RNS Number:1829T
BIL International Limited
19 March 2002
BIL INTERNATIONAL LIMITED
Proforma Half Year Financial Statement And Dividend Announcement
Half-year financial statement on consolidated results for the six months ended
31 December 2001. All financial numbers other than as disclosed in this
financial statement are expressed in US$.
These figures have not been audited.
Group Company
US$'m % US$'m %
31 Dec 2001 31 Dec 2000 Change 31 Dec 2001 31 Dec 2000 Change
1.(a) Turnover 3.6 199.1 (98.2) 0 0 0
1.(b) Investment income 17.5 18.1 (3.5) 0 (0.7) 100
1.(c) Other income 22.8 11.6 97.1 0 0.9 (100)
including interest
income
2.(a) Operating profit 19.9 23 (13.4) (0.8) (0.6) (32.5)
before income tax,
minority interests,
extraordinary items,
interest on
borrowings,
depreciation and
amortisation,
foreign exchange
gain/(loss) and
exceptional items
2.(b)(i) Interest on (38.4) (46.6) (17.5) (2.4) (0.6) (292.1)
borrowings
2.(b)(ii) Depreciation and (2.8) (12.3) (77.4) 0 0 0
amortisation
2.(b)(iii) Foreign exchange 18.1 (10) 281.8 1.8 (1.4) 228.9
gain/(loss)
2.(c) Exceptional items 0 0 0 0 (19.3) 100.0
2.(d) Operating profit (3.2) (45.9) 93.1 (1.4) (21.9) 93.7
before income tax,
minority interests
and extraordinary
items but after
interest on
borrowings,
depreciation and
amortisation,
foreign exchange
gain/(loss) and
exceptional items
Group Company
US$'m % US$'m %
31 Dec 2001 31 Dec 2000 Change 31 Dec 2001 31 Dec 2000 Change
2.(e) Income derived from 9 33.1 (72.8) 0 0 0
associated companies
2.(f) Less income tax (0.7) (8) 91.3 0 0 0
2.(g)(i) Operating profit 5.1 (20.8) 124.6 (1.4) (21.9) 93.7
after tax before
deducting minority
interests
2.(g)(ii) Less minority 0 0 0 0 0 0
interests
2.(h) Operating profit 5.1 (20.8) 124.6 (1.4) (21.9) 93.7
after tax
attributable to
members of the
company
2.(i)(i) Extraordinary items 0 0 0 0 0 0
2.(i)(ii) Less minority 0 0 0 0 0 0
interests
2.(i)(iii) Extraordinary items 0 0 0 0 0 0
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 Capital 0 0 0 0 0 0
Reserve
2.(i)(vi) Transfer to Reserve 0 0 0 0 0 0
Fund
2.(j) Operating profit 5.1 (20.8) 124.6 (1.4) (21.9) 93.7
after tax and
extraordinary items
attributable to
members of the
company
Group Figures
31 Dec 2001 31 Dec 2000
3.(a) Earnings per share based on 2(h) above after
deducting any provision for preference
dividends:-
(i) Based on existing issued share capital $0.004 $(0.015)
(ii) On a fully diluted basis $0.004 $(0.015)
3.(b) Earnings per share based on 2(j) above:-
(i) Based on existing issued share capital $0.004 $(0.015)
(ii) On a fully diluted basis $0.004 $(0.015)
3.(c) Net tangible asset backing per ordinary $0.49 $0.61
share
EXPLANATORY NOTES
Earning Per Share
(i) The calculation of earning per share is based on operating profit after tax
but before minority interest of US$5,100,000 (Dec 2000: loss of US$20,800,000)
and the number of ordinary shares of 1,368,063,633.
(Please refer to item 3(a)(i))
(ii) As there would be no dilution effect upon the exercise of share options,
the fully diluted earning per share is the same as the basic earning per share.
(Please refer to item 3(a)(ii))
(iii) The comparatives have been adjusted to take into account the effect of
the re-denomination of share capital in current year.
4.(a) Amount of any adjustment for under or overprovision of tax in respect
of prior years
None.
4.(b) Amount of any pre-acquisition profits
None.
4.(c) Amount of profits on any sale of investments and/or properties
Sale of investments/properties $Profit/(Loss)
Half year ended 31 December 2001 $9,808,000.00
Half year ended 31 December 2000 $14,719,000.00
4.(d) Any other comments relating to Paragraph 4
None
5.(a) Review of the performance of the company and its principal
subsidiaries
See Press Release Attached.
5.(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.
Except for what is disclosed in the Press Release attached, the Directors are
not aware of any item or event of a material or unusual nature which would have
affected materially the results of operations of the Group and Company between
the date to which the report refers and the date on which the report is issued.
6. Commentary on current year prospects
See Press Release Attached.
7. Dividend
(a) Any dividend declared for the present financial period? None
(b) Any dividend declared for the previous corresponding period? None
(c) Date payable
Not applicable.
(d) Books closing date
Not applicable.
(e) Any other comments relating to Paragraph 7
None.
8. Details of any changes in the company's issued share capital
None.
9. Comparative figures of the group's borrowings and debt securities
(a) Amount repayable in one year or less, or on demand
As at 31/12/2001 (DD/MM/YYYY) As at 31/12/2000 (DD/MM/YYYY)
Secured Unsecured Secured Unsecured
0 718,400,000 37,750,000 24,950,000
(b) Amount repayable after one year
As at 31/12/2001 (DD/MM/YYYY) As at 31/12/2000 (DD/MM/YYYY)
Secured Unsecured Secured Unsecured
0 290,800,000 13,020,000 1,083,280,000
(c) Any other comments relating to Paragraph 9
None.
10. Balance Sheet
See attached Balance Sheet.
BY ORDER OF THE BOARD
Jane Teah
Company Secretary
19 March 2002
20 Collyer Quay, #16-02/03 Tung Centre, Singapore 049319
Telephone +65 438 0002, Facsimile: +65 435 0040
BIL International REPORTS INTERIM RESULTS
For the Six Months Ended 31 December 2001
Results Summary Six Months ended 31 December 2001
Six Months Six Months Full Year
Dec 2001 Dec 2000 June 2001
US$m US$m US$m
Net profit/(loss) excluding exceptional items (US$ million) 5.1 (20.8) 48.6
Net profit/(loss) (US$ million) 5.1 (20.8) (119.6)
US$ US$ US$
Earnings/(loss) per share 0.004 (0.015) (0.087)
Earnings/(loss) per share excluding exceptional items 0.004 (0.015) 0.036
Dividends per share - - -
Net assets per share 0.49 0.61 0.48
Key Points
SINGAPORE, 19 March 2002 - BIL International Limited (BIL), an international
investment company with a global portfolio of investments, today announced its
interim results for the six months ended 31 December 2001.
• Net profit of US$5.1 million for the half year.
• Thistle's announcement on 12 March 2002 that it has sold 37 hotels for
£600m whilst retaining management of those hotels gives Thistle the balance
sheet from which to capitalise on its leading position in the UK hospitality
industry going forward and reinforces the NAV per share of BIL.
• The value of the Molokai Ranch stake has been enhanced through the
acquisition of adjacent beachfront properties, thereby improving the
attractiveness and development potential of Molokai Ranch.
• Investment activities showed handsome gains, with two new Australian
investments, Coates Hire and SPC, showing increases in market value of over 50%
by the end of the first half; both have since been sold for returns of 70% and
54% respectively. BIL's stake in Fraser & Neave has now increased in value by
around 25% over the average entry price as at 18 March 2002.
Greg Terry, Chief Executive Officer of BIL, commented:
"Our aim in the 2002 Financial Year is twofold. First, we aim to return BIL to
profitability on a sustainable basis. A start has been made in the first half of
the financial year due to our sound investment strategy and prudent foreign
exchange management. Second, we aim to close the gap between the market
capitalisation of Thistle Hotels and the book value of its assets. The sale of
assets announced by Thistle is a major step in that direction."
Enquiries:
BIL International Limited Tel: +65-6438-0002
Arun Amarsi Tel: +65-6228-1404 Email: a.amarsi@bil.com.sg
Executive Director -Operations HP: +65-9875-8709
Notes to editors:
BIL International Limited (Bloomberg: BRY SP, Reuters: BRY.SI)
1. An international investment company headquartered in
Singapore, BIL International 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
• Molokai Ranch
• Fraser and Neave
• Weeks Royalty
4. More information can be found on our website http://
www.bilgroup.com.
CHIEF EXECUTIVE's half year review
Review of Key Investments
Thistle Hotels
Thistle's results for the 52 weeks ended 30 December 2001 were achieved under
market conditions which proved to be the most challenging for travel and tourism
since the Gulf War in 1991. The events of 11 September compounded the
difficulties experienced earlier in the year following the slowdown in the
global economy and the foot and mouth outbreak in Britain. Combined, these
circumstances led to a significant reduction in international business and
leisure travellers, particularly from the US.
Turnover was down 5.9% against the 53 weeks to 31 December 2000 and revenue per
available room (revpar) fell 5.4% to £50.56. In London, which is more dependent
on international travellers, revpar was down 8.8% for the full year, whilst in
the Regions, revpar was up 3.3%. In London and the Regions, our revpar
performance was ahead of the market over the year.
Profit before tax and exceptional items was £45.5 million (2000: £67.0 million).
Earnings per share adjusted to exclude the profit on the sale of tangible fixed
assets were 7.6 pence against 11.1 pence for 2000, a reduction of 31.5%.
During 2001, Thistle completed a three-year major upgrade programme positioning
the company as a leading full service hotel group and improving its comparative
position. The actions Thistle has taken over the past few years has also
improved the quality of its information technology systems and of its
management. These measures have resulted in a continuation of improvements in
Thistle's ranking as a brand in the UK hotel market and in both guest and staff
satisfaction, all as judged by independent third party audits.
Thistle remains the core asset of the BIL Group and BIL continues to work with
Thistle's management to close the gap between Thistle's market capitalisation
and the net value of its assets. Closing that gap was the major goal we set for
the 2002 Financial Year.
On 12 March, Thistle announced that it had sold 37 hotels to Orb Estates for
£600m. This represents a price of £1.25 per share. Following the transaction,
Thistle has net cash of £120.8m, £1,050m of ongoing assets and these assets are
largely the prime London flagship hotels, and 56 hotels under management
including the 37 sold to Orb Estates. Thistle now has the balance sheet and the
management to achieve sector-leading rates of growth in return on shareholder
funds, earnings per share and free cash flow. Thistle has announced that it will
continue the process of searching for opportunities to unlock the value of its
assets and to enhance operating efficiency to improve returns on shareholder
funds. Cash conservation will be Thistle's priority now that the group has
completed its refurbishment program. The prominent position of Thistle in the
hospitality industry in the UK, particularly in London, will also be a factor on
which the Thistle board will capitalize in formulating future plans. We
announced at the end of last year that BIL's prime objective for the 2002
financial year was to close the gap between Thistle's book value per share and
the market price of its shares. This transaction is a major step in that
direction.
Prior to this transaction, BIL has fully provided for its share of the deferred
tax liability of Thistle. The sale by Thistle of £600.4m of its hotels will
generate a reduction in its deferred tax liability of £54m. Our share of this
deferred tax liability is £25m or US$35m. Thistle will also record a net loss on
disposal of £13m. Our share of this loss is £6m or US$8m. In recording our
equity accounted portion of Thistle's results we will therefore record a net
gain of US$27m in our profit & loss account.
In December 2001, Arun Amarsi joined the Board of Thistle.
Molokai Ranch
Significant progress has been made over the last six months in reinforcing the
value of Molokai Ranch and facilitating its future development. BIL has acquired
at attractive prices, both the Alpha and Kaluakoi properties adjacent to the
Ranch, thereby consolidating ownership of the western end of Molokai island and
giving Molokai Ranch Limited significant new beach front and a golf course.
Sheraton Hotels has been appointed manager of the Molokai Ranch Resort. We are
continuing to work on the permits and infrastructure necessary for further
development of the consolidated parcel.
Weeks Royalty
Over the past year, we have explored a range of options for extracting value
from our interest in the Weeks Royalty arrangements. In the medium term, those
arrangements have the potential to generate significant cash flows to BIL when
the current entitlement to the royalty income of the Bass Strait Oil Trust
ordinary unit holders expires in July 2007 and it reverts to BIL. At current
expectations of production and assuming stable oil and gas prices and A$:US$
exchange rates, the pre-tax cash flows after July 2007 are expected to be in the
range of A$50 million per annum, albeit decreasing in time in line with the
projected long term decline in BHP/Esso oil and gas reserves in Bass Strait
Air New Zealand
When the then Chairman of BIL stepped aside as Chairman of both BIL and Air New
Zealand on 29 May 2001, BIL ceased to exercise significant influence over Air
New Zealand. Accordingly, BIL ceased to account for Air New Zealand as an
associate from 1 July 2001. 1 July 2001 has been chosen as the effective date
because BIL does not have financial information (dating back to 29 May 2001)
from Air New Zealand to allow implementation of the accounting change on an
earlier date. Following the recapitalisation of Air New Zealand by the New
Zealand Government, BIL's stake in Air New Zealand has been diluted to 5.4% of
the airline's issued capital.
Fraser & Neave
Our investment in Fraser & Neave continued to perform well in the first six
months of the 2002 Financial Year, reflecting the improved performance of Fraser
& Neave and the defensive characteristics of the stock in the current economic
climate.
Investment Activities
Under Guoco's share buyback programme, BIL accepted Guoco's tender for its own
shares in respect of 5.9 million shares at a price of HK$50 generating a profit
of US$16.9 million to BIL.
Our two new investments in Australia, Coates Hires and SPC, also performed well,
both showing increases in market value in excess of 50%. On 13 February, we sold
our stake in Coates Hire in a block trade at A$1.53 per share generating a
profit to BIL of A$10.6 million and a return of 70.3% on the investment. On 7
March, BIL sold its 6.67% stake in SPC in a block trade at A$1.25 per share,
generating a profit to BIL of A$5.8 million and a return of 54.5% on the
investment.
Debt Refinancing
Although BIL's overall levels of debt (senior debt plus capital notes less cash)
remained largely unchanged at 31 December 2001 (US$531 million compared to
US$527 million at 30 June), subsequent to this date over US$400 million of
senior debt has been permanently retired. Discussions with bankers regarding the
provision of a replacement facility for the Term Loan Facility, which matures on
23 July 2002, are progressing. The provision of a new term facility is expected
to be formally confirmed in the near future.
Management Reorganisation
With stablilisation of BIL and the simplification of BIL's asset portfolio and
financing structure, Greg Terry has decided to step down as CEO of BIL,
effective 31 March 2002. Greg will remain a non-executive director of BIL and
will become associated with the Guoco Group in a consulting capacity. Arun
Amarsi, currently Executive Director, Operations, has been appointed Group
Managing Director of BIL with effect from 1 April 2002.
Andrew Shepherd, Chief Financial Officer will also leave the Company with effect
from 31 March 2002. Roch Low, currently Deputy Chief Financial Officer, will be
appointed to the senior financial role of Group Financial Controller.
Going forward, BIL will be more simple to manage and BIL's overheads will be
reduced further.
Delisting from the Australian Stock Exchange (ASX)
BIL currently trades on ASX under the Foreign Exempt Category. As of 1 July
2002, ASX proposes to change the requirements for entities listed in the Foreign
Exempt Category such that entities in this category will be required to have
both A$2 billion of net assets and A$200 million profit after tax in each of the
previous three years. With these changes, BIL will no longer be able to meet the
listing criteria and will therefore delist from the ASX on 1 July 2002.
A detailed announcement on the delisting will be made in the coming weeks.
Change of Name to BIL International Limited
On 14 December 2001, the name of the company was changed from Brierley
Investments Limited to BIL International Limited.
Changes in Non-executive Directorship
On 2 February 2002, Mr Quek Poh Huat resigned from the position of non-executive
director. Concurrently, Mr Tan Soo Nan was appointed as a non-executive
director. Mr Tan is the Chief Executive Officer of Temasek Capital (Private)
Limited, the direct investment arm of Temasek Holdings (Private) Limited.
Shareholder Distributions
The Board has decided not to declare an interim dividend.
BIL Interim Report
BIL has today posted this results announcement on the company's website http://
www.bilgroup.com.
Outlook
BIL has a strong balance sheet. Its major investment, Thistle Hotels is a
valuable asset with significant opportunity to grow and capture value. We will
continue to pursue the effective realization over time of the value of the
company's investments in the Weeks Royalty and Molokai Ranch. Management will
continue to focus on these long term goals. Profitability for BIL in the 2002
Financial Year will depend in part upon the profitability of Thistle and in part
upon the profitability of the company's investment activities and therefore upon
developments in global stock markets.
We will continue to maximize return to our shareholders through our existing
portfolio of assets, through further successful opportunistic transactions such
as Coates and SPC and by identifying positive cash flow investments.
BIL INTERNATIONAL LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 31 DECEMBER 2001
Six Months Six Months Full Year
Dec-01 Dec-00 Jun-01
US$m US$m US$m
Turnover 3.6 199.1 245.1
Investment Income 17.5 18.1 159.1
Other income (including interest income) 22.8 11.6 30.3
Less operating expenses (24.0) (205.8) (266.2)
EBITDA 19.9 23.0 168.3
Interest expenses (38.4) (46.6) (84.7)
Depreciation and amortisation (2.8) (12.3) (15.7)
Foreign exchange gain/(loss) 18.1 (10.0) (11.3)
(3.2) (45.9) 56.6
Income/(loss) derived from associated companies 9.0 33.1 (2.8)
Profit/(loss) before exceptional items 5.8 (12.8) 53.8
Exceptional items (note 3) - - (168.2)
Profit/(loss) before tax 5.8 (12.8) (114.4)
Less income tax (note 4) (0.7) (8.0) 0.2
Profit/(loss) after tax 5.1 (20.8) (114.2)
Less minority interest - 0.0 (5.4)
Profit/(loss) for the period 5.1 (20.8) (119.6)
US$ US$ US$
Earning/(loss) per share (note 5) 0.004 (0.015) (0.087)
Earning/(loss) per share excluding non-recurring items 0.004 (0.015) 0.036
BIL INTERNATIONAL LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2001
31 Dec 31 Dec 30 June
2001 2000 2001
US$m US$m US$m
ASSETS
Property, plant and equipment 3.6 129.6 4.0
Development properties 194.4 137.8 168.0
Investment in associates 715.2 1,177.0 757.0
Listed Investments 203.4 176.9 179.9
Other investments 87.9 105.0 89.1
TOTAL NON-CURRENT ASSETS 1,204.5 1,726.3 1,198.0
Other investments - 5.0 -
Inventories 0.2 37.0 0.2
Trade and other receivables 21.7 146.2 30.5
Income tax receivables - 1.9 -
Cash & cash equivalents 478.1 167.2 521.7
TOTAL CURRENT ASSETS 500.0 357.3 552.4
TOTAL ASSETS 1,704.5 2,083.6 1,750.4
LESS LIABILITES
Interest-bearing loans and borrowings 290.8 1,096.3 930.0
Provisions 7.4 - 9.4
TOTAL NON-CURRENT LIABILITIES 298.2 1,096.3 939.4
Bank Overdrafts - 3.1 -
Interest-bearing loans and borrowings 718.4 62.7 118.3
Trade and other payables 17.4 85.5 33.7
Provisions - - 5.9
TOTAL CURRENT LIABILITIES 735.8 151.3 157.9
670.5 836.0 653.1
EQUITY
SHARE CAPITAL AND RESERVES 670.5 794.5 653.1
MINORITY INTEREST - 41.5 -
TOTAL EQUITY 670.5 836.0 653.1
BIL INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2001
Six Months Six Months Full Year
Dec-01 Dec-00 Jun-01
US$m US$m US$m
Opening Shareholders' Funds
- as previously reported 653.1 865.0 865.0
- adoption of International Accounting Standard 40.2 (12.0) (12.0)
- as restated 693.3 853.0 853.0
Net profit/(loss) 5.1 (20.8) (119.6)
Net exchange translation differences 20.8 (37.7) (75.9)
719.2 794.5 657.5
Movement in other reserve (48.7) - (4.4)
Closing Shareholders' Funds 670.5 794.5 653.1
BIL INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH ENDED 31 DECEMBER 2001
31-Dec 31-Dec 30-Jun
2001 2000 2001
US$m US$m US$m
Operating cash flow
Profit before financing and corporate cost 36.3 34.2 153.1
Add/(deduct)
Depreciation and 2.8 12.4 15.7
amortisation
Equity Earnings (9.0) (40.7) 2.8
Other non cash items (16.8) (7.8) (156.6)
13.3 (1.9) 15.0
Corporate cost (16.6) (10.4) (22.8)
Interest received 16.2 10.9 15.9
Interest and other (38.5) (116.3) (160.7)
financing charges paid
Taxes paid (0.7) (0.3) (1.2)
Other operating cash flows (7.8) 1.9 18.0
(34.1) (116.1) (135.8)
Dividends received from 6.1 19.0 32.7
associates
Other dividends received 0.8 3.1 5.0
Operating cash flows (27.2) (94.0) (98.1)
INVESTING ACTIVITIES
Sale of fixed assets 0.2 9.7 5.2
Sale of investments 64.8 169.3 609.0
Purchase of fixed assets 0.0 (3.5) (3.9)
Purchase of investments (35.4) (145.8) (186.8)
Other 0.0 (0.1) 0.0
CASH FLOWS FROM INVESTING ACTIVITIES 29.6 29.6 423.5
FINANCING ACTIVITIES
Repurchase shares 0.0 0.0 0.0
Drawdown of borrowings 0.0 17.7 17.0
Drawdown of short term borrowings 0.0 (49.2) (58.2)
Repayment of borrowings (43.9) 0.0 0.0
Dividends paid by the Company 0.0 (0.5) 0.0
Other 0.0 (0.4) 0.2
CASH FLOWS FROM FINANCING ACTIVITIES (43.9) (32.4) (41.0)
NET INCREASE/(DECREASE) IN CASH (41.5) (96.8) 284.4
Opening Cash 521.7 255.8 255.8
Exchange rate changes (2.1) 5.1 (18.5)
Closing cash 478.1 164.1 521.7
BIL INTERNATIONAL LIMITED
NOTES
1. Accounting Policies & Basis of Preparation
The financial information contained in this announcement has been based on
the results for the six months ended 31 December 2001 which have been prepared
in conformity with International Accounting Standards (IAS).
The Group adopted IAS 39 at 1 July 2001; the impact on shareholders' equity
and reserves at 1 July 2001 is shown below. In accordance with IAS 39, the
comparative financial statements for the year ended 30 June 2001 are not restated.
Retained Earning
US$m Total
US$m
Available for sales securities remeasured to fair value 43.3 43.3
Derivatives remeasure to fair value (3.1) (3.1)
40.2 40.2
2. Segmental Reporting
Segmented Profit by Activity Segment
Six months Six months Full Year
Dec 2001 Dec 2000 Jun 2001
US$m US$m US$m
Associate and Subsidiary Companies
Property (2.4) (7.4) (5.6)
Hotels 9.0 23.6 40.2
Transport - (3.5) (29.5)
Other - 1.9 4.6
Discontinuing operations - 8.4 1.1
Trading Contribution 6.6 23.0 10.8
Taxation and Minority Interests (0.7) (7.8) (5.8)
Net Trading Contribution 5.9 15.2 5.0
Segmented Profit by Activity Segment
Six months Six months Full Year
Dec 2001 Dec 2000 Jun 2001
US$m US$m US$m
Investment Activities
Dividend Income 6.0 3.4 6.5
Surplus on Sales of Assets and Investments 11.5 16.1 133.3
Other Income - (0.3) 7.7
Investment Contribution 17.5 19.2 147.5
Taxation and Minority Interests - (0.2) 0.6
Net Investment Contribution 17.5 19.0 148.1
Segmented Profit by Geographic Segment
Six months Six months Full Year
Australasia Asia United United Dec 2001 Dec 2000 Jun 2001
States Kingdom US$m US$m US$m
Trading Contribution 0.4 - (2.8) 9.0 6.6 23.0 10.8
Investment Contribution 2.2 15.3 - - 17.5 19.2 147.5
Total Contribution 24.1 42.2 158.3
Taxation and Minority (0.7) (8.0) (5.2)
Interests
Funding Costs and Overheads (15.8) (55.0) (104.5)
Impairment of Investments - - -
Goodwill Write Down (2.5) - (168.2)
Net Profit/(Loss) 5.1 (20.8) (119.6)
Segmented Assets and Turnover by Activity Segment
Dec 2001 Dec 2000 Jun 2001
Assets Turnover Assets Turnover Assets Turnover
US$m US$m US$m US$m US$m US$m
Properties 194.4 3.6 173.3 2.7 172.9 5.4
Hotels 714.4 - 729.4 - 693.2 -
Investments 284.1 - 511.5 9.4 295.1 -
Aviation 33.5 - 259.4 0.3 63.8 -
Discontinuing Operations - - 242.7 186.7 3.7 239.7
1,226.4 3.6 1,916.3 199.1 1,228.7 245.1
Cash 478.1 - 167.2 - 521.7 -
1,704.5 3.6 2,083.5 199.1 1,750.4 245.1
Segmented Assets and Turnover by Geographic Segment
Dec 2001 Dec 2000 Jun 2001
Assets Turnover Assets Turnover Assets Turnover
US$m US$m US$m US$m US$m US$m
Australasia 108.4 - 586.1 9.7 171.4 -
Asia 195.7 - 149.9 - 180.3 -
United States 205.4 3.6 183.7 2.7 177.8 5.4
United Kingdom 716.9 - 753.9 - 695.5 -
Discontinuing Operations - - 242.7 186.7 3.7 239.7
1,226.4 3.6 1,916.3 199.1 1,228.7 245.1
Cash 478.1 - 167.2 - 521.7 -
1,704.5 3.6 2,083.5 199.1 1,750.4 245.1
3. Exceptional Items
Dec 2001 Dec 2000 Jun 2001
US$m US$m US$m
Write down of goodwill - - (168.2)
- - (168.2)
4. Taxation
Taxation
Dec 2001 Dec 2000 Jun 2001
US$m US$m US$m
Associate companies 0.7 (6.0) 3.3
Subsidiary companies - (2.0) (1.9)
0.7 (8.0) 1.4
Investment activities - - (1.2)
0.7 (8.0) 0.2
5. Earnings Per Share
Earnings per share are calculated on the net gain of US$5.1 million using the weighted average number of 1,368.1
million shares in issue during the period.
6. Market Value Basis Net Assets
Net Assets Based on the Market Price of the Group Holdings
Dec 2001 Dec 2000 Jun 2001
US$m US$m US$m
Listed Investments
Thistle Hotels 367.1 385.7 397.4
James Hardie - 239.1 -
Air New Zealand 33.5 159.4 101.9
400.6 784.2 499.3
Findel - 29.2 -
Tasman Agriculture - 52.4 -
Fraser and Neave 134.0 115.4 130.0
People's Bank of California - 19.1 -
Other Listed Investments 35.9 36.5 92.6
Total Listed Investments 570.5 1,036.8 721.9
Unlisted Investments 283.1 371.9 334.0
Corporate (530.4) (838.0) (526.5)
323.2 570.7 529.4
Net Assets Per Share (US$) 0.24 0.42 0.39
This information is provided by RNS
The company news service from the London Stock Exchange
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