The Australian Parliament voted this week to repeal the country’s carbon tax law, which took effect on July 1, 2012.

Because the carbon price fell most directly on the power sector, its removal should produce long-term benefits in that industry, save for the hydro plants and wind farms which operate at near-zero emissions.

But coal-fired power producers have been stoked with billions of dollars in compensation to ensure they absorbed the carbon hit. The government gave almost 100 percent free permits to the generators, who were allowed to bank the cash. They’ve charged consumers for the cost of the carbon and taken the difference as a profit.

AE Portfolio Conservative Holding AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY), in a statement released on July 17, 2014, said the repeal of the carbon price would reduce fiscal 2015 earnings before interest and taxation (EBIT) by about AUD186 million.

The sum includes the loss of AUD100 million in “transitional assistance arrangements” for its Loy Yang A coal-fired power plant in Victoria and about AUD86 million from anticipated declines in its wholesale power prices paid to its renewable energy and gas generation units.

AGL noted that its fiscal 2014 underlying net profit was expected to be in line with market consensus of AUD561 million.

Aggressive Holding Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY), Australia’s largest electric and gas utility, also acknowledged the tax’s repeal but highlighted the savings for households through lower customer bills and didn’t mention an earnings impact.

AGL noted that repeal of the carbon tax and a potential reduction in the Renewable Energy Target would have a positive impact on Loy Yang’s long term value.

Origin said it would update its billing systems for its 4.3 million customers to exclude the carbon price from usage charges. Initial modeling estimated savings of about 7 percent for electricity and 5 percent for gas.

Origin Energy is a buy on the Australian Securities Exchange (ASX) using the symbol ORG and on the US over-the-counter (OTC) market using the symbol OGFGF under USD15.

Origin also trades on the US OTC market as an American Depositary Receipt (ADR) under the symbol OGFGY. Origin Energy’s ADR, which represents one ordinary, ASX-listed share, is also a buy under USD15.

Meanwhile, a June 25, 2014, decision by the Australian Competition Tribunal (ACT) effectively reversed an earlier ruling by the Australian Competition and Consumer Commission (ACCC) barring AGL’s AUD1.5 billion acquisition of the assets of state-owned Macquarie Generation.

The ACT concluded that the proposed acquisition is not likely to result in a significant detriment to the ability of retailers, including small retailers, to compete in the New South Wales electricity market. It also found that the acquisition of Macquarie Generation by AGL would “produce a vigorous competitive market.”

The ACCC has limited grounds for appealing the decision and a maximum period of 28 days in which to do so.

Macquarie Geneneration is the lowest-cost large-scale baseload generator in New South Wales, with a total capacity of approximately 4,600 megawatts.

Its assets include the 2,640 MW Bayswater and 2,000 MW Liddell coal-fired power stations, the 50 MW Hunter Valley gas-fired plant as well as two development sites, a solar farm, extensive coal-handling infrastructure and 110 million metric tons of contracted coal and an approximately 3.5 million metric ton coal stockpile.

New South Wales is AGL’s largest electricity market, with over 800,000 customers. The two coal-fired plants account for more than a quarter of electricity capacity in Australia’s most populous state and will increase AGL’s share of the national market to 21 percent from about 12 percent. It would also make AGL the largest generator in New South Wales, Victoria and South Australia.

AGL continues to invest in asset growth, extend market dominance and provide a basis for long-term earnings growth and dividend support.

AGL Energy is a buy up to USD17.25 on the SX) using the symbol AGK and on the US OTC market using the symbol AGLNF.

AGL Energy also trades on the US OTC market as an ADR under the symbol AGLNY. AGL’s ADR, which is worth one ordinary, ASX-listed share, is also a buy under USD17.25.

The Scale Advantage

Rio Tinto Ltd (ASX: RIO, NYSE: RIO) reported a sharp increase in first-half iron ore shipments versus the prior corresponding period, consistent with the company’s strategy to expand iron ore production in the face of lower prices.

Rio Tinto, like fellow Aggressive Holding BHP Billiton Ltd (ASX: BHP, NYSE: BHP), is counting on economies of scale to drive its results, capitalizing on its low-cost iron ore deposits. Rio and BHP are banking on robust Chinese demand for iron ore in the long term, driven by rapid urbanization.

Management also reported production increases for copper, hard coking coal and thermal coal during the six months ended June 30, 2014, compared to the same period of 2013. Aluminum production was flat, while bauxite production declined.

Rio Tinto’s share of iron ore production at its facilities was 109.9 million metric tons, up 10 percent year over year. The increase in volumes was primarily due to the ramp-up of production to a run rate of 290 million metric tons per annum Rio’s Pilbara operations in May, which was two months ahead of schedule.

The Pilbara represent nearly 95 percent of Rio’s global iron ore production. Global iron ore shipments stood at 142.4 million metric tons, up 20 percent year over year. Shipments exceeded production, as inventory built up ahead of the expansion of port and rail infrastructure in the Pilbara system of mines was drawn.

Rio’s cost of iron ore production is approximately USD50 per metric ton, while spot iron ore prices stood at USD92.74 per metric ton as of June 30, 2014, 19.2 percent lower than a year ago.

The outlook on iron ore prices remains bleak in the near term due to oversupply. Declining iron ore prices in an oversupplied market will put pressure on the margins of smaller-scale Australian as well as Chinese iron ore producers, which have higher costs of production  compared to Rio and BHP.

Further erosion in iron ore prices could drive higher-cost producers out of the market, leaving the big players to exploit a subsequent supply-demand advantage.

Copper production was up 23 percent to 323,000 metric tons, driven by higher grades and concentrator recoveries at Rio’s Kennecott Utah Copper operations and the ramp-up of production at the Oyu Tolgoi mine.

Management lifted its full-year copper production guidance by 15 percent, as copper prices enjoyed a strong rally toward the end of the second quarter.

Hard coking coal production rose 9 percent following the completion of the Kestrel mine expansion project in the second half of 2013. Thermal coal production rose 6 percent, with higher production from the Hunter Valley and Hail Creek mines offsetting the loss in volumes from the completion of the divestment of Rio’s 50.1 percent interest in the Clermont mine in the second quarter.

Aluminum production in the first half remained flat on a year-over-year basis, with productivity gains offsetting the impact from the closure of the Shawinigan smelter in November 2013. Bauxite production was down 2 percent.

Rio Tinto is a buy under USD65 on the Australian Securities Exchange (ASX) using the symbol RIO.

Rio Tinto is dual-listed on the London Stock Exchange. Its New York Stock Exchange (NYSE) listing is an American Depositary Receipt (ADR) that represents one share of the company’s London listing. The London listing and the New York listing both represent the same underlying business as the Australia listing.

Rio’s NYSE-listed ADR–which also trades under the symbol RIO–is a buy under USD62.

Conservative Update

Singapore-based Frasers Centrepoint Ltd’s (Singapore: FCL) AUD4.48 per share, AUD2.6 billion bid for Australand Property Group (ASX: ALZ, OTC: AUAOF) moved a couple steps closer to consummation over the past two weeks.

On July 1, 2014, Frasers CEO Lim Ee Seng announced that his company’s four-week due diligence process affirmed “the rationale and strategic fit” and made the off-market bid to acquire Australand a binding offer.

In addition to the AUD4.48 per share buyout price Australand shareholders will receive an interim dividend for 2014 of AUD0.1275. It’s payable Aug. 6, 2014, to shareholders of record as of June 30.

Australand’s board has recommended the offer to shareholders.

Frasers’ offer remains subject to acceptance by at least half of Australand’s shareholders and approval by Australia’s Foreign Investment Review Board. It remains open for acceptance by Australand shareholders through Aug. 7. Australand is a hold pending completion of the acquisition.

Cardno Ltd (ASX: CDD, OTC: COLDF) announced on July 17, 2014, that its preliminary full-year fiscal 2014 net profit after tax (NPAT) is expected to be in the range of AUD77.5 million to AUD78 million, basically flat compared to fiscal 2013. Management attributed the lack of growth to “difficult conditions across Cardno’ diverse markets in the Americas, Australia and New Zealand.”

Earnings per share will likely decline by 6.4 percent to AUD0.516 from AUD0.551 a year ago.

Operating cash flow is tracking to AUD80 million, down by 16.4 percent year over year.

Revenue from operations is forecast to grow 10 percent to AUD1.315 billion, fee revenue 9.8 percent to AUD973 million.

Earnings before interest, taxation, depreciation and amortization (EBITDA) is a preliminary AUD142.1 million, up 5 percent year over year, though EBITDA margin looks like 14.6 percent versus 15.3 percent for fiscal 2013.

Cardno’s secured backlog of contracted work has grown to AUD790 million as of June 30, 2014, from AUD710 million as of June 30, 2013, and the current pipeline of prospective projects is strong in all geographic markets.

Cardno expects to declare a final dividend of AUD0.17, bringing the full-year payout to AUD0.36 per share. Although the final dividend will likely be down from the AUD0.18 paid for the prior corresponding period, the fiscal 2014 total dividend of AUD0.36 is line with fiscal 2013.

The preliminary full-year payout ratio is 69.8 percent.

Earnings in the US were hurt by extremely cold weather in early 2014 as well as the continued wind-down of Gulf of Mexico oil-spill work and the overhang of US government budgetary issues.

Australia and New Zealand felt the impact of the slowdown in work associated with mining- and resource-related investment prior to an expected uptick in infrastructure-led investment.

Cardno management has reduced staffing levels to meet market conditions, cutting more than 200 jobs and AUD1.7 million of redundancy costs. US operations have been consolidated and reorganized, and management also accelerated implementation of a regional shared-services model and alignment of global systems to maximize economies of scale.

These efforts should help stabilize Cardno’s core US market, where the economy continues to strengthen.

Australia and New Zealand will remain challenging in fiscal 2015.

Cardno remains a buy under USD8.05.

Telstra Corp Ltd’s (ASX: TLS, OTC: TTRAF, ADR: TLSYY) share price has pushed out to a more than 12-year high on the ASX in the aftermath of a New South Wales Supreme Court ruling in its favor in litigation with the NBN Co that could see the telco giant pocket more than AUD200 million.

The dispute revolved around the question of when consumer price index (CPI) adjustments should start to apply under Telstra’s AUD11 billion deal to participate in Australia’s National Broadband Network (NBN).

Under its deal with the NBN, Telstra will receive AUD9 billion in net present value for providing access to certain infrastructure, including fiber, exchange space and ducts. The dispute is of significant financial value to Telstra, as payments to the telco are to increase with CPI for the term of deal’s 30-year lease period.

Telstra successfully argued that because the AUD11 billion deal was signed in June 2011 CPI adjustments on its payments should have triggered on Jan. 1, 2012. The NBN Co wanted the adjustments to begin a year later, on Jan. 1, 2013.

The CPI payments will be worth about AUD200 million over the life of the agreement.

NBN Co is likely to appeal the decision.

There’s a great deal of speculation about what Telstra will do with an approximately AUD4 billion cash pile, with attention focused on a share buyback, a special dividend or an increase to the regular dividend rate.

All these options are on the table, and we’ll probably here something about at least one of them come Aug. 14, 2014, when management will report financial and operating results for fiscal 2014.

In the meantime, Telstra is exploring a new avenue of growth as part of its strategy to expand into Greater Asia: It plans to launch profit-sharing agreements with major Asian
telecommunications providers in exchange for building their 4G mobile networks.

CFO Andy Penn recently noted that Telstra has built its Asian strategy on three pillars: technology services, long-term investments and mobility partnerships. Although Telstra has dispatched staff to sell its mobile network expertise to regional telcos, this is the first time the company has said it’s willing to co-invest and profit-share with the various operators.

Mr. Penn explained that Asians’ access to the Internet is determined by 2G- and/or 3G-based mobile networks, as 4G coverage is only about 10 percent.

There’s a significant opportunity for Telstra to deploy the capabilities and expertise its accumulated building its market-leading 4G infrastructure in Australia across the Asia-Pacific region.

Telstra signed a profit-sharing agreement for enterprise technology services with Indonesia’s biggest telco, Telekom Indonesia (Indonesia: TLKM, NYSE: TLK), in January 2014 and helped build Vietnam’s mobile networks.

And Japanese telecommunications giant Nippon Telephone & Telegraph Corp (Japan: 9432, NYSE: NTT) recently reached out with an offer to partner with Telstra throughout the Asian
region.

Telstra CEO David Thodey said in May he wanted to see at least 33 percent of the company’s profits come from Asia by 2020.

Telstra is a strong buy under USD5 on the ASX using the symbol TLS and on the US OTC market using the symbol TTRAF.

Telstra also trades on the US OTC market as a Level I, sponsored ADR. Telstra’s ADR is worth five ordinary, ASX-listed shares. Telstra’s ADR is a buy under USD25.

Aggressive Update

Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY) has been issued a Restricted Gaming License by the New South Wales Independent Liquor and Gaming Authority (ILGA) for the estimated AUD1.5 billion Crown Sydney Hotel Resort at Barangaroo South and has also signed a number of further agreements with the New South Wales government and the ILGA.

Crown will pay AUD100 million for the license, which has a term of 99 years.

Crown has committed to building a six-star hotel for Sydney that will attract international and domestic tourists and create over 1,200 jobs. The facility is expected to open in November 2019.

The next frontier for Crown, via its Macau-based Melco Crown Entertainment Ltd (NSDQ: MPEL) affiliate, will probably be Japan, where the government is debating the legalization of casinos ahead of the 2020 Olympics in Tokyo to encourage tourism. Japanese Prime Minister Shinzo Abe will seek to pass a law ending a ban on casinos this autumn.

Japan is the world’s third-largest economy and could become Asia’s largest casino market after Macau. But the timeline is getting tough, as tt will take several years to solicit bids, award licenses and complete construction, after the government passes a casino legalization bill.

James Packer, the chairman of Crown’s board of directors and the founder of the company, visited Australia’s Parliament earlier this month for an address by the visiting Mr. Abe. Mr. Packer was also present at a recent dinner for visiting Japanese government and business leaders.

The Abe administration, which is popular and stable and has a track record of pushing forward into areas that were once thought to be anathema to public support, should be able to legalize casinos in Japan.

The case for casinos in Tokyo and Osaka is considered a forgone conclusion. Over time there could be as many as 10 casinos constructed in Japan’s other regional locations such as Okinawa.

Melco Crown’s co-chairman Lawrence Ho noted in late 2013, when his company pledged to spend AUD10 million on “cultural projects” in Japan, that the casino market in the Land of the Rising Sun could grow beyond “USD10 billion to USD15 billion or more.”

This is a market with a high degree of local wealth and a well-developed tourism industry.

Macau generated more than USD45 billion in revenue from its casinos in 2013.

Crown Resorts is a buy up to USD16.50 on the ASX using the symbol CWN and on the US OTC market using the symbol CWLDF.

Crown Resorts also trades on the US OTC market as an ADR under the symbol CWLDY. Crown Resorts’ ADR, which is worth two ordinary, ASX-listed shares, is also a buy under USD33.

In April 2014 JB Hi-Fi Ltd (ASX: JBH, OTC: JBHIF) announced that CEO Terry Smart would be retiring and that he would be succeeded by Executive Director and CFO Richard Murray.

On June 19, 2014, JB Hi-Fi Chairman of the Board Greg Richards announced that, “following a smooth and successful transition period,” Mr. Smart will depart ahead of schedule on June 30.

JB Hi-Fi expects fiscal 2014 total sales to increase by approximately 5.3 percent compared to fiscal 2013, down from a prior forecast of 6 percent to 8 percent growth. Management did reaffirm guidance for fiscal 2014 net profit after tax (NPAT) in the range of AUD126 million to AUD129 million, an increase of 8.3 percent to 10.8 percent versus fiscal 2013.

Management didn’t explain the reasons for the sales slowdown, though it likely resulted from a slide in consumer sentiment in the aftermath of a relatively austere federal budget for fiscal 2015 tabled by Prime Minister Tony Abbott’s coalition government.

JB has proved capable of meeting earnings guidance despite a weaker revenue growth outlook in prior reporting periods, largely based on its ability to manage cost of goods sold and cost of doing business, metrics on which it ranks among the best in Australian retail, by leveraging scale.

Effective cost management will likely continue, providing a level of earnings certainty relative to other discretionary retail companies.

Australian consumer sentiment remains a key point of concern, as with other retailers. But JB has been able to maintain and meet its earnings targets despite slower-than-expected sales. JB Hi-Fi is a buy under USD18.

Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) failed in its attempt to acquire Aquila Resources Ltd (ASX: AQA, OTC: AQARF) and its West Pilbara iron ore project.

Mineral Resources bought 52.6 million Aquila shares at AUD3.75 per, establishing a 12.78 percent stake in the company. In mid-July MinRes agreed to sell that stake to a consortium including Baosteel Resources Ltd, owner of China’s biggest steelmaker, and Aurizon Holdings Ltd (ASX: AZJ, OTC: QRNNF), a Queensland-based rail freight operator, at AUD3.40 per share.

MinRes, even though it’s taken an AUD18 million hit on this failed adventure, will continue to evaluate mergers and acquisitions (M&A) as part of its growth strategy. Chairman Peter Wade pointed out in a recent interview with The Wall Street Journal’s MoneyBeat blog that service and industrial companies focused in the mining and resources sectors are under significant pressure, creating opportunities for well-capitalized companies to build scale and grow market share.

Many Australian miners and contractors providing engineering and other services are battling to protect profits after prices of key commodities tumbled on uncertainty about China’s ongoing demand for raw materials.

Perth-based Mineral Resources is something of an oddity among mid-cap companies seeking to capitalize on Asian demand for raw materials used to make steel: it provides services for mining companies in Western Australia’s mineral-rich Pilbara region while also competing to sell iron ore.

MinRes’ share price has declined since March, mainly due to the decline in iron ore prices. MinRes is unique among mid-cap mining services companies in that it also produces a commodity.

Mr. Wade emphasized, as has management since its foray into iron ore mining and production began, that MinRes is “at heart a mining services company.” In fact the chairman reiterated MinRes’ commitment to sell its iron ore mining business when it can achieve an “appropriate” valuation. For now boosting capacity for its iron ore output at Western Australian ports is the top priority. Achieving this will likely boost the value of its mining business.

MinRes will likely engage Baosteel over plans for development of Aquila’s proposed AUD7.4 billion West Pilbara iron ore project. MinRes indicated in its statement announcing its 12.78 percent stake that it had drawn up a development plan where it would take responsibility for all processing and mine-related infrastructure as well as the supply chain through to ship-loading.

Mineral Resources remains a buy under USD11 on the ASX using the symbol MIN and on the US OTC market using the symbol MALRF.

Mineral Resources also trades on the US OTC market as an ADR under the symbol MALRY. Mineral Resources’ ADR, which is worth one ordinary, ASX-listed share, is also a buy under USD11.

Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY) has boosted its full-year production guidance after reporting strong growth in second-quarter output and sales revenue.

During the three months ended June 30, 2014, Woodside produced 23.5 million barrels of oil equivalent, a 17.5 percent increase on the 20 million barrels it produced in the second quarter of 2013.

Sales volume in the period came to 21.5 million barrels of oil equivalent, a 6.4 percent increase on the 20.2 million for the prior corresponding period.

Sales revenue was USD1.679 billion, up 24.8 percent compared to USD1.345 billion posted in the second quarter of 2013.

Woodside now expects full-year production in a range between 89 million to 94 million barrels of oil equivalent, a slight increase over prior guidance range of 86 million to 93 million.

Second-quarter production and sales volumes were driven by solid results at its Pluto gas field in Western Australia’s Carnarvon Basin.

The re-start of the floating production storage and offloading vessel (FPSO) at its Vincent oil field off the coast of Western Australia also helped.

Sales revenue for the quarter benefited from additional oil volumes sold from Vincent and higher prices for Pluto LNG as well as a rise in the price of Brent oil.

Woodside forecast first-half LNG processing revenue of USD90 million to USD100 million. Management also expects to book a pre-tax loss of USD20 million to USD40 million on the sale of non-core assets.

During the quarter Royal Dutch Shell Plc (London: RDSA, NYSE: RDS/A) sold 78.3 million Woodside shares through an underwritten sell-down to institutional investors at USD41.35 per share. Shell’s stake will decrease further–to 4.5 percent–pending the completion of a share buy-back by Woodside of an identical 9.5 percent stake. Each transaction represents 9.5 percent of Woodside’s total issued share capital, for a total of 19 percent.

The selective share buyback is subject to shareholder approval at an extraordinary general meeting to be held on Aug. 1, 2014.

Subject to the successful completion of the buyback Woodside intends to pay an interim dividend for 2014 equal to 80 percent of underlying profit, divided by the number of post-buyback shares outstanding.

Woodside Petroleum is a buy under USD42 on the ASX using the symbol WPL and on the US OTC market using the symbol WOPEF.

Woodside also trades as an ADR on the US OTC market under the symbol WOPEY. Woodside’s ADR is also a buy under USD42.

The Book on Fiscal 2014

Here are estimated dates when AE Portfolio Holdings will report their next sets of operating and financial numbers.

For most this will cover results for fiscal 2014, which ends June 30, 2014. We’ve noted for others that report on a different schedule the period to which the announcement pertains.

Conservative Holdings

• Aberdeen Asia-Pacific Income Fund (NYSE: FAX)–N/A (fund, reports holdings on a quarterly basis)
• AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY)–Aug. 20, 2014 (FY 2014, confirmed)
• APA Group (ASX: APA, OTC: APAJF)–Aug. 20, 2014 (FY 2014, confirmed)
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–July 21, 2014 (2014 H1, confirmed)
• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–Oct. 28,  2014 (FY 2014, estimate)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Aug. 19, 2014 (FY 2014, confirmed)
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–Aug. 13, 2014 (FY 2014, confirmed)
• DUET Group (ASX: DUE, OTC: DUETF)–Aug. 22, 2014 (FY 2014, confirmed)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Aug. 21, 2014 (FY 2014, confirmed)
• GPT Group (ASX: GPT, OTC: GPTGF)–Aug. 11, 2014 (2014 H1, estimate)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Aug. 25, 2014 (FY 2014, estimate y)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Aug. 27, 2014 (FY 2014, confirmed)
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–Aug. 14, 2014 (FY 2014, confirmed)
• Transurban Group (ASX: TCL, OTC: TRAUF)–Aug. 5, 2014 (FY 2014, confirmed)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Aug. 14, 2014 (FY 2014, estimate)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Aug. 21, 2014 (FY 2014, estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Aug. 19, 2014 (FY 2014, estimate)
• Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY)–Aug. 15, 2014 (FY 2014, confirmed)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–Nov. 13, 2014 (FY 2014, estimate)
• JB Hi-Fi Ltd (ASX: JBH, OTC: None)–Aug. 11, 2014 (FY 2014, estimate)
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY)–Aug. 14, 2014 (FY 2014, estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Aug. 19, 2014 (2014 H1, estimate)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Aug. 21, 2014 (FY 2014, confirmed)
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–Aug. 7, 2014 (2014 H1, confirmed)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Aug. 25, 2014 (2014 H1, confirmed)
• Sydney Airport (ASX: SYD, OTC: SYDDF)–Aug. 21, 2014 (2014 H1, estimate)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Aug. 20, 2014 (2014 H1, estimate)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Aug. 27, 2014 (FY 2014, confirmed)