Brierley Investments - Final Results

RNS No 7663r
BRIERLEY INVESTMENS LIMITED
10th September 1998


                    PRELIMINARY STATEMENT OF ANNUAL RESULTS
                      FOR THE YEAR ENDED 30 JUNE 1998



                                 30 June 1998                    30 June 1997
                                                 NZ$thousands
OPERATING REVENUE                  2,869,930                        2,531,889 
NET OPERATING SURPLUS 
BEFORE TAXATION*                     264,036                          254,527
Taxation                              31,542                           18,042
SURPLUS AFTER TAXATION               232,494                          236,485
Minority Interests                    50,398                           58,528
Equity Earnings                      104,809                          133,378
Investment Writedowns and 
Provisions                         1,191,191                             NIL 
NET SURPLUS                         (904,286)                         311,335
Amount absorbed by final dividend      NIL                            133,862
* there were no extraordinary items

Rate of final dividend per share       NIL                             5 cents
Amount absorbed thereby                 NA                       $133,862,000
Imputation tax credit per share         NA                      0.985075 cents
Supplementary dividend per share        NA                      0.352941 cents
Adjusted earnings per share        (29.4) cents                     11.2 cents

1.   All amounts in New Zealand dollars or cents.

2.   The Results and the attached Statement of Assets, Liabilities and
     Shareholders' Equity have been audited.

3.   A final dividend will not be paid.

4.   The Annual Report will be sent to shareholders about 1 October 1998. The
     Report will be available to the public at the Company's office 4th Floor,
     Stratton House, Stratton Street, London W1X 6BN.

5.   The Annual Meeting will be held in the Michael Fowler Centre, Wakefield
     Street, Wellington, New Zealand on 10 November 1998, commencing at 11.00
     a.m.


R O Douglas
Executive Chairman
10 September 1998


STATEMENT OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY

                                                       CONSOLIDATED
                                         At end of current    As shown in last
                                               full year        Annual Report
                                                 $NZ'000          $NZ'000
CURRENT ASSETS
(a)   Cash                                     165,708             401,594
(b)   Receivables                              295,114             286,202
(c)   Short-term investments                     2,632               7,579
(d)   Inventories                              224,632             274,445
(c)   Other                                      NIL                  NIL
(f)   TOTAL CURRENT ASSETS                     688,086             969,820
NON-CURRENT ASSETS
(9)   Receivables                                NIL                  NIL
(h)   Investments                            5,891,718           5,836,338
(i)   Property, plant and equipment          1,456,263           1,386,971
(j)   Intangibles                              205,673             137,364 
(k)   Other                                      NIL                  NIL

(l)   TOTAL NON-CURRENT ASSETS               7,553,654           7,360,673 
(m)   TOTAL ASSETS                           8,241,740           8,330,493
CURRENT LIABILITIES 
(a)   Accounts payable                         634,937             623,161 
(b)   Borrowings                             1,315,872             452,978
(c)   Provisions                                (5,263)                948 
(d)   Other                                       NIL                 NIL 
(e)   TOTAL CURRENT LIABILITIES              1,945,546           1,077,087
NON-CURRENT LIABILITIES
Accounts payable                                  NIL                  NIL
(9)   Borrowings                             2,944,928           2,703,934
(h)   Provisions                                46,737              28,577
(i)   Other                                       NIL                  NIL
(j)   TOTAL NON-CURRENT LIABILITIES          2,991,665           2,732,511 
(k)   TOTAL LIABILITIES                      4,937,211           3,809,598 
(l)   NET ASSETS                             3,304,529           4,520,895
SHAREHOLDERS EQUITY

(a)   Paid in share capital                  2,106,203            1,850,565
(b)   Reserves                                (594,408)            (571,227)
(c)   Retained profits                       1,180,388            2,191,723
(d)   Convertible notes                          NIL                269,414
(e)   Outside equity interests in 
      subsidiaries                             612,346              780,420
(f)   TOTAL SHAREHOLDERS EQUITY              3,304,529            4,520,895

Certain comparatives have been restated to correspond with 1998 presentation.

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