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APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS 27. INTEREST BEARING LIABILITIES 2003 $000 Aircraft notes payable 505,888 Real estate notes payable 341,617 Secured by notes receivable 67,853 Secured by investments in wind farm associates 23,393 Margin loans 17,766 Payable to NBB 10,680 Payable to related parties 4,183 Other 7,720 979,100 Current 293,633 Non-current 685,467 Aircraft Notes Payable 979,100 Babcock & Brown finances aircraft purchases with short-term and long-term borrowings from various banks.The notes payable are obligations of special purpose subsidiaries established to own aircraft.The lenders have recourse only to the assets of the subsidiaries and, in some cases, these notes are guaranteed by NBB. Interest accrues at fixed rates between 2.075% and 7.155%.The short-term notes are renewed monthly pending sale of the aircraft. The long-term notes mature at various times through 2011. Real Estate Notes Payable Babcock & Brown finances real estate purchase with medium- and long-term borrowings.The real estate notes payable are secured by various Babcock & Brown real estate properties.The 31 December 2003 balance consists of the following: (a) $275.9 million borrowing consisting of two notes payable secured by German real estate properties. Interest payable on the notes are European Interbank Offered Rate (EURIBOR) plus 1.10% and EURIBOR plus 2.00%. Interest is due every year on each note with principal amortisation of 2% of the outstanding note balance commencing in June 2004. Final maturity is in 2013. (b) $17.3 million borrowing consisting of a note payable secured by Japanese real estate.The interest rate is 3.909%. Principal is due at maturity in 2004. (c) $48.3 million borrowing secured by United Kingdom real estate.The interest rate is 6.39% and final note maturity is in 2026. Principal and interest are due quarterly. Secured by Notes Receivable Babcock & Brown has notes payable that are secured by notes receivable. Interest rates range from 6.69% to 8.37%. Secured by Investments in Associates with Wind Farm Investments Babcock & Brown has a note payable secured by investments in three wind farm projects located in the US. The interest rate is LIBOR plus 1.75%. Principal and interest are due quarterly with final maturity in 2011. 202
BABCOCK & BROWN PROSPECTUS Margin Loans Babcock & Brown has margin loans that are secured by marketable securities. One of the marketable securities is accounted for using the equity method because of the size of Babcock & Brown’s ownership interest. Interest accrues at rates ranging from 8.75% to 10%. All of the loans mature in 2004. Payable to NBB Babcock & Brown has notes payable to NBB that are secured by the investments in several associates.The notes bear interest at 7.5% and are due in 2009 and 2010. Payable to Related Parties Babcock & Brown has unsecured notes payable to related parties. 28. SHAREHOLDER DISTRIBUTIONS PAYABLE 2003 $000 Distributions payable to Shareholders (current) 12,981 Shareholder distributions payable consists of distributions due to Babcock & Brown Holdings Inc. shareholders. 29. OTHER LIABILITIES 2003 $000 Other liabilities (current) 6,038 30. CONTRIBUTED EQUITY Contributed equity at 31 December 2003 comprises: Number of shares 2003 $000 Shares allocated to existing executives 152,899,275 764,496 Subscriptions from existing executives 10,900,725 17,598 Subscriptions from public 110,000,000 550,000 Allocations to Employee Trusts 12,500,000 – Shares to HVB 38,700,000 193,500 325,000,000 1,525,594 Less:Transaction Expenses – (27,000) Subtotal 325,000,000 1,498,594 Less: BBIPL Minority Interest (97,503,584) (449,595) 227,496,416 1,048,999 At IPO date, Babcock & Brown will issue 23.5 million options to pre IPO Executive Stakeholders. Refer to Section 4 of the prospectus for further details of the terms and conditions associated with these options. 203
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BABCOCK & BROWN PROSPECTUS TABLE OF
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