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BVT
BVT
BVT - The Bidvest Group Limited - Trading Update
The Bidvest Group Limited
Incorporated in the Republic of South Africa
(Registration number 1946/021180/06)
Share code: BVT
ISIN: ZAE000117321
("Bidvest" or "the Group")
Trading Update
Bidvest anticipates headline earnings per share (HEPS) for the six months
ended December 31 2008 to be down 9% on the previous interim period.
Earnings per share (EPS) are anticipated to be up by 9%.
The decline in headline earnings is due to the expensing of R165m in closure
and reorganisation costs in certain operations within motor retail and the UK
foodservice and Ontime Automotive businesses. All other businesses in the
Group performed in line with expectation.
Net of tax these costs amount to 40 cents per share. Therefore, without these
closure and rationalisation costs HEPS would have decreased by 1% on the
previous interim period.
These decisive actions were deliberately taken to put the Group in a stronger
position at a time of uncertainty and worldwide economic recession. Difficult
times provide opportunity and Bidvest is alert to the potential this offers.
A provisional abridged consolidated income statement for the half year ended
December 31 2008 is provided for clarity.
Half year ended December 31 Year ended
June 30
2008
2008 2007 %
R000s Unaudited Unaudited Change Audited
Revenue 59 990 887 53 884 531 +11,3 110 477 551
Cost of revenue (48 238 631) (43 711 260) (88 785 765)
Gross profit 11 752 256 10 173 271 +15,5 21 691 786
Net operating (9 137 532) (7 715 185) (16 356 920)
expense
Trading profit 2 614 724 2 458 086 +6,4 5 334 866
Net finance (562 891) (445 468) (931 040)
charges
Share of profit of 29 320 59 081 121 962
associates
Profit before non
trading items and 2 081 153 2 071 699 +0,5 4 525 788
taxation
Non trading items 44 018 (46 544) 9 041
(profits/(losses))
- Net profit
(loss) on disposal
of investments in 293 672 (50 019) (60 480)
subsidiaries
and associates
- Net loss arising
on closure and
reorganisation of (239 240) - -
operations
-- Rationalisation (165 339) - -
costs
-- Impairment of (73 901) - -
property, plant
and equipment
- Other (10 414) 3 475 69 521
Profit before 2 125 171 2 025 155 +4,9 4 534 829
taxation
Taxation (477 456) (525 576) (1 199 960)
Profit after tax 1 647 715 1 499 579 +9,9 3 334 869
Profit
attributable to (53 641) (19 555) (81 985)
minority
Shareholders
Profit
attributable to 1 594 074 1 480 024 +7,7 3 252 884
ordinary
shareholders
of the company
Headline earnings reconciliation
The following
adjustments to profit
attributable to
shareholders were
taken into account in
the calculation of
headline earnings
Income attributable
to shareholders of 1 594 074 1 480 024 +7,7 3 252 884
the company
Impairment of
property, plant and
equipment, goodwill 80 105 - 63 722
and intangibles
Net loss (profit) on
disposal of
investments in (293 672) 50 019 60 480
subsidiaries and
associates
Net loss (profit) on
disposal of property,
plant and equipment 4 227 (3 475) (46 747)
and intangibles
Negative goodwill
recognised in profit (17) - (86 496)
Attributable to
minority shareholders - - 33
Tax relief (20 461) (15 972) (6 072)
Headline earnings 1 364 256 1 510 596 -9,7 3 237 804
Weighted number of
shares in issue 300 514 303 283 303 159
(`000)
Basic earnings per 530,4 488,0 +8,7 1 073,0
share (cents)
Headline earnings per 454,0 498,1 -8,9 1 068,0
share (cents)
The Board is due to meet on February 26 2009 to consider the detailed
results and distribution to shareholders. A detailed announcement of the
results for the six months ended December 31 2008 will be published on March
2 2009.
This trading statement has not been reviewed or reported on by Bidvest`s
external auditors.
By order of the Board
February 20 2009
Sponsor: Investec Bank Limited
Date: 20/02/2009 12:30:51 Produced by the JSE SENS Department.
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