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highlights
- REVENUE 27%
- Operating income 31%
- HEADLINE EARNINGS 27%
- Headline earnings per share 27%
- DIVIDEND PER SHARE 11%
Consolidated income statement
for the year ended June 30
Change on
GBP000`s 2002 2001* last year
Revenue 1,288,647 1,018,405 +27%
United Kingdom
- trading 598,425 503,224
- logistics 402,498 352,565
Australasia 287,724 162,616
Operating income 31,690 24,186 +31%
United Kingdom 24,957 19,926
Australasia 6,733 4,260
Net finance income (expense) (733) 345
Income before taxation 30,957 24,531 +26%
Taxation (7,919) (6,460)
Headline earnings 23,038 18,071 +27%
Abnormal item (1,103) -
Goodwill amortisation (1,158) (282)
Income attributable to
shareholders 20,777 17,789 +17%
Number of shares in issue
(weighted 000) 196,447 196,282
Headline earnings per share
British pence 11.73 9.21 +27%
Australian cents 32.45 25.08 +29%
Dividend per share
British pence 3.60 3.24 +11%
Australian cents 9.92 8.89 +12%
Consolidated balance sheet
at June 30
GBP000`s 2002 2001*
ASSETS
Non-current assets 94,082 93,968
Fixed assets and investments 74,708 73,292
Intangible assets 19,374 20,676
Current assets 235,813 226,040
Inventories and receivables 169,323 167,758
Liquid funds 66,490 58,282
Total assets 329,895 320,008
EQUITY AND LIABILITIES
Shareholders` interest 105,232 91,086
Current liabilities 224,663 228,922
Liabilities 191,218 176,848
Vendors for acquisition - 24,929
Net deferred tax 884 (662)
Interest-bearing debt 32,561 27,807
Total equity and liabilities 329,895 320,008
Number of shares in issue (000) 196,467 196,415
Net asset value per share
British pence 53.56 46.37
Australian cents 145.44 128.35
Consolidated cash flow statement
for the year ended June 30
GBP000`s 2002 2001
Cash flow from operating activities 43,988 41,461
Cash generated by operations 58,489 49,424
Net finance income (expense) (733) 345
Taxation paid (6,811) (2,655)
Dividends paid (6,957) (5,653)
Cash effects of investment activities (40,458) (27,021)
Fixed asset additions (15,990) (15,971)
Proceeds on disposal of
fixed assets 461 212
Acquisition of businesses (24,929) (11,262)
Cash effects of financing activities 4,790 5,510
Proceeds from share issues 36 224
Interest-bearing debt raised 4,754 5,286
Cash inflow 8,320 19,950
Statement of changes in shareholders` interest
for the year ended June 30
GBP000`s 2002 2001*
Shareholders` interest at the
beginning of the year 91,086 80,477
Share capital issued for cash - options 1 9
Share premium 35 215
Non-distributable reserves 650 (1,036)
Distributable reserve 13,460 11,421
- income for period 20,777 17,789
- prior year adjustment -
depreciation of buildings - (326)
- dividends declared (7,045) (5,652)
- goodwill written off (272) (390)
Shareholders` interest at the end
of the year 105,232 91,086
Note: *A change in accounting policy to depreciate own use buildings
increased overhead costs by GBP354,000 (2001: GBP302,000).
Comment
Bidvest plc is pleased to announce strong results for the financial
year. Operating income increased by 31% to GBP31.7 million (2001:
GBP24.2 million) and headline earnings per share increased by 27% to
11.73 pence per share (2001: 9.21 pence per share). Cash generated by
operations amounted to GBP58.5 million (2001: GBP49.4 million). The
results are a tribute to the efforts of the management team.
United Kingdom
3663 First for Foodservice had an extremely successful year, with
revenue up 17% and operating income up 25% in a market generally
regarded as flat.
The most significant gain was recorded by Multi-Temperature, the largest
division, with good growth from the Frozen Products division. These
trading units achieved sales growth in both the Independent and National
customer sectors. Further buying improvements offset pressure on costs
leading to increased operating margins.
The performance of the Logistics division continues to improve. Central
Distribution achieved efficiencies in costs which, combined with new
accounts brought on stream in the latter part of the year, enhanced
profitability.
Australasia
The results of Bidvest First for Foodservice in Australia reflect
organic growth and a positive contribution from the acquisition of John
Lewis Foodservice in June 2001. The expected synergies resulting from
this transaction have not as yet fully manifested themselves.
The trading environment in Australasia remains relatively stable and
Bidvest Australasia continues to entrench itself as the leading
foodservice distributor in Australia and New Zealand.
Abnormal item
The abnornal item of GBP1,1 million relates to the net costs incurred in
the unsuccessful bid for Brake Bros plc.
PROSPECTS
Bidvest plc has a strong, leading market position with an excellent
management team and a sound financial base. Bidvest plc is committed to
service its customer base through investment in modern infrastructure
and improvements in operational efficiencies. Bidvest plc remains
committed to controlled organic growth and further foodservice
acquisitions.
DIVIDEND
A dividend of 1.80 pence per share, which for shareholders on the
Australian register will be 5.00 Australian cents per share, has been
declared to shareholders registered in the books of the Company at the
close of business on September 6 2002. Dividend cheques will be posted
on or about September 17 2002.
For and on behalf of the board
B Joffe PJ Wentzel
Chairman Director
August 15 2002
Directors: B Joffe (Chairman), FJ Barnes, BL Berson, KH Bielby, M
Chipkin, EM Cowley*, A Fisher, CH Kretzmann, P Nyman*, JL Pamensky*, TH
Reitman*, DK Rosevear*, A Selley, PJ Wentzel*
*Non-executive
Registration number: 92157C
Transfer secretaries: Bid Corporate Services (IOM) Limited, Murdoch
Chambers, Douglas Head Road, South Quay, Douglas, Isle of Man, IM1 5AS
Computershare Limited, Level 3, 60 Carrington Street, Sydney, NSW 1115,
Australia
Administration AND REGISTERED officE: Murdoch Chambers, Douglas Head
Road, South Quay, Douglas, Isle of Man, IM1 5AS
URL: www.bidvest.com/homeplc.htm
A member of The Bidvest Group Limited
Date: 15/08/2002 07:00:03 AM Produced by the JSE SENS Department
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