Perpetual’s second quarter results came in largely as expected with negative cash flow in the period and limited capital spending. Management continued to focus on debt reduction in the period, swapping out a material portion of its senior notes for some of its TOU shares, while also selling its 30% interest in the Warwick Gas Storage LP. With 2H16e cash flows expected to remain in the red and below our prior thinking, our revised forecast reflects a 23% reduction to our 2017e cash flow
11 Aug 2016
Second Quarter Results, Lower Cash Flow Outlook
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Second Quarter Results, Lower Cash Flow Outlook
Perpetual’s second quarter results came in largely as expected with negative cash flow in the period and limited capital spending. Management continued to focus on debt reduction in the period, swapping out a material portion of its senior notes for some of its TOU shares, while also selling its 30% interest in the Warwick Gas Storage LP. With 2H16e cash flows expected to remain in the red and below our prior thinking, our revised forecast reflects a 23% reduction to our 2017e cash flow