deloitte queensland stock exchange...

Deloitte Queensland Stock Exchange Index

April 2007 – 38th edition

April 2007 editionMajor Company Movements

Industry Movements

Major Indices Analysis

First quarter share price performance

Queensland’s 162 Listed Companies

A review of Queensland listed companies on the Australian Stock Exchange

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Section indicator Descriptor

Monthly movements The Deloitte Qld Index increased by $4.2 billion or 5.7% during April 2007, with the main increases in market capitalisation for the month coming from Lihir, Suncorp and MFS. The main decreases in market capitalisation came from Sunland Group, ABC and Cromwell Group.

Six month movementsThe Deloitte Qld Index has increased by 40.8% or $22.5 billion during the six month period to 30 April 2007, compared to the ASX All Ordinaries which increased by 15.0%, the Dow Jones which increased by 8.1% and the FTSE which increased by 5.2% over the same six month period.

Twelve month movementsThe Deloitte Qld Index also improved over the full twelve month period to 30 April 2007, increasing by 68.8% or $31.6 billion. The ASX All Ordinaries increased by 17.3% while the Dow Jones and the FTSE increased by 14.9% and 7.1% respectively.

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Executive summaryWelcome to the 38th edition of the Deloitte Qld Index, a monthly review of Queensland stocks and indices.

Andrew AnnandPartner – Corporate Finance Phone direct: +61 (0) 7 3308 7216 e-mail: [email protected]

In this edition, we focus on the performance of the Deloitte Qld Index compared to the performance of the ASX All Ordinaries, the Dow Jones, the FTSE, the Nikkei and the Hang Seng.

During April 2007, the Deloitte Qld Index increased by 5.7% or $4.2 billion, while the ASX All Ordinaries increased by 3.0% over the same period. There are currently 162 companies on the Deloitte Qld Index.

Increases The most significant increases in market capitalisation during April came from Lihir Gold Limited (Lihir), Suncorp-Metway Limited (Suncorp) and MFS Limited (MFS).

During April Lihir’s market capitalisation increased by 18.5% ($841 million). Lihir announced plans for a major financial restructure in early April, with the aim to raise additional equity of $1.2 billion. Later in the month, the company completed the Institutional Entitlement Offer and Placement components of the capital raising plan, raising an additional $972 million in new funds. Lihir proposes to use the funds to close out the gold hedge book and repay the gold loan, as well as other secured debt. Lihir remained constant at number two this month on the Deloitte Qld Index.

Suncorp’s market capitalisation increased $601 million (3.1%) during April. In mid April, Suncorp successfully completed a second book build, which made up the final stage in the company’s fully underwritten entitlement offer. As a result of Suncorp’s merger with Promina in March, the company requested an extra $1 million from shareholders to expand the company’s board of directors to include four Promina directors. Suncorp remains the largest company on the Deloitte Qld Index.

During April MFS’ market capitalisation increased $332 million (13.3%). There was a heightened level of takeover activity initiated by MFS during April. At the end of March, the company announced it had entered into contracts to acquire Swain Investment Services, a New Zealand financial advisory firm. Following this statement, MFS announced the

acquisition of another New Zealand financial advisory firm, Colin Strang Financial Planning (Strang). The acquisition of Strang has further expanded MFS’ New Zealand business, bringing the total funds under management and advice to NZ$900 million. In addition to these announcements, MFS also issued a statement advising of the Stella Group’s (a division of MFS) 95% relevant interest in S8 Property Trust. MFS’ position increased this month from number eight to number seven on the Deloitte Qld Index.

Decreases The most significant decreases in market capitalisation during April came from Sunland Group Limited (Sunland), ABC Learning Centres Limited (ABC) and Cromwell Group Limited (Cromwell).

Sunland’s market capitalisation decreased 7.7% ($82 million) during April. This drop is despite announcements that the company’s Dubai subsidiary entered into 50:50 joint venture agreement with Becfar Development Inc. As the company will be receiving fees throughout the development phase of the project, this activity takes the total Middle East portfolio to $32 million. Sunland dropped three positions this month on the Deloitte Qld Index, from number 15 in March, to number 18 at present.

ABC’s market capitalisation has decreased by $78 million or 2.7% over April. During the month, ABC made arrangements with Austock Property Management Limited, the responsible entity of the Australian Education Trust (Trust) to relinquish its direct equity stake in the Trust and realise its financial investment of 4,444,444 units. ABC falls one position to number eight this month on the Deloitte Qld Index.

During April Cromwell’s market capitalisation dropped by $45 million (5.5%). The company announced a net loss after tax of $1.8 million due to one off costs relating to the stapling transaction costs for the Cromwell Diversified Property Trust. Cromwell’s assets under management now exceed $1.5 billion, with Executive Chairman, Paul Weightman, indicating the company will continue to investigate potential acquisition, including wholesale and overseas opportunities. Cromwell has finished the month at number 21 on the Deloitte Qld Index.

Industry movements On an industry basis, Materials experienced the largest increase in market capitalisation of $1.3 billion or 14.1% during the month, with Diversified Financials also improving $999 million. Utilities, Software and Services and Real Estate experienced a slowing of their market capitalisation growth over February when compared to previous periods, increasing by 0.9%, 0.6% and 1.5% respectively. Similarly, Healthcare Equipment and Services and Consumer Durables and Apparel encountered reduction in growth trends, incurring a negative market capitalisation movement of 0.1% and 1.3%.

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Table 1 – Movement for April 2007

Table 2 – Industry market capitalisation for April 2007

Source: Australian Stock Exchange and BloombergIncludes the addition of Lihir Gold Limited in May 2006.

Source: Australian Stock Exchange and Bloomberg

$m

Market capitalisation of Deloitte Qld Index as at 31 March 2007 73,344

Major increases Lihir Gold Limited 841

Suncorp-Metway Limited 601

MFS Limited 332

Major decreases Cromwell Group Limited (45)

ABC Learning Centres Limited (78)

Sunland Group Limited (82)

Other movements (net) 2,590

Total increase/(decrease) 4,159

Market capitalisation of Deloitte Qld Index as at 30 April 2007 77,504

Industry Numberof companies

Apr 07$m

Mar 07$m

$ Mvt month$m

% of Index % Change last month

% Change six months

% Change 12 months

% Change since Sep 02

Diversified Financials 12 23,716 22,717 999 30.6% 4.4% 74.9% 84.8% 283.8%

Materials 34 10,683 9,359 1,324 13.8% 14.1% 33.3% 170.6% 1008.2%

Transportation 5 6,833 6,521 311 8.8% 4.8% 42.5% 62.0% 2571.5%

Real Estate 20 6,149 6,060 90 7.9% 1.5% 17.4% 70.4% 821.9%

Energy 15 5,366 4,668 699 6.9% 15.0% 69.4% 130.2% 587.1%

Consumer Services 10 4,954 5,025 (71) 6.4% (1.4%) (1.2%) (17.6%) 13.2%

Consumer durables and apparel 3 3,517 3,563 (46) 4.5% (1.3%) 5.5% 7.5% 132.4%

Capital goods 13 3,476 3,289 186 4.5% 5.7% 53.7% 126.2% 245.5%

Commercial services and supplies 3 3,296 3,139 156 4.3% 5.0% 39.2% 57.4% 820.6%

Banks 4 2,516 2,373 142 3.2% 6.0% 16.4% 29.5% 276.0%

Retailing 6 2,254 2,088 166 2.9% 7.9% 17.5% 141.3% 563.9%

Software and services 10 1,264 1,256 8 1.6% 0.6% 63.8% 94.4% 348.1%

Utilities 2 892 884 8 1.2% 0.9% 19.1% 13.1% 122.9%

Food beverage and tobacco 5 845 800 45 1.1% 5.6% 43.0% 30.5% 124.7%

Pharmaceuticals and biotechnology 9 835 781 54 1.1% 7.0% 75.3% 44.4% 265.8%

Telecommunication services 3 448 362 86 0.6% 23.8% 108.4% 302.6% 232.0%

Healthcare equipment and services 4 329 329 (0) 0.4% (0.1%) 21.4% 13.3% 129.8%

Media 2 69 64 6 0.1% 9.0% 44.5% 37.0% 116.7%

Technology, hardware and equipment 2 63 66 (4) 0.1% (5.5%) (27.4%) (6.6%) (30.3%)

Total 162 77,504 73,344 4,159 100.0% 5.7% 40.8% 68.8% 312.4%

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Comparison of Deloitte Qld Index and the ASX All Ordinaries Index

Figure 1 – Total market capitalisation (relative to one)


During April 2007, the total capitalisation of Queensland listed companies increased by $4.2 billion or 5.7%. The largest increases in capitalisation for the month were attributable to Lihir ($841 million or 18.5%), Suncorp ($601 million or 3.1%) and MFS ($332 million or 13.3%). Of the 162 companies listed on the Deloitte Qld Index, 54 experienced decreases in market capitalisation during the month, which totalled $534 million. The main decreases were attributable to Sunland ($82 million or 7.7%), ABC ($78 million or 2.7%), and Cromwell ($45 million or 5.5%).

The ASX All Ordinaries increased by 3.0% during the month, with an increase in market capitalisation of approximately $43.3 billion. The largest increase in market capitalisation was experienced by National Australia Bank Limited, continuing last month’s strong growth, increasing $4.9 billion or 7.4%. Other increases included Commonwealth Bank of Australia and Orica Limited, which increased $3.8 billion (5.8%) and $1.9 billion (24.3%) respectively. The high percentage increase displayed by Orica Limited, is in line with the month’s $6.15 share price increase, initiated by the company’s rejection of an undervalued private equity takeover bid, and investors’ expectations of higher bids to follow.

The main decreases in market capitalisation on the ASX All Ordinaries were experienced by BHP Billiton Limited ($5.4 billion or 5.2%), Foster’s Group Limited ($1.3 billion or 9.4%), and Brambles Limited, which decreased $869 million or 4.2%.

For the six months to April 2007, the Deloitte Qld Index outperformed the ASX All Ordinaries with increases of 40.8% and 15.0% respectively.

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Source: Australian Stock Exchange and BloombergIncludes the addition of Lihir Gold Limited in May 2006

Table 3 – Percentage change in major indices



Deloitte Qld Index performance against the ASX All Ordinaries and overseas indicesDuring April, both the Dow Jones and the FTSE improved over the previous month, increasing by 5.7% and 2.2% respectively. On a rolling twelve month basis the Deloitte Qld Index outperformed the ASX All Ordinaries and overseas indices with an overall increase of 68.8% compared to increases of 14.9% for the Dow Jones and 7.1% for the FTSE.

A statement released by the Federal Reserve in the US indicated that the annualised inflation rate reached 2.1% in March, which is higher than the preferred 1-2% range. Despite the slightly elevated rate, analysts are expecting the target interbank rate to remain unchanged at 5.25%. The media industry experienced high activity during the month on the back of News Corporation’s unsolicited US$5 billion bid for Dow Jones & Co., and the Dolan family’s US$10.5 billion bid for Cablevision Systems Corporation (Cable Systems). The US$36.26 per share offer for Cable Systems was accepted in early May, however shareholders are considering electing ‘dissenter rights’ to allow the courts to determine a fair value for the company, which would then be payable by the Dolans.

Analysts commented that the gains experienced by the FTSE in early April were a result of growing movements towards consolidation in the banking and mining sectors, with the index finishing on April 16 at its highest close since September 2000. However as UK inflation rose to a ten year high in mid April, investor concerns surrounding interest rate rises increased, focing the FTSE down. The banking and real estate sectors suffered the greatest losses, with HSBC Holdings Plc and HBOS Plc leading the decline. However, the increases in the index earlier in the month outweighed the inflation fuelled downturn and the index closed the month ahead 2.2%.

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Deloitte Qld Index Dow Jones ASX All Ordinaries FTSE

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Sep 02 12 months Six months One months Two months Three months Four months Five months

Deloitte Qld Index 312.4% 69% 40.8% 5.7% 21.2% 23.1% 26.1% 34.8%

All Ordinaries 110.3% 17.3% 15.0% 3.0% 5.9% 7.0% 9.1% 12.8%

Dow Jones 72.1% 14.9% 8.1% 5.7% 6.5% 3.5% 4.8% 6.9%

FTSE 73.3% 7.1% 5.2% 2.2% 4.5% 4.0% 3.7% 6.6%

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Deloitte Qld Index performance against the Asia-Pacific indices

Table 4 – Percentage change in major indices



During April, the Nikkei and the Hang Seng increased by 0.7% and 2.6% respectively. Over the same period, the Deloitte Qld Index increased by 5.7% while the ASX All Ordinaries improved 3.0%. On a rolling twelve month basis, the Deloitte Qld Index experienced the largest gain of 68.8%, in comparison to a 22.0% for the Hang Seng and a comparatively flat 2.8% for the Nikkei.

The Nikkei Index closed the month at 17,400 after the gains recorded early in the month were eroded following news that China had curbed bank lending and the US economic growth fell to its lowest level in four years. However, Toyota Corporation continued to perform during April as a result of solid growth in the popularity of its models in the US and Europe. The company recently overtook General Motors as the world’s largest car maker (in terms of volume), with profits rising from $4.1 billion to $4.4 billion. Toyota is expecting an increase in sales of approximately 0.4% for the 2008 financial year.

Positive first quarter earnings reports by a large number of companies assisted the Hang Seng’s increase during the month. The CSI 300 Index, which tracks locally denominated A-shares listed on the Shanghai and Shenzhen stock exchanges, completed a record month – a 28% increase over last month’s close. The second largest company listed on the Hang Seng, China Mobile, weighed the Hang Seng down after the company’s earnings release indicated a decline in profitability during the first quarter. China Mobile closed the month at HK$71.45, a decrease of 0.6% over the course of the month.

Source: Australian Stock Exchange and BloombergIncludes the addition of Lihir Gold Limited in May 2006.

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Deloitte Qld Index Nikkei Hang Seng ASX All Ordinaries

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Sep 02 12 months Six months One months Two months Three months Four months Five months

Deloitte Qld Index 312.4% 69% 40.8% 5.7% 21.2% 23.1% 26.1% 34.8%

All Ordinaries 110.3% 17.3% 15.0% 3.0% 5.9% 7.0% 9.1% 12.8%

Nikkei 85.4% 2.8% 6.1% 0.7% -1.2% 0.1% 1.0% 6.9%

Hang Seng 124.0% 22.0% 10.9% 2.6% 3.4% 1.1% 1.8% 7.2%

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Market wrap – 30 April 2007Companies listed in the Deloitte Qld Index have been divided into categories listed in the table below for the purposes of the monthly Market Wrap.

Table 5 – Major increases and decreases in each category


Nano cap Under $50 million

Micro cap $50 million to 300 million

Small cap $300 million to 2 billion

Mid cap $2 billion to $10 billion

Large cap $10 – $200 billion

Mega cap Market capitalisation of $200 billion and greater

Increases Aprilranking

Marchranking

Company name Mkt capApril 07

$m

Mkt capMarch 07

$m

$ Changemarket

capitalisation $m

% Changemarket

capitalisation

Large cap 1 1 Suncorp-Metway Limited 19,839 19,238 601 3.1%

Mid cap 2 2 Lihir Gold Limited 5,393 4,552 841 18.5%

7 8 MFS Limited 2,823 2,491 332 13.3%

3 4 Babcock and Brown Infrastructure Group 3,549 3,339 210 6.3%

Small cap 12 13 New Hope Corporation Limited 1,427 1,233 194 15.7%

26 14 GWA International Limited 1,304 1,120 185 16.5%

16 18 Felix Resources Limited 1,107 943 164 17.4%

Micro cap 51 73 Sunshine Gas Limited 197 109 88 81.3%

62 77 Admiralty Resources NL 151 83 68 82.2%

61 63 Macmin Silver Ltd 152 124 28 22.3%

Nano cap 103 116 Innamincka Petroleum Limited 39 18 21 119.1%

108 140 D’Aguilar Gold Limited 33 12 21 168.4%

98 117 Northern Energy Corporation Limited 44 26 18 66.7%

Decreases Aprilranking

Marchranking

Company name Mkt capApril 07

$m

Mkt capMarch 07

$m

$ Changemarket

capitalisation$m

% Changemarket

capitalisation

Large cap There are no decreases in this category

Mid cap 4 3 Billabong International Limited 3,422 3,464 (41) (1.2%)

8 7 ABC Learning Centres Limited 2,805 2,883 (78) (2.7%)

Small cap 31 31 Sedgman Limited 375 392 (17) (4.3%)

21 19 Cromwell Group Limited 775 820 (45) (5.5%)

18 15 Sunland Group Limited 987 1,069 (82) (7.7%)

Micro cap 41 33 Cardno Limited 298 317 (19) (5.9%)

68 58 Capral Aluminium Limited 136 156 (19) (12.5%)

45 44 RiverCity Motorway Group 246 268 (22) (8.1%)

Nano cap 134 123 Eastern Corporation Limited 18 23 (5) (21.9%)

104 93 Maryborough Sugar Factory Limited (The) 39 45 (6) (13.3%)

121 100 Advanced Magnesium Limited 25 33 (8) (23.4%)

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Earnings per Share (EPS) – The portion of a company’s profit allocated to each outstanding share of common stock. EPS indicates the profitability of a company. Calculated as: (Net Income – Dividends on Preferred Stock)/ Average Outstanding Shares

Price–Earnings (PE) Ratio – A valuation ratio of a company’s current share price compared to its per-share earnings. In general, a high P/E means high projected earnings in the future. It is mainly used to compare the P/E ratios of companies in the same industry, or to the market in general, or against the company’s own historical P/E. Calculated as: Market Value per Share/Earnings per Share (EPS).

Companies included in the Deloitte Qld Index as at 30 April 2007Thismonth

Lastmonth

Company Mkt capApr 07

$m

Mkt capMar 07

$m

Change$m

Change%

Last$ price

(month)

High$ price

(year)

Low$ price

(year)

EPS P/Eratio

1 1 Suncorp-Metway Limited 19,839 19,238 601 3.13% 21.45 23.52 18.50 1.67 12.872 2 Lihir Gold Limited 5,393 4,552 841 18.49% 2.98 3.64 2.34 0.06 59.043 3 Billabong International Limited 3,422 3,464 (41) (1.19%) 16.50 18.36 12.66 0.71 23.314 4 Babcock and Brown Infrastructure Group 3,549 3,339 210 6.28% 1.95 1.98 1.46 0.07 27.515 6 Transpacific Industries Group Limited 3,060 2,897 162 5.60% 12.38 13.08 6.01 0.24 52.466 7 ABC Learning Centres Limited 2,805 2,883 (78) (2.71%) 7.00 8.80 5.91 0.28 25.277 5 Virgin Blue Holdings Limited 2,838 2,712 127 4.67% 2.70 2.85 1.50 0.08 33.338 8 MFS Limited 2,823 2,491 332 13.33% 6.00 6.24 3.44 0.43 16.679 9 Bank Of Queensland Limited 2,056 1,936 121 6.24% 18.40 19.15 13.05 0.88 20.8610 11 FKP Property Group 1,802 1,647 155 9.42% 6.91 7.55 4.52 0.77 9.0211 10 Flight Centre Limited 1,545 1,547 (3) (0.18%) 16.35 17.35 9.59 0.85 19.3312 13 New Hope Corporation Limited 1,427 1,233 194 15.74% 1.77 1.89 1.15 0.09 20.5213 12 Campbell Brothers Limited 1,220 1,141 79 6.97% 23.64 24.80 14.70 0.77 30.7714 20 Queensland Gas Company Limited 1,241 1,127 114 10.13% 1.69 1.75 0.49 (0.02) –15 14 GWA International Limited 1,304 1,120 185 16.50% 4.66 4.79 2.73 0.20 22.8416 15 Sunland Group Limited 987 1,069 (82) (7.68%) 3.10 4.10 2.11 0.29 10.7317 21 Arrow Energy NL 1,056 973 84 8.60% 1.90 2.15 0.53 (0.03) –18 18 Felix Resources Limited 1,107 943 164 17.40% 5.87 5.90 1.54 0.17 35.1319 16 Macarthur Coal Limited 929 888 41 4.64% 4.96 5.68 4.07 0.83 5.9820 17 Wotif.com Holdings Limited 870 853 16 1.90% 4.28 4.80 2.00 0.08 52.6421 19 Cromwell Group Limited 775 820 (45) (5.53%) 1.11 1.25 0.81 0.05 21.3522 23 Energy Developments Ltd 697 714 (17) (2.34%) 4.74 5.45 3.52 0.17 28.2123 22 City Pacific Limited 686 643 43 6.66% 4.56 5.40 3.39 0.49 9.3624 25 Pan Australian Resources Limited 769 613 156 25.41% 0.55 0.57 0.24 (0.01) –25 24 Australian Agricultural Company Limited 642 594 47 7.99% 2.57 2.70 1.65 0.04 62.6826 26 Ausenco Limited 602 571 30 5.31% 7.34 7.95 1.00 0.17 42.3327 30 Trinity Consolidated Group 537 484 54 11.07% 2.71 2.99 1.22 0.13 20.2228 27 Super Cheap Auto Group Limited 491 431 60 13.83% 4.61 4.70 1.55 0.16 29.7429 28 Colorado Group Limited 455 416 39 9.37% 4.74 4.98 3.21 0.22 21.9430 29 Watpac Limited 391 403 (12) (2.93%) 3.90 4.37 2.05 0.23 17.2431 31 Sedgman Limited 375 392 (17) (4.35%) 2.20 2.50 1.00 0.09 23.9132 37 Progen Industries Limited 340 336 4 1.05% 7.30 9.65 2.48 (0.19) –33 32 Carindale Property Trust 337 333 4 1.05% 4.81 5.15 3.61 1.08 4.4734 33 Cardno Limited 298 317 (19) (5.90%) 5.65 6.58 4.10 0.31 18.0135 39 Cudeco Limited 302 310 (9) (2.76%) 3.73 10.00 0.29 (0.03) –36 35 Technology One Limited 300 302 (1) (0.49%) 1.01 1.12 0.62 0.04 24.5137 36 Wide Bay Australia Limited 321 300 21 7.08% 12.85 13.55 9.05 0.57 22.3638 40 AP Eagers Limited 351 297 54 18.18% 13.00 13.25 6.85 1.11 11.7639 38 Talent2 International Limited 308 296 12 4.00% 2.60 2.85 1.13 0.03 79.0340 34 Oaks Hotels & Resorts Limited 283 290 (6) (2.18%) 1.87 2.53 1.58 0.03 –41 43 RP Data Ltd 271 284 (14) (4.85%) 1.96 2.12 1.25 0.03 63.2342 44 RiverCity Motorway Group 246 268 (22) (8.11%) 0.34 0.50 0.33 – –43 41 Citigold Corporation Limited 244 261 (17) (6.44%) 0.39 0.58 0.25 (0.01) –44 42 Consolidated Rutile Limited 251 251 – 0.00% 0.69 0.75 0.57 0.06 11.4245 45 Ventracor Limited 245 244 1 0.54% 0.94 1.20 0.58 (0.14) –46 50 Industrea Limited 312 230 82 35.49% 0.48 0.49 0.06 0.01 79.1747 47 Australian Education Trust 220 221 (1) (0.56%) 1.79 2.00 1.51 0.21 8.5248 46 Bemax Resources NL 216 221 (5) (2.13%) 0.23 0.39 0.20 0.01 46.0049 48 Kings Minerals NL 318 217 102 47.01% 0.86 0.92 0.18 (0.01) –50 49 Reef Casino Trust 209 206 2 1.19% 4.25 4.50 3.40 0.27 15.6851 51 Devine Limited 193 206 (13) (6.21%) 1.36 1.53 0.85 0.14 9.4452 53 CP1 Limited 189 196 (7) (3.61%) 0.80 0.98 0.71 0.28 2.8953 52 Domino’s Pizza Australia New Zealand Limited 192 182 10 5.54% 3.05 4.10 2.70 0.22 14.0654 55 MFS Diversified Group 170 174 (4) (2.54%) 0.88 1.05 0.86 0.40 2.2055 56 MFS Living and Leisure Group 182 174 8 4.63% 1.01 1.10 0.71 (0.40) –56 54 Viking Industries Ltd 167 172 (5) (2.91%) 1.00 1.16 0.57 0.03 32.2657 60 Geodynamics Limited 194 170 24 14.30% 1.12 1.48 0.62 (0.04) –

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Price-Earnings (PE) Ratio – A valuation ratio of a company’s current share price compared to its per-share earnings. In general, a high P/E means high projected earnings in the future. It is mainly used to compare the P/E ratios of companies in the same industry, or to the market in general, or against the company’s own historical P/E. Calculated as: Market Value per Share/Earnings per Share (EPS).

58 57 GBST Holdings Limited 173 169 4 2.40% 3.85 3.95 2.11 0.14 27.5859 58 Capral Aluminium Limited 136 156 (19) (12.50%) 0.70 1.57 0.66 (0.13) –60 62 QM Technologies Limited 147 147 0 0.08% 3.30 3.60 2.03 0.24 14.0461 61 Peplin Biotech Limited 149 144 6 3.85% 0.81 0.90 0.63 (0.11) –62 72 Queensland Cotton Holdings Limited 141 139 3 1.83% 5.01 5.10 3.18 0.24 20.9463 64 Ariadne Australia Limited 149 137 12 9.02% 0.67 0.67 0.41 0.03 20.7864 59 Alchemia Limited 158 133 25 18.88% 1.17 1.39 0.51 (0.11) –65 65 Pipe Networks Limited 134 130 4 3.03% 3.40 3.75 1.60 0.08 41.0666 66 CEC Group Limited 149 126 23 18.43% 2.30 2.40 1.25 0.19 12.3467 63 Macmin Silver Ltd 152 124 28 22.29% 0.33 0.41 0.20 (0.01) –68 73 Sunshine Gas Limited 197 109 88 81.25% 0.87 0.89 0.25 0.02 42.6569 70 Forest Place Group Limited 111 103 8 8.00% 1.35 1.47 0.79 0.33 4.1370 67 Tamaya Resources Ltd 113 103 10 10.00% 0.22 0.27 0.07 (0.00) –71 68 Retail Food Group Limited 97 102 (4) (4.34%) 1.34 1.66 0.73 0.09 14.4172 69 The Rock Building Society Limited 98 98 (0) (0.18%) 5.45 6.10 4.65 0.26 23.0073 71 Metal Storm Limited 82 96 (14) (14.46%) 0.14 0.21 0.11 (0.03) –74 76 Collection House Limited 89 95 (6) (6.15%) 0.92 1.29 0.81 0.06 14.7675 74 Linc Energy Ltd 92 93 (2) (1.72%) 0.29 0.30 0.15 (0.01) –76 77 Admiralty Resources NL 151 83 68 82.18% 0.24 0.26 0.07 (0.01) –77 75 Data#3 Limited 84 82 2 2.86% 5.40 5.50 3.14 0.37 14.6478 78 Fone Zone Group Limited 78 81 (4) (4.62%) 0.62 1.39 0.60 0.09 7.2279 81 Dark Blue Sea Limited 78 79 (1) (1.16%) 0.85 0.94 0.53 0.03 25.3780 79 FSA Group Limited 90 75 14 19.15% 0.84 0.94 0.21 0.03 29.4781 80 Raptis Group Limited 75 74 1 1.72% 1.18 1.35 0.79 0.16 7.5482 82 Metallica Minerals Limited 69 72 (3) (4.29%) 0.67 0.95 0.20 (0.02) –83 86 Tamawood Limited 68 68 0 0.48% 2.10 2.25 1.46 0.14 14.9684 83 Indigo Pacific Capital Limited 70 68 2 2.33% 0.88 0.95 0.71 0.06 15.7185 84 PTB Group Ltd 53 64 (12) (18.03%) 2.00 2.71 2.00 – –86 88 Cellnet Group Limited 59 63 (4) (5.88%) 1.12 1.68 0.98 0.03 36.4887 87 1300 Smiles Limited 60 62 (2) (2.90%) 3.01 3.20 1.61 0.10 30.6588 89 S8 Property Trust 62 62 0 0.49% 1.02 1.04 0.85 0.08 12.7589 85 CMI Limited 52 55 (3) (5.23%) 1.54 2.06 0.98 0.23 6.5790 103 Zicom Group Limited 65 54 11 20.00% 0.36 0.45 0.13 0.00 360.0091 91 Cytopia Limited 56 54 2 3.57% 0.73 1.08 0.60 (0.06) –92 90 Trojan Equity Limited 51 51 0 0.87% 1.16 1.26 1.06 – –93 92 Austin Engineering Limited 57 46 10 21.98% 1.42 1.61 0.33 0.11 12.9594 93 Maryborough Sugar Factory Limited (The) 39 45 (6) (13.33%) 2.60 3.69 2.39 1.27 2.0595 94 Auzex Resources Limited 47 45 2 4.79% 1.70 2.20 1.10 (0.06) –96 99 Benitec Limited 50 43 7 15.85% 0.18 0.45 0.02 (0.05) –97 102 Magna Pacific (Holdings) Limited 45 41 4 9.21% 0.42 0.42 0.19 0.03 12.2198 98 Ocean Capital Ltd 40 40 (0) (0.99%) 0.50 0.60 0.40 0.04 13.9899 96 Impact Capital Limited 43 39 4 10.00% 0.66 0.75 0.37 0.04 330.00100 97 Mackay Permanent Building Society Limited 40 39 1 1.47% 6.90 7.35 5.75 0.30 23.10101 101 Monto Minerals Ltd 46 36 10 26.32% 0.24 0.38 0.18 (0.04) –102 104 Hyperion Flagship Investments Limited 34 34 (0) (0.99%) 2.00 2.03 1.63 – –103 107 Pryme Oil & Gas Limited 43 33 10 30.45% 0.56 1.15 0.24 (0.05) –104 100 Advanced Magnesium Limited 25 33 (8) (23.38%) 0.30 0.61 0.18 (0.01) –105 106 Charter Pacific Corporation Limited 29 32 (3) (8.00%) 0.35 0.47 0.33 (0.02) –106 105 Lindsay Australia Limited 33 31 2 5.64% 0.23 0.28 0.15 0.00 225.00107 109 HomeLeisure Limited 26 31 (5) (15.69%) 0.22 0.27 0.19 0.03 7.24108 108 Diamonex Limited 34 30 3 10.78% 0.33 0.42 0.19 (0.02) –109 95 Renison Consolidated Mines NL 38 30 8 25.40% 0.09 0.33 0.08 (0.03) –110 111 Global Petroleum Limited 30 30 – 0.00% 0.17 0.87 0.15 (0.01) –111 110 Westside Corporation Limited 26 28 (2) (7.89%) 0.35 0.53 0.35 – –112 112 Tomato Technologies Ltd 32 26 6 21.55% 0.21 0.33 0.14 0.02 10.57113 117 Northern Energy Corporation Limited 44 26 18 66.67% 0.75 0.86 0.24 (0.01) –114 124 Silver Chef Limited 24 25 (1) (5.14%) 1.66 2.10 1.55 0.16 10.31115 113 Eumundi Group Limited 25 25 – 0.00% 0.30 0.33 0.22 0.05 6.01

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Price–Earnings (PE) Ratio – A valuation ratio of a company’s current share price compared to its per–share earnings. In general, a high P/E means high projected earnings in the future. It is mainly used to compare the P/E ratios of companies in the same industry, or to the market in general, or against the company’s own historical P/E. Calculated as: Market Value per Share/Earnings per Share (EPS).

116 123 Eastern Corporation Limited 18 23 (5) (21.88%) 0.03 0.08 0.02 0.00 7.81117 122 Diatreme Resources Limited 22 23 (0) (1.82%) 0.27 0.41 0.21 (0.02) –118 120 Brisbane Broncos Limited 25 23 2 8.70% 0.25 0.28 0.19 0.02 15.92119 114 Agenix Limited 32 22 10 43.75% 0.11 0.20 0.10 (0.02) –120 115 Panbio Limited 22 22 (1) (2.78%) 0.35 0.43 0.21 0.01 61.40121 126 Hill End Gold Limited 25 22 4 16.12% 0.17 0.24 0.10 (0.01) –122 119 Landmark White Limited 22 21 1 5.26% 0.80 0.89 0.60 0.06 12.48123 134 North Queensland Metals Limited 24 20 4 17.78% 0.27 0.33 0.15 – –124 131 SunnyCove Management Limited 27 20 7 35.74% 1.08 1.16 0.41 0.10 11.25125 125 AHC Limited 20 20 – 0.00% 3.25 3.55 2.65 0.11 –126 118 Asset Loans Limited 21 20 1 6.98% 0.46 0.55 0.31 0.02 23.23127 129 Pacrim Energy Ltd 25 19 7 36.36% 0.03 0.04 0.02 (0.01) –128 127 Queensland Trustees and Investment Limited 19 19 0 2.68% 0.58 0.75 0.51 0.27 2.69129 137 Electrometals Technologies Limited 22 18 4 23.60% 0.11 0.14 0.04 0.01 18.64130 135 TechStar Limited 20 18 2 13.32% 0.07 0.09 0.03 (0.01) –131 116 Innamincka Petroleum Limited 39 18 21 119.08% 0.25 0.38 0.20 (3.90) –132 121 Occupational & Medical Innovations Limited 17 16 1 6.53% 0.55 0.89 0.31 (0.42) –133 130 Union Resources Limited 26 16 9 57.14% 0.03 0.08 0.01 (0.00) –134 133 Frontier Resources Limited 13 16 (3) (19.46%) 0.12 0.52 0.09 (0.04) –135 146 Allied Brands Limited 16 15 0 2.89% 0.27 0.38 0.08 (0.11) –136 141 Tissue Therapies Limited 13 15 (2) (11.82%) 0.49 0.69 0.34 (0.10) –137 136 Buderim Ginger Limited 16 15 1 7.84% 0.55 0.63 0.48 (0.01) –138 128 Icon Energy Limited 14 15 (1) (5.77%) 0.05 0.10 0.05 (0.01) –139 150 Norton Gold Fields Limited 19 14 5 35.00% 0.27 0.27 0.07 (0.01) –140 138 Byte Power Group Limited 13 13 – 0.00% 0.04 0.04 0.03 (0.03) –141 140 D’Aguilar Gold Limited 33 12 21 168.42% 0.26 0.36 0.04 (0.01) –142 139 Roma Petroleum NL 13 12 1 9.49% 0.07 0.09 0.05 (0.01) –143 142 Queensland Gold and Minerals Limited 10 12 (1) (11.11%) 0.20 0.39 0.18 – –144 132 Bow Energy Limited 13 10 2 23.71% 0.12 0.30 0.09 (0.01) –145 143 BioProspect Limited 14 10 4 37.50% 0.04 0.06 0.01 (0.00) –146 144 Jumbo Corporation Limited 10 9 1 8.00% 0.03 0.05 0.02 0.00 11.74147 147 Gold Aura Limited 9 9 0 3.34% 0.09 0.19 0.06 (0.01) –148 145 Australian Institute of Property Management Limited 9 8 1 16.67% 0.03 0.04 0.01 (0.01) –149 154 Global Seafood Australia Limited 7 7 (0) (4.00%) 0.02 0.03 0.01 (0.01) –150 152 Lodestone Exploration Limited 8 7 1 14.75% 0.07 0.08 0.03 (0.03) –151 149 LV Living Limited 5 6 (2) (26.67%) 0.02 0.07 0.01 (0.01) –152 151 Medigard Limited 5 6 (1) (14.74%) 0.08 0.12 0.05 (0.01) –153 153 Rimfire Pacific Mining NL 8 6 2 35.71% 0.04 0.08 0.02 (0.00) –154 157 Chongherr Investments Ltd 5 6 (1) (16.00%) 0.04 0.15 0.04 0.01 6.73155 156 Lasseters Corporation Limited 6 5 1 28.00% 0.06 0.08 0.03 0.01 5.82156 155 Lake Resouces NL 5 5 0 2.78% 0.19 0.25 0.11 (0.00) –157 158 ActivEX Limited 4 4 1 16.67% 0.14 0.22 0.09 (0.01) –158 159 Techniche Ltd 3 3 0 2.86% 0.07 0.10 0.03 (0.02) –159 162 Raw Capital Partners Ltd 2 2 (0) (10.00%) 0.05 0.10 0.04 (0.05) –160 160 Future Corporation Australia Limited 2 2 0 25.00% 0.01 0.01 0.00 (0.00) –161 148 Global Approach Limited 2 2 0 6.89% 0.03 0.12 0.03 (0.01) –162 161 Sabina Corporation Limited 2 2 – 0.00% 0.09 0.09 0.05 (0.01) –

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Compilation of the Deloitte Qld IndexThe monthly Deloitte Qld Index is compiled from publicly available information provided by the ASX and Bloomberg on the market capitalisation of each Queensland listed company.

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