The Bidvest Group Limited

Condensed consolidated income statement

for the half-year ended 31 December 2018

 View as excel [XLS – 68KB]

 

R’000			Half-year  ended  31 December  2018  Unaudited			Half-year ended  31 December  2017  Unaudited			%  Change			Year ended  30 June  2018  Audited
Revenue			40 002 674			39 908 810			0.2			76 963 472
Cost of revenue			(28 291 821)			(28 691 135)			(1.4)			(54 716 818)
Gross profit			11 710 853			11 217 675			4.4			22 246 654
Operating expenses			(8 596 279)			(8 207 847)			4.7			(16 199 932)
Other income			137 833			107 794						319 558
Trading result			3 252 407			3 117 622			4.3			6 366 280
Income from investments			86 538			24 907						142 795
Trading profit			3 338 945			3 142 529			6.3			6 509 075
Share-based payment expense			(92 483)			(84 082)						(154 986)
Acquisition costs and customer contracts amortisation			(25 194)			(61 028)						(82 901)
Net capital items†			112 479			(1 949)						(351 977)
Operating profit			3 333 747			2 995 470			11.3			5 919 211
Net finance charges			(524 025)			(523 510)			0.1			(1 020 730)
Finance income			87 181			67 737						158 709
Finance charges			(611 206)			(591 247)						(1 179 439)
Share of profit of associates			198 429			214 352			(7.4)			423 729
Current year earnings			201 081			221 424			(9.2)			431 857
Net capital items			(2 652)			(7 072)						(8 128)
Profit before taxation			3 008 151			2 686 312			12.0			5 322 210
Taxation			(751 221)			(736 093)			2.1			(1 436 597)
Profit for the period			2 256 930			1 950 219						3 885 613
Attributable to:
Shareholders of the Company			2 223 239			1 880 957			18.2			3 817 996
Non-controlling interest			33 691			69 262			(51.4)			67 617
			2 256 930			1 950 219			15.7			3 885 613
Basic earnings per share	(cents)		660.0			560.6			17.7			1 137.3
Diluted basic earnings per share	(cents)		657.5			557.1			18.0			1 132.4
Supplementary information
Headline earnings per share	(cents)		629.1			574.0			9.6			1 231.6
Diluted headline earnings per share	(cents)		626.7			570.5			9.9			1 226.3
Normalised headline earnings per share*	(cents)		635.7			591.7			7.4			1 254.9
Shares in issue
Total	(’000)		337 072			336 296						336 766
Weighted	(’000)		336 843			335 546						335 718
Diluted weighted	(’000)		338 125			337 630						337 161
Dividends per share	(cents)		282.0			255.0			10.6			556.0
Headline earnings
The following adjustments to profit attributable to shareholders were taken into account in the calculation of headline earnings:
Profit attributable to shareholders of the Company			2 223 239			1 880 957			18.2			3 817 996
Impairment of property, plant and equipment, goodwill and intangible assets			–			–						12 840
Property, plant and equipment†			–			–						3 311
Goodwill†			–			–						15 258
Intangible assets†			–			–						1 115
Non-controlling interest			–			–						(6 844)
Net loss on disposal of interests in subsidiaries and disposal and closure of businesses			10 817			13 500						155 828
Loss on disposal and closure†			12 449			13 500						188 635
Impairment of disposal groups held for sale†			–			–						39 323
Taxation effect			(1 632)			–						(37 407)
Non-controlling interest			–			–						(34 723)
Net (gain) loss on disposal and remeasurement to recoverable fair value of associates			(100 896)			59 687						234 338
Remeasurement to recoverable fair value of associate†			(100 618)			59 144						248 709
Net (gain)/loss on change in shareholding in associates†			(278)			543						(2 981)
Non-controlling interest			–			–						(11 390)
Net gain on disposal of property, plant and equipment and intangible assets			(5 977)			(35 200)						(24 185)
Property, plant and equipment†			(4 652)			(48 551)						(39 796)
Intangible assets†			(4 380)			(22 687)						(15 895)
Taxation effect			1 303			1 539						1 400
Non-controlling interest			1 752			34 499						30 106
Compensation received on loss or impairment of property plant and equipment			(10 800)			–						(70 263)
Compensation received†			(15 000)			–						(85 702)
Taxation effect			4 200			–						15 439
Non-headline items included in equity accounted earnings of associated companies			2 652			7 072						8 128
Headline earnings			2 119 035			1 926 016			10.0			4 134 682

*	Normalised headline earnings per share excludes acquisition cost and amortisation of acquired customer contracts
†	Items above included as capital items on condensed consolidated income statement.

Normalised headline earnings per share

Normalised headline earnings per share is a measurement used by the chief operating decision maker. The calculation of normalised headline earnings per share excludes acquisition costs and amortisation of acquired customer contracts and is based on the normalised headline profit attributable to ordinary shareholders, divided by the weighted average number of ordinary shares in issue during the period. The presentation of normalised headline earnings is not an IFRS requirement.

R’000			Half-year  ended  31 December  2018  Unaudited			Half-year ended  31 December  2017  Unaudited			%  Change			Year ended  30 June  2018  Audited
Headline earnings			2 119 035			1 926 016						4 134 682
Acquisition costs			3 222			48 715						50 190
Amortisation of customer contracts			21 972			12 313						32 711
Taxation effect			(2 883)			(1 539)						(4 522)
Normalised headline earnings			2 141 346			1 985 505			7.8			4 213 061