Lead Manager

APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS
31. OUTSIDE EQUITY INTERESTS
2003
$000
Outside equity interest in BBIPL 449,595
Other 37,782
487,377
US Executives will hold their interests in Babcock & Brown through Babcock & Brown International Pty
Limited (BBIPL), the holding company for Babcock & Brown’s operations. Each share held in Babcock & Brown
Limited and BBIPL will have materially equivalent economic rights. BBIPL shares may be converted to Babcock
& Brown Limited shares on, essentially, a one-for-one basis. Further, over time the one-for-one basis reduces to
encourage the exchange of BBIPL shares for Babcock & Brown Limited shares.
32. STATEMENT OF CASH FLOWS
Reconciliation of profit from ordinary activities before bonus expense and income tax expense
attributable to both members and outside equity interests to net cash flows from operating
activities
2003 2002
$000 $000
Net profit 261,767 271,463
Depreciation and amortisation expense 41,258 38,641
Asset write-offs 12,124 2,750
Gain on sale of transportation equipment (42,587) (70,145)
Gain on sale of real estate (26,281) (3,620)
Gain on sale of semiconductor equipment (11,262) –
Gain on sale of subsidiaries and associates (67,631) (26,317)
Share of associates profits (11,198) (2,700)
Unrealised gain on marketable securities 6,642 3,836
Deferred income 26,103 (4,069)
(Increase)/Decrease in Assets
Other receivables (12,129) 4,100
Other assets (3,545) 14,676
Receivable from associates 4,960 (18,096)
Increase/(Decrease) in Liabilities
Other liabilities (17,023) 24,005
Net cash flows from operating activities 161,198 234,524
204