RNS No 9424f
PACIFIC DUNLOP LTD
12th February 1998
PART 2
PACIFIC DUNLOP HALF YEAR RESULTS
TO 31 DECEMBER 1997
Segments
Operating Revenue PLEASE REFER TO ATTACHED REPORT
Sales to customers outside the economic entity
Inter-segment sales
Unallocated revenue
Total revenue
Segment result (including abnormal items where relevant)
unallocated expenses
Consolidated *operating profit after tax (equal to item 1.8)
Segment assets ) Comparative data for segment assets
Unallocated assets ) should be as at the end of the
Total assets (equal to item 4.17) ) previous corresponding period.
Dividends (in the case of a trust, distributions)
15.1 Date the dividend (distribution) is payable 1st July 1998
15.2 *Record date to determine entitlements to the dividend 10:00pm
(distribution) (ie, on the basis of registrable trans- 10th June 1998
fers received up to 5:00 pm if paper based, or by "End
of Day" if a proper &SCH
15.3 If it is a final dividend, has it been declared? N/A
(Preliminary final report only)
* See chapter 19 for defined terms
Business Segments of Pacific Dunlop Limited Group
for the Six Months ended 31 December 1997
($millions)
Operating Assets Operating
Notes Revenue Employed Profit
1997 1996 1997 1996 1997 1996
Industries
Manufacturing
Ansell (Protective
Products) 508 404 769 677 68 54
GNB (Batteries) 623 565 1,025 863 25 2
South Pacific Tyres
(Tyres) 528 544 654 673 40 46
Less: Goodyear Share
(50%) 264 272 327 337 20 23
(i) 264 272 327 336 20 23
Cables & Engineered
Products 254 251 435 450 21 36
Consumer
Pacific Brands 637 639 650 685 59 58
Distribution Group
(Automotive & Electrical
Products) 743 758 577 582 29 40
3,029 2,889 3,783 3,593 222 213
Non-Core Businesses 44 28 64 57 (3) (2)
Discontinued Businesses 12 55 33 128 (5) 6
3,085 2,972 3,880 3,778 214 217
Tyre Partnership
Adjustments (ii) (31) (30) (177) (184) (6) (7)
Unallocated Items (iii) 56 229 187 171 (24) (27)
Operating EBIT 184 183
Goodwill and Brand
Names 677 558 (20) (18)
Earnings before Net
Interest and Tax
(EBIT) 164 165
Net Interest (50) (36)
Tax (28) (40)
Outside Equity Interest 4 (5)
Operating Results 3,110 3,171 4,567 4,323 90 84
Abnormals after tax and
outside equity interests - -
Cash 1,249 1,261
Total Consolidated 3,110 3,171 5,816 5,584 90 84
Geographical Regions
Australia (i) 1,793 1,840 1,860 1,960 105 143
S.E. Asia 108 113 389 444 44 39
New Zealand 193 188 220 206 15 20
America 865 716 1,280 1,069 49 6
Europe 126 115 131 99 1 9
3,085 2,972 3,880 3,778 214 217
Notes to Business Segments Statement
(i) Tyres Operations
Includes the economic entity's 50% partnership share viz:
($Millions)
Total Australia SE Asia
1997 1996 1997 1996 1997 1996
Operating revenue 230 239 227 236 3 3
Assets employed 288 299 285 296 3 3
Operating profit 16 19 16 19 - -
and the economic entity's interest in the underlying revenue, assets and
of the New Zealand operation.
(ii) Tyre Partnership Adjustments
Represents, in accordance with the requirements of Accounting Standards:
- the elimination of the economic entity's 50% partnership share of the
underlying total assets employed in such businesses;
- the recognition of the economic entitys 50% partnership share of the
underlying interest costs of such businesses;
- the elimination of the economic entity's interest in the underlying
revenue and assets of the New Zealand operation;
and the recognition of the economic entity's investment in the Partnership
and the New Zealand operation.
(iii) Unallocated Items
Represents non-sales revenue, corporate assets and corporate costs and
other costs not allocated to Operating Groups.
(iv) Industry Segments
Details of industry segments are described in the Review of Operations
section of the 1997 Annual Report.
(v) Inter-Segment Transactions
Operating revenue is shown net of inter-segment values. The only
significant inter-segment sales were made by Cables & Engineered Products
- $49 million (1996 - $57 million), S.E. Asia - $164 million (1996 -
$131 million), America - $78 million (1996 - $20 million) and Europe - $61
million ($1996 - $2 million). Inter-segment sales are predominantly made
at the same prices as sales to major customers.
Appendix 4B (equity accounted)
Half yearly
Amount per security
Amount per security Franked amount
Per security
at 36% tax
(preliminary final report only)
15.4 Final dividend: Current year N/A c N/A c
15.5 Previous year N/A c N/A c
(Half yearly and preliminary final
final reports)
15.6 Interim dividend: Current year 7.0 c 4.2 c
15.7 Previous year 7.0 c 4.2 c
Total dividend (distribution) per security (interim plus final)
(Preliminary final report only)
Current year Previous year
15.8 +Ordinary securities N/A c N/A c
15.9 Preference +securities N/A c N/A c
Half yearly report - interim dividend (distribution) on all securities or
Preliminary final report - final dividend (distribution) on all securities
Current Previous corresponding
period period
$A'000 $A'000
15.10 +Ordinary shares 71,997 71,791
15.11 Preference +securities - -
15.12 Total 71,997 71,791
The +dividend or distribution plans shown below are in operation.
N/A
The last date(s) for receipt of election notices for the +dividend or
distribution plans N/A
Any other disclosures in relation to dividends (distributions) N/A
+See chapter 19 for defined terms
Details of aggregate share of profits of associates
Current Previous corresponding
Entity's share of associates period period
$A'000 $A'000
16.1 Operating profit (loss) before
income tax 3,009 -
16.2 Income tax expense 1,184 -
16.3 Operating profit (loss) after
income tax 1,825 -
16.4 Extraordinary items net of tax - -
16.5 Net profit (loss) 1,825 -
16.6 Outside equity interests - -
16.7 Net Profit (loss) attributable
to members 1,825 -
Material interests in entities which are not controlled entities
The economic entity has an interest (that is material to it) in the following
entities. If the interest was acquired or disposed of during either the current
or previous corresponding period, indicate date of acquisition ("from xx/xx/xx")
or disposal ("to xx/xx/xx)
Name of entity Percentage of ownership Contribution to +operating
interest (+ordinary profit (loss) and
securities, +units etc) extraordinary items after
held at end of period tax
17.1 Equity accounted Current Previous Current Previous
associated period corresponding period corresponding
period $A'000 period
$A'000
Meadow Gold Investment
Company 50% 50% (410) -
Pacific Marine
Batteries Ltd 50% 50% 673 -
SPT (New Zealand) Ltd 50% 50% 1,562 -
17.2 Total 1,825 -
17.3 Other material
interests
South Pacific Tyres 50% 50% 8,480 9,442
17.4 Total 8,480 9,442
+ See chapter 19 for defined terms.
Issued and Quoted Securities at end of
December 1997
Category of Securities Number Of which Par value Paid-up
issued quoted cents value cents
Ordinary Shares 1,022,614,201 1,022,614,201 50 50
Ordinary - Executive
Plan Shares 14,641,900 - 50 1
Ordinary - Employee
Plan Shares 5,934,470 - 50 50
Of which issued during
half year:
Ordinary - Converted
from Executive Plan
Shares 1,731,000 1,731,000 50 50
Ordinary - Converted
from Employee Plan
Shares 346,035 346,035 50 50
Convertible Notes
At 31 December 1996, bonds to the value of
US $72,233,000 remained to be converted,
comprising individual US$1,000 bonds
bearing interest of 6.75%. The bonds were
repaid in the six months to December 1997.
There were no further issues in 6 months to 31/12/1997
At 30 June Issued 6 months
1997 ended 31/12/97
Options
Number issued 1,800,000 7,290,000
Number quoted NIL NIL
Exercise price $2.80 $3.30
Expiry date 14/11/2001 11/12/2002
Notes on the Accounts
1. Basis of Preparation of the Half-Year Accounts
The general purpose half year consolidated accounts have been prepared in
accordance with the requirements of the Corporations Law and Accounting Standard
AASB 1029 "Half Year Accounts and Consolidated Accounts" and with the Listing
Rules of Australian Stock Exchange Limited. These half year accounts and reports
should be read in conjunction with the 30 June 1997 Annual Accounts and Reports
and public announcements made by Pacific Dunlop Limited and its Controlled
Entities during the half year in accordance with continuous disclosure
obligations arising under the Corporations Law and Listing Rule 3A (i).
The carrying amounts of non current assets have been reviewed to ensure that
such assets are not carried at a value in excess of their recoverable amount. In
determining recoverable amounts the relevant cash flows have not been
discounted to their present value.
For the purpose of preparing the half year financial statements, the half year
has been treated as a discrete reporting period.
2. Change in Accounting Policy Associated Companies
In previous periods investments in associates were valued in the consolidated
accounts at Directors' Valuation. As a result of the adoption of AASB 1016
"Accounting for Investments in Associates", such investments are now, in the
consolidated financial statements accounted for using equity accounting
principles and are carried at the lower of the equity accounted amount and
recoverable amount. The economic entity's share of the associates' net profit or
loss after tax is recognised in the consolidated profit and loss account and
other movements on reserves are recognised directly in consolidated reserves.
To recognise the equity accounted amount of the investments on the initial
application of the standard, consolidated retained profits were decreased by
$23.5 million, the Currency Translation Reserve was decreased by $0.5 million,
the asset revaluation reserve was increased by $1.5 million, the Equity Reserve
was increased by $2.8 million and a dividend receivable of $1.6 million was
reclassified to equity investments at the beginning of the year. This change in
accounting policy has resulted in a decrease of $410,000 in consolidated profit
after tax and extraordinary items for the period ended 31 December 1997, to
reflect the economic entity's share of the associates' current period results.
The consolidated carrying value of investments in associates decreased by $18.1
million to recognise the equity accounted amount of the investment on the
initial application of the standard and increased by $1.8 million in respect of
the profit for the period ended 31 December 1997.
3. Valuation of Freehold and Leasehold Land and Buildings
The independent valuations of freehold and relevant leasehold land and buildings
were undertaken as at 31 December 1997 by Richard Ellis (Victoria) Pty. Ltd., on
the basis of Market Value-Existing Use, subject to continued occupation by the
operating entity or, where this was not the case, Market Value-Alternative Use.
However, certain other freehold and leasehold properties including both
operative and idle sites were discounted below Market Value and/or Existing Use
Value. The latter are disclosed at Directors' Valuation. The valuation has
resulted in a reduction in both the consolidated asset revaluation reserve and
Land and Buildings of $23.5 million. A valuation of freehold and leasehold land
and buildings is obtained every three years in accordance with the requirements
of the Corporations Law.
Income Tax
Six months ended 31 December 1997
(A$'000) 1997 1996
Tax at standard rate on Operating Profit 40,954 46,206
Add/(Deduct) Permanent Differences:
Net lower overseas tax rate (18,426) (13,426)
Depreciation of buildings 548 (164)
Capital profits not assessable/capital
losses not deductible 582 (275)
Expenses not deductible 834 3,257
Exempt foreign profits/non-deductible
foreign costs (125) (1,022)
Reversal of tax on Associates (657) -
Goodwill amortisation expenses NOT
deductible 2,815 3,960
Prior year adjustments 3,500 -
Recovery of previously unbooked tax losses (1,330) 23
Other (1,218) 860
Income Tax as per Profit & Loss Accounts
attrib. to Operating Profit 27,477 39,419
Notes
1. For announcement to the market The percentage changes referred to in this
section are the percentage changes calculated by comparing the current
period's figures with those for the previous corresponding period. Do not
show percentage changes if the change is from profit to loss or loss to
profit, but still show whether the change was up or down. If changes in
accounting policies or procedures have had a material effect on reported
figures, do not show either directional or percentage change in profits.
Explain the reason for omissions in the note at the end of the announcement
section.
2. True and fair view If this report does not give a true and fair view of a
matter (for example, because compliance with an Accounting Standard is
required) the entity must attach a note providing additional information and
explanations to give a true and fair view.
3. Consolidated profit and loss account
Item 1.1 The definition of "operating revenue" and an explanation of
"sales revenue" (or its equivalent) and "other revenue" are set
out in AASB 1004: Disclosure of Operating Revenue.
Item 1.4 "+operating profit (loss) before abnormal items and tax" is
calculated before dealing with outside +equity interests and
extraordinary items, but after deducting interest on borrowings,
depreciation and amortisation.
Item 1.7 This item refers to the total tax attributable to the amount shown
in item 1.6. Tax includes income tax and capital gains tax (if
any) but excludes taxes treated as operating expenses (eg, fringe
benefits tax).
4. Income tax If the amount provided for income tax in this report differs (or
would differ but for compensatory items) by more than 15% from the amount of
income tax prima facie payable on the profit before tax, the entity must
explain in a note the major items responsible for the difference and their
amounts.
5. Consolidated balance sheet
Format The format of the consolidated balance sheet should be followed as
closely as possible. However, additional items may be added if greater
clarity of exposition will be achieved, provided the disclosure still meets
the requirements of AASB 1029 and AASB 1034. Banking institutions, trusts
and financial institutions identified in an ASC Class Order dated 2
September 1997 may substitute a clear liquidity ranking for the
Current/Non-Current classification.
Basis of revaluation If there has been a material revaluation of non-current
assets (including investments) since the last annual report, the entity must
describe the basis of revaluation adopted. The description must meet the
requirements of paragraphs 9.1-9.4 of AASB 1010: Accounting for the
Revaluation ofNon-Current Assets. If the entity has adopted a procedure of
regular revaluation, the basis for which has been disclosed and has not
changed, no additional disclosure is required. Trusts should also note
paragraph 10 of AASB 1029 and paragraph 11 of AASB 1030.
6. Statement of cash flows For definitions of "cash" and other terms used in
this report see AASB 1026: Statement of Cash Flows. Entities should follow
the form as closely as possible, but variations are permitted if the
directors (in the cast of a trust, the management company) believe that this
presentation is inappropriate. However, the presentation adopted must meet
the requirements of AASB 1026. +Mining exploration entities may use the form
of cash flow statement in Appendix 5B.
7. Net tangible asset backing Net tangible assets are determined by deducting
from total tangible assets all claims on those assets ranking ahead of the
+ordinary securities (ie, all liabilities, preference shares, outside +equity
interests etc). +Mining entities are not required to state a net tangible
asset backing per +ordinary security.
8. Gain and loss of control over entities The gain or loss must be disclosed if
it has a material effect on the consolidated financial statements. Details
must include the contribution for each gain or loss that increased or
decreased the entity's consolidated +operating profit (loss) and
extraordinary items after tax by more than 5% compared to the previous
corresponding period.
9. Equity accounting If an entity adopts equity accounting, no comparative
equity accounting figures are required in the first period following its
adoption.
10. Rounding of figures This report anticipates that the information required
is given to the nearest $1,000. However, an entity may report exact
figures, if the $A'000 headings are amended. If an entity qualifies under
an ASC Class Order dated 9 July 1997, it may report to the nearest million
dollars, or to the nearest $100,000, if the $A'000 headings are amended.
11. Comparative figures Comparative figures are the unadjusted figures from the
previous corresponding period. However, if there is a lack of
comparability, a note explaining the position should be attached.
12. Additional information An entity may disclose additional information about
any matter, and must do so if the information is material to an
understanding of the reports. The information may be an expansion of the
material contained in this report, or contained in a note attached to the
report. The requirement under the listing rules for an entity to complete
this report does not prevent the entity issuing reports more frequently.
Additional material lodged with the +ASC under the Corporations Law must
also be given to ASX. For example, a directors'report and statement, if
lodged with the +ASC, must be given to ASX.
13. Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not
address a topic, the Australian standard on that topic (if one) must be
complied with.
+ See chapter 19 for defined terms.
14. Corporation Law accounts As at 1/7/96, this report MAY be able to be used
by an entity required to comply with the Corporations Law as part of its half
yearly financial statements if prepared in accordance with Australian Accounting
Standards.
APPENDIX 4B ASX LISTING RULES
Proforma Half Yearly Report & Dividend Announcement (Equity Accounted0
Pacific Dunlop Limited - ACN 004 085 330
Group
1. Results from Operations
Six months ended 31 December 1997
(A$'000) 1997 1996 % Change
Operating Revenue
Sales Revenue 3,053,969 2,941,573 +3.8
Other Revenue 56,528 229,045 -75.3
Total Operating Revenue 3,110,497 3,170,618 -1.9
Operating Profit
Operating profit before
Abnormal items & taxation 111,936 128,351 -12.8
Abnormal items before taxation - -
Less income tax attributable to
total Operating Profit 27,477 39,419 -30.3
Operating profit inclusive of abnormal
items before outside equity interests 84,459 88,932 -5.0
Share of associates net profit after tax 1,825 - -
Less outside equity interests (3,790) 4,475 -
Operating profit after income tax
attributable to members of
Pacific Dunlop Limited + 90,074 84,457 +6.7
Extraordinary items - - -
Les taxation - - -
Extraordinary items after tax - - -
Less outside equity interests - - -
Extraordinary items after tax
attributable to members of
Pacific Dunlop Limited - - -
Operating profit and extraordinary
items after income tax 90,074 84,457 +6.7
attributable to members of
Pacific Dunlop Limited
Summary of profit for six months:
+ Operating profit after income tax
attributable to members 90,074 84,457 +6.7
of Pacific Dunlop Limited
Abnormal items after tax attributable
to members of Pacific - -
Dunlop Limited
Operating profit after tax before
abnormal items attributable 90,074 84,457 +6.7
to members of Pacific Dunlop Limited
2. Notes to results from Operations
Six months ended 31 December 1997
(A$'000)
1997 1996 % Change
Retained Profits:
Retained profits at
beginning of the half-year 116.121 (257.622)
Operating profit After tax
attributable to members of 90,074 84,457
Pacific Dunlop Limited
Adjustment to retained profits for transfer from - 340,208
share premium reserve
Adjustment to retained profits at the
beginning of the financial year due to initial (23,544) -
adoption of revised Accounting Standard AASB 1016
Accounting for Investments in Associates
Total available for appropriation 182,651 167,043
Dividends provided for or paid 72,089 71,841
Aggregate of amounts transferred to reserves - -
Retained profits at end of the half-year 110,562 95,202
Operating profit is after charging/ crediting the
following:
Interest revenue 27,847 39,189 -28.9
Interest on borrowings including interest on bank, 78,026 (i) 75,498 +3.3
overdrafts, lease finance charges and trade bill
interest
Depreciation and amortisation excluding
amortisation of intangibles 80,227 78,668 +1.9
Amortisation of intangibles 20,094 18,369 +9.4
Notes: (i) Excludes $11,565,000 of interest re Telectronics
charged against the provision for holding losses.
The Group has a material interest of 50% in a partnership, South Pacific
Tyres, in Australia and Papua New Guinea. Contributions have been included in
Group results as follows:
- $12,784,000 to the operating profit before tax (December 1996 -
$14,642,000)
- $8,480,000 to the operating profit after tax (December 1996 -
$9,442,000).
2. NOTES TO RESULTS FROM OPERATIONS (CONT'D)
SIX MONTHS ENDED 31 DECEMBER 1997
(A$'000)
ABNORMAL ITEMS 1997 GROUP: CURRENT HALF YEAR
BEFORE TAX INCOME TAX
(A$'000) (A$'000)
- -
- -
ABNORMAL ITEMS 1996 GROUP: PREVIOUS CORRESPONDING HALF YEAR
BEFORE TAX INCOME TAX
(A$'000) (A$'000)
- -
- -
- -
3. INCOME TAX
SIX MONTHS ENDED 31 DECEMBER 1997
(A$'000) 1997 1996
TAX AT STANDARD RATE ON OPERATING PROFIT 40,297 46,206
ADD/(DEDUCT) PERMANENT DIFFERENCES:
NET LOWER OVERSEAS TAX RATE (18,426) (13,426)
DEPRECIATION OF BUILDINGS 548 (164)
CAPITAL PROFITS NOT ASSESSABLE/
CAPITAL LOSSES NOT DEDUCTIBLE 582 (275)
EXPENSES NOT DEDUCTIBLE 834 3,257
EXEMPT FOREIGN PROFITS/NON-DEDUCTIBLE
FOREIGN COSTS (125) (1,022)
GOODWILL AMORTISATION EXPENSES
NOT DEDUCTIBLE 2,815 3,960
PRIOR YEAR ADJUSTMENTS 3,500 -
RECOVERY OF PREVIOUSLY
UNBOOKED TAX LOSSES (1,330) 23
OTHER (1,218) 860
INCOME TAX AS PER PROFIT & LOSS ACCOUNTS
ATTRIB. TO OPERATING PROFIT 27,477 39,419
4. DIVIDENDS 6 MONTHS ENDED 31.12.1997 6 MONTHS ENDED 31.12.1996
ORDINARY CENTS PER TOTAL AMOUNT CENTS PER TOTAL AMOUNT
SHARES $0.50 $'000 $0.50 $'000
SHARE SHARE
INTERIM 7.0 71,997 7.0 71,791
AN INTERIM ORDINARY DIVIDEND HAS BEEN DECLARED AND IS PAYABLE
ON 1 JULY 1998.
DIVIDENDS FOR 1997 AND 1998 WERE FRANKED TO 60%.
5. ISSUED AND QUOTED SECURITIES AT END OF
DECEMBER 1997
CATEGORY OF SECURITIES NUMBER OF WHICH PAR VALUE PAID-UP
ISSUED QUOTED CENTS VALUE
CENTS
ORDINARY SHARES 1,022,614,201 1,022,614,201 50 50
ORDINARY - EXECUTIVE
PLAN SHARES 14,641,900 - 50 1
ORDINARY - EMPLOYEE
PLAN SHARES 5,934,470 - 50 50
OF WHICH ISSUED DURING THE HALF YEAR
ORDINARY - CONVERTED FROM
SHARES EXECUTIVE PLAN 1,731,000 1,731,000 50 50
ORDINARY - CONVERTED FROM
SHARES EMPLOYEES PLAN 346,035 346,035 50 50
CONVERTIBLE NOTES
AT 31 DECEMBER 1996, BONDS TO THE VALUE OF
US$72,233,000 REMAINED TO BE CONVERTED,
COMPRISING INDIVIDUAL US$1,000 BONDS
BEARING INTEREST OF 6.75%. THE BONDS WERE
REPAID IN THE SIX MONTHS TO DECEMBER 1997.
THERE WERE NO FURTHER ISSUES IN TO 6 MONTHS TO
31.12.97
AT 30 JUNE ISSUED SIX MONTHS
1997 ENDED 31.12.97
OPTIONS
NUMBER ISSUED 1,800,000 7,290,000
NUMBER QUOTED NIL NIL
EXERCISE PRICE $2.80 $3.30
EXPIRY DATE 14.11.2001 11.12.2002
6. Additional Information
Six months ended 31 December 1997 1997 1996
Operating profit before abnormal items and tax as a 3.7% 4.4%
percentage of sales revenue
Operating Profit after income tax attributable to
members of Pacific Dunlop Limited as a percentage
of Shareholders equity at end of year
- inclusive of abnormal items 5% 4.8%
- before abnormal items 5% 4.8%
Earnings per ordinary share based on weighted
average number of shares on issue during the
period and bsed on:
- Operating profit after income tax attributable
to members of Pacific Dunlop Limited
* before abnormal items - basic 8.8c 8.3c
- diluted 8.6c 8.1c
* inclusive of abnornmal items - basic 8.8c 8.3c
- diluted 8.6c 8.1c
Net tangible asset backing per ordinary share 110c 118c
Net asset backing per ordinary share 175c 176c
Comments on the basis of preparation of the accounts and the financial effect of
the change in the accounting policy are attached.
The Balance Sheet, Business Segments reporting and Statement of Cash Flows for
the Group are attached. The financial results have been subject to audit
review.
Financial data complies with approved accounting standards and gives a true and
fair view of the matters disclosed.
The Half Yearly Report was approved by report was approved by resolution of the
Board of Directors at its meeting on 12 February 1998.
The Company has a formally constituted Audit Committe of Board Directors.
Based on the current tax laws and the existing mis of the Company's operations
between Australia and overseas and barring unforeseen developments, Pacific
Dunlop Limited expects that franking of its F'98 dividends will be not less than
60%.
Registrable Transfers received by the company up to 10:00 pm on 10 June 1998
will be registered before entitlements to the interim dividend are determined.
JOHN C. RENNIE
Secretary
12 February 1998
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