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CAPITAL POSITION• Strong balance sheet with significant debt facilities available― Net debt increased by $9 million due to the acquisition of the LMR business and investment in Minelab inventory― Focus on maintaining balance sheet strength to allow <strong>Codan</strong> to continue to explore strategic initiatives to create shareholder valueYear ending 30 June 2013 Year ending 30 June 2012$m $mReceivables $21.1 $22.8Inventories $43.3 $12.0Payables ($30.0) ($35.9)Total working capital $34.5 ($1.2)Property, plant & equipment $19.9 $20.0Product development $27.5 $23.3Intangible assets $88.5 $66.9Other assets $2.6 $2.3Other liablities ($23.1) ($15.7)Net assets before debt $149.9 9 $95.6Net debt ($25.2) ($16.2)Net assets $124.7 $79.422
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