It's a bit hard for me (non accountant) to try and work out exactly what this means for EOY NPAT, so I have worked on the US Operations and Australian Operations numbers provided in the half yearly report together with today's announcement.
My back of the envelope for end of year ERM US Operations
Column 1
Column 2
0
$AUD
1
Twh
6,300,000
2
margin/Mwh
3.70
3
margin
23,310,000
4
opex
22,000,000
5
EBITDAF
1,310,000
6
D&A
12,000,000
7
Finance
9,000,000
8
Under NPAT
-19,690,000
I am merely taking a wild guess on the D&A and Finance. That said, the first half D&A of $8.5m, and Finance of $4.9m must scale to some degree, as the first half numbers were based on 3Twh of load, which will have more than doubled in the second half.
On the positive side of the ledger, it looks like the Australian Retail operations might look something like…
Column 1
Column 2
0
$AUD
1
Twh
19,000,000
2
margin/Mwh
4.7
3
margin
89,300,000
4
opex
22,000,000
5
EBITDAF
67,300,000
There is still potential upside on this according to Jon Stretch’s announcement today.
Happy to be corrected by someone who actually knows this stuff. ~smile~
EPW Price at posting:
$1.63 Sentiment: Hold Disclosure: Held
