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Thursday, 26 March 2015: Diversified investment company, Washington H. Soul Pattinson and Company Limited (WHSP, ASX: SOL) today announced regular profit after tax∗ attributable to shareholders for the half year ended 31 January 2015 of $84.8 million, an increase of 33.6% when compared to $63.5 million for the previous corresponding period.
The net increase was primarily attributable to higher contributions from New Hope Corporation Limited (New Hope), TPG Telecom Limited (TPG) and Brickworks Limited and an improved result from CopperChem Limited.
The profit after tax (including non-regular items) was $67.3 million, a decrease of 8.7% when compared to $73.7 million for the previous corresponding period.
The loss on non-regular items for the half year ended 31 January 2015 was $17.5 million (2014: $10.3 million profit) consisting mainly of impairments which were largely offset by the reversal of impairments made in prior periods.
Chairman of WHSP Mr Robert Millner said: “Our diversified portfolio of investments has again delivered a strong result for shareholders. We are pleased to announce an increase in the interim dividend to 20 cents, up from 19 cents on the previous corresponding half year.
“WHSP has cash reserves including wholly-owned subsidiaries of $191.7 million which means we are in a strong financial position.”
∗ 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 half year financial report – Note 2, Segment Information.
27 April 2015
“It’s much brighter, user friendly, inviting, safe – and fresh!”
Words expressed by President of the Goombungee State School Parents & Citizens when asked what a successful grant application to the New Hope Group’s Community Investment Fund facilitated for the local pool.
“The change rooms at the pool had deteriorated significantly due to concrete cancer and it was not a pleasant place” said Kylie Ferguson.
“They were unsightly and unpleasant and there was a safety issue in terms of a risk of injury due to chipped and broken tiles and concrete.
“As a result a lot of our regular users were travelling 40 to 60 klm round trip to use swimming facilities at Crows Nest or Highfields just to be able to do their laps.
“Receiving this grant from New Hope enabled us to fix the damage to the entrance step and walls, repaint, and remove the damaged tiles in shower recesses and replace them with seamless flooring. We were also able to renovate the seating in the change rooms” she said.
The Goombungee State School P&C is jointly responsible to students and Goombungee residents for the running of the facility along with the Toowoomba Regional Council and the Goombungee State School.
“These improvements now means we can meet those responsibilities and provide a facility for recreational swimmers, learn to swim classes, general (pleasant) social interaction, greater student participation and contribute to the overall health and wellbeing of residents – in particular the older ones,” Mr’s Ferguson concluded.
The New Acland Community Investment Fund assists not-for-profit community groups and organisations to develop long-term outcomes for communities around the New Acland Coal Mine.
Not-for-profit groups and organisations within the Toowoomba Regional Council area are eligible to apply for grants of $10,000 or more under the fund.
New Acland General Manager Andrew McDonald said applications to the fund are assessed by the New Acland Community Reference Group (CRG).
“CRG members, who represent a broad cross section of community interests in the area surrounding the New Acland Coal Mine, assess applications and make recommendations to the New Hope Group on appropriate community initiatives to support,” he said.
Sale of New Hope Corporation Limited’s New Saraji Coal Project (“New Saraji”) to BHP Billiton Mitsubishi Alliance (“BMA”) for $2.45 billion. Date: July 2008.
Scope of Advisory Services
New Hope engaged Pitt Capital Partners (“PCP”) as its sole financial advisor to provide strategic advice on how to create value for its New Saraji Coal Project.
New Hope owned New Saraji, a coking coal deposit in Queensland. New Saraji was an exploration asset that was approaching its development phase and required significant capital expenditure to develop the project into an operating mine. PCP recommended running a multi-stage global process to find strategic partners to realise value for New Saraji. A large number of proposals were received ranging from minority position joint ventures to acquisitions of 100% of New Saraji. PCP provided analysis on each of the varying proposals and provided strategic advice to the board of New Hope on how to maximise value for New Hope shareholders from New Saraji. PCP co-ordinated the due diligence process with a large number of parties and formulated tactics and strategies to maximise the outcome for New Hope shareholders.
PCP achieved a price for New Saraji of $2.45 billion through the sale of 100% of the project to BMA. This result was significantly above historical market transactions and more than double the average broker valuation for the asset at that time. The sale of New Saraji has created significant value for New Hope shareholders through the distribution of special dividends, asset acquisitions and relative share price stability in volatile times due to the company’s significant cash backing.
Brickworks Limited is an Australian-owned group of companies with a long, successful, and proud history.
We have a long, unbroken tradition that stretches back to the days of the Great Depression. It was in 1934 that a group of leading Sydney brick manufacturers formed a company to ensure the ongoing viability of the local brick industry. The expansion of the company was rapid and its success assured through technological innovation and strong management.
Today, we are one of the nation’s leading providers of building products.
From bricks to precast concrete panel, pavers, roofing tiles and timber products, we’re helping Australians build the homes they want – at prices they can afford.
Our business will continue to grow strongly through innovation – and by recognising and seizing new strategic opportunities.
There are 3 main parts to the Brickworks business model:
1.The Building Products Group
2.The Land & Development Group, and
The Building Products Group consists of the following brands – Austral Bricks, Austral Masonry, Austral Precast, Bristile Roofing, Auswest Timber, Bowral Bricks, Daniel Robertson, Nubrik and GB Masonry.
The Land and Development business exists to maximise the value of surplus land created by the Building products business.
Investments represent 43% interest in Washington H. Soul Pattinson and has provided a stabilizer to our often volatile Building Products earnings stream.