and a less happy new year, page-10

Hi

My summary on MAP

1. A fundamentally sound business model, exposed to the growth in global aviation but much more defensive than airlines.
2. An extremely sound financial position with A$1.2bn in cash, a distribution 75% covered by operating cashflows and a target of broad coverage by 2010.
3. A debt structure which suits our business with proportionately consolidated gearing (which means taking account of our share of all debt) of 44%, hedging of around 90% through to 2011 (so no exposure to rising interest rates) and an average maturity of 7-8yrs with no significant maturities until September 2009