Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — FY2012 Earnings Presentation
16 slides from Washington H. Soul Pattinson And's earnings presentation, Sep 20, 2012
Slide 1: Review of Operations – Year Ended 31 July 2012
For personal use only Review of Operations Year Ended 31 July 2012 Group Performance Consolidated Results Year Ended 31 July 2012 • Regular Group Profit* was $154.6m, decrease of 4.1%. • Lower results from: • Brickworks • CopperChem • Offset by increased regular contributions by: • New Hope Corporat
Slide 2: Group Performance – Consolidated Results
Group Performance For personal use only Consolidated Results Year Ended 31 July 2012 • Total Group Profit was $143.0m. • Reduction of $221.0m compared to 2011. • Net loss on non-regular items of $11.6m, down $214.2m. • 2011 included $197.0m gain on the sale of Arrow Energy shares by New Hope. 3 Grou
Slide 3: Total Shareholder Return and Dividend History
WHSP Performance Total Shareholder Return For personal use only As at 31 July 2012 Total Return Per Annum 1 Year 3 Years 5 Years 10 Years 15 Years Washington H. Soul Pattinson and Company 4.8% 10.1% 9.6% 14.5% 11.1% Limited* All Ordinaries Acc Index -0.2% 4.6% -2.8% 7.9% 7.3% Outperformance 5.0% 5.5
Slide 4: WHSP Parent Company – Listed Equity Investments
WHSP (Parent Company) For personal use only Listed Equity Investments (excluding controlled entities & associates) • Market value of the portfolio was $441.2m, up 3.1% since 31 July 2011. • $77.6m was invested in the equity market, including: Exco Resources CMA Corporation Commonwealth Bank Rum Jung
Slide 5: Listed Equity Investments and New Hope Corporation
WHSP (Parent Company) For personal use only Listed Equity Investments (including controlled entities & associates) • Market value of the portfolio was $3.7bn, compared to $4.2bn at 31 July 2011. • S&P/ASX300 Resource Accum. Index declined by 27.5%* • Reduction in the market value of New Hope. Total
Slide 6: New Hope Corporation – Production and Sales
Controlled Entities For personal use only New Hope Corporation Limited • Record Production Volumes of 6.29Mt achieved, up 11.5%. • New Acland up 12.1% to 5.09Mt • New Oakleigh up 12.9% to 0.35Mt • Jeebropilly up 7.6% to 0.85Mt • Record Total Sales Volumes of 6.25Mt achieved, up 10.6%. • Export up 13
Slide 7: New Hope Exploration and CopperChem
Controlled Entities For personal use only New Hope Corporation Limited Exploration and Development • Exploration focus on resource definition in the Bowen and Surat Basins and the continuation of the New Acland Mine. • JORC compliant resources and reserves have increased. • Project development conti
Slide 8: CopperChem and Souls Private Equity
Controlled Entities For personal use only CopperChem Limited • Operations affected by higher tonnes of transition and lower ore grades than in the original resource model. • Impacted both recovery and production, increasing costs and reducing revenue during the period. • Exploration drilling is cont
Slide 9: Souls Private Equity Investments and Pitt Capital Partners
Controlled Entities For personal use only Souls Private Equity Limited Investments at 31 July 2012 Holding Ampcontrol Pty. Limited 43.4% Austgrains Pty. Limited 51% Belaroma Pty. Limited 40% Cromford Pty. Limited 100% Heritage Brands Limited 25.1% InterRisk Australia Pty. Limited 40% Pitt Capital Pa
Slide 10: Associated Entities – API and Brickworks
Associated Entities For personal use only Australian Pharmaceutical Industries Half Year Ended 29 February 2012 24.6% held • Revenue for 6 months declined by 12.5% to $1.61bn, largely due to Pfizer’s decision to distribute directly. • Net Profit After Tax of $18.3m, following the satisfactory settle
Slide 11: TPG Telecom Limited
Associated Entities For personal use only TPG Telecom Limited 26.9% held Year Ended 31 July 2012 • Normalised* Profit After Tax of $114.2m, up 46%. • Net Profit After Tax $91.0m. • EBITDA of $261.4m, up 12%. • Normalised* Earnings per share of 14.4 cents, up 43%. (17.4 cents per share excluding inta
Slide 12: TPG Telecom – Subscribers and Cash Flow
Associated Entities For personal use only TPG Telecom Limited Year Ended 31 July 2012 • Consumer broadband subscribers grew by 47,000. Total of 595,000 subscribers. • Mobile subscribers grew by 54,000. Total of 255,000 subscribers. • PIPE corporate division EBITDA up 30% to $110.8m. • PIPE’s domesti
Slide 13: Ruralco and BKI Investment Company
Associated Entities For personal use only Ruralco Holdings Limited 23.5% held Half Year Ended 31 March 2012 • Revenue for 6 months was $534.7m, up 8.8%. • Profit After Tax for 6 months was $10.0m, down 2.3%. • Impacted by: • Lower cattle and wool volumes • Lower sheep and lamb prices • Softening of
Slide 14: Clover Corporation and Ampcontrol
Associated Entities For personal use only Clover Corporation Limited Year Ended 31 July 2012 28.6% held • Sales were $38.4m up 8% on 2011(13 month period). • Sales up 20% on prior comparable period basis. • Net Profit After Tax $4.4m. • Result included costs of $1.2m in respect of FFI. • Underlying
Slide 15: Update – Exco Resources Takeover
Update For personal use only Exco Resources Limited • 23 August 2012 WHSP announced an off market take over to acquire all of the ordinary shares it does not already hold in Exco Resources Limited for 19 cents per share. • 19 September 2012, WHSP agreed to increase its offer to 26.5 cents per share.
Slide 16: A Diversified Investment House
For personal use only Washington H. Soul Pattinson and Company Limited “A Diversified Investment House” 16
Washington H. Soul Pattinson and Company — FY2012 Earnings Presentation on 6ix