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Appendices

Appendices. Appendix 1: Financial Statements. Consolidated Income Statement. Half-Year ended Dec 31 2004. Actual: Avg R/ £ 11.43. Actual: Avg R/ £ 11.72. Constant currency: Avg R/ £ 11.72. Local businesses R6,9bn first H1 revenue from McCarthy

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Appendices

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  1. Appendices

  2. Appendix 1: Financial Statements

  3. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 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 Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 • * 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

  5. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 Translation gains: R7,6m swing from R7,3m loss in H1 2004 to R0,3m gain in H1 2005

  6. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 No amortisation of goodwill due to change in accounting policy

  7. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72

  8. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 • 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. Tax rates H1 05 H1 04 Offshore rate has declined slightly due to tax relief as a consequence of funding minority acquisitions of Bidvest plc and Bidcorp plc Offshore 27,3% 28,5% Local 28,7% 28,0% Group 28,4% 28,1% Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 Note: Excluding STC as a tax charge in the Income Statement

  10. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 Minority interests declined due to the buy-out of Bidvest plc and Bidcorp plc minorities, effective April 2004 and August 2004 respectively

  11. Consolidated Income Statement Half-Year ended Dec 31 2004 Actual: Avg R/£ 11.43 Actual: Avg R/£ 11.72 Constant currency: Avg R/£ 11.72 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 Rm’s

  13. Consolidated Balance Sheet Working capital influenced by seasonality 8 14 No. of Days As at: 31/12/2004 30/06//2004 Note: Sales at average rates; assets at spot rates

  14. Consolidated Balance Sheet • £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 5.0% 4.9% 4.9% 5.1% 4.8% 4.7% 4.6% 4.7% 4.8% 4.9% 4.4% 18% CAGR over 5 full years 15% CAGR over 5 full years

  16. Appendix 2: Divisional Results

  17. …% Trading margin Services – Bidfreight 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 H2 2005 Conclusion of NPA lease agreements 3,4% 3,4%

  18. Services – Bidcorp Recovery reality • Trading profit of £475 000; 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 Income Rm Revenue

  19. …% Trading margin Services – Bidserv 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 Rm Trading Income Rm Revenue 9,5% 9,5%

  20. …% Trading margin Services – Renfin 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 Rm Trading Income Rm Revenue 22,9% 19,8%

  21. …% Trading margin Foodservice Products – United Kingdom Cool Britannia 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 Rm Trading Income Rm Revenue 3,2% 3,1%

  22. …% Trading margin Foodservice Products - International Further upside down under 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 Rm Trading Income Rm Revenue 3,3% 2,9%

  23. …% Trading margin 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 Rm Trading Income Rm Revenue 9,2% 9,2%

  24. …% Trading margin 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 Rm Trading Income Rm Revenue 12,6% 11,7%

  25. …% Trading margin Office Products Olē Oce 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 Rm Trading Income Rm Revenue 7.1% 6.5%

  26. …% Trading margin Printing & Paper Conversion Esselte yet to be felt 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 Rm Trading Income Rm Revenue 9,2% 7,7%

  27. …% Trading margin 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 Rm Trading Income Rm Revenue 6,6% 5,9%

  28. …% Trading margin McCarthy Valuable volumes • Automotive: • 26,8% growth in new units to 21 075 • -0,4% decline in used units to 16 442 • 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 Rm Trading Income Rm Revenue 3,4% 3,2%

  29. Corporate Services • 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 Rm Trading Income Rm Revenue*

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