- Release Date: 24/08/12 18:32
- Summary: S/HOLDER: LIC: LIC dividend letter to all shareholders
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LIC 24/08/2012 16:32 S/HOLDER REL: 1632 HRS Livestock Improvement Corporation Limited (NS) S/HOLDER: LIC: LIC dividend letter to all shareholders The following letter has been sent to all LIC shareholders today. 24 August 2012 Dear Shareholder I am pleased to report that your Cooperative delivered a strong performance in 2011/2012 reflecting farmer demand for LIC products which make farming easier and more profitable. Our Protrack farm automation range and GeneMark DNA parentage verification products, in particular, enjoyed record sales. Web-based products like MINDA Milk, Weights and Land & Feed were popular with farmers wanting products which help them make more informed decisions on farm. The price freeze applied to all products in 2009/2010, in recognition of the tough financial conditions we were experiencing on farm, remained in place for Premier Sires in 2010/2011 and 2011/2012 with a slight increase in the price of MINDA and herd testing. These increases were, however, offset by the launch of innovative free products like the MINDA products mentioned above. LIC is a profitable business with revenue growth of 10% over the previous year offset by a $4.7 million credit made to early adopters of DNA Proven semen in the 2008 year. Revenue for the 2011/2012 year was $177 million, 7% ahead of the $166 million achieved during 2010/2011. Net profit, after tax, was $24.4 million, up $6.8 million over the previous year reflecting the increase in fair value of the elite biological assets (bull and stag teams). All profit is returned to shareholders through reinvestment in the business and dividends to Cooperative and Investment shareholders. LIC financial performance 2006 - 2012 LIC continues to report a strong balance sheet with total assets including cash, software, land and buildings and bull teams of $260.5 million, an increase of $23.6 million over the previous year with an equity ratio of 75%. Cash flows from operations were strong for the 2011/2012 year generating $27.7 million, up from $21.4 million in 2010/2011. Investments during the year were $14.8 million, down $7.5 million on the previous year. LIC will pay a dividend of $11.99 million, representing 80% of underlying earnings, to Cooperative and Investment shareholders. This contrasts with the dividend paid in 2011 of $13.6 million, and $7.3 million in 2010. Details of the fully imputed dividend are set out on your Dividend Statement included with this letter The 2011/2012 net dividend translates to 8.4 cents per Cooperative Control Share and 39.2 cents per Investment Share and represents a gross yield of 11.1% on Investment Shares compared to 17.6% last year. Details of the fully imputed dividend are contained in the Dividend Statement included with this letter. Annual Report In accordance with the Companies Act, companies are no longer required to automatically mail printed copies of the Annual Report to Shareholders. The Annual Report and financial statements are now available on our website www.lic.co.nz/newsandpublications. However, if you would like to receive a printed copy, please email Pauline Hodges on [email protected] or phone 07 856 0855. In closing, I want to thank you for your support and wish you a productive, profitable and enjoyable season. Yours faithfully Murray King Chairman End CA:00226440 For:LIC Type:S/HOLDER Time:2012-08-24 16:32:28
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