AMPOL LIMITED CALTEX AUSTRALIA LIMITED
ACN 004 201 307
2016 HALF YEAR REPORT
HALF YEAR INFORMATION GIVEN TO THE ASX UNDER LISTING RULE 4.2A
THE 2016 HALF YEAR REPORT SHOULD BE READ IN CONJUNCTION WITH THE 2015 FINANCIAL REPORT
CALTEX AUSTRALIA LIMITED LEVEL 24, 2 MARKET STREET SYDNEY NSW 2000 AUSTRALIA
Results for Announcement to the Market
Half year ended 30 June | ||||
Key Results (Millions of dollars) | 2016 | 2015 | ||
Revenues from ordinary activities | | 13% | 8,507 | 9,743 |
Profit from ordinary activities after tax/net profit for the period attributable to members: | 318 | 375 | ||
Historical cost basis (including significant items) | | 15% | ||
Replacement cost basis1(excluding significant items) | | 1% | 254 | 251 |
Dividend | 2016 | 2015 |
Dividends declared: Interim dividend:
Final dividend | 50 c N/A | 47c 70c |
Record date for determining entitlement to 2016 interim dividend | 8 September 2016 | |
Date 2016 interim dividend is payable | 30 September 2016 |
Comments update
On a historic cost profit basis, Caltex's after tax profit was $318 million for the first half of 2016. This compares unfavourably to the $375 million after tax profit for the first half of 2015. The 2016 half year result includes crude and product inventory gains of $64 million after tax, compared with crude and product inventory gains of $95 million after tax for the half year to 30 June 2015.
On a replacement cost of sales operating profit (RCOP) basis, Caltex's after tax profit was $254 million for the first half of 2016. This compares with $251 million for the first half of 2015.
Net debt at 30 June 2016 was $693 million, which compares with $432 million at 31 December 2015 and
$715 million at 30 June 2015. The increase in debt reflects the $270 million off-market buy back completed in April of this year, as well as the payment of the increased final 2015 dividend. This equates to a gearing ratio of 21% (net debt / net debt plus equity). On a lease adjusted basis, gearing was 34%.
The Board has declared an interim fully franked dividend of 50 cps for the first half of 2016, in line with the target dividend pay-put ratio of 40% to 60%. This compares to Caltex's 2015 interim dividend of 47 cps, fully franked. The record and payment dates for the interim dividend are 8 September 2016 and 30 September 2016, respectively.
1 Replacement Cost Operating Profit (RCOP) (on a pre and post tax basis) is a non-International Financial Reporting Standards (IFRS) measure. It is derived from the statutory profit adjusted for inventory (losses)/gains as management believes this presents a clearer picture of the company's underlying business performance as it is consistent with the basis of reporting commonly used within the global refineries industry. This is un-audited. RCOP excludes the impact of the fall or rise in oil and product prices (key external factors). It is calculated by restating the cost of sales using the replacement cost of goods sold rather than the historical cost, including the effect of contract based revenue lags.
2 Additional Appendix 4D disclosure requirements can be found in the Directors' Report and the 30 June 2016 half year financial statements.
Key Performance Indicators
Half year ended 30 June | |||||
2016 | 2015 | 2014 | 2013 | 2012 | |
Profit before interest and tax ($m) | 488 | 551 | 275 | 319 | 285 |
- Historical cost basis (including significant items) | |||||
- Historical cost basis (excluding significant items)1 | 488 | 519 | 275 | 319 | 285 |
- Replacement cost basis (excluding significant items) | 397 | 383 | 290 | 284 | 329 |
Profit after interest and tax ($m) | 318 | 375 | 163 | 195 | 167 |
- Historical cost basis (including significant items) | |||||
- Historical cost basis (excluding significant items)1 | 318 | 346 | 163 | 195 | 167 |
- Replacement cost basis (excluding significant items) | 254 | 251 | 173 | 171 | 197 |
Inventory gains/(losses) before tax ($m) | 91 | 136 | (15) | 34 | (44) |
Basic earnings per share (cents) | 119.6 | 138.7 | 60.2 | 72.2 | 61.8 |
- Historical cost basis (including significant items) | |||||
- Replacement cost basis (excluding significant items) | 95.5 | 92.9 | 64.0 | 63.3 | 73.1 |
Return on equity attributable to members of the parent entity after tax, annualised (%) | 24 | 27 | 12 | 17 | 15 |
- Historical cost basis (including significant items) 2 | |||||
- Replacement cost basis (excluding significant items)2 | 19 | 18 | 13 | 15 | 17 |
Net tangible asset backing per share ($)3 | 9.13 | 9.47 | 9.31 | 8.06 | 8.13 |
Net debt ($m) | 693 | 715 | 827 | 729 | 780 |
Gearing (net debt to net debt plus equity) (%) | 21 | 21 | 23 | 24 | 25 |
9
8 7.76
7
6 5.25.3
5
4
3
2
1
0
8.08
2.2
7.72 7.73
3.0
1H13 1H14 1H15 1H16
Production volume Sales volume
1 Historical cost basis excluding significant items (on a pre- and post-tax basis) is a non IFRS measure. It is derived from the statutory profit adjusted for significant items relating to the gain on sale of surplus property. Significant items are events that Management and the Board consider to be outside the scope of usual business. These are excluded to give a clearer reflection of underlying financial performance from one period to the next. This is un- audited.
2 This is a non-IFRS un-audited measure that management and the Board consider key for users of the financial statements.
3 Net tangible asset backing per share is derived by dividing net tangible assets by the number of shares issued. Net tangible assets are net assets attributable to members of Caltex less intangible assets. The weighted average number of ordinary shares used in the calculation of net tangible assets per share was 266 million (2014: 270 million).
4 Transport fuels comprise unleaded petrol, diesel and jet.
2016 HALF YEAR FINANCIAL REPORT
FOR
CALTEX AUSTRALIA LIMITED
ACN 004 201 307
The 2016 Half Year Financial Report for Caltex Australia Limited includes the:
Directors' Report
Directors' Declaration
Independent Review Report
Half Year Financial Statements
Notes to the Half Year Financial Statements for the half year ended 30 June 2016
Caltex Australia Group For the purposes of this report, the Caltex Australia Group refers to:
Caltex Australia Limited, which is the parent company of the Caltex Australia Group and is listed on the Australian Securities Exchange (ASX)
major operating companies, including Caltex Australia Petroleum Pty Ltd, Caltex Refineries (Qld) Pty Ltd, Caltex Petroleum Services Pty Ltd, Calstores Pty Ltd and Ampol Singapore Trading Pte Ltd
a number of wholly owned entities and other companies that are controlled by the Group.
Please note that terms such as Caltex and Caltex Australia have the same meaning in this report as the Caltex Australia Group, unless the context requires otherwise.
THE 2016 HALF YEAR FINANCIAL REPORT SHOULD BE READ IN CONJUNCTION WITH THE 2015 FINANCIAL REPORT
Caltex Australia Limited published this content on 23 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 August 2016 10:54:02 UTC.
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