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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blackthorn | LSE:BRL | London | Ordinary Share | AU000000BTR5 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number:5164A
Brierley Investments Limited
15 March 2001
BRIERLEY INVESTMENTS REPORTS INTERIM RESULTS
For the Six Months Ended 31 December 2000
Results Summary Six Months ended 31 December 2000
Six Months Six Months Full Year
Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Net profit/(loss) excluding
exceptional items (US$ million) (21) 21 (26)
Net profit/(loss) (US$ million) (21) (50) (162)
USc USc USc
Earnings/(loss) per share (0.8) (1.7) (5.8)
Earnings/(loss) per share
excluding exceptional items (0.8) 0.7 (0.9)
Dividends per share - - -
Net assets per share 29.0 35.2 31.6
Key Points
SINGAPORE, 15 March 2001 -- Brierley Investments Limited (BIL), an international
investment company with a global portfolio of investments, today announced its
interim results for the six months ended 31 December 2000.
* The company reported a net loss of US$20.8 million for the half year following
a significant reduction in the equity accounted contribution from associates,
US$21.5 million versus US$51.7 million, reflecting disappointing performances
by two of its core investments, Air New Zealand and James Hardie.
* Significant further progress has been made in realising non-core assets,
including the disposal of Sealord and the Wayang Windu Geothermal Power
Project, the principle operating business of AsiaPower.
* BIL's new investments performed well in the first half, with its stake in F &
N showing good gains which have not been realised and its portfolio trading
activities exceeding target rates of return.
* Sir Ron Brierley will retire as a non-executive director of the company on 30
March 2001, being the 40th anniversary of the incorporation of the Company in
Wellington on 30 March 1961. Sir Ron was Chairman of the Company from 1961
until 1990.
* Mr Reggie Thein and Mr Kwek Leng San will be appointed as non-executive
directors on 30 March 2001.
"Although Air New Zealand and James Hardie faced difficult trading conditions in
the first half in their respective markets, BIL remains on track to return to
growth in asset value this year," noted Greg Terry, BIL's Chief Executive
Officer.
He added, "Thistle Hotels has made significant progress over the last six months
and James Hardie has successfully laid the foundation for a complete focus on
its high growth fibre cement business. Air New Zealand has a new management, a
new structure and the elements of a new strategy and although the full
integration of Ansett and the implementation of the new strategy will take time,
the prospects for Air New Zealand going forward are sound."
"We expect to add to our portfolio of strategic investments in the second
half," Mr Terry added.
Enquiries:
Brierley Investments Limited Tel: +65-438-0002
Andrew Shepherd
Email: a.shepherd@bil.com.sg
Gavin Anderson & CompanyTel: +65-339-9110
Richard Barton Mobile: +65-9627-1056 Email: rbarton@gavinanderson.com.sg
Terence Foo Mobile: +65-9878-8787 Email: tfoo@gavinanderson.com.sg
Notes to editors:
Brierley Investments Limited
(Bloomberg: BRY SP, Reuters: BRY.SI)
1. An international investment company headquartered in Singapore, Brierley
Investments Limited (BIL) has a primary listing on the Singapore Exchange,
with secondary listings on the London, New Zealand and Australian Stock
Exchanges.
2. The company's primary role is as an active investor with strategic
shareholdings and active investment management aimed at extracting and
maximising shareholder value.
3. BIL's key investments are:
* Thistle Hotels - 46% stake
* James Hardie - 29% stake
* Air New Zealand - 30% stake
* Fraser and Neave - 10% stake
4. Retirement of Sir Ron Brierley
Sir Ron Brierley, aged 63, was born in New Zealand and founded BIL in 1961,
building it to be one of the largest listed companies by market
capitalisation in Australasia. He was Chairman and CEO until 1979 and
Chairman until 1990, when he became a non-executive director and Founder
President, which is an appointment for life.
He is currently Chairman of Guinness Peat Group plc and holds a number of
Directorships of companies in Australia. He was formerly Chairman of the
Bank of New Zealand, a Trustee of the Sydney Cricket and Sports Ground Trust
(1988-96) and President, New Zealand Cricket (1995).
5. Appointment of Non Executive Directors
Mr Reggie Thein, aged 60, spent 37 years with Coopers-Lybrand, the legacy
firm of PricewaterhouseCoopers. He retired from the firm as senior partner
in 1999. He was Vice Chairman of Coopers-Lybrand and Managing Director of
its management consulting services firm from its inception in 1972. Mr Thein
is a fellow of the Institute of Chartered Accountants in England & Wales and
a member of The Institute of Certified Public Accountants of Singapore. He
is a member of the governing council of The Singapore Institute of Directors
and is active in promoting and advancing the practice of corporate governance
in Singapore. He was awarded the Public Service Medal by the President of
Singapore in 1999.
Mr Kwek Leng San, aged 45, has been President and CEO of Hong Leong
Industries Berhad since 1993 and from 1990 to 1993 was Group Managing
Director of Malaysian Pacific Industries Berhad.
6. More information can be found on our website http://www.bilgroup.com.
CHIEF EXECUTIVE'S HALF YEAR REVIEW
Review of Key Investments
Thistle Hotels
Thistle's results for 2000 showed good growth in turnover, underlying
profitability and cash flow, with a particularly encouraging second half
performance after a difficult start to the year.
Thistle's key objective is to improve cash generation and reduce debt levels
through profit growth, working capital control and reduction in capital
spending, particularly from 2002 onwards, though capital expenditure in 2001
will be lower than in the prior two years.
BIL's objective remains to add value to Thistle so that the market value of
Thistle exceeds BIL's book value.
Air New Zealand
Air New Zealand has experienced a very disappointing first half, with
operational performance likely to remain disappointing in the second half.
However, a completely new management team is now in place with a new corporate
structure and a new strategy. The strategy will see the completion of the
Ansett integration as well as initiatives to enhance co-operation with Singapore
Airlines.
James Hardie
The results of the gypsum business have affected James Hardie's overall results.
However, its core cement fibre board business continues to show excellent growth
despite US slowdown.
The establishment of the Medical Research and Compensation Foundation and the
transfer of asbestos liabilities into that Foundation presents a win/win
situation for all parties. Claimants have the certainty that funds will be
available regardless of the operating performance of James Hardie, whilst
shareholders will benefit with James Hardie free to focus on its growth
business. In addition, the Government and the community will benefit from the
Foundation's research activities.
Unlisted Investments
The value of BIL's unlisted investments reduced from US$480 million to US$372
million, principally as a result of the disposal of Sealord for an aggregate
amount of NZ$207.75 million, comprising NZ$181.5 million in cash and the
assumption of NZ$26.25 million of debt.
With respect to the company's investment in Molokai Ranch (on Molokai Island in
Hawaii), a revised development strategy is currently under active discussion
with partners. If the outcome of these discussions is as currently anticipated,
this will be consistent with the basis of the existing independent valuation and
further adjustments to Molokai's book value are unlikely to be required.
Investment Strategy
In the last year the focus has been on selected situations in Singapore and
Australia. Going forward, core investment activity will be across Singapore,
Australia, New Zealand and Hong Kong, following a systematic sector-by-sector
review. We will continue to look for undervalued growth companies with good,
profitable businesses, which will allow us to unlock substantial shareholder
value.
Major new initiatives depend to some extent on the completion of financing
restructuring. That restructuring is well advanced and BIL expects to be a
position to make additional core and strategic acquisitions during 2001. Our
strategy will remain to ensure, first, that BIL's foundations are solid, and
secondly, that that target investments are thoroughly researched and meet our
investment criteria.
Shareholder Distributions
Given the results for the first half of this financial year, the Board has
decided that it would not be appropriate to declare an interim dividend.
Outlook
In view of the uncertainty surrounding Air New Zealand's full year results and
James Hardie's announcement that it will book an exceptional loss of A$238
million in its results for the fiscal year ended 31 March 2001 in resolution of
its asbestos liabilities, it is unlikely that BIL will report a full year profit
this fiscal year.
However, since taking over the management of BIL, our primary focus has been on
asset values and balance sheet restructuring. The balance sheet of BIL is now
sound and given the positive underlying developments within the company's key
investments, we expect growth in asset values this fiscal year. This will lay
the foundation for continued growth and profitability in the year ahead.
Interim Report
The interim report will be sent to shareholders on or before 30 April 2001.
BRIERLEY INVESTMENTS LIMITED
Consolidated Profit and Loss Account
for the six months ended 31 December 2000
Six Months Six Months Full Year
Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Income from Associates and
Subsidiaries 23.0 68.8 97.9
Tax (note 3) (8.0) (21.7) (29.4)
Minority interests 0.2 0.4 0.7
15.2 47.5 69.2
Income from Investment
Activities 19.2 15.2 43.2
Tax (note 3) - - (0.2)
Minority interests (0.2) (0.1) (0.3)
19.0 15.1 42.7
Profit before financing
and corporate costs 34.2 62.6 111.9
Net financing costs (44.6) (30.9) (104.9)
Corporate costs (10.4) (11.0) (32.7)
Net profit/(loss) before
exceptional items (20.8) 20.7 (25.7)
Exceptional items
Impairment of investments - (70.5) (72.1)
Goodwill write down (Air NZ
deferred tax) - - (64.0)
Net profit/(loss) (20.8) (49.8) (161.8)
USc USc USc
Earnings/(loss) per
share (note 4) (0.8) (1.7) (5.8)
Earnings/(loss) per share
excluding exceptional
items (note 4) (0.8) 0.7 (0.9)
Dividends per share - - -
BRIERLEY INVESTMENTS LIMITED
Consolidated Balance Sheet
As at 31 December 2000
Dec 2000 June 2000 Dec 1999
US$m US$m US$m
Fixed assets 129.6 181.4 206.3
Associate companies 1,176.9 1,168.2 1,275.6
Listed investments 176.9 99.4 164.9
Other investments 242.7 316.5 518.8
Non-current assets 1,726.1 1,765.5 2,165.6
Inventories 37.0 57.4 103.3
Debtors, prepayments and tax 148.1 234.5 134.5
Short term investments 5.1 3.2 2.9
Bank balances and other
liquid funds 167.2 258.2 217.8
Current assets 357.4 553.3 458.5
Total Assets 2,083.5 2,318.8 2,624.1
Creditors, accruals and tax (85.5) (133.6) (222.6)
Borrowings (65.8) (89.2) (160.1)
Current liabilities (151.3) (222.8) (382.7)
Long-term borrowings (1,096.3) (1,185.3) (1,200.7)
835.9 910.7 1,040.7
Equity
Share capital and
contributed surplus 927.8 927.8 927.8
Retained earnings 63.0 95.8 207.8
Other reserves (196.3) (158.6) (171.5)
Shareholders' funds 794.5 865.0 964.1
Minority interests 41.4 45.7 76.6
835.9 910.7 1,040.7
BRIERLEY INVESTMENTS LIMITED
Consolidated Statement of Changes in Shareholders Funds
for the six months ended 31 December 2000
Six Months Six Months Full Year
Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Opening Shareholders Funds
- as previously reported 865.0 1,310.1 1,117.6
- adoption of International
Accounting Standards (12.0) (192.5) -
- as restated 853.0 1,117.6 1,117.6
Net profit/(loss) (20.8) (49.8) (161.8)
Net exchange translation
differences (37.7) (5.9) 4.1
(58.5) (55.7) (157.7)
Associate and subsidiary
company reserve movements - - 2.9
Share buy back - cash - (20.9) (20.9)
Share buy back - capital notes - (38.5) (38.5)
Dividend - (38.4) (38.4)
Closing Shareholders Funds 794.5 964.1 865.0
BRIERLEY INVESTMENTS LIMITED
Consolidated Cash Flow Statement
for the six months ended 31 December 2000
Six Months Six Months Full Year
Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Operating cash flow
Profit before financing
and corporate costs 34.2 62.6 111.9
Add/(deduct)
Depreciation and amortization 12.4 19.6 42.6
Equity earnings (40.7) (84.6) (140.2)
Other non cash items (7.8) (12.0) 1.1
(1.9) (14.4) 15.4
Corporate costs (10.4) (11.0) (32.7)
Interest received 10.9 10.3 17.2
Interest and other financing
charges paid (116.3) (43.9) (118.6)
Taxes paid (0.3) (0.7) (8.6)
Other operating cash flows 1.9 0.1 0.9
(116.1) (59.6) (126.4)
Dividends from associates 19.0 22.3 47.3
Other dividends received 3.1 3.0 8.8
Operating cash flows (94.0) (34.3) (70.3)
Investing activities
Sale of fixed assets 9.7 9.5 36.4
Sale of investments 169.3 142.8 227.2
Purchase of fixed assets (3.5) (9.0) (14.8)
Purchase of investments (145.8) (143.3) (189.0)
Other (0.1) (0.9) 6.0
Cash flows from investing
activities 29.6 (0.9) 65.8
Financing activities
Repurchase shares - (20.9) (20.9)
Drawdown of borrowings 17.7 403.0 578.7
Repayment of borrowings (49.2) (538.9) (663.0)
Dividends paid by the Company - - (38.4)
Dividends paid to minority
interests (0.5) (0.6) (0.7)
Other (0.4) 2.6 2.9
Cash flows from financing
activities (32.4) (154.8) (141.4)
Net increase/(decrease) in cash (96.8) (190.0) (145.9)
Opening cash 255.8 403.3 403.3
Exchange rate changes 5.1 3.0 (1.6)
Closing cash 164.1 216.3 255.8
Brierley Investments Limited
Notes
1. Accounting Policies & Basis of Preparation
The financial information contained in this announcement has been based on the
results for the six months ended 31 December 2000 which have been prepared in
conformity with International Accounting Standards (IAS).
The comparative figures for 31 December 1999, which were prepared using New
Zealand accounting standards, have been restated in accordance with
International Accounting Standards.
The 31 December 1999 consolidated balance sheet and P&L account have been
restated to US$ by converting at the exchange rate of NZ46.87 cents to the US$1.
2. Segmental Reporting
Segmented Profit Six months Six months Full Year
By Activity Segment Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Associate and Subsidiary Companies
Property (7.4) (6.9) (13.5)
Food Processing 6.8 6.1 8.9
Hotels 23.6 21.3 41.3
Manufacturing 5.0 15.0 31.0
Transport (3.5) 36.0 40.7
Retail (3.4) (3.9) (17.0)
Other 1.9 1.2 6.5
Trading Contribution 23.0 68.8 97.9
Taxation and Minority Interests (7.8) (21.3) (28.7)
Net Trading Contribution 15.2 47.5 69.2
Segmented Profit Dec 2000 Dec 1999 June 2000
By Activity Segment US$m US$m US$m
Investment Activities
Dividend Income 3.4 1.5 8.2
Surplus on Sales of Assets and
Investments 16.1 13.6 34.6
Other Income (0.3) 0.1 0.4
Investment Contribution 19.2 15.2 43.2
Taxation and Minority
Interests (0.2) (0.1) (0.5)
Net Investment Contribution 19.0 15.1 42.7
Segmented Profit Dec Dec June
By Geographic Segment New United United 2000 1999 2000
Zealand Australia Asia States Kingdom US$m US$m US$m
Trading
Contribution 2.7 4.2 - (7.5) 23.6 23.0 68.8 97.9
Investment
Contribution 0.6 3.5 13.6 2.3 (0.8) 19.2 15.2 43.2
Total Contribution 3.3 7.7 13.6 (5.2) 22.8 42.2 84.0 141.1
Taxation and Minority Interests (8.0)(21.4) (29.2)
Funding Costs and Overheads (55.0)(41.9)(137.6)
Impairment of Investments - (70.5) (72.1)
Goodwill Write Down - - (64.0)
Net/Profit/(Loss) (20.8)(49.8)(161.8)
Segmented Assets
And Turnover Dec 2000 Dec 1999 June 2000
By Activity Segment Assets Turnover Assets Turnover Assets Turnover
US$m US$m US$m US$m US$m US$m
Energy and Oil
Royalties 75.1 - 358.3 - 80.7 -
Property 173.3 2.7 165.9 3.3 178.3 7.4
Food Processing - 56.4 128.1 54.9 128.9 111.3
Hotels 729.4 - 700.6 - 741.4 -
Investments 313.5 - 218.7 - 289.7 -
Manufacturing 221.5 23.6 220.0 34.4 221.2 63.9
Transport 259.4 0.3 412.3 12.7 245.6 11.8
Retail 21.2 106.7 76.2 191.9 46.8 368.5
Other 122.9 9.4 126.2 9.1 128.0 21.9
1,916.3 199.1 2,406.3 306.3 2,060.6 584.8
Cash 167.2 - 217.8 - 258.2 -
2,083.5 199.1 2,624.1 306.3 2,318.8 584.8
Segmented Assets And
Turnover Dec 2000 Dec 1999 June 2000
By Geographic Assets Turnover Assets Turnover Assets Turnover
Segment US$m US$m US$m US$m US$m US$m
New Zealand 534.4 89.7 744.6 111.1 720.1 208.9
Australia 294.4 106.7 346.4 191.9 327.9 368.5
Asia 149.9 - 392.2 - 55.1 -
United States 183.7 2.7 169.2 3.3 185.6 7.4
United Kingdom 753.9 - 753.9 - 771.9 -
1,916.3 199.1 2,406.3 306.3 2,060.6 584.8
Cash 167.2 - 217.8 - 258.2
2,083.5 199.1 2,624.1 306.3 2,318.8 584.8
3. Taxation
Taxation Dec 2000 Dec 1999 June 2000
US$m US$m US$m
Associate companies (6.0) (19.7) (25.2)
Subsidiary companies (2.0) (2.0) (4.2)
(8.0) (21.7) (29.4)
Investment group - - (0.2)
(8.0) (21.7) (29.6)
4. Earnings Per Share
Earnings per share are calculated on the net loss of US$20.8 million and on the
weighted average number of 2,736.1 million shares on issue during the period.
5. Market Value Basis Net Assets
Net assets based on the market price of the Dec 2000 June 2000 Dec 1999
Group's holdings US$m US$m US$m
Listed Investments
Thistle Hotels 385.7 429.3 602.1
James Hardie 239.1 307.5 274.7
Air New Zealand 159.4 141.1 315.1
784.2 877.9 1,191.9
Findel 29.2 34.2 27.2
Tasman Agriculture 41.6 31.9 31.8
Fraser and Neave 115.4 30.0 -
People's Bank of California 19.1 16.4 16.2
Other listed investments 47.3 28.1 127.1
Total listed investments 1,036.8 1,018.5 1,394.2
Unlisted investments 371.9 479.5 418.5
Corporate (838.0) (759.8) (873.6)
570.7 738.2 939.1
Net assets per share (cents) 20.9 27.0 34.3
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