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| Subject: Some points to note Burns Phillip | |
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Author: 3-February-2003 as it's financials stand now. |
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Date Posted: 12:50:40 02/03/03 Mon Burns Philp H1 NPAT $95.1m 3-February-2003 Food company Burns Philp & Co (BPC) said today that it would continue to pursue performance improvement and growth opportunities both organically and through the acquisition of businesses. This came after it reported a NPAT of $95.1 million for the first half, up 40.3% on the previous corresponding period. “The company's result reflected sound performances across the businesses in a period that saw Burns Philp consolidate its global position in yeast and bakery ingredients,” Burns Philp chief executive officer Tom Degnan said. Earnings before interest and tax rose by 46% to $166.3 million in the six months to December 31, 2002 with adverse currency impact being more than offset by asset sales, Burns Philp said. “Earnings were impacted by a number of significant items including gains from the sales of businesses.” “The reported earnings results were negatively affected by currency changes and a $14.4 million provision for deferred borrowing costs. The appreciation of the Australian dollar against most major currencies had an adverse effect of approximately $112 million on sales of continuing businesses and $15 million to EBIT,” Burns Philp said. In South America, the group’s businesses have been “constrained” by the adverse economic environment in the region, it said. “The overall performance in Europe was a marginal improvement on the corresponding period last year. Performance gains in Portugal and Germany were offset by continued margin pressure and restructuring costs in Turkey. “Results in the Asia Pacific region were significantly higher than last year. The profit increase has been driven by volume increases particularly in China and Vietnam, partially offset by cost increases,” the company said. Burns Philp has made a $2.4 billion hostile takeover bid for Goodman Fielder, Australia's largest food company. “The proposed acquisition of Goodman Fielder represents a continuation of the group's strategy to pursue performance improvement and growth opportunities both organically and through the acquisition of businesses with our focus remaining on a mix of ingredient businesses and consumer branded food businesses,” Burns Philp said today. At 1557 AEST Burns Philp was 0.5c lower to 49c [ Next Thread | Previous Thread | Next Message | Previous Message ] |