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Results Presentation For the six months ended 30 September 2005 25 November 2005 Results Presentation For the six months ended 30 September 2005 25 November 2005

FINANCIAL HIGHLIGHTS SEGMENTAL ANALYSIS UNDERLYING RESULTS INTRINSIC VALUE SHARE INFO QUESTIONS FINANCIAL HIGHLIGHTS SEGMENTAL ANALYSIS UNDERLYING RESULTS INTRINSIC VALUE SHARE INFO QUESTIONS

FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS

Financial Highlights Interim Sep ‘ 05 ’ 04(1) % change Final Mar ‘ 05(1) Financial Highlights Interim Sep ‘ 05 ’ 04(1) % change Final Mar ‘ 05(1) Headline earnings (R’m) 2 809 2 459 14. 2 5 006 Headline EPS (cents) 579. 4 491. 4 17. 9 1 006. 7 1 203. 5 786. 6 53. 0 1 721. 1 133. 0 116. 0 14. 7 314. 0 - Special (cents) 600. 0(2) - Intrinsic NAV (R) – after CGT 136. 36 107. 77 13. 7(3) 119. 97 Closing share price (R) 109. 95 82. 10 33. 9 93. 80 Basic EPS (cents) DPS - Ordinary (cents) (1) (2) (3) - The final and interim figures for March 2005 and September 2004 have been adjusted to be IFRS compliant, with the exception of First. Rand, RMBH and Nampak, which are reported in terms of SA GAAP (see slide 5) The special dividend of 600 cents has been declared and paid The change in the intrinsic value from 31 March 2005 to 30 September 2005 4

Accounting changes • • • Remgro applied International Financial Reporting Standards (“IFRS”) for the Accounting changes • • • Remgro applied International Financial Reporting Standards (“IFRS”) for the six months ended 30 September 2005 Certain associated companies (First. Rand, RMBH and Nampak) were not in a position to provide Remgro with IFRS information due to later reporting periods. These companies were included on a SA GAAP basis, as approved by the JSE IFRS adjustments to earnings: – 31 March 2005: R 253 million (negative) – 30 September 2004: R 305 million (positive) • IFRS adjustments to headline earnings: – 31 March 2005: R 19 million (positive) – 30 September 2004: R 12 million (negative) • Other positive prior year adjustments amounted to R 5 million for 31 March 2005 and R 9 million for the six months ended 30 September 2004 for both earnings and headline earnings. These adjustments related to a restatement of Transvaal Sugar’s inventory and revenue figure (R 4 million) and First. Rand RMB restated their figures to comply with AC 501 (STC) 5

Corporate activity since March 2005 Disposals • ABSA During July 2005, Remgro sold its Corporate activity since March 2005 Disposals • ABSA During July 2005, Remgro sold its entire interest in ABSA for a consideration of R 5 064 million (after tax gain - R 2 570 million) • First. Rand In May 2005 First. Rand announced that its BEE transaction had been implemented and in terms of the scheme, all shareholders sold 7. 6 shares for each 100 shares held for R 12. 28 per share. Remgro received R 486 million (after tax gain – R 123 million) on 16 May 2005. Remgro’s interest in First. Rand (incl its indirect interest through RMBH) is 16. 7% • Sage During September 2005 Remgro sold its 17. 9% interest in Sage for R 114 million. An initial payment of R 92 million was received and the subsequent payment of R 22 million is still subject to certain potential tax liabilities being resolved. An after tax gain of R 10 million was realised 6

Corporate activity since March 2005 Acquisitions • Share repurchases Remgro repurchased 5 187 563 Corporate activity since March 2005 Acquisitions • Share repurchases Remgro repurchased 5 187 563 shares (1. 1% of Remgro’s issued share capital) at an average price of R 110. 46 per share for a total amount of R 573. 0 million during the six months ended 30 September 2005. Together with previous years repurchases, a total of 35 709 404 (7. 3%) shares are held as treasury shares No further shares were purchased by The Remgro Share Trust 7

KTI transaction On 29 September 2005, Remgro announced the proposed acquisition of a 37% KTI transaction On 29 September 2005, Remgro announced the proposed acquisition of a 37% interest in Kagiso Trust Investments (“KTI”), in equal shares from Liberty Life and Nedbank, for an aggregate consideration of R 450 million Rationale • KTI is an established empowered company with a sound investment record; • KTI’s investment strategy is complimentary to that of Remgro; • With their combined industry expertise, KTI and Remgro can jointly pursue future investment opportunities Further details will be announced once the acquisition becomes unconditional 8

Other subsequent events • Nampak On 29 September 2005 Nampak shareholders approved its BEE Other subsequent events • Nampak On 29 September 2005 Nampak shareholders approved its BEE transaction and the operative date of the scheme was 31 October 2005. Remgro sold 10 Nampak shares for every 100 shares held at R 15. 13 per share. Remgro received R 131. 3 million on 31 October 2005 and its interest in Nampak diluted to approximately 13. 5% • RMBH announced, with the release of their final results at 30 June 2005, a capital reduction of R 1. 00 per share. Remgro received R 274 million on 7 November 2005 • Distell On 21 September 2005 Distell announced the introduction of a BEE partner. Distell will dispose of 15% of its operating company for approximately R 869. 4 million • Medi-Clinic On 4 October 2005 Medi-Clinic announced its BEE initiative and capital restructuring. The operative date of the scheme is 19 December 2005 and Medi-Clinic will buy back 4. 25 shares for each 100 shares held at a proposed price of R 18. 40 per share. Remgro will consequently receive R 139. 5 million. Remgro’s interest will dilute to 43. 4% (after a share issue) 9

Application of cash at the centre • First priority is to invest cash on Application of cash at the centre • First priority is to invest cash on behalf of shareholders – New investments – Increased exposure to existing investments • Continue the share repurchase programme, combined with • Ongoing real growth in dividends to shareholders; and • Special dividends from time to time as in the past (STC implications) 10

SEGMENTAL ANALYSIS SEGMENTAL ANALYSIS

Segmental headline earnings performance September 2005 Strong performances from: • Tobacco interests +22. 5% Segmental headline earnings performance September 2005 Strong performances from: • Tobacco interests +22. 5% • Financial services +14. 4% Off-set by: • Mining interests -6. 1% • Industrial interests -1. 5% September 2004 12

UNDERLYING RESULTS UNDERLYING RESULTS

Summary of underlying performance R’million Sep ‘ 05 Sep ’ 04 %change Tobacco interests Summary of underlying performance R’million Sep ‘ 05 Sep ’ 04 %change Tobacco interests 1 264 1 032 22. 5 Financial services 903 789 14. 4 Industrial interests 535 543 (1. 5) Mining interests 77 82 (6. 1) Corporate 30 13 130. 8 Total 2 809 2 459 14. 2 HEPS (cents) 579. 4 491. 4 17. 9 14

Tobacco Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 Tobacco Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 R&R / BAT 1 264 1 032 22. 5 Avg ZAR: £ rate 11. 72 11. 75 30 919 % Mar’ 05 change 26 276 17. 7 (0. 3) Highlights • R&R’s contribution to headline earnings increased by 22. 5% and was mainly due to Remgro’s higher indirect interest in BAT as well as BAT’s strong results • BAT’s attributable profit increased by 21. 1% in sterling as a result of good organic growth and strong performances by all regions • The rand was also stable and only appreciated by 0. 3% 15

Tobacco (cont’d) £’million Sep’ 05 Sep’ 04 1 011 843 - (8) 1 011 Tobacco (cont’d) £’million Sep’ 05 Sep’ 04 1 011 843 - (8) 1 011 835 290 238 - 8 Interest income 15 17 R&R’s income 305 263 Remgro’s share thereof 108 88 ZAR: £ translation rate 11. 72 11. 75 Remgro’s tobacco headline earnings (R’million) 1 264 1 032 Earnings attributable to BAT (excl non-recurring items) Movement in NPV of preference shares & dividends R&R’s share of earnings Movement in NPV of preference shares & dividends 16

Tobacco (cont’d) • Remgro’s effective interest in BAT increased from 9. 4% in September Tobacco (cont’d) • Remgro’s effective interest in BAT increased from 9. 4% in September 2004 to 10. 2% mainly as a result of the investment in participation securities issued by R&R Holdings • BAT’s operating profit was 43% lower due to the impact of the £ 1 392 million gain, in the comparative period as a result of the merger of BAT’s North American operations with those of RJ Reynolds in July 2004. If non-recurring items are excluded, profit from operations are 9% higher (6% at constant exchange rates) 17

Financial Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 Financial Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 % Mar’ 05 change ABSA 123 228 (46. 1) - 4 629 nm First. Rand 420 296 41. 9 8 155 6 941 17. 5 RMBH 360 265 35. 8 7 182 5 874 22. 3 Other - - - 1 146 nm Total 903 789 14. 4 15 338 17 590 (12. 8) Highlights • The ABSA stake was sold to Barclays effective 27 July 2005. Dividends amounting to R 123 million have been included in income during the period under review. ABSA was equity accounted in 2004 • First. Rand RMBH returned strong earnings growth for the six months ended June 05 18

Industrial Headline earnings R’million % Intrinsic value % Sep’ 05 Sep’ 04 change Sep’ Industrial Headline earnings R’million % Intrinsic value % Sep’ 05 Sep’ 04 change Sep’ 05 Mar’ 05 change 143 125 14. 4 3 393 2 732 24. 2 Rainbow 95 52 82. 7 1 481 1 124 31. 8 Total SA 83 105 (21. 0) 1 572 1 187 32. 4 Distell 57 42 35. 7 1 937 1 405 37. 9 UBR 53 68 (22. 1) 1 709 1 711 (0. 1) Nampak 45 58 (22. 4) 1 379 1 371 0. 6 Air Products 32 24 33. 3 670 606 10. 6 Wispeco 29 26 11. 5 307 304 1. 0 (28) 23 nm 179 422 (57. 6) 23 18 27. 8 1 116 1 028 8. 6 Henkel / Tylon 0 2 nm - - - Caxton 3 0 nm 109 89 22. 5 535 543 (1. 5) 13 852 11 979 15. 6 Medi-Clinic Dorbyl TSB Total 19

Industrial (cont’d) Improved performances were mainly due to: • Air Products Due to increased Industrial (cont’d) Improved performances were mainly due to: • Air Products Due to increased demand for gaseous products in all industries, Air Products reported a substantial increase in headline earnings • TSB Although the national sugar industry production has increased due to better climatic conditions, TSB has not recovered to the same extent. The strengthening in the export sugar price however has lead to increased income. TSB’s results have been negatively affected by lower income of the citrus business due to lower prices in Japan Lower results were reported by: • Total SA The lower contribution was mainly due to STC payable on dividends declared and slightly lower gross profit margins. Reduced refining margins were offset by higher marketing margins • UBR The decrease is mainly due to tax payable on dividends declared. Israel reported improved results, but South Africa reported lower results due to the impact of brand disposals and discontinuances 20

Mining Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 Mining Headline earnings R’million % Intrinsic value Sep’ 05 Sep’ 04 change Sep’ 05 % Mar’ 05 change Implats 60 53 13. 2 2 412 1 751 37. 8 Trans Hex 16 28 (42. 9) 520 529 (1. 7) 1 1 - 6 6 - 77 82 (6. 1) 2 938 2 286 28. 5 Gencor Total Highlights • The decrease of 6. 1% is mainly due to the lower income from Trans Hex as a result of an increase in cost of sales, exploration costs and asset impairments 21

Corporate finance & other Headline earnings R’million Sep’ 05 53 Total (37) 30 Corporate Corporate finance & other Headline earnings R’million Sep’ 05 53 Total (37) 30 Corporate costs (1) 50 (23) Central treasury Sep’ 04 13 Intrinsic value R’million Sep’ 05 (134) Sundry (liabilities) / assets (2) Mar’ 05 355 Note: (1) The decrease in corporate costs resulted from reduced share scheme costs as a result of implementing IFRS 2 (2) The movement is mainly due to an increase in deferred tax liability and tax payable 22

Cash movement at the centre (1) Investments realised consists of the sale of ABSA Cash movement at the centre (1) Investments realised consists of the sale of ABSA to Barclays (R 5 064 m), the proceeds received on the First. Rand BEE scheme (R 486 m), the Sage disposal (R 92 m), loan repayments received (R 132 m) and other investments realised (R 8 m) 23

Total cash At 30 Sep 2005 R’million Local Offshore Total Per consolidated balance sheet Total cash At 30 Sep 2005 R’million Local Offshore Total Per consolidated balance sheet 3 929 1 005 4 934 (835) - (835) 3 094 1 005 4 099 - 2 344 3 094 3 349 6 443 Less: Cash from other operating subsidiaries Cash at the centre Attributable share of R&R’s cash Available cash Offshore cash at the centre (on balance sheet) was £ 89. 7 million and the attributable share of R&R’s cash (off balance sheet) was £ 209. 3 million 24

INTRINSIC VALUE INTRINSIC VALUE

Remgro’s intrinsic value R’million Sep ‘ 05 March ‘ 05 %change 2 761 2 Remgro’s intrinsic value R’million Sep ‘ 05 March ‘ 05 %change 2 761 2 236 23. 5 Tobacco interests 30 919 26 276 17. 7 Financial services 15 338 17 590 (12. 8) Industrial interests 13 852 11 979 15. 6 Mining interests 2 938 2 286 28. 5 Other interests (134) 355 (137. 8) Cash at the centre 4 099 1 094 274. 7 67 012 59 580 12. 5 481. 9 487. 1 Intrinsic NAV per share (R) – before CGT 139. 06 122. 32 13. 7 Intrinsic NAV per share (R) – after CGT 136. 36 119. 97 13. 7 Tobacco interests in GBP (£’m) Total Shares in issue (million) 26

Intrinsic value vs share price Discount 31/3/05: 21. 8% Discount 30/9/05: 20. 9% 22/11/05: Intrinsic value vs share price Discount 31/3/05: 21. 8% Discount 30/9/05: 20. 9% 22/11/05: 20. 1% • Remgro traded at a 20. 9% discount as at 30 September 2005 to its intrinsic value (after CGT) (31 March 2005: 21. 8%) • The discount to the intrinsic value (after CGT) as at 22 November 2005 was 20. 1% 27

SHARE INFO SHARE INFO

Share price performance • Remgro’s share price as at 30 September 2005 outperformed the Share price performance • Remgro’s share price as at 30 September 2005 outperformed the ALSI by 24. 5% and the FINDI by 76. 7% • Remgro’s share price as at 22 November 2005 outperformed the ALSI by 27. 1% and the FINDI by 82. 2% 29

QUESTIONS QUESTIONS