| CDU | CuDeco is undertaking a placement of up to 6,976,674 ordinary shares at $4.30 to raise up to $30 Million before expenses of the issue. CuDeco recognizes the stability that comes from a globally diversified share register and is delighted by the strong support received for the placement from a large number of existing and new North American, European, Australian and Asian institutional investors. The funds raised from the placement will be utilized to assist in funding the development of CuDeco’s Rocklands Group Copper Project located in North-West Queensland, Australia. The placement comprises a Private Placement of 2,976,744 ordinary shares (“New Shares”) to offshore institutional investors at $4.30 raising a total of $12.8 Million, and a Public Offer under a prospectus to be lodged with ASIC on 14 November 2012 by the Company to sophisticated investors and other exempt persons. The Public Offer will be for up to a further 3,999,930 ordinary shares at $4.30 to raise up to $17.2 Million | Company report |
| IOH | Pre-Feasibility Study mine planning completed on the Bungaroo South deposit. Initial JORC Probable Ore Reserve estimate of 92 Mt at 57.6% Fe based on a cut-off grade of 54% Fe. Ore Reserve estimate based on new Bungaroo South JORC Mineral Resource of 248 Mt at an average grade of 57.2% Fe. Initial Ore Reserve was targeted to support first 10 years of mining at a rate of 8MtpaA, with significant potential to increase the Buckland Project Ore Reserve in the future. The Buckland Project aims to establish an independent supply chain comprising a Bungaroo South mine, a dedicated haul road and a small scale barging port facility. | Company report |
| BHP | The Ekati diamond operations have been part of the BHP group since discovery in the mid 1980s. Another capex programme was to be initiated in 2013 for US$300m to maintain one of the open cut diamond pipes. Obviously BHP did not want further pain here. The announcement made by the company is as follows: “BHP Billiton has signed definitive agreements to sell its diamonds business, comprising its interests in the EKATI Diamond Mine and Diamonds Marketing operations, to Harry Winston Diamond Mines Ltd. (Harry Winston) for an aggregate cash consideration of US$500 million. The transactions are subject to regulatory approval and other customary conditions. Completion is expected in the first quarter of calendar year 2013. The divestment of EKATI will result in an impairment of approximately US$200 million (post tax) to the carrying value of the asset which will be reflected as an exceptional item in BHP Billiton’s financial results.” | Shaw |
| WOW | signed a five year contract with Israeli software developer Retalix which will see the information technology firm provide point of sale terminals and system support | AFR |
| LEI | Leighton Holdings could experience cashflow problems and profit downgrades resulting from issues surrounding the company’s Airport Link tunnel project in Brisbane operated by BrisConnections | The Australian |
| AGO | Atlas Iron remains on track to sustain exports at a rate of 10Mtpa by the June 2013. The progress towards further production growth comes as Atlas achieved record shipments of 700,000 tonnes (wet) in October 2012. Atlas has also made significant progress towards its longer-term production target of 46Mtpa, securing environmental approvals for its South-East Pilbara mines and associated rail spur development options. These approvals give Atlas the flexibility to proceed quickly with these South-East Pilbara developments as and when it believes it is in the best interests of shareholders to do so. Atlas Managing Director Ken Brinsden said these key achievements showed Atlas was on track in respect to both its near-term production targets and its options for longer-term growth. “Atlas’ has a proven ability to develop highly competitive mining operations, with low capital and operating costs,” Mr. Brinsden said. “Shipping at a rate of 10Mtpa from June next year growing to 12Mtpa in December 2013 can only improve our economies of scale.” | Company report |
| MLD | MACA has received two Notices of Award from Atlas Iron in relation to providing mining and crushing services at its Abydos Hematite Iron Ore project in the Pilbara region of WA. | Company report |
| LEI | Leighton Holdings Limited confirms that it has undertaken a review of the carrying value of its deferred equity commitment to BCS. Our review has determined that Leighton Holdings will impair the remaining $63 million book value of its deferred equity commitment to BCS. | Company report |
| WEB | will produce for the full year to 30 June 2013, an EBITDA increase of at least 10% and an NPAT of a similar order, While WEB’s underlying growth remains robust and ahead of the broader industry which is growing at half the rate, this is a disappointing announcement The guidance will see consensus downgrades (including costs associated with Lots of Hotels) of around 10-12% from $15.7mn to $14mn. We believe it is only reasonable to include these costs given the nature of this business – constantly developing technology and markets as both continue to evolve and the need for ongoing development just to stay in business. FLT is also likely to be weak today, however a number of points set it apart from WEB, which should limit the downside it experiences. 1.With its annual result FLT guided to 5-8% growth in FY13, which has expectations below the level WEB is now setting. 2. FLT has a very different earnings profile to WEB. WEB primarily derives booking fees on domestic flights and to a lesser extent international flights. FLT, apart from its international operations derives its Australian revenues more from international packages and less from WEB’s key revenue drivers. | Shaw |
| CSR | Trading revenue of $859.8 million down 8.2% from the previous corresponding period following a further deterioration in market conditions: Australian residential construction activity down 15%; Commercial construction down 6%. Aluminium prices down 19% in Australian dollar terms. EBITDA of $84.9 million down 38.0%. EBIT of $40.4 million down 56.5%. Building Products (excluding Viridian) performed ahead of underlying market activity with EBIT down 11.8%. No significant Property sales were recognised during the period due to the timing of transactions. Net profit of $20.4 million down 59.7%. Statutory net profit attributable to shareholders of $17.5 million down 49.9%. Earnings per share 4.0 cents – down from 10.0 cents. Interim unfranked dividend of 3 cents to be paid on 18 December 2012 represents a dividend payout ratio of 75% of net profit | Company report |
| FMG | Fortescue Metals Group is seeking advice on a potential partial sale of its rail and port infrastructure business as it looks for ways to reduce its $US10bn debt burden | Company report |
| WES | Coles is looking to separate its liquor and hotel/gaming operations by finding a JV partner for its $900m of gaming machines | AFR |
| GMG | Goodman Group will sell its 12.5% stake in one of NZ’s premier business parks, Highbrook in Auckland | AFR |
| EPW | Qld-based power producer ERM Power has taken an early position in carbon trading, securing one of the first licenses from the securities regulator allowing it to trade deregulated securities | AFR |
| PDN | John Borshoff sells more than a quarter of his stake | AFR |
| DLX | DuluxGroup today reported statutory net profit after tax and non-controlling interests of $89.5 million for the 12 months ended 30 September 2012. This included a $6.3 million tax consolidation benefit, a $7.7 million ($5.4 million after tax) uplift relating to insurance income and $2.6 million ($1.8 million after tax) of net costs associated with the bid to acquire Alesco Corporation Limited (Alesco). The Alesco net costs include transaction costs and the dividend income and interest expense associated with DuluxGroup’s 19.96% shareholding in Alesco, acquired in April 2012. Excluding these items, like for like net profit after tax (NPAT) was $79.6 million, an increase of 2.6% over the 2011 equivalent NPAT of $77.6 million. Earnings before interest and tax (EBIT) decreased 5% to $132.2 million. Equity share of EBIT before the insurance uplift and Alesco net costs decreased by 4.7% to $128.4 million. Sales revenue increased by $71.4 million, or 7.2%, to $1.07 billion. Of this sales growth, approximately $29 million, or 3 percentage points related to the formation of DGL Camel International (DGL Camel) during the year, following the merger of DuluxGroup’s China and Hong Kong business with that of Camel in December 2011. Sales in the 2011 full year were adversely impacted by an estimated 2% as a result of lost production at our Rocklea factory following the Queensland flood. Excluding the impact of these two items, sales grew approximately 2% in very challenging markets. The Board has declared a final dividend of 8.0 cents per share fully franked, taking the full year dividend to 15.5 cents, which represents a 70% payout ratio on like for like NPAT. | Company report |
| BRG | For the half year ended 31 December 2012, the Group currently expects EBITDA to be approximately 10% above the previous corresponding period. | Company report |
| CPU | management expect EPS to be 10-15% higher in FY13 | Company report |
| ILU | End-user demand for pigment and zircon has slowed down in 2012, while inventories held by producers have increased. In our view, efforts by producers to restrict production will not be sufficient in scale to prevent a sharp swing towards oversupply | JB Were |
| CAB | Cabcharge announced the third quarter 2012 results of its associate entities – ComfortDelGro Cabcharge and CityFleet Group. The results for CDC for the third quarter ended 30 September 2012 included: turnover of $92.0m, which represents an increase of 3.7% equating to $3.3m over the same quarter ended 30 September 2011; and an increased EBIT of $19.2m up by $0.3m or 1.6% over the same quarter ended 30 September 2011. CityFleet Group provides Taxi Services in a number of major cities in the UK. The results for the UK operations for the third quarter ended 30 September 2012 included: turnover of $A22.9m which represents a decrease of $A3.0m from the same quarter ended 30 September 2011; and EBIT of $A0.6m which represents a decrease of $A0.5m from the same quarter ended 30 September 2011. | Morningstar |
| SWM | Seven West Media told its shareholders that further efforts to contain costs in the business was imperative in maintaining last years NPAT of $226.9m | Morningstar |
| IPL | The Company reported net profit of A$510.7m for the year ended September 2012, up 10% from the previous year. With regards to expectation for the 2013, Mr Fazzino advised there are a lot of reasons to be positive about the outlook, including improved execution in the second half of the 2012 year laying foundations for the future. In Explosives, 2013 will be the first full year of production from the Company’s Moranbah plant which is forecast to generate A$75m in incremental earnings. Mr Micallef reported the Company’s balance sheet ended the 2012 FY in a strong position, with net debt to EBITDA being 1.7 times and well within the Company’s target range of 2.5 times or less. | Morningstar |
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