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Name | Symbol | Market | Type |
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Hsbc Bk.22 | LSE:49IA | London | Medium Term Loan |
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RNS No 9424f PACIFIC DUNLOP LTD 12th February 1998 PART 2 PACIFIC DUNLOP HALF YEAR RESULTS TO 31 DECEMBER 1997 Segments Operating Revenue PLEASE REFER TO ATTACHED REPORT Sales to customers outside the economic entity Inter-segment sales Unallocated revenue Total revenue Segment result (including abnormal items where relevant) unallocated expenses Consolidated *operating profit after tax (equal to item 1.8) Segment assets ) Comparative data for segment assets Unallocated assets ) should be as at the end of the Total assets (equal to item 4.17) ) previous corresponding period. Dividends (in the case of a trust, distributions) 15.1 Date the dividend (distribution) is payable 1st July 1998 15.2 *Record date to determine entitlements to the dividend 10:00pm (distribution) (ie, on the basis of registrable trans- 10th June 1998 fers received up to 5:00 pm if paper based, or by "End of Day" if a proper &SCH 15.3 If it is a final dividend, has it been declared? N/A (Preliminary final report only) * See chapter 19 for defined terms Business Segments of Pacific Dunlop Limited Group for the Six Months ended 31 December 1997 ($millions) Operating Assets Operating Notes Revenue Employed Profit 1997 1996 1997 1996 1997 1996 Industries Manufacturing Ansell (Protective Products) 508 404 769 677 68 54 GNB (Batteries) 623 565 1,025 863 25 2 South Pacific Tyres (Tyres) 528 544 654 673 40 46 Less: Goodyear Share (50%) 264 272 327 337 20 23 (i) 264 272 327 336 20 23 Cables & Engineered Products 254 251 435 450 21 36 Consumer Pacific Brands 637 639 650 685 59 58 Distribution Group (Automotive & Electrical Products) 743 758 577 582 29 40 3,029 2,889 3,783 3,593 222 213 Non-Core Businesses 44 28 64 57 (3) (2) Discontinued Businesses 12 55 33 128 (5) 6 3,085 2,972 3,880 3,778 214 217 Tyre Partnership Adjustments (ii) (31) (30) (177) (184) (6) (7) Unallocated Items (iii) 56 229 187 171 (24) (27) Operating EBIT 184 183 Goodwill and Brand Names 677 558 (20) (18) Earnings before Net Interest and Tax (EBIT) 164 165 Net Interest (50) (36) Tax (28) (40) Outside Equity Interest 4 (5) Operating Results 3,110 3,171 4,567 4,323 90 84 Abnormals after tax and outside equity interests - - Cash 1,249 1,261 Total Consolidated 3,110 3,171 5,816 5,584 90 84 Geographical Regions Australia (i) 1,793 1,840 1,860 1,960 105 143 S.E. Asia 108 113 389 444 44 39 New Zealand 193 188 220 206 15 20 America 865 716 1,280 1,069 49 6 Europe 126 115 131 99 1 9 3,085 2,972 3,880 3,778 214 217 Notes to Business Segments Statement (i) Tyres Operations Includes the economic entity's 50% partnership share viz: ($Millions) Total Australia SE Asia 1997 1996 1997 1996 1997 1996 Operating revenue 230 239 227 236 3 3 Assets employed 288 299 285 296 3 3 Operating profit 16 19 16 19 - - and the economic entity's interest in the underlying revenue, assets and of the New Zealand operation. (ii) Tyre Partnership Adjustments Represents, in accordance with the requirements of Accounting Standards: - the elimination of the economic entity's 50% partnership share of the underlying total assets employed in such businesses; - the recognition of the economic entitys 50% partnership share of the underlying interest costs of such businesses; - the elimination of the economic entity's interest in the underlying revenue and assets of the New Zealand operation; and the recognition of the economic entity's investment in the Partnership and the New Zealand operation. (iii) Unallocated Items Represents non-sales revenue, corporate assets and corporate costs and other costs not allocated to Operating Groups. (iv) Industry Segments Details of industry segments are described in the Review of Operations section of the 1997 Annual Report. (v) Inter-Segment Transactions Operating revenue is shown net of inter-segment values. The only significant inter-segment sales were made by Cables & Engineered Products - $49 million (1996 - $57 million), S.E. Asia - $164 million (1996 - $131 million), America - $78 million (1996 - $20 million) and Europe - $61 million ($1996 - $2 million). Inter-segment sales are predominantly made at the same prices as sales to major customers. Appendix 4B (equity accounted) Half yearly Amount per security Amount per security Franked amount Per security at 36% tax (preliminary final report only) 15.4 Final dividend: Current year N/A c N/A c 15.5 Previous year N/A c N/A c (Half yearly and preliminary final final reports) 15.6 Interim dividend: Current year 7.0 c 4.2 c 15.7 Previous year 7.0 c 4.2 c Total dividend (distribution) per security (interim plus final) (Preliminary final report only) Current year Previous year 15.8 +Ordinary securities N/A c N/A c 15.9 Preference +securities N/A c N/A c Half yearly report - interim dividend (distribution) on all securities or Preliminary final report - final dividend (distribution) on all securities Current Previous corresponding period period $A'000 $A'000 15.10 +Ordinary shares 71,997 71,791 15.11 Preference +securities - - 15.12 Total 71,997 71,791 The +dividend or distribution plans shown below are in operation. N/A The last date(s) for receipt of election notices for the +dividend or distribution plans N/A Any other disclosures in relation to dividends (distributions) N/A +See chapter 19 for defined terms Details of aggregate share of profits of associates Current Previous corresponding Entity's share of associates period period $A'000 $A'000 16.1 Operating profit (loss) before income tax 3,009 - 16.2 Income tax expense 1,184 - 16.3 Operating profit (loss) after income tax 1,825 - 16.4 Extraordinary items net of tax - - 16.5 Net profit (loss) 1,825 - 16.6 Outside equity interests - - 16.7 Net Profit (loss) attributable to members 1,825 - Material interests in entities which are not controlled entities The economic entity has an interest (that is material to it) in the following entities. If the interest was acquired or disposed of during either the current or previous corresponding period, indicate date of acquisition ("from xx/xx/xx") or disposal ("to xx/xx/xx) Name of entity Percentage of ownership Contribution to +operating interest (+ordinary profit (loss) and securities, +units etc) extraordinary items after held at end of period tax 17.1 Equity accounted Current Previous Current Previous associated period corresponding period corresponding period $A'000 period $A'000 Meadow Gold Investment Company 50% 50% (410) - Pacific Marine Batteries Ltd 50% 50% 673 - SPT (New Zealand) Ltd 50% 50% 1,562 - 17.2 Total 1,825 - 17.3 Other material interests South Pacific Tyres 50% 50% 8,480 9,442 17.4 Total 8,480 9,442 + See chapter 19 for defined terms. Issued and Quoted Securities at end of December 1997 Category of Securities Number Of which Par value Paid-up issued quoted cents value cents Ordinary Shares 1,022,614,201 1,022,614,201 50 50 Ordinary - Executive Plan Shares 14,641,900 - 50 1 Ordinary - Employee Plan Shares 5,934,470 - 50 50 Of which issued during half year: Ordinary - Converted from Executive Plan Shares 1,731,000 1,731,000 50 50 Ordinary - Converted from Employee Plan Shares 346,035 346,035 50 50 Convertible Notes At 31 December 1996, bonds to the value of US $72,233,000 remained to be converted, comprising individual US$1,000 bonds bearing interest of 6.75%. The bonds were repaid in the six months to December 1997. There were no further issues in 6 months to 31/12/1997 At 30 June Issued 6 months 1997 ended 31/12/97 Options Number issued 1,800,000 7,290,000 Number quoted NIL NIL Exercise price $2.80 $3.30 Expiry date 14/11/2001 11/12/2002 Notes on the Accounts 1. Basis of Preparation of the Half-Year Accounts The general purpose half year consolidated accounts have been prepared in accordance with the requirements of the Corporations Law and Accounting Standard AASB 1029 "Half Year Accounts and Consolidated Accounts" and with the Listing Rules of Australian Stock Exchange Limited. These half year accounts and reports should be read in conjunction with the 30 June 1997 Annual Accounts and Reports and public announcements made by Pacific Dunlop Limited and its Controlled Entities during the half year in accordance with continuous disclosure obligations arising under the Corporations Law and Listing Rule 3A (i). The carrying amounts of non current assets have been reviewed to ensure that such assets are not carried at a value in excess of their recoverable amount. In determining recoverable amounts the relevant cash flows have not been discounted to their present value. For the purpose of preparing the half year financial statements, the half year has been treated as a discrete reporting period. 2. Change in Accounting Policy Associated Companies In previous periods investments in associates were valued in the consolidated accounts at Directors' Valuation. As a result of the adoption of AASB 1016 "Accounting for Investments in Associates", such investments are now, in the consolidated financial statements accounted for using equity accounting principles and are carried at the lower of the equity accounted amount and recoverable amount. The economic entity's share of the associates' net profit or loss after tax is recognised in the consolidated profit and loss account and other movements on reserves are recognised directly in consolidated reserves. To recognise the equity accounted amount of the investments on the initial application of the standard, consolidated retained profits were decreased by $23.5 million, the Currency Translation Reserve was decreased by $0.5 million, the asset revaluation reserve was increased by $1.5 million, the Equity Reserve was increased by $2.8 million and a dividend receivable of $1.6 million was reclassified to equity investments at the beginning of the year. This change in accounting policy has resulted in a decrease of $410,000 in consolidated profit after tax and extraordinary items for the period ended 31 December 1997, to reflect the economic entity's share of the associates' current period results. The consolidated carrying value of investments in associates decreased by $18.1 million to recognise the equity accounted amount of the investment on the initial application of the standard and increased by $1.8 million in respect of the profit for the period ended 31 December 1997. 3. Valuation of Freehold and Leasehold Land and Buildings The independent valuations of freehold and relevant leasehold land and buildings were undertaken as at 31 December 1997 by Richard Ellis (Victoria) Pty. Ltd., on the basis of Market Value-Existing Use, subject to continued occupation by the operating entity or, where this was not the case, Market Value-Alternative Use. However, certain other freehold and leasehold properties including both operative and idle sites were discounted below Market Value and/or Existing Use Value. The latter are disclosed at Directors' Valuation. The valuation has resulted in a reduction in both the consolidated asset revaluation reserve and Land and Buildings of $23.5 million. A valuation of freehold and leasehold land and buildings is obtained every three years in accordance with the requirements of the Corporations Law. Income Tax Six months ended 31 December 1997 (A$'000) 1997 1996 Tax at standard rate on Operating Profit 40,954 46,206 Add/(Deduct) Permanent Differences: Net lower overseas tax rate (18,426) (13,426) Depreciation of buildings 548 (164) Capital profits not assessable/capital losses not deductible 582 (275) Expenses not deductible 834 3,257 Exempt foreign profits/non-deductible foreign costs (125) (1,022) Reversal of tax on Associates (657) - Goodwill amortisation expenses NOT deductible 2,815 3,960 Prior year adjustments 3,500 - Recovery of previously unbooked tax losses (1,330) 23 Other (1,218) 860 Income Tax as per Profit & Loss Accounts attrib. to Operating Profit 27,477 39,419 Notes 1. For announcement to the market The percentage changes referred to in this section are the percentage changes calculated by comparing the current period's figures with those for the previous corresponding period. Do not show percentage changes if the change is from profit to loss or loss to profit, but still show whether the change was up or down. If changes in accounting policies or procedures have had a material effect on reported figures, do not show either directional or percentage change in profits. Explain the reason for omissions in the note at the end of the announcement section. 2. True and fair view If this report does not give a true and fair view of a matter (for example, because compliance with an Accounting Standard is required) the entity must attach a note providing additional information and explanations to give a true and fair view. 3. Consolidated profit and loss account Item 1.1 The definition of "operating revenue" and an explanation of "sales revenue" (or its equivalent) and "other revenue" are set out in AASB 1004: Disclosure of Operating Revenue. Item 1.4 "+operating profit (loss) before abnormal items and tax" is calculated before dealing with outside +equity interests and extraordinary items, but after deducting interest on borrowings, depreciation and amortisation. Item 1.7 This item refers to the total tax attributable to the amount shown in item 1.6. Tax includes income tax and capital gains tax (if any) but excludes taxes treated as operating expenses (eg, fringe benefits tax). 4. Income tax If the amount provided for income tax in this report differs (or would differ but for compensatory items) by more than 15% from the amount of income tax prima facie payable on the profit before tax, the entity must explain in a note the major items responsible for the difference and their amounts. 5. Consolidated balance sheet Format The format of the consolidated balance sheet should be followed as closely as possible. However, additional items may be added if greater clarity of exposition will be achieved, provided the disclosure still meets the requirements of AASB 1029 and AASB 1034. Banking institutions, trusts and financial institutions identified in an ASC Class Order dated 2 September 1997 may substitute a clear liquidity ranking for the Current/Non-Current classification. Basis of revaluation If there has been a material revaluation of non-current assets (including investments) since the last annual report, the entity must describe the basis of revaluation adopted. The description must meet the requirements of paragraphs 9.1-9.4 of AASB 1010: Accounting for the Revaluation ofNon-Current Assets. If the entity has adopted a procedure of regular revaluation, the basis for which has been disclosed and has not changed, no additional disclosure is required. Trusts should also note paragraph 10 of AASB 1029 and paragraph 11 of AASB 1030. 6. Statement of cash flows For definitions of "cash" and other terms used in this report see AASB 1026: Statement of Cash Flows. Entities should follow the form as closely as possible, but variations are permitted if the directors (in the cast of a trust, the management company) believe that this presentation is inappropriate. However, the presentation adopted must meet the requirements of AASB 1026. +Mining exploration entities may use the form of cash flow statement in Appendix 5B. 7. Net tangible asset backing Net tangible assets are determined by deducting from total tangible assets all claims on those assets ranking ahead of the +ordinary securities (ie, all liabilities, preference shares, outside +equity interests etc). +Mining entities are not required to state a net tangible asset backing per +ordinary security. 8. Gain and loss of control over entities The gain or loss must be disclosed if it has a material effect on the consolidated financial statements. Details must include the contribution for each gain or loss that increased or decreased the entity's consolidated +operating profit (loss) and extraordinary items after tax by more than 5% compared to the previous corresponding period. 9. Equity accounting If an entity adopts equity accounting, no comparative equity accounting figures are required in the first period following its adoption. 10. Rounding of figures This report anticipates that the information required is given to the nearest $1,000. However, an entity may report exact figures, if the $A'000 headings are amended. If an entity qualifies under an ASC Class Order dated 9 July 1997, it may report to the nearest million dollars, or to the nearest $100,000, if the $A'000 headings are amended. 11. Comparative figures Comparative figures are the unadjusted figures from the previous corresponding period. However, if there is a lack of comparability, a note explaining the position should be attached. 12. Additional information An entity may disclose additional information about any matter, and must do so if the information is material to an understanding of the reports. The information may be an expansion of the material contained in this report, or contained in a note attached to the report. The requirement under the listing rules for an entity to complete this report does not prevent the entity issuing reports more frequently. Additional material lodged with the +ASC under the Corporations Law must also be given to ASX. For example, a directors'report and statement, if lodged with the +ASC, must be given to ASX. 13. Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if one) must be complied with. + See chapter 19 for defined terms. 14. Corporation Law accounts As at 1/7/96, this report MAY be able to be used by an entity required to comply with the Corporations Law as part of its half yearly financial statements if prepared in accordance with Australian Accounting Standards. APPENDIX 4B ASX LISTING RULES Proforma Half Yearly Report & Dividend Announcement (Equity Accounted0 Pacific Dunlop Limited - ACN 004 085 330 Group 1. Results from Operations Six months ended 31 December 1997 (A$'000) 1997 1996 % Change Operating Revenue Sales Revenue 3,053,969 2,941,573 +3.8 Other Revenue 56,528 229,045 -75.3 Total Operating Revenue 3,110,497 3,170,618 -1.9 Operating Profit Operating profit before Abnormal items & taxation 111,936 128,351 -12.8 Abnormal items before taxation - - Less income tax attributable to total Operating Profit 27,477 39,419 -30.3 Operating profit inclusive of abnormal items before outside equity interests 84,459 88,932 -5.0 Share of associates net profit after tax 1,825 - - Less outside equity interests (3,790) 4,475 - Operating profit after income tax attributable to members of Pacific Dunlop Limited + 90,074 84,457 +6.7 Extraordinary items - - - Les taxation - - - Extraordinary items after tax - - - Less outside equity interests - - - Extraordinary items after tax attributable to members of Pacific Dunlop Limited - - - Operating profit and extraordinary items after income tax 90,074 84,457 +6.7 attributable to members of Pacific Dunlop Limited Summary of profit for six months: + Operating profit after income tax attributable to members 90,074 84,457 +6.7 of Pacific Dunlop Limited Abnormal items after tax attributable to members of Pacific - - Dunlop Limited Operating profit after tax before abnormal items attributable 90,074 84,457 +6.7 to members of Pacific Dunlop Limited 2. Notes to results from Operations Six months ended 31 December 1997 (A$'000) 1997 1996 % Change Retained Profits: Retained profits at beginning of the half-year 116.121 (257.622) Operating profit After tax attributable to members of 90,074 84,457 Pacific Dunlop Limited Adjustment to retained profits for transfer from - 340,208 share premium reserve Adjustment to retained profits at the beginning of the financial year due to initial (23,544) - adoption of revised Accounting Standard AASB 1016 Accounting for Investments in Associates Total available for appropriation 182,651 167,043 Dividends provided for or paid 72,089 71,841 Aggregate of amounts transferred to reserves - - Retained profits at end of the half-year 110,562 95,202 Operating profit is after charging/ crediting the following: Interest revenue 27,847 39,189 -28.9 Interest on borrowings including interest on bank, 78,026 (i) 75,498 +3.3 overdrafts, lease finance charges and trade bill interest Depreciation and amortisation excluding amortisation of intangibles 80,227 78,668 +1.9 Amortisation of intangibles 20,094 18,369 +9.4 Notes: (i) Excludes $11,565,000 of interest re Telectronics charged against the provision for holding losses. The Group has a material interest of 50% in a partnership, South Pacific Tyres, in Australia and Papua New Guinea. Contributions have been included in Group results as follows: - $12,784,000 to the operating profit before tax (December 1996 - $14,642,000) - $8,480,000 to the operating profit after tax (December 1996 - $9,442,000). 2. NOTES TO RESULTS FROM OPERATIONS (CONT'D) SIX MONTHS ENDED 31 DECEMBER 1997 (A$'000) ABNORMAL ITEMS 1997 GROUP: CURRENT HALF YEAR BEFORE TAX INCOME TAX (A$'000) (A$'000) - - - - ABNORMAL ITEMS 1996 GROUP: PREVIOUS CORRESPONDING HALF YEAR BEFORE TAX INCOME TAX (A$'000) (A$'000) - - - - - - 3. INCOME TAX SIX MONTHS ENDED 31 DECEMBER 1997 (A$'000) 1997 1996 TAX AT STANDARD RATE ON OPERATING PROFIT 40,297 46,206 ADD/(DEDUCT) PERMANENT DIFFERENCES: NET LOWER OVERSEAS TAX RATE (18,426) (13,426) DEPRECIATION OF BUILDINGS 548 (164) CAPITAL PROFITS NOT ASSESSABLE/ CAPITAL LOSSES NOT DEDUCTIBLE 582 (275) EXPENSES NOT DEDUCTIBLE 834 3,257 EXEMPT FOREIGN PROFITS/NON-DEDUCTIBLE FOREIGN COSTS (125) (1,022) GOODWILL AMORTISATION EXPENSES NOT DEDUCTIBLE 2,815 3,960 PRIOR YEAR ADJUSTMENTS 3,500 - RECOVERY OF PREVIOUSLY UNBOOKED TAX LOSSES (1,330) 23 OTHER (1,218) 860 INCOME TAX AS PER PROFIT & LOSS ACCOUNTS ATTRIB. TO OPERATING PROFIT 27,477 39,419 4. DIVIDENDS 6 MONTHS ENDED 31.12.1997 6 MONTHS ENDED 31.12.1996 ORDINARY CENTS PER TOTAL AMOUNT CENTS PER TOTAL AMOUNT SHARES $0.50 $'000 $0.50 $'000 SHARE SHARE INTERIM 7.0 71,997 7.0 71,791 AN INTERIM ORDINARY DIVIDEND HAS BEEN DECLARED AND IS PAYABLE ON 1 JULY 1998. DIVIDENDS FOR 1997 AND 1998 WERE FRANKED TO 60%. 5. ISSUED AND QUOTED SECURITIES AT END OF DECEMBER 1997 CATEGORY OF SECURITIES NUMBER OF WHICH PAR VALUE PAID-UP ISSUED QUOTED CENTS VALUE CENTS ORDINARY SHARES 1,022,614,201 1,022,614,201 50 50 ORDINARY - EXECUTIVE PLAN SHARES 14,641,900 - 50 1 ORDINARY - EMPLOYEE PLAN SHARES 5,934,470 - 50 50 OF WHICH ISSUED DURING THE HALF YEAR ORDINARY - CONVERTED FROM SHARES EXECUTIVE PLAN 1,731,000 1,731,000 50 50 ORDINARY - CONVERTED FROM SHARES EMPLOYEES PLAN 346,035 346,035 50 50 CONVERTIBLE NOTES AT 31 DECEMBER 1996, BONDS TO THE VALUE OF US$72,233,000 REMAINED TO BE CONVERTED, COMPRISING INDIVIDUAL US$1,000 BONDS BEARING INTEREST OF 6.75%. THE BONDS WERE REPAID IN THE SIX MONTHS TO DECEMBER 1997. THERE WERE NO FURTHER ISSUES IN TO 6 MONTHS TO 31.12.97 AT 30 JUNE ISSUED SIX MONTHS 1997 ENDED 31.12.97 OPTIONS NUMBER ISSUED 1,800,000 7,290,000 NUMBER QUOTED NIL NIL EXERCISE PRICE $2.80 $3.30 EXPIRY DATE 14.11.2001 11.12.2002 6. Additional Information Six months ended 31 December 1997 1997 1996 Operating profit before abnormal items and tax as a 3.7% 4.4% percentage of sales revenue Operating Profit after income tax attributable to members of Pacific Dunlop Limited as a percentage of Shareholders equity at end of year - inclusive of abnormal items 5% 4.8% - before abnormal items 5% 4.8% Earnings per ordinary share based on weighted average number of shares on issue during the period and bsed on: - Operating profit after income tax attributable to members of Pacific Dunlop Limited * before abnormal items - basic 8.8c 8.3c - diluted 8.6c 8.1c * inclusive of abnornmal items - basic 8.8c 8.3c - diluted 8.6c 8.1c Net tangible asset backing per ordinary share 110c 118c Net asset backing per ordinary share 175c 176c Comments on the basis of preparation of the accounts and the financial effect of the change in the accounting policy are attached. The Balance Sheet, Business Segments reporting and Statement of Cash Flows for the Group are attached. The financial results have been subject to audit review. Financial data complies with approved accounting standards and gives a true and fair view of the matters disclosed. The Half Yearly Report was approved by report was approved by resolution of the Board of Directors at its meeting on 12 February 1998. The Company has a formally constituted Audit Committe of Board Directors. Based on the current tax laws and the existing mis of the Company's operations between Australia and overseas and barring unforeseen developments, Pacific Dunlop Limited expects that franking of its F'98 dividends will be not less than 60%. Registrable Transfers received by the company up to 10:00 pm on 10 June 1998 will be registered before entitlements to the interim dividend are determined. JOHN C. RENNIE Secretary 12 February 1998 MORE TO FOLLOW IRCTTMFBLLJBMPP
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