tol buys a dog

the price should be $8

Toll NZ Limited Announcement (issued @ 3:34pm)
TRH26/08/2004FLLYR REL: 1534 HRS Toll NZ Limited FLLYR: TRH: Results for the Year Ended 30 June 2004 Name of Listed Issuer: Toll NZ Limited For the full year ended: 30 June 2004 Preliminary full year report on consolidated results (including results forthe previous corresponding full year) in accordance with Listing Rule 10.4.2. This report has been prepared in a manner which complies with generallyaccepted accounting practice and gives a true and fair view of the matters towhich the report relates and is based on audited financial statements. Trading Revenue: 631,071; Up 3.5%, 609,690 Other Revenue: 63,323; N/A Total Operating Revenue: 694,394; 13.9%; 609,690 OPERATING DEFICIT BEFORE TAXATION: (370,706); 20,634 Plus/(Less) taxation credit/(expense) on operating profit: 35,071; (23,218) NET DEFICIT: (335,635); (2,584) Earnings per share: $(1.60); $ (0.02) Toll NZ today announced a net after tax loss of $335.6m for the year to 30June 2004, compared to a loss of $2.6m in the previous year. No dividendwill be paid. The result includes net unusual items of $344.8m, which reflects the impactof finalisation of the sale of assets to the New Zealand Government, adetailed review of asset valuations and the resultant income taximplications. The magnitude of these losses together with estimatedprovisioning was advised by the company in February 2004. Underlying trading was generally in line with plan, although impacted bysevere flooding which occurred in the lower half of the North Island duringFebruary 2004. Operating EBIT for the year was $35.7m, compared to $40.0m inthe previous year. Operating revenue was $631.1m for the year which was 3.5%ahead of last year. Following the Toll Holdings takeover of the company in October 2003, we havecommenced the restructure of our operations centred around better organisingland based road and rail operations, with the establishment of Toll Rail as abulk and linehaul above rail operator and Toll Tranz Link as a nationalmulti-modal freight forwarder. For the year the land based operations generated revenues of $521.3m and anoperating EBIT of $7.4m. The Interisland Line shipping services continued to contend with intensecompetition and the company is making a number of changes, includingrefurbishment of the vessel Arahura, in order to improve services and drivereturn on capital to more acceptable levels. The shipping operationscontributed operating EBIT of $28.3m on external revenues of $109.8m. During the year revenues were impacted by lower forestry exports arising fromthe strong domestic currency, however this was offset by increased shippingand intermodal revenues. Operating cashflow for the year was $60.6m, with net debt of $248.6m at yearend compared to $243.4m at June 2003. At the end of the financial year TollHoldings had provided $200.0m in committed facilities. Since 30 June 2004,Toll Holdings has provided a longer term consolidated debt facility of $300mto secure Toll NZ's cash position and support capital expenditurecommitments. This facility remains subject to an NZX waiver or shareholderapproval. Whilst progress with the restructure of the company has been steady to date,there is much to be done to raise overall performance, in particular marginsand return on capital. Trading since 30 June has been in line withexpectations and we expect the 2005 year to be a year of consolidation andfocus on improving returns. For further information contact: