aáîÉêëáÑáÉÇ=ríáäáíó= aáîÉêëáÑáÉÇ=ríáäáíó=båÉêÖó=qêìëíë= båÉêÖó=qêìëíë=EarbqF EarbqF fåîÉëíçê=mêÉëÉåí~íáçå=Ñçê=j~ó=OMMS= fåîÉëíçê=mêÉëÉåí~íáçå=Ñçê=j~ó=OMMS= NR=j~ó=OMMS
aáëÅä~áãÉê aáëÅä~áãÉê fåîÉëíãÉåíë=áå=aáîÉêëáÑáÉÇ= ríáäáíó= ~åÇ=båÉêÖó=qêìëíë=EarbqF=~êÉ= åçí= ÇÉéçëáíë= ïáíÜ= çê= çíÜÉê= äá~ÄáäáíáÉë= çÑ= ^jm`f= j~Åèì~êáÉ= fåÑê~ëíêìÅíìêÉ= j~å~ÖÉãÉåí= kçKN= iáãáíÉÇ=E^_k=VV=NMU=MNP=STOFI=^jm`f=j~Åèì~êáÉ=fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKO=iáãáíÉÇ=E^_k==NR=NMU=MNQ=MSOFI=j~Åèì~êáÉ=_~åâ=iáãáíÉÇ=E^_k=QS=MMU=RUP= RQOFI=çê=çÑ=~åó=çíÜÉê=Éåíáíó=áå=íÜÉ=j~Åèì~êáÉ=_~åâ=dêçìéI=^jm=iáãáíÉÇ=E^_k=QV=MTV=PRQ=RNVF=çê=~åó=çíÜÉê=Éåíáíó=áå=íÜÉ=^jm=dêçìé=~åÇ=~êÉ=ëìÄàÉÅí=íç= áåîÉëíãÉåí=êáëâI=áåÅäìÇáåÖ=éçëëáÄäÉ=ÇÉä~óë=áå=êÉé~óãÉåí=~åÇ=äçëë çÑ=áåÅçãÉ=~åÇ=Å~éáí~ä=áåîÉëíÉÇK kçåÉ=çÑ=j~Åèì~êáÉ=_~åâ=iáãáíÉÇI=^jm=iáãáíÉÇI=^jm`f=j~Åèì~êáÉ=fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKN=iáãáíÉÇI=^jm`f=j~Åèì~êáÉ=fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí= kçKO= iáãáíÉÇ= åçê= ~åó= ãÉãÄÉê= çÑ= íÜÉ= j~Åèì~êáÉ= _~åâ= dêçìé= çê= íÜÉ= ^jm= dêçìé= Öì~ê~åíÉÉë= ~åó= é~êíáÅìä~ê= ê~íÉ= çÑ= êÉíìêå= çå= arbq= ëí~éäÉÇ= ìåáíë= çê= íÜÉ= éÉêÑçêã~åÅÉ=çÑ=arbqI=åçê=Çç=íÜÉó=Öì~ê~åíÉÉ=íÜÉ=êÉé~óãÉåí=çÑ=Å~éáí~ä=Ñêçã=arbqK dÉåÉê~ä=pÉÅìêáíáÉë=t~êåáåÖ qÜáë=éêÉëÉåí~íáçå=áë=åçí=~å=çÑÑÉê=çê=áåîáí~íáçå=Ñçê=ëìÄëÅêáéíáçå çê=éìêÅÜ~ëÉ=çÑ=çê=~=êÉÅçããÉåÇ~íáçå=çÑ=ëÉÅìêáíáÉëK=fí=ÇçÉë=åçí=í~âÉ=áåíç=~ÅÅçìåí=íÜÉ=áåîÉëíãÉåí= çÄàÉÅíáîÉëI=Ñáå~åÅá~ä=ëáíì~íáçå=~åÇ=é~êíáÅìä~ê=åÉÉÇë=çÑ=íÜÉ=áåîÉëíçêK=_ÉÑçêÉ=ã~âáåÖ=~å=áåîÉëíãÉåí=áå=arbqI=íÜÉ=áåîÉëíçê=çê=éêçëéÉÅíáîÉ=áåîÉëíçê=ëÜçìäÇ=ÅçåëáÇÉê= ïÜÉíÜÉê=ëìÅÜ=~å=áåîÉëíãÉåí=áë=~ééêçéêá~íÉ=íç=íÜÉáê=é~êíáÅìä~ê=áåîÉëíãÉåí=åÉÉÇëI=çÄàÉÅíáîÉë=~åÇ=Ñáå~åÅá~ä=ÅáêÅìãëí~åÅÉë=~åÇ=Åçåëìäí=~å=áåîÉëíãÉåí=~ÇîáëÉê=áÑ= åÉÅÉëë~êóK fåÑçêã~íáçåI=áåÅäìÇáåÖ=ÑçêÉÅ~ëí=Ñáå~åÅá~ä=áåÑçêã~íáçåI=áå=íÜáë=éêÉëÉåí~íáçå=ëÜçìäÇ=åçí=ÄÉ=ÅçåëáÇÉêÉÇ=~ë=~=êÉÅçããÉåÇ~íáçå=áå=êÉä~íáçå=íç=ÜçäÇáåÖI=éìêÅÜ~ëáåÖ=çê= ëÉääáåÖ=ìåáíëI=ëÉÅìêáíáÉë=çê=çíÜÉê=áåëíêìãÉåíë=áå=arbqK==aìÉ=Å~êÉ=~åÇ=~ííÉåíáçå=Ü~ë=ÄÉÉå=ìëÉÇ=áå=íÜÉ=éêÉé~ê~íáçå=çÑ=ÑçêÉÅ~ëí=áåÑçêã~íáçåI=ÜçïÉîÉêI=~Åíì~ä=êÉëìäíë= ã~ó=î~êó=Ñêçã=ÑçêÉÅ~ëíë=~åÇ=~åó=î~êá~íáçå=ã~ó=ÄÉ=ã~íÉêá~ääó=éçëáíáîÉ=çê=åÉÖ~íáîÉK==cçêÉÅ~ëíë=Äó=íÜÉáê=îÉêó=å~íìêÉI=~êÉ=ëìÄàÉÅí=íç=ìåÅÉêí~áåíó=~åÇ=ÅçåíáåÖÉåÅáÉë= ã~åó=çÑ=ïÜáÅÜ=~êÉ=çìíëáÇÉ=íÜÉ=Åçåíêçä=çÑ=arbqK==m~ëí=éÉêÑçêã~åÅÉ áë=åçí=~=êÉäá~ÄäÉ=áåÇáÅ~íáçå=çÑ=ÑìíìêÉ=éÉêÑçêã~åÅÉK råá råáíÉÇ= ÉÇ=pí~ í~íÉë= ë= arbq=áë=åçí=~åÇ=ïáää=åçí=ÄÉ=êÉÖáëíÉêÉÇ=ìåÇÉê=íÜÉ=fåîÉëíãÉåí=`çãé~åó=^Åí=çÑ=NVQM=~åÇ=áåíÉêÉëíë=áå= arbq=Ü~îÉ=åçí= ÄÉÉå= ~åÇ= ïáää= åçí ÄÉ= êÉÖáëíÉêÉÇ=ìåÇÉê=íÜÉ=rKpK=pÉÅìêáíáÉë=^Åí=çÑ=NVPP=çê=íÜÉ=ëÉÅìêáíáÉë=ä~ïë=çÑ=~åó=çíÜÉê=rp=àìêáëÇáÅíáçå=~åÇ=ã~ó=åçí=ÄÉ=çÑÑÉêÉÇ=çê=ëçäÇ=áå=íÜÉ=råáíÉÇ=pí~íÉëI=ÉñÅÉéí= éìêëì~åí=íç=~å=ÉñÉãéíáçå=ÑêçãI=çê=áå=~=íê~åë~Åíáçå=åçí=ëìÄàÉÅí=íçI=íÜÉ=êÉÖáëíê~íáçå=êÉèìáêÉãÉåíë=çÑ=íÜçëÉ=ä~ïëK==oÉë~äÉ=áë=ëìÄàÉÅí=íç=äáãáí~íáçåKqÜáë=éêÉëÉåí~íáçå= áë=ÖáîÉå=çåäó=íç=nì~äáÑáÉÇ=fåëíáíìíáçå~ä=_ìóÉêë=Enf_F=~åÇ=óçì=ï~êê~åí=íÜ~í=Äó=~ííÉåÇáåÖ=íÜáë=éêÉëÉåí~íáçå=óçì=~êÉ=~=nf_K eçå eçåÖ=hçåÖ =hçåÖ qÜáë=ã~íÉêá~ä=Ü~ë=ÄÉÉå=éêÉé~êÉÇ=Ñçê=éêçÑÉëëáçå~ä=áåîÉëíçêë=~ííÉåÇáåÖ=íÜÉ=arbq=áåîÉëíçê=éêÉëÉåí~íáçåK páå páåÖ~é ~éçêÉ= çêÉ=qÜáë=ã~íÉêá~ä=Ü~ë=ÄÉÉå=éêÉé~êÉÇ=Ñçê=~ÅÅêÉÇáíÉÇ=~åÇ=áåëíáíìíáçå~ä áåîÉëíçêë=~ííÉåÇáåÖ=íÜÉ=arbq=áåîÉëíçê=éêÉëÉåí~íáçåK 2
^Äçìí=arbq ^Äçìí=arbq � ^Äçìí=arb ^Äçìí=arbq � ^ëëÉ ^ëëÉíë íë � `çãéÉíáíáîÉ=i~åÇëÅ~éÉ `çãéÉíáíáîÉ=i~åÇëÅ~éÉ � píê píêìÅíìê ÅíìêÉ � råáí=éÉêÑçêã~åÅÉ=~åÇ=pí~éäÉÇ=ìåáí=ëí~íáëíáÅë råáí=éÉêÑçêã~åÅÉ=~åÇ=pí~éäÉÇ=ìåáí=ëí~íáëíáÅë � OMMS=áåíÉêáã=êÉëìäíë OMMS=áåíÉêáã=êÉëìäíë All $ references in this document relate to the Australian $ unless noted otherwise 3
^Äçìí=arbq ^Äçìí=arbq � Diversified Utility and Energy Trusts (DUET) is a listed investment fund DUET Price & Accumulation Indices since managed jointly by AMP and Macquarie August 2004 1,500 Bank. 1,400 � DUET’s mandate is to invest in energy utility and related assets, principally in 1,300 Australia and New Zealand but it also Index extends to other OECD countries. 1,200 � DUET is diversified across energy 1,100 source (gas & electricity / transmission & distribution) & geographic region. 1,000 � DUET provides an attractive yield & 900 stable distribution profile (at 28/04/06’s Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 closing price of $2.81, DUET’s FY06 Date distribution yield is 8.4%). Accm Index Price Index Source: DUET � DUET has a current market capitalisation of c$1.2b and had over $6b of total assets as at 31/12/05. 4
^ëëÉíë ^ëëÉíë Victoria Gas and Electricity distribution 55% of DUET’s total assets � United Energy � Multinet Western Australia Gas transmission and distribution 43% of DUET’s total assets � Dampier Bunbury Pipeline � AlintaGas Networks Source: DUET 5
^ëëÉíë ^ëëÉíë United Energy Distribution (66% DUE, 34% ALN) Victorian Electricity Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 2053 34 Revenue 209 50 Rev. to DUET parent 28 32 Multinet Group Holdings (79.9% DUE, 20.1% ALN) Victorian Gas Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 1266 21 Source: Essential Services Commission Source: Essential Services Commission Revenue 89 21 Source: Essential Services Commission Source: Essential Services Commission Rev. to DUET parent 23 27 6
^ëëÉíë ^ëëÉíë Dampier Bunbury Pipeline (79.2% 1 DUE, 10.4% ALN, 10.4% AAI) WA Gas Transmission As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 2468 41 Revenue 110 26 Rev. to DUET parent 28 33 1 Reducing to 60% as ALN and AAI equity commitments are paid up AlintaGas Networks (25.9% DUE, 74.1% ALN) WA Gas Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 126 2 Revenue 4 1 Rev. to DUET parent 7 8 7 Source: WA Economic Regulation Authority Source: DUET
`çãéÉíáíáîÉ=i~åÇëÅ~éÉ `çãéÉíáíáîÉ=i~åÇëÅ~éÉ � The DUET Boards and management are committed to making accretive acquisitions, not growth for growth’s sake � Assets in DUET’s geographic area in Australia have been keenly bid for over the past 12 months – a number of IPO’s as well as aggressive asset prices clear evidence of this � We see the acquisitive growth landscape remaining very competitive � Dampier Bunbury Pipeline provides significant organic growth with contracted long term cash flow certainty. It is a major point of differentiation between DUET and its peers. 8
Recommend
More recommend
