Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — H1 2014 Earnings Presentation
18 slides from Washington H. Soul Pattinson And's earnings presentation, Mar 27, 2014
Slide 1: Review of Operations: Group Performance, Consolidated Results
For personal use only Review of Operations Half Year Ended 31 January 2014 Group Performance Consolidated Results Half Year Ended 31 January 2014 • Profit after tax $73.7m, down 0.7%. (on 2013 1st half of $74.3m) • Regular profit1 was $63.5m, down 21%2. • Reduced contribution by New Hope Corporation
Slide 2: Interim Dividend History and Total Shareholder Return
Interim Dividend History For personal use only Interim Dividend 19 cents per share, up 5.6% 20 Year Interim Dividend History Cents per Share 19 18 0 17 15 0 14 13 0 12 0 11 11.5 0 10 0 8 7 0 6 0 4.5 5 0 4 2.5 3 3 2 3 WHSP (Parent Company) Total Shareholder Return As at 31 January 2014 Total Return P
Slide 3: Listed Equity Investments
WHSP (Parent Company) For personal use only Listed Equity Investments (including controlled entities & associates) • Market value of the portfolio was $4.66bn, up 11% since 31 July 2013. • Cost of acquisition $851.5 million. 5 WHSP (Parent Company) Listed Equity Investments (excluding controlled ent
Slide 4: Controlled Entities: New Hope Corporation Limited
Controlled Entities For personal use only New Hope Corporation Limited Half Year Ended 31 January 2014 59.7% held • Net profit after tax was $22.7m, previous corresponding period $68.8m. • Operating result was adversely impacted by:- • Significantly lower thermal coal export prices; • a relatively h
Slide 5: New Hope: Coal Production, Queensland Bulk Handling
Controlled Entities For personal use only New Hope Corporation Limited • Clean coal production 2.70Mt, down 11.3% Due to: • Closure of the New Oakleigh mine • Revision of mine plans at Acland and Jeebropilly. • Export sales volumes were 3.01Mt (including traded coal sales of 0.17Mt), up 9.9%. 9 Cont
Slide 6: New Hope: New Acland Plan, Bridgeport Energy
Controlled Entities For personal use only New Hope Corporation Limited New Acland Continuation Plan • Environmental Impact Statement has been submitted. • Based on a sensible balance between agriculture and mining. Carbon Conversion Projects • Both direct and indirect liquefaction technology project
Slide 7: CopperChem and Exco Resources
Controlled Entities CopperChem Limited and For personal use only Exco Resources Limited 100% held Half Year Ended 31 January 2014 • Mt Colin mine commissioned. • Operations affected by the harsh ongoing drought in North- West Queensland. • Cloncurry concentrate plant averaged 42% production rate due
Slide 8: CopperChem, Exco and Pitt Capital Partners
Controlled Entities CopperChem Limited and For personal use only Exco Resources Limited • Loss of $21.4m to the Group from CopperChem. • CopperChem’s result included non-regular items : • Purchase of water at Cloncurry $1.7m, and • Impairment of mine development costs of $2.5m. • CopperChem loss bef
Slide 9: Australian Logistics Property Fund
Controlled Entities For personal use only Australian Logistics Property Fund 100% held Year Ended 31 January 2014 • Established in Feb 2013 to develop and lease distribution centres. • 2 centres for the Super Retail Group. • Erskine Park in NSW and • Brendale in Queensland. • Long term leases have b
Slide 10: Erskine Park and Brendale Logistics Centres
Erskine Park NSW Completed in December 2013. For personal use only Erskine Park NSW March 2014 19 Controlled Entities Australian Logistics Property Fund • Brendale Qld 20% complete at 31 January 2014. • $47.2 million invested by WHSP at 31 January 2014. • Erskine Park facility revalued by $5.3m. • C
Slide 11: Associated Entities: Australian Pharmaceutical Industries
Associated Entities For personal use only Australian Pharmaceutical Industries Year Ended 31 August 2013 24.6% held • Net Profit for the year was $24.3m. • Underlying Net Profit was up 9.6% compared to 2012. (prior year included proceeds from an insurance claim). • Priceline Health and Beauty delive
Slide 12: Brickworks and TPG Telecom
Associated Entities For personal use only Brickworks Limited 44.3% held Half Year Ended 31 January 2014 • Profit Before Tax was $68.2m*, up 16.2%. • Profit After Tax was $56.3m*, up 0.4%. (*results include equity accounted contribution from WHSP). • Interim Dividend of 14 cents per share fully frank
Slide 13: TPG Telecom: Consumer and Corporate Business
Associated Entities For personal use only TPG Telecom Limited Consumer Business • EBITDA of $100.2m for the half year. • Underlying EBITDA up $14.4 million/17% on 1H13. • Subscribers as 31 January 2014: • Broadband 707,000, up 36,000 during the half. • Mobile 370,000. Corporate Business • EBITDA of
Slide 14: TPG Telecom: AAPT Acquisition and FY14 Guidance
Associated Entities For personal use only TPG Telecom Limited Acquisition of AAPT • 100% of Telecom N.Z. Aust. and its subsidiaries including AAPT on 28 February 2014. • Cash consideration of A$450m on a debt-free and cash-free basis. • Funded through debt and cash reserves. • Post acquisition debt
Slide 15: Ruralco Holdings and BKI Investment Company
Associated Entities For personal use only Ruralco Holdings Limited 20.6% held Year Ended 30 September 2013 • Revenue for the year $1.16bn, up 2.0%. • Profit After Tax $5.7m, down 58.6%. • Recovered reasonably well from 1st half impacts including minimal rain and falls in livestock prices. • Final Di
Slide 16: BKI Investment Company and Clover Corporation
Associated Entities For personal use only BKI Investment Company Limited Half Year Ended 31 December 2013 11.9% held • 10 years since listing on the ASX: • Portfolio valuation increased from $171m to $851m. • Mgt. Exp. Ratio down from 0.69% in 2003 to 0.17% in 2014. • Contributed $2.3m to Group Prof
Slide 17: Ampcontrol and Apex Healthcare
Associated Entities For personal use only Ampcontrol Pty. Limited 43.3% held Half Year Ended 31 December 2013 • A leading international supplier of electrical and electronic products with a strong presence in providing products and services to the mining sector. • Revenue of $115.8m. • EBITDA of $12
Slide 18: Update: Requisitioned General Meeting
WHSP (Parent Company) For personal use only Update Requisitioned General Meeting • General meeting requisitioned in October 2013. • Meeting to consider a proposal to restructure the Company. • The proposal is complex with a number of unresolved issues. • WHSP is working through the issues. • Supreme
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