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Bidvest plc
Audited results for the year ended June 30 2001
highlights
- Operating income +29%
- INCOME ATTRIBUTABLE TO SHAREHOLDERS +37%
- Headline earnings per share +17%
- DIVIDEND PER SHARE +17%
Consolidated income statement
Change on
GBP000's 2001 2000 last year
Turnover 1,018,405 1,071,455 -5%
United Kingdom
- trading 503,224 490,601*
- logistics 352,565 467,618*
Australasia 162,616 113,236
Operating income 24,488 19,010 +29%
United Kingdom 20,141 16,331
Australasia 4,347 2,679
Net finance income (expense) 345 (724)
Income before taxation 24,833 18,286 +36%
Taxation (6,460) (5,069)
Headline earnings 18,373 13,217 +39%
Amortisation of goodwill (282) -
Income attributable to
shareholders 18,091 13,217 +37%
Number of shares in
issue (weighted 000) 196,282 165,781 +18%
Headline earnings
per share
British pence 9.36 7.97 +17%
Australian cents ~ 25.50 20.36 +25%
Dividends per share
(interim and final)
British pence 3.24 2.76 +17%
Australian cents 8.89 6.84 +30%
~ Translated at the average rate for the year.
* The prior year included an extra trading week in the UK compared to this
year.
Consolidated balance sheet
GBP000's 2001 2000
ASSETS
Non-current assets 95,051 64,709
Tangible fixed assets and
investments 73,713 64,293
Goodwill 20,676 -
Deferred tax 662 416
Current assets 226,040 184,557
Other current assets 167,758 144,154
Liquid funds 58,282 40,403
Total assets 321,091 249,266
EQUITY AND LIABILITIES
Capital and reserves
Shareholders' interest 91,507 80,477
Current liabilities 229,584 168,789
Other current liabilities 176,848 146,268
Vendors for acquisitions 24,929 -
Interest-bearing debt 27,807 22,521
Total equity and liabilities 321,091 249,266
Number of shares in issue (000) 196,415 196,095
Net asset value per share
British pence 46.59 41.04
Australian cents ~ 128.95 103.48
~ Translated at the rate at the end of the year.
Consolidated cash flow statement
GBP000's 2001 2000
Cash flow from operating activities 41,124 29,483
Cash generated by operations 49,086 35,243
Net finance income (expense) 345 (724)
Taxation paid (2,654) (2,261)
Dividends paid (5,653) (2,775)
Cash effects of investment activities (26,681) (29,590)
Fixed asset additions (15,971) (13,688)
Proceeds on disposal of
non-current assets 212 1,149
Acquisition of businesses (11,429) (17,051)
Disposal of businessess 507 -
Cash effects of financing activities 5,510 (18,340)
Proceeds from share issues 224 26,872
Interest-bearing debt raised (repaid) 5,286 (45,212)
Cash inflow (outflow) 19,953 (18,447)
Statement of changes in shareholders' interest
GBP000's 2001 2000
Shareholders' interest at the
beginning of the year 80,477 49,043
Share capital issued for cash 9 940
- share option plan 9 1
- rights offer - 939
Share premium 215 25,933
- share option plan 215 34
- rights offer - 26,106
- share issue expenses - (207)
Non-distributable reserve (1,271) 2,064
- movement on foreign
currency reserve (1,899) 2,064
- movement on revaluation reserve 628 -
Distributable reserve 12,077 2,497
- income for period 18,091 13,217
- dividend (5,652) (2,458)
- goodwill written off (362) (8,262)
Shareholders' interest at the
end of the year 91,507 80,477
Comment
The Group reports satisfying results for the financial year against the
backdrop of testing trading conditions. The strength of the operating
performance is not fully reflected by the 17% increase in headline earnings
per share to 9.36 pence. 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.
Whilst all divisions traded better than expectation, further operational
benefits should be realised in the medium term.
In appreciating the results of Bidvest Australasia, cognisance should be
taken of the approximate 6% devaluation during the year in the average
exchange rate of the Australian dollar against sterling.
The Group acquired the business of John Lewis Foodservice, excluding the
receivables, with effect June 4 2001 for a consideration of approximately
GBP11.2 million (AU$31.0 million). This acquisition had no effect on the
performance for the period under review, but should contribute positively in
the year ahead.
Independent review
The financial summary does not constitute statutory accounts but the results
have been audited by KPMG.
Dividend
A dividend of 1.80 pence per share (2000: 1.44 pence per share) equating to
US2.57 cents and AU5.00 cents has been declared to shareholders registered
in the books of the Company at the close of business on September 7 2001.
Dividend cheques will be posted or funds transferred on September 17 2001.
Prospects
Management continues to focus on balance sheet and operational efficiencies
whilst at the same time pursuing organic and acquisitive growth. The
benefits accruing from the John Lewis Foodservice acquisition should
manifest themselves in the latter part of the coming financial year.
The Group continues to look for suitable acquisition opportunities.
For and on behalf of the board
B Joffe PJ Wentzel
Chairman Director
August 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
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
URL: www.bidvest.com/homeplc.htm
A member of THE Bidvest Group LIMITED
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