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BIDVEST PLC RESULTS FOR THE NINE MONTHS ENDED MARCH 31, 2002
Result for the nine months
ended March 31 2002
Bidvest plc is an 81% held subsidiary of The Bidvest Group Limited. Bidvest
plc is listed on the Luxembourg and Australian Stock Exchanges. Bidvest plc
is a leading foodservice products distributor in the United Kingdom,
Australia and New Zealand.
* Revenue GBP955 million +29%
* Operating income GBP22,4 million +31%
* Headline Earnings GBP15,8 million +24%
* Headline earnings per share 8.06p +24%
Brian Joffe, Chairman of Bidvest plc, commented:
"These results are a testament to the quality of the management who
continue to lay the foundations from which the Group intends to consolidate
its position internationally through organic as well as acquisitive growth
whilst delivering above average returns."
May 13 2002
Enquiries:
Bidvest plc
Brian Joffe, Chairman Tel: + 27 (0) 11 481 4129
Jack Hochfeld, Group Corporate Finance Tel: + 27 (0) 11 481 4103
David Cleasby, Group Corporate Finance Tel: + 27 (0) 11 481 4104
College Hill Johannesburg Tel: + 27 (0) 11 447 3030
Nick Elwes
Robyn Hunt
Bidvest plc
Result for the nine months
ended March 31 2002
CONSOLIDATED INCOME STATEMENT
GBP000`s 9 months 9 months Year ended Change on
ended ended June 30 2001 last year
March 31 March 31 Audited
2002 2001
Unaudited Unaudited
Revenue 954,803 739,017 1,018,405 +29%
United Kingdom - 439,742 362,896 503,224
trading
-logistics 297,748 260,800 352,565
Australasia 217,313 115,321 162,616
Operating Income 22,368 17,039 24,186 +31%
United Kingdom 17,328 13,862 19,926
Australasia 5,040 3,177 4,260
Net finance income (640) 281 345
(expense)
Income before 21,728 17,320 24,531 +25%
taxation
Taxation (5,898) (4,535) (6,460)
Headline earnings 15,830 12,785 18,071 +24%
Goodwill (921) (181) (282)
amortisation
Income attributable 14,909 12,604 17,789 +18%
to shareholders
Number of shares in
issue 196,440 196,241 196,282
(weighted 000)
Headline earnings
per share
British pence 8.06 6.51 9.21 +24%
Australian cents 22.83 17.60 25.08 +30%
CONSOLIDATED CASH FLOW STATEMENT
GBP000`s 9 months 9 months Year ended
ended ended June 30 2001
March 31 March 31 Audited
2002 2001
Unaudited Unaudited
Cash flow from 23,019 10,754 41,461
operating
activities
Cash generated by 35,781 18,747 49,424
operations
Net finance income (640) 281 345
(expense)
Taxation paid (5,204) (2,704) (2,655)
Dividends paid (6,918) (5,570) (5,653)
Cash effects on (34,924) (17,576) (27,021)
investment
activities
Fixed asset (10,289) (11,509) (15,971)
additions
Proceeds on 294 88 212
disposal of fixed
assets
Acquisition of (24,929) (6,155) (11,262)
businesses
Cash effects of 6,440 3,526 5,510
financing
activities
Proceeds from share 36 205 224
issues
Interest bearing 6,404 3,321 5,286
debt raised
Cash inflow (5,465) (3,296) 19,950
(outflow)
CONSOLIDATED BALANCE SHEET
GBP000`s March 31 March 31 June 30
2002 2001 2001
Unaudited Unaudited Audited
ASSETS
Non current assets 93,678 69,647 94,630
Fixed assets 73,724 65,388 73,285
Intangible 19,256 4,146 20,676
assets
Investments and 698 113 669
net deferred tax
Current assets 238,196 174,872 226,040
Inventories and 185,467 139,426 167,758
receivables
Liquid funds 52,729 35,446 58,282
Total assets 331,874 244,519 320,670
EQUITY AND
LIABILITIES
Shareholders` 99,330 83,974 91,086
interest
Current liabilities 232,544 160,545 229,584
Liabilities 198,333 134,582 201,777
Interest bearing 34,211 25,963 27,807
debt
Total equity and 331,874 244,519 320,670
liabilities
Number of shares in 196,467 196,387 196,415
issue (000)
Net asset value per
share
British pence 50.56 42.76 46.37
Australian cents 143.70 124.52 128.35
STATEMENT OF CHANGES IN SHAREHOLDERS`
INTEREST
GBP000`s March 31 March 31 June 30
2002 2001 2001
Unaudited Unaudited Audited
Shareholders`
interest at the 91,086 80,477 80,477
beginning of the
period
Share capital
issued for cash
- share option 1 8 9
plan
Share premium
- share option 34 197 215
plan
Non-distributable 346 (3,101) (1,036)
reserves
Distributable 7,863 6,393 11,421
reserve
- income for 14,909 12,604 17,789
period
- prior year - (326) (326)
adjustment -
depreciation
of buildings
- dividends (7,046) (5,652) (5,652)
declared
- goodwill written - (233) (390)
off
Shareholders`
interest at the end 99,330 83,974 91,086
of the period
COMMENT
The board of Bidvest plc are pleased to announce satisfactory results for
the period under review. Operating income increased by 31% to GBP22,4
million (2001: GBP17,0 million) and headline earnings per share increased by
24% to 8.06 pence per share (2001: 6.51 pence per share). Cash generated by
operations amounted to GBP35,8 million in the nine months (2001: GBP18,7
million). These results are a testament to the quality of the management and
their commitment to generating above average returns.
United Kingdom
3663 First for Foodservice has had a strong nine months against the backdrop
of a market that is generally believed to have not shown growth over the
period. Turnover growth reflected new national and independent sales gains
which have had a beneficial impact on operating margins.
Australasia
Bidvest Australia, in addition to growing organically, continues to make
progress in the restructuring and integration of the John Lewis Foodservice
business, the full benefits of which are still to be realised.
The trading environment in Australia remains relatively stable and Bidvest
Australia continues to establish itself as a leading foodservices
distributor. Strong organic growth has continued from our New Zealand
business.
PROSPECTS
The Group intends to consolidate its position internationally in the
foodservice, hospitality and leisure markets, through organic as well as
acquisitive growth. The Group remains optimistic that it will continue to
deliver above average returns.
For and on behalf of the board
B.Joffe P.J.Wentzel
Chairman Director
May 13 2002
Date: 13/05/2002 03:25:32 PM Produced by the SENS Department
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