|
|
US$'000s |
2019 |
2020 |
2021 |
2022e |
2023e |
2024e |
December |
|
|
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
PROFIT & LOSS |
|
|
|
|
|
|
|
|
Revenue |
|
|
1,362,121 |
1,847,894 |
2,903,756 |
2,488,104 |
2,635,757 |
2,235,703 |
Cost of Sales |
|
|
(884,869) |
(1,061,891) |
(1,675,393) |
(1,237,760) |
(1,261,368) |
(1,007,684) |
Gross Profit |
|
|
477,252 |
786,003 |
1,228,363 |
1,250,343 |
1,374,389 |
1,228,019 |
EBITDA |
|
|
618,443 |
910,295 |
1,517,263 |
1,252,843 |
1,374,389 |
1,228,019 |
Operating Profit (before amort. and except.) |
|
281,400 |
281,400 |
546,072 |
859,409 |
646,206 |
679,518 |
Intangible Amortisation |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
Exceptionals |
|
|
(199,159) |
(201,532) |
(266,000) |
(2,490) |
(12,408) |
0 |
Other |
|
|
(9,392) |
8,886 |
(32,263) |
(20,000) |
0 |
0 |
Operating Profit |
|
|
72,849 |
353,426 |
561,146 |
623,716 |
667,110 |
707,316 |
Net Interest |
|
|
(51,607) |
(53,774) |
(70,623) |
(65,981) |
(58,586) |
2,135 |
Profit Before Tax (norm) |
|
|
220,401 |
501,184 |
756,523 |
560,225 |
620,932 |
709,452 |
Profit Before Tax (FRS 3) |
|
|
21,242 |
299,652 |
490,523 |
557,735 |
608,524 |
709,452 |
Tax |
|
|
(97,253) |
(158,466) |
(178,253) |
(243,247) |
(174,750) |
(149,734) |
Profit After Tax (norm) |
|
|
123,148 |
342,718 |
578,270 |
316,978 |
446,182 |
559,718 |
Profit After Tax (FRS 3) |
|
|
(76,011) |
141,186 |
312,270 |
314,488 |
433,774 |
559,718 |
Net loss from discontinued operations |
|
|
(4,394) |
0 |
0 |
14,800 |
0 |
0 |
Minority interests |
|
|
33,126 |
44,719 |
64,486 |
60,067 |
73,994 |
88,338 |
Net profit |
|
|
(80,405) |
141,186 |
312,270 |
329,288 |
433,774 |
559,718 |
Net attrib. to shareholders contg. businesses (norm) |
90,022 |
297,998 |
90,022 |
297,998 |
513,784 |
256,911 |
Net attrib.to shareholders contg. businesses |
|
(109,137) |
(109,137) |
96,466 |
247,784 |
254,421 |
359,780 |
|
|
|
|
|
|
|
|
|
Average number of shares outstanding (m) |
|
157.4 |
157.4 |
160.8 |
250.7 |
247.7 |
246.1 |
EPS - normalised (c) |
|
|
57.20 |
185.34 |
204.95 |
103.70 |
151.23 |
191.50 |
EPS - normalised fully diluted (c) |
|
|
56.95 |
181.51 |
203.21 |
101.72 |
148.33 |
187.83 |
EPS - (IFRS) ($) |
|
|
(0.72) |
0.60 |
0.99 |
1.09 |
1.46 |
1.91 |
Dividend per share (c) |
|
|
0 |
37 |
56 |
81 |
82 |
96 |
|
|
|
|
|
|
|
|
|
Gross Margin (%) |
|
|
35.0 |
42.5 |
42.3 |
50.3 |
52.1 |
54.9 |
EBITDA Margin (%) |
|
|
45.4 |
49.3 |
52.3 |
50.4 |
52.1 |
54.9 |
Operating Margin (before GW and except.) (%) |
|
20.7 |
20.7 |
29.6 |
29.6 |
26.0 |
25.8 |
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
2,330,033 |
5,093,409 |
5,404,900 |
5,317,588 |
5,387,718 |
5,521,192 |
Intangible Assets |
|
|
5,498 |
24,851 |
10,000 |
10,000 |
10,000 |
10,000 |
Tangible Assets |
|
|
2,254,476 |
3,968,746 |
4,980,200 |
4,892,888 |
4,963,018 |
5,096,492 |
Investments |
|
|
70,059 |
1,099,812 |
414,700 |
414,700 |
414,700 |
414,700 |
Current Assets |
|
|
652,871 |
1,168,382 |
1,366,000 |
1,549,859 |
1,692,846 |
1,766,547 |
Stocks |
|
|
266,451 |
305,075 |
311,300 |
311,013 |
329,470 |
279,463 |
Debtors |
|
|
83,836 |
104,545 |
139,900 |
171,434 |
251,738 |
218,856 |
Cash |
|
|
288,186 |
751,563 |
906,200 |
1,049,901 |
1,106,537 |
1,263,125 |
Other |
|
|
14,398 |
7,199 |
8,600 |
17,510 |
5,102 |
5,102 |
Current Liabilities |
|
|
(354,931) |
(661,171) |
(567,100) |
(661,872) |
(660,264) |
(586,961) |
Creditors |
|
|
(312,427) |
(612,862) |
(552,700) |
(647,472) |
(645,864) |
(572,561) |
Short term borrowings |
|
|
(42,504) |
(48,309) |
(14,400) |
(14,400) |
(14,400) |
(14,400) |
Long Term Liabilities |
|
|
(963,736) |
(1,647,799) |
(1,818,100) |
(1,818,100) |
(1,818,100) |
(1,818,100) |
Long term borrowings |
|
|
(770,902) |
(1,026,337) |
(878,600) |
(878,600) |
(878,600) |
(878,600) |
Other long term liabilities |
|
|
(192,834) |
(621,462) |
(939,500) |
(939,500) |
(939,500) |
(939,500) |
Net Assets |
|
|
1,664,237 |
3,952,821 |
4,385,700 |
4,387,475 |
4,602,200 |
4,882,678 |
|
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
|
Operating Cash Flow |
|
|
628,617 |
1,046,370 |
1,415,306 |
1,330,750 |
1,299,834 |
1,237,605 |
Net Interest |
|
|
(35,413) |
(53,774) |
(26,900) |
(65,981) |
(58,586) |
2,135 |
Tax |
|
|
(109,494) |
(186,332) |
(205,573) |
(252,147) |
(174,750) |
(149,734) |
Capex |
|
|
(401,227) |
(335,599) |
(587,496) |
(519,325) |
(765,000) |
(654,178) |
Acquisitions/disposals |
|
|
3,654 |
(19,000) |
(4,700) |
15,000 |
5,000 |
0 |
Financing |
|
|
2,402 |
100,000 |
(89,400) |
(119,972) |
(5,240) |
0 |
Dividends |
|
|
(6,154) |
(88,288) |
(159,800) |
(244,623) |
(244,623) |
(279,240) |
Net Cash Flow |
|
|
82,385 |
463,377 |
341,437 |
143,701 |
56,636 |
156,589 |
Opening net debt/(cash) |
|
|
518,607 |
525,220 |
323,083 |
(13,200) |
(156,901) |
(213,537) |
HP finance leases initiated |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
Other |
|
|
(88,998) |
(261,240) |
(5,154) |
0 |
0 |
0 |
Closing net debt/(cash) |
|
|
525,220 |
323,083 |
(13,200) |
(156,901) |
(213,537) |
(370,125) |
|