BKI INVESTMENT COMPANY LIMITED
ABN: 23 106 719 868
Appendix 4D‐ Half Year Report
31 December 2018
Lodged with the ASX under Listing Rule 4.2A
Contents
Appendix 4D - Half Year Report | 2‐4 |
Interim Financial Report | 5‐23 |
Auditors Independent Review Report | 24‐25 |
Auditors Independence Declaration | 26 |
The reporting period is the half year ended 31 December 2018 with the previous corresponding period being the half year ended 31 December 2017.
1
Appendix 4D - Half Year Report
Results for Announcement to the Market
% Change
Dec 2018 $'000
Dec 2017 $'000
Revenue Performance:
Dividends and distributions - Ordinary Dividends and distributions- SpecialUp Up Total income from ordinary activities Up 11.8 to 26,769 5,941 to 24,044 107.9 to 52,052 | from 23,934 from 398 from 25,037 |
Profits:
Operating result after tax ‐ before special investment revenue and applicable taxUp Special Investment revenue net of applicable tax Up Net profit from ordinary activities after tax attributable to shareholders Up Net profit attributable to shareholders Up 12.2 to 25,479 5,941 to 21,617 103.8 to 47,096 103.8 to 47,096 | from 22,715 from 398 from 23,113 from 23,113 |
Earnings per share:
% Change
Dec 2018
Dec 2017
Cents
Cents
Basic earnings per share before special investment revenue and applicable taxDown Basic earnings per share after special investment revenue Up 4.1 to 3.51 73.7 to 6.48 | from 3.66 from 3.73 |
Dividends per share:
Interim - Ordinary Steady at 3.625 | from 3.625 |
Interim - Special Up to 1.500 | from nil |
2
Appendix 4D - Half Year Report
Results for Announcement to the Market (continued)
Explanation of Operating Results
The Reported Operating Result for the half year ended 31 December 2018 excluding special investment revenue was $25.5 million, an increase of 12.2% over the previous corresponding period.
The Net Consolidated Profit After Tax for the half year including special investment revenue was $47.1 million, an increase of 104% over the previous corresponding period. This was driven by a large amount of special dividends received during the period; including the fully franked special dividend component of the BHP off-market buy-back, and a non-cash unfranked dividend from Wesfarmers representing a portion of the value of Coles shares received in the demerger.
Basic Earnings per Share increased 74% to 6.48 cents per share, driven by the significant increase in special dividend income. However, basic Earnings per Share before special investment revenue decreased 4% to 3.51 cents per share, driven by a material increase in BKI issued shares following the entitlement offer completed in June 2018.
Special
Ordinary investment | Statutory |
Operations revenue | Numbers |
$'000 $'000 | $'000 |
Revenue from investment portfolio | 26,769 | 24,044 | 50,813 |
Revenue from bank deposits | 1,239 | - | 1,239 |
Income from operating activities | 28,008 | 24,044 | 52,052 |
Operating expenses | (1,068) | - | (1,068) |
Operating result before tax | 26,940 | 24,044 | 50,984 |
Income tax expense | (1,461) | (2,427) | (3,888) |
Net operating result | 25,479 | 21,617 | 47,096 |
Cents per | Cents per | ||
share | share | ||
Basic and diluted earnings per share | 3.51 | 6.48 | |
3 |
Appendix 4D - Half Year Report
Results for Announcement to the Market (continued)
NTA Backing
31/12/2018 | 31/12/2017 | |
Net tangible asset backing per ordinary share before tax | 150.5 cents | 166.7 cents |
Net tangible asset backing per ordinary share after tax | 145.8 cents | 155.8 cents |
Additional Dividend Information |
The directors have declared an interim ordinary dividend of 3.625 cents per share and a special dividend of 1.500 cents per share, both fully franked at the tax rate of 30%. Both dividends will be paid on Thursday 28 February 2019, the Ex-dividend date is Friday 8 February 2019, and the Record Date for determining entitlements to the dividend is Monday 11 February 2019.
The Company will continue its Dividend Reinvestment Plan, offering shareholders the opportunity to receive additional shares in the Company instead of receiving cash dividends. The Dividend Reinvestment Plan will be offered for both the interim dividend and special dividend, at a nil discount. The last date for the receipt of an election notice to participate in the Dividend Reinvestment Plan is Tuesday 12 February 2019.
Shareholders can update their election notices electronically by following the link on the Share Registry page of the BKI website. (https://bkilimited.com.au/dividend-reinvestment-plan/)
Shareholders are also reminded that BKI will no longer pay dividends by cheque to shareholders with a registered address in Australia or New Zealand. These shareholders will need to complete a direct credit form and return it to BKI's share registry. Shareholders can obtain the relevant form by following the link to BKI's Share Registry (https://www.advancedshare.com.au/Investors/)
4
ABN 23 106 719 868
INTERIM FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2018
5
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BKI Investment Company Limited published this content on 23 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 January 2019 14:53:00 UTC