CMO
19/08/2015 16:09
FLLYR
PRICE SENSITIVE
REL: 1609 HRS The Colonial Motor Company Limited
FLLYR: CMO: Preliminary result
Results for announcement to the market
Name of listed issuer The Colonial Motor Company Limited
Reporting period Year to 30 June 2015
Corresponding reporting period Year to 30 June 2014
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 $787.636 12.8% $698.189
Total operating revenue $789.377 12.9% $699.314
Operating profit $25.091 (7.7)% $27.189
Adjustments to value of property & investments $0.255 (66.5)%
$0.761
Net profit before tax $25.346 (9.3)% $27.950
Taxation on operating profit $6.641 (14.2)% $7.744
Profit for period $18.705 (7.4)% $20.206
Net profit for period attributable to shareholders $17.597 (8.1)%
$19.153
Profit attributable to Minority Interest $1.108 5.2% $1.053
Profit for the period $18.705 (7.4)% $20.206
Basic earnings per share (cents per share) 53.8 (8.2)% 58.6
Diluted earnings per share (cents per share) 53.8 (8.2)% 58.6
Net tangible assets per share $4.53 6.1% $4.27
FINAL DIVIDEND
Fully-imputed dividend cents per share 20.0
Imputation credit cents per share 7.8
Supplementary dividend (where applicable) cents per share 3.5
Payment date 19 October 2015
Record date 09 October 2015
Profitability held up well in most areas of the business in the face of an
increasingly stretched market. The second half of the financial year,
January to June, accounted for 49% of the total profit, compared to 53% last
year. The result, while down on last year, is ahead of 2013.
Revenue was up 13% primarily driven from the new dealerships. Headline
numbers of new light vehicle registrations have remained high, underpinned by
increased rental car sales. However the strong growth of past years has
eased. In this market, margins are tighter, putting pressure on our car
dealerships. Sales and profitability of heavy trucks remain strong, with
continuing forward orders. Tractors have been adversely affected by the
declining dairy payout.
The outlook is for a less favourable environment, with a lower exchange rate,
lower dairy payout, and lower general confidence. However not all areas of
the economy are adversely affected and the company has a long record of
adapting to changing circumstances.
Jeff Gray BMW
The new Jeff Gray BMW and MINI dealerships have made a small but positive
contribution in their first year.
Auckland
The new dealership, Southern Autos - Manukau, selling Peugeot, and Citroen
cars and Isuzu light commercials, has in recent weeks moved into its new
company owned facilities on Great South Road, Manukau. This completes a two
year redevelopment of the total site which started with the new Mazda
showroom. Nearby the extensions to Southpac Trucks' facilities on Wiri
Station Road are also nearing completion with a complete rebuild of the parts
showroom and sales facility. Work has commenced on the building of a new
service outlet on company owned land near the airport for South Auckland Ford
and Mazda.
Wellington
The company has entered into an unconditional sale of all of its Wellington
property occupied by Capital City Motors on the corner of Taranaki and Jessie
Streets. The company will lease back the site for two years while
alternative facilities in the Wellington region are identified. Settlement
will be on 31 August 2015. The carrying value of the property is shown as a
current asset in the balance sheet, and the applicable deferred tax has been
credited to profit.
End CA:00268701 For:CMO Type:FLLYR Time:2015-08-19 16:09:58
