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BID VEST PLC
AUDITED RESULTS FOR THE YEAR ENDED JUNE 30 2000
HIGHLIGHTS
OPERATING INCOME UP 417%
HEADLINE EARNINGS PER SHARE UP 32%
DIVIDEND PER SHARE UP 237%
CONSOLIDATED INCOME STATEMENT
YEAR PERIOD YEAR CHANGE
ENDED ENDED ENDED ON
JUNE 30 JUNE 30 JUNE 30 PRO
2000 1999 1999(I) FORMA
GBP000'S AUDITED AUDITED PRO FORMA
TURNOVER 1,071,455 145,217 180,990 +492%
UNITED KINGDOM
- TRADING 490,601 48,726 48,726
- LOGISTICS 467,618 49,695 49,695
AUSTRALASIA 113,236 46,796 82,569
OPERATING INCOME 19,010 3,044 3,676 +417%
UNITED KINGDOM 16,331 1,787 1,794
AUSTRALASIA 2,679 1,257 1,882
NET FINANCE EXPENSE (724) (303) (174)
INCOME BEFORE TAXATION 18,286 2,741 3,502 +422%
TAXATION (5,069) (765) (1,076)
INCOME ATTRIBUTABLE TO
SHAREHOLDERS 13,217 1,976 2,426 +445%
NUMBER OF SHARES IN ISSUE
(WEIGHTED 000) 165,781 40,539 40,073
HEADLINE EARNINGS
PER SHARE
BRITISH PENCE 7.97 4.87 6.05 +32%
UNITED STATES CENTS ~ 12.69 7.77 9.66 +31%
AUSTRALIAN CENTS ~ 20.36 12.48 15.50 +31%
DIVIDENDS PER SHARE
BRITISH PENCE 2.76 0.82 0.82 +237%
UNITED STATES CENTS 4.16 1.30 1.30 +220%
AUSTRALIAN CENTS 6.84 2.00 2.00 +242%
~ TRANSLATED AT THE AVERAGE RATE FOR THE YEAR
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED PERIOD ENDED YEAR ENDED
JUNE 30 JUNE 30 JUNE 30
2000 1999 1999(I)
GBP000'S AUDITED AUDITED PRO FORMA
CASH FLOW FROM
OPERATING
ACTIVITIES 29,483 22,308 26,093
CASH GENERATED BY
OPERATIONS 35,243 22,633 26,488
NET FINANCE EXPENSE (724) (303) (174)
TAXATION PAID (2,261) (22) (221)
DIVIDENDS PAID (2,775) - -
CASH EFFECTS OF
INVESTMENT ACTIVITIES (29,590) (85,707) (88,460)
DECREASE IN INVESTMENTS - - 259
FIXED ASSET ADDITIONS (13,688) (3,533) (3,961)
PROCEEDS ON DISPOSAL
OF FIXED ASSETS 1,149 123 246
ACQUISITION OF
BUSINESSES (17,051) (82,297) (85,004)
CASH EFFECTS OF
FINANCING ACTIVITIES 16,660 97,377 96,932
PROCEEDS FROM SHARE
ISSUES 26,872 115,382 125,446
INTEREST-BEARING DEBT
REPAID (10,212) (18,005) (28,514)
CASH INFLOW 16,553 33,978 34,565
CONSOLIDATED BALANCE SHEET
JUNE 30 JUNE 30
2000 1999
GBP000'S AUDITED AUDITED
CAPITAL EMPLOYED
SHAREHOLDERS' INTEREST 80,477 49,043
DEFERRED TAXATION(II) (416) (1,666)
INTEREST-BEARING DEBT 22,521 32,733
102,582 80,110
EMPLOYMENT OF CAPITAL
FIXED ASSETS 64,255 58,694
INVESTMENTS 38 45
NET CURRENT ASSETS 38,289 21,371
CURRENT ASSETS 144,154 156,407
LIQUID FUNDS 40,403 21,710
CURRENT LIABILITIES (146,268) (156,746)
102,582 80,110
NUMBER OF SHARES IN ISSUE (000) 196,095 152,059
NET ASSET VALUE PER SHARE
BRITISH PENCE 41.04 32.25
UNITED STATES CENTS* 62.13 50.84
AUSTRALIAN CENTS* 103.48 76.81
* TRANSLATED AT THE RATE AT THE END OF THE YEAR
STATEMENT OF CHANGES IN SHAREHOLDERS' INTEREST
YEAR ENDED YEAR ENDED
JUNE 30 JUNE 30
2000 1999
GBP000'S AUDITED AUDITED
SHAREHOLDERS' INTEREST AT THE
BEGINNING OF THE YEAR 49,043 -
SHARE CAPITAL ISSUED FOR CASH 940 3,858
- RE-ORGANISATION OF THE GROUP - 1,098
- SHARE OPTION PLAN 1 1
- RIGHTS OFFER 939 2,759
SHARE PREMIUM 25,934 111,523
- RE-ORGANISATION OF THE GROUP - 29,393
- SHARE OPTION PLAN 34 11
- RIGHTS OFFER 26,106 82,769
- SHARE ISSUE EXPENSES (206) (650)
NON-DISTRIBUTABLE RESERVE
- MOVEMENT ON FOREIGN
CURRENCY RESERVE 2,063 (942)
DISTRIBUTABLE RESERVE 2,497 (65,396)
- INCOME FOR PERIOD(I) 13,217 1,976
- DIVIDEND (2,458) (353)
- GOODWILL WRITTEN OFF(II) (8,262) (67,019)
SHAREHOLDERS' INTEREST AT THE
END OF THE YEAR 80,477 49,043
CHANGE IN REPORTING CURRENCY
THE FIGURES PRESENTED IN THIS REPORT HAVE BEEN STATED IN POUNDS STERLING. PRIOR
TO MARCH 31 2000 RESULTS HAVE BEEN PRESENTED IN US DOLLARS. THE COMPANY
CONSIDERS THAT POUNDS STERLING BETTER REFLECT THE ECONOMIC RESULTS OF THE GROUP
AS THIS IS THE MAIN FUNCTIONAL CURRENCY.
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 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.
(II) 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.
COMMENT
BIDVEST PLC IS LISTED ON THE LUXEMBOURG AND AUSTRALIAN STOCK EXCHANGES WITH A
MARKET CAPITALISATION OF APPROXIMATELY GBP240 MILLION. THE GROUP IS MADE UP OF
3663 FIRST FOR FOODSERVICE (UNITED KINGDOM), BIDVEST AUSTRALIA (AUSTRALIA) AND
CREAN FOODSERVICE (NEW ZEALAND).
SHAREHOLDERS' INTEREST IS STATED AFTER THE CUMULATIVE DEDUCTION OF GBP75.3
MILLION (JUNE 30 1999 - GBP67.0 MILLION) IN RESPECT OF GOODWILL WRITTEN OFF.
OPERATIONS
3663 FIRST FOR FOODSERVICE
- THE NAME CHANGE TO 3663 FIRST FOR FOODSERVICE WAS SUCCESSFULLY IMPLEMENTED.
- THE TRADING PERFORMANCE IN THE FIRST FULL YEAR AS PART OF BIDVEST PLC, WAS
MOST SATISFACTORY WITH SIGNIFICANT INCREASES BEING ACHIEVED IN BOTH OPERATING
PROFIT AND RETURN ON FUNDS EMPLOYED.
- 3663 IS THE LEADING NATIONAL PROVIDER OF BRAND NAME PRODUCTS TO THE
FOODSERVICE SECTOR IN THE UK.
MANAGEMENT IS CONFIDENT THAT ADDITIONAL BENEFITS, ESPECIALLY FROM THE NEWLY
FORMED BUYING DEPARTMENT, AND THE LAUNCH OF ITS OWN LABEL "3663 SMART CHOICE",
WILL RESULT IN FURTHER PROGRESS BEING ACHIEVED IN THE YEAR AHEAD, DESPITE
MARKET CONDITIONS HAVING WEAKENED SLIGHTLY IN RECENT MONTHS.
BIDVEST AUSTRALIA
- FOR THE FINANCIAL YEAR ENDED JUNE 30 2000 BOTH SALES AND OPERATING PROFITS
INCREASED. THIS WAS ACHIEVED THROUGH BOTH ORGANIC AND ACQUISITIVE GROWTH.
- THE COMPANY IS NOW A NATIONAL PLAYER.
- TWO STRATEGIC ACQUISITIONS WERE MADE THIS YEAR IN ADELAIDE AND MELBOURNE.
- A STRATEGIC DECISION HAS BEEN TAKEN TO IMPLEMENT A COMMON BRANDING AND ALL
OPERATIONS WILL BE CO-BRANDED UNDER THE "BIDVEST - FIRST FOR FOODSERVICE"
BANNER.
THE IMPACT OF THE SYDNEY 2000 OLYMPIC GAMES IS AN UNKNOWN FACTOR AT THIS STAGE,
BUT THE BOARD IS CONFIDENT THAT THE ONGOING FOCUS ON MARGIN MANAGEMENT AND
IMPROVEMENT, EXPENDITURE CONTROL AND ASSET MANAGEMENT, WILL RESULT IN CONTINUED
GROWTH.
CREAN FOODSERVICE
- BIDVEST PLC ENTERED THE NEW ZEALAND MARKET THROUGH THE ACQUISITION OF CREAN
FOODSERVICE ON APRIL 1 2000.
- CREANS WAS FOUNDED IN 1982 AND HAS GROWN BOTH ORGANICALLY AND BY ACQUISITION
TO BECOME THE LARGEST INDEPENDENT DISTRIBUTOR IN NEW ZEALAND AND DISTRIBUTES
FROZEN SEAFOOD, OTHER FROZEN AND CHILLED PRODUCTS AS WELL AS A RANGE OF AMBIENT
PRODUCTS.
IMPROVED ECONOMIC AND TRADING CONDITIONS, AN INCREASED FOCUS ON PROFITABILITY
AND ASSET MANAGEMENT TOGETHER WITH BETTER OPERATING EXPENSE CONTROL AND A
GENERAL IMPROVEMENT IN STAFF MORALE SHOULD RESULT IN IMPROVEMENTS IN THE COMING
YEAR.
PROSPECTS
THE BOARD REMAINS CONFIDENT THAT THE POSITIVE EARNINGS GROWTH TREND WILL
CONTINUE THROUGH ORGANIC AND ACQUISITIVE GROWTH, RELYING ON THE WORLD-CLASS
MANAGEMENT IN PLACE THROUGHOUT THE GROUP. THE SEARCH FOR SUITABLE ACQUISITION
OPPORTUNITIES IN THE UNITED KINGDOM, EUROPE, AUSTRALIA, NEW ZEALAND AND THE
UNITED STATES OF AMERICA, WILL CONTINUE.
DIVIDEND
A DIVIDEND OF 2.16 US CENTS WHICH, FOR SHAREHOLDERS ON THE AUSTRALIAN REGISTER
WILL BE 3.69 AU CENTS PER SHARE, HAS BEEN DECLARED TO SHAREHOLDERS REGISTERED
IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON SEPTEMBER 8 2000.
DIVIDEND CHEQUES WILL BE POSTED ON OR ABOUT SEPTEMBER 15 2000.
FOR AND ON BEHALF OF THE BOARD
B JOFFE PJ WENTZEL
CHAIRMAN DIRECTOR AUGUST 16 2000
DIRECTORS: B JOFFE (CHAIRMAN), FJ BARNES, BL BERSON, KH BIELBY, M CHIPKIN, EM
COWLEY*, A FISHER, CH KRETZMANN, P NYMAN*, JL PAMENSKY*, TH REITMAN* DK
ROSEVEAR*, A SELLEY, PJ WENTZEL* *NON-EXECUTIVE
REGISTRATION NUMBER: 92157C
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
BIDVEST
A MEMBER OF THE BIDVEST GROUP
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