Wrap Text
BIDVEST PLC
results for the half year ended december 31 2000
Strong performance...
Operating income +27%
Income attributable to shareholders +48%
Headline earnings per share +6%
Dividend per share +9%
consolidated income statement
Half year ended Year ended
December 31 June 30 Change
2000 1999 2000 on last
GBP000's Reviewed Reviewed Audited year
Turnover 502,145 574,825 1,071,455 -13%
United Kingdom
- trading 245,601 252,206 490,601
- logistics 180,307 267,494 467,618
Australasia 76,237 55,125 113,236
Operating income 13,406 10,594 19,010 +27%
United Kingdom 11,046 9,015 16,331
Australasia 2,360 1,579 2,679
Net finance
income (expense) 15 (1,061) (724)
Income before
taxation 13,421 9,533 18,286 +41%
Taxation (3,467) (2,865) (5,069)
Headline earnings 9,954 6,668 13,217 +49%
Amortisation of
goodwill (85) - -
Income attributable
to shareholders 9,869 6,668 13,217 +48%
Number of shares in
issue (weighted 000) 196,169 138,779 165,781
Headline earnings
per share
British pence 5.07 4.80 7.97 +6%
Australian cents ~13.50 12.08 20.36 +12%
Dividends per share
British pence 1.44 1.32 2.76 +9%
Australian cents 3.89 3.15 6.84 +23%
~ Translated at the average rate for the period.
The prior half year included an extra trading week compared to this year.
consolidated balance sheet
December 31 June 30
2000 1999 2000
GBP000's Reviewed Reviewed Audited
ASSETS
Non-current assets 71,821 55,563 64,709
Property, plant and equipment 67,333 54,466 64,255
Goodwill 4,158 - -
Deferred tax 301 1,089 416
Investments 29 8 38
Current assets 181,107 205,458 184,557
Other current assets 143,843 164,955 144,154
Liquid funds 37,264 40,503 40,403
Total assets 252,928 261,021 249,266
Equity and liabilities
Capital and reserves
Ordinary shareholders'
interest 86,433 83,981 80,477
Current liabilities 166,495 177,040 168,789
Other current liabilities 139,851 154,336 146,268
Interest-bearing debt 26,644 22,704 22,521
Total equity and liabilities 252,928 261,021 249,266
Number of shares in
issue (000) 196,387 196,046 196,095
Net asset value per share
British pence 44.01 42.84 41.04
Australian cents* 118.32 105.51 103.48
*Translated at the rate at the end of the period.
consolidated cash flow statement
Half year ended Year ended
December 31 June 30
2000 1999 2000
GBP000's Reviewed Reviewed Audited
Cash flow from operating
activities 7,865 2,276 29,483
Cash generated by operations 12,741 3,857 35,243
Net finance income (expense) 15 (1,061) (724)
Taxation paid (2,063) (177) (2,261)
Dividends paid (2,828) (343) (2,775)
Cash effects of
investment activities (14,827) (4,813) (29,590)
Fixed asset additions (9,141) (1,227) (13,688)
Proceeds on disposal
of fixed assets 81 473 1,149
Acquisition of businesses (6,302) (4,059) (17,051)
Disposal of businesses 535 - -
Cash effects of
financing activities 4,208 (17,279) (18,340)
Proceeds from share issues 205 26,872 26,872
Interest-bearing debt
raised (repaid) 4,003 (44,151) (45,212)
Cash outflow (2,754) (19,816) (18,447)
STATEMENT OF CHANGES IN SHAREHOLDERS' INTEREST
Half year ended Year ended
December 31 June 30
2000 1999 2000
GBP000's Reviewed Reviewed Audited
Shareholders' interest
at the beginning of
the period 80,477 49,043 49,043
Share capital issued for cash 8 939 940
- share option plan 8 - 1
- rights offer - 939 939
Share premium 197 25,937 25,933
- share option plan 197 - 34
- rights offer - 26,106 26,106
- share issue expenses - (169) (207)
Non-distributable reserve
- movement on foreign
currency reserve (1,088) 4,169 2,064
Distributable reserve 6,839 3,893 2,497
- income for period 9,869 6,668 13,217
- dividend (2,824) - (2,458)
- goodwill written off (206) (2,775) (8,262)
Shareholders' interest
at the end of the period 86,433 83,981 80,477
COMMENT
The results for the period reflect a strong performance, notwithstanding the
subdued trading conditions. Operating income increased by 27% to GBP13.4
million and income attributable to shareholders increased by 48% to GBP9.9
million.
The strength of the operating performance is not fully reflected by the 6%
increase in headline earnings per share to 5.07 pence for the half year. The
limited increase in earnings per share is due to the distortion on share
weighting arising out of the large issue of shares following the 9 for 2 rights
issue and the repayment of debt in September 1999. These transactions reduced
the growth rate in earnings per share, but provided a larger capital base from
which the Group can grow.
Bidvest plc is an investment holding company listed on the Luxembourg and
Australian stock exchanges. The strategy of the Group is to be invested
internationally in distribution, trading and service businesses supplying the
foodservice, hospitality and leisure markets. Currently the Bidvest plc group
comprises 3663 First for Foodservice (United Kingdom), Bidvest Australia and
Crean Foodservice (New Zealand).
Operations
United Kingdom
The results for the period represent a creditable achievement from both the
trading and logistics divisions. Operating margin increased as a result of
management's focus on clear operational improvements. Turnover declined as a
result of a one week shorter trading period and the move to bespoke logistics
solutions for customers.
Australasia
The Australian operations have continued to show improved performance, both as
a result of good organic growth and acquisitions made last year. Operations in
New Zealand performed ahead of expectations.
On January 26 2001, the Group achieved national coverage in New Zealand with
the acquisition of a business with substantial distribution capability on the
South Island.
PROSPECTS
Although the second half of the financial year does not include the main
seasonal peaks, the Board is confident that the Group will continue to benefit
from the positive trading and operational performance. Bidvest plc, with its
large capital base, is well placed to take advantage of suitable international
acquisitions in order to secure enhanced procurement benefits, and to provide
international solutions for our customers, while at the same time maintaining
high levels of local service focus.
independent review
The results are unaudited and do not constitute statutory accounts but, where
indicated, have been reviewed by KPMG and their report is available for
inspection at the Company's office.
Dividend
A dividend of 1.44 pence per share which, for shareholders on the Australian
register, will be 3.89 AU cents per share (2.08 US cents per share), has been
declared to shareholders registered in the books of the Company at the close of
business on March 9 2001. Dividend cheques will be posted or funds transferred
on March 16 2001.
For and on behalf of the board
B Joffe PJ Wentzel
Chairman Director
February 14 2001
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
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
URL: www.bidvest.com/homeplc.htm
A member of the Bidvest Group
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