Half year report and interim dividend

For Six Months Ended 31 December 2017
HALF YEAR REPORT

HALF YEAR REPORT
57 Courtenay Place
Wellington
20 February 2018
For the Six Months Ended 31 December 2017

Dear Shareholder


Trading profit after tax at $11.903m is up 15.9% on the same period last year.

Interim dividend of 15.0 cents per share – up 2.0 cents.

The Dir
ectors are pleased to announce the unaudited results for the six months to 31 December 2017.
The trading profit after tax of $11.903m is up 15.9% on last year’s record profit for the same period.

The record result for the Company was driven by heavy truc
ks, with both sales volume and trading profit
growing in the six month period. Kenworth and DAF had strong sales growth with a full calendar year
total of 482 heavy vehicles registered.


The total new light vehicle industry for the second half of the last
calendar year was up 3.9% on the same
period a year before, a materially lower rate of growth than the 13.5% growth of a year earlier. This
slowing rate of growth impacted on the profitability of our car dealerships. The car dealerships trading
profit was lower than the record result a year earlier but above that achieved in both 2015 and 2014.
Segment shifts within the market continue with the established pattern away from sedans and hatches
into SUVs and light commercials. This trend affects Ford and
Mazda differently. Mazda is strong in the
important SUV segment, while Ford is successful in the light commercial sector.

Developments

South Auckland Motors’ new facility at Takanini (leased) successfully opened on time in December.

Late in 2017, So
uthern Autos-Manukau was appointed the Suzuki car franchisee to replace Moyes in
Panmure, and on 3 January 2018 began selling Suzuki vehicles from its site at Manukau in addition to
Isuzu utes, Peugeot and Citroen.


Work has commenced on a CMC
-owned workshop facility in Wellington City for Capital City Motors.

Outlook

The total new vehicle market continues to grow and there are strong forward orders for heavy trucks.
However the pace of growth has slowed from a year ago and business confidence is more c
autious.

Dividend

The Directors have declared a fully imputed interim dividend of 15.0 cents per share, totalling $4.904m
up 2.0 cents from the same period last year. The dividend will be paid on Monday 16 April, with a record
date of 6 April 2018.



For and on behalf of the Board
J P Gibbons
CHAIRMAN

and Subsidiary Companies





Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2017
Notes 6 Months to
31 Dec 2017
$’000
Unaudited
6 Months to
31 Dec 2016
$’000
Unaudited
12 Months to
30 Jun 2017
$’000
Audited
Revenue

Sale of - products 424,353 403,912 786,945
- services
36,543 33,549 65,915
Other income - interest
149 150 222
- other
684 582 1,682
Total revenue
461,729 438,193 854,764
Less expenses


Cost of products sold 388,986 368,442 716,611
Remuneration of staff
35,412 36,054 69,172
Depreciation & amortisation
1,721 1,915 3,750
Property occupation costs
3,182 3,407 6,607
Marketing, promotion & training costs
3,265 3,361 6,246
Other operating costs
9,195 8,017 16,476
Interest cost
2,091 1,753 3,852
Total expenses
443,852 422,949 822,714
Trading profit before tax
17,877 15,244 32,050
Less income tax expense:
Current
5,271 4,624 9,057
Deferred
(193) (162) (328)
Total tax 10
5,078 4,462 8,729
Less: non-controlling interest 896 512 1,303
Trading profit after tax

11,903
10,270 22,000
Fair value revaluation of property - - (119)
Deferred tax on property depreciation
98 68 113
Realised gain on sale of property
- 9 9
Fair value revaluation of investments
- - 544
Impairment of intangible assets
- (315) (315)
Profit after tax
12,001 10,032 22,232
Profit for the period attributable to:
Shareholders 12,001 10,032 22,232
Non-controlling interest
896 512 1,303
PROFIT FOR THE PERIOD
12,897 10,544 23,535



STATISTICS PER SHARE


Basic & diluted earnings per share
- Profit attributable to Shareholders 36.7 cents 30.7 cents 68.0 cents
- Trading profit after tax
36.4 cents 31.4 cents 67.3 cents


Dividend per share
15.0 cents 13.0 cents 44.0 cents
Dividends for the period ($’000)
4,904 4,250 14,386
Net tangible assets per share (pre dividend)
$5.58 $5.03 $5.50
The statement of accounting policies and the accompanying notes form part of the financial statements

and Subsidiary Companies


Consolidated statement of COMPREHENSIVE INCOME
For the six months ended 31 December 2017
6 Months to
31 Dec 2017
$’000
Unaudited
6 Months to
31 Dec 2016
$’000
Unaudited
12 Months to
30 Jun 2017
$’000
Audited
Profit after tax for the period
12,897 10,544 23,535
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:

Property revaluation reserve

Fair value movement
- - 7,414
Deferred tax movement
(176) 370 (9)
Items that may be classified subsequently to profit or loss:

Foreign exchange reserve

Movement in effective cashflow hedge
1,576 239 789
Deferred tax movement
(441) (67) (221)
Other comprehensive income for the period
959 542 7,973
Total comprehensive income
13,856 11,086 31,508


Attributable to: Shareholders 12,790 10,548 30,120
Non-controlling interests
1,066 538 1,388

13,856 11,086 31,508




Consolidated statement of CHANGES IN EQUITY
For the six months ended 31 December 2017
6 Months to
31 Dec 2017
$’000
Unaudited

6 Months to
31 Dec 2016
$’000
Unaudited
12 Months to
30 Jun 2017
$’000
Audited
Total equity at beginning of period 182,885 165,805 165,805
Profit for the period 12,897 10,544 23,535
Other comprehensive income
959 542 7,973
Total comprehensive income
13,856 11,086 31,508
Dividends paid to shareholders (10,135) (8,827) (13,078)
Dividend paid to non-controlling interest
(450) (450) (1,350)
Total equity at end of period
186,156 167,614 182,885




Consolidated statement of CASH FLOWS
For the six months ended 31 December 2017
6 Months to
31 Dec 2017
$’000
Unaudited

6 Months to
31 Dec 2016
$’000
Unaudited
12 Months to
30 Jun 2017
$’000
Audited


Operating activities - inflows 449,099 439,349 852,832
- outflows
(453,458) (426,917) (837,005)
Net cash flow from operating activities
(4,359) 12,432 15,827
Investing activities - inflows 613 3,514 2,283
- outflows (6,159) (7,859) (14,077)
Net cash flow from investing activities
(5,546) (4,345) (11,794)
Financing activities - inflows 20,686 10,400 3,053
- outflows (10,585) (24,412) (14,428)
Net cash flow from financing activities
10,101 (14,012) (11,375)

Net increase/(decrease) in cash held 196 (5,925) (7,342)
Cash balance/(overdraft) at beginning of period
8,060 15,402 15,402
Cash balance/(overdraft) at end of period
8,256 9,477 8,060
The statement of accounting policies and the accompanying notes form part of the financial statements

and Subsidiary Companies
The statement of accounting policies and the accompanying notes form part of the financial statements

Consolidated statement of FINANCIAL POSITION
As at 31 December 2017
Notes


31 Dec 2017
$’000
Unaudited

31 Dec 2016
$’000
Unaudited

30 Jun 2017
$’000
Audited

SHAREHOLDERS’ EQUITY


Share capital 7 15,968 15,968 15,968
Retained earnings
122,619 112,803 120,753
Property revaluation reserve
44,281 37,422 44,457
Foreign exchange cashflow hedge reserve
651 (650) (314)
TOTAL SHAREHOLDERS’ EQUITY

183,519 165,543 180,864
Non-controlling interest 2,637 2,071 2,021
TOTAL EQUITY
186,156 167,614 182,885


CURRENT LIABILITIES



Bank borrowings
26,700 9,900 7,800
At call deposits
21,370 18,032 18,017
Trade & other payables
30,418 36,620 37,418
Vehicle floorplan finance 4
53,142 44,808 54,709
Financial liabilities – credit contracts 6
2,932 4,331 3,637
Tax payable 10
2,500 2,265 3,112
Financial derivatives – foreign exchange 11
- 1,063 513



TOTAL CURRENT LIABILITIES

137,062 117,019 125,206




NON CURRENT LIABILITIES



Financial liabilities – credit contracts 6
3,551 5,508 4,556
Deferred tax 10
4,572 3,923 4,245
TOTAL NON CURRENT LIABILITIES
8,123 9,431 8,801
TOTAL EQUITY AND LIABILITIES 331,341 294,064 316,892


CURRENT ASSETS


Cash & bank accounts
8,256 9,477 8,060
Trade & other receivables
47,377 31,622 34,747
Inventory 5
146,206 136,769 147,767
Financial assets – credit contracts 6
2,861 4,228 3,561
Financial derivatives – foreign exchange 11
1,064 - -
TOTAL CURRENT ASSETS
205,764 182,096 194,135



NON CURRENT ASSETS



Financial assets – credit contracts 6
3,551 5,509 4,557
Intangible assets 13
1,028 1,028 1,028
Investments
2,048 1,504 2,048
Property, plant & equipment 8
118,950 103,927 115,124
TOTAL NON CURRENT ASSETS
125,577 111,968 122,757
TOTAL ASSETS 331,341 294,064 316,892

and Subsidiary Companies
Merv Perry, Mazda Service Manager
and Ivor Cullen, Finance Manager, both
received their gold watches in 2017 –
pictured in front of the new Mazda brand
wall of South Auckland Motors
MITO Business Skills Scholarship April 2017
MITO Chief Executive Janet Lane (centre)
and Sam Flannery (left) and Aaron Watt
(right) both from Agricentre South
Cameron Aspinall (left) and Steve Lovett (right) pictured
in the new workshop at Takanini
Russell Dempster, Dealer
Principal of Energy City Ford
presenting his brother Stuart
Dempster, Sales Manager with
his gold watch for achieving 25
years service with the dealership
Also receiving a gold watch
in 2017 was Michael Shum,
Technician at Dunedin City
Motors
Fagan Motors and Mazda NZ support Life Flight Trust with vehicles. The Trust provides an essential emergency service for the Wairarapa
New Mazda CX5 at
South Auckland Motors
South Auckland Motors new service operation at Takanini –
brand new purpose-built leased facility

and Subsidiary Companies
Southern Autos – Manukau showroom featuring new Isuzu utes
Southern Autos – Manukau started retailing Suzuki cars in January 2018
Macaulay Motors recently undertook a
complete refurbishment of its Invercargill
workshop facility
New Holland T7.270 AC with a New Holland BB890RC baler at the
Southern Field Days in Waimumu
cc
Tech room L to R: Ben Robbie
(Apprentice), Brendan Pope
(Technician)
L to R: Robert Macaulay (Parts
Manager), Nicola Stanley (Admin
Support), Mike Lee (Technician), Andy
Whyte (Senior Parts Assistant)
Service Reception: L to R Camerson
Polmear (Mazda sales), Carolyn Graham
(Office Manager), Georgia Stenning
(Admin Support) Jan Ryall and Pat Flynn
(Service Advisors)
Mazda BT50 Ute
Ford Transit Custom

and Subsidiary Companies
DAF CF85 8x4 Tractor with
4 axle container lift
New model T610 SAR 6x4 with 6 axle A train
Southpac Trucks opened their new parts & Service branch in
Hamilton in June 2017
K200 Aerodyne with 5 axle trailer for livestock.
Maarten Durent, Southpac CEO and Andrew
Hadjikakou PACCAR Australia MD at the opening

and Subsidiary Companies

ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31 December 2017


1. Unaudited financial statements
The financial statements for the six months to 31 December 2017 and 31 December 2016 have not been audited.

2. Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and NZ IAS 34 Interim Financial Reporting, as appropriate for Tier 1 for profit entities as defined
by the External Reporting Board. They do not include all the notes in the most recent annual financial statements
and are to be read in conjunction with the annual report for the year ended 30 June 2017 which was prepared in
accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).

These financial statements are presented in New Zealand dollars (rounded to the nearest thousand) which is the
functional and presentation currency of the Group.

These consolidated interim financial statements were approved for issue by the Board of Directors on 20 February
2018.

3. Significant accounting policies
The accounting policies, methods of computation, critical accounting estimates and judgements of The Colonial
Motor Company Limited and its subsidiaries (the Group) have been applied consistently to all periods and as
disclosed in the audited financial statements for the year ended 30 June 2017 except land, buildings and investments
are not revalued at the half year. Land and buildings remain at the independent professional valuations and
investments remain at the market values disclosed at 30 June 2017. Financial assets held at fair value (such as
investments in Motor Trade Finance Ltd shares) are categorised as level two in the fair value hierarchy.

4. Vehicle floorplan finance


31 Dec 2017
$’000
31 Dec 2016
$’000
30 June 2017
$’000
Bailment arrangements
53,142 44,808 54,709

When not purchased outright, new vehicles are financed by floorplan facilities consisting of bailment agreements with
finance companies. The finance companies retain ownership of the vehicles that are placed in the control of the
subsidiaries as bailees and are available to display for sale to the public in the dealerships. The subsidiaries pay
bailment fees (similar to interest) for the use of the vehicles. The bailment agreements are subject to financial limits.
The vehicles are purchased from the finance companies when they are sold to customers.

5. Inventory
New and used vehicles have been valued at the lower of cost or net realisable value. Parts, accessories, workshop
stocks, fuels and gases have been valued at cost, using, where applicable, the first in first out method. Cost includes
expenditure incurred in acquiring the inventory and bringing to the existing location and condition. Due allowance
has been made for obsolete and slow moving inventory.
Inventory writedowns for the six months ended 31 December 2017 were $0.2m (31 December 2016: $0.4m, 30 June
2017: $0.0m).

6. Financial assets & liabilities – credit contracts
The Group holds credit contract agreements with Motor Trade Finance Ltd (MTF) which are carried at their net
settlement value. The Group had outstanding vehicle financing agreements with MTF of $6.5m before impairment
allowance at 31 December 2017 (31 December 2016: $9.8m, 30 June 2017: $8.2m).
A liability arises under these agreements in the event of a customer defaulting on their finance payments to MTF and
MTF having recourse to the relevant subsidiary for any outstanding balance. This liability is offset by the value of the
loan to the customer and, ultimately, the value of the related vehicle that can be repossessed and sold in the event of
any individual default. Allowance is also made for the estimated bad debts that may result from such financing
agreements.

7. Share Capital
The number of ordinary shares on issue at all reporting dates was 32,694,632. The weighted average number of
shares on issue throughout the periods was also 32,694,632.

A dividend of 31.0 cents per share (2016 – 27.0 cps) was paid on 16 October 2017 to shareholders on the register at
6 October with a total value of $10.1 million (2016 - $8.9 million).

and Subsidiary Companies

8. Property, plant & equipment
Property, plant & equipment are carried at cost less accumulated depreciation and impairment losses. Cost includes
all expenditure that is directly attributable to the acquisition of the asset. Land and buildings, other than properties for
sale, are revalued annually to fair value based on independent professional valuations. Land is not depreciated.


6 months to 6 months to 12 months to

31 Dec 2017 31 Dec 2016 30 Jun 2017

$’000 $’000 $’000
Net book value at start of period
115,124 99,188 99,188
Movement in revaluation - - 7,294
Capital expenditure
6,159 7,859 13,888
Disposals at net book value (536) (1,305) (1,506)
Depreciation
(1,797) (1,815) (3,740)
Net book value at end of period
118,950 103,927 115,124

9. Group companies
All subsidiaries are 100% owned (2016: 100%), with the exception of Southpac Trucks Limited which is 85% owned
(2016: 85%) and all subsidiaries have a reporting date of 30 June. All Group companies are registered in New
Zealand.

Subsidiary companies operate as motor vehicle dealerships. The Colonial Motor Company Limited provides
administrative and financial services to the subsidiaries and owns many of the properties they occupy.

10. Taxation
The income tax expense for the current period is the tax payable on that period’s taxable income, plus any deferred
tax adjustment. Changes in deferred tax assets and liabilities, attributable to temporary differences between the tax
bases of assets and liabilities and their carrying amounts in the financial statements, have resulted in a deferred tax
liability of $4.6m at the reporting date (31 December 2016 $3.9m, 30 June 2017: $4.2m).

Deferred tax assets and liabilities are recognised at the tax rates expected to apply when the assets are recovered or
the liabilities settled.

11. Financial derivatives – foreign exchange
Foreign currency transactions are translated into the functional currency using the actual exchange rate at the date of
the transaction.

At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and its strategy for undertaking various hedge
transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the
hedging instruments are effective.

Foreign exchange contracts outstanding at balance date are adjusted to fair value (mark to market). Adjustments
that qualify as being effectively hedged are recognised through other comprehensive income and form the foreign
exchange hedging reserve and those that do not so qualify are recognised through the profit or loss.

The principal amount of forward exchange contracts outstanding at 31 December 2017 was $84.2m (31 December
2016: $40.8m, 30 June 2017: $76.1m).

12. Reconciliation of cash flows to operating profit

6 months to 6 months to 12 months to

31 Dec 2017 31 Dec 2016 30 June 2017

$’000 $’000 $’000
Profit after tax for the period
12,897 10,544 23,535
Adjustments for non-cash items:
Depreciation, amortisation and impairment
1,721 1,915 4,065
Revaluation (increase)/decrease of property
- - (425)
Realised gain on sale of property
- (9) (9)
Movements in provisions (297) 83 (470)
Movements in working capital:

Receivables & prepayments
(12,629) 1,156 (1,932)
Tax payable
(613) (1,280) (433)
Trade & other payables (7,000) 32 511
Inventory
1,562 (9) (9,015)
Net cash flow from operating activities
(4,359) 12,432 15,827

and Subsidiary Companies

13. Intangible assets
Intangible assets consist of goodwill and are subject to impairment testing twice annually or when events indicate that
the carrying amount may not be recoverable. The carrying value was reviewed as at all reporting dates and
considered to be fair value.

14. Segment reporting
The Group is structured so that each motor vehicle dealership is managed locally under the control of a Dealer
Principal who reports monthly to the Chief Executive. The Chief Executive is considered to be the chief operating
decision maker in terms of NZ IFRS 8 Operating Segments. The key measures used to assess dealership
performance are revenue, trading profit before tax, debtors and inventory. Each dealership represents vehicle
franchises in defined marketing territories within New Zealand and constitutes an operating segment.
The dealerships have similar economic characteristics, financial performance (as measured by their gross
profitability), products, services, processes, customers, methods of distribution and all operate in the same regulatory
environment. On that basis, all of the Group’s operating segments have been aggregated into a single reporting
segment to most appropriately reflect the nature and financial effects of the business activities in which the Group
engages and the economic environments in which it operates.

6 months to 6 months to 12 months to

31 Dec 2017 31 Dec 2016 30 June 2017

$’000 $’000 $’000
Revenue from external customers

Aggregate motor vehicle dealerships 461,350 437,890 853,755
Corporate and non-trading units 379 303 1,009
Consolidated Group revenue
461,729 438,193 854,764
Trading profit before tax


Aggregate motor vehicle dealerships 16,209 13,630 29,051
Corporate and non-trading units
1,668 1,614 2,999
Consolidated Group trading profit before tax
17,877 15,244 32,050


Total Assets at period end


Aggregate motor vehicle dealerships 215,931 196,948 207,163
Corporate and non-trading units
115,410 97,116 109,729
Consolidated Group Total Assets
331,341 294,064 316,892

15. Capital commitments & contingent liabilities

6 months to 6 months to 12 months to

31 Dec 2017 31 Dec 2016 30 June 2017

$’000 $’000 $’000
Contingent liabilities - - -

WorkSafe NZ is taking legal action against Agricentre South Limited (Agricentre), a wholly-owned subsidiary, in
relation to an accident in April 2016 at the workplace of a customer involving a tractor owned by Agricentre. As the
legal process, which was initiated in March 2017, is still not resolved, the extent to which Agricentre may be held
responsible for the accident remains uncertain and it is not possible to reliably measure the value of penalties (if
any) the Court may impose. The Board of Directors is satisfied that appropriate provisions are in place.

Capital commitments for new and
developments to existing dealership facilities

5,518

3,497 3,726

16. Events after the reporting date
On 20 February 2018 the Company announced an interim dividend of 15.0 cents per share payable on 16 April 2018.
There have been no other significant events after the reporting date (31 December 2016: NIL, 30 June 2017: NIL).

57 Courtenay Place, PO Box 6159, Marion Square, Wellington 6141. Telephone (04) 384-9734
www.colmotor.co.nz

---

Results for announcement to the market
Name of listed issuer The Colonial Motor Company Limited
Reporting period Six months to 31 December 2017
Corresponding reporting period Six months to 31 December 2016
Consolidated Statement of Financial Performance
Current
half year
Up/
(down)
$ million % $ million
Trading revenue 460.896 5.4 437.461
Total operating revenue 461.729 5.4 438.193
Operating profit 17.877 17.3 15.244
Adjustments to value of property & intangibles
- (0.306)
Net profit before tax 17.877 19.7 14.938
Taxation 4.980 13.3 4.394
Profit after tax
12.897 22.3 10.544
Net profit for period attributable to shareholders 12.001 19.6 10.032
Profit attributable to non-controlling Interest 0.896 75.0 0.512
Profit for the period
12.897 22.3 10.544
Basic earnings per share (cents per share)
36.7 19.5 30.7
Diluted earnings per share (cents per share)
36.7 19.5 30.7
Net tangible assets per share $5.5810.9 $5.03
INTERIM DIVIDEND
Fully-imputed dividend cents per share 15.000
Imputation credit cents per share 5.833
Supplementary dividend (where applicable) 2.647
Payment date
Record date
This report has been prepared in a manner which complies with New Zealand equivalents to
International Financial Reporting Standards and gives a true and fair view of the matters to which
the report relates.
The report is based on unaudited financial statements.
Previous
corresponding
period
16 April 2018
06 April 2018

---

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6 April, 201816 April, 2018
New Zealand Dollars$0.026471
$4,904,195
Date Payable
16 April, 2018
$$0.010417$0.058333
$0.026471
In dollars and cents
Retained earnings
$0.150
Enter N/A if not
applicable
Ordinary sharesNZ CMOE 0001S7
04 384 9734 / 027 578 856804 801 727916042018
EMAIL: announce@nzx.com
Notice of event affecting securities
1
The Colonial Motor Company Limited
Nicholas BartleDirectors' resolution