Caliburn financials disclosed

Full financials for Caliburn Partnership, the corporate advisory firm recently sold to the US-listed Greenhill Inc, have emerged through filings this week by Greenhill with the Securities and Exchange Commission.

The revenue report by Greenhill for Caliburn differs a little from that mentioned in publicity for the Greenhill investment two months ago.

Caliburn reported revenue, in Australian dollars, of $73 million in the year to June 2009, down from $85 million in 2008. Profit in 2009 was $32.2 million down from $34.5 million in 2008.

The firm spent 44 per cent of revenue on employee costs in 2009 and 50 per cent on employee costs in 2008. Compensation paid to the six senior staff was $24 million in 2009 and $22 million in 2008.

The balance sheet shows total assets of $46 million and net assets of $15 million at June 2008, almost all of it retained earnings. Issued capital for the 11-year-old business is $200,000.

For the half year to December 2009, Greenhill Caliburn - the new name of the firm - reported revenue of $29 million and a profit of $15.9 million.

The half-year financial statements include a description of the long-term incentive plan for staff.

This is open to staff members who have worked for Greenhill Caliburn full time for at least two years prior to the date of grant "and whose performance is judged by Greenhill Caliburn Pty Limited to have been of a high standard".

Staff must work for the firm for six years after the allocation of the deferred bonus, with part payments made after four and five years.

Greenhill have agreed to pay the handful of owners of Caliburn (all of them the senior staff) a price widely reported in March as pushing $200 million.

This week's filings with the SEC put the "preliminary price" at US$137 million, based on the issue of 1.1 million Greenhill shares to the owners of Caliburn on 31 March, and also takes into account the estimated value of deferred payments that will also be made in shares.

Greenhill will issue the vendors a further 660,000 shares payable contingent on revenues of at least $150 million over the first three years and then a further 440,000 shares dependent on revenues of at least $100 million over those two years.