor 1.29 1.47 1.67 1.89
PV AE #REF! #REF! #REF! #REF!
PV of TV #REF!
Total PV #REF!
Plus BV -
PV equity #REF!
8% 8% 8% 8% 8% 8% 8% 8%
279 290 302 314 326 340 353 367
- - - - - - - -
69 71 73 75 78 80 82 85
4 5 6 7 8 9 10 11
28 29 30 31 33 34 35 37
4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
88.5422252
1.67 1.89 2.15 2.44 2.77 3.15 3.58
6
53
4 5 6 7 8 9 10
69 71 73 75 78 80 82
1,500 1,542 1,585 1,629 1,674 1,720 1,767
- 129 - 133 - 137 - 140 - 144 - 148 - 152
-3% -3% -3% -3% -3% -3% -3%
2.15
#REF!
#REF!
#REF!
#REF!
2.15
-0.25% -0.25% -0.25% -0.25% -0.25% -0.25% -0.25% -0.25% -0.25% 80.23% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
Qantas Airways Ltd
Valuations
2004 2005
Net Profit
Shareholders Funds
Residual Income
Forecast
Valuation
Cost of Capital 10%
Terminal Growth Rate 0%
Book Value
Residual Income Forecast
Terminal
Shares 2,209.13
2004 2005
Dividend Valuation
Dividend 314.6
DPS 0.142
Valuation
Cost of Capital 10%
Terminal Growth Rate 1.5%
Dividend Forecast $0.49
Terminal Value 1.33
Valuation
Cost of Capital (firm) 6.5%
Terminal Growth Rate 2%
NOA 10,666.8
Residual Operating Income Forecast 130.8
Terminal 778.6
Shares 2,209.1
Shares 2,209.1
2,252.56
587.40
2,839.96
504.70
1,570.78
764.47
2,839.96
2006
1,635.19
1,260.00
0.00
375.19
41.21
9.21
343.19
(6.79)
2006
79.32%
20.68%
100%
17.77%
55.31%
26.92%
100%
2006
100.00%
77.06%
0.00%
22.94%
2.52%
0.56%
20.99%
-0.42%
20.57%
2010 2009
Operating Revenues
Total Revenue 3043.14336 2633.50054
Total Operating Expenses 2743.4 2664.5
Ineffective cash flow hedges and non-designated derivatives 12.6 -133.2
Net Operating Income/(Loss) before Tax 312.343363 -164.19946
Tax on operating profit 29.86 -47.03
Clean Surplus Adjustment 110.1 -189.7
Net Operating Profit/ (Loss) After Tax 392.583363 -306.86946
Net Interest Expense After Tax -39.34 -44.73
Comprehensive Income (csp) 353.243363 -351.59946
2008 2007 2006
12.40% 24.776720246256000%
4.61%
764.47 773.87
336.40
343.19
1,747.86
983.38
(6.79)
769.17
1,747.86 168370 ROE (CSP / avg. E
983.38 0.154954147
40.00%
1389.2
30.00%
20.00%
10.00%
0.00%
2010 2009
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%
ROE (CSP / avg. Eq
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2010 2009
EIAT (NFE / avg. Net
1.00%
0.50%
0.00%
2010 2009
EIAT (NFE / avg. Net
2.00
1.50
1.00
2009 2008 2007
0.50
0.00
2010 2009 2008
OROA (NOPAT / avg. NOA) NFL (avg. Net Debt / avg.Equity)
2.00
1.00
0.50
2008 2007
(avg. Net Debt / avg.Equity)
rgin (NOPAT/Sales)
2008 2007
2008 2007
avg. NOA) NFL (avg. Net Debt / avg.Equity)
Undo accounting transaction from distortion (million AUD)
Assumption : All of the aircraft lease by the company is financing lease, since all of the rewards and ownership of the aircrafts belon
company
Fuel Expense
Year Account Before
2010 Fuel and Oil Expense 782.1
2009 Fuel and Oil Expense 748.9
2008 Fuel and Oil Expense 589.3
2007 Fuel and Oil Expense 488.9
2006 Fuel and Oil Expense 330.5
Assumption : The oil price is decrease 17%* on average from 2009 to 2010 (*moving average of jet fuel price ATA statist
2008;$128.86/barrel, 2009;$79.67/barrel and 2010; $94.25/barrel )
Financial Instrument-Hedging Current Assets
Year Account Before
Assumption : No hedging strategy applied by the company, as in reality the company hedging strategy is uncommon by s
strike price highly above the average market prediction, as a consequences the company suffers loss from hedging in th
years
Account After
Finance lease (capitalised) 292.1
Finance lease (capitalised) 228.2
Finance lease (capitalised) 199.5
Finance lease (capitalised) 195.5
Finance lease (capitalised) 157.2
After $128.86/barrel
Fuel and Oil Expense 621.6 160.5
Fuel and Oil Expense 748.9
Fuel and Oil Expense 589.3
Fuel and Oil Expense 488.9
Fuel and Oil Expense 330.5
After
After
After
Fuel hedging contracts – cash flow hedges 0
Fuel hedging contracts – cash flow hedges 0
Fuel hedging contracts – cash flow hedges 0
Fuel hedging contracts – cash flow hedges 0
Fuel hedging contracts – cash flow hedges 0
128.86 79.67
79.67 94.25
104.265 86.96
17.305
0.16597132
VBA
1 634.72 = 634.72
2 -120.60 =
2 36.18 =
3 =
3 = -251.78
4 382.94 = 382.94
5 -65.10 =
6 56.01 =
7 = 141.76 -141.76
Total 0.00 831.97 92.18 0.00 = 141.76 624.12
Reported 647.80 1,206.30 0.60 388.29 = 542.80 766.80
Adjusted 647.80 2,038.27 92.78 388.29 = 684.56 1,390.92
Note:
1. Capitalised the opening lease liability
2. Adjust the lease asset = (1-0.81) X 634.72 = 120.60; tax rate = 30%; 120.60 X 30% = 36.18
3. Apportion the lease payment,operating lease payment = 325.54 (taken from 2005); interest payment = 634.72 X 11.62% = 73.75 ; de
component = 325.54-73.75=251.78
4. Estimate new leases = 634.72 - 251.78 = 382.94
5. Estimate depreciation for 2006 = (81% X 634.72) : 7= 17.228 + (382.94 : 8) = 47.87 = 65.10
6. Deferred tax adjusment = 30% X (325.54-73.75-65.10)=- 25,267, increase deferred tax asset and profit.
7. Reclassify the leased liability taken from 2006 opening lease payment (within 1 year)
Liabilities + Equity
0
0
0
0
0
0
0 0 0
0
0 0 0
,691 = 114,612
rred tax asset and profit.
n, since this calculation only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
ent = 634.72 X 11.62% = 73.75 ; debt repayment 2007
Total
Reported
rofit. Adjusted
2008
Total
Reported
Adjusted
2009
Total
Reported
Adjusted
2010
Total
Reported
Adjusted
into account as well.
Assets Current Non-Current Deferred Other = Liabilities + Equity
Adj Assets Assets Tax
(PPE) Assets Assets = Current Non-Current
Debt Liabilities
-73.639331 0 0
387.3 356.2 0
313.660669 356.2 0
-69.599403 0 0
443.3 482 0
373.700597 482 0
-100.95422 0 0
283.3 293.8 0
182.345781 293.8 0
-97.502702 0 0
304.6 628.7 0
207.097298 628.7 0
Assets Current Non-Current Deferred Other = Liabilities + Equity
Adj Assets Tangible Tax
Assets Assets Assets = Current Non-Current
Liabilities
Debt
1 435,948 = 435,948
2 -82,830 =
2 24,849 =
3 =
3 = -13,780
4 422,168 = 422,168
5 -103,216 =
6 26,831 =
7 = 70,642 -70,642
Total 0 672,070 51,680 = 70,642 773,694
Reported =
Adjusted 0 672,070 51,680 0= 70,642 773,694
1 553.68 = 553.68
2 -105.20 =
2 31.56 =
3 =
3 = -91.31
4 462.37 = 462.37
5 -72.82 =
6 5.55 =
7 = 133.85 -133.85
Total 0.00 838.02 37.11 0.00 = 133.85 790.88
Reported 805.10 1,425.00 0.70 325.51 = 731.80 830.40
Adjusted 805.10 2,263.02 37.81 325.51 = 865.65 1,621.28
-82,830
24,849
63,042
-49,262
-103,216
26,831
-62,606 -57,981 0
0
-62,606 -57,981 0
,691 = 114,612
rred tax asset and profit.
n, since this calculation only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
Liabilities + Equity
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
into account as well.
Assets Current Non-Current Deferred Other = Liabilities + Equity
Adj Assets Tangible Tax
Assets Assets Assets = Current Non-Current
Liabilities
Debt
1 528,736 = 528,736
2 -100,460 =
2 30,138 =
3 =
3 = -17,959
4 510,777 = 510,777
5 -125,029 =
6 32,121 =
7 = 75,334 -75,334
Total 0 814,024 62,259 = 75,334 946,220
Reported =
Adjusted 0 814,024 62,259 0= 75,334 946,220
-100,460
30,138
77,706
-59,747
-125,029
32,121
-74,949 -70,322 0
0
-74,949 -70,322 0
,691 = 114,612
rred tax asset and profit.
n, since this calculation only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
Liabilities + Equity
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
into account as well.
Assets Current Non-Current Deferred Other = Liabilities + Equity
Adj Assets Tangible Tax
Assets Assets Assets = Current Non-Current
Liabilities
Debt
1 504,734 = 504,734
2 -95,899 =
2 28,770 =
3 =
3 = -26,812
4 477,922 = 477,922
5 -118,145 =
6 27,400 =
7 = 75,334 -75,334
Total 0 768,611 56,170 = 75,334 880,510
Reported =
Adjusted 0 768,611 56,170 0= 75,334 880,510
824,781 824,781
’31 Aug 2006 2007 2008 2009 2010 ’31 Aug
($’000) ($’000)
Within 1 year 63,042 77,706 83,847 83,463 89,582 Within 1 year
1-5 years 211,265 267,792 257,058 262,339 317,137 Over 1 year
Later than 5 147,193 146,196 103,480 102,626 78,658 Sum
years
Sum 421,500 491,694 444,385 448,428 485,377
Discount rate 10% 10% 11.30% 10.79%% 15.92%
-95,899
28,770
83,847
-57,035
-118,145
27,400
-63,933 -67,130 0
0
-63,933 -67,130 0
0
2006 2007 2008 2009 2010
,691 = 114,612
rred tax asset and profit.
n, since this calculation only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
Liabilities + Equity
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
into account as well.
Assets Current Non-Current Deferred Other = Liabilities + Equity
Adj Assets Tangible Tax
Assets Assets Assets = Current Non-Current
Liabilities
Debt
1 491,913 = 491,913
2 -93,463 =
2 28,039 =
3 =
3 = -30,386
4 461,527 = 461,527
5 -114,612 =
6 25,267 =
7 = 77,279 -77,279
Total 0 745,365 53,306 = 77,279 845,775
Reported 388,154 81,349 11,718 183,693 = 227,156 534,386
Adjusted 388,154 826,714 65,024 183,693 = 304,435 1,380,161
1,463,585 1,463,585
’31 Aug 2006 2007 2008 2009 2010 ’31 Aug
($’000) ($’000)
Within 1 year 63,042 77,706 83,847 83,463 89,582 Within 1 year
1-5 years 211,265 267,792 257,058 262,339 317,137 Over 1 year
Later than 5 147,193 146,196 103,480 102,626 78,658 Sum
years
Sum 421,500 491,694 444,385 448,428 485,377
Discount rate 10% 10% 11.30% 10.79%% 15.92%
1 733.10 = 733.10
2 -139.29 =
2 41.79 =
3 =
3 = -133.70
4 599.40 = 599.40
5 -94.82 =
6 11.66 =
7 = 140.75 -140.75
Total 0.00 1,098.39 53.45 0.00 = 140.75 1,058.05
Reported 992.70 2,753.90 6.00 194.59 = 1,308.90 1,629.70
Adjusted 992.70 3,852.29 59.45 194.59 = 1,449.65 2,687.75
Notes
1. Capitalised the opening lease liability
2. Adjust the lease asset = (1-0.81) X 733.10 = 139.29; tax rate = 30%; 139.29 X 30% = 41.79
3. Apportion the lease payment,operating lease payment = 228.20 (taken from 2009); interest payment = 733.10 X 12.89% = 94.50 ; debt
4. Estimate new leases = 733.10 - 133.70 = 599.40
5. Estimate depreciation for 2010 = (81% X 733.10) : 7= 19.90 + (599.40: 8) = 94.82
6. Deferred tax adjusment = 30% X (228.20-94.50-94.82)=11.66, increase deferred tax asset and profit.
7. Reclassify the leased liability taken from 2010 opening lease payment (within 1 year)
The difference apparently comes from previous years operating lease capitalisastion, since this calculation only covers 1 year period. The adj
Liabilities + Equity
-93,463
28,039
83,463
-53,077
-114,612
25,267
0
2006 2007 2008 2009 2010
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
Liabilities + Equity
-58,959 -65,424 0
151,397 -248,025 0
92,438 -313,449 0
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.
Liabilities + Equity
228.2
2009 Operating lea
2008 Operating lea 199.5
-139.29 2007 Operating lea 195.5
41.79 2006 Operating lea 157.2
228.20 2005 325.535
-94.50
tion only covers 1 year period. The adjusment of intangible assets and goodwill should be taken into account as well.