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- Release Date: 26/02/13 10:33
- Summary: HALFYR: DGL: DGL - Interim Results to 31 December 2012
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DGL
26/02/2013 08:33
HALFYR
REL: 0833 HRS Delegat's Group Limited
HALFYR: DGL: DGL - Interim Results to 31 December 2012
DELEGAT'S GROUP LIMITED
Results for announcement to the market
Reporting Period 6 months to 31 December 2012
Previous Reporting Period 6 months to 31 December 2011
Amount (000s) Percentage change
Revenue from ordinary activities $129,108 (+1%)
Profit from ordinary activities after tax attributable to shareholders
$19,252 (+31%)
Net profit attributable to shareholders $19,252 (+31%)
Audit: The financial statements attached to this report have not been
audited.
Comments: Refer to the Chairman's Report appended.
Interim Dividend Cents per share Cents per share (imputed)
Not Applicable Not Applicable
Net Tangible Assets per share
Current Year Previous corresponding year
Net Tangible Assets per share $1.94 $1.73
CHAIRMAN'S REPORT
Delegat's Group Limited (Delegat's) presents its unaudited operating and
financial results for the six months ended 31 December 2012.
Performance Highlights
o Achieved global case sales of 1.090 million.
o Achieved record operating NPAT of $19.2 million.
o Generated Cash from Operations of $17.2 million.
I am pleased to be able to report another strong first half performance for
the six months ended 31 December 2012. Consistent with the last reported
results Directors produce both an operating report (before NZ IFRS
adjustments) and a financial report to provide a better understanding of the
Group's performance.
NZ$ millions Dec 2010 Dec 2009 Operating Performance
A record operating NPAT of $19.2 million was generated compared to $17.4
million for the same period the previous year. Operating EBIT of $30.4
million is $2.1 million higher than for the same period in the prior year.
Operating expenses (before NZ IFRS adjustments) at $42.4 million are $0.7
million higher compared to last year. 'In-market' case price realisations
are being maintained in each of the major markets.
NZ$ millions Notes Dec 2010 Dec
Delegat's achieved Sales Revenue of $123.4 million on global case sales of
1.090 million in the six month period. Sales Revenue was up $4.4 million on
the same period last year, due to global case sales being 7% higher. This
increase was partially offset by adverse foreign exchange rate changes, which
has contributed to case price realisation of $113.2, compared with the $116.4
achieved in 2011.
NZ IFRS Fair Value adjustments
In accordance with NZ IFRS the Group is required to account for certain of
their assets at 'fair value' rather than at historic cost. All movements in
these fair values are reflected in and impact the Statement of Financial
Performance. The Group records adjustments in respect of three significant
items at the half-year reporting date:
o Biological Assets (Vines) - This represents the fair value of grapes that
are growing on the vines before harvest less the associated growing costs.
The net effect is a fair value write-down of $1.4 million;
o Harvest Provision Release (Grapes) - This represents the reversal of prior
periods' fair value adjustments in respect of biological produce as finished
wine is sold in subsequent years. The adjustment provides a write-up of $0.9
million;
o Derivative Instruments held to hedge the Group's foreign currency and
interest rate exposure. The mark to market movement of these instruments at
balance date resulted in a fair value write-up of $0.7 million;
In addition the Group makes some minor adjustments in respect of share-based
payments. In aggregate, and after deducting taxation, the impact of fair
value adjustments in the period to 31 December 2012 amounted to a write-up of
$0.1 million.
Reported Accounting Performance
Accounting for all fair value adjustments under NZ IFRS the Group's reported
unaudited financial performance for the six months ended 31 December 2012 is
as follows:
o Net Profit after Tax is $19.3 million;
o Earnings before Interest, Tax, Depreciation and Amortisation is $36.5
million;
o Operating Cash Flows are $17.2 million;
o Net debt increase of $17.0 million to fund capital expenditure for future
growth.
Looking forward
The Directors continue to see the Global economic headwinds as a challenge
but have confidence in the resilience of the Group's business model and its
ability to deliver sustainable earnings into the future. The drive to pursue
those markets that deliver value and to achieve the forecast volumes and
resulting profitability continues. The Group is on target to achieve
operating profit in line with consensus of $27.0 million.
Robert Wilton
Chairman
Delegat's Group Limited
For further information contact:
Jim Delegat
Managing Director
Delegat's Group Limited
Tel: (64)9 359 7300
End CA:00233432 For:DGL Type:HALFYR Time:2013-02-26 08:33:55
