Reporting period Six months to 31 December 2013
Corresponding reporting period Six months to 31 December 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 half year $ million Up/(down) % Previous corresponding period $ million
Trading revenue $355.378 19.5% $297.391
Total operating revenue $356.101 19.5% $298.029
Operating profit $12.828 52.6% $8.404
Adjustments to value of property & investments $0.085 80.5% $0.437
Net profit before tax $12.913 46.1% $8.841
Taxation on operating profit $3.792 61.6% $2.347
Profit after tax $9.121 40.5% $6.494
Net profit for period attributable to shareholders $8.685 40.7% $6.172
Profit attributable to Non-controlling Interest $0.436 35.4% $0.322
Profit for the period $9.121 40.5% $6.494
Basic earnings per share (cents per share) 26.6 40.7% 18.9
Diluted earnings per share (cents per share) 26.6 40.7% 18.9
Net tangible assets per share $4.06 8.3% $3.75
INTERIM DIVIDEND
Fully-imputed dividend 13.000 cents per share
Imputation credit 5.056 cents per share
Supplementary dividend (where applicable) 2.294 cents per share
Payment date 14 April 2014
Record date 04 April 2014
The directors of The Colonial Motor Company Limited are pleased to announce the unaudited results of the Group for the six months ended 31 December 2013. The $8.6m Trading Profit after Tax is a record result for the half year.
National sales of new passenger cars, light commercials and heavy trucks continued to grow during the year with a combined total of 113,000 vehicles for the calendar year, up 12.5% on the previous year. This is the highest since 1984. The second half, July to December, grew 8% over the first half and 15% over the same period in the previous year.
The Colonial Motor Company’s revenue for the six months July - December 2013, at $356.1m, grew 19% over the previous comparable period. The increased revenue flowed through into trading profits. Trading Profit after Tax was up 6% on the preceding half year and 50% on the previous comparable July - December period. Trading profit lifted in the first half of calendar year 2013 and continued into this period.
There are many steps between a rising industry and rising profitability. In the motor industry it is essential to have desirable products with competitive edge, such as the Ford Ranger, Mazda CX5 and DAF heavy trucks. Equally important is excellent experienced management. The trading profit is the result of growing industry, excellent product and excellent management.
Developments
A leased tractor facility at Lorneville, Invercargill, is under construction and should be completed by June. When completed it will bring two tractor dealerships onto the same site, with flow-on operational efficiencies.
Southpac Trucks continues to grow, with expansion of the parts warehouse on Wiri Station Road, Manukau, about to go out for tender. This is additional to the expanded service facility which opened 12 months ago.
At South Auckland Motors, Manukau, the Mazda dealership will be expanded and refreshed.
In Nelson, MS Motors now represents the KIA franchise in a separate facility.
