RNS No 9425h
PACIFIC DUNLOP LTD
12th February 1998
PART 3
PACIFIC DUNLOP HALF YEAR RESULTS
TO 31 DECEMBER 1997
For Announcement to the Market
Pacific Dunlop Limited
Half-Yearly Report
for the six months to December 1997
Group Sales Revenue 3.8% up to $3,053.9 million
Group Sales Revenue from Continuing
Businesses 5.4% up to $3,041.7 million
Operating Profit before Abnormal
items and tax 12.8% down to $111.9 million
Abnormal items before tax NIL
Group Operating Profit after tax
for members of Pacific Dunlop
Limited
- inclusive of abnormal items 6.7% up to $90.1 million
- before abnormal items 6.7% up to $90.1 million
Group extraordinary items after tax
for members of Pacific Dunlop Limited NIL
Operating Profit and extraordinary
items after tax attributable to
members of Pacific Dunlop Limited 6.7% up to $90.1 million
Interim Dividend per share:
- this period 7.0c (60% franked)
- previous corresponding
period 7.0c (60% franked)
Earnings per share before abnormal
items
* basic 8.8c
* diluted 8.6c
Earnings per share inclusive of
abnormal items
* basic 8.8c
* diluted 8.6c
Gearing (Net Interest Bearing Debt
to Equity) 70.2% (1996: 62.8%)
Net Liabilities to equity 150% (1996: 139%)
Interest cover before Goodwill
amortisation 3.6x
Interest cover after Goodwill
amortisation 3.2x
Statement of Assets, Liabilities and Shareholders' Equity
Group
(Equity Accounted)
at 31 Dec. at 30 June at 31 Dec.
1997 1997 1996
A$'000 A$'000 A$'000
Current Assets
(a) Cash 1,248,652 1,191,816 1,260,607
(b) Receivables 1,012,754 952,383 1,008,533
(c) Investments - - -
(d) Inventories 1,017,884 954,003 968,408
(e) Other 81,427 68,110 74,158
(f) Total Current Assets 3,360,717 3,166,312 3,329,706
Non Current Assets
(g) Receivables 61,907 77,931 68,289
(h) Investments 193,631 188,676 195,583
(i) Inventories - - -
(j) Property, plant and equipment 1,228,203 1,242,490 1,216,686
(k) Intangibles 677,359 639,996 558,225
(l) Other 294,168 277,474 215,686
(m) Total Non Current Assets 2,455,268 2,426,567 2,254,469
(n) Total Assets 5,815,985 5,592,879 5,584,175
Current Liabilities
(a) Accounts payable 779,796 777,677 734,863
(b) Borrowings 1,644,389 1,382,427 1,439.292
(c) Provisions 398,918 452,579 411,387
(d) Other 2,950 17,469 11,038
(e) Total Current Liabilities 2,826,053 2,630,152 2,596,580
Non Current Liabilities
(f) Accounts payable 2,707 6,261 378
(g) Borrowings 878,128 825,333 924,216
(h) Provisions 240,856 249,523 203,865
(i) Other 39,651 34,811 31,700
(j) Total Non Current Liabilities 1,161,342 1,115,928 1,178,159
(k) Total Liabilities 3,987,395 3,746,080 3,774,739
(l) Net Assets 1,828,590 1,846,799 1,809,436
Shareholders' Equity
(a) Share Capital 514,421 513,573 512,972
(b) reserves 1,179,580 1,181,823 1,160,679
(c) Retained Profits 110,562 116,121 95,202
(d) Shareholders'Equity attributable 1,084,563 1,811,517 1,768,853
to members of the Holding Company
(e) Outside equity interests in 24,027 35,282 40,583
controlled entities
(f) Total Shareholders' Equity 1,828,590 1,846,799 1,809,436
Statement of Cash Flows
of Pacific Dunlop Limited and Controlled Entities
for the Six Months ended 31 December 1997
Consolidated
1997 1996
($'000) ($'000)
Inflows/
Notes Outflows
Cash Flow from Operating Activities
Receipts from customers 2,985,378 2,873,936
Payments to suppliers and employees (2,841,332) (2,663,347)
Net receipts from customers (excluding
medical) 144,046 210,589
Payments to suppliers and employees
net of customer receipts (medical) (19,031) (61,703)
Interest received 27,847 39,189
Interest and other finance costs paid (78,027) (87,063)
Income taxes paid (29,749) (36,413)
Dividends received 2,692 1,368
Net Cash provided by Operating Activities 47,778 65,967
Cash Flow from Investing Activities
Purchase of businesses, net of cash acquired (17,573) (574)
Purchase of property, plant and equipment (83,464) (85,806)
Payments for acquisition of previously held
finance leased assets - (80,144)
Proceeds from the sale of business 5,623 229,169
Proceeds from the sale of plant and equipment 17,979 4,809
Loans repaid 9,532 4,486
Proceeds from the sale of other investments 835 -
Net Cash (Used in)/Provided by Investing
Activities (67,068) 71,940
Cash Flow from Financing Activities
Proceeds from the issue of shares 2,296 6,526
Proceeds from borrowings 4,646,363 2,337,784
Repayment of borrowings (4,443,636) (2,410,218)
Lease payments (395) (7,689)
Dividends paid (143,840) (143,018)
Net Cash Provided by/(Used) in Financing
Activities 60,788 (216,615)
Net Increase/(Decrease) in Cash Held 41,498 (78,708)
Cash at the beginning of the period 1,171,690 1,294,112
Effects of exchange rate changes on the
balances of cash held in foreign currencies
at the beginning of the financial year 19,273 (710)
Cash at End of the Period 2 1,232,461 1,214,694
Notes to the Statement of Cash Flows
1. NON-CASH FINANCING AND INVESTING ACTIVITIES
(i) Property, Plant and Equipment
During the financial period, the economic entity acquired property, plant
and equipment with an aggregate fair value of $2,000 (1996 - $1,466,000) by
means of finance leases. These acquisitions are not reflected in the
Statement of Cash Flows.
(ii) Convertible Bonds
No Convertible Bonds were converted n the financial period ended 31
December 1997 (1996 - $3,138)
2. COMPONENTS OF CASH
For the purpose of the Statement of Cash Flows, Cash includes cash on hand and
in banks and investments in money market instruments, net of outstanding bank
overdrafts. Cash, at the end of the period, as shown in the Statement of Cash
Flows comprises:
1997 1996
($'000) ($'000)
Cash on hand 3,832 1,744
Cash at bank 200,925 148,133
Short-term deposits 1,043,895 1,110,730
Bank overdrafts (16,191) (45,913)
1,232,461 1,214,694
DIRECTORS' REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 1997
This Report by the Directors of the Pacific Dunlop Limited (the Company) is made
pursuant to Division 6 of Part 3.6 of the Corporations Law for the half-year
ended 31 December 1997 and is accompanied by consolidated financial statements
for the six months of the economic entity comprising the Company and the
entities it controlled from time to time during that period ("economic entity").
The information set out in this report is to be read in conjunction with that
apprearing in the attached Half-Yearly Results Announcement and in the Notes to
the Accounts which are included in this report.
Directors
The names of the Directors of the Company in office at the date of this Report
and their relevant qualifications, experience and special responsibilities are:
* J.T. Ralph (Chairman), AO, Hon LLD (Melb and Qld), FCPA, FAICD Chairman since
August 1997 and a Non-Executive Director since 1994. He is Chairman of Foster's
Brewing Group Ltd; Deputy Chairman of the Commonwealth Bank of Australia and of
Telstra Corporation Limited; a Director of the Broken Hill Proprietary Co Ltd,
and of Pioneer International Limited; National President of the Australian
Institute of Company Directors; and a Member of the Board of Management of the
Melbourne Business School. Resident Melbourne, Age 65.
* R.L. Chadwick (Managing Director), FCPA, FAIM, FAICD
Managing Director and Chief Executive Officer since July 1996, prior to which he
was Managing Director of South Pacific Tyres from 1987 to 1995, and then Group
Director of Pacific Industries. Appointed an Executive Director in 1990.
Joined the Company in 1970. Resident Melbourne. Age 52.
* I.G. Burgess, AO, BSc
Non-Executive Director since 1993. Chairman of The Australian Mutual Provident
Society and of CSR Limited; and Deputy Chairman of WMC Limited, he is retiring
from the Board as at the date of this report.
Resident Rydney, Age 66.
* A.B. Daniels, OAM
Appointed to the Board in March 1997, he was formerly Managing Director of
Tubemakers of Australia, Chairman of ANI Ltd anf of the N.S.W. State Government
Superannuation Trustees Corporation, he is Director of Pasminco Ltd. ICI
Australia Ltd. IBJ Australia Bank Ltd and Capral Aluminium Ltd. Resident Sydney.
Age 62.
* C.B. Goode, BComm (Hons) (Melbourne), MBA (Columbia, New york), FCPA, FSIA
Non-Executive Director since 1987. He is Chairman of Australia and New Zealand
Banking Group Limited and of Mercury Asset Management Limited; and a Director of
CSR Limited, Queensland Investment Corporation and Woodside Petroleum Limited.
Resident Melbourne. Age 59.
* R.B. Hershan, BComm (Melbourne), AASA
Appointed an Executive Director in 1995. Managing Director of Pacific Brands
since 1986. He is a Director of the Melbourne Fashion Festival Ltd, President
of the Textile Fashion Industry Association and a Member of the Textiles.
Clothing & Footwear Advisory Board. Joined the Company in 1978. Resident
Melbourne. Age 50.
* M.A. Jackson, MBA (Melbourne) BEcon (Monash), FCA
Non-Executive Director since 1992. She is Chairman of Victorian Transport
Accident Commission; Director of Australia and New Zealand Banking Group
Limited, The Broken Hill Proprietary Co. Limited, Qantas Airways Ltd. and
Playbox Malthouse Ltd; Deputy Chairman of the Baker Appeal Committee and a
Trustee of the Brain Imaging Research Foundation. Resident Melbourne. Age 44.
* R.J. McLean, BEc (Hons), MBA (Columbia, New York)
Appointed to the Board on 1 July 1997, Mr. McLean was previously Managing
Director of the Australia and New Zealand practice of McKinsy & Co, and Chairman
of its Asia-Pacific Council. A Director of the Centre for Independent Studies
and of the Benevolent Society of NSW, he is a former Chairman of Earthwatch
Australia. Resident Sydney, Age 51.
* Professor D.G. Penington, AC, MA, DM, BCh, FRCP, FRACP, FRCPA
Non-Executive Director since 1991, and Vice Chancellor of Melbourne University
from 1988 to 1995. He is Chairman of Cochlear Limited and of the Co-operative
Research Centre for Cell Growth Factors; President of the Museum of Victoria; a
Director of Murdoch Institute for Research into Birth Defects, a member of the
Ernst & Young Advisory Board and a Principal of Foursight Pty. Ltd. He was
Chairman of the Premier's Drug Advisory Council in Victoria from 1995 to 1996.
Resident Melbourne. Age 68.
* G.G. Spurling, ED, BTech, M Aut E, FIEAUST, FTS
Appointed an Executive Director in 1990. President and Chief Executive of GNB
Technologies from 1987, when he joined the Company, until 1996, when he became
President of Pacific Dunlop Holdings (USA) inc. and the Executive Director
responsible for Manufacturing Excellence throughout the Group. A Director of
Mayne Nickless Limited and a former President of the Battery Council
International, he will retire from the Board and the Company at the end of March
1998. Resident Georgia USA. Age 60.
* I.E. Webber, AO, BE, ATS, FCIT, FAIM
Non-Executive Director since 1991. A director of Santos Ltd and of WMC Ltd, his
is a member of the General Motors Australian Advisory Council and of the
Australian Advisory Board of Asea Brown Boveri Pty Ltd. Formerly Chairman of
Mayne Nickless Ltd., he was an Associated Commissioner to the Post 2000
Automotive Industry Review. Resident Adelaide, Age 62.
The relevant interests of each of those Directors in the share capital of the
Company and any related body corporate as notified to the Australian Stock
Exchange Limited pursuant to the provisions of section 235 of the Corporations
law are:
Particualrs of shares held by Directors of the Company as at 12 February 1998:
1 2 3 4
J.T. Ralph 100 60,000
I.G. Burgess 39,964 30,000
R.L. Chadwick 97,790 303,610 220,000
A.B. Daniels 5,000
C.B. Goode 28,600 119,900 50,000
R.B. Hershan 70,866 370,000
M.A. Jackson 56,100 39,400 1,718,900
R.J. McLean 10,000
D.G. Penington 1,000 21,700 40,000
G.G. Spurling 97,000 220,000
I.E. Webber 8,465 58,800
1. Beneficial in own name 2. Beneficial, private company 3. Beneficial, paid
to 1 cent 4. Non-Beneficial.
The number of Board and Committee meetings held during the period the Director
was a member of the Board or Committee and the number of meetings attended
during that period are set out below:
Attendance at Board and Board Committee Meetings during the half-year ended 31
December 1997
Board Audit Corporate Donations Nomin- Remuner-
Conduct ations ation &
Evaluat-
ion
Held Attd Held Attd Held Attd Held Attd Held Attd Held Attd
J T Ralph 6 6 -- -- 4 4
I G Burgess 6 6 2 2 -- -- 4 4
R L Chadwick 6 6 2 2 1 1
A B Daniels 6 6 2 2 4 4
C B Goode 6 6 1 1 1 1 4 4
J B Gough 2 2 -- -- 1 1
R B Hershan 6 6
M A Jackson 6 5 1 1 1 1 4 3
J J Kennedy 2 1 1 1 1 -
R J McLean 6 6 1 1 4 4
D G Penington 6 6 2 2 1 1 4 4
G G Spurling 6 6
I E Webber 6 5 -- -- 4 4
Mr J J Kennedy retired from the Board on 8 August 1997. Mr J B Gough
retired as Chairman and a Director on 22 August 1997. He was
succeeded as Chairman on that date by Mr J T Ralph.
Held - Indicates the number of meetings held during the period the Director was
a Member of the Board and/or Committee. Attd - Indicates the number of meetings
attended during the period the Director was a Member of the Board and/or
Committee. No meetings of the Nominations Committee were held during this
period.
In addition, one special Board meeting was held during the perios at which only
a quorum was present. Those in attendance were Mr J T Ralph and Ms M A Jackson.
Mr R J McLean was appointed a Director on 1 July 1997. Mr I G Burgess is
retiring from the Board on 12 February 1998. Mr G G Spurling will retire from
the Board and as an executive of the Company at the end of March 1998.
Review and Results of Operations
A review of the operations of the Group during the half-year ended 31 December
1997 and the results of those operations is contained in the attached review.
Significant Changes in the State of Affairs
Except as disclosed in the attached Half-Yearly Results Announcement, there were
no significant changes in the state of affairs of the Group that occurred during
the accounting period.
Rounding
Pacific Dunlop Limited is a company of the kind referred to in sub-regulation
3.6.05 of the Corporations Regulations and, unless otherwise shown, amounts in
the accounts and here after in this Directors' Report have been rounded off to
the nearest thousand dollars in accordance with section 311 of the Corporations
Law and that sub-regulation.
Section 305(12) of the Corporations Law
This Report does not relate to an entity's activities, operations or state of
affairs during the period throughout which the Company did not control the
entity, or to the results of such operations.
Other Matters
(a) Directors have declared interests in contracts or proposed contracts
with the Company by virtue of their association with the companies
specified in the statement setting out particulars of the
qualifications, experience and special reponsibilities of each
Director above. Some of these companies have transactions with the
Company in the ordinary course of business.
There are no particulars of Directors' interests declared in contracts
as described in section 307(1)(c) of the Corporations Law or in
accordance with the Articles which are not otherwise disclosed in the
Report.
(b) No Director of the Company has received or become entitled to receive
a benefit such as would be required to be reported pursuant to Section
309 of the Corporations law other than those that will be disclosed in
the Notes to the Company's financial statements for the financial year
ending 30 June 1998 in accordance with ASC Class Order 97/2348.
This Report is made in accordance with a resolution of the Board of Directors
and is signed for and on behalf of the Directors.
J T Ralph
Director
R L Chadwick
Director
Dated at Melbourne this 12th day of February 1998
STATEMENT BY DIRECTORS
In the opinion of the Directors of Pacific Dunlop Limited the consolidated
accounts of the economic entity have been made out in accordance with Divisions
4A and 4B of Part 3.6 of the Corporations Law and so as to give a true and fair
view of the profit of the economic entity for the half-year ended 31 December
1997 and the state of affairs of the economic entity as at 31 December 1997.
This statement is made in accordance with a resolution of the Board of Directors
and is signed for and on behalf of the Directors.
Chartered Accountants
INDEPENDENT REVIEW REPORT
TO THE MEMBERS OF PACIFIC DUNLOP LIMITED
Scope
We have reviewed the consolidated financial statements of Pacific Dunlop Limited
for the half-year ended 31 December 1997, consisting of the profit and loss
account, balance sheet, statement of cash flows, accompanying notes and the
statement by directors. The half-year consolidated financial statements are the
consolidated accounts of the economic entity comprising the company and the
entities it controlled. The company's directors are responsible for the
preparation and presentation of the half-year consolidated financial statements
and the information contained therein. The half-year consolidated financial
statements have been prepared for lodgement with the Australian Securities
Commission in accordance with section 317A(1) of the Corporations Law.
We have performed the review of the half-year consolidated financial statements
in order to enable us to state whether, on the basis of procedures which do not
provide all the evidence that would be required in an audit, anything has come
to our attention that causes us to believe that the half-year consolidated
financial statements are not presented fairly in accordance with Accounting
Standard AASB 1029 "Half-Year Accounts and Consolidated Accounts", other
mandatory professional reporting requirements (Urgent Issues Group Consensus
Views) and statutory requirements.
Our review has been conducted in accordance with Australian Auditing Standards
applicable to review engagements. A review is limited primarily to inquiries of
company personnel and anlytical procedures applied to the financial data. Our
review has not involved a study and evaluation of internal accounting controls,
tests of acounting records or tests of responses to inquiries by obtaining
corroborative evidence from inspection, observation or confirmatioin. The
procedures conducted do not provide all the evidence that would be required in
an audit, thus the level of assurance provided is less than given in an audit.
We have not performed an audit and, accordingly, we do not express an audit
opinion
Statement
Based on our review, which is not an audit, nothing has come to our attention
that causes us to believe that the consolidated financial statements of Pacific
Dunlop Limited and its controlled entities for the half-year ended 31 December,
1997 are not properly drawn up:
(a) so as to give a true and fair view of:
i) the state of affairs of the economic entity at 31 December 1997, and
the results and cash flows of the economic entity for the half-year
ended on that date; and
ii) the other matters required by Divisiions 4,4A and 4B of Part 3.6 of
the Corporations Law to be dealt with in the half-year consolidated
financial statements;
(b) in accordance with the provisions of the Corporations Law, and
(c) in accordance with Accounting Standard AASB 1029 "Half-Year Accounts and
Consolidated Accounts" and other mandatory professional reporting
requirements.
KPMG
Chartered Accounts
END
IRCAUONKWWKUARR
Hsbc Bk.22 (LSE:49IA)
過去 株価チャート
から 6 2024 まで 7 2024
Hsbc Bk.22 (LSE:49IA)
過去 株価チャート
から 7 2023 まで 7 2024
