BALANCE SHEETS
As at 31 December 2008

		CONSOLIDATED				PARENT ENTITY
Thousands of dollars	Note	2008		2007		2008		2007
Current assets
Cash and cash equivalents		31,703		14,019		–		244
Receivables	7	833,452		1,146,974		–		–
Inventories	8	1,044,187		1,551,605		–		–
Current tax assets		135,030		–		135,108		–
Other	9	21,131		23,155		1,137		489
Total current assets		2,065,503		2,735,753		136,245		733
Non-current assets
Receivables	7	239		282		713,415		593,842
Investments accounted for using the equity method		24,828		25,008		–		–
Other investments	10	15		15		1,226,375		1,226,375
Intangibles	11	84,217		79,485		–		–
Property, plant and equipment	12	2,742,281		2,476,963		–		–
Deferred tax assets	4	–		–		114		331
Other	9	4,500		12,430		–		–
Total non-current assets		2,856,080		2,594,183		1,939,904		1,820,548
Total assets		4,921,583		5,329,936		2,076,149		1,821,281
Current liabilities
Payables	13	1,158,901		1,621,499		434,461		372,560
Interest bearing liabilities	14	143,928		31,871		142,147		30,000
Current tax liabilities		–		76,829		–		76,883
Provisions	15	72,261		86,487		–		–
Total current liabilities		1,375,090		1,816,686		576,608		479,443
Non-current liabilities
Payables	13	7,530		8,478		–		–
Interest bearing liabilities	14	719,806		564,158		713,415		556,042
Deferred tax liabilities	4	15,296		31,410		–		–
Provisions	15	201,898		80,582		–		243
Total non-current liabilities		944,530		684,628		713,415		556,285
Total liabilities		2,319,620		2,501,314		1,290,023		1,035,728
Net assets		2,601,963		2,828,622		786,126		785,553
Equity
Issued capital	16	543,415		543,415		543,415		543,415
Treasury stock	17	(1,959)		(2,919)		(1,959)		(2,919)
Reserves	17	3,086		3,092		3,086		2,459
Retained earnings	17	2,047,348		2,273,880		241,584		242,598
Total parent entity interest		2,591,890		2,817,468		786,126		785,553
Minority interest	17	10,073		11,154		–		–
Total equity		2,601,963		2,828,622		786,126		785,553

The balance sheets are to be read in conjunction with the notes to the financial statements.