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APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS 8. EXPENSES 2003 2002 2001 $000 $000 $000 8(a) Expenses From Ordinary Activities Excluding Borrowing Costs and Bonuses Cost of assets sold – Transportation equipment 697,175 915,562 1,268,449 – Real estate 82,047 41,630 – – Semiconductor equipment 18,276 – – – Subsidiaries and associates 75,463 – 16,176 Salaries and employee costs 108,737 111,444 95,116 Professional fees 52,667 36,274 32,405 Depreciation and amortisation 41,258 38,641 38,176 Occupancy 26,604 25,442 23,747 Transaction fees 32,238 26,532 41,167 Travel 15,445 25,243 17,218 Other 57,007 40,951 52,721 Total Expenses From Ordinary Activities Excluding Borrowing Costs and Bonuses 1,206,917 1,261,719 1,585,175 Salaries and employee costs exclude bonuses paid to employees because Babcock & Brown will be implementing a new incentive compensation plan following its equity raising that differs from the plan used for the presented periods. Other expenses include asset management fees paid on aircraft, railcars and real estate and property, insurance, communication and IT related charges. 2003 2002 2001 $000 $000 $000 8(b) Other Disclosure Information Borrowing costs expense Interest expense 43,732 40,888 50,677 Other borrowing costs 720 320 160 Total Borrowing Costs Expensed 44,452 41,208 50,837 Depreciation of transportation equipment 32,995 29,298 29,388 Property and equipment depreciation 5,071 6,326 7,285 Other depreciation and amortisation 3,192 3,017 1,503 Total Depreciation and Amortisation Expenses 41,258 38,641 38,176 Foreign exchange gain/(loss) – Realised (26) 339 1,973 Foreign exchange gain/(loss) – Unrealised 4,796 (1,094) (1,241) Realised gain/(loss) on interest rate hedges – (3,224) – Unrealised gain/(loss) on interest rate hedges 1,819 (1,194) – Total realised and unrealised gain/(loss) on foreign exchange and interest rate hedges 6,589 (5,173) 732 192
BABCOCK & BROWN PROSPECTUS 9. GAINS ON ASSET SALES Transportation equipment 2003 2002 2001 $000 $000 $000 – Proceeds 739,762 985,707 1,346,500 – Cost of sales (697,175) (915,562) (1,268,449) – Net gain 42,587 70,145 78,051 Real estate – Proceeds 108,328 45,250 – – Cost of sales (82,047) (41,630) – – Net gain 26,281 3,620 – Semiconductor equipment – Proceeds 29,538 – – – Cost of sales (18,276) – – – Net gain 11,262 – – Subsidiaries and associates – Proceeds 143,094 26,317 25,599 – Cost of sales (75,463) – (16,176) – Net gain 67,631 26,317 9,423 Net gain on asset sales 147,761 100,082 87,474 Babcock & Brown has an agreement with Nomura Babcock & Brown Co., Ltd. (NBB), a third party, that provides for the payment by Babcock & Brown to NBB of a fee based on income earned on the sale, management and leasing of certain aircraft. Charges from NBB under this fee agreement were $12.0 million, $15.7 million and $38.6 million for the years ended 31 December 2003, 2002 and 2001, respectively. Babcock & Brown recorded a 2002 gain of $26.317 million on the sale of an associate that resulted from the listing of the associate. Babcock & Brown sold no part of the interest in the associate but did recognise a gain equal to the increase in its share of the associate’s net assets. 10. CASH AND SHORT TERM TRADING SECURITIES 2003 $000 Cash at bank 541,599 Short-term securities 29,134 Total cash and short-term trading securities 570,733 Approximately $82.0 million of Babcock & Brown’s cash was restricted, primarily for deposits and amounts pledged as collateral against notes payable 193
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