FRE freightways limited

Ann: FORECAST: FRE: Freightways Trading Outlook

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    FRE
    04/07/2013 09:36
    FORECAST
    
    REL: 0936 HRS Freightways Limited
    
    FORECAST: FRE: Freightways Trading Outlook
    
    Freightways Limited (Freightways) advises that it intends to announce its 30
    June 2013 full year result on 12 August 2013.
    
    2013 Full Year Forecast Result
    
    Following review of its recent trading, Freightways expects to announce a
    record Earnings (operating profit) before interest, tax and amortisation
    (EBITA) result of approximately $65 million, an increase of approximately 5%
    compared to the prior year and a Net Profit after tax (NPAT) result of
    approximately $38 million, an increase of approximately 6% above the prior
    year. This forecast result is subject to external audit and any closing
    adjustments and excludes the $1 million non-recurring benefit of reversing an
    accrued acquisition earnout payment, as described below.
    
    EBITA and NPAT amounts used in calculating the movements between periods
    exclude the following non-recurring items:
    
    - Full Year 2012 EBITA included $1.459 million and NPAT $1.050 million
    relating to Christchurch earthquake insurance claim proceeds.
    - Full Year 2013 EBITA includes $1 million and NPAT $1 million relating to
    the reversal of an accrued acquisition earnout payment.
    
    The Directors believe that the non-recurring items detailed above should not
    be included when assessing the underlying operating performance of the
    Company.
    
    2014 Full Year Forecast Outlook
    
    Freightways currently expects its overall EBITA and NPAT improvement in 2014
    to be similar to the approximate 5% EBITA improvement and 6% NPAT improvement
    anticipated in the 2013 results noted above. This expected performance is
    consistent with Freightways most recent outlook comments that it expects to
    be operating in a positive but slow growth environment for the foreseeable
    future.
    
    The consensus of external analysts in respect of 2014 forecasts a 7% EBITA
    and 10% NPAT result above Freightways' expected 2014 results. Freightways
    expects analysts will review their 2014 forecasts to more closely reflect
    Freightways' current operating performance.
    
    Conclusion
    
    Freightways' expected 2013 Full Year result again delivers sound improvement
    above the prior year. Based on Freightways' current forecasting, 2014 is
    expected to also demonstrate similar overall improvement.
    
    For further information please contact:
    
    Dean Bracewell
    Managing Director
    Freightways Limited
    Ph: (09) 571 9672
    Fax: (09) 571 9671
    End CA:00238195 For:FRE    Type:FORECAST   Time:2013-07-04 09:36:28
    				
 
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