- Release Date: 01/09/15 14:47
- Summary: FLLYR: JWI: Preliminary Full Year Report and Release for 30 June 2015
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JWI 01/09/2015 14:47 FLLYR PRICE SENSITIVE REL: 1447 HRS Just Water International Limited FLLYR: JWI: Preliminary Full Year Report and Release for 30 June 2015 Just Water International Limited Chairman and Chief Executive's review The directors of Just Water International Limited present the full year cash flow and profit results for the year ended 30 June 2015. Management continues to prioritise the generation of maximum cash flow from operations through balancing new marketing initiatives with productivity improvements. Any opportunities which can add to the long term profitability and cash flow with a commercially sound payback are investigated thoroughly. Upon completion of the sale of Just Water's Australian entities the Company had no bank debt as at 30 June 2015. The graph below represents actual net interest bearing liabilities for the Group. [Refer attachment] The following graph represents calculated interest bearing liabilities excluding the proceeds from the sale of the Australian entities. A detailed reconciliation is shown below the graph. [Refer attachment] Reconciliation of calculated interest bearing liabilities excluding proceeds from the sale of the Australian entities as at 30 June 2015. Actual Net Bank Balance in Funds 63 Deduct: Net funds received from sale of Australian entities (10,874) Calculated interest bearing liabilities as per graph above (10,811) Dividends: As previously advised, there is no intent to pay a dividend until calculated interest bearing liabilities is repaid using surplus funds generated from operations. The directors will review this decision on a regular basis Results: Continuing Operations Current Previous full-year full-year % $'000 $'000 change Operating Revenue 16,537 17,352 (5%) EBITDA 4,043 4,861 (17%) Depreciation & Amortisation (2,243) (2,569) 13% EBIT 1,800 2,292 (21%) Interest (702) (968) 27% Net profit before tax 1,098 1,324 (17%) The current year result includes restructuring costs incurred in the first half of the year of $191,000. The previous year's results included an exchange gain of $262,000. Sale of Australian Entities: On May 1st 2015, the directors advised shareholders that they had sold Just Water's subsidiary, Clearwater Filter Systems Pty Ltd to Waterlogic Pty Ltd, an Australian Company ultimately managed by Castik Capital a German private equity company, for NZ$10,874,000 net of disposal costs. It had not been the directors' intention to sell the business, but the directors felt that the offer was good, given the prospects for the Australian economy, and that it would focus management on the major business located in New Zealand. De-listing from NZAX: As advised during the takeover offer, it is intended to apply to the NZAX to de-list the Company, and a resolution will be tabled at the Annual General Meeting proposing to do so. If the Company was de-listed from the NZAX, the directors would ensure shares would continue to be tradable on another exchange such as Unlisted, or potentially move the shareholder register to Computershare which would allow trading on ShareMart. ShareMart is a system developed by Computershare Investor Services Limited to enable unlisted issuers to match buyers and sellers of their unlisted securities. To provide liquidity, Harvard has advised that after 20 December 2015, provided the Company is delisted, it will make a stand in the market at a minimum price of $0.17 cents per share, representing a 11.7% increase on its offer price during the takeover offer. Harvard would acquire a maximum of 4.99% of the total shares on issue on a "first-in-first-served" basis. This is the maximum Harvard can acquire without making a full takeover offer for the Company. There would be significant savings in cost and management time by de-listing. Parties associated with The Harvard Group Ltd, being the majority shareholder will not vote on this resolution. Purchase of building to house Head Office: After balance date, the Company purchased a building to house its Head Office, Auckland bottling plant and distribution centre. The price was $3.3 million. The Company will rent out the building to the vendor and intends to move in before June 2016. Bank Facilities and interest bearing debt: The Company has complied with all bank covenants during the year to 30 June 2015. Expected Future Rental Income Streams: At 30 June 2015 there continued to be in excess of $80 million expected future rental income stream which is not recognised in the consolidated financial statements. Consistent with prior disclosures, expected future rental income streams have been calculated on the basis of the last month's rental income multiplied by the average customer life, which is in excess of seven years. Audit: The Company has complied with all bank covenants during the year to 30 June 2015. Board: Ian Malcolm and Brendan Wood were appointed to the Board during the financial year. In accordance with the constitution both hold office until the AGM and both offer themselves for re-election. Staff and Shareholders: This has been an eventful year for both staff and shareholders, and the directors acknowledge their patience in recognising the long term future of the Company. Yours sincerely Tony Falkenstein ONZM Chairman and Chief Executive Officer Just Water International Limited End CA:00269464 For:JWI Type:FLLYR Time:2015-09-01 14:47:23
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