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THE BIDVEST GROUP LTD
BIDVEST PLC
INTERIM RESULTS FOR THE NINE MONTHS ENDED MARCH 31 2000
OPERATING INCOME +951%
INCOME ATTRIBUTABLE TO SHAREHOLDERS +728%
HEADLINE EARNINGS PER SHARE +110%
CONSOLIDATED INCOME STATEMENT
#000'S
NINE MONTHS NINE MONTHS YEAR
ENDED ENDED ENDED CHANGE
MARCH 31 MARCH 31 JUNE 30
2000 1999 (I) 1999 (II)
UNAUDITED PRO PRO
FORMA FORMA
TURNOVER 830,318 60,575 180,990 +1271%
UNITED KINGDOM - TRADING 369,425 - 48,726
UNITED KINGDOM -
CONTACT DISTRIBUTION 377,027 - 49,695
AUSTRALIA 83,866 60,575 82,569
OPERATING INCOME 13,816 1,315 3,676 +951%
UNITED KINGDOM 11,691 - 1,794
AUSTRALIA 2,125 1,315 1,882
NET FINANCE INCOME (EXPENSE) (975) 203 (174)
INCOME BEFORE TAXATION 12,841 1,518 3,502 +746%
TAXATION (3,861) (434) (1,076)
INCOME ATTRIBUTABLE TO SHAREHOLDERS 8,980 1,084 2,426 +728%
NUMBER OF SHARES IN ISSUE
(WEIGHTED 000) 155,759 39,495 40,073
HEADLINE EARNINGS PER SHARE
BRITISH PENCE 5.77 2.74 6.05 +110%
UNITED STATES CENTS* 9.31 4.38 9.66 +113%
AUSTRALIAN CENTS* 14.63 7.03 15.50 +108%
* TRANSLATED AT THE AVERAGE RATE FOR THE PERIOD.
CHANGE IN REPORTING CURRENCY
THE FIGURES PRESENTED IN THIS REPORT HAVE BEEN STATED IN POUNDS STERLING.
PREVIOUSLY RESULTS HAVE BEEN PRESENTED IN US DOLLARS. THE COMPANY CONSIDERS
THAT #'S BETTER REFLECT THE ECONOMIC RESULTS OF THE GROUP AS THIS IS THE MAIN
FUNCTIONAL CURRENCY. THE HEADLINE EARNINGS PER SHARE AT
DECEMBER 31 1999 IN STERLING WERE 4.86 PENCE PER SHARE (7.88 US CENTS).
COMPARATIVE FIGURES AND ADJUSTMENT TO BASIS OF ACCOUNTING
IN VIEW OF THE FACT THAT THE RE-ORGANISATION OF BIDVEST AUSTRALIA LIMITED AND
THE FORMATION OF BIDVEST PLC TOOK EFFECT FROM DECEMBER 10 1998 THE COMPARATIVE
FIGURES:
(I) ARE THOSE OF BIDVEST AUSTRALIA LIMITED FOR THE NINE MONTHS ENDED
MARCH 31 1999.
(II) ARE THOSE OF BIDVEST AUSTRALIA LIMITED FOR THE FULL PERIOD AND THOSE OF
3663 FIRST FOR FOODSERVICE (FORMERLY BOOKER FOODSERVICE), WHICH WAS ACQUIRED
WITH EFFECT FROM JUNE 7 1999, FOR TWENTY-FOUR DAYS.
(III) HAVE BEEN ADJUSTED TO REFLECT A DEFERRED TAX ASSET AS AT JUNE 30 1999 IN
ACCORDANCE WITH THE CHANGE TO GENERALLY ACCEPTED ACCOUNTING PRACTICE WHICH
REQUIRES THAT A DEFERRED TAX ASSET SHOULD BE RECOGNISED WHEN IT IS PROBABLE
THAT SUFFICIENT TAXABLE PROFITS WILL BE AVAILABLE. PREVIOUSLY, AS AT JUNE 30
1999, THE DEFERRED TAX ASSET WAS WRITTEN OFF AS PART OF THE GOODWILL ON
CONSOLIDATION.
CONSOLIDATED BALANCE SHEET
#000'S
MARCH 31 MARCH 31 JUNE 30
2000 1999(I) 1999
UNAUDITED UNAUDITED AUDITED
CAPITAL EMPLOYED
SHAREHOLDERS' INTEREST 82,431 14,454 49,050
DEFERRED TAXATION (III) (809) - (1,667)
INTEREST BEARING DEBT 21,159 13,174 32,733
102,781 27,628 80,116
EMPLOYMENT OF CAPITAL
FIXED ASSETS 54,762 5,013 58,694
INVESTMENTS 7 26 45
NET CURRENT ASSETS 48,012 22,589 21,377
CURRENT ASSETS 141,055 11,449 156,407
LIQUID FUNDS 28,648 17,733 21,710
CURRENT LIABILITIES (121,691) (6,593) (156,740)
102,781 27,628 80,116
NUMBER OF SHARES IN ISSUE (000) 196,046 39,495 152,059
NET ASSET VALUE PER SHARE
BRITISH PENCE 42.05 36.60 32.26
UNITED STATES CENTS* 67.08 59.08 50.85
AUSTRALIAN CENTS* 110.51 96.87 76.82
* TRANSLATED AT THE RATE AT THE END OF THE PERIOD.
STATEMENT OF CHANGES IN SHAREHOLDERS' INTEREST
#000'S
NINE MONTHS ENDED YEAR ENDED
MARCH 31 2000 JUNE 30 1999
UNAUDITED AUDITED
SHAREHOLDERS' EQUITY AT THE BEGINNING OF THE PERIOD 49,050 -
SHARE CAPITAL ISSUED FOR CASH 1,250 3,859
- RE-ORGANISATION OF THE GROUP - 1,098
- SHARE OPTION PLAN - 1
- RIGHTS OFFER 1,250 2,760
SHARE PREMIUM 25,586 111,524
- RE-ORGANISATION OF THE GROUP - 29,393
- SHARE OPTION PLAN - 11
- RIGHTS OFFER 25,792 82,770
- SHARE ISSUE EXPENSES (206) (650)
NON-DISTRIBUTABLE RESERVE
- MOVEMENT ON FOREIGN CURRENCY RESERVE
DURING THE PERIOD 2,787 (934)
DISTRIBUTABLE RESERVE 3,758 (65,399)
- INCOME FOR PERIOD (II) 8,980 2,426
- PRE-ACQUISITION PROFITS - (449)
- DIVIDEND (2,429) (357)
- GOODWILL WRITTEN OFF (III) (2,793) (67,019)
SHAREHOLDERS' INTEREST AT THE END OF THE PERIOD 82,431 49,050
COMMENT
AS INDICATED IN THE DECEMBER 1999 INTERIM RESULTS, THE THIRD QUARTER OF THE
FINANCIAL YEAR DOES NOT INCLUDE THE MAIN SEASONAL PEAKS. DESPITE THIS FACTOR,
THE COMPANY IS PLEASED TO ANNOUNCE HIGHLY SATISFACTORY GROUP RESULTS FOR THE
FIRST NINE MONTHS OF THE CURRENT FINANCIAL YEAR.
SHAREHOLDERS' INTEREST IS STATED AFTER THE CUMULATIVE DEDUCTION OF # 69.8
MILLION (JUNE 30 1999 - # 67.0 MILLION) IN RESPECT OF GOODWILL WRITTEN OFF.
OPERATIONS
3663 FIRST FOR FOODSERVICE
THE FIRST NINE MONTHS OF THE YEAR HAS PRODUCED A STRONG PERFORMANCE AS A RESULT
OF THE COMMITMENT OF MANAGEMENT, WHICH HAS IMPACTED FAVOURABLY ON THE
OPERATIONS. OPERATING PROFIT HAS IMPROVED DUE TO HIGHER MARGINS IN THE
WHOLESALE DIVISION AND SOLID TRADING FROM THE MINISTRY OF DEFENCE DIVISION.
THE CENTRAL DISTRIBUTION DIVISION IS IN THE PROCESS OF TRANSFORMING ITS MODE OF
OPERATION FROM A SHARED USER TO AN OPEN BOOK ARRANGEMENT WHICH IS SIMILAR TO
THE MINISTRY OF DEFENCE OPERATION. THE EFFECTS OF THIS TRANSITION WILL BE
NEGATIVE ON THE CENTRAL DISTRIBUTION DIVISION'S RESULTS FOR THIS YEAR,
BUT POSITIVE THEREAFTER.
BIDVEST AUSTRALIA
THE RESULTS FOR THE FIRST NINE MONTHS OF THE FINANCIAL YEAR HAVE BEEN PLEASING
AND THE POSITIVE TREND SHOWN IN THE FIRST HALF CONTINUED WITH TRADING STRONGLY
AHEAD OF THE PREVIOUS YEAR. BIDVEST AUSTRALIA CONTINUES TO CONSOLIDATE ITS
POSITION AS ONE OF THE LEADING FOODSERVICE DISTRIBUTORS IN AUSTRALIA AND HAS
RECENTLY ACQUIRED WARRAMBA FOODSERVICE, A FOODSERVICE BUSINESS IN MELBOURNE, TO
FURTHER CONSOLIDATE ITS POSITION AS THE LEADING NATIONAL DISTRIBUTOR.
BIDVEST NEW ZEALAND
THE COMPANY HAS ACQUIRED, WITH EFFECT FROM APRIL 1 2000, THE TOTAL FOODSERVICE
BUSINESS OF CREANS FOODSERVICE, ONE OF THE LARGEST FOODSERVICE DISTRIBUTORS IN
NEW ZEALAND.
PROSPECTS
MANAGEMENT REMAINS CONFIDENT THAT THE EXPECTED TRADING FOR THE LAST THREE
MONTHS OF THE FINANCIAL YEAR SHOULD RESULT IN A HIGHLY SATISFACTORY PERFORMANCE
FOR THE FINANCIAL YEAR.
THE GROUP HAS A STRONG BALANCE SHEET WHICH WILL FACILITATE GROWTH ORGANICALLY
AND BY ACQUISITION.
DIVIDENDS
IT IS COMPANY POLICY TO PAY DIVIDENDS AFTER THE END OF EACH SIX MONTH PERIOD.
FOR AND ON BEHALF OF THE BOARD
B.JOFFE
CHAIRMAN
P.J.WENTZEL
DIRECTOR
MAY 10 2000
DIRECTORS:
B JOFFE (CHAIRMAN) F J BARNES B L BERSON K H BIELBY M CHIPKIN
E M COWLEY* A FISHER C H KRETZMANN P NYMAN* J L PAMENSKY*
T H REITMAN* D K ROSEVEAR* A SELLEY P J WENTZEL* *NON-EXECUTIVE
TRANSFER SECRETARIES: MAITLAND SERVICES LIMITED, FALCON CLIFF, PALACE ROAD,
DOUGLAS, ISLE OF MAN, IM2 4LB
COMPUTERSHARE LIMITED, LEVEL 3, 60 CARRINGTON STREET,
SYDNEY, NSW 1115 AUSTRALIA
ADMINISTRATION AND REGISTERED OFFICE:
MURDOCH CHAMBERS, DOUGLAS HEAD ROAD, SOUTH QUAY
DOUGLAS, ISLE OF MAN, IM1 5AS
REGISTRATION NUMBER: 92157C
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