RNS Number:7507K
Brierley Investments Limited
27 September 2001
MASNET No. 4 OF 27.09.2001
Announcement No. 4
BRIERLEY INVESTMENTS LIMITED
Proforma Full Year Financial Statement And Dividend Announcement
Full-year financial statement on consolidated results for the year ended 30
June 2001. All financial numbers, other than as disclosed in this financial
statement, are expressed in US$. These figures have not been audited.
Group Company
US$'000 % US$'000 %
Latest Previous Change Latest Previous Change
year year year ended year
30/06/2001 30/06/2000 30/06/2001 30/06/2000
1.(a) Turnover 245,132 584,793 (58.1) 0 0 0
1.(b) Investment 159,125 44,403 258.4 0 1,222 (100.0)
Income
1.(c) Other income 30,321 7,579 300.1 896 76,437 (98.8)
including
interest
income
2.(a) Operating 168,401 3,286 n.m. (21,531) 65,459 (132.9)
profit/(loss)
before income
tax, minority
Interests,
extraordinary
items, interest
on borrowings,
depreciation and
amortisation,
foreign exchange
gain/(loss)
and exceptional
items
2.(b)(i) Interest on (84,704) (83,175) 1.8 (2,283) (71,547) (96.8)
borrowings
2.(b)(ii) Depreciation(15,690) (42,529) (63.1) 0 0 0
and
amortisation
2,(b)(iii) Foreign (11,347) (14,255) (20.4) (34,693) (49,605) (30.1)
exchange
gain/loss)
2.(c) Exceptional(168,249) (136,157) 23.6 (153,423) (179,729) (14.6)
items
2.(d) Operating (111,589) (272,830) (59.1) (211,930) (235,422) (10.0)
(loss)/Profit
before income
tax, minority
interests and
extraordinary
items but after
interest on
borrowings,
depreciation
and
amortisation,
foreign exchange
gain/(loss)
and exceptional
items
2.(e) Income (2,813) 140,221 (102.0) 0 0 0
derived
from
associated
companies
2.(f) Less income 204 (29,627) (100.7) 0 (1) (100.0)
tax
2.(g)(i) Operating (114,198) (162,236) (29.6) (211,930) (235,423) (10.0)
(loss)/profit
after tax
before
deducting
minority
interests
2.(g)(ii) Less (5,403) 406 n.m. 0 0 0
minority
interests
2.(h) Operating (119,601) (161,830) (26.1) (211,930)(235,423) (10.0)
(loss)/profit
after tax
attributable
to members
of the
company
2.(i)(i) Extraordinary 0 0 0 0 0 0
items
2.(i)(ii) Less minority 0 0 0 0 0 0
interests
2.(i)(iii) Extraordinary 0 0 0 0 0 0
items
attributable
to members of
the company
2.(i)(iv) Transfer to/from 0 0 0 0 0 0
Exchange Reserve
2.(i)(v) Transfer to 0 0 0 0 0 0
Capital Reserve
2.(i)(vi) Transfer to 0 0 0 0 0 0
Reserve Fund
2.(j) Operating (119,601) (161,830) (26.1) (211,930)(235,423) (10.0)
(loss)/profit
after tax and
extraordinary
items
attributable
to members of
the company
Note:
n.m. - not meaningful.
Group Figures
Latest year Previous year
3.(a) Operating (loss)/profit (2(g)(i) above) as a (46.59)% (27.74)%
percentage of turnover (1(a) above)
3.(b) Operating profit (2(h) above) as a percentage (18.31)% (18.71)%
of issued capital and reserves at end of year
3.(c) Earnings per ordinary share for the year based
on 2(h) above after deducting any provision for
preference dividends:-
(i) Based on existing issued share capital (8.7) cents (11.5) cents
(ii) On a fully diluted basis (8.7) cents (11.5) cents
3.(d) Earnings per share based on 2(i) above:-
(i) Based on existing issued share capital (8.7) cents (11.5) cents
(ii) On a fully diluted basis (8.7) cents (11.5) cents
3.(e) Net tangible asset backing per ordinary US 44.7 cents US 53.1 cents
share
EXPLANATORY NOTES
Earnings Per Share
(i) The calculation of earnings/(loss) per share is based on loss after tax,
minority interests but before extraordinary items of US$119,601,000 (2000: loss
of US$161,830,000) and the number of ordinary shares of 1,368,063,633 (2000:
1,406,163,786).
(Please refer to item 3(c)(i))
(ii) The calculation of earnings/(loss) per share is based on loss after tax,
minority interests and extraordinary items of US$119,601,000 (2000: loss of
US$161,830,000) and the number of ordinary shares of 1,368,063,633 (2000:
1,406,163,786).
(Please refer to item 3(d)(i))
(iii) As there would be no dilution affect upon the exercise of share options,
the fully diluted loss per share is the same as the basic loss per share.
(Please refer to item 3(c)(ii) & 3(d)(ii))
(iv) The comparatives have been adjusted to take into account the effect of
the re-denomination of share capital in current year.
Group Company
US$'000 % US$'000 %
Latest Previous Change Latest Previous Change
year year year ended year
30/06/2001 30/06/2000 30/06/2001 30/06/2000
4.(a) Sales reported 199,089 306,283 (35.0) 0 0 0
for first
half year
4.(b) Operating (20,829) (50,071) (58.4) (21,929) (51,021) (57.0)
profit/(loss)
(2(g)(i) above)
reported for first
half year
4.(c) Sales reported 46,043 278,510 (83.5) 0 0 0
for second
half year
4.(d) Operating (93,369) (112,165) (16.8) (190,001) (184,402) (3.0)
profit/(loss)
(2(g)(i) above)
reported for
second half year
5.(a) Amount of any adjustment for under or overprovision of tax in respect of
prior years
None.
5.(b) Amount of any pre-acquisition profits
None.
5.(c) Amount of profits on any sale of investments and/or properties
Item 5c Table
Sale of investments/properties $Profit/(Loss)
Year ended 30 June 2001 $152,733,000.00
Year ended 30 June 2000 $34,628,000.00
5.(d) Any other comments relating to Paragraph 5
None.
6. Segmental Results
See below Press Release.
7.(a) Review of the performance of the company and its principal subsidiaries
See Press Release below to 6.
7.(b) A statement by the Directors of the Company on whether "any item or event
of a material or unusual nature which would have affected materially the results
of operations of the Group and Company has occurred between the date to which
the report refers and the date on which the report is issued". If none, to
include a negative statement.
In the opinion of the Directors, except as disclosed in the Press Release below,
there was no transaction or event of a material and unusual nature, which has
arisen in the interval between 30 June 2001 and the date of this announcement,
which would substantially affect the results of the year under review.
8. Commentary on current year prospects
See Press Release below to 6.
9. Dividend
(a) Any dividend declared for the present financial period? None
(b) Any dividend declared for the previous corresponding period? None
(c) Total Annual Dividend
Latest Year (S$'000) Previous Year (S$'000)
Ordinary 0 0
Preference 0 0
Total: 0 0
(d) Date payable
Not applicable.
(e) Books Closing date
Not applicable.
(f) Any other comments relating to Paragraph 9
NIL.
10. Balance sheet
See below Balance Sheet.
11. Details of any changes in the company's issued share capital
On 5th March 2001, shareholders approved the re-denomination of the share
capital of the Company from New Zealand dollar to United States dollar, as well
as a consolidation of its shares from two shares of US$0.10 each to one
consolidated share of US$0.20.
The effects of the re-denomination and consolidation are that:-
- The authorised share capital of the company is US$1,000,000,000 divided
into 5,000,000,000 shares of US$0.20 each;
- The issued and paid up capital is US$273,612,727 comprising 1,368,063,633
shares of US$0.20 each.
12. Comparative figures of the group's borrowings and debt securities
(a) Amount repayable in one year or less, or on demand
As at 30/06/2001 As at 31/12/2000
Secured Unsecured Secured Unsecured
$0 $118,285,000 $37,745,000 $24,946,000
(b) Amount repayable after one year
As at 30/06/2001 As at 31/12/2000
Secured Unsecured Secured Unsecured
$0 $929,986,000 $13,020,000 $1,083,280,000
(c) Any other comments relating to Paragraph 12
The above amounts are in US$.
BY ORDER OF THE BOARD
Andrew G. Shepherd
Group Chief Financial Officer
27/09/2001
BRIERLEY INVESTMENTS REPORTS FULL YEAR RESULTS
Results Summary Year ended 30 June
2001 2000
US$m US$m
Net profit/(loss) excluding exceptional items 49 (26)
Net loss (120) (162)
USc USc
Loss per share (8.7) (11.5)
Earnings/(loss) per share excluding non-recurring items 3.6 (1.8)
Dividends per share - -
Net assets per share 47.7 63.2
Key Points
BIL, an international investment company with a global portfolio of investments,
today announced its final results for the year ended 30 June 2001.
- Results were dominated by a US$168.2 million non-cash charge to the Profit &
Loss Account representing BIL's equity accounted share of the NZ$1.32 billion
charge taken by Air New Zealand on its write down of Ansett. Consequently our
carrying value has been reduced to NZ$156.5 million.
- Significant further progress has been made across the Company's portfolio
with the disposal of James Hardie and non-core assets generating cash of
US$475.4 million and profits of US$148.1 million:
- sale of 28.7% stake in James Hardie generated proceeds of A$567 million and
a profit of A$234 million for our shareholders.
- completion of our rationalization of underperforming and non-core assets
with Sealord, VOX, PB0C, Tas Ag, Cedenco and Findel all sold or closed.
- BIL's investment in F & N performed well during the year, with its growing
stake showing good gains.
Greg Terry, CEO of BIL, commented:
"As the year closed we anticipated that two years of hard work in restructuring
our balance sheet had been successfully completed, resulting in a profitable
year for BIL and a sound foundation for future profitability. Unfortunately
the unexpected developments at Ansett after the balance sheet date and the
tragic events of early September have thrown up new challenges for a company
with hotel and airline assets, affecting our 2001 result and rendering our 2002
result difficult to forecast.
Future Prospects
In the aftermath of the terrorist attack on the United States it is impossible
for any business to predict what the 2002 Financial Year will hold. For a
Company whose principal assets are hotels and an investment in an airline this
is especially true. In 2001 we made a successful beginning in new investments
consistent with the investment strategy we outlined last year. We will continue
to pursue that strategy in 2002, at the pace and in the manner appropriate
given world financial markets and economic conditions."
Enquiries:
Brierley Investments Limited Tel: +65-438-0002
Andrew Shepherd Email: a.shepherd@bil.com.sg
Gavin Anderson & Company Tel: +65-339-9110
Richard Barton Mobile: +65-9627-1056
Email: rbarton@gavinanderson.com.sg
Lonna Leong Mobile: +65-9767-0959
Email: lleong@gavinanderson.com.sg
Notes to editors:
Brierley Investments Limited: (Bloomberg: BRY SP, Reuters: BRY.SI)
1. An international investment company headquartered in Singapore, Brierley
Investments Limited (BIL) has a primary listing on the Singapore Exchange,
with secondary listings on the London, New Zealand and Australian Stock
Exchanges.
2. The company's primary role is as an active investor with strategic
shareholdings and active investment management aimed at extracting and
maximising shareholder value.
3. BIL's key investments are:
- Thistle Hotels - 46% stake
- Air New Zealand - 30% stake
- Fraser and Neave - 11% stake
4. More information can be found on our website http://www.bilgroup.com.
5. The Company expects to post its Annual Report to shareholders in November.
BRIERLEY INVESTMENTS LIMITED
Making Changes
BIL expected to mark the new millennium with a return to profitability despite
difficult trading conditions in our core businesses. Although the financial
year 2001 saw substantial progress toward our goal of focusing on a limited
number of sectors where we expect substantial growth in the years ahead, and
profitable trading during the year, post-balance sheet date developments at
Ansett Airlines, a wholly owned subsidiary of Air New Zealand, resulted in an
exceptional US$168.2 million non-cash charge to the BIL Profit and Loss Account.
Portfolio Refocus
Hotels & Resorts
Our largest sector of investment is in hotels and resorts. Thistle Hotels made
major progress during the year in bringing its revenue per room into line with
its 4 star competitors in the UK and in changing its business mix towards a
heavier representation of the business traveller. These improvements were the
reward for several years of catch-up capital expenditure to improve the product.
This additional capital expenditure program is now drawing to a close. A
combination of foot and mouth disease, economic slowdown in the USA and the
tragic events of early September in the USA means that much of this progress
will be given back in the second half of calendar year 2001. Nevertheless the
foundation is laid for better performance when markets recover. The next step
with Thistle is to improve its return on equity. This will entail an appropriate
capital management strategy together with continued operational improvements
and a rebalancing of the hotel portfolio.
The coup in Fiji was a temporary set back for the Denarau resort, but this
resort remains an excellent development opportunity for BIL and we intend to
consolidate the resort's position as Fiji's number one tourist asset by
continued and vigorous development of the project. In line with this strategy
we have acquired the stakes of our partners in the resort and now hold 100% of
the equity.
On Molokai, after extended negotiations, we did not proceed with a joint venture
with the owners of the neighbouring property. We believe that in the long term
we can realise the full value of Molokai by formalising the development
potential of specific parcels of land and progressing planning approvals.
Food and Beverage
During the 2001 financial year we invested a further US$72.5 million to increase
our stake to 10.0% in F & N at an average cost of S$5.95 per share. We continue
to acquire shares in F & N and now hold approximately 11.0%. We continue to
monitor developments at F & N closely.
Portfolio Refocus: Divestments
The financial year 2001 saw the completion of our rationalisation of
underperforming and non-core assets with Sealord, VOX, PB0C, Tas Ag, Cedenco
and Findel all sold or closed.
Implementation of our strategy to focus on a few sectors and discipline in
divesting when our targets are achieved led to the sale of our investment in
James Hardie. In our view, James Hardie remains an excellent business but we
believed that BIL's ability to add further value to its strategy through
active board involvement was limited after its commitment to sell its gypsum and
windows businesses and the establishment of The Medical Research and
Compensation Foundation (MRCF). After fully exploring the prospects for the
sale of our stake to a strategic buyer, we opted for an underwritten block trade
and successfully chose the peak of the market to that point as our exit day. The
sale generated a profit of A$234 million for our shareholders. As expected,
without our large shareholding, the shares traded strongly after the sale,
and we wish James Hardie well with its future development.
Air New Zealand
Implementation of our divestment strategy also means that we had indicated our
intention eventually to exit BIL's stake in Air New Zealand. Although the
original strategic rationale for the acquisition by Air New Zealand of 100%
of Ansett was sound, a combination of high fuel prices, new competition in
Australia and postponed maintenance issues at Ansett meant that the synergies
and earnings benefits from the acquisition did not materialize and Air New
Zealand suffered substantial trading losses and a sharp fall in its share price.
These problems worsened dramatically after our balance sheet date and Ansett
was placed under Voluntary Administration. In these circumstances, it was
impossible for us to realize our stake in Air New Zealand at its strategic
value. Accordingly, prior to the Ansett failure, our focus had been on working
with Air New Zealand and Singapore Airlines ("SIA") to restore the balance sheet
of Air New Zealand and support airline management in their efforts to restore
the Group to profitability.
On 13th September 2001, BIL announced that it had reached conditional agreement
with Air New Zealand, SIA and the New Zealand Government on a NZ$300 million
equity injection into Air New Zealand by BIL and SIA and a NZ$550 million credit
facility to be provided by the New Zealand Government. The agreement was
conditional on various matters including, most importantly, the development of
a workable and viable business plan for Air New Zealand, all necessary
shareholder and regulatory approvals, the cessation of any further financial
support to the Ansett Group, appropriate waivers and consents from Air New
Zealand's banks and creditors, and extensive financial due diligence on the
company.
We believe that if the conditions in the agreement can be satisfied the solution
achieved at Air New Zealand will not only ensure that Air New Zealand has a
viable financial future, but also in the longer term, restore value for BIL and
all our shareholders. It provides an opportunity for us to rebuild value, which
would otherwise have been lost. Our strategy remains to eventually exit Air New
Zealand which we do not regard as a core investment. However, following the
terrorist attacks on the United States, the re-capitalisation needs of Air New
Zealand have changed and at the time of writing remained under discussion among
the stakeholders.
Portfolio Investments
During the year BIL realised more than US$2 million profit from portfolio
investing activities representing a return in excess of 20% on funds invested.
We undertake portfolio investments for two reasons. First, we take positions
in businesses we consider to be undervalued and which might evolve into
strategic investments for us in the longer term if certain conditions are met.
If those conditions are not met or the share price rises beyond the point where
we consider an investment to be fully valued, we realize the profit on the
investment. Secondly, we invest in market disequilibrium opportunities in
shares where we have particular knowledge and expertise within our management
team. Our current financial structure means that we have substantial cash
balances from time to time and limited, targeted portfolio investing improves
the return on cash balances and enhances overall group profitability.
Future Investment Strategy
BIL will remain a value investor primarily focused on opportunities in a
limited range of sectors, including hotels and resorts and food and beverage. We
will also undertake strategic and portfolio investments which offer the
potential to become core holdings or which offer substantial short term returns
as a result of event-driven disequilibrium. We will continue to look for
companies in our core sectors which are likely to grow at a rate higher than
general economic growth. We will ensure that the cash flow of BIL is sound with
substantially reduced overheads and lower interest payments covered by
predictable cash flows enabling decisions on investments to be driven by
investment merit alone.
Chairman
Sir Selwyn has decided to retire from the Board of BIL on 30 September 2001.
Sir Selwyn returned to BIL in 1998 to assist the shareholders at a very
difficult time. After a period as Executive Chairman he became non-executive
Chairman when I joined the Company in November of 1999. As Executive Chairman
Sir Selwyn moved quickly to stabilise BIL and put it on the road to recovery.
As Chairman he has given me his friendship and a great deal of help and advice
through two difficult years for BIL. I am delighted that Tan Sri Quek Leng
Chan has agreed to become the new Chairman of BIL. 1 have come to rely on Tan
Sri Quek's guidance and support and I look forward to working with him in the
years ahead.
Staffing
By 30 September 2001 we will have reduced corporate staffing levels to 26 from
52 and overheads from a running rate of US$30 million when management changed
in early 2000 to less than US$10 million today. These reductions in overheads
have been facilitated by the superb job done by all of our staff in divesting
underperforming assets and simplifying the BIL structure. Two long serving
BIL employees are now retiring. Mark Horton, who was Company Secretary and
General Counsel of BIL from 1988 to this year gave wise counsel to me and my
predecessors and guided the Board of Directors through a number of difficult
issues over the years. John Green, who joined BIL in 1992 has been Chief
Operating Officer since 2000 and as such has led the effort to dispose of
underperforming assets. John is retiring on 30 September and we are most
grateful to him for the contribution he has made to reshaping BIL for the
future.
Future Prospects
In the aftermath of the terrorist attack on the United States it is impossible
for any business to predict what the 2002 Financial Year will hold. For a
Company whose principal assets are hotels and an investment in an airline this
is especially true. In 2001 we made a successful beginning in new investments
consistent with the investment strategy we outlined last year. We will continue
to pursue that strategy in 2002, at the pace and in the manner appropriate
given world financial markets and economic conditions.
Consolidated Profit and Loss Account
For the year ended 30 June 2001
2001 2000
US$m US$m
Income from Associates and Subsidiaries 10.8 97.9
Less
Tax (note 3) 1.4 (29.4)
Minority interests (7.2) 0.7
5.0 69.2
Income from Investment Activities 147.5 43.2
Less
Tax (note 3) (1.2) (0.2)
Minority interests 1.8 (0.3)
148.1 42.7
Profit before financing and corporate costs 153.1 111.9
Net financing costs (81.7) (104.9)
Corporate costs (22.8) (32.7)
Net profit/(loss) before exceptional items 48.6 (25.7)
Exceptional items (note 4) (168.2) (136.1)
Net Loss (119.6) (161.8)
USc USc
Loss per share (note 5) (8.7) (11.5)
Earnings/(loss) per share excluding non-recurring 3.6 (1.8)
items (note 5)
Dividends per share - -
Consolidated Balance Sheet
As at 30 June 2001
2001 2000
US$m US$m
Fixed assets 4.0 152.3
Associate companies 757.0 1,168.2
Listed investments 179.9 99.4
Investment property 168.0 179.2
Other investments 89.1 166.4
Non-current assets 1,198.0 1,765.5
Inventories 0.2 57.4
Debtors and prepayments 30.5 232.1
Short term investments - 3.2
Income tax receivable - 2.4
Bank balances and other liquid funds 521.7 258.2
Current assets 552.4 553.3
Total Assets 1,750.4 2,318.8
Creditors, accruals and tax (49.0) (132.8)
Borrowings (118.3) (86.8)
Bank Overdraft - (2.4)
Current liabilities (167.3) (222.0)
Long-term borrowings (930.0) (1,185.3)
Deferred tax liabilities - (0.8)
Not Assets 653.1 910.7
Equity
Share capital and contributed surplus 927.8 927.8
Retained earnings (35.7) 95.8
Other reserves (239.0) (158.6)
Shareholders' funds 653.1 865.0
Minority interests - 45.7
653.1 910.7
Consolidated Statement of Changes in Shareholders Funds
For the year ended 30 June 2001
2001 2000
US$m US$m
Opening Shareholders' Funds
- as previously reported 865.0 1,117.6
- adoption of International Accounting Standards (12.0) -
- as restated 853.0 1,117.6
Net loss (119.6) (161.8)
Net exchange translation differences (75.9) 4.1
(195.5) (157.7)
Associate and subsidiary company reserve movements (4.4) 2.9
Share buy back - cash - (20.9)
Share buy back - capital notes - (38.5)
Dividend - (38.4)
Closing Shareholders' Funds 653.1 865.0
Consolidated Cash Flow Statement
For the year ended 30 June 2001
2001 2000
US$m US$m
Operating cash flow
Profit before financing and corporate costs 153.1 111.9
Add/(deduct)
Depreciation and amortisation 15.7 42.6
Income tom associates 2.8 (140.2)
Gain on disposal of assets included in investing activities (162.0) (34.7)
Other non cash items 5.4 35.8
15.0 15.4
Corporate costs (22.8) (32.7)
Interest received 15.9 17.2
Interest, foreign exchange and other financing charges (160.7) (118.6)
Taxes paid (1.2) (8.6)
Other operating cash flows 18.0 0.9
(135.8) (126.4)
Dividends from associates 32.7 47.3
Other dividends received 5.0 8.8
Operating cash flows (98.1) (70.3)
Investing activities
Sale of fixed assets 5.2 36.4
Sale of investments 609.0 227.2
Purchase of fixed assets (3.9) (14.8)
Purchase of investments (186.8) (189.0)
Other - 6.0
Cash flows from investing activities 423.5 65.8
Financing activities
Repurchase of shares - (20.9)
Drawdown of borrowings 17.0 578.7
Repayment of borrowings (58.2) (663.0)
Dividends paid by the Company - (38.4)
Dividends paid to minority interests - (0.7)
Other 0.2 2.9
Cash flows from financing activities (41.0) (141.4)
Net increase/(decrease) in cash 284.4 (145.9)
Opening cash 255.8 403.3
Exchange rate changes and opening cash of subsidiaries (18.5) (1.6)
Closing cash 521.7 255.8
Notes
1. Accounting Policies & Basis of Preparation
The financial information contained in this announcement has been based on
the results for the year ended 30 June 2001 which have been prepared in
conformity with International Accounting Standards (IAS).
2. Segmental Analysis
Profit by Activity Segment 2001 2000
US$'m US$'m
Associate and Subsidiary
Companies
Property (5.6) (13.5)
Hotels 40.2 41.3
Aviation (29.5) 40.7
Other 4.6 --
Discontinuing Operations 1.1 29.4
Trading Contribution 10.8 97.9
Taxation and Minority Interests (5.8) (28.7)
Net Trading Contribution 5.0 69.2
Profit by Activity Segment 2001 2000
US$'m US$'m
Investment Activities
Dividend Income 6.5 8.2
Surplus on Sales of Assets and Investments
-- continuing operations 126.0 34.6
-- discontinuing operations 7.3 --
Other Income 7.7 0.4
Investment Contribution 147.5 43.2
Taxation and Minority Interests 0.6 (0.5)
Net Investment Contribution 148.1 42.7
Profit by Geographic Segment
Discon-
Australasia Asia United United tinuing 2001 2000
States Kingdom Operations US$'m US$'m
Trading
Contribution (19.2) -- (11.4) 40.3 1.1 10.8 97.9
Investment
Contribution 136.3 20.0 0.3 (1.8) (7.3) 147.6 43.2
Total
Contribution 117.1 20.0 (11.1) 38.5 (6.2) 158.3 141.1
Taxation 0.2 (29.6)
Minority
Interests (5.4) 0.4
Exceptional
item (168.2) (136.1)
Funding Costs
and Overheads (104.5) (137.6)
Net Loss (119.6) (161.8)
Assets and Turnover by Activity Segment
2001 2000
Assets Turnover Assets Turnover
US$'m US$'m US$'m US$'m
Property 172.9 5.4 178.3 7.4
Hotels 693.2 -- 741.4 --
Investments 295.1 -- 370.4 --
Aviation 63.8 -- 233.0 --
Discontinuing Operations 3.7 239.7 537.5 577.4
1,228.7 245.1 2,060.6 584.8
Cash 521.7 258.2
1,750.4 245.1 2,318.8 584.8
Assets and Turnover by Geographic Segment
2001 2000
Assets Turnover Assets Turnover
US$'m US$'m US$'m US$'m
Australasia 171.4 -- 510.5 --
Asia 180.3 -- 55.1 --
United States 177.8 5.4 185.6 7.4
United Kingdom 695.5 -- 771.9 --
Discontinuing Operations 3.7 239.7 537.5 577.4
1,228.7 245.1 2,060.2 584.8
Cash 521.7 258.2
1,750.4 245.1 2,318.8 584.8
3. Taxation
2001 2000
US$m US$m
Associate companies 3.3 (25.2)
Subsidiary companies (1.9) (4.2)
1.4 (29.4)
Investment activities (1.2) (0.2)
0.2 (29.6)
4. Exceptional Items
2001 2000
US$m US$m
Impairment of assets
AsiaPower - (193.0)
Graham Field - (40.8)
Gold Resources - (15.7)
Molokai Ranch - (89.6)
Seabil Pacific/SEA Holdings - (47.2)
Other - (7.1)
- (393.4)
Existing provisions - 321.3
Additional impairment - (72.1)
Write Down of Air New Zealand
- Goodwill - (64.0)
- Ansett (168.2) -
(168.2) (136.1)
5. Earnings Per Share
Earnings per share are calculated on the net loss of US$119.6 million (2000:
loss of US$161.8 million) using the weighted average number of 1,368.1 million
(2000: 1,406.2 million) shares in issue during the year. Earnings per share
excluding exceptional items are calculated on the net profit/(loss) after
adjusting for exceptional costs of US$168.2million (2000: US$136.1 million).
The number of shares in issue the previous year has been restated to take into
consideration the two for one consolidation of the share capital effected during
the year.
Earnings Per Share 2001 2000
Opening shares in issue 1,368,063,633 1,492,636,971
Share buy back - cash - (49,989,641)
Share buy back - capital notes - (74,583,697)
Closing shares in issue 1,368,063,633 1,368,063,633
Weighted average shares in issue 1,368,063,633 1,406,163,786
6. Market Value Basis Net Assets
Net assets based on the market price of 2001 2000
the Group's holdings as at 30 June 2001 US$m US$m
Listed Investments
Thistle Hotels 397.4 429.3
James Hardie - 307.5
Fraser and Neave 130.0 30.0
Air New Zealand 101.9 141.1
629.3 907.9
Findel - 34.2
Tasman Agriculture - 31.9
People's Bank of California - 16.4
Other listed investments 92.6 28.1
Total listed investments 721.9 1,018.5
Unlisted investments 334.0 479.5
Corporate (526.5) (759.8)
529.4 738.2
Net assets per share (US cents) 38.7 54.0
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2001
GROUP COMPANY
30 June 30 June 30 June 30 June
2001 2000 2001 2000
US$m US$m US$m US$m
ASSETS
Property, plant and
equipment 4.0 152.3 - -
Investment property 168.0 179.2 - -
Investment in
subsidiaries - - 935.6 1,065.1
Investment in associates 757.0 1,168.2 - -
Listed Investments 179.9 99.4 - -
Other investments 89.1 166.4 - 1.2
TOTAL NON-CURRENT ASSETS 1,198.0 1,765.5 935.6 1,066.3
Other investments - 3.2 - -
Inventories 0.2 57.4 - -
Trade and other
receivables 30.5 232.1 0.1 0.2
Income tax receivables - 2.4 - -
Cash & cash equivalents 521.7 258.2 1.4 5.6
TOTAL CURRENT ASSETS 552.4 553.3 1.5 5.8
TOTAL ASSETS 1,750.4 2,318.8 937.1 1,072.1
LESS LIABILITIES
Advances from
subsidiaries - - 255.1 171.2
Interest-bearing loans
and borrowings 930.0 1,185.3 23.8 27.4
Deferred tax liabilities - 0.8 - -
TOTAL NON-CURRENT
LIABILITIES 930.0 1,186.1 278.9 198.6
Bank Overdrafts - 2.4 - 1.2
Interest-bearing loans
and borrowings 118.3 86.8 0.6 0.0
Trade and other payables 49.0 132.8 4.5 7.3
TOTAL CURRENT LIABILITIES 167.3 222.0 5.1 8.5
653.1 910.7 653.1 865.0
EQUITY
SHARE CAPITAL AND RESERVES 653.1 865.0 653.1 865.0
MINORITY INTEREST - 45.7 - -
TOTAL EQUITY 653.1 910.7 653.1 865.0
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