Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — FY2014 Earnings Presentation
22 slides from Washington H. Soul Pattinson And's earnings presentation, Sep 25, 2014
Slide 1: Review of Operations Year Ended 31 July 2014
For personal use only Review of Operations Year Ended 31 July 2014 Group Performance Consolidated Results Year Ended 31 July 2014 • Total Group Profit $131.7m. • Regular Group Profit* $123.2m. • Higher contributions from Brickworks and TPG Telecom • Positive contribution from Australian Logistics Pr
Slide 2: Group Performance and Dividend History
Group Performance For personal use only Profit After Tax attributable to Members ($M) 1,112.7 405.7 363.9 229.6 218.3 184.8 169.8 161.6 160.7 143.0 130.2 113.3 123.2 131.7 100.9 98.8 105.4 91.0 86.4 90.8 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Regular profit after tax* Profit after tax * R
Slide 3: SOL Total Shareholder Returns; Listed Equity Investments
WHSP (Parent Company) SOL Total Shareholder Returns For personal use only As at 31 July 2014 1 Year 3 Years 5 Years 10 Years 15 Years PA PA PA PA PA 15.7% 8.8% 10.3% 11.5% 13.0% Does not include the benefits of franking credits received Includes the re-investment of dividends. Source: IRESS. 5 WHSP
Slide 4: Listed Equity Investments (excluding controlled entities & associates)
WHSP (Parent Company) Listed Equity Investments For personal use only (excluding controlled entities & associates) As at 31 July 2014 • Market value of the portfolio was $572.3m. • $22.1m was invested in the equity market. • Proceeds from disposals totalled $43.8m. • Capital returns of $4.4m receive
Slide 5: New Hope Corporation
Controlled Entities New Hope Corporation Limited For personal use only Year Ended 31 July 2014 59.7% held • Net profit after tax $58.4m, down 21.2%. • The result was impacted by: • Significantly lower export coal prices. • AUD:USD exchange rate remaining high throughout the year. 9 Controlled Entiti
Slide 6: New Hope Corporation: Exploration, Pastoral, Oil and Gas
Controlled Entities New Hope Corporation Limited For personal use only Exploration • Active exploration program continued. • Drilling program: 243 holes totalling 22,104 metres. Pastoral Operations • Cattle herd reduced to 1,894 head due to drought. • 5 year controlled grazing plan developed and bei
Slide 7: New Hope Corporation: Dividends and Outlook
Controlled Entities New Hope Corporation Limited For personal use only • Final Dividend of 2 cents per share fully franked, 5 cents last year. • Special Dividend of 3.5 cents per share fully franked, 5 cents last year. • Total Special Dividends of $1.3 billion since listing. • Contributed $34.9m to
Slide 8: CopperChem Limited and Exco Resources Limited
Controlled Entities CopperChem Limited and For personal use only Exco Resources Limited 100% held Year Ended 31 July 2014 • Producer of copper sulphate and copper concentrate, and gold bullion. • Copper operations based in north-west Qld. • Gold operation based in South Australia, 85km west of Broke
Slide 9: CopperChem and Exco Resources: Operations
Controlled Entities CopperChem Limited and For personal use only Exco Resources Limited • Cloncurry copper concentrator placed in care-and- maintenance. • Available water is being utilised by heap-leach and copper sulphate facilities - significantly increasing output. • CopperChem/Syndicated Metals
Slide 10: CopperChem and Exco Resources; Pitt Capital Partners
Controlled Entities CopperChem Limited and For personal use only Exco Resources Limited CopperChem • Loss of $38.7m to the Group. Exco Resources • Loss of $2.1m to the Group. 19 Controlled Entities Pitt Capital Partners Limited 100% held Year Ended 31 July 2014 • PCP is a corporate advisory firm spe
Slide 11: Pitt Street Real Estate Partners; Australian Logistics Property Fund
Controlled Entities – Property Pitt Street Real Estate Partners P/L 75% held For personal use only Australian Logistics Property Fund 100% held PSRE 46 Carrington Road Trust 100% held Pitt Street Real Estate Partners • Identifies and manages real estate investments for WHSP. • Main projects: • 2 dis
Slide 12: Erskine Park NSW and Brendale Queensland
For personal use only Erskine Park NSW 23 Brendale Queensland August 2014 24 12
Slide 13: PSRE Carrington Road Trust
Controlled Entities PSRE 46 Carrington Road Trust 100% held For personal use only • 100% owned by WHSP. • Property at 46 Carrington Road Castle Hill NSW. • 4 hectares of land. • Over 20,000 square metres of lettable area: • Warehouse 15,000 square metres. • Office 5,000 square metres. • PSREP negoti
Slide 14: Australian Pharmaceutical Industries
Associated Entities For personal use only Australian Pharmaceutical Industries Preliminary Year Ended 31 August 2014 24.6% held • Full year results to be released 23 October 2014. • Market update on 3 September 2014 (results subject to finalisation and audit). • Priceline comparable store growth of
Slide 15: Brickworks; TPG Telecom
Associated Entities Brickworks Limited For personal use only 44.3% held Year Ended 31 July 2014 • Profit After Tax was $102.8m*, up 20.7%. • Normalised Profit After Tax was $101.3m*, up 1.2%. (*results include equity accounted contribution from WHSP) • Final Dividend of 28 cents per share fully fran
Slide 16: TPG Telecom Consumer Business
Associated Entities TPG Telecom Limited For personal use only 31 Associated Entities TPG Telecom Limited Consumer Business • EBITDA of $205.6m, up $25.0m. • Broadband subscriber base up by 77,000. • 748,000 broadband subscribers. • 362,000 mobile subscribers. 32 16
Slide 17: TPG Telecom Corporate Business
Associated Entities TPG Telecom Limited For personal use only Corporate Business (excluding AAPT) • EBITDA of $126.0m, up $15.7m. • Underlying EBITDA* of $119.7m, up 20%. • Due to: • Revenue growth, and • Improved underlying margin, up from 43% to 50%. * Underlying EBITDA is a non-statutory profit m
Slide 18: TPG Telecom; Ruralco Holdings
Associated Entities TPG Telecom Limited For personal use only • Cash from operations (pre-tax) of $396.6m. • Free cash flow of $223.5m (after tax, interest and CAPEX). • Debt repayments of $117.0m. • Final Dividend of 4.75 cents, total Dividends of 9.25 cents up 23% on last year. • Contributed $46.2
Slide 19: BKI Investment Company; Clover Corporation
Associated Entities BKI Investment Company Limited For personal use only Year Ended 30 June 2014 11.8% held • Net Operating Result (before special dividend income) $35.9m, up 20%. • Net profit attributable to shareholders $37.4m, up 11%. • BKI’s Total Shareholder Return* for the year was 21.0%, outp
Slide 20: Ampcontrol; Apex Healthcare Berhad
Associated Entities Ampcontrol Pty Limited For personal use only 43.3% held Year ended 30 June 2014 • Provides electrical products and services to the mining sector, in particular underground coal mining. • Revenue $229.4m. • EBITDA $19.4m and net profit after tax $3.0m (after redundancy costs of $2
Slide 21: TPI Enterprises
Associated Entities TPI Enterprises Limited For personal use only 19.4% held • Classified as an associated company in Jan 2014. • Founded in 2004 and based in Cressy, Tasmania. • One of nine global companies which holds a licence to manufacture narcotic raw material. • Final products include: Panade
Slide 22: A Diversified Investment House
For personal use only Washington H. Soul Pattinson and Company Limited “A Diversified Investment House” 22
Washington H. Soul Pattinson and Company — FY2014 Earnings Presentation on 6ix