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PPC - Pretoria Portland Cement Company Limited - Audited preliminary report
for the year ended 30 September 2011
Pretoria Portland Cement Company Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
(the "group" or the "company")
JSE code: PPC
JSE ISIN: ZAE000125886
ZSE code: PPC
ZSE ISIN: ZWE000096475
Audited preliminary report for the year ended 30 September 2011
Good cash generation despite difficult business environment
Cement products enhanced
Significant momentum on strategic projects
Contribution from rest of Africa increases to 20%
Final dividend 95 cents per share
Paul Stuiver, CEO, said: "The results reflect the difficult conditions
experienced by local building and construction industries. Demand in South
Africa and Botswana has only recently begun to improve and the only region
where we enjoyed growth during the year was Zimbabwe. Although results are
down, they have been improving since the first half of the year and we
maintained good cash generation and respectable margins. We also managed to
reduce overhead costs whilst delivering on a number of strategic projects."
Commentary
PPC`s total cement sales reduced by 3% following lower sales in coastal
areas and Botswana and lower exports, partly offset by growing demand in
Zimbabwe. Group revenue was almost flat at R6 826 million (2010: R6 807
million) with improved selling prices compensating for lower sales volumes.
Cost of sales of R4 500 million (2010: R4 067 million) increased by 11%
mainly due to electricity and diesel prices increasing significantly above
inflation accompanied by increased logistics costs and higher depreciation
resulting from recent capital projects.
Administration and other operating expenditure was well controlled and
reduced to R627 million (2010: R635 million). This was achieved despite
greater marketing activity and restructuring costs in respect of employees
who accepted voluntary severance packages.
EBITDA declined by 14% to R2 146 million (2010: R2 483 million) while
operating profit decreased by 19% to R1 699 million (2010: R2 105 million).
The group`s EBITDA margin declined to 31,4% (2010: 36,5%) due to the
combined impact of lower sales and under-recovery of input cost inflation.
Net finance charges were R325 million (2010: R347 million) and taxation
amounted to R520 million (2010: R622 million). An increase in the overall
taxation rate was mainly attributable to a R19 million benefit from a
reduction in the Zimbabwean taxation rate during 2010 that was not repeated
during 2011.
Earnings per share at 164,4 cents declined by 22% (2010: 211,1 cents per
share). The directors have declared a final dividend of 95 cents per share
(2010: 130 cents per share) which brings the year`s total dividend to 130
cents per share (2010: 175 cents per share). The policy of 1,2 to 1,5 times
dividend cover remains unchanged.
Cash generated from operations remained strong at R2 102 million (2010: R2
442 million). Capital investment was R483 million (2010: R613 million). The
group`s capital investment programme was reduced during the year in
sympathy with depressed trading conditions. Gearing remained substantially
unchanged with gross debt amounting to R3 510 million (2010: R3 521
million).
Cement: Although South African industry statistics have improved in recent
months, overall volume for the 12 month period ending September 2011 was
similar to last year. PPC`s South African cement volumes were 4% lower due
to our exposure to lower demand in the Western and Eastern Cape provinces.
Over-capacity in the South African cement industry continued to drive
competitive market dynamics and pressure on cement selling prices. A
weighted average increase of 4% in selling prices during the year was
insufficient to recover rising input costs.
Input cost inflation resulted primarily from rising energy prices and from
having to supplement inadequate rail transport with more expensive road
transport. To align production capacity, significant voluntary staff
reductions were achieved at our Port Elizabeth factory.
Through on-going research and development, we were able to launch an
enhanced cement product range offering greater value to customers across
all strength categories. These products are currently available in South
Africa, Botswana and for export with plans to release in Zimbabwe in the
near future.
The modernisation of our Western Cape factories is progressing according to
schedule and budget. Civil construction for the R280 million De Hoek
project is complete, installation of equipment has commenced and we expect
that the upgraded plant will be re-commissioned during mid-2012. The
environmental impact assessment for the Riebeeck factory is also
progressing according to schedule and supplier selection for this project
is nearing completion.
PPC Zimbabwe`s domestic sales improved by more than 50% during the year due
to a combination of increased demand and operational problems suffered by
competitors. Operating performance at the Colleen Bawn factory improved
during the second half of the year and equipment at our Bulawayo grinding
depot that had been mothballed for 15 years was re-commissioned to meet
increased demand. Significant input price inflation on key items such as
electricity continues to be a concern for our Zimbabwean operations.
Demand in Botswana weakened during the second half of the year mainly as a
result of a slow-down in government spending on infrastructure projects.
Exports to neighbouring countries decreased by 35% mainly as a result of
the strong South African rand that prevailed throughout most of the
financial year.
In accordance with the leniency agreement concluded during 2009, PPC
continued to co-operate with the Competition Commission in its
investigation into the South African cement industry.
Lime and aggregates: Lime sales were negatively impacted by operational
problems and extended shutdowns suffered by customers in the steel and
alloys industries. Increased exports to other African regions to some
extent compensated for the decline in local volumes. Overall sales volumes
declined by 4% and combined with higher energy and maintenance costs
resulted in a 19% reduction in EBITDA to R154 million (2010: R190 million)
for the lime division.
Sales volumes for the aggregates division reduced by 5% as a result of
lower construction activity. Combined with a competitive pricing
environment this reduced EBITDA by 23% to R56 million (2010: R74 million).
Board changes: Ms Bridgette Modise was appointed to the board as an
independent non-executive director and as a member of the audit committee
effective 1 December 2010.
Ms Tryphosa Ramano was appointed to the board on 1 August 2011 as an
executive director and to the position of chief financial officer. Mr Peter
Esterhuysen, the previous chief financial officer was appointed as director
business development, responsible for mergers and acquisitions to focus on
the company`s expansion plans into other parts of Africa.
Strategy: PPC`s strategies are:
1. To enhance our current position as industry leader in southern Africa.
2. To expand our operational footprint into other regions in sub-Saharan
Africa.
Local positioning of the company will be enhanced by the proposed purchase
of Pronto Holdings (Pty) Ltd, a prominent Gauteng based readymix and fly
ash supplier with whom PPC has negotiated to purchase an initial 25% plus
remaining shareholding over a two year period. The total transaction value
will be R280 million less debt and is subject to competition authority
approval.
Our Botswana aggregates operations will benefit from increased volume and
geographical positioning as a result of the recently acquired Quarries of
Botswana for 48 million Pula.
Our business development team has during the past year explored eight
significant expansion opportunities into other regions in Africa. Four
opportunities were abandoned due to either a lack of value creation,
unacceptable levels of risk or a combination of both.
Of the remaining four, one has resulted in a US$44 million conditional
offer for a 58% stake in Cimenterie Nationale (CINAT), a government owned
cement producer in the Democratic Republic of the Congo. We await the
outcome of our bid. The remaining opportunities are being pursued and we
expect that further opportunities will arise in due course.
Prospects: Recent improvements in South African cement industry sales are
encouraging but clouded by continued uncertainty over the future of the
global economy. We expect cement demand in Zimbabwe to continue growing
unless conditions deteriorate. The outlook for the lime division will
continue to depend mainly on demand from local steel and alloys industries.
Based on historical trends and previous industry cycles, a long-term
recovery in South African cement demand is long overdue and latest industry
trends indicate that further decline is unlikely.
The company is fully prepared and well-placed for either a continuation of
challenging business conditions or for any upturn in cement demand.
On behalf of the board
BL Sibiya P Stuiver
Chairman Chief executive officer
8 November 2011
Dividend announcement: Notice is hereby given that final ordinary dividend
No. 216 of 95 cents per share has been declared in respect of the year
ended 30 September 2011.
This dividend will be paid out of profits as determined by the directors.
The important dates pertaining to this dividend for shareholders trading on
the JSE Limited are as follows:
Last day to trade "CUM" dividend Friday, 6 January 2012
Shares trade "EX" dividend Monday, 9 January 2012
Record date Friday, 13 January 2012
Payment date Monday, 16 January 2012
Share certificates may not be dematerialised or rematerialised between
Monday, 9 January 2012, and Friday, 13 January 2012, both days inclusive.
Transfers between the South African register and Zimbabwean register may
not take place between Monday, 9 January 2012 and Friday, 13 January 2012.
Zimbabwe: The important dates pertaining to this dividend for shareholders
trading on the Zimbabwe Stock Exchange are as follows:
Shares trade "EX" dividend Monday, 9 January 2012
Last day to register to receive
the dividend Friday, 13 January 2012
Payment date Monday, 16 January 2012
The register of members in Zimbabwe will be closed from Monday, 9 January,
2012 to Friday, 13 January 2012, both days inclusive, for the purpose of
determining those shareholders to whom the dividend will be paid.
The dividend payable to shareholders registered in Zimbabwe will be paid in
SA rand.
By order of the board
JHDLR Snyman Group company secretary
7 November 2011
Consolidated income statement
Year ended
30 Sept 30 Sept
2011 2010
Audited Audited %
Rm Rm Change
Revenue 6 826 6 807
Cost of sales 4 500 4 067 11
Gross profit 2 326 2 740 (15)
Administration and other operating 627 635 (1)
expenditure
Operating profit 1 699 2 105 (19)
Fair value gains/(losses) on 9 (20)
financial instruments
Finance costs 362 366 (1)
Investment income 28 39 (28)
Profit before exceptional items 1 374 1 758 (22)
Exceptional items (4) (32)
Share of associates` retained profit 15 8
Profit before taxation 1 385 1 734 (20)
Taxation 520 622 (16)
Profit for the year 865 1 112 (22)
Attributable to
:
Ordinary shareholders 785 1 010 (22)
Other shareholders (refer note 5) 80 102 (22)
865 1 112 (22)
Earnings per share (cents)
- basic 164,4 211,1 (22)
- diluted 163,3 209,8 (22)
Consolidated statement of
comprehensive income
Profit for the year 865 1 112
Other comprehensive income, net of 97 (114)
taxation
Effect of translation of foreign 95 (47)
operations
Effect of cash flow hedges (1) (56)
Revaluation of available-for-sale 4 (12)
financial investments
Taxation on other comprehensive (1) 1
income
Total comprehensive income 962 998 (4)
Profit for the year is apportioned between ordinary and other shareholders
based on the number of shares held by each category of shareholder as a
ratio of total shares in issue. Refer note 5.
Condensed consolidated statement of financial position
Year ended
30 Sept 30 Sept
2011 2010
Audited Audited
Rm Rm
ASSETS
Non-current assets 4 585 4 449
Property, plant and equipment 4 287 4 175
Intangible assets 94 78
Non-current financial assets 115 120
Investments in associates 89 76
Current assets 1 834 1 663
Inventories 709 596
Trade and other receivables 901 827
Cash and cash equivalents 224 240
Total assets 6 419 6 112
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium (1 091) (1 091)
Other reserves 125 32
Retained profit 1 921 1 917
Total equity 955 858
Non-current liabilities 3 837 3 591
Long-term borrowings 2 699 2 645
Deferred taxation liabilities 740 568
Provisions and other non-current 398 378
liabilities
Current liabilities 1 627 1 663
Short-term borrowings 811 876
Trade and other payables and provisions 816 787
Total equity and liabilities 6 419 6 112
Net asset value per share (cents) 181,3 162,8
Condensed consolidated statement of changes in equity
Year ended
30 Sept 30 Sept
2011 2010
Audited Audited
Rm Rm
Total equity
Balance at beginning of the year 858 915
Total comprehensive income 962 998
Dividends paid (876) (1 062)
Treasury shares purchased by consolidated - (3)
Porthold Trust (Private) Limited (refer
note 5)
BBBEE IFRS 2 charges 11 10
Balance at end of the year 955 858
Condensed consolidated statement of cash flows
Year ended
30 Sept 30 Sept
2011 2010
Audited Audited
Rm Rm
Cash flow from operating activities
Operating cash flows before movements in 2 127 2 486
working capital
Net increase in working capital (25) (44)
Cash generated from operations 2 102 2 442
Net finance costs paid (226) (222)
Taxation paid (441) (531)
Cash available from operations 1 435 1 689
Dividends paid (876) (1 062)
Net cash inflow from operating activities 559 627
Acquisition of property, plant and (483) (613)
equipment
Acquisition of treasury shares by - (3)
consolidated Porthold Trust (Private)
Limited
Other investing movements (21) (47)
Net cash outflow from investing activities (504) (663)
Net cash (outflow)/inflow from financing (71) 28
activities
Net decrease in cash and cash equivalents (16) (8)
Cash and cash equivalents at beginning of 240 248
the year
Cash and cash equivalents at end of the 224 240
year
Cash earnings per share (cents)* 272,3 320,6
*Cash earnings per share is calculated using cash available from operations
divided by the total weighted average number of shares in issue for the
year.
Notes
1. Basis of preparation
These condensed consolidated annual financial statements for the year ended
30 September 2011 have been prepared in accordance with the framework
concepts and the measurement and recognition requirements of International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (in particular International Accounting Standard
34 Interim Financial Reporting), the AC 500 standards as issued by the
Accounting Practices Board, the JSE Limited`s listing requirements and the
requirements of the South African Companies Act, 2008, as amended. This
report was compiled under the supervision of the chief financial officer,
MMT Ramano CA(SA).
The accounting policies and methods of computation used are in terms of
IFRS and consistent with those used in the preparation of the annual
financial statements for the year ended 30 September 2010, except for the
following revised accounting standards and interpretations that were
adopted during the year, and which did not have a material impact on the
reported results: Conceptual Framework for Financial Reporting 2010
IFRS 2 Share-based Payments (Amendments relating to group cash-settled
share-based payment transactions)
IFRS 3 (amendment): Business Combinations (Measurement of non-controlling
interests, Transition requirements for contingent consideration from a
business combination that occurred before the effective date of the revised
IFRS, Un-replaced and voluntarily replaced share-based payment awards)
IAS 27 (amendment) Consolidated and separate financial statements
(Transition requirements for amendments made as a result of IAS 27 (as
amended in 2008))
IAS 32 (amendment) Financial Instruments: Presentation (Amendments relating
to classification of rights issues)
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IASB IFRS 2009 Improvements
For a better understanding of the group`s financial position, the results
of its operations and cash flows for the year, these condensed consolidated
annual financial statements should be read in conjunction with the group`s
annual financial statements, from which these condensed statements were
derived.
The auditors, Deloitte & Touche, have issued their unmodified audit opinion
on the group`s annual financial statements for the year ended 30 September
2011. The audit was conducted in accordance with International Standards on
Auditing. This preliminary report has been derived from the group`s annual
financial statements and is consistent in all material respects. A copy of
their audit report is available for inspection at the company`s registered
office. Any reference to future financial performance included in this
announcement has not been reviewed or reported on by the group`s auditors.
30 Sept 30 Sept
2011 2010
Rm Rm
2. Profit before taxation
Included in profit before taxation are:
Amortisation of intangible assets 19 9
BBBEE IFRS 2 charges 11 10
Depreciation 417 359
Impairment of plant and equipment and (4) (33)
financial assets
Restructuring costs paid to employees 31 -
3. Finance costs
Bank and other borrowings 55 75
Long-term loans 166 166
BBBEE funding transaction 118 113
- dividends on redeemable preference shares 57 58
- long-term borrowings 61 55
Finance lease interest 5 7
Unwinding of discount on rehabilitation 18 18
provisions
362 379
Capitalised to plant and equipment - (13)
362 366
4. Earnings per share and headline earnings
per share
Earnings per share (cents)
- basic 164,4 211,1
- diluted 163,3 209,8
Headline earnings per share (cents)
- basic 164,8 216,9
- diluted 163,8 215,6
Determination of headline earnings per
share (cents)
Earnings per share 164,4 211,1
Adjusted for:
- Impairment losses on plant and equipment 0,7 6,4
and financial assets
- Profit on disposal of property, plant and (0,3) (0,7)
equipment and intangible assets
- Taxation on profit on disposal of
property, plant and equipment and
intangible assets - 0,1
Headline earnings per share 164,8 216,9
Headline earnings attributable to ordinary
shareholders (Rm)
Profit for the year attributable to 785 1 010
ordinary shareholders
Impairment of plant and equipment and 4 30
financial assets
Profit on disposal of property, plant and (1) (4)
equipment and intangible assets
Taxation on profit on disposal of property,
plant and equipment and
intangible assets - 1
Headline earnings attributable to ordinary 788 1 037
shareholders
5. Weighted average number of ordinary
shares in issue (000)
Number of shares in issue, net of treasury 517 472 517 472
shares prior to the BBBEE transaction
Less: Weighted average number of shares (37 991) (37 991)
held by consolidated BBBEE trusts and trust
funding SPVs
Less: Weighted average number of shares (1 285) (1 259)
held by consolidated Porthold Trust
(Private) Limited#
Add: Weighted average number of shares 48 558 48 558
issued to the BBBEE CSG and SBP funding
SPVs
Weighted average number of shares used for 526 754 526 780
cash earnings per share
Less: Weighted average number of shares (48 558) (48 558)
issued to the BBBEE CSG and SBP funding
SPVs*
Weighted average number of ordinary shares
used for basic earnings
per share calculation 478 196 478 222
Add: Dilutive adjustment for potential 3 073 3 007
ordinary shares
Weighted average number of ordinary shares
used for dilutive earnings
per share calculation 481 269 481 229
In terms of IFRS SIC Interpretation 12 (Consolidation - Special Purpose
Entities), The PPC Black Managers Trust, The Current PPC Team Trust, The
Future PPC Team Trust, The PPC Black Independent Non-executive Directors
Trust and the trust funding SPVs are consolidated, and as a result, shares
owned by these entities are carried as treasury shares on consolidation.
#Shares owned by a Zimbabwean employee trust company, Porthold Trust
(Private) Limited, are treated as treasury shares in terms of IFRS SIC
Interpretation 12. This company purchased 135 300 shares during 2010.
*Treated as a separate class of shares for earnings per share calculations
as these shares have restrictions on transferability, and are subject to a
call option by PPC to purchase these shares at par (R0,10) on 15 December
2016.
Relates to share-based payment grants made to BBBEE trusts and trust
funding SPVs which are treated in a manner similar to an option.
CSG: Community Service Groups; SBP: Strategic Black Partners.
6. Dividend per share (cents)
- final 95 130
- interim 35 45
130 175
7. Share capital and premium
Issued share capital
- Ordinary
517 471 989 shares, net of treasury shares 52 52
prior to the BBBEE transaction
37 991 204 treasury shares held by the (4) (4)
consolidated BBBEE trusts and trust funding
SPVs
1 284 556 treasury shares held by - -
consolidated Porthold Trust (Private) Limited
478 196 229 shares in issue at end of the 48 48
year
- Other
48 557 982 shares issued to the BBBEE CSG and 5 5
SBP funding SPVs
Total share capital 53 53
Share premium (1 144) (1 144)
Balance at beginning of the year (1 144) (1 141)
Treasury shares held by consolidated Porthold - (3)
Trust (Private) Limited
Total issued share capital and premium (1 091) (1 091)
8. Group segment analysis
Revenue
Cement 5 814 5 806
Lime 772 711
Aggregates 271 296
6 857 6 813
Less: Inter-segment revenue (31) (6)
Total revenue 6 826 6 807
- South Africa 5 633 5 605
- Other Africa 1 193 1202
EBITDA
Cement 1 942 2 226
Lime 154 190
Aggregates 56 74
BBBEE trusts and trust funding SPVs (6) (7)
EBITDA 2 146 2 483
- South Africa 1 897 2 301
- Other Africa 249 182
Operating profit
Cement 1 541 1 893
Lime 121 158
Aggregates 43 61
BBBEE trusts and trust funding SPVs (6) (7)
Operating profit 1 699 2 105
- South Africa 1 488 1 953
- Other Africa 211 152
Assets
Cement 5 768 5 450
Lime 440 452
Aggregates 210 208
BBBEE trusts and trust funding SPVs 1 2
Total assets 6 419 6 112
9. Borrowings
- Long-term* 1 517 1 517
- Finance lease liability@ 14 28
- Preference shares 126 130
1 657 1 675
BBBEE funding transaction
1 042 970
Long-term borrowings 2 699 2 645
Short-term borrowings and short-term portion 811 876
of long-term borrowings
Total borrowings 3 510 3 521
*Comprises a bullet loan, bearing interest at a fixed rate of 10,86% p.a.,
and is repayable on 15 December 2016, with interest payable semi-annually.
@Bears interest at a fixed rate of 13,1% with interest and capital
repayable annually with the last payment payable in 2013.
Redeemable preference shares bearing semi-annual dividends, with variable
interest rates linked to prime and fixed rates between 8,93% to 9,37% p.a.
and compulsory annual redemptions from 31 January 2012 to 15 December 2016.
Redeemable preference shares bearing semi-annual dividends, with variable
interest rates linked to prime and a fixed rate of 9,54% p.a with
compulsory annual redemptions from 31 January 2012 to 15 December 2016, and
loans bearing interest, after giving effect to fixed-for-variable interest
rate swaps, at a rate of 11,20% p.a., with interest and capital repayable
on 15 December 2013.
In terms of IFRS, these long-term borrowings have been consolidated as PPC
has provided guarantees for funding that had an outstanding balance of R999
million as at 30 September 2011 (2010: R940 million).
The company`s borrowing powers are not restricted.
10. Commitments
- Contracted capital commitments 275 176
- Approved capital commitments 364 317
Capital commitments 639 493
Operating lease commitments 17 25
656 518
Commitments for capital expenditure are stated in current values
which, together with expected price escalations, will be financed
from surplus cash generated from operations and borrowing
facilities available to the group. The company`s capacity upgrades
in the Western Cape are expected to approximate R3 billion and
expenditure will be phased over a six-year period. The project is
still in the feasibility phase and yet to be formally approved by
the board.
11. Events after the reporting date
There are no events that occurred after reporting date that may
have an impact on the group`s reported financial position at 30
September 2011.
Subsequent to 30 September 2011, and in terms of PPC`s expansion
strategy, PPC acquired three aggregate quarries in Botswana in a
transaction valued at R52 million. The financial results will only
be consolidated into the group results in the 2012 financial year.
The company has entered into a memorandum of understanding to
purchase an initial 25% in Pronto Holdings, a prominent Gauteng
based readymix and fly ash supplier. The remaining shareholding
will be purchased on a phased approach over a two year period. The
total transaction is valued at R280 million less debt. The deal is
still subject to competition authority approval.
During October 2011, the company made a US$44 million conditional
offer for a 58% stake in Cimenterie Nationale, a cement producer
in the Democratic Republic of Congo. At the date of this report,
the company awaits the outcome of its bid.
Disclaimer:
This document including, without limitation, those statements concerning
the demand outlook, PPC`s expansion projects and its capital resources and
expenditure, contain certain forward-looking views. By their nature,
forward-looking statements involve risk and uncertainty and although PPC
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove
to have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of, among other
factors, changes in economic and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other
government action and business and operational risk management. While PPC
takes reasonable care to ensure the accuracy of the information presented,
PPC accepts no responsibility for any consequential, indirect, special or
incidental damages, whether foreseeable or unforeseeable, based on claims
arising out of misrepresentation or negligence arising in connection with a
forward-looking statement. This document is not intended to contain any
profit forecasts or profit estimates. The information published in this
report has been audited.
Directors:
BL Sibiya (Chairman), P Stuiver* (Chief executive officer),
S Abdul Kader, P Esterhuysen, SG Helepi, ZJ Kganyago,
AJ Lamprecht, NB Langa-Royds, MP Malungani, B Modise,
MMT Ramano, TDA Ross, J Shibambo, JS Vilakazi *Dutch
Registered office:
180 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton, 2146, South Africa)
Transfer secretaries:
Link Market Services SA (Pty) Limited, 11 Diagonal Street, Johannesburg,
South Africa
(PO Box 4844, Johannesburg, 2000, South Africa)
Transfer secretaries Zimbabwe:
Corpserve (Private) Limited, 4th Floor, Intermarket Centre, Corner 1st
Street/Kwame Nkrumah Avenue, Harare, Zimbabwe (PO Box 2208, Harare,
Zimbabwe)
www.ppc.co.za
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 08/11/2011 07:06:28 Supplied by www.sharenet.co.za
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