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For Personal Use Only Use Personal For PaperlinX Limited ABN 70 005 146 350 7 Dalmore Drive, 28 September 2012 Scoresby, Victoria 3179 Australia Company Announcements Office Tel: +61 3 9764 7300 Australian Stock Exchange Limited Fax: +61 3 9730 9741 Level 4, 20 Bridge Street Sydney NSW 2000 PaperlinX 2012 Annual Report & Annual General Meeting Dear Sirs, Please find attached the PaperlinX 2012 Annual Report. Please note below an explanation of a revision published in the Annual Report and notification of a date change for the Annual General Meeting. 1) Revision to Note 5 Operating Segments in Full Financial Report The 2011 comparative information contained in Note 5 Operating Segments (page 51) of the Full Financial Report has been revised from the Preliminary 4E accounts (page 19) lodged with the ASX on 22 August 2012. This is due to the incorrect apportionment of restructure costs between ‘Merchanting Europe’, ‘Australia, New Zealand and Asia’ and ‘Unallocated’ segments for 2011. The revision is outlined in the table below. Merchanting - Merchanting - ANZA Unallocated Europe Appendix Annual Appendix Annual Appendix Annual 4E Report 4E Report 4E Report Profit/(loss) before net finance costs, tax and significant items 5.7 3.7 14.9 11.1 (24.0) (18.2) Significant items (pre-tax) (46.6) (44.6) (40.6) (36.8) (20.9) (26.7) Net other finance costs - - - - (2.9) (2.9) (Loss)/profit before interest and tax (40.9) (40.9) (25.7) (25.7) (47.8) (47.8) Importantly, the continuing, discontinued and group totals in the Note 5 are unchanged, as are the disclosures by segment of profit/(loss) before interest and tax. 2) Notification of Annual General Meeting (‘AGM’) date change As a result of the recent Board changes, the AGM has now been rescheduled to be held on Thursday, 15 November 2012, at 9.30am at the Melbourne Convention Centre, Meeting Room 106, Level 1, 1 Convention Centre Place, South Wharf, Melbourne, Victoria 3006, Australia. The Notice of AGM will be lodged with the ASX and despatched to shareholders in early October. Regards, For personal use only Michelle Wong Company Secretary Encl. PaperlinX Annual Report 2012 For personal use only Forward Looking Statements Certain statements in this Annual Report relate to the future, including forward looking statements relating to PaperlinX’s financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of PaperlinX to be materially different from future results, performance or achievements expressed or implied by such statements. Neither PaperlinX nor any other person gives any representation, assurance or guarantee that the occurrence expressed or implied in any forward looking statements in this document will actually occur and you are cautioned not to place undueFor personal use only reliance on such forward looking statements. Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, PaperlinX disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation thereto or any change in events, conditions or circumstances on which any such statement is based. PaperlinX is one of the world’s leading merchants of paper, communication materials and diversified products and services. Contents 2012 at a glance 2 Summary financials 3 Chairman’s message 4 Chief Executive Officer’s message 5 Operational review 6 Sustainability 8 Directors of PaperlinX 10 Senior management 11 For personal use only Directors’ report 12 Corporate governance 28 Full financial report of PaperlinX Limited 33 Shareholding information 94 Five year history 96 Investor information IBC Corporate directory BC 1 2012 at a glance These results reflect a company in transition as it responds to the reality of continuing structural decline in paper demand, current weak market conditions and the continuing poor economic outlook in Europe. The implementation of the Strategic Review involved taking substantial measures to reshape the Company. Cash generated from asset disposals and the close-out of a currency option has provided liquidity, reduced debt and funded crucial restructuring. When completed, the expanded and accelerated restructuring programme will provide a significantly lower operating cost base. And there is a clear strategy to drive the growth and margin of our diversified business, particularly in Packaging and Sign and Display. The remaining businesses in the Group have significant positions in sizeable markets and moving forward with a lower cost base, the Company is better positioned to become a successful broad-based material supplier. • The statutory loss after tax of $(266.7) million for the year • Impairment of goodwill and other non-current assets ended 30 June 2012 compared to a loss of $(108.0) million of $(125.9) million after tax, primarily in the Benelux for the prior corresponding period (pcp). This is significantly and the UK. increased from the expected loss of $171 million announced • After tax loss on the sale of businesses in the US and Italy on 26 June 2012, primarily due to the Board’s decision to of $(62.4) million. write-off all remaining goodwill on European operations. • Currency option close-out, generated $39 million in cash. • Revenue was $4.11 billion, down from $4.67 billion for pcp due to weaker sales and negative translation impact • Lower net debt of $148 million versus prior year of arising from the strength of the Australian dollar. $172 million primarily reflects the repayment of debt, proceeds from the currency option, the stronger Australian • Diversified revenue grew by 3.4 per cent (constant currency) dollar, partly offset by negative operating cashflow. over pcp. • The sale of businesses in the US and Italy have now • Volumes of 2.45 million tonnes, down from 2.63 million completed. In addition, the sale of businesses in tonnes for pcp reflecting a further deterioration in demand south-eastern Europe and South Africa are expected in our key markets, in particular Europe. to complete in the first half of FY13. Total net cash • Restructuring costs of $(31.1) million pre-tax in line with proceeds from these disposals are expected to generate plans announced in June. approximately $90 million. • Negative operating cash flow of $(62) million was • Extensive restructuring in the UK, Australia and Corporate unfavourable to $55 million for pcp following deterioration was undertaken. The restructuring programme has been in trading results and adverse working capital movements. significantly expanded, particularly in Europe, and is now expected to generate ongoing benefits of $73 million per annum by the end of FY14 for a total cost of $45 million. For personal use only 2 Summary financials Results for the year ended 30 June 2012 The following table shows statutory earnings and sales revenue by region in Australian dollars. Segment results exclude significant items but include the benefits arising from restructuring activities. Included is a reconciliation of underlying sales revenue and earnings. The difference between statutory results and underlying results is the loss on sale of businesses, impairment of non-current assets, restructuring costs, valuation impact of the currency option, net benefits related to the closure of the Tasmanian operations and transaction costs related to the sale of Australian Paper. Earnings Sales Revenue For the year ended 30 June 2012 2011 2012 2011 $m $m $m $m Europe (23.6) 3.7 2,333.8 2,698.5 Canada 8.3 6.6 442.1 463.8 Australia, New Zealand and Asia 10.9 11.1 472.2 515.7 Unallocated (16.4) (18.2) (4.9) (6.2) Total continuing operations (20.8) 3.2 3,243.2 3,671.8 Discontinued operations 8.6 17.7 870.0 1,003.1 (Loss)/profit before net finance costs, tax and significant items (12.2) 20.9 Net other finance costs (7.0) (3.5) (Loss)/profit before interest, tax and significant items (19.2) 17.4 Significant items (pre-tax) (214.0) (109.3) Loss before interest and tax (233.2) (91.9) Net interest (18.3) (18.9) Loss before tax (251.5) (110.8) Tax relating to pre-significant items (16.9) (6.4) Tax relating to significant items 1.7 9.2 Tax (expense)/benefit (15.2) 2.8 Group eliminations (0.1) (4.6) Statutory loss for the period/Total revenue (266.7) (108.0) 4,113.1 4,670.3 Adjust for following (gains)/losses included in statutory loss: Loss on the sale of controlled entities 62.4 – Impairment of assets held for sale 1.7 – Impairment of property, plant and equipment 4.9 – Impairment of intangible assets 119.3 68.5 Restructuring costs 28.4 17.6 Net benefit related to closure of Tasmanian operations (1.4) (5.9) Currency option (3.0) 15.4 Transaction costs related to sale of Australian Paper – 4.5 Underlying loss for the period (54.4) (7.9) Net interest 18.3 18.9 Tax relating to pre-significant items 16.9 6.4 Underlying EBIT (19.2) 17.4 Less: Discontinued underlying EBIT 8.0 17.1 Continuing underlying EBIT (27.2) 0.3 Key ratios Underlying earnings before interest and income tax to average funds employed % (2.1) 1.6 Basic earnings per share post SPS distribution cps (43.8) (21.4) Dividend per ordinary share cps nil nil As at As at 30 June 30 June Balance sheet 2012 2011 Current assets $m 1,104 1,540 Non-current assets $m 195 390 Total assets $m 1,299 1,930 For personal use only Current liabilities $m 675 846 Non-current liabilities $m 177 348 Total liabilities $m 852 1,194 Shareholders equity $m 447 736 Key balance sheet ratios Funds employed (net debt + net assets) $m 595 908 Gross debt $m 228 297 Net debt $m 148 172 Net debt/net debt and equity % 24.8 18.9 Net tangible assets per share $ 0.06 0.27 3 Chairman’s message It has been an intensely challenging year for PaperlinX The senior management team and the Board have also as we continue to work toward a sustainable footing for the changed to reflect the different scale and needs of the business.
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