Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — FY2015 Earnings Presentation
24 slides from Washington H. Soul Pattinson And's earnings presentation, Sep 24, 2015
Slide 1: FY2015 Full Year Results Presentation
For personal use only Washington H. Soul Pattinson and Company Limited FY2015 Full Year Results Presentation
Slide 2: Business Overview
Business Overview For personal use only CONSERVATIVE DIVERSIFIED LONG TERM AND VALUE PORTFOLIO FOCUSED FOCUSED OVER THE LAST 15 YEARS WHSP HAS DELIVERED A TSR OF CONTINUALLY INCREASED 13.4% PER ANNUM DIVIDENDS (outperforming the All Ords (growing at a CAGR of 11.3% pa) Accumulation Index by 5.2% pa)
Slide 3: Group Result (Consolidated)
Group Result (Consolidated) Year Ended 31 July 2015 For personal use only Regular Profit After Tax*: $156.4m (up 27%) TPG (up 30.5%) API (up 24.3%) Improved New Hope (up 19.8%) CopperChem performances from: Brickworks (up 15.2%) Net loss from non-regular items: $73.1m (FY2014 $8.5m profit)
Slide 4: Group Performance (Consolidated)
Group Performance (Consolidated) Profit After Tax attributable to members ($m) For personal use only * Regular profit after tax is a non-statutory profit measure and represents profit from continuing operations before non-regular items. A reconciliation to statutory profit is included in the Prelimi
Slide 5: Portfolio Composition
Portfolio Composition By Company For personal use only TPG Limited - 36.9% Brickworks - 17.8% New Hope - 17.2% API Limited - 3.5% BKI Investment - 2.0% Ruralco - 1.1% Apex - 1.0% Other listed portfolio - 11.4% Unlisted equity portfolio - 4.6% Property portfolio - 1.3% Cash and net funds on deposit -
Slide 6: Portfolio Performance
Portfolio Performance As at 31 July 2015 For personal use only Valuation % of 12 month movement ($m) portfolio $m % TPG Limited 2,030 36.9% 852 72.3% The unrealised tax liability on the portfolio is Brickworks 978 17.8% 39 4.2% $1.1 billion New Hope 947 17.2% (540) (36.3%) API Limited 191 3.5% 119 1
Slide 7: SOL Total Shareholder Returns
WHSP SOL Total Shareholder Returns For personal use only 15 years to 31 July 2015 Includes the re-investment of dividends. Source: IRESS. 7
Slide 8: Dividend History
Dividend History Final Dividend 30 cents per share, up 3.4% For personal use only Total Dividends for the year 50 cents, up 4.2% Total dividends represent 87.9% of ordinary dividends and interest received net of operating costs Dividends paid prior to June 2002 are adjusted for 10:1 Share Split 8
Slide 9: TPG Telecom Limited
TPG Telecom Limited Year Ended 31 July 2015 For personal use only Percentage ownership 26.9% • Profit After Tax was $224.1m, up 31%. Value of shareholding $2,030m • EPS increased by 31% to 28.2 cps • 7th consecutive year of strong growth FY15 share price performance 72.3% following merger Contributi
Slide 10: TPG Telecom Limited
TPG Telecom Limited Year Ended 31 July 2015 For personal use only 10
Slide 11: Brickworks Limited
Brickworks Limited Year Ended 31 July 2015 For personal use only Percentage ownership 44.2% • Record underlying Net Profit After Tax of $120.3 million, up 18.8% on last year Value of shareholding $978m • After impact of significant items, statutory FY15 share price performance 4.2% NPAT was $78.1m,
Slide 12: Brickworks Limited EBIT Performance from Divisions
Brickworks Limited Year Ended 31 July 2015 For personal use only EBIT EBIT Performance Performance from Divisions from divisions Building Buildingproducts EBIT Products EBIT and and margin margin (before significant items) 60 9.0% 8.0% 8.0% FY2015 FY2014 % Change 50 7.1% 7.0% Building Products EBIT
Slide 13: New Hope Corporation
New Hope Corporation Year Ended 31 July 2015 For personal use only Percentage ownership 59.7% • Profit After Tax before non-regular items was up 24% to $51.7m Value of shareholding $947m • Improved operational performance FY15 share price performance -36.6% despite weaker coal prices Contribution to
Slide 14: New Hope NPAT FY14 to FY15 before non-regular items
For personal use only NPAT $m 10 30 40 50 60 70 80 90 20 0 100 2014 NPAT 41.5 Mining Costs - Acland 7.0 Mining Costs - WM 8.4 New Hope Corporation Change in FX 28.2 Sales Mix 8.7 NPAT FY14 to FY15 before non-regular items Sales Price 40.7 Other 1.5 2015 NPAT 51.7 14
Slide 15: New Hope Corporation: Global power demand and share of coal
New Hope Corporation Global power demand and share of coal For personal use only 15
Slide 16: Australian Pharmaceutical Industries
Australian Pharmaceutical Industries Half Year Ended 28 February 2015 For personal use only Percentage ownership 24.6% • Profit After Tax of $21.3m up 32.1% on previous corresponding period Value of shareholding $191m • Revenue in the first half was $1.7b, up FY15 share price performance 165.0% 3.2%
Slide 17: BKI Investment Company
BKI Investment Company Year Ended 30 June 2015 For personal use only Percentage ownership 11.1% • Ordinary dividends and distribution income increased by 16% to $44.6m Value of shareholding $108m • Net profit after tax increased 15% to FY15 share price performance 3.2% $43.0m Contribution to WHSP pr
Slide 18: Ruralco Holdings
Ruralco Holdings Half Year Ended 31 March 2015 For personal use only Percentage ownership 20.3% • Net profit after tax for the half increased by 106% to $10.5m Value of shareholding $61m • Sales revenue for the half increased FY15 share price performance 11.0% 36% to $742.8m Contribution to WHSP pro
Slide 19: Apex Healthcare Berhad
Apex Healthcare Berhad Half year ended 30 June 2015 For personal use only Percentage ownership 30.3% • Net profit after tax for the half was $5.3m, 7% less than the previous Value of shareholding $55m corresponding period FY15 share price performance 19.8% • Sales revenue for the half increased 10%
Slide 20: Listed Equity Portfolio
WHSP Listed Equity Portfolio For personal use only (excluding Strategic Listed Investments) • Market value of the portfolio was $622m (11.3% of total portfolio) • $75.3m was invested in the equity market in FY15 • Proceeds from disposals totalled $17.0m • Ordinary dividend income was $24.8m, up 7.8%
Slide 21: Unlisted Equity Portfolio
WHSP Unlisted Equity Portfolio For personal use only • Total value of $254m (4.6% of total portfolio) • Value of the portfolio reduced by $74m primarily as a result of impairments to copper assets • TPI Industries was listed on the ASX in August 2015 21
Slide 22: Property Portfolio
WHSP Property Portfolio For personal use only • Value of property portfolio is $69m (1.3% of portfolio) • Value of property portfolio reduced by $132m as a result of sale of properties • Property division contributed $11.5m to Group profit • Further acquisitions in FY16 22
Slide 23: A Diversified Investment House
For personal use only Washington H. Soul Pattinson and Company Limited A Diversified Investment House
Slide 24: Disclaimer
DISCLAIMER IMPORTANT: The information in this document has been provided to you for information only by Washington H Soul Pattinson and Company Limited (“WHSP”) and is subject to change without notice. Nothing contained in this document constitutes investment, legal, tax or other advice. The informa
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