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APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS 4. PRO-FORMA ADJUSTMENTS TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION Summary of Pro-forma Adjustments The following adjustments have been made in converting the pro-forma balances under AGAAP: 186 At 31 December 2003 Pro-forma Pro-forma AGAAP adjustments AGAAP $000 $000 $000 Assets Cash and trading securities 318,874 251,859 (a) 570,733 Fees receivable from financing transactions 47,202 47,202 Other receivables 64,468 64,468 Notes receivable 183,279 (18,849) (b) 164,430 Investments in financial assets 43,627 15,024 (c) 58,651 Investments accounted for using the equity method 154,168 7,608 (c) 161,776 Transportation equipment 503,498 503,498 Real estate 384,820 3,851 (c) 388,671 Semiconductor equipment 4,720 4,720 Property, plant and equipment 19,539 19,539 Assets under development 65,565 65,565 Other assets 28,968 28,968 Deferred tax assets 3,591 65,000 (d) 68,591 Intangible assets – 725,733 (e) 725,733 Total Assets 1,822,319 1,050,226 2,872,545 Liabilities Accounts payable and accrued liabilities 214,661 30,187 (f) 244,848 Deposits 48,431 48,431 Deferred income 32,097 32,097 Interest bearing liabilities – Transportation equipment notes payable 505,888 505,888 – Real estate notes payable 341,617 341,617 – Revolving credit agreement with HVB and term loan from HVB 72,914 (72,914) (g) – – Other notes payable 251,970 (120,375) (h) 131,595 Shareholder distributions payable 12,981 12,981 Current tax liabilities 7,524 7,524 Deferred tax liabilities 5,150 5,150 Other liabilities 64,710 (58,672) (i) 6,038 Total Liabilities 1,557,943 (221,774) 1,336,169 Net Assets 264,376 1,272,000 1,536,376 Equity Contributed equity 111,398 937,601 (j) 1,048,999 Outside equity interest – BBIPL – 449,595 (k) 449,595 – Other minorities 152,978 (115,196) (k) 37,782 Total Equity 264,376 1,272,000 1,536,376
BABCOCK & BROWN PROSPECTUS AGAAP requires that in any acquisition, all assets and liabilities be carried at fair value and the difference between the fair value of the assets and liabilities and the consideration paid be treated as goodwill. Given the Restructure of the group outlined in Section 8.3 of the Prospectus, in the consolidated pro-forma statement of financial position, the Executive Stakeholders are deemed to subscribe for shares in Babcock & Brown at the relevant subscription price (in most cases this is the IPO Price) and goodwill is therefore calculated as the difference between the number of shares allocated to existing owners at the Subscription Price and the fair value of the underlying assets and liabilities at 31 December 2003.The consolidated pro-forma statement of financial position has therefore been derived from the statement of financial position of BBH at 31 December 2003 adjusted to reflect: • The transactions required to give effect to the restructured Babcock & Brown including the recognition of: – all assets and liabilities at fair value at 31 December 2003; – deferred tax balances consistent with the new structure; and – goodwill inherent in the group • An accrual for dividends and distributions to the existing Executive Stakeholders • The raising of $17.6 million from existing Executive Stakeholders immediately prior to the IPO • The raising of $550 million of new capital as part of the IPO • The repayment of debt amounting to $170.2 million • Transaction costs of the IPO estimated at $27 million • The reflection of an outside equity interest representing the interests of the existing US Executive Stakeholders held through BBIPL Further details of the impact of these pro-forma adjustments on individual line items within the consolidated pro-forma statement of financial position are set out below. (a) Purchase by Company of HVB interest in German subsidiary (3,186) Payments to current owners to provide cash to cover personal income taxes due upon restructure (128,550) Net subscriptions and redemptions of Company equity effective 1 January 2004 53 Repayment by employees of financing used to purchase equity under the previous capital structure 30,711 Proceeds from Listing 550,000 Listing expenses (27,000) Debt payments by Company (170,169) 251,859 (b) Equity raised from existing employees immediately prior to IPO (24,205) Acquisition Fair value adjustments 5,356 (18,849) (c) Acquisition Fair value adjustments 26,483 (d) Adjustment of deferred tax balance to reflect post-reorganisation tax paying status 15,000 Deferred tax assets related to deductions generated by Babcock & Brown reorganisation 50,000 65,000 (e) Goodwill recorded in connection with Babcock & Brown reorganisation and IPO 725,733 (f) Accrual of other liabilities in connection with reorganisation 4,249 Reclassification from Other Liabilities 7,333 Acquisition Fair value adjustments 18,605 30,187 (g) Repayment of Notes Payable from IPO proceeds (72,914) (h) Repayment of Notes Payable from IPO proceeds (92,305) Reclassification to Equity of Notes Payable related to Babcock & Brown Equity subscriptions (23,120) Repayment of Note Payable to Employee related to Babcock & Brown Equity subscription (4,950) (120,375) (i) Reclassification to accounts payable and accrued liabilities (7,333) Reclassification to equity of balance related to phantom stock plan (51,339) (58,672) (j) Purchase by Company of HVB interest in Company German subsidiary (3,186) Payments to current owners to provide cash to cover personal income taxes due upon reorganisation in connection with IPO (128,550) Net subscriptions and redemptions of equity effective 1 January, 2004 53 Equity raised from existing employees immediately prior to IPO (24,205) Reclassification to Equity of Notes Payable related to equity subscriptions 23,120 Repayment by employees of financing used to purchase equity 30,711 Reversal of liabilities related to compensation charges on stock and phantom purchases 1,250 Proceeds from IPO 550,000 IPO expenses (27,000) Adjustment of deferred tax assets to reflect post reorganisation tax paying status 15,000 Deferred tax assets related to deductions generated by reorganisation 50,000 Record Employee and HVB redemptions and subscriptions 270,639 Reclassification to equity of balance related to phantom stock plan 51,339 Reclassification to equity of HVB and BBA outside interest 116,786 Fair value adjustment 11,644 937,601 (k) Reclassification to equity of HVB and BBA outside interest (116,786) Record employees redemption and BBIPL equity purchase 449,595 Fair value adjustments 1,590 334,399 187
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BABCOCK & BROWN PROSPECTUS TABLE OF
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BABCOCK & BROWN PROSPECTUS KEY OFFE
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SECTION 1 SUMMARY OF KEY INFORMATIO
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BABCOCK & BROWN PROSPECTUS 2.11 ASX
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SECTION 3 BUSINESS OVERVIEW 3 BUSIN
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SECTION 3 BUSINESS OVERVIEW Babcock
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SECTION 3 BUSINESS OVERVIEW Financi
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SECTION 3 BUSINESS OVERVIEW CORPORA
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