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APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS 17. REAL ESTATE Land Buildings Total 2003 2003 2003 $000 $000 $000 German real estate 66,911 225,431 292,342 Japanese real estate 19,610 13,502 33,112 Japanese golf course 2,933 3,328 6,261 United Kingdom real estate 5,925 40,575 46,500 Australian real estate 3,900 6,556 10,456 German Real Estate 99,279 289,392 388,671 Babcock & Brown owns approximately 6,000 residential apartment units and 34 commercial units.The real estate is pledged as collateral against a real estate note payable.The property is generally leased for terms of less than one year. Japanese Real Estate Babcock & Brown owns two multi-use rental real estate properties.The real estate is pledged as collateral against real estate notes payable. Japanese Golf Course Babcock & Brown holds an equity interest in a group of companies that owns and manages a golf course in Japan. United Kingdom Real Estate Babcock & Brown owns a single tenant real estate property in the United Kingdom, which is leased back to the seller through March 2026.The real estate is pledged as collateral against a real estate note payable. Australian Real Estate Babcock & Brown owns two movie theatres and adjoining retail space in Australia. Babcock & Brown operates the movie theatres and the retail space is leased on a short-term basis for rents of approximately $1 million a year. 18. SEMICONDUCTOR EQUIPMENT 2003 $000 Semiconductor manufacturing and testing equipment (current) 4,720 Babcock & Brown purchases semiconductor equipment for trading.The equipment is typically held for less than one year and is sometimes refurbished prior to being offered for sale. 198
BABCOCK & BROWN PROSPECTUS 19. PROPERTY AND EQUIPMENT Furniture and Equipment 2003 $000 At Cost 28,502 Accumulated depreciation (21,177) Net 7,325 Leasehold Improvements At Cost 18,679 Accumulated depreciation (7,296) Net 11,383 Computer Equipment and Software At Cost 8,669 Accumulated depreciation (7,838) Net 831 Total Property and Equipment 19,539 20.ASSETS UNDER DEVELOPMENT 2003 $000 Anaerobic digester facility 15,049 Real estate projects 42,837 Wind farm projects 6,342 Other 1,337 Total assets under development (all non-current) 65,565 Anaerobic Digester Facility Babcock & Brown, through a subsidiary, is constructing an anaerobic digester facility (the Facility) on a leased site in Australia.The Facility has been designed to process waste products and produce fertiliser and methane gas to fuel a co-generation plant that is being built as part of the development. Construction of the Facility started in December 2001 and was expected to be substantially completed in July 2003 with final handover from the contractor in October 2003.The Facility did not meet stipulated performance standards and it is expected that additional funds will be needed to make the Facility operational. It is unclear how much of the additional construction costs will be borne by the contractor. Subsequent to 31 December 2003, Babcock & Brown arranged for improvements costing approximately $5 million that it believes will bring the plant’s performance up to satisfactory standards. Real Estate Projects Babcock & Brown, through a subsidiary, is developing residential real estate property in Australia. Wind Farm Projects Babcock & Brown, through a subsidiary, is constructing wind farms on leased property in Australia. Construction of the wind farms started in June 2003 and is expected to be substantially completed in June 2005. 199
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Lead Manager
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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 Babcock
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SECTION 3 BUSINESS OVERVIEW Financi
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SECTION 3 BUSINESS OVERVIEW Backgro
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SECTION 3 BUSINESS OVERVIEW Princip
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SECTION 3 BUSINESS OVERVIEW Europea
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SECTION 3 BUSINESS OVERVIEW Acceler
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SECTION 3 BUSINESS OVERVIEW In 1996
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SECTION 3 BUSINESS OVERVIEW STRUCTU
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SECTION 3 BUSINESS OVERVIEW Other O
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SECTION 3 BUSINESS OVERVIEW Future
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SECTION 3 BUSINESS OVERVIEW CORPORA
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SECTION 3 BUSINESS OVERVIEW Case st
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BABCOCK & BROWN PROSPECTUS The AGAA
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BABCOCK & BROWN PROSPECTUS As at 31
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BABCOCK & BROWN PROSPECTUS PRO-FORM
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BABCOCK & BROWN PROSPECTUS Year end
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BABCOCK & BROWN PROSPECTUS As at 31
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BABCOCK & BROWN PROSPECTUS 5.3.2.2
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BABCOCK & BROWN PROSPECTUS Net corp
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BABCOCK & BROWN PROSPECTUS (d) Fina
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BABCOCK & BROWN PROSPECTUS The Erns
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