VIL
28/08/2015 08:59
FLLYR
PRICE SENSITIVE
REL: 0859 HRS Veritas Investments Limited
FLLYR: VIL: 2015 Preliminary Full Year Result
NZX Release
28 August 2015
VIL Meets Updated Guidance and Declares Dividend
Veritas Investments Limited (NZX: VIL) is pleased to report its full year
audited results of underlying NPAT of $4.3 million which is in line with
updated market guidance issued on 29 May 2015.
This result comprises twelve months' trading for Mad Butcher Limited and Kiwi
Pacific Foods Limited (50% joint venture), ten months for Nosh Group Limited
and seven months for The Better Bar Company Limited.
Dividend
The Board has approved a final dividend of $472,091 or 1.066 cents per share.
This will take the full year dividend for the year ended 30 June 2015 to
$1.7 million or 3.766 cents per share. Although this is a lower level of
dividend (50% of profit for the year) than in previous financial years (70%
of profit for the year), the Board considers that this level of dividend is
prudent, having taken into account the working capital needs for the company
and the potential need to fund further growth in our businesses over the
short to medium term, especially in our Nosh Food Markets business as it
expands.
The record date for the final dividend of 1.066 cents per share will be 11
September 2015 and the payment date will be 25 September 2015.
FY16 Business Updates
As announced to the market on 24 June 2015 the Board will be providing the
market with quarterly updates on FY16 performance to enable investors to
monitor progress and performance of the individual businesses and the Veritas
Group as a whole. The first update will be provided following the
finalisation of financial results for the quarter ending 30 September 2015,
which is expected to be ready towards the end of October 2015.
For further information, contact:
Tim Cook
021 764 401
[email protected]
About Veritas Investments Limited
Veritas Investments is an NZX Main Board-listed investment company focusing
in the Food and Beverage, Franchise and Hospitality sectors. The shell
company was formed in December 2011 and made its first acquisition of the Mad
Butcher franchisor business in May 2013 through a reverse acquisition
transaction. A further investment was made in December 2013 for 50% of Kiwi
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food
Market business. In November 2014 Veritas acquired The Better Bar Company
group business.
www.veritasinvestments.co.nz
APPENDIX
Non-GAAP profit measures
Veritas' standard profit measure under New Zealand GAAP is net profit.
Veritas has used non-GAAP profit measures when discussing financial
performance in this document. The Directors and management believe that
these measures provide useful information as they are used internally to
evaluate performance of business units, establish operational goals and
allocate resources.
Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New
Zealand International Financial Reporting Standards) and are not uniformly
defined, therefore the non-GAAP profit measures reported in this document may
not be comparable with those that other companies report and should not be
viewed in isolation or considered as a substitute for measures reported by
Veritas in accordance with NZ IFRS.
Definitions:
Underlying NPAT:
Net profit from continuing operations, excluding the gain on acquisition of
the Nosh Food Market business and the transaction costs for the acquisition
the Better Bar Company Group, Nosh and MBL stores during the year.
Non-GAAP to GAAP profit reconciliation
(See attachment)
End CA:00269241 For:VIL Type:FLLYR Time:2015-08-28 08:59:45
