HAL TRUST : Annual results 2011
03/27/2012| 03:08pm US/Eastern
Recommend:
Net income of HAL Holding N.V. for 2011 amounted to 493
million ( 7.42 per share) compared with
432.1 million ( 6.51 per share) for 2010. This increase
was primarily due to higher income from the quoted
associates.
In 2011, the Company's net asset value increased by 157
million (3%), representing 2.37 per share. This compared
with an increase of 1,205 million (26%) in 2010 ( 18.66
per share). Taking into account the cash portion of the 2010
dividend ( 60 million), the net asset value increased from
5,879 million on December 31, 2010 ( 89.91 per share) to
5,976 million as of December 31, 2011 ( 88.83 per share).
The calculation of the net asset value is based on the market
value of the quoted associates and the liquid portfolio and
on the book value of the unquoted companies.
On December 31, 2011, estimated value of the unquoted
companies, based on the principles and assumptions set out on
in the annual report, exceeded the book value by 614
million ( 9.12 per share) compared to 863 million ( 13.19
per share) on December 31, 2010. On a comparable basis,
estimated
value decreased by 4.7% during 2011.
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 1
Dividend
The dividend policy is, barring unforeseen circumstances and
provided sufficient liquid assets, to base the dividend on 4%
of the volume weighted average share price of HAL Trust
during December of the year prior to the year in which the
dividend will be paid. Accordingly, the proposed dividend per
share over 2011 amounts to 3.40 (2010: 3.75), payable in
shares unless a shareholder expressly requests payment in
cash.
Prospects
During the period from December 31, 2011 to March 23, 2012,
the value of the ownership interests in quoted companies and
the liquid portfolio increased by 140 million ( 2.08 per
share).
In view of the fact that a significant part of the Company's
net income is determined by the results of the quoted
companies and potential capital gains and losses, we do not
express an expectation as to the net income for 2012.
Investments
In March 2011, the acquisition of a 45% interest in Atlas
Services Group Holding B.V. was completed. Atlas specializes
in supplying professionals to the energy and marine industry
worldwide and reported
2011 revenues of approximately 120 million.
In April 2011, the Company acquired an additional 47%
interest in InVesting B.V., a company with a focus on the
purchase of bad debt portfolios for its own account and risk
and debt collection activities.
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 2
HAL's current interest in the company is 59.6%. Revenues for
2011 amounted to approximately 60 million.
Divestitures
In November 2011, the Company sold its 65% equity interest in
Delta Wines B.V. The company is active in importing and
distributing wine and reported 2010 revenues of 96 million.
The transaction did not have a material impact on the 2011
result.
Results
Revenues for 2011 amounted to 3,996 million (2010: 3,769
million). This represented an increase of
227 million (6%). Excluding the effect of acquisitions,
divestitures and changes in currency exchange rates, revenues
increased by 137 million (3.6%).
Revenues from the optical retail companies amounted to
2,291 million which represents a 4.4% increase compared with
2010 ( 2,194 million). Excluding the effects of
acquisitions and changes in currency exchange rates, revenues
of the optical retail companies increased by 68 million
(3.1%). The
2011 same store sales (defined as the sales at constant
currency exchange rates of those stores, excluding franchised
stores, which were both on January 1, 2010 and on December
31, 2011 part of the store network), increased by 0.1%
compared with a 2010 increase of 0.3%. Revenues also
increased due to
the opening of new stores in 2010 and 2011. The 2011
operating income (earnings before interest,
exceptional and non-recurring items, taxes and amortization
of intangible assets but including
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 3
amortization of software) of the optical retail companies
amounted to 248 million (2010: 258 million). Operating
income was negatively affected by losses in the emerging
markets, Spain and Greece totalling 21 million (2010: 21
million).
Revenues for 2011 from the other unquoted subsidiaries
amounted to 1,705 million (2010:
1,575 million). This represents an increase of 130
million (8.2%). Excluding the effect of acquisitions,
divestitures and changes in currency exchange rates, net
revenues from the other unquoted subsidiaries increased by
69 million (4.4%). This increase was primarily a result of
higher sales at PontMeyer, Koninklijke Ahrend and Anthony
Veder Group.
Operating income from the other unquoted subsidiaries
increased by 14 million to 111 million. This increase is
primarily due to the consolidation of InVesting and improved
results at PontMeyer.
Income from marketable securities and deposits decreased by
25 million to 1 million primarily due to lower capital
gains on the sale of equities.
Income from associates increased by 13 million to 296
million. This increase is due to higher income from quoted
associates ( 56 million) off set by lower income from
unquoted associates ( 43 million), The lower income from
unquoted associates is primarily due to revaluations of
InVesting and FD Mediagroep in 2010 for a total amount of
44 million.
Income from other financial assets increased by 24 million
to 28 million due to higher capital gains
(partial redemption of Safilo Notes) and higher interest
income (acquisition InVesting).
Income from real estate activities increased by 39 million
to 53 million due to higher capital gains.
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 4
Financial expense increased by 16 million to 72 million
primarily due to early termination of interest rate swaps and
amortization of loan fees associated with the refinancing of
GrandVision.
Other financial income of 12 million includes currency
exchange gains on the liquid portfolio and gains on currency
hedge transactions which did not qualify for hedge
accounting.
The results for 2011 include exceptional and non recurring
costs of 14 million (2010: 36 million). These mainly
relate to restructuring costs.
Financial calendar
The financial calendar is included in the appendix of this
press release.
This press release is based on the prepared financial
statements for 2011 to be approved by the Annual General
Meeting of Shareholders. The external auditor has issued an
unqualified auditors' report on the prepared financial
statements for 2011. These financial statements will be made
available on the Company's web site (www.halholding.com) on April
3, 2012 (after the close of the stock exchange). The printed
version will be available by the end of April.
HAL Holding N.V. March 27, 2012
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 5
Financial calendar
Shareholders' meeting HAL Trust and interim statement May 16,
2012
Ex-dividend date May 18, 2012
Dividend record date May 22, 2012
Election period cash/ stock (stock being default) May 23 -
June 12, 2012 (15:00 hrs)
Determination and publication
dividend conversion ratio June 12, 2012 (after close of
trading) Delivery of shares and payment of cash dividend June
19, 2012
Publication of 2012 half year results August 28, 2012
Interim statement November 15, 2012
Publication of preliminary net asset value January 24, 2013
Publication of 2012 annual results March 27, 2013
Shareholders' meeting HAL Trust and interim statement May 16,
2013
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 6
Consolidated Statement of Financial Position
As of December 31
In millions of euro 2011 2010
Assets
Non-current assets:
Property, plant and equipment 828.7 747.7
Investment properties 79.9 96.0
Intangible assets 1,862.5 1,825.8
Investments in associates 1,781.7 1,527.0
Other financial assets 225.1 278.6
Deferred tax assets 46.8 46.0
Total non-current assets 4,824.7 4,521.1
Current assets:
Other current assets 209.2 194.8
Inventories 355.4 371.7
Receivables 399.3 333.4
Marketable securities and deposits 97.2 212.7
Cash and cash equivalents 644.7 144.7
Total current assets 1,705.8 1,257.3
Total assets 6,530.5 5,778.4
Equity and liabilities
Share capital 1.3 1.3
Other reserves 91.4 149.4
Retained earnings 3,877.2 3,444.4
Equity attributable to the owners of the parent 3,969.9
3,595.1
Non-controlling interest 51.6 30.1
Total equity 4,021.5 3,625.2
Non-current liabilities:
Deferred tax liabilities 138.2 132.4
Provisions 26.1 15.2
Long-term debt and other financial liabilities 1,150.8 657.1
Total non-current liabilities 1,315.1 804.7
Current liabilities:
Provisions 31.2 25.5
Accrued expenses 490.7 456.4
Income tax payable 31.7 26.7
Accounts payable 290.4 264.7
Short-term debt and other financial liabilities 349.9 575.2
Total current liabilities 1,193.9 1,348.5
Total equity and liabilities 6,530.5 5,778.4
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 7
Consolidated Statement of Income
For the year ended December 31
In millions of euro 2011 2010
Revenues 3,996.3 3,768.9
Income from marketable securities and deposits 1.0 25.5
Share of profit/ (loss) of associates 295.9 283.4
Income from other financial assets 28.2 4.4
Income from real estate activities 53.3 14.6
Total income 4,374.7 4,096.8
Raw materials, consumables used and changes in
inventories 1,277.9 1,278.8
Employee expenses 1,206.9 1,097.5
Depreciation of property, plant, equipment
and investment properties 143.0 134.2
Amortization and impairments of intangible assets 63.5 73.8
Other operating expenses 1,062.5 965.9
Total expenses 3,753.8 3,550.2
Operating profit 620.9546.6
Financial expense (71.6) (55.9) Other financial income 12.4 -
Profit before income tax 561.7490.7
Income tax expense (66.8)(62.6)
Net profit 494.9428.1
Attributable to:
Owners of parents 493.0 432.1
Non-controlling interest 1.9 (4.0)
494.9 428.1
Average number of outstanding Shares (in thousands) 66,418
64,548
Earnings per share for profit attributable to the owner of
parent during the year (in euro's per share)
- basic and diluted 7.42 6.51
Dividend per share (in euro) 3.40 * 3.75
* Proposed
HAL HOLDING N.V. Commercial registry Curaηao 46339
5, AVENUE DES CITRONNIERS, MC 98000 MONACO
TEL: (377) 92 16 75 79 FAX (377) 93 25 54 34 8
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This press release was issued by HAL Trust NV and was distributed, unedited and unaltered, by noodls on 2012-03-27 20:52:22 PM. The issuer is solely responsible for the accuracy of the information contained therein.
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