| AIX | AIX completed the sale of all its assets on 15 April 2013. AIX today announces that it has completed the special review and due diligence process, and confirms the final amount of the Cash Return. The Cash Return is expected to total $3.1925 per AIX Security, comprising the Main Return of $3.018576 per security and the Residual Return of $0.173924 per security. This is within the range anticipated in the Explanatory Booklet. The Main Return is expected to be paid on 30 May 2013. | Company report |
| AMP | Net cash flows for the foremost division of financial services giant AMP increased to A$95 million for the first quarter of 2013, a turnaround of A$387 million compared to the same period last year. | SMH |
| ANZ | ANZ bank has cut its home loan interest rates by 0.27 of a percentage point – more than cuts made by its big rivals and by the central bank at its May board meeting. | Company report |
| AQA | Aquila Resources sale of Aquila’s 50% interest in the Isaac Plains Coal Mine to Sumitomo Corporation completed in July 2012. As part of this sale, the Company retained its 50% economic interest in an insurance claim for property damage and business interruption due to the flooding event that occurred at Isaac Plains in December 2010. The insurance claim for property damage and business interruption has now been lodged by legal advisor Herbert Smith Freehills on behalf of Aquila’s wholly-owned subsidiary IP Coal and Vale, and will be assessed by the underwriters. Aquila’s share of the insurance claim after deductibles is A$94.4m | Company report |
| AZJ | Rail operator Aurizon has begun talks to sell a stake in its rail track infrastructure that would free up money to expand and lead to a break up of the business. Australia’s largest rail freight company has also taken on an extra $3.6 billion in debt amid criticisms by the market that it was not using enough borrowings to grow. Aurizon said in a statement that it had engaged with a limited number of potential investors in relation to the possible issue of a minority equity interest in Aurizon Network. A sale would give it the flexibility to redeploy capital, such as by buying a stake in Fortescue Metals’ iron ore rail tracks that it is believed to be considering. Aurizon, which includes the formerly state-owned Queensland rail network, generates half of its earnings in the network business charging competitors to use 2670km of track with the rest coming from hauling coal and other freight. There was no guaranteed sale yet, the company said. However the refinancing had established appropriate stand-alone operating structures for both Aurizon and Aurizon Network. It would not lead to a reduction in staff numbers, it said. The new debt includes $3 billion in the network business of which $2.2 billion would be drawn down first, giving it a 55 per cent gearing. Another $600 million in debt has been established in the rest of the group. Aurizon expects to retain its current BBB+/Baa1 credit ratings and Aurizon Network is expected to obtain the same BBB+/Baa1 credit ratings, Aurizon chief executive Lance Hockridge said. | iress |
| CNU | Chorus has released its fixed line and broadband connection numbers as at 31 March 2013. Total fixed line connections remained largely static over the three month period since31 December 2012, with a slight decline of 1,000 lines to a total of 1,792,000 lines. Total broadband connections increased by 17,000 to 1,093,000. Fibre connections grew to 17,000 across Chorus’ UFB and non-UFB network at the end of March. This should continue as more retail service providers begin offering residential fibre services and Chorus’ fibre network footprint continues to grow. There were about 2,200 fibre connections on our UFB network at the end of March | Company report |
| CWN | Crown has received written advice from the NSW Independent Liquor and Gaming Authority that the necessary approvals have been granted to allow Crown to have voting power in Echo Entertainment Group Limited (“Echo”) in excess of 10%. The approvals from the NSW ILGA, a summary of which is contained in the attached announcement made by the NSW ILGA today, permits Crown to have voting power in Echo above 10% but not to exceed an approved cap of 23%. | Company report |
| DJS | DJS has handed international suppliers a 12-month deadline to reduce wholesale prices under threat of removal from shelves. | AFR |
| DJS | David Jones has snared new brands from arch rival Myer, taking advantage of supplier unrest after Myer’s legal battle with designer Kym Ellery | AFR |
| DLX | DuluxGroup reported statutory net profit after tax NPAT of $32.9 million, for the six months ended 31 March 2013. The result included $10 million, after tax, in non-recurring costs related to the acquisition of the Alesco businesses in December 2012. Excluding these non-recurring items, NPAT was $42.9 million, an increase of 8.9% over the 2012 equivalent NPAT of $39.4 million. Earnings before interest and tax (EBIT) decreased 16.6% to $60.2 million. Excluding non-recurring items EBIT increased 12.2% to $72.4 million. This result was driven by 7.1% EBIT growth from heritage (i.e. pre- Alesco) DuluxGroup businesses, together with a $3.3m EBIT contribution from the Alesco businesses for the four months post-acquisition. Sales revenue increased by $162.3 million or 30.7%. Heritage DuluxGroup businesses grew 6.6% in generally soft markets, due largely to market share gains. The remainder of the growth related to the addition of sales from the Alesco businesses for four months | Company report |
| EGP | EGP has said it can invest up to A$1 billion developing a new casino in Brisbane and still afford to compete with Crown Limited’s bid to build a casino at Barangaroo in Sydney. | AFR |
| EGP | Crown has received written advice from the NSW Independent Liquor and Gaming Authority that the necessary approvals have been granted to allow Crown to have voting power in Echo Entertainment Group Limited (“Echo”) in excess of 10%. The approvals from the NSW ILGA, a summary of which is contained in the attached announcement made by the NSW ILGA today, permits Crown to have voting power in Echo above 10% but not to exceed an approved cap of 23%. | Company report |
| IPL | Incitec Pivot reported NPAT of $110.2m, down $33.3m from $143.5m in the pcp. Reported EBIT decreased by 20% or $41.9m to $172.5m (pcp: $214.4m). Adjusted EBIT (excluding the non-cash Moranbah unfavourable contract liability write back of $40.5m in the pcp) was flat at $172.5m, with improved earnings in the Explosives business offset by lower commodity prices and an adverse movement in the AUD:USD exchange rate in the Fertiliser business. Operating cash flows improved by $62.7m to an outflow of $64.6m (pcp: $127.3m). Net Debt was unchanged compared to the pcp at $1.6Bn (31 March 2012: $1.6Bn). BEx delivered $13m in earnings from business efficiency actions, against a cost incurred of $7m in the current period. Earnings per share down 23% to 6.8 cents per share (“cps”) (pcp: 8.8 cps). The interim dividend 3.4 cps (pcp: 3.3 cps), reflects a pay-out ratio of 50% of NPAT excluding Individually Material Items (“IMIs”). | Company report |
| KAR | The potential size of Karoon Gas Bilby-1 oil discovery offshore Brazil has been expanded with a proven oil column of 320 metres. This has been confirmed by pressure information and physical sampling of oil from the reservoirs. A total of seven oil samples have now been recovered to the surface, with one opened for early oil quality assessment. The sample has revealed 33 degree API gravity oil with the remaining samples to be sent for laboratory testing. A potential gross column of approximately 560 metres has now been established, based on the shallowest oil interval down to the proven oil water contact. The net oil bearing reservoir is estimated to be approximately 70 metres. Reservoir porosity values up to 23% have been interpreted from wireline logs. The confirmed stratigraphic extent of the oil bearing reservoirs now includes inter-bedded sands in the Eocene, Paleocene and Maastrichtian age rocks. Wireline testing of the discovery is continuing, including the coring of reservoir sections to assess reservoir porosity and permeability. | Company report |
| MGR | Mirvac Group has launched a $400m share issue to help fund the acquisition of seven office properties from GE Real Estate Investments Australia. Mirvac will acquire the assets from GE for A$584 million, underscoring a strategic shift for the Sydney-based property group as it seeks to grow its commercial portfolio through the acquisition and redevelopment of high-grade city real estate. The equity raising was announced at a price of A$1.69 per security, a 3.2% discount to Mirvac’s last closing price of A$1.745 per security, it said. | Company report |
| MGR | Mirvac Group announces the successful completion of its fully underwritten $400 million institutional placement to largely fund the acquisition of a select portfolio of office assets from GE Real Estate Investments Australia (“GE”) as announced on 10 May 2013. Institutional investors were issued approximately 236.7 million stapled securities under the Placement at $1.69 per stapled security. | Company report |
| MIN | Moly Mines has entered into a mine gate sale agreement for iron ore produced at the Company’s Spinifex Ridge Iron Ore Mine with Mineral Resources Limited The Transaction is subject to approval of the Company’s shareholders at an extraordinary general meeting to be held in the second half of June 2013. Under the Transaction, the Company’s wholly owned subsidiary Moly Metals Australia Pty Ltd (MMA) will sell ore from the Spinifex Ridge Iron Ore Mine to MRL at the mine gate. MRL will operate the mine to the end of the mine life. It is intended to assign various MMA operating agreements to MRL, the assignment of some of which are a condition precedent to the Transaction. The Company will retain all the tenements and its rights in relation to its Molybdenum/Copper Project and may continue or re-commence work programs for that Project. | Company report |
| MOL | Moly Mines has entered into a mine gate sale agreement for iron ore produced at the Company’s Spinifex Ridge Iron Ore Mine with Mineral Resources Limited The Transaction is subject to approval of the Company’s shareholders at an extraordinary general meeting to be held in the second half of June 2013. Under the Transaction, the Company’s wholly owned subsidiary Moly Metals Australia Pty Ltd (MMA) will sell ore from the Spinifex Ridge Iron Ore Mine to MRL at the mine gate. MRL will operate the mine to the end of the mine life. It is intended to assign various MMA operating agreements to MRL, the assignment of some of which are a condition precedent to the Transaction. The Company will retain all the tenements and its rights in relation to its Molybdenum/Copper Project and may continue or re-commence work programs for that Project. | Company report |
| NAB | NAB wealth management arm, NAB Wealth & MLC, experienced a drop in performance over the half year to March 31 attributed to increases in insurance claims and lapse rates combined with lower profits from annuities. | AFR |
| NAB | NAB CEO, Cameron Clyne, said the bank may cut interest rates out of cycle as funding costs stabilize and allow banks to cut rates independent of the Reserve Bank of Australia | AFR |
| PRY | Primary Health Care earnings guidance for the financial year ending 30 June 2013 has previously been notified to the market as being for EBITDA in the range of $370m – $380m and Earnings Per Share (‘EPS’) growth of 20% – 25%. Based on unaudited management results to 30 April 2013, and current trends within the business continuing until 30 June 2013, PRY now expects EBITDA of between $380m – $390m and EPS growth of 24% – 29% for FY2013. | Company report |
| RHC | Ramsay Health Care has held talks with potential partners in China’s private healthcare sector, although the company’s more immediate expansion plans are likely to be in Europe | AFR |
| RIO | RIO is committed to increasing the capacity of its rail and port infrastructure to 360 million tonnes a year, and would most likely commit to expanding its Pilbara operations to match, said chief executive Sam Walsh | AFR |
| SGP | Property developer Stockland says its earnings will drop because of the costs associated with changes to improve its long-term performance. Chief executive Mark Steinert said on Monday that he had put a heavier focus on reducing costs after conducting a review of the company’s strategy. Stockland owns retail, residential, office and industrial property. Mr Steinert said the company would cut costs by 10 per cent in the coming year, after already cutting costs by 10 per cent over the past 12 months. Costs would be reduced by centralising Stockland’s human resources, finance and marketing operations, as well as improving efficiency in all its operations, Mr Steinert said. He said the initial costs of the changes would cause the company’s earnings per stapled security to drop by 25 per cent in the year to June 30, compared with 2011/12. Stockland would pay a distribution of 24 cents per security to securityholders in the 2012/13 year and that would remain at 24 cents in 2013/14, as long as market conditions did not deteriorate, he said. “This decision recognises that our business remains in transition and we have a clear strategy to achieve stronger future returns through consistent application of a disciplined, risk-focused capital allocation framework combined with agile execution,” Mr Steinert said in a statement. | iress |
| SWK | SWK has secured an initial 2-rig, 12-month, grade control drilling contract at the Grasberg Gold and Copper Mine in Indonesia. The Freeport-McMoRan Grasberg Mine is the largest gold mine and the third largest copper mine in the world. Mobilisation is expected to commence early in 1Q14 (Jul‐Sep 2013), with drilling commencing in the latter part of that quarter. This is a good win for SWK – potential for upside to rig count, new geographic footprint and the opportunity to further test mobile diamond drilling technology are all positive. The combination of high utilisation, strong margins, increased ARPOR, improved balance sheet, strong free cashflow, improved dividend are all positives | Shaw |
| SXL | Southern Cross Media has asked Nine Entertainment Co to compensate it in the event the regional TV broadcaster incurs penalty payments to Ten Network | AFR |
| TEN | Ten Network Holdings has secured the rights to broadcast the 2014 Winter Olympics in Russia as new Chief Executive Hamish McLennan continues to chase sports rights to bolster the broadcaster’s ratings | AFR |
| TTS | Tatts Group has reached settlement in its Federal Court action against the ATO regarding the deductibility of a payment made by Tatts relating to its acquisition of Golden Casket Lottery Corporation Ltd in June 2007. As a result Tatts will receive an income tax benefit which will increase Net Profit After Tax by $16.2 million for the year ending 30 June 2013. | Company report |
| WBC | WBC will delay passing on interest rate cuts handing down by the Reserve Bank of Australia for a week longer than the other Australian big banks, netting roughly A$2 million a day in extra income from its mortgage book of around A$300 billion | SMH |
| WDC | The Westfield Group announced its 1st quarter update for the three months to 31 March 2013 with performance across the Group’s global operations in line with expectations. Recent highlights include: The commencement of $700m of new projects including the $400m redevelopment of Mt Gravatt in Brisbane, the US$150m redevelopment at Garden State Plaza in New Jersey and the US$90m redevelopment at Montgomery in Maryland. The agreement announced with O’Connor Capital Partners to form a US$1.28bn joint venture comprising a portfolio of six Westfield regional malls in Florida, United States; The disposal of the Group’s joint venture interest in Brazil, with the Group continuing to review opportunities in the market; and 34m WDC securities bought back to date in 2013, with a total of 114.9m securities now purchased since March 2012 for $1.15bn at an average price of $10.01. Operating Performance WDC’s global portfolio comprises 100 shopping centres in 4 countries with around 22,000 retail shops, 1.1bn annual customer visits and over $40bn in annual retail sales. The global portfolio at 31 March 2013 was 97.4% leased, up 20 basis points compared to the same period last year. In the United States the portfolio was 93.1% leased, up 150 basis points on the prior year with the Australian / New Zealand and United Kingdom portfolios at 99.5% and 99.0% leased respectively. The level of bad debts and arrears across the Group for the period remain low and in line with previous years. | Company report |
| WHC | Whitehaven Coal announced that it has resolved the dispute with Mr Hamish Collins, the former Chief Executive Officer of Aston Resources Ltd, relating to Mr Collins’ claimed entitlement to equity participation under the terms of his contract of employment with Aston Resources Ltd. Whilst the terms of the settlement are confidential, the settlement involves the withdrawal of all claims against the Whitehaven Group by Mr Collins in return for payment to him of an immaterial sum of money. | Company report |
| WRT | Westfield Retail Trust announced its first quarter operating update for the three months to 31 March 2013. Westfield Retail Trust Managing Director, Mr Domenic Panaccio said: “The Trust’s portfolio continues to perform well in the current retail environment. In the first quarter of 2013, sales productivity remained high and we continue to see good demand for quality retail space, with 99.5% of the portfolio leased. Although there have been some signs of improvement with increased consumer confidence, consumers remain cautious and retail sales growth continues to be low.” Average specialty rental growth of 2.4% for the 12 months to 31 March 2013 Portfolio 99.5% leased Westfield West Lakes $23 million1 development progressing well Commencement of the Trust’s $200 million1 investment in the major redevelopment of Westfield Garden City at Upper Mt Gravatt. On-market securities buy-back program of up to $200 million, with the purchase of $118.6 million of stapled securities completed to 30 April 2013 | Company report |
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