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SECTION 5 FINANCIAL INFORMATION 5.2.3 Net Revenue by earnings type Year ended 31 December 2003 ($000) 2001A 2002A 2003A 2004F 2005F Advisory 172,106 174,273 169,561 Investment Management 118,561 143,339 185,946 Principal Investment 100,815 106,497 167,858 Net Revenue 1 326,347 347,835 391,482 424,109 523,365 NOTE 1. Net Revenue represents gross revenue calculated in accordance with AGAAP less cost of sales and directly attributable expenses plus net contribution from equity accounted and consolidated non-strategic investments. 5.2.4 Summary statement of restated financial position As at 31 December 2003 ($000) Assets Liabilities Net Operating Leasing BBAM 590,283 583,073 7,210 BBRM 560 – 560 BBEM 4,720 – 4,720 Total Operating Leasing 595,563 583,073 12,490 Infrastructure Renewable Energy 58,650 28,102 30,548 Power 18,328 – 18,328 Prime Infrastructure 29,885 – 29,885 Public Private Partnerships 7,318 – 7,318 Total Infrastructure 114,181 28,102 86,079 Real Estate BBRE 127,814 70,357 57,457 Other Australian Real Estate 81,890 20,074 61,816 Japanese Real Estate 42,385 17,307 25,078 European Real Estate 345,846 342,966 2,880 Total Real Estate 597,935 450,704 147,231 Corporate Principal Investment and Funds Management Corporate Principal Investments 92,674 12,468 80,206 Funds Management 18,008 – 18,008 Total Corporate Principal Investments and Funds Management 110,682 12,468 98,214 Structured Finance 4,049 12,606 (8,557) Investment portfolio before outside equity interest 1,422,410 1,086,953 335,457 Outside equity interest (37,782) Net investments portfolio 297,675 108
BABCOCK & BROWN PROSPECTUS As at 31 December 2003 ($000) Assets Liabilities Net Cash and cash equivalents 486,771 Working capital (excluding cash) (115,761) Deferred tax assets 66,549 Deferred tax liability (3,109) Property, plant and equipment 19,539 Other 21,197 Total net tangible assets 772,861 Goodwill 725,733 Total net assets per AGAAP Financial Information 1 1,498,594 NOTE 1. Represents net assets in the AGAAP pro-forma statement of financial position in Section 5.3.1.3 ($1,536 million) less outside equity interests other than BBIPL ($37 million). Certain assets and liabilities are reflected at different amounts in the table above than in the AGAAP pro-forma statement of financial position in Section 5.3.1.3 due to different classification of items in the above analysis. 5.2.5 Management discussion and analysis A detailed discussion of the historical results and forecast performance of each of the Business Groups, based on the Restated Financial Information, is included in the Business Overview in Section 3.The discussion below provides a high level overview for the business as a whole. 5.2.5.1 Historical Financial Information Revenue The Group increased its Net Revenue by 6.6% and 12.6% in 2002 and 2003 respectively.This was achieved despite challenging operating conditions in several of its key business segments including: • The global aircraft industry experienced one of its most severe downturns during this period due to the impacts of a slowing global economy, the events of September 11 2001, the SARS outbreak in 2002 and the 2003 Iraq War.This negatively impacted the Group’s aircraft operating and finance leasing businesses • Low interest rates worldwide have favoured the debt-financed acquisition of assets over leasing to the detriment of the Group’s traditional lease advisory and operating leasing businesses • Changes in US tax laws resulted in the effective shut-down of the US cross-border leasing market which had historically been one of the Group’s most profitable activities The diversity of the Group’s operations allowed it to continue to grow revenue despite these challenges. Many of the Group’s investment focused areas were able to take advantage of the difficult economic environment to acquire assets at attractive valuations, financed with low interest debt.The demand for high-yielding income assets in a low interest rate environment also favoured several of the Group’s investment management activities which focus on the acquisition or development of assets with long term cash flow streams to package for private syndication or investment funds. In general terms, 2001-2003 was characterised by the following trends: • Strong growth in the investment focused Real Estate, Infrastructure and Project Finance and Corporate Principal Investment and Funds Management Groups • Modest decline in the Operating Leasing Group, driven principally by difficult conditions in aircraft operating leasing • Significant decline in the Group’s advisory focused Structured Finance Business Group For the Group overall, declining revenues in certain Business Units were more than compensated for by revenue increases in others, thereby contributing to the Group’s growing revenues. 109
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BABCOCK & BROWN PROSPECTUS TABLE OF
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SECTION 3 BUSINESS OVERVIEW 3 BUSIN
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APPENDIX A PRO-FORMA CONSOLIDATED F
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