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Appendices. Appendix 1: Financial Statements Consolidated Income Statement Constant currency: Avg R/£ 11.72 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72.

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Presentation on theme: "Appendices. Appendix 1: Financial Statements Consolidated Income Statement Constant currency: Avg R/£ 11.72 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72."— Presentation transcript:

1 Appendices

2 Appendix 1: Financial Statements

3 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Local businesses  R6,9bn first H1 revenue from McCarthy  Diminishing pressure on foreign currency-denominated revenues (eg. Safcor Panalpina) Foreign businesses  R1,06bn additional revenue from International Foodservice  Negative rand translation impact of R0,28bn

4 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 * Offshore margins include:  a R5,4m profit (-R19,3 in H1 2004) from Bidcorp and  a R15,0m loss (-R10,5m in H1 2004) from Lithotech France Trading marginsH1 2005H Offshore2,8%*2,5%IFS margins 3,2% in H vs 3,1% in H Local5,8%7,3% Comparative base affected by McCarthy inclusion; underperformance from Renfin, Office Products and Printing & Paper Conversion Group4,7%5,1%

5 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Trading income before translation gains 1 480,8+30,11 138,5 Translation gains (losses) 0,3n/a(7,3) Translation gains: R7,6m swing from R7,3m loss in H to R0,3m gain in H1 2005

6 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Trading income before translation gains 1 480,8+30,11 138,5 Translation gains (losses) 0,3n/a(7,3) Amortisation of goodwill -n/a33,9 Net capital items (1,2)-91,4(13,9) No amortisation of goodwill due to change in accounting policy

7 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Net trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Trading income before translation gains 1 480,8+30,11 138,5 Translation gains (losses) 0,3n/a(7,3) Amortisation of goodwill -n/a35,5 Net capital items (1,2)-91,4(13,9) Net trading income ,41 092,7

8 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Net finance expense (127,4)+140,8(52,9)(128,3)+142,5  R0,6bn net debt offshore; R1,8bn net debt in SA  Higher net debt position intra-month; now able to offset cash in foreign operations  R2,6bn debt for McCarthy and offshore minorities added approximately R90m to the interest bill  Interest cover = 11,2x (18,4x in H1 2004)

9 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Net trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Net finance expense (127,4)+140,8(52,9)(128,3)+142,5 Taxation(392,9)+35,2(290,5)(394,9)+35,9 28,5%27,3% Tax rates H1 04H ,0%28,7%Local 28,1%28,4%Group Offshore Offshore rate has declined slightly due to tax relief as a consequence of funding minority acquisitions of Bidvest plc and Bidcorp plc Note: Excluding STC as a tax charge in the Income Statement

10 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Net trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Net finance expense (127,4)+140,8(52,9)(128,3)+142,5 Taxation(392,9)+35,2(290,5)(394,9)+35,9 Minority interests (3,5)-92,1(44,2)(3,4)-92,3 Minority interests declined due to the buy-out of Bidvest plc and Bidcorp plc minorities, effective April 2004 and August 2004 respectively Half-Year ended Dec

11 Consolidated Income Statement Constant currency: Avg R/£ Actual: Avg R/£ Actual: Avg R/£ Half-Year ended Dec Rm’sH % ch vs H H1 2004H % ch vs H Revenue31 447,1+41, , ,5+42,8 Net trading income (margin) 1 481,1 (4,7%) +30,91 131,2 (5,1%) 1 488,6 (4,7%) +31,6 Net finance expense (127,4)+140,8(52,9)(128,3)+142,5 Taxation(392,9)+35,2(290,5)(394,9)+35,9 Minority interests (3,5)-92,1(44,2)(3,4)-92,3 Headline earnings (Rm) 968,1+29,5747,8973,0+30,1 HEPS (cents)319,5+29,1247,6321,1+29,7 DPS (cents)133,818,0113,4 Earnings  Total foreign earnings from IFS, Bidcorp, Lithotech France, Namsov, and other = 22% of Group (R210,6m)  R151m (16%) first time headline earnings addition from McCarthy, as well as Bidvest plc & Bidcorp plc minorities Dividend  Approximately 17% enhancement in DPS due to Dinatla transaction  Dividend cover will remain around 2x

12 Consolidated Balance Sheet As at:31/12/0431/12/03 Assets Non-current assets7 057,74 946,2 Current assets11 589,09 808,5 Total assets18 646, ,8 Equity & Liabilities Capital & reserves6 821,06 247,4 Non-current liabilities 1 785,1976,7 Current liabilities10 040,67 530,6 Total equity & Liabilities , ,8 Rm’s

13 Working capital influenced by seasonality Consolidated Balance Sheet 14 8 No. of Days Note: Sales at average rates; assets at spot rates 31/12/200430/06//2004 As at:

14 Consolidated Balance Sheet Rm net debt position as at:31/12/0430/06/0431/12/03 Liquid funds1 358,62 305,12 195,4 Long term interest-bearing liabilities(1 487,4)(923,1)(682,8) Short term interest-bearing liabilities(2 303,6)(2112,7)(1 351,3) Net (debt)/cash(2 432,4)(730,6)161,3  £103m (R1,3bn) debt used to acquire Bidvest plc minorities  £22m (R237m) debt used to acquire Bidcorp plc minorities  Competitive funding rates achieved  Balance sheet well utilised: Gearing = 35,7% at balance sheet date, but higher intra- month (24,7% excluding the R751m McCarthy floorplan lease creditors)

15 Historic Performance 18% CAGR over 5 full years15% CAGR over 5 full years 4.6% 4.9% 4.7% 4.4% 4.9% 5.0% 4.9% 4.8% 5.1% 4.7%

16 Appendix 2: Divisional Results

17 Services – Bidfreight …% Trading margin 3,4% Bigger ups than downs Safcor Panalpina overcomes Rand BMA suffers from drop in coal volumes SABT benefits from increased imports IVS steady RDS strong organic growth Repositioning of SACD; strong profits BPO down, lower steel exports Ships Agency better Manica – regional instability PROSPECTS Similar performance expected in H Conclusion of NPA lease agreements

18 Services – Bidcorp Trading profit of £ ; profit trend is sustainable due to:  Sharpened operational focus  Closure of Dunkirk; renegotiation of Stevedoring and re-assessment of port arrangements in Shipping  Rescue & Recovery and Specialised Transport profitable  Volume Distribution (automotive): loss-making, divested of unprofitable contracts PROSPECTS Shipping efficiencies underway Volume Distribution improvement expected Unlocking of excess property Rm Trading IncomeRm Revenue Recovery reality

19 Services – Bidserv …% Trading margin 9,5% Rm Trading IncomeRm Revenue Acquisitional amplification Overall margin held; 26% organic growth at expense of competitors Laundry in strong leadership position Security doubled profit due to IPS; good potential Industrial & Janatorial boosted by G.Fox acquisition Aviation trebled profit; EAS performed particularly well PROSPECTS Good performance expected in H2 Cross border expansion in Hygiene; product innovation in Security

20 Services – Renfin …% Trading margin 19,8% 22,9% Rm Trading IncomeRm Revenue Travel Travails BANK: Trading income up 32%; benefiting from cost reductions Rand strength and lack of volatility reduced dealing profits; TRAVEL: Trading income down 25% amidst industry turmoil Reduced ticket prices & therefore overrides No increase in corporate travel PROSPECTS Structural industry challenges:  Zero-commissions & 1% transaction fee from SAA effective 1 May 2005  Customer move to online reservations Full year to June 2005 likely to be disappointing

21 Foodservice Products – United Kingdom Trading income up 14% despite poor summer weather & strong competition Annual growth in distribution, hotel & catering activity running ahead of GDP Multi-temp: slight margin pressure due to changing mix Frozen: revenue growth & cost saving emphasis in competitive environment Central Distribution: cost efficiencies resulted in strong profit growth MOD: ahead of budget (reduced Kuwait activity as expected) Swithenbank: loss reduced significantly National coverage for Barton PROSPECTS Real growth set to continue Ongoing depot infrastructure programme …% Trading margin 3,1% 3,2% Rm Trading IncomeRm Revenue Cool Britannia

22 Foodservice Products - International AUSTRALIA: 17.5% like-for-like profit growth; up 12.4% after disposal of Alice Springs Growth in national lower margin business exceeding street trade QSR profitable national expansion (slightly reduced overall margin) Hospitality Supply roll-out on track (acquired July 2003) CREAN: 68% record rise in profits PROSPECTS Australia: consolidation of position Crean: organic growth focus built on national network …% Trading margin 3,3% 2,9% Rm Trading IncomeRm Revenue Further upside down under

23 …% Trading margin 9,2% Rm Trading IncomeRm Revenue Foodservice Products – Caterplus (SA): Slimline Overall result pleasing in a non- inflationary market Strong consumer durable spending not translating to food Catering Supplies results slightly down due to enhanced competitor activity Frozen successfully grew street trade Outstanding result from Vulcan- Caars Small bolt-on acquisitions, eg. Lufil Packaging PROSPECTS Continued adaptation of focus Emergent middle class – dining out

24 …% Trading margin 11,7% 12,6% Rm Trading IncomeRm Revenue Foodservice Products – Combined Foods (SA) Subtly seasoned Trading income up 21% Increase in own manufactured spice volumes Price deflation in baking; volumes maintained IBI-Trimark & Conti Spice acquisitions strengthen bakery and spice offering Elimination of distribution duplication achieved savings PROSPECTS More of the same expected

25 …% Trading margin 7.1% 6.5% Office Products Rm Trading IncomeRm Revenue Margin pressure in Stationery in a deflationary environment; Automation (Minolta, Oce) outperformed Kolok increased market share despite intense competition Furniture strong, with Cecil Nurse benefiting from popular ranges PROSPECTS Non-inflation necessitates extremely tight expense control Import threat and price wars set to continue in Stationery Kolok range extension Olē Oce

26 …% Trading margin 7,7% 9,2% Printing & Paper Conversion Rm Trading IncomeRm Revenue Price decreases largely countered by volume and market share growth Silveray down 25%; affected by cheap imports; Lithotech SA – down 10%; moving up the value chain to offset ex-growth products; Lithotech France – losses increased from R10,5m to R15,0m; effect of price competition; mismatch of capacity PROSPECTS Esselte products establishing market presence Focus on rationalising Lithotech France Lithotech SA value-add products growing Esselte yet to be felt

27 …% Trading margin 6,6% 5,9% Rm Trading IncomeRm Revenue Bid Industrial Products Cyclical support Voltex  36% trading income improvement  margin up to 4.7% (3.9%)  benefits from up-skilling  more contractor support  general market buoyancy Afcom up 17% in a challenging market; actions taken to retain competitiveness and profitability Solid result from Buffalo Executape PROSPECTS Infrastructure spend will continue to favour Voltex New Buffalo DIY range to be launched

28 …% Trading margin 3,4% 3,2% Rm Trading IncomeRm Revenue Valuable volumes Automotive:  26,8% growth in new units to  -0,4% decline in used units to  Automotive volume growth fueled by stable prices & increased disposable income  New & used margins under pressure Financial Services performed well Good Yamaha performance PROSPECTS Favourable trading conditions expected to continue in H2 Used vehicle margins expected to improved in last quarter F2005 Mega dealerships for new cars Pre-owned dealership expansion Yamaha product portfolio expansion McCarthy

29 Corporate Services Rm Trading IncomeRm Revenue* Namsov lost R4,2m; adversely impacted by Rand; Investment income included mainly share dealing profits Bidvest Network Solutions  Resource up to position for long term  Short-term loss increased to R3,8m myMarket.com  Loss increased to R4,8m  Annualised transactions of R1,2bn Property rental income from Group companies at arm’s length


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