Wrap Text
BIDVEST PLC
RESULTS FOR THE NINE MONTHS ENDED MARCH 31 2001
STRONG PERFORMANCE.
* OPERATING INCOME +25%
* INCOME ATTRIBUTABLE TO SHAREHOLDERS +43%
* HEADLINE EARNINGS PER SHARE +15%
CONSOLIDATED INCOME STATEMENT
Nine Year
months ended ended
March 31 June 30 Change
2001 2000 2000 on last
GBP000's Unaudited Unaudited Audited year
Turnover 739,017 830,318 1,071,455 -11%
United Kingdom
- trading 362,896 369,425# 490,601
- logistics 260,800 377,027# 467,618
Australasia 115,321 83,866 113,236
Operating income 17,255 13,816 19,010 +25%
United Kingdom 14,016 11,691# 16,331
Australasia 3,239 2,125 2,679
Net finance
income (expense) 281 (975) (724)
Income before
taxation 17,536 12,841 18,286 +37%
Taxation (4,535) (3,861) (5,069)
Headline earnings 13,001 8,980 13,217 +45%
Amortisation of goodwill (181) - -
Income attributable
to shareholders 12,820 8,980 13,217 +43%
Number of shares in issue
(weighted 000) 196,241 155,759 165,781 +26%
Headline earnings per share
British pence 6.63 5.77 7.97 +15%
Australian cents ~ 17.90 14.63 20.36 +22%
~Translated at the average
rate for the period.
#The prior half year included an extra trading week compared to this year.
CONSOLIDATED CASH FLOW STATEMENT
Nine months ended Year ended
March 31 June 30
2001 2000 2000
GBP000's Unaudited Unaudited Audited
Cash flow from
operating activities 10,754 (850) 29,483
Cash generated by
operations 18,747 3,652 35,243
Net finance income
(expense) 281 (975) (724)
Taxation paid (2,704) (804) (2,261)
Dividends paid (5,570) (2,723) (2,775)
Cash effects of
investment activities (17,576) (6,993) (29,590)
Fixed asset additions (11,509) (3,257) (13,688)
Proceeds on disposal
of fixed assets 88 480 1,149
Acquisition of
businesses (6,690) (4,216) (17,051)
Disposal of businesses 535 - -
Cash effects of
financing activities 3,526 (19,738) (18,340)
Proceeds from share
issues 205 26,836 26,872
Interest-bearing
debt repaid 3,321 (46,574) (45,212)
Cash outflow (3,296) (27,581) (18,447)
CONSOLIDATED BALANCE SHEET
March 31 June 30
2001 2000 2000
GBP000's Unaudited Unaudited Audited
ASSETS
Non-current assets 70,199 55,578 64,709
Property, plant
and equipment 65,940 54,762 64,255
Goodwill 4,146 - -
Deferred tax 85 809 416
Investments 28 7 38
Current assets 174,872 169,703 184,557
Other current assets 139,426 141,055 144,154
Liquid funds 35,446 28,648 40,403
Total assets 245,071 225,281 249,266
Equity and liabilities
Capital and reserves
Ordinary shareholders'
interest 84,526 82,431 80,477
Current liabilities 160,545 142,850 168,789
Other current liabilities 134,582 121,691 146,268
Interest-bearing debt 25,963 21,159 22,521
Total equity and liabilities 245,071 225,281 249,266
Number of shares
in issue (000) 196,387 196,046 196,095
Net asset value per share
British pence 43.04 42.05 41.04
Australian cents* 125.34 110.51 103.48
*Translated at the rate at the end of the period.statement of
CHANGES IN SHAREHOLDERS' INTEREST
Nine months ended Year ended
March 31 June 30
2001 2000 2000
GBP000's Unaudited Unaudited Audited
Shareholders' interest
at the beginning of
the period 80,477 49,043 49,043
Share capital
issued for cash 8 1,250 940
- share option plan 8 - 1
- rights offer - 1,250 939
Share premium 197 25,586 25,933
- share option plan 197 - 34
- rights offer - 25,792 26,106
- share issue expenses - (206) (207)
Non-distributable reserve
- movement on foreign
currency reserve (3,119) 2,794 2,064
Distributable reserve 6,963 3,758 2,497
- income for period 12,820 8,980 13,217
- dividend (5,652) (2,429) (2,458)
- goodwill written off (205) (2,793) (8,262)
Shareholders' interest
at the end of
the period 84,526 82,431 80,477
COMMENT
The Group reports good results for the period under review against the backdrop
of difficult trading conditions. Whilst all divisions traded better than
expectation, further operational benefits should be realised in the
medium-term. In the quarter, 3663 First for Foodservice of the United Kingdom
brought into use additional facility capacity in order to cope with further
business gained which commences in April 2001. The transition costs associated
with this expansion have been expensed in the quarter.
In appreciating the results of Bidvest Australasia, cognisance should be taken
of the approximate 11% devaluation, in the quarter to March 2001, of the
Australian dollar average exchange rate against sterling (9 months - 6%
decline).
The strength of the operating performance is not fully reflected by the 15%
increase in headline earnings per share to 6.63 pence for the nine months. The
increase in earnings per share would be higher but for the distortion on share
weighting arising out of the large issue of shares following the 9 for 2 rights
issue in September 1999.
PROSPECTS
Management continues to focus on balance sheet and operational efficiencies
whilst at the same time pursuing organic and acquisitive growth. It is not
expected that the Foot and Mouth outbreak in the UK will detract from the
year's results.
The Group continues to look for suitable international opportunities.
For and on behalf of the board
B Joffe J Wentzel
Chairman Director
April 25 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
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