RNS No 9274m
PACIFIC DUNLOP LTD
12th February 1998
PART 1
PACIFIC DUNLOP HALF YEAR RESULTS
TO 31 DECEMBER 1997
- Profit attributable to shareholders after tax and abnormals up
7% to $90.1 million.
- Total sales up 3.8% to $3.1 billion.
- Sales by continuing businesses up 5.4% to $3.0 billion.
- Earnings per share up 6.0% to 8.8 cents.
- Unchanged interim dividend of 7.0 cents.
PACIFIC DUNLOP REPORTS $90.1 MILLION HALF YEAR PROFIT
Results Summary
Pacific Dunlop today reported a profit attributable to shareholders before
abnormals of $90.1 million for the six months ended 31 December 1997. This is a
7% increase on the previous corresponding period's $84.5 million profit.
There were no abnormal items.
Sales by continuing businesses were $3.0 billion, an increase of 5.4%.
Earnings per share were 8.8 cents compared with 8.3 cents in the same period
last year.
Directors have declared an interim dividend of 7.0 cents a share, franked to
60%, representing an unchanged interim dividend. The dividend will be paid
on 1 July 1998 to shareholders registered on 10 June 1998.
Net interest bearing debt to shareholders' equity increased from 63% to 70%, due
entirely to the weaker Australian dollar against the U.S. dollar. Interest
cover of 3.6 times was slightly less than the 3.8 times in the previous
corresponding period, while the average interest cost decreased from 7.0% to
6.6% per annum.
Chairman's Comment
In commenting on the results, the Chairman of Pacific Dunlop, Mr John Ralph,
said:
"Ansell's performance was pleasing with the operating profit increasing 26% over
the previous corresponding half. This Division continues to strengthen its
position in the world protective products market with its most recent
acquisition, Ansell Golden Needles in the U.S., generating increased
profitability.
"GNB Technologies' result has improved, particularly in the industrial battery
division, but the U.S. market for automotive batteries remains very competitive.
"Pacific Brands' operating profit was steady, while SPT was 13% lower. The
Australian tyre market remains subdued with replacement tyre demand having
declined as sales of new passenger vehicles increased. Imports of passenger
tyres, particularly from low labour cost countries, have increased compared with
the same period last year.
"The results of Cables Group and Pacific Distribution were disappointing.
"The fall in profit from the Cables Group was due mainly to a sharp reduction in
telecommunications cable demand, the suspension of the pay TV rollout,
reduced exports and lower returns from the Indonesian business. These combined
to produce a reduction of $15 million in profit before interest and tax from
Cables.
"Pacific Distribution's lower result came after absorbing the roll-out costs of
its Repco Super Store program which has an increased focus on the growing Do-
It-Yourself market. The new stores are still in their formative stage and are
expected to bring improved returns in the future. The electrical wholesaling
businesses were adversely affected by falling demand in the mining and major
project areas."
Outlook
"The economic and financial difficulties which surfaced in a number of Asian
countries in the last quarter have had some effect on results for the first
half. In some business groups, the currency impact relative to the Australian
dollar has been favourable with Ansell particularly benefiting from lower export
costs from its Asian manufacturing facilities. This is being partly offset by
reduced cable orders in Indonesia and a fall in industrial battery sales in the
region.
"The full impact of Asia's continuing financial turbulence remains difficult to
assess. However, increased competition in Australia can be anticipated from
lower-cost imports from these countries and Australian exports will be more
difficult to secure. Indirect effects are also beginning to be felt by some of
our Australian customers, particularly in the mining and major projects sectors,
which is affecting demand for some of our products. The offset is the lower
cost of production from the Company's Asian factories for product destined for
export.
"The Company expects full year results to be ahead of last year, however all
business groups expect the current difficult and uncertain conditions to
continue in the second half."
Board Retirements
"Mr Ian Burgess will retire from the Board of Pacific Dunlop at the end of its
meeting on February 12, 1998, and Mr Graham Spurling will retire as an
Executive and a Director of the Company at the end of March.
"Having accepted an invitation to become Chairman of WMC Holdings - in addition
to being Chairman of the soon-to-be demutualised AMP Society and CSR - Mr
Burgess informed his colleagues that he has decided to reduce other commitments
including his directorship of Pacific Duniop. His counsel and his contribution
over the past five years has been highly valued.
"Mr Spurling will be retiring from the Company at the end of next month. During
his career with the Company Mr Spurling accepted the challenge of
establishing the Company, through GNB Technologies, as a major player in the
international battery business. He has lived and worked in the USA for more
than 10 years, where he has represented Pacific Dunlop admirably and built a
strong and energetic management team. For the past two years he has
overseen the development of a blueprint for the rationalisation and restructure
of Pacific Dunlop's 150 world wide manufacturing facilities. Mr Spurling has
been a sterling contributor and his board colleagues wish him well in his
retirement."
Business Review and Strategy 2001 Program
The Managing Director, Mr Rod Chadwick, made the following comments:
"The previously announced Strategy 2001 program aimed at revitalising the
company and delivering a strategy for the future direction of each business is
nearing completion.
"Some of Pacific Dunlop's existing businesses are in industries or markets
where long-term growth opportunities are likely to be limited unless changes
can be made to those businesses. The review is defining the changes we need to
make and the capacity of each division to make those changes successfully. This
will lead to further divestment of non-core or underperforming businesses.
"Ansell has been identified as the principal growth vehicle for the company. To
that end, we are expecting to commit $150 million in the current half on
acquisitions and capital expenditure to add capacity and range across Ansell's
key product categories and on geographic expansion."
"The Ansell strategy has three major thrusts:
- Aggressive development of the powder free medical glove market through
conversion of existing capacity;
- Aggressive pursuit of the world market for critical environment gloves
through further manufacturing investment; and
- Acceleration of Ansell's program to be the lowest cost producer across its
entire product range.
"Elsewhere across the group, improvements undertaken are beginning to yield
positive results, including significant cost reductions and more effective
sourcing."
Telectronics
Since the end of the last financial year, the Federal Court in Cincinnati,
having already certified a class against the former Telectronies defendants,
further certified a class against Pacific Dunlop Limited and Nucleus Limited to
resolve whether Pacific Dunlop Limited or Nucleus Limited is vicariously liable
for the conduct of the former Telectronics defendants. As with the April 1997
recertification of a class against the former Telectronics defendants, this is a
procedural step only, and has no bearing on potential liability. No date has
yet been set for the class Trial.
Notices have now been sent to class members in the Australian class action, but
as yet, discovery has not commenced in this matter, and no trial date has been
set.
For the past three years all parties in the United States have been engaged in
an intensive period of discovery and depositions. This period is now drawing
to a close, and it is expected that over the next year, a number of the
individual cases that remain in the State court system in the United States may
come to trial. All these cases will be vigorously defended, but, given the
vagaries of the American jury system, no prediction can be accurately made as to
the outcome of these matters, certainly at first instance. It is the case,
however, that because of the individual nature of each plaintiffs case, and the
differences between laws in the various States of the United States where these
matters remain in State courts, the outcome of each trial should not create a
binding precedent to be followed by subsequent cases in other States'
jurisdictions. It is also not expected that the outcome of any of the trials
would create a binding precedent on the Federal Court in Cincinnati with regard
to a class trial (should a trial proceed).
As we announced in October, a settlement was reached by the insurers of all
outstanding Accufix litigation in Canada, This was done without admission of
liability, and without creating any precedent in the United States or elsewhere
in the world where there is still ongoing litigation.
The Canadian settlement reflected the particular situation in that country where
people who have suffered no injury and their families can still sustain a claim
for damages. Telectronics' strategic aim is to manage the litigation according
to the prevailing laws in each jurisdiction in the most cost efficient manner.
Share Certificate Issuer Sponsorship
In accordance with the initiatives being taken by the Australian Stock Exchange
to introduce a three day settlement period later this year, the company's share
register will become fully uncertificated as from 30 April 1998. A letter is
being sent to all shareholders informing them of this decision.
BUSINESS GROUP SUMMARIES
Ansell International
1997 1996 Change
$M $M %
Operating Revenue 508 404 26
operating Profit 68 54 26
Profit Margin 13.4% 13.4%
Assets Employed 769 677 14
The Ansell group, which is now based in New Jersey in the United States,
increased earnings over the previous corresponding half by 26%.
The increase in profitability was characterised by strong growth in markets for
protective products, where Ansell Golden Needles contributed very positively to
results in its first full six-month period since acquisition.
Demand for powder-free gloves continued to grow, and additional capacity is
being installed to meet requirements. Excellent response to the new range of
nitrilite gloves for the rapidly-growing critical environment segment is also
requiring additional production capacity.
Consistent with the aim to grow the overall business, Ansell is currently
pursuing acquisitions totalling $100 million, adding capacity and range across
its product categories.
Additional capital expenditure of more than $50 million has also been allocated
to current facilities to increase capacity in key product areas and continue
Ansell's impressive product innovation record.
GNB Technologies
1997 1996 Change
$M $M %
Operating Revenue 623 565 10
Operating Profit 25 2 1,150
Profit Margin 4.0% 0.4%
Assets Employed 1,025 863 19
Sales and earnings were well ahead of the previous year's first half, even
before allowing for the $12 million fixed asset writedown made in the December
1996 half. The improvement came mainly from continued growth in world markets
for telecommunications and industrial batteries, a better performance from
smelting and lower lead prices. Production at the Columbus lead smelter is on
track to achieve its target for the full year, although still below rated
capacity. The depreciation of the Australian dollar against the U.S. dollar
increased the translated value of sales and assets employed.
Production capacity for GNB's new Marathon and Sprinter batteries is being
expanded to meet increased global demand for telecom and power control
applications. The European market shows good growth potential with higher sales
likely to offset a downturn in some Asian markets expected during the second
half.
GNB has increased its automotive battery market share slightly in the US in a
soft market and generated improved returns over the prior year in a difficult
environment.
The full year result for GNB Technologies is expected to exceed last year but
the second half will not be as strong as in the previous corresponding period
due to intense competition and heavy margin pressure in the U.S. automotive
battery market.
South Pacific Tyres
1997 1996 Change
$M $M %
Operating Revenue 528 544 (3)
Operating Profit 40 46 (13)
Profit Margin 7.6% 8.5%
Assets Employed 654 673 (3)
Results were below the same period last year as trading conditions became
more difficult.
Replacement tyre demand declined as sales of new passenger vehicles increased.
During the period, the total Australian market for replacement passenger tyres
dropped by an estimated 3% percent.
The market for original equipment tyres was also lower due to the increased
number of imported new cars.
Exports to the United States and the UK were strong in the six month period
and with new contracts signed, are expected to increase in the second half.
Cables & Engineered Products
1997 1996 Change
$M $M %
Operating Revenue 254 251 1
Operating Profit 21 36 (42)
Profit Margin 8.3% 14.3%
Assets Employed 435 450 (3)
Compared with previous years, the Cables and Engineered Products group
recorded a substantially reduced result. This was due mainly to the fall-off in
exported optical fibre cable and reduced demand for hardline co-axial cable
used in the Pay TV roll-out.
The result was adversely impacted by the performance in Indonesia, where the
metallic telephone cable business (owned 60%) experienced continued delays
in orders as well as pricing difficulties in the uncertain economic environment.
The Energy Division enjoyed increased sales and was successful in winning
two further electricity supply tenders amounting to more than $20 million over
five years. Activity in the building and construction industry was fairly flat
in the early months but showed some improvement late in the half.
Pacific Brands
1997 1996 Change
$M $M %
Operating Revenue 637 639 -
Operating Profit 59 58 2
Profit Margin 9.3% 9.1%
Assets Employed 650 685 (5)
Pacific Brands achieved a small increase in profit through better asset
management and slightly improved margins on steady sales. Conditions in
Australia's retail clothing, footwear, sporting goods and household products
markets continued to be uneven. Christmas trading showed some improvement
over 1996.
Clothing operations benefited from earlier manufacturing restructuring and brand
repositioning. The footwear division was up on last year.
The sporting goods division had a successful half during which the Dunlop Brand
was relaunched.
Household products had a reasonable six months with the bedding and foams
businesses performing well.
As part of further rationalisation, a long-term golf ball supply contract was
signed with Dunlop Slazenger International, leading to the closure in November
of the group's golf ball manufacturing plant in NSW. Berlei's Lithgow plant was
also closed during the first half.
Pacific Distribution
1997 1996 Change
$m $m %
Operating Revenue 743 758 (2)
Operating Profit 29 40 (28)
Profit Margin 3.9% 5.3%
Assets Employed 577 582 (1)
Pacific Distribution had a disappointing result. Activity remained flat in the
Australian electrical and automotive markets, affecting most areas of the
business.
The replacement car part market was adversely impacted by the dramatic increase
in the number of competitively-priced new imported cars, many offering extended
warranties. Start-up costs incurred by Repco as a result of the new stores
roll-out, which were expensed, also negatively impacted the half-year profit
result.
The 29 newly formatted Repco Stores opened to date have traded much as expected.
The schedule of store openings is anticipated to be maintained in the second
half.
A significant reduction in mining and other major projects together with costs
associated with the commissioning of a new warehouse, detrimentally impacted
the results of the electrical distribution business.
Restructuring of the New Zealand operations has been largely completed, although
conditions in both the electrical and auto markets continue to be difficult in
that country.
Appendix 4B (equity accounted)
Half yearly
$A'000
Sales (or equivalent operating)
revenue (item 1.1) up 3.8% to 3,053,969
Abnormal items after tax
attrbutable to members (item2.5) gain/(loss) of -
+Operating profit (loss) after tax
(before amortisation of goodwill) up 5.9% to 105,152
attributable to members (item 1.26)
+Operating profit (loss) after tax
attributable to members(item 1.10) up 6.7% to 90,074
Extraordinary items after tax
attributable to members (item 1.13)gain/(loss) of -
+Operating profit (loss) and
extraordinary items after tax up 6.7% to 90,074
attributable to members (item 1.16)
Dividends (distributions) Amount per security Franked amount per
security at 36% tax
Final dividend (preliminary final report
only - item 15.4)
Interim dividend (half yearly report
only - item 15.6) 7.0 cents 4.2 cents
Previous corresponding period (preliminary
final report - item 15.5; half yearly
report - item 15.7) 7.0 cents 4.2 cents
+Record date for determing entitlements to the dividend, (in the case of a
trust, distribution) (see item 15.2) 10th June 1998
Brief explanation of omission of directinal and percentage changes to profit in
accordance with Note 1 and short details of any bonus or cash issue or other
item(s) of importance not previously released to market:
Appendix 4B (equity Accounted)Half yearly
Consolidated profit and loss account
Current Period Previous corresponding
$A'000 period
$A'000
1.1 Sales (or equivalent operating)
revenue 3,053,969 2,941,573
1.2 Share of associated "net profit
(loss) attributable to members"
(equal to item 16.7) 1,825 -
1.3 Other revenue 56,528 229,045
1.4 +Operating profit(loss) before
abnormal items and tax 113,761 128,351
1.7 Less tax 27,477 39,419
1.8 +Operating profit (loss) after tax
but before outside
+equity interests 86,284 88,932
1.9 Less outside +equity interests (3,790) 4,475
1.10 +Operating profit(loss)
after tax attributable to members 90,074 84,457
1.11Extraordinary items after tax (detail
in item 2.6) - -
1.12Less outside +equity interests - -
1.13Extraordnary items after tax attributable
to members - -
1.14Total +Operating profit (loss) and
extraordinary items after tax (items
1.8 + 1.11) 86,284 88,932
1.15+Operating profit (loss) and
extraordinary items after tax
attributable to outside +equity interests
(items 1.9 + 1.2) (3,790) 4,475
1.16+Operating profit(loss) and extraordinary
items after tax attributable to members
(items 1.10 + 1.13) 90,074 84,457
1.17Retained profit (accumulated losses)
at beginning of financial period 116,121 (257,622)
1.18Adjustment to retained profits at the
beginning of the financial year due to
the initial adoption of revised
Accounting Standard AASB 1016 Accounting
for Investments in Associates (23,544) -
1.19Aggregate of amounts transferred from
reserves - 340,208
1.20Total available for appropriation
182,651 167,043
1.21Dividends provided for or paid 72,089 71,841
1.22Aggregate of amounts transferred
to reserves - -
1.23Retained profits (accumulated losses)
at end of financial period 110,562 95,202
Profit restated to exclude amortisation Current Previous Corresponding
of goodwill period period
$A'000 $A'000
1.24+Operating profit(loss) after tax
before outside equity interests
(items 1-8) and amortisation of
goodwill 101,362 103,770
1.25Less (plus) outside +equity interests (3,790) 4,475
1.26+Operating profit(loss) after tax
(Before amortisation of goodwill)
attributable to members 105,152 99,295
Intangible, abnormal Consolidated-current period
and extraordinary items Before tax Related tax Related outside Amount
$A'000 $A'000 +equity interests (after
$A'000 tax)
attrib-
utable
to
members
$A'000
2.1 Amortisation of
goodwill 20,094 5,016 - 15,078
2.2 Amortisation of
other intangibles - - - -
2.3 Total amortisation of
intangibles 20,094 5,016 - 15,078
2.4 Abnormal items - - - -
2.5 Total abnormal items - - - -
2.6 Extraordinary items - - - -
2.7 Total extraordinary
items - - - -
Comparison of half year
profits Current year Previous year
(preliminary final report only) $A'000 $A'000
3.1 Consolidated+operating profit (loss)
after tax attributable to members
reported for the 1st half year
(item 1.10 in the half yearly report) N/A N/A
3.2 Consolidated+Operating profit(loss)after
tax attributable to members for the 2nd
half year N/A N/A
+See chapter 19 for defined terms
APPENDIX 4B (EQUITY ACCOUNTED)
HALF YEARLY
CONSOLIDATED BALANCE SHEET AT END OF AS SHOWN IN AS IN LAST YEAR
(SEE NOTE 5) CURRENT LAST ANNUAL YEARLY
PERIOD REPORT REPORT
$A'000 $A'000 $A'000
CURRENT ASSETS
4.1 CASH 1,248,652 1,191,816 1,260,607
4.2. RECEIVABLES 1,012,754 952,383 1,008,533
4.3. INVESTMENTS - - -
4.4. INVENTORIES 1,017,884 954,003 986,408
4.5. OTHER (PREPAYMENTS) 81,427 68,110 74,158
4.6. TOTAL CURRENT ASSETS 3,360,717 3,166,312 3,329,706
NON-CURRENT ASSETS
4.7. RECEIVABLES 61,907 77,931 68,289
4.8. INVESTMENTS IN ASSOCIATES 29,457 - -
4.9. OTHER INVESTMENTS 164,174 188,676 195,583
4.10 INVENTORIES - - -
4.11 EXPLORATION AND VALUATION
EXPENDITURE CAPITALISED
(SEE PARA 71 OF AASB 1022) - - -
4.12 DEVELOPMENT PROPERTIES
(+MINING ENTITIES) - - -
4.13 OTHER PROPERTY, PLANT
AND EQUIPMENT (NET) 1,228,203 1,242,490 1,216,686
4.14 INTANGIBLES (NET) 677,359 639,996 558,225
4.15 OTHER (FUTURE INCOME
TAX BENEFIT) 294,168 277,474 215,686
4.16 TOTAL NON-CURRENT
ASSETS 2,455,268 2,426,567 2,254,469
4.17 TOTAL ASSETS 5,815,985 5,592,879 5,584,175
CURRENT LIABILITIES
4.18 ACCOUNTS PAYABLE 779,796 777,677 734,863
4.19 BORROWINGS 1,644,389 1,382,427 1,439,292
4.20 PROVISIONS 398,918 452,579 411,387
4.21 OTHER (PROVIDE DETAILS
IF MATERIAL) 2,950 17,469 11,038
4.22 TOTAL CURRENT
LIABILITIES 2,826,053 2,630,152 2,596,580
NON-CURRENT LIABILITIES
4.23 ACCOUNTS PAYABLE 2,707 6,261 378
4.24 BORROWINGS 878,128 825,333 942,216
4.25 PROVISIONS 240,856 249,523 203,865
4.26 OTHER (PROVIDE DETAILS
IF MATERIAL) 39,651 34,811 31,700
4.27 TOTAL NON-CURRENT
LIABILITIES 1,161,342 1,115,928 1,178,159
4.28 TOTAL LIABILITIES 3,987,395 3,746,080 3,774,739
4.29 NET ASSETS 1,828,590 1,846,799 1,809,436
+ SEE CHAPTER 19 DEFINED TERMS
EQUITY
4.30 CAPITAL 514,421 513,573 512,972
4.31 RESERVES 1,179,580 1,181,823 1,160,679
4.32 RETAINED PROFITS
(ACCUMULATED LOSSES) 110,562 116,121 95,202
4.33 EQUITY ATTRIBUTABLE TO
MEMBERS OF THE PARENT
ENTITY 1,804,563 1,811,517 1,768,853
4.34 OUTSIDE +EQUITY INTERESTS
IN CONTROLLED ENTITIES 24,027 35,282 40,583
4.35 TOTAL EQUITY 1,828,590 1,846,799 1,809,436
4.36 PREFERENCE CAPITAL AND
RELATED PREMIUM INCLUDED
AS PART OF 4.33 - - -
Consolidated statement of cash flows
(See note 6)
Current period Previous
corresponding
period
$A'000 $A'000
Cash Flows Related To Operating Activities
7.1 Receipts from customers 2,985,378 2,928,202
7.2 Payments to suppliers and employees (2,860,363) (2,779,316)
7.3 Dividends received from associates - -
7.4 Other dividends received 2,692 1,368
7.5 Interest and other items of similar
nature received 27,847 39,189
7.6 Interest and other costs of finance paid (78,027) (87,063)
7.7 Income taxes paid (29,749) (36,413)
7.8 Other (provide details if material) - -
7.9 Net operating cash flows 47,778 65,967
Cash Flows Related To Investing Activities
7.10 Payment for purchases of property, plant
and equipment (83,464) (85,806)
7.11 Proceeds from sale of property, plant
and equipment 17,979 4,809
7.12 Payment for purchases of equity investments (17,573) (574)
7.13 Proceeds from sale of equity investments 5,623 229,169
7.14 Loans to other entities - -
7.15 Loans repaid by other entities 9,532 4,486
7.16 Other (In 1996 - Acquisition of previously
held finance leased assets) 835 (80,144)
7.17 Net investing cash flows (67,068) 71,940
Cash Flows Related To Financing Activities
7.18 Proceeds from issues of *securities (shares,
options, etc) 2,296 6,526
7.19 Proceeds from borrowings 4,646,363 2,337,784
7.20 Repayment of borrowings (4,443,636) (2,410,218)
7.21 Dividends paid (143,840) (143,018)
7.22 Other (Lease Payments) (395) (7,689)
7.23 Net financing cash flows 60,788 (216,615)
Net Increase (Decrease) In Cash Held 41,498 (78,708)
7.24 Cash at beginning of period 1,171,690 1,294,112
(see Reconciliation of cash)
7.25 Exchange rate adjustments to item 7.24 19,273 (710)
7.26 Cash at end of period 1,232,461 1,214,694
(see Reconciliation of cash)
* See chapter 19 for defined terms.
Appendix 4B (equity accounted)
Half yearly
Non-cash financing and investing activities
Details of financing and investing transactions which have had a material effect
on consolidated assets and liabilities but did not involve cash flows are as
follows. If an amount is quantified, show comparative amount.
(I) The value of property, plant and equipment acquired by means of finance
leases during the six months ended 31 December 1997 was $2,000 (1996 -
$1,466,000).
Reconciliation of cash
Reconciliation of cash at the end of the period Current Previous
(as shown in the consolidated statement of period corresponding
cash flows) to the related items in the $A'000 period $A'000
accounts is as follows.
8.1 Cash on hand and at bank 204,757 149,877
8.2 Deposits at call 1,043,895 1,110,730
8.3 Bank overdraft (16,191) (45,913)
8.4 Other (provide details) - -
8.5 Total cash at end of period (item 7.26) 1,232,461 1,214,694
Ratios Current Previous
period corresponding
period
Profit before abnormals and tax/sales 3.7% 4.4%
9.1 Consolidated +operating profit (loss)
before abnormal items and tax (item 1.4) as
a percentage of sales revenue (item 1.1)
Profit after tax/+equity interests 5.0% 4.8%
9.2 Consolidated +operating profit (loss)
after tax attributable to members (item 1.10)
as a percentage of equity (similarly
attributable) at the end of the period (item 4.33)
Earnings per security (EPS) Current Previous
period corresponding
period
10.1 Calculation of basic, and fully diluted, EPS
in accordance with AASB 1027: Earnings per
Share
(a) Basic EPS 8.8c 8.3c
(b) Diluted EPS (if materially different
from (a)) - -
NTA backing Current Previous
(see note 7) period corresponding
period
11.1 Net tangible asset backing per
+ordinary security 110c 118c
Details of specific receipts/outlays, revenues/expenses
Current Previous
period corresponding
$A'000 period $A'000
12.1 Interest revenue included in
determining item 1.4 27,847 39,189
12.2 Interest revenue included in item 12.1
but not yet received (if material) - -
12.3 Interest expense included in item 1.4
(include all forms of interest, lease
finance charges, etc.) 78,026 75,498
12.4 Interest costs excluded from item 12.3
and capitalised in asset values
(if material) - -
12.5 Outlays (except those arising from the
+acquisition of an existing business)
capitalised in intangibles (if material) - -
12.6 Depreciation and amortisation (excluding
amortisation of intangibles) 80,227 78,668
Control gained over entities having material effect
(see note 8)
13.1 Name of entity (or group of entities) There were no material
acquisitions during the period
13.2 Consolidated +operating profit (loss) and $ -
extraordinary items after tax of the entity
(or group entities) since the date in the
current period on which control was
+acquired
13.3 Date from which such profit has been calculated -
13.4 +Operating profit (loss) and extraordinary
items after tax on the entity (or group of
entities) for the whole of the previous
corresponding period $ -
+ See chapter 19 for defined terms.
Loss of control of entities having material effect
(see note 8)
14.1 Name of entity (or group of entities) There were no materia divestments
during the period
14.2 Consolidated *operating profit (loss) $-
and extraordinary items after tax of
the entity (or group of entities) for
the current period to the date of
loss of control
14.3 Date to which the profit (loss) in $-
item 14.2 has been calculated
14.4 Consolidated *operating profit (loss) $-
and extraordinary items after tax of
the entity (or group of entities)
while controlled during the whole of
the previous corresponding period
14.5 Contribution to consolidated *operating $-
profit (loss) and extraordinary items
from sale of interest leading to loss
of control
Reports for industry and geographical segments
Information on the industry and geographical segments of the entity must be
reported for the current period in accordance with AASB 1005: Financial
Reporting by Segments. Because of the different structures employed by
entitles, a pro forma is not provided. Segment information should be completed
separately and attached to this report. However, the following is the
presentation adopted in the Appendices to AASB 1005 and indicates which amounts
should agree with items included elsewhere in this report.
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