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SECTION 3 BUSINESS OVERVIEW • New investments that are not identified in the BBRE pipeline are assumed to be mezzanine loans earning fixed returns over the Forecast Period together with establishment and arrangement fees with respect to these loans. No income from profit shares has been assumed from any new transactions added to the portfolio in 2005 with such profits unlikely to emerge until a subsequent period The Japanese business has already met its budget for record revenues in 2004, with a number of transactions closed, including the realisation of principal investments, the completion of various acquisitions, syndications of equity in respect of a ski resort and hotel complex and a number of advisory transactions.The transaction pipeline for the Japanese business continues to be robust and revenues in the remainder of the Forecast Period are assumed to be generated from a spread of different activities, consistent with the performance so far in 2004. Furthermore, the Group is currently reviewing the potential launch of a diversified Japanese property investment product during the last quarter of this year, that may bring forward some of the revenue forecast for 2005 into 2004. The European business’ transaction pipeline has grown significantly since its pan-European expansion initiative was launched at the end of 2003. Since January 2004, the Group has committed, via joint ventures, to additional projects with a total completed value of approximately ¤530 million.This strong growth is forecast to continue in 2005, with revenues forecasts to be generated principally from the realisation of existing investments and other transactions that are currently in the Group’s pipeline. 52
BABCOCK & BROWN PROSPECTUS INFRASTRUCTURE AND PROJECT FINANCE Overview The Infrastructure and Project Finance Group has a balanced mix of financial advisory, principal finance and funds management activities.The scope of its roles within these activities includes: Investment management Principal investment Advisory • Private investment syndicates • Project developer • M&A advisor • Listed funds • Equity investor • Project finance advisor • Senior and mezzanine debt provider • Corporate advisor • Debt/equity arranger Locations Contribution to Net Revenue Australia, US, Europe, Malaysia, Hong Kong 22% 24% 2003A 2004F The Infrastructure and Project Finance Group’s activities are diversified across a range of sectors and geographic regions. Sectors • Renewable energy • Power • Transportation • Distribution and transmission • Resources • Public Private Partnerships (PPP) • Water treatment Countries • Australia • Malaysia • New Zealand • China/Hong Kong • USA • Korea • Canada • India • UK • France • Germany • Hungary • Italy • Iceland • Spain • Turkey • Greece The Infrastructure and Project Finance Group has drawn on its structured finance expertise to develop its advisory practice, focusing on more complex transactions that require innovative financing solutions. Babcock & Brown has historically targeted niche sectors of the market where it perceives that there will be significant growth and where it has the ability to capture a market-competitive position. In recent years, Babcock & Brown has placed a greater emphasis on principal investment-related activities and has increased its role as an originator and investor in development projects.The goals of this strategy include generating attractive development returns and developing long-term investment management roles in relation to assets or vehicles acquired or originated by the Business Group, increasingly providing the Infrastructure and Project Finance Group with new transaction opportunities or clients. The business is well established in the US, Europe and Australia and has recently expanded into Asia. Background Babcock & Brown commenced its involvement in the infrastructure sector in the 1980s as an advisor and arranger of project financings. Operations began in the US and were subsequently expanded into Europe. By the mid 1990s, Babcock & Brown was a financial advisory market leader to independent power producers in both the US and Europe. 53
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BABCOCK & BROWN PROSPECTUS CORPORAT
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