Results for announcement to the market
Name of listed issuer The Colonial Motor Company Limited
Reporting period Year to 30 June 2013
Corresponding reporting period Year to 30 June 2012
This report has been prepared in a manner which complies with New Zealand equivalents to International Financial Reporting Standards and gives a true and fair view of the matters to which the report relates.
The report is based on unaudited financial statements.
Consolidated Statement of Financial Performance
Current year Up/(down) Previous corresponding year
$ million % $ million
Trading revenue 612.496 13.2 541.088
Total operating revenue 614.407 13.1 543.359
Operating profit 20.906 20.5 17.356
Adjustments to value of property & investments (0.484) (63.7) (1.332)
Net profit before tax 20.422 27.4 16.024
Taxation on operating profit 5.622 14.3 4.918
Profit after tax before insurance recovery 14.800 33.3 11.106
Earthquake insurance recovery - (100.0) 4.489
Profit for period 14.800 (5.1) 15.595
Net profit for period attributable to shareholders 13.902 (8.1) 15.123
Profit attributable to Minority Interest 0.898 90.3 0.472
Profit for the period 14.800 (5.1) 15.595
Basic earnings per share (cents per share) 42.5 (8.2) 46.3
Diluted earnings per share (cents per share) 42.5 (8.2) 46.3
Net tangible assets per share $4.00 8.1 $3.70
FINAL DIVIDEND
Fully-imputed dividend cents per share 21.0
Imputation credit cents per share 8.2
Supplementary dividend (where applicable) 3.7
Payment date 21 October 2013
Record date 11 October 2013
Trading profit after tax at $13.867m is 17% up on the previous year and a record result. Profit for the period is $14.800m compared to $15.595m last year, which included $4.489m of insurance recovery proceeds.
The trading result was driven by a strong growing market. The total market for new heavy trucks, light commercials and passenger SUVs grew, while the market for new passenger cars was neutral. With products such as the DAF heavy trucks, Ford Ranger light commercial, and Mazda CX5 passenger SUV, the Company had desirable products, in growing segments, on top of the growing market. It is in this context that the recent announcement that Ford Australia will cease production of the Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the new workshop at Hobill Ave. Having all of its operation on one site while at the same time expanding its sales has driven an exceptional result from Southpac Trucks. Forward orders remain strong.
The overall value of the property portfolio has increased. During the period the contract for sale of our Porirua property was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final dividend of 21 cents per share will be paid on 21 October. This takes the full dividend for the financial year to 30 cents per share compared to 25 cents per share in 2012. This is a total payout of $9.808m in dividends compared to $8.174m last year.
The Annual Report will be mailed by the end of September and the 95th Annual Meeting will be held at 11 am on Friday 1 November 2013 at the Company’s offices.
