Cheetham Salt is the largest manufacturer of Australian solar salt products and offers reliable high quality salt for the food and industrial markets.

Cheetham Salt prides itself in offering value added Australian solar salt products. Using high quality Australian salt, Cheetham Salt offers reliable salt products
to a broad range of industries including the industrial, food, stockfeed, hide and pool sectors

Cheetham Salt is a wholly owned subsidiary of Ridley Corporation Limited.

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  • Mermaid
  • RAM
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  • Sunray
  • Mermaid Finest
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Investor Shareholder Information

 

5 Year Summary

FIVE YEAR SUMMARY A'000 2009 2009 2008 2007 2006 2005
  Normalised Actual        
OPERATING RESULTS            
Revenue 819,436 819,436 1,546,649 1,439,826 1,258,675 1,153,872
Other income 1,379 1,379 1,995 3,960 5,074 4,770
Earnings before interest, tax, depreciation and amortisation (EBITDA) * 55,509 48,709 44,038 77,327 81,493 72,922
Earnings before interest and tax (EBIT) * 44,424 37,622 32,198 54,636 59,683 53,361
Net interest expense / finance charge 8,000 12,428 14,700 14,144 13,867 9,876
Operating profit before tax * 36,424 25,195 17,496 40,492 45,816 43,485
Tax expense 8,281 4,881 1,583 10,738 12,087 7,776
Net profit before significant items 28,142 20,313 15,913 29,754 33,729 35,709
Minority interest (MI) - - (2,270) (4,115) (6,040) (5,012)
Net profit before significant items after MI 28,142 20,313 13,643 25,639 27,689 30,697
Significant items - net of tax and MI (7,404) (7,404) (3,100) (2,966) - 9,272
Net profit after tax and significant items 20,738 12,909 10,357 22,673 27,689 39,969
Loss on sale of Ridley lnc (52,442) (52,442) 7,219 - - -
Profit/Loss attributable to members (31,704) (39,533) 10,505 22,673 27,689 39,969
             
FINANCIAL POSITION - in AS'000 unless otherwise stated            
Ridley shareholders' funds 276,211 276,211 320,519 335,797 338,197 305,461
Minority interest - - 48,925 52,433 55,873 45,968
Total assets 468,621 468,621 803,502 788,524 776,909 715,992
Total liabilities 192,410 192,410 434,058 400,294 382,839 364,563
Net debt 69,414 69,414 199,246 171,847 171,462 164,110
Market capitalisation 236,402 236,402 344,767 334,085 335,437 366,436
Enterprise value 305,803 305,803 544,013 505,932 506,899 530,546
Operating cash flow 52,966 52,966 16,424 37,384 39,536 67,271
Closing share price (cents) 78.00 78.00 116.50 116.00 121.00 135.00
Weighted average number of shares on issue - non-diluted (thousands) 303,080 303,080 295,938 288,004 277,221 271,434
Number of employees (number) 638 638 2,063 2,117 2,115 2,142
             
KEY PROFITABILITY RATIOS            
Return on shareholders' funds (%) before significant items* 9.4% 6.8% 4.2% 7.6% 8.6% 9.8%
Earnings per share (EPS) (cents) before significant items and discontinued operation* 9.3 6.8 1.9 8.9 10.0 11.3
EPS growth (%) 389.5% 257.9% -78.7% -10.9% -11.6% 46.8%
EBIT growth 38% 17% -41% -8% 29% 13%
Operating cash flow / EBITDA 0.95 1.09 0.37 0.48 0.49 0.92
Operating cash flow per share (cents) 0.18 0.18 0.06 0.13 0.14 0.25
Share price / Operating cash flow 4.4 4.4 21.0 8.9 8.5 5.4
EBIT per employee (A$'000) 69.7 59.0 15.6 25.8 28.2 24.9
             
CAPITAL MARKET AND STRUCTURE RATIOS            
EBITx (market cap / EBIT) 4.3x 5.1x 13.5x 7.3x 6.4x 6.8x
EBITDA per share (cents) * 18.6 16.3 14.9 26.8 29.4 26.9
EBITDA growth 26% 34% -43% -5% 12% 3%
EBITDAx (market cap / EBITDA) 4.2x 4.7x 7.8x 4.3x 4.1x 5.0x
Enterprise value / EBITDA (multiple)* 5.4 6.2 12.4 6.5 6.2 7.3
P/E ratio (no. of times) 8.4 18.3 61.3 13.0 12.1 11.9
Net debt / shareholders' equity (%) 25.1% 25.1% 53.9% 44.3% 43.5% 46.7%
Equity/Total Assets 59.2% 59.2% 39.9% 42.6% 43.5% 42.7%
Net debt / EBITDA (times) * 1.3 1.4 4.5 2.2 2.1 2.3
EBIT/ net interest (times) 5.6 3.0 2.2 3.9 4.3 5.4
Net tangible asset backing per share (cents) 83.3 83.3 91.0 98.3 100.9 93.5
Dividends per share (cents) 7.00 7.00 7.00 7.00 7.00 6.50
Dividend payout ratio* 75% 104% 195% 88% 67% 57%
Percentage franked Nil Nil 50% 50% 50% 50%

* Before significant items
** Before significant items and including share of profit from associates
***interest - normalised at an assumed $8m for reduced net debt balance over full year (post sale of Ridley inc)