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Bidvest plc - Results for the half year ended december 31 2001

Release Date: 06/02/2002 16:45
Code(s): BVT
Wrap Text
BIDVEST PLC
Highlights
Operating income up 22%
Headline earnings up 18%
DIVIDEND PER SHARE up 25%
Consolidated income statement

Half year ended Year ended
December 31 June 30 Change
2001 2000 2001 on last
GBP000's Reviewed Reviewed Audited year
Revenue 646,314 502,145 1,018,405 +29% United Kingdom
- trading 296,325 245,601 503,224
- logistics 204,026 180,307 352,565
Australasia 145,963 76,237 162,616
Operating income 16,153 13,261 24,186 +22%
United Kingdom 12,475 10,943 19,926
Australasia 3,678 2,318 4,260 Net finance income
(expense) (482) 15 345
Income before taxation 15,671 13,276 24,531 +18%
Taxation (4,084) (3,467) (6,460)
Headline earnings 11,587 9,809 18,071 +18%
Goodwill amortisation (618) (85) (282) Income attributable to
shareholders 10,969 9,724 17,789 +13% Number of shares in issue
(weighted 000) 196,429 196,169 196,282 Headline earnings per share
British pence 5.90 5.00 9.21 +18%
Australian cents 16.71 13.30 25.08 +26% Dividends per share
British pence 1.80 1.44 3.24 +25%
Australian cents 4.92 3.89 8.89 +27% Consolidated balance sheet
December 31 June 30
2001 2000 2001
GBP000's Reviewed Reviewed Audited ASSETS
Non-current assets 91,437 71,325 94,630
Fixed assets 71,262 66,837 73,285
Intangible assets 19,578 4,158 20,676
Investments and net deferred tax 597 330 669
Current assets 206,984 181,107 226,040
Inventories and receivables 158,301 143,843 167,758
Liquid funds 48,683 37,264 58,282
Total assets 298,421 252,432 320,670 Equity and liabilities
Shareholders' interest 98,277 85,937 91,086
Current liabilities 200,144 166,495 229,584
Liabilities 169,744 139,851 201,777
Interest-bearing debt 30,400 26,644 27,807
Total equity and liabilities 298,421 252,432 320,670
Number of shares in issue (000) 196,461 196,387 196,415 Net asset value per share
British pence 50.02 43.76 46.37
Australian cents 142.18 117.64 128.35 Consolidated cash flow statement
Half year ended Year ended
December 31 June 30
2001 2000 2001
GBP000's Reviewed Reviewed Audited Cash flow from operating
activities 17,936 7,865 41,461
Cash generated by operations 24,088 12,741 49,424
Net finance income (expense) (482) 15 345
Taxation paid (2,256) (2,063) (2,655)
Dividends paid (3,414) (2,828) (5,653) Cash effects of investment
activities (30,272) (14,827) (27,021)
Fixed asset additions (5,498) (9,141) (15,971) Proceeds on disposal of fixed
assets 155 81 212
Acquisition of businesses (24,929) (5,767) (11,262) Cash effects of financing
activities 2,624 4,208 5,510
Proceeds from share issues 32 205 224
Interest-bearing debt raised 2,592 4,003 5,286
Cash inflow (outflow) (9,712) (2,754) 19,950 Statement of changes in shareholders' interest
Half year ended Year ended
December 31 June 30
2001 2000 2001
GBP000's Reviewed Reviewed Audited Shareholders' interest at the
beginning of the period 91,086 80,477 80,477
Share capital issued for cash 1 8 9
- share option plan 1 8 9
Share premium 31 197 215
- share option plan 31 197 215
Non-distributable reserves (313) (1,082) (1,036)
Distributable reserve 7,472 6,337 11,421
- income for period 10,969 9,724 17,789 - prior year adjustments -
depreciation of buildings - (326) (326)
- dividend (3,497) (2,824) (5,652)
- goodwill written off - (237) (390) Shareholders' interest at the end of
the period 98,277 85,937 91,086 Comment
Bidvest plc is pleased to announce satisfactory results for the period under review. Operating profit increased by 22% to GBP16.2 million (2000: GBP13.3 million) and headline earnings per share increased by 18% to 5.90 pence per share (2000: 5.00 pence per share). The Group's results are a testament to the quality of the management team. United Kingdom
3663 First For Foodservice has had an encouraging half year against somewhat difficult market conditions. Turnover growth largely reflects the new national business won, but there have also been strong independent sales gains, leading to a balanced impact on operating margins. Australasia
Bidvest Australia, in addition to growing organically, continues to make good progress in the restructuring and integration of the John Lewis
Foodservice business, the full benefits of which are still to be realised. The trading environment in Australia remains relatively stable and Bidvest Australia continues to establish itself as the leading foodservice
distributor. Strong organic growth has continued from our New Zealand business.
In appreciating the results of Bidvest Australasia, cognisance should be taken of the approximate 6.5% devaluation of the Australian dollar average exchange rate against sterling. depreciation
South African Generally Accepted Accounting Practice has now changed to accord with International Accounting Standards with regard to depreciation of freehold land and buildings. Consequently the Group now depreciates freehold buildings over the useful life of the properties. The prior year figures have been restated to reflect this change. Prospects
The Group intends to consolidate its position internationally in the
foodservice, hospitality and leisure markets, through organic as well as acquisitive growth. The Group remains optimistic that it will continue to deliver above average returns. 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. Future announcements
In line with common United Kingdom reporting practice, the Company will, in future, report on a half yearly basis. Dividends
A dividend of 1.80 pence per share which, for shareholders on the Australian register will be 4.92AUD cents per share, has been declared to shareholders registered in the books of the Company at the close of business on March 8 2002. Dividend cheques will be posted on or about March 15 2002. For and on behalf of the board B Joffe PJ Wentzel Chairman Director February 6 2002
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: Bid Corporate Services (IOM) Limited, Murdoch
Chambers, Douglas Head Road, South Quay, Douglas, Isle of Man, IM1 5AS 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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