- Release Date: 30/08/12 10:30
- Summary: FLLYR: ALF: Annual Results Unaudited2012
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ALF 30/08/2012 08:30 FLLYR REL: 0830 HRS Allied Farmers Limited FLLYR: ALF: Annual Results Unaudited2012 [email protected] 29 August 2012 ALLIED FARMERS LIMITED UNAUDITED 2012 ANNUAL RESULT It has been a further year of restructuring and reducing costs for Allied Farmers Limited. Significant milestones have included: The loss making rural merchandise stores were sold or closed; The livestock business was successfully restructured in to a subsidiary, NZ Farmers Livestock Ltd, with approximately 30% sold off to livestock agents and staff; and Continued realisation of property assets. For the year the Group reported an unaudited loss of $14.1m (last year $40.9m). A significant part of this loss, $10.3m (last year $34.1m), largely relates to the further impairment of assets acquired from Hanover and United Finance. Also included were $0.7m costs related to the disposal of the rural merchandise business. The Rural Services Division, which includes the Livestock and Real Estate operations, had a profitable post-restructuring second half result generating earnings before interest and amortisation of $1m. This result is well ahead of budget and is particularly encouraging, as significant recruitment of livestock agents has been necessary to replace those who left early in the period, and it has taken time to rebuild this business. It is expected that this business will continue to grow as the new team fully develops and we continue to improve and expand services to clients. The Asset Management Services Division, charged with the recovery of the ex Hanover and United Finance assets, reported a loss of $7.8m for the year. The value of the New Zealand based assets, which is now largely comprised of residential sections at Jacks Point in Queenstown, has stabilised. However, offshore assets in Fiji and Australia which are in the process of being realised have incurred significant additional writedowns. The total book value of assets still to be recovered is now at $22m, and as a large proportion of this is in property, an orderly sell down could take several more years for this value to be realised. Total Group interest costs reduced from $8.0m to $4.2m as secured loans continued to be repaid. Parent company operating expenses have reduced from $5.0m last year to $2.3m this year. The listed company now has shareholders funds of $9.1m The Group accounts still reflect negative equity as the consolidated result does not attribute the full value of the investment in the NZ Farmers Livestock subsidiary. The focus for the coming year will be to continue to build the Rural Services Division. The Directors are encouraged by the progress of this division which has performed above expectations. NZ Farmers Livestock Ltd has purchased a further 25% and has negotiated to buy the remaining 25% of the King Country Livestock business that it did not own. The Group still has significant liabilities to repay and the Asset Management Services Division will need to continue to sell down assets in order to meet these obligations. The Directors acknowledge the considerable support and loyalty of all of the staff of Allied Farmers and its subsidiaries. There is still considerable work to be undertaken but meaningful steps have been made to the Company and the positive impact of those steps is now starting to show through to the Company's results. End CA:00226654 For:ALF Type:FLLYR Time:2012-08-30 08:30:33
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