Pacific Dunlop Ld - Final Results - Part 2
27 Août 1998 - 2:00PM
UK Regulatory
RNS No 1548m
PACIFIC DUNLOP LIMITED
27th August 1998
PART 2
Appendix 4b (equity accounted)
Preliminary Final Report
Pacific Dunlop Limited
ACN 004 085 330 Preliminary Final Financial Year
Ended ("current
period)
30th June 1998
Equity accounted results for announcement to the market
A$ millions
Sales Revenue (item 1.1) up 3.5% to 5,983.5
Operating profit after income tax before up 3.0% to 180.8
abnormal items attributable to members
Abnormal items after tax attributable to loss of 156.0
members (item 2.5)
Operating profit after tax (before amortisation down 71% to 60.4
of goodwill) attributable to members (item 1.26)
Operating profit after tax attributable to members
(item 1.10) down 86% to 24.8
Extraordinary items after tax attributable to
members (item 1.13) gain (loss) of Nil
Operating profit and extraordinary items after
tax attributable to members (item 1.16) down 86% to 24.8
Dividends Amount per Franked
security amount per
security at
36% tax
Final dividend 7.0c Unfranked
Previous corresponding period 7.0c 4.2c
Record date for determining entitlements to
the dividend (in the case of a trust 5 October 1998
distribution) (see item 15.2)
Consolidated profit and loss account
30 June 1998 30 June 1997
A$ millions A$ millions
1.1 Sales revenue 5,983.5 5,782.9
1.2 Share of associates
"net profit attributable
to members" (equal to item 16.7) 3.0 -
1.3 Other revenue 1,004.0 364.6
1.4 Operating profit before
abnormal items and tax 225.8 265.8
1.5 Abnormal items before tax
(detail in item 2.4) (157.5) 0.6
1.6 Operating profit before tax
(items 1.4 + 1.5) 68.3 266.4
1.7 Less tax 44.5 81.5
1.8 Operating profit after tax
but before outside equity
interests 23.8 184.9
1.9 Less outside equity interests (1.0) 7.1
1.10 Operating profit after tax
attributable to members 24.8 177.8
1.11 Extraordinary items after tax
attributable to members Nil Nil
1.12 Less outside equity interests Nil Nil
1.13 Extraordinary items after tax
attributable to members Nil Nil
1.14 Total operating profit and
extraordinary items after tax
(items 1.8 + 1.11) 23.8 184.9
1.15 Operating profit and
extraordinary items after tax
attributable to outside equity
interests (items 1.9 + 1.12) (1.0) 7.1
1.16 Operating profit and extraordinary
items after tax attributable to
members (items 1.10 + 1.13) 24.8 177.8
1.17 Retained profits (accumulated
losses) at beginning of
financial period 116.1 (257.6)
1.18 Adjustment to retained profits
at the beginning of the
financial year on initial
adoption of proposed revised
AASB1016 (23.3) -
Accounting for investments in
Associates
1.19 Aggregate of amounts transferred
from reserves (11.6) 339.7
1.20 Total available for appropriation
(carried forward) 106.0 259.9
Summary of operating profit for the year
Operating profit after income tax attributable
to members 24.8 177.8
Abnormal (loss)/gain after income tax attributable
to members (156.0) 2.2
Operating profit after income tax before abnormal
items attributable to members 180.8 175.6
1.21 Dividends provided for or paid 144.2 143.6
1.22 Aggregate of amounts transferred to reserves - -
1.23 (Accumulated losses)/Retained Profits at
end of financial period (38.2) 116.1
30 June 1998 30 June 1997
PROFIT RESTATED TO EXCLUDE AMORTISATION OF A$millions A$millions
GOODWILL
1.24 Operating profit after tax before outside
equity interests (items 1.8) and amortisation
of goodwill 59.4 217.4
1.25 Less (plus) outside equity interests (1.0) 7.1
1.26 Operating profit after tax (before
amortisation of goodwill) attributable
to members 60.4 210.3
INTANGIBLE, ABNORMAL AND EXTRAORDINARY ITEMS
Consolidated - current period
Related Amount
Before Related outside (after tax)
tax tax equity attributable
interests to members
A$millions A$millions A$millions A$millions
2.1 Amortisation of
goodwill 39.6 (4.0) - 35.6
2.2 Amortisation of
other
intangibles - - - -
2.3 Total
amortisation of
intangibles 39.6 (4.0) - 35.6
2.4 Abnormal items
Net loss on sale
of GNB
(Batteries)Group (88.0) - - (88.0)
Net charge following
creation of Accufix
Settlement funds
in the United
States (69.5) 1.5 - (68.0)
2.5 Total abnormal items (157.5) 1.5 - (156.0)
2.6 Extraordinary Items
2.7 Total Extraordinary
Items Nil Nil Nil Nil
COMPARISON OF HALF YEAR
PROFITS 30 June 1998 30 June 1997
Before After Before After
Abnormals Abnormals Abnormals Abnormals
A$millions A$millions A$millions A$millions
3.1 Consolidated
operating profit
after tax
attributable to
members reported
for the 1st half
year 90.1 90.1 84.5 84.5
3.2 Consolidated
operating profit
(loss) after tax
attributable to
members for the
2nd half year 90.07 (65.3) 91.1 93.3
Prima facie tax reconciliation
30 June 1998 30 June 1997
A$ millions A$ millions
Tax at Standard Rates on Operating
Profit 24.6 95.9
Add increased taxation arising from:
Goodwill amortisation 8.8 9.8
Net charge following creation of
Accrufix Settlement Funds
in the United States 23.5 -
Other non-allowable permanent differences - 19.5
Environmental provisions 31.7 -
Deduct reduced taxation arising from:
Tax rebate on dividends from investments 0.1 0.4
Tax exempt dividends from foreign companies 0.1 2.2
Income tax under provided in previous years 1.3 1.8
Investment and export incentive allowances 7.8 0.1
Net capital receipts not assessable (0.1) 6.7
Net lower overseas tax rates 18.2 27.3
Other allowable permanent differences 15.6 5.2
Share of associates' net profit 1.1 -
Income Tax as per Profit and Loss Accounts
attributable to Operating Profit 44.5 81.5
Income tax provided comprises:
Provision attributable to current year 122.5 108.1
Under provision in respect of previous years (6.6) (1.8)
Provision attributable to future years
Deferred tax liability (14.4) (16.9)
Future income tax benefit (57.0) (7.9)
44.5 81.5
Consolidated Balance sheet 30-06-98 30-06-97 31-12-97
A$ millions AS millions A$ millions
Current assets
4.1 Cash 997.3 1,191.8 1,248.7
4.2 Receivables 1,603.3 952.4 1,012.8
4.3 Investments - - -
4.4 Inventories 807.1 954.0 1,017.9
4.5 Prepayments 35.0 68.1 81.4
4.6 Total current assets 3,442.7 3,166.3 3,360.8
Non-current assets
4.7 Receivables 69.4 77.9 61.9
4.8 Investments in associates
(Equity accounted) 26.5 46.4 29.4
4.9 Other investments 136.9 142.3 164.2
4.10 Inventories - - -
4.11 Exploratioin and evaluation
expenditure capitalised - - -
4.12 Development properties - - -
4.13 Other property, plant and
equipment (net) 734.9 1,242.5 1,228.2
4.14 Intangibles (net) 607.8 640.0 677.4
4.15 Future income tax benefit 324.1 277.5 294.2
4.16 Total non-current assets 1,899.6 2,426.6 2,455.3
4.17 Total assets 5,342.3 5,592.9 5,816.1
Current liabilities
4.18 Accounts payable 591.7 777.7 779.8
4.19 Borrowings 1,419.4 1,382.4 1,644.4
4.20 Provisions 501.9 452.6 398.9
4.21 Other (amounts due under
contractual arrangements and
deferred Income) 2.8 17.5 3.0
4.22 Total current liabilities 2,515.8 2,630.2 2,826.1
Non-current liabilities
4.23 Accounts payable 11.6 6.3 2.7
4.24 Borrowings 848.1 825.3 878.1
4.25 Provisions 239.3 249.5 240.9
Other (Amounts due under
contractual arrangements and
4.26 deferred income) 35.8 34.8 39.7
4.27 Total non-current liabilities 1,134.8 1,115.9 1,161.4
4.28 Total liabilities 3,650.6 3,746.1 3,987.5
4.29 Net Assets 1,691.7 1,846.8 1,828.6
CONSOLIDATED BALANCE SHEET CONTINUED
30 June 1998 30 June 1997 31 December 1997
A$ millions A$ millions A$ millions
Equity
4.30 Capital 514.9 513.6 514.4
4.31 Reserves 1,188.9 1,181.8 1,179.6
4.32 (Accumulated losses)
Retained profits (38.2) 116.1 110.6
4.33 Equity attributable to
members of the parent
entity 1,665.6 1,811.5 1,804.6
4.34 Outside equity interests
in controlled
entities 26.1 35.3 24.0
4.35 Total equity 1,691.7 1,846.8 1,828.6
4.36 Preference capital
included as part of
4.33 - - -
EXLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if amounts are material.
Include all expenditure incurred regardless of whether written off directly
against profit.
30 June 1998 30 June 1997
A$ millions A$ millions
5.1 Opening balance
5.2 Expenditure incurred during
current period
n/a n/a
5.3 Expenditure written off
during current period
5.4 Acquisitions, disposals,
revaluation increments,etc
5.5 Expenditure transferred to
Development Properties
5.6 Closing balance as shown in the
consolidated balance sheet - -
(Item 4.11)
DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if amounts are material)
30 June 1998 30 June 1997
A$ millions A$ millions
6.1 Opening balance
6.2 Expenditure incurred during
current period
6.3 Expenditure transferred from
exploration and evaluation
n/a n/a
6.4 Expenditure written off
during current period
6.5 Acquisitions, disposals, revaluation
increments, etc.
6.6 Expenditure transferred to mine
properties
6.7 Closing balance as shown in the
consolidated balance sheet - -
(Item 4.12)
CONSOLIDATED STATEMENT OF CASH FLOWS
30 JUNE 1998 30 JUNE 1997
A$ MILLIONS A$ MILLIONS
CASH FLOWS RELATED TO OPERATING ACTIVITIES
RECEIPTS FROM CUSTOMERS
(EXCLUDING MEDICAL) 6,023.6 5,777.6
PAYMENTS TO SUPPLIERS AND
EMPLOYEES (EXCLUDING MEDICAL) (5,637.0) (5,241.2)
NET RECEIPTS FROM CUSTOMERS
(EXCLUDING MEDICAL) 386.6 536.4
PAYMENTS TO SUPPLIERS AND EMPLOYEES
NET OF CUSTOMER RECEIPTS (MEDICAL) (42.9) (86.1)
343.7 450.3
INCOME TAXES PAID (62.7) (79.1)
DIVIDENDS RECEIVED 0.4 7.0
NET CASH PROVIDED BY
OPERATING ACTIVITIES 281.4 378.2
CASH FLOWS RELATED TO INVESTING ACTIVITIES
PAYMENTS FOR BUSINESSES, NET OF CASH
ACQUIRED (23.8) (87.6)
PAYMENTS FOR PROPERTY, PLANT
AND EQUIPMENT (192.3) (190.2)
PAYMENT FOR ACQUISITIONS OF PREVIOUSLY
HELD FINANCE LEASES - (80.1)
PROCEEDS FROM SALE OF BUSINESSES,
NET OF CASH DISPOSED 36.0 303.3
PROCEEDS FROM SALE OF PLANT AND
EQUIPMENT IN THE ORDINARY COURSE OF
BUSINESS 31.9 29.6
LOANS REPAID 23.6 21.6
PROCEEDS FROM SALE OF OTHER
INVESTMENTS 0.8 0.2
PAYMENTS FOR OTHER INVESTMENTS (3.1) (5.8)
NET CASH USED IN INVESTING ACTIVITIES (126.9) (9.0)
CASH FLOWS RELATED TO FINANCING ACTIVITIES
PROCEEDS FROM BORROWINGS 8,025.5 5,094.6
REPAYMENTS OF BORROWINGS (8,190.7) (5,353.6)
NET REPAYMENT OF BORROWINGS (165.2) (259.0)
PROCEEDS FROM ISSUES OF SHARES 3.6 8.4
LEASE PAYMENTS (1.4) (9.9)
DIVIDENDS PAID (148.7) (147.7)
INTEREST RECEIVED 53.4 74.4
INTEREST AND BORROWING COSTS PAID (156.5) (163.8)
NET CASH USED IN FINANCING ACTIVITIES (414.8) (497.6)
NET DECREASE IN CASH HELD (260.3) (128.4)
CASH AT BEGINNING OF THE FINANCIAL YEAR
(SEE RECONCILLATION OF CASH) 1,171.7 1,294.1
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCES
OF CASH HELD IN FOREIGN CURRENCIES AT THE BEGINNING
OF THE FINANCIAL YEAR 33.1 6.0
CASH AT THE END OF THE FINANCIAL YEAR 944.5 1,171.7
(SEE RECONCILLATION OF CASH)
Issued and quoted securities at end of current period
Description includes rate of interest and any redemption or conversion rights
together with prices and dates
Category of Securities Total Number Issue Price Amount
Number quoted per security paid-up
(cents) per
security
(cents)
18.1 Preference securities
(description) n/a n/a n/a n/a
18.2 Issued during current period n/a n/a n/a n/a
18.3 Ordinary securities
Ordinary shares 1,024,071,526 1,024,071,526 n/a 50
Ordinary - Executive
Plan Shares 13,536,400 - variable 1
Ordinary - Employee
Plan Shares 5,582,645 - variable 50
18.4 Issued during current
period
Ordinary - converted
from Executive Plan
Shares 2,836,500 2,836,500 variable 50
Ordinary - converted
from Employee Plan
Shares 697,860 697,860 variable 50
18.5 Convertible debt
securities
(description and con-
version factor) n/a n/a n/a n/a
18.6 Issued during current
period n/a n/a n/a n/a
18.7 Options (description and Exercise Expiry
conversion factor) price date
(if any)
Options issued
25th November 1996 1,800,000 nil 2.80 14/11/01
On 25th November 1996, Pacific Dunlop Limited granted to Mr R L Chadwick (the
Managing Director), options to subscribe for up to 1,800,000 unissued ordinary
shares, in accordance with approval received from shareholders at the Annual
General Meeting on 15th November, at an exercise price of $2.80 per share. The
options expire on 14th November 2001 and are exercisable in three separate
tranches of 600,000 options between 1st and 14th November 1999, 2000 and 2001,
only where, in relation to each tranche of options, two separate performance
conditions are satisfied, the first requiring a 10% compound growth in the
Company's share price, the second that the total return to shareholders on the
Company's shares must exceed the average yield on a selected group of major
listed companies.
18.8 Issued during current
period
Executive Share Options
to Executive Director 600,000 nil 3.30 11/12/02
Executive Share Options
to Executives 6,690,000 nil 3.30 11/12/02
On 11 December 1997, Pacific Dunlop Limited granted to Mr R B Hershan (Executive
Director) and certain Senior Executives options to subscribe for up to 7,290,000
unissued ordinary shres, in accordance with approval received from shareholders
at the Annual General Meeting on 14th November, at an exercise price of $3.30
per share. The options are exercisable in three separate tranches subject to
the satisfaction of a Performance Hurdle, in respect of the total return to
shareholders on the company's shares similar to the above, during a period
commencing 28 days prior to the third, Fourth and Fifth Anniversary of grant of
the options and expiring on the Fifth Anniversary.
18.9 Exercised during current
period nil nil n/a n/a
18.10Expired during current
period 1,200,000 nil n/a n/a
18.11Debentures (totals only) n/a n/a
18.12Unsecured notes
(totals only) n/a n/a
END
FR NFFPXADLPEFN
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