Ann: Appendix 4E, Annual Report and Financial Statements, page-3

Another steady as she goes kind of result from ARB. Nothing to get excited about.

I do note the following:
- An increase of 5 stores from this time last year, from 56 to 61. This is the biggest annual increase in the number of stores in the past 10 years.
- A new Victorian warehouse is going to be operational in this financial year, FY2018
- Factories in both Thailand and Australia are running at full capacity throughout the year
- Export grew strongly in FY17, hopefully this continues in FY18
- OEM is also expected to continue to grow in FY18
- New store design in Australia
- Strong operating cashflow, replenishing the cash balance, which now sits at $27.6m

On to the negatives:
- The current trend of decreasing profitability margins continues
- The current trend of decreasing ROE, ROIC also continues
- Stock turnover ratio also continues to go down

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With franking credit balance currently sitting at around $32m, ARB should be in the position to declare another special dividend of at least $1.00 fully franked in FY2020. If this happens, the dividend will probably be paid sometime in December 2019, which is just over 2 years away.

Although I don't agree with the reasons/logic behind these special dividends, but since I can't change anything anyway, then I might as well be grateful and enjoy it if it does ever come again.

The previous one in FY2015, which I opted for DRP, is still in the money. I will probably do the same again next time since the DRP is usually offered at a discount to the prevailing share price at the time.

In the mean time, the ARB file will be closed for another 6 months.