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21Β August 2009
Anglo-Eastern Plantations PLC ("AEP" or "Company")
InterimΒ ResultsΒ for the six months ended 30 June 2009
Anglo-Eastern Plantations PLC,Β which owns approximately 132,000 hectares of plantation land, primarily inΒ Indonesia, is pleased to announce theΒ interims results for the six months to 30 June 2009.
Financial Highlights
RevenueΒ ofΒ $57.4mΒ (H1 2008: $100.2m)
Operating profitΒ for the period was $23.5m (Β H1Β 2008: $43.8m)
Profit before tax decreased toΒ $24mΒ fromΒ $44.4mΒ inΒ the first half of 2008
Basic earnings per shareΒ were 35.6ctsΒ (H1Β 2008:Β 61.6cts)
Net cashΒ at 30 June 2009 was $24.6m compared with $33.8m at the year end and $35.7m at 30 June 2008
Commercial Highlights
The market average price for crude palm oil for the period was $650Β a fall ofΒ 80%Β on the average of $1,169Β for theΒ first half of 2008
TotalΒ own crop productionΒ was 283,366 tonnes an increase of 7%Β on June 2008
Planting of 7,400 haΒ of new areas to beginΒ by the year end
Construction of 40/60mt oil mill at Sumindo estate in Bengkulu is under progress and is expected to beΒ completedΒ in Q1 2010.
For further information, contact:
|
Anglo-Eastern Plantations plc |
|
|
Donald LowΒ |
Tel 020 7216 4600 / +603 2715 0118 |
|
Charles Stanley Securities |
|
|
Russell Cook / Jen Boorer |
Tel 020 7149 6000 |
Chairman's interim statement
Operational and financial performance
For the first half-yearΒ ended 30 June 2009, revenue wasΒ $57.4Β millionΒ compared toΒ $100.2Β millionΒ forΒ the same period in 2008. This generated an operating profit of $23.5 million (H1Β 2008: $43.8 million), a decrease of 46%. Profit before tax was $24.0 million, compared to $44.4 million in the same period in 2008.
The decrease in revenue and operating profit is due to market corrections in theΒ RotterdamΒ CIFΒ crude palm oil (CPO) price, in line with other commodities' prices, from the exceptional levels reached during the first half of 2008.Β In the year 2008, CPO prices rose sharply and peaked in March at $1,420 and ended around $500 in December, registering an average price of $950. In theΒ first half ofΒ 2009, the average CPO priceΒ has beenΒ around $650.
WithΒ a net cash position, the group's balance sheet remains strong while cash flow remains positive. As at 30Β June 2009Β theΒ Group'sΒ total cash balance was $57.9Β million with total borrowingsΒ ofΒ $33.3 million, giving aΒ net cash positionΒ ofΒ $24.6Β million, down fromΒ $33.8 millionΒ recorded at 31 December 2008, as a result of higher capital expenditure and repayment of some tranches of long term loan that were due. There were no new borrowings.
Earnings per share were 35.6cts (2008: 61.6cts).Β
No new acquisition during the period
The Group made no further acquisitions inΒ the first 6 months of the financial year, following 3 major acquisitions in the year of 2008 totalling 45,100 ha of plantation lands in the region ofΒ South Sumatra.
Operating costsΒ
Even though the Indonesian government removed some fuel subsidies andΒ fertiliser prices doubled in 2008, the Group was able to contain rising inputΒ costsΒ inΒ H1Β 2009 through careful planning on the usage of fertilisersΒ and plantingΒ schedules.
Production and Sales
|
2009 |
2008 |
2008 |
||
|
6 months |
6 months |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
mt |
mt |
mt |
||
|
Oil palm production |
||||
|
FFB |
||||
|
- all estates |
283,366 |
265,508 |
566,540 |
|
|
- bought-in or processed for third parties |
224,463 |
206,979 |
443,274 |
|
|
Saleable CPO |
102,852 |
95,549 |
203,728 |
|
|
Saleable palm kernels |
25,152 |
22,368 |
47,971 |
|
|
Oil palm sales |
||||
|
CPO |
97,609 |
93,008 |
206,059 |
|
|
Palm kernels |
25,762 |
22,304 |
46,943 |
|
|
FFB sold outside |
14,303 |
16,402 |
40,185 |
|
|
Rubber production |
352 |
416 |
950 |
Production was higher than last year,Β up marginally in the olderΒ North SumatraΒ estates, up 24% in Riau and up 11% in Bengkulu. UnderlyingΒ yieldΒ improvementsΒ areΒ consistent with the average age of the palms.
The higherΒ CPOΒ production volume was due toΒ aΒ betterΒ utilisationΒ rateΒ of the Group's four mills,Β withΒ higher bought-inΒ fresh fruit bunches ('FFB')Β volume andΒ relatively higher internal crop. TotalΒ ownΒ crop processed in H1 2009Β wasΒ 283,366 tonnes,Β 7% higher than H1 2008.
Bought-in crops for the period wereΒ 224,463 tonnes,Β 8.5% higher than last year. Outside fruit continues to be available at prices which allow positive contributions to profit.
Β Β Commodity prices
TheΒ CPO price, which ended in December 2008Β at around $500/mt,Β hasΒ continued itsΒ recoveryΒ trendΒ since,Β reaching a high ofΒ about $800/mt, and averagingΒ $650/mtΒ for theΒ sixΒ monthsΒ ended 30 June 2009.Β TheΒ rise inΒ CPO priceΒ since December 2008, as witnessed in other competing vegetable oils, is attributable toΒ the recovery in fundamental demandΒ as well as to the tighter inventory level of globalΒ oil seedsΒ production. As reported in our 2008 Annual Report, the industry generally feels that the long term sustainable price is $600 to $700/mt as theΒ underlying demand from the traditional edible oil markets such asΒ IndiaΒ andΒ ChinaΒ remains strong.
Rubber prices averaged around $1,330/mt (2008:Β $2,750/mt).
Development
The Group's planted areas at 30 June 2009 were:-
|
Total |
Mature |
Immature |
||
|
ha |
ha |
ha |
||
|
North Sumatra |
Β 20,924 |
11,311 |
9,613 |
|
|
Bengkulu |
16,499 |
13,248 |
3,251 |
|
|
RiauΒ |
4,960 |
4,943 |
17 |
|
|
Indonesia |
42,383 |
29,502 |
12,881 |
|
|
Malaysia |
3,696 |
3,425 |
271 |
|
|
Total atΒ 30 June 2009 |
46,079 |
32,927 |
13,152 |
|
|
Total atΒ 31 December 2008 |
40,264 |
32,977 |
7,287 |
|
|
Total atΒ 30 June 2008 |
39,584 |
33,543 |
6,041 |
The Group's development isΒ on schedule,Β withΒ 2,045Β haΒ alreadyΒ plantedΒ withΒ oil palmΒ seedlingsΒ during the first half-year of 2009.
TheΒ GroupΒ targetsΒ toΒ commenceΒ plantingΒ inΒ anotherΒ 7,400 haΒ of new areasΒ in Bengkulu, North Sumatra andΒ KalimantanΒ byΒ theΒ year end. In addition,Β land preparation, which involves compensation negotiation with local villagers and land clearing forΒ 1,500 ha of landΒ inΒ theΒ newly acquired region of South Sumatra andΒ Bangka, isΒ targeted for completionΒ byΒ the end of the year. The Group has sufficient seedlings available to plant up 10,000 hectares.Β
Out of the Group's total landholding of 132,000 ha, the planted area now stands at 46,000 ha (2008: 40,000) with 58,000 ha available for planting.
TheΒ construction of a 40/60mt oilΒ millΒ located atΒ Sumindo estateΒ in BengkuluΒ is under progressΒ and the mill is expected to be commissioned byΒ theΒ first quarter of 2010.
Dividend
As in previous years no interim dividend has been declared. A final dividend of 5.0 cents per share in respect of the year to 31 December 2008Β wasΒ paid on 7 August 2009.
Risks and Uncertainties
The principal risks facing the business are as set out on page 10 of the 2008 annual report, and there have been no changes this year.Β
Outlook
Although production has grown as planned and commodity prices have remained generally stable throughout the period, the global recessionary market sentiment does create some uncertainty going forward.
DespiteΒ theΒ unfavourableΒ economicΒ outlookΒ demand for the Group's products remains strong. The board remains cautiously confident of reportingΒ a satisfactory profit level and cash flowΒ for the second half of 2009.
Chan Teik Huat 21Β August 2009
Chairman
Responsibility Statements
We confirm that to the best of our knowledge:
a) The interim financial statements have been prepared in accordance with IAS34; Interim Reporting as adopted by the European Union:
b) The Chairman's statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Donald Han Low 21Β August 2009
Consolidated income statement
|
2009 6 months to 30 June (unaudited) |
2008 6 months to 30 June (unaudited) |
2008 year to 31 December (audited) |
||||||||
|
Continuing operations |
Notes |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
Result before BA adjustment $000 |
BA adjustment $000 |
Total $000 |
|
Revenue |
57,361 |
- |
57,361 |
100,179 |
- |
100,179 |
174,684 |
- |
174,684 |
|
|
Cost of sales |
(32,714) |
- |
(32,714) |
(54,777) |
- |
(54,777) |
(96,812) |
- |
(96,812) |
|
|
Gross profit |
24,647 |
- |
24,647 |
45,402 |
- |
45,402 |
77,872 |
- |
77,872 |
|
|
Biological asset revaluation movement (BA adjustment) |
2 |
- |
417 |
417 |
- |
489 |
489 |
- |
1,347 |
1,347 |
|
Other income |
278 |
- |
278 |
151 |
- |
151 |
- |
- |
- |
|
|
Administration expenses |
(1,871)Β |
- |
(1,871) |
(2,234) |
- |
(2,234) |
(3,808) |
- |
(3,808) |
|
|
Operating profit |
23,054 |
417 |
23,471 |
43,319 |
489 |
43,808 |
74,064 |
1,347 |
75,411 |
|
|
Exchange profit/(losses) |
3 |
252 |
- |
252 |
618 |
- |
618 |
1,503 |
- |
1,503 |
|
Finance income |
1,532 |
- |
1,532 |
1,254 |
- |
1,254 |
3,645 |
- |
3,645 |
|
|
Finance costs |
4 |
(1,220) |
- |
(1,220) |
(1,237) |
- |
(1,237) |
(2,686) |
- |
(2,686) |
|
Profit before tax |
5 |
23,618 |
417 |
24,035 |
43,954 |
489 |
44,443 |
76,526 |
1,347 |
77,873 |
|
Tax |
6 |
(Β 7,029) |
(117) |
(7,146)Β |
(14,567) |
(140) |
(14,707) |
(25,487) |
(404) |
(25,891) |
|
Profit for the period |
16,589 |
300 |
16,889 |
29,387 |
349 |
29,736 |
51,039 |
943 |
51,982 |
|
|
Attributable to: |
||||||||||
|
- equity holders of the parent |
13,857 |
198 |
14,055 |
24,019 |
275 |
24,294 |
41,182 |
819 |
42,001 |
|
|
- minority interests |
2,732 |
102 |
2,834 |
5,368 |
74 |
5,442 |
9,857 |
124 |
9,981 |
|
|
16,589 |
300 |
16,889 |
29,387 |
349 |
29,736 |
51,039 |
943 |
51,982 |
||
|
Earnings per share |
||||||||||
|
- basic |
35.6ctsΒ |
61.6cts |
105.1cts |
|||||||
|
- diluted |
35.6cts |
61.5cts |
104.8cts |
|||||||
Consolidated statement of comprehensive income and expenses
|
2009 |
2008 |
2008 |
||
|
6 months |
6 months |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
Notes |
$000 |
$000 |
$000 |
|
|
Profit for the period |
10 |
16,889 |
29,736 |
51,982 |
|
Other comprehensive income: |
||||
|
UnrealisedΒ (deficit)/surplus onΒ revaluation of the estates |
10 |
3,672 |
(2,110) |
5,302 |
|
Profit/(loss) on exchange translationΒ of foreign operations |
10 |
5,827 |
4,575 |
(29,944) |
|
Deferred tax on revaluation |
10 |
108 |
374 |
(1,128) |
|
Other comprehensive income/(expense) for the period |
9,607 |
2,839 |
(25,770) |
|
|
Total comprehensive income for the period |
26,496 |
32,575 |
26,212 |
|
|
Attributable to: |
||||
|
- equity holders of the parent |
10 |
21,550 |
26,663 |
19,872 |
|
- minority interest |
10 |
4,946 |
5,912 |
6,340 |
|
26,496 |
32,575 |
26,212 |
Β Β Consolidated balance sheet
|
2009 |
2008 |
2008 |
||
|
as at 30 June |
as at 30 June |
as at 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
Notes |
$000 |
$000 |
$000 |
|
|
Non-current assets |
||||
|
Biological assets |
2 |
38,373 |
41,204 |
38,843 |
|
Property, plant and equipment |
181,393 |
159,219 |
160,012 |
|
|
Receivables |
1,677 |
1,677 |
1,677 |
|
|
221,443 |
202,100 |
200,532 |
||
|
Current assets |
||||
|
Inventories |
6,343 |
7,775 |
4,196 |
|
|
Tax receivablesΒ |
1,864 |
912 |
761 |
|
|
Trade and other receivables |
2,892 |
5,178 |
4,143 |
|
|
Cash and cash equivalents |
57,878 |
78,009 |
69,442 |
|
|
68,977 |
91,874 |
78,542 |
||
|
Current liabilities |
||||
|
Bank loans and other financial liabilities |
(9,032) |
(9,827) |
(8,639) |
|
|
Trade and other payables |
(6,317) |
(10,973) |
(10,749) |
|
|
Tax liabilities |
(2,053) |
(8,656) |
(10,428) |
|
|
(17,402) |
(29,456) |
(29,816) |
||
|
Net current assets |
51,575 |
62,418 |
48,726 |
|
|
Non-current liabilities |
||||
|
Bank loans and other financial liabilities |
(24,223) |
(32,504) |
(27,025) |
|
|
Deferred tax liabilities |
(28,290) |
(23,035) |
(28,450) |
|
|
Retirement benefit, net liabilities |
(1,679) |
(1,483) |
(1,494) |
|
|
Net assets |
218,826 |
207,496 |
192,289 |
|
|
Equity |
||||
|
Share capital |
15,504 |
15,504 |
15,504 |
|
|
Treasury shares |
(1,744) |
(1,785) |
(1,785) |
|
|
Share premium reserve |
10 |
23,935 |
23,935 |
23,935 |
|
Share capital redemption reserve |
10 |
1,087 |
1,087 |
1,087 |
|
Revaluation and exchange reserves |
10 |
(14,588) |
2,415 |
(22,083) |
|
Retained earnings |
10 |
158,128 |
131,478 |
144,073 |
|
Equity attributable to equity holders ofΒ the parent |
182,322 |
172,634 |
160,731 |
|
|
Minority interests |
10 |
36,504 |
34,862 |
31,558 |
|
Total equity |
218,826 |
207,496 |
192,289 |
Consolidated cash flow statement
|
Cash flows from operating activities |
2009 |
2008 |
2008 |
|
|
6 monthsΒ |
6 monthsΒ |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
Profit before tax |
24,035 |
44,443 |
77,873 |
|
|
Adjustments for: |
||||
|
Biological asset adjustment |
(417) |
(489) |
(1,347) |
|
|
Net profit on disposal of fixed and current asset investments |
- |
(5) |
- |
|
|
Loss/(profit)Β on disposal of tangible fixed assets |
12 |
- |
(53) |
|
|
Depreciation |
2,214 |
2,423 |
4,902 |
|
|
Share-based remuneration expense |
- |
40 |
- |
|
|
Retirement benefit provisions |
185 |
(51) |
40 |
|
|
Net finance income |
312 |
(17) |
(959) |
|
|
Operating cash flow before changes in working capital |
26,341 |
46,344 |
80,456 |
|
|
(Increase)/decrease in inventories |
(2,147) |
(2,865) |
712 |
|
|
(Increase)/decrease in trade and other receivables |
148 |
(3,716) |
(2,730) |
|
|
(Decrease)/increase in trade and other payables |
(4,432) |
(1,424) |
(3,935) |
|
|
Cash flow from operations |
19,910 |
38,339 |
74,503 |
|
|
Interest paid |
(1,220) |
(1,237) |
(2,728) |
|
|
Overseas tax paid |
(10,428) |
(12,789) |
(17,898) |
|
|
Net cash flow from operations |
8,262 |
24,313 |
53,877 |
|
|
Investing activities |
||||
|
Acquisition of subsidiaries |
- |
(3,982) |
(11,363) |
|
|
Property, plant and equipment |
||||
|
- purchase |
(15,110) |
(9,317) |
(19,738) |
|
|
- sale |
28 |
26 |
489 |
|
|
Interest received |
1,532 |
1,254 |
3,645 |
|
|
Net cash used in investing activities |
(13,550) |
(12,019) |
(26,967) |
|
|
Financing activities |
||||
|
Dividends paid by parent company |
- |
- |
(5,112) |
|
|
Share options exercised |
32 |
- |
- |
|
|
Repayment of existing long term loans |
(4,320) |
(684) |
(4,237) |
|
|
Finance lease (repayment)/drawdown |
(9) |
(2) |
(110) |
|
|
Dividends paid to minority shareholders |
- |
(575) |
(2,378) |
|
|
Repayment of loan by minority shareholder |
- |
- |
48 |
|
|
Net cash used in financing activities |
(4,297) |
(1,261) |
(11,789) |
|
|
(Decrease)/Increase in cash and cash equivalents |
(9,585) |
11,033 |
15,121 |
|
|
Cash and cash equivalents less overdrafts |
||||
|
At beginning of period |
69,442 |
63,357 |
63,357 |
|
|
Foreign exchange |
(1,979) |
618 |
(9,036) |
|
|
At end of period |
57,878 |
75,008 |
69,442 |
|
|
Comprising: |
||||
|
Cash at end of period |
57,878 |
78,009 |
69,442 |
|
|
Overdraft at end of period |
- |
(3,001) |
- |
|
|
57,878 |
75,008 |
69,442 |
Notes to the interim statements
1. Basis of preparation of interim financial statements
This interim report does not constitute the company's statutory accounts. The information presented in relation to 31 December 2008Β is extracted from the statutory financial statements for the year then ended and which have been delivered to the Registrar of Companies. The auditors report on the statutory financial statements for the year ended 31 December 2008Β was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report(s) and did not contain statements under S237(2) or (3) of the Companies Act 1985
The interim statements for the six months ended 30 June 2009 and 30 June 2008Β have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. Those for the six months ended 30 June 2009 were approved by the board on 21Β August 2009. The same accounting policies have been followed as in the last set of statutory accounts except for the adoption of IAS 1 revised and IFRS 8 which will be applied in the full annual financial statements. These new policies affect presentation only.Β These interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU, the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority and the accounting policies,Β andΒ methods of computation as applied in the group's 2008 Annual Report and Accounts. The comparative figures for the year ended 31 December 2008 are an extract from the audited financial statements for the year.Β All comparative figures have been restated for the change in presentation as a result of the adoption of IAS 1 revised and IFRS 8.
2. Biological assets
Group fixed assets are valued in total on the same "value in use" basis asΒ disclosedΒ in theΒ group's accounting policies within theΒ annual financial statements. Within this total, the value of biological assets has beenΒ estimated separately and, as required by IAS41, the movement in valuation surplus of biological assetsΒ has been charged or credited (BA adjustment) to the income statement for the relevant period.
Β Β
3. Foreign exchange
|
2009 |
2008 |
2008 |
|||
|
6 months |
6 months |
Year |
|||
|
to 30 June |
to 30 June |
to 31 Dec |
|||
|
(unaudited) |
(unaudited) |
(audited) |
|||
|
Average exchange rates |
|||||
|
Rp : $ |
11,000 |
9,254 |
9,735 |
||
|
$ : Β£ |
1.51 |
1.97 |
1.84 |
||
|
RM : $ |
3.59 |
3.22 |
3.34 |
||
|
Closing exchange rates |
|||||
|
Rp : $ |
10,208 |
9,220 |
10,950 |
||
|
$ : Β£ |
1.65 |
1.99 |
1.41 |
||
|
RM : $ |
3.52 |
3.27 |
3.48 |
||
4. Finance costs
|
2009 |
2008 |
2008 |
||
|
6 monthsΒ |
6 monthsΒ |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
Payable |
1,220 |
1,237 |
2,728 |
|
|
Capitalised |
- |
- |
(42) |
|
|
1,220 |
1,237 |
2,686 |
5. Segment information
|
Revenues |
||||
|
2009 |
2008 |
2008 |
||
|
6 monthsΒ |
6 monthsΒ |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
North Sumatra |
30,737 |
45,896 |
83,022 |
|
|
Bengkulu |
19,491 |
35,129 |
53,378 |
|
|
South Sumatra |
- |
- |
- |
|
|
Riau |
5,364 |
15,566 |
31,280 |
|
|
Bangka |
- |
- |
- |
|
|
Kalimantan |
- |
- |
- |
|
|
TotalΒ Indonesia |
55,592 |
96,591 |
167,680 |
|
|
Malaysia |
1,769 |
3,588 |
7,004 |
|
|
UK |
- |
- |
- |
|
|
Total |
57,361 |
100,179 |
174,684 |
|
Β Β
|
Profit/(loss) before tax |
||||
|
2009 |
2008 |
2008 |
||
|
6 monthsΒ |
6 monthsΒ |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
North Sumatra |
12,458 |
23,386 |
46,788 |
|
|
Bengkulu |
8,265 |
14,629 |
16,355 |
|
|
South Sumatra |
- |
- |
- |
|
|
Riau |
5,222 |
5,504 |
13,266 |
|
|
Bangka |
- |
- |
- |
|
|
Kalimantan |
- |
- |
- |
|
|
TotalΒ Indonesia |
25,945 |
43,519 |
76,409 |
|
|
Malaysia |
320 |
1,739 |
2,553 |
|
|
UK |
(2,230) |
(815) |
(1,089) |
|
|
Total |
24,035 |
44,443 |
77,873 |
|
|
Total assets |
||||
|
2009 |
2008 |
2008 |
||
|
30 June |
30 June |
31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
North Sumatra |
128,991 |
126,717 |
113,332 |
|
|
Bengkulu |
39,072 |
40,461 |
43,379 |
|
|
South Sumatra |
14,155 |
- |
13,392 |
|
|
Riau |
25,829 |
26,166 |
24,545 |
|
|
Bangka |
1,443 |
2,071 |
1,342 |
|
|
Kalimantan |
9,901 |
8,219 |
7,202 |
|
|
TotalΒ Indonesia |
219,391 |
203,634 |
203,192 |
|
|
Malaysia |
24,986 |
25,925 |
26,434 |
|
|
UK |
4,792 |
9,628 |
1,541 |
|
|
Total |
249,169 |
239,187 |
231,167 |
|
6. Tax
|
2009 |
2008 |
2008 |
||
|
6 monthsΒ |
6 monthsΒ |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
Foreign corporation tax |
6,773 |
12,645 |
20,552 |
|
|
Foreign withholding tax |
- |
1,664 |
4,550 |
|
|
Deferred tax adjustment |
373 |
398 |
789 |
|
|
7,146 |
14,707 |
25,891 |
7. Dividend
The final and only dividend in respect of 2008, amounting to 5.0cts per share, or $1,973,514, was paid on 7 August 2009 (2007: 14.0cts per share, or $5,531,000, paid on 9 September 2008). In common with previous years no interim dividend has been declared.
8. Earnings per share
|
2009 |
2008 |
2008 |
||
|
6 months |
6 months |
Year |
||
|
to 30 June |
to 30 June |
to 31 Dec |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
$000 |
$000 |
$000 |
||
|
Earnings before BA adjustment |
13,857 |
24,019 |
41,182 |
|
|
Net BA adjustment |
198 |
275 |
819 |
|
|
Earnings after BA adjustment |
14,055 |
24,294 |
42,001 |
|
|
Number |
Number |
Number |
||
|
000 |
000 |
000 |
||
|
Weighted average number of shares in issue in period |
||||
|
- used in basic EPS |
39,470 |
39,458 |
39,976 |
|
|
- dilutive effect of outstanding share options |
34 |
63 |
101 |
|
|
- used in diluted EPS |
39,504 |
39,521 |
40,077 |
|
|
Shares in issue at period end excluding 506,000 shares held in treasury |
39,470 |
39,458 |
39,976 |
|
|
Basic earnings per share before BA adjustment |
35.1cts |
60.9cts |
103.0cts |
|
|
Basic earnings per share after BA adjustment |
35.6cts |
61.6cts |
105.1cts |
9 Post balance sheetΒ events
No major events or transactions occurred between the balance sheet and the date of this report.
10. Reserves and minority interests
|
Attributable to equity holders of the parent |
||||||||||
|
|
Share capital |
Treasury shares |
Share premium |
Share capital redemption reserve |
Revaluation Reserve |
Foreign exchange reserve |
Retained earnings |
Total |
Minority interests |
Total equity |
|
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
|
|
Balance at 31 December 2007 |
15,504 |
(1,785) |
23,935 |
1,087 |
76,445 |
(76,399) |
107,184 |
145,971 |
32,367 |
178,338 |
|
Direct changes in equity for 2007 |
||||||||||
|
Unrealised surplus on revaluation of estates |
- |
- |
- |
- |
3,670 |
- |
- |
3,670 |
1,632 |
5,302 |
|
Deferred tax on revaluation |
- |
- |
- |
- |
(533) |
(375) |
- |
(908) |
(220) |
(1,128) |
|
(Loss) on exchange translation |
- |
- |
- |
- |
- |
(24,891) |
- |
(24,891) |
(5,053) |
(29,944) |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
3,137 |
(25,266) |
- |
(22,129) |
(3,641) |
(25,770) |
|
Profit for year |
- |
- |
- |
- |
- |
- |
42,001 |
42,001 |
9,981 |
51,982 |
|
Total comprehensive income and expense for the year |
- |
- |
- |
- |
3,137 |
(25,266) |
42,001 |
19,872 |
6,340 |
26,212 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(5,112) |
(5,112) |
(7,747) |
(12,859) |
|
Interest in subsidiaries acquired |
- |
- |
- |
- |
- |
- |
- |
- |
598 |
598 |
Β Β
|
Balance at 31 December 2008 |
15,504 |
(1,785) |
23,935 |
1,087 |
79,582 |
(101,665) |
144,073 |
160,731 |
31,558 |
192,289 |
|
Direct changes in equity for six months to 30 June 2009 |
||||||||||
|
Unrealised surplus on revaluation of estates |
- |
- |
- |
- |
2,985 |
- |
- |
2,985 |
687 |
3,672 |
|
Deferred tax on revaluation |
- |
- |
- |
- |
(295) |
372 |
- |
77 |
31 |
108 |
|
Profit on exchange translation |
- |
- |
- |
- |
- |
4,433 |
- |
4,433 |
1,394 |
5,827 |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
2,690 |
4,805 |
- |
7,495 |
2,112 |
9,607 |
|
Profit for period |
- |
- |
- |
- |
- |
- |
14,055 |
14,055 |
2,834 |
16,889 |
|
Total comprehensive income and expense for the period |
- |
- |
- |
- |
2,690 |
4,805 |
14,055 |
21,550 |
4,946 |
26,496 |
|
Share option exercisedΒ |
- |
41 |
- |
- |
- |
- |
- |
41 |
- |
41 |
|
Balance at 30 June 2009 |
15,504 |
(1,744) |
23,935 |
1,087 |
82,272 |
(96,860) |
158,128 |
182,322 |
36,504 |
218,826 |
Β Β
|
Attributable to equity holders of the parent |
||||||||||
|
|
Share capital |
Treasury shares |
Share premium |
Share capital redemption reserve |
Revaluation Reserve |
Foreign exchange reserve |
Retained earnings |
Total |
Minority interests |
Total equity |
|
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
|
|
Balance atΒ 31 December 2007 |
15,504 |
(1,785) |
23,935 |
1,087 |
76,445 |
(76,399) |
107,184 |
145,971 |
32,367 |
178,338 |
|
Direct changes in equity for six months toΒ 30 June 2008 |
||||||||||
|
Unrealised surplus on revaluation of estates |
- |
- |
- |
- |
(1,787) |
- |
- |
(1,787) |
(323) |
(2,110) |
|
Deferred tax on revaluation |
- |
- |
- |
- |
368 |
- |
- |
368 |
6 |
374 |
|
Profit on exchange translation |
- |
- |
- |
- |
- |
3,788 |
- |
3,788 |
787 |
4,575 |
|
Net income and expense recognised directly in equity |
- |
- |
- |
- |
(1,419) |
3,788 |
- |
2,369 |
470 |
2,839 |
|
Profit for period |
- |
- |
- |
- |
- |
- |
24,294 |
24,294 |
5,442 |
29,736 |
|
Total recognised income and expense for the period |
- |
- |
- |
- |
(1,419) |
3,788 |
24,294 |
26,663 |
5,912 |
32,575 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
(3,620) |
(3,620) |
|
Interest in subsidiaries acquired |
- |
- |
- |
- |
- |
- |
- |
- |
203 |
203 |
|
Balance atΒ 30 June 2008 |
15,504 |
(1,785) |
23,935 |
1,087 |
75,026 |
(72,611) |
131,478 |
172,634 |
34,862 |
207,496 |
11 Report and Financial Information
Copies of theΒ interim reportΒ for the Company for the period ended 30 June 2009Β are to be madeΒ available on the Company's website.
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