One thing that was highlighted well in the report was the NAV of the fund. This has been a talking point in the past due to the believe that once dividend is paid NAV will keep falling and MIIF has no way of increasing the NAV to sustained future div payment. A Distrubution of 3.95 cents would put the ex div NAV at 0.9505.
Net assets increased from 1260 mil to 1271 mil as at 30 jun 2006.
This represent a NAV of $0.99 per share.
Group borrowings have increased from $247 mil to $289 mil . The movement is due to the increase in borrowings within the stand alone company. The remainder of the borrowings relate to the borrowings of TanQuid.
Net op cashflow (1 jan – 30 jun) – 49 mil
Income accured at end of period + distributions from MIIF assets before payment date at Jun 2006 – 25.5 mil
Total cashflow able to be use to fund div – 74.5 mil
Total of the june 2006 div payable on 13 september – 50.5 mil
Balance sheet notables
– Reduced in receivables from last 6 mths.
– Slight increase in cash holdings.
– Increase in borrowings
Cash flow statement notables
– absence of a 77 mil downward revaluation of financial assets from 30 jun 2005.
– decrease in receivables and payables
– new borrowings to fund new capital investments