Result for the six months to 31 December 2018

For Six Months Ended 31 December 2018
HALF YEAR REPORT

For the Six Months Ended 31 December 2018


57 Courtenay Place
Wellington
20 February 2019

Dear Shareholder

Trading Profit after tax at $10.814m is sound but down 9% on the same period last year
Interim Dividend unchanged at 15 cents per share
The Directors are pleased to announce the unaudited results for the six months to 31 December 2018.
The half year Trading Profit After Tax at $10.814m is down 9% on the six months to December 2017
record result of $11.903m, but ahead of the trading profit of $10.270 achieved in 2016.

The new light vehicle industry, in the six months to December 2018, grew by a modest 1% over the
previous corresponding period, compared to 4% and 13.5% in the prior years. Coming off a growth
curve with its unfulfilled expectations is always challenging. The established trends within the market
continue, with traditional sedans and hatchbacks now the smallest segment at 26% of the total. SUV’s
continue to grow and are now 44%, while light commercials are steady at 30%. Ford continues to be
market leader in light commercials with New Zealand’s number one selling vehicle the Ranger and
now adding the Transit Van range. Mazda’s strength is its desirable range of SUV’s, CX9, CX8, CX5,
and CX3. The extra heavy truck market grew, and within that Southpac increased its market share
with its two brands, Kenworth and DAF.

However, higher costs and lower margins resulted in lower trading profitability compared to the more
favourable circumstances experienced in the comparable period a year ago.

Developments
In Queenstown, Macaulay Motors Ford and Mazda has moved to the new larger company-owned
facility at Grant Road in Frankton. A new subsidiary company, Southern Lakes Motors, is being
established to represent Mitsubishi and Nissan at the previous site on Glenda Drive.

Capital City Motors, Wellington, has opened two new showroom hubs by the waterfront to bring the
Ford and Mazda brands to the CBD. Ford Link and Mazda Connect introduce touch screen
technology in a more relaxed environment. In addition a new company-owned retail service centre for
both brands has been opened at 258 Taranaki Street.

A property has been purchased in Botany to expand the rep
resentation for Southern
Autos - Manukau’s stable of brands in the South and East of Auckland.

Outlook
The new light vehicle market and the extra heavy truck market have both levelled off at a historically
high level. The effect is high volumes but tighter margins. The Company’s profitability is down on the
record 2018 result, but ahead of 2017. The immediate outlook is for revenue to remain high, but lower
margins and higher costs will constrain trading profitability.

Dividend
The Directors have declared a fully imputed dividend of 15 cents per share, totalling $4.904m,
unchanged from last year. The dividend will be paid on 15 April, with a record date of 5 April.



For and on behalf of the Board
J P Gibbons
CHAIRMAN

HALF YEAR REPORT
57 Courtenay Place
Wellington
20 February 2018
For the Six Months Ended 31 December 2018
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies








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


Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2016
Notes 6 Months to
31 Dec 2016
$’000
Unaudited
6 Months to
31 Dec 2015
$’000
Unaudited
12 Months to
30 Jun 2016
$’000
Audited
Revenue

Sale of - products
403,912 406,089 801,081
- services
33,549 32,695 64,449
Other income - interest
150 141 180
- other
582 64 1,527
Total revenue
438,193 438,989 867,237
Less expenses


Cost of products sold
368,442 370,063 727,605
Remuneration of staff
36,054 34,433 70,082
Depreciation & amortisation
1,915 2,091 4,182
Property occupation costs
3,407 3,499 7,074
Marketing, promotion & training costs
3,361 3,646 6,292
Other operating costs
8,017 9,096 19,003
Interest cost
1,753 2,317 4,260
Total expenses
422,949 425,145 838,498
Trading profit before tax
15,244 13,844 28,739
Less income tax expense:

Current
4,624 3,849 8,358
Deferred
(162) 16 68
Total tax
10 4,462 3,865 8,426
Less: non-controlling interest
512 550 1,106
Trading profit after tax

10,270 9,429 19,207
Fair value revaluation of property
- - 662
Deferred tax on property depreciation
68 71 141
Realised gain on sale of property
9 1,072 1,072
Fair value revaluation of investments
- - 397
Impairment of intangible assets
(315) - -
Profit after tax
10,032 10,572 21,479
Profit for the period attributable to:

Shareholders
10,032 10,572 21,479
Non-controlling interest
512 550 1,106
PROFIT FOR THE PERIOD
10,544 11,122 22,585




STATISTICS PER SHARE

Basic & diluted earnings per share

- Profit attributable to Shareholders
30.7 cents 32.3 cents 65.7 cents
- Trading profit after tax
31.4 cents 28.8 cents 58.7 cents


Dividend per share
13.0 cents 13.0 cents 40.0 cents
Dividends for the period ($’000)
4,250 4,250 13,078
Net tangible assets per share (pre dividend)
$5.03 $4.61 $4.96

and Subsidiary Companies
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies








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

Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2016
Notes 6 Months to
31 Dec 2016
$’000
Unaudited
6 Months to
31 Dec 2015
$’000
Unaudited
12 Months to
30 Jun 2016
$’000
Audited
Revenue

Sale of - products
403,912 406,089 801,081
- services
33,549 32,695 64,449
Other income - interest
150 141 180
- other
582 64 1,527
Total revenue
438,193 438,989 867,237
Less expenses


Cost of products sold
368,442 370,063 727,605
Remuneration of staff
36,054 34,433 70,082
Depreciation & amortisation
1,915 2,091 4,182
Property occupation costs
3,407 3,499 7,074
Marketing, promotion & training costs
3,361 3,646 6,292
Other operating costs
8,017 9,096 19,003
Interest cost
1,753 2,317 4,260
Total expenses
422,949 425,145 838,498
Trading profit before tax
15,244 13,844 28,739
Less income tax expense:

Current
4,624 3,849 8,358
Deferred
(162) 16 68
Total tax
10 4,462 3,865 8,426
Less: non-controlling interest
512 550 1,106
Trading profit after tax

10,270 9,429 19,207
Fair value revaluation of property
- - 662
Deferred tax on property depreciation
68 71 141
Realised gain on sale of property
9 1,072 1,072
Fair value revaluation of investments
- - 397
Impairment of intangible assets
(315) - -
Profit after tax
10,032 10,572 21,479
Profit for the period attributable to:

Shareholders
10,032 10,572 21,479
Non-controlling interest
512 550 1,106
PROFIT FOR THE PERIOD
10,544 11,122 22,585




STATISTICS PER SHARE

Basic & diluted earnings per share

- Profit attributable to Shareholders
30.7 cents 32.3 cents 65.7 cents
- Trading profit after tax
31.4 cents 28.8 cents 58.7 cents


Dividend per share
13.0 cents 13.0 cents 40.0 cents
Dividends for the period ($’000)
4,250 4,250 13,078
Net tangible assets per share (pre dividend)
$5.03 $4.61 $4.96
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies

Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2018
6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Revenue
Products 434,700 418,077 839,621
Services 32,963 30,579 62,455
Other income 1,195 833 1,958
Total revenue 468,858 449,489 904,034
Trading expenses
Cost of products and services sold 393,348 376,747 755,544
Remuneration of staff 37,572 35,412 71,181
Depreciation and amortisation 2,021 1,721 3,741
Interest 2,689 2,091 4,565
Other operating costs 16,830 15,641 31,162
Total trading expenses 452,460 431,612 866,193
Trading profit before tax 16,398 17,877 37,841
Taxation 4,857 5,078 10,988
Non-controlling interest 727 896 2,107
Trading profit after tax 10,814 11,903 24,746

Non-trading items Fair value adjustments after tax 69 98 239
Profit attributable to shareholders 10,883 12,001 24,985
Profit for the period




Profit attributable to: Shareholders 10,883 12,001 24,985
Non-controlling interest 727 896 2,107
Profit for the period 11,610 12,897 27,092

Statistics per share
Basic and diluted earnings per share
Profit for the period (cents) 33.3 36.7 76.4
Trading profit after tax (cents) 33.1 36.4 75.7
Dividends
Dividends (cents per share) 15.0 15.0 50.0
Total dividends ($’000) 4,904 4,904 16,347

Net tangible assets per share ($) 5.94 5.58 5.99




Consolidated statement of COMPREHENSIVE INCOME
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Profit for the period 11,610 12,897 27,092
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Property revaluation reserve Fair value movement after tax (201) (176) 5,538
Items that will be reclassified subsequently to profit or loss when specific
conditions are met



Cash flow hedge reserve
Movement in fair value of hedge derivatives after tax
(1,024) 1,135 621
Total other comprehensive income for the period (1,225) 959 6,159
Total comprehensive income for the period 10,385 13,856 33,251

Total comprehensive income for the year attributable to:
Shareholders 9,812 12,790 31,051
Non-controlling interest 573 1,066 2,200
Total comprehensive income for the period 10,385 13,856 33,251




Consolidated statement of CHANGES IN EQUITY
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Total equity at beginning of the period 199,746 182,885 182,885
Total comprehensive income 10,385 13,856 33,251
Dividends paid to shareholders (11,442) (10,135) (15,040)
Dividends paid to non-controlling interest (900) (450) (1,350)
Total equity at end of period 197,789 186,156 199,746

THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies

Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Revenue
Products 434,700 418,077 839,621
Services 32,963 30,579 62,455
Other income 1,195 833 1,958
Total revenue 468,858 449,489 904,034
Trading expenses
Cost of products and services sold 393,348 376,747 755,544
Remuneration of staff 37,572 35,412 71,181
Depreciation and amortisation 2,021 1,721 3,741
Interest 2,689 2,091 4,565
Other operating costs 16,830 15,641 31,162
Total trading expenses 452,460 431,612 866,193
Trading profit before tax 16,398 17,877 37,841
Taxation 4,857 5,078 10,988
Non-controlling interest 727 896 2,107
Trading profit after tax 10,814 11,903 24,746

Non-trading items Fair value adjustments after tax 69 98 239
Profit attributable to shareholders 10,883 12,001 24,985
Profit for the period




Profit attributable to: Shareholders 10,883 12,001 24,985
Non-controlling interest 727 896 2,107
Profit for the period 11,610 12,897 27,092

Statistics per share
Basic and diluted earnings per share
Profit for the period (cents) 33.3 36.7 76.4
Trading profit after tax (cents) 33.1 36.4 75.7
Dividends
Dividends (cents per share) 15.0 15.0 50.0
Total dividends ($’000) 4,904 4,904 16,347

Net tangible assets per share ($) 5.94 5.58 5.99




Consolidated statement of COMPREHENSIVE INCOME
For the six months ended 31 December 2018
6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Profit for the period 11,610 12,897 27,092
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Property revaluation reserve Fair value movement after tax (201) (176) 5,538
Items that will be reclassified subsequently to profit or loss when specific
conditions are met



Cash flow hedge reserve
Movement in fair value of hedge derivatives after tax
(1,024) 1,135 621
Total other comprehensive income for the period (1,225) 959 6,159
Total comprehensive income for the period 10,385 13,856 33,251

Total comprehensive income for the year attributable to:
Shareholders 9,812 12,790 31,051
Non-controlling interest 573 1,066 2,200
Total comprehensive income for the period 10,385 13,856 33,251




Consolidated statement of CHANGES IN EQUITY
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Total equity at beginning of the period 199,746 182,885 182,885
Total comprehensive income 10,385 13,856 33,251
Dividends paid to shareholders (11,442) (10,135) (15,040)
Dividends paid to non-controlling interest (900) (450) (1,350)
Total equity at end of period 197,789 186,156 199,746

THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies

Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Revenue
Products 434,700 418,077 839,621
Services 32,963 30,579 62,455
Other income 1,195 833 1,958
Total revenue 468,858 449,489 904,034
Trading expenses
Cost of products and services sold 393,348 376,747 755,544
Remuneration of staff 37,572 35,412 71,181
Depreciation and amortisation 2,021 1,721 3,741
Interest 2,689 2,091 4,565
Other operating costs 16,830 15,641 31,162
Total trading expenses 452,460 431,612 866,193
Trading profit before tax 16,398 17,877 37,841
Taxation 4,857 5,078 10,988
Non-controlling interest 727 896 2,107
Trading profit after tax 10,814 11,903 24,746

Non-trading items Fair value adjustments after tax 69 98 239
Profit attributable to shareholders 10,883 12,001 24,985
Profit for the period




Profit attributable to: Shareholders 10,883 12,001 24,985
Non-controlling interest 727 896 2,107
Profit for the period 11,610 12,897 27,092

Statistics per share
Basic and diluted earnings per share
Profit for the period (cents) 33.3 36.7 76.4
Trading profit after tax (cents) 33.1 36.4 75.7
Dividends
Dividends (cents per share) 15.0 15.0 50.0
Total dividends ($’000) 4,904 4,904 16,347

Net tangible assets per share ($) 5.94 5.58 5.99




Consolidated statement of COMPREHENSIVE INCOME
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Profit for the period 11,610 12,897 27,092
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Property revaluation reserve Fair value movement after tax (201) (176) 5,538
Items that will be reclassified subsequently to profit or loss when specific
conditions are met



Cash flow hedge reserve
Movement in fair value of hedge derivatives after tax
(1,024) 1,135 621
Total other comprehensive income for the period (1,225) 959 6,159
Total comprehensive income for the period 10,385 13,856 33,251

Total comprehensive income for the year attributable to:
Shareholders 9,812 12,790 31,051
Non-controlling interest 573 1,066 2,200
Total comprehensive income for the period 10,385 13,856 33,251




Consolidated statement of CHANGES IN EQUITY
For the six months ended 31 December 2018
6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Total equity at beginning of the period 199,746 182,885 182,885
Total comprehensive income 10,385 13,856 33,251
Dividends paid to shareholders (11,442) (10,135) (15,040)
Dividends paid to non-controlling interest (900) (450) (1,350)
Total equity at end of period 197,789 186,156 199,746

and Subsidiary Companies
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies








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

Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2016
Notes 6 Months to
31 Dec 2016
$’000
Unaudited
6 Months to
31 Dec 2015
$’000
Unaudited
12 Months to
30 Jun 2016
$’000
Audited
Revenue

Sale of - products
403,912 406,089 801,081
- services
33,549 32,695 64,449
Other income - interest
150 141 180
- other
582 64 1,527
Total revenue
438,193 438,989 867,237
Less expenses


Cost of products sold
368,442 370,063 727,605
Remuneration of staff
36,054 34,433 70,082
Depreciation & amortisation
1,915 2,091 4,182
Property occupation costs
3,407 3,499 7,074
Marketing, promotion & training costs
3,361 3,646 6,292
Other operating costs
8,017 9,096 19,003
Interest cost
1,753 2,317 4,260
Total expenses
422,949 425,145 838,498
Trading profit before tax
15,244 13,844 28,739
Less income tax expense:

Current
4,624 3,849 8,358
Deferred
(162) 16 68
Total tax
10 4,462 3,865 8,426
Less: non-controlling interest
512 550 1,106
Trading profit after tax

10,270 9,429 19,207
Fair value revaluation of property
- - 662
Deferred tax on property depreciation
68 71 141
Realised gain on sale of property
9 1,072 1,072
Fair value revaluation of investments
- - 397
Impairment of intangible assets
(315) - -
Profit after tax
10,032 10,572 21,479
Profit for the period attributable to:

Shareholders
10,032 10,572 21,479
Non-controlling interest
512 550 1,106
PROFIT FOR THE PERIOD
10,544 11,122 22,585




STATISTICS PER SHARE

Basic & diluted earnings per share

- Profit attributable to Shareholders
30.7 cents 32.3 cents 65.7 cents
- Trading profit after tax
31.4 cents 28.8 cents 58.7 cents


Dividend per share
13.0 cents 13.0 cents 40.0 cents
Dividends for the period ($’000)
4,250 4,250 13,078
Net tangible assets per share (pre dividend)
$5.03 $4.61 $4.96
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies



Consolidated statement of FINANCIAL POSITION
As at 31 December 2018

31 Dec 2018
$’000
Unaudited
31 Dec 2017
$’000
Unaudited
30 Jun 2018
$’000
Audited
Shareholders’ equity
Share capital 15,968 15,968 15,968
Retained earnings 130,139 122,619 130,698
Property revaluation reserve 49,795 44,281 49,995
Foreign exchange cashflow hedge reserve (657) 651 214
Total shareholders’ equity 195,245 183,519 196,875

Non-controlling interest 2,544 2,637 2,871
Total equity 197,789 186,156 199,746

Current liabilities
Bank borrowings 38,560 26,700 41,550
At-call deposits 23,364 21,370 21,588
Trade & other payables 47,226 30,418 50,449
Vehicle floorplan finance 47,208 53,142 61,386
Other 5,703 5,432 7,780
Total current liabilities 162,061 137,062 182,753
Non-current liabilities 6,321 8,123 6,869
Total equity and liabilities 366,171 331,341 389,368

Current assets
Cash & bank accounts 8,850 8,256 10,251
Trade & other receivables 52,750 47,377 57,991
Inventory 157,544 146,206 181,022
Other 2,095 3,925 3,083
Total current assets 221,239 205,764 252,347

Non-current assets
Property, plant & equipment 138,926 118,950 130,470
Other 6,006 6,627 6,551
Total non-current assets 144,932 125,577 137,021

Total assets 366,171 331,341 389,368




Consolidated statement of CASH FLOWS
For the six months ended 31 December 2018
6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Operating cash flows
Inflows 477,695 449,099 880,790
Outflows (440,918) (453,458) (892,144)
Net operating cash flows 36,777 (4,359) (11,354)
Investing cash flows
Inflows 174 613 833
Outflows (10,616) (6,159) (14,895)
Net investing cash flows (10,442) (5,546) (14,062)
Financing cash flows
Inflows 1,776 20,686 43,997
Outflows (29,512) (10,585) (16,390)
Net financing cash flows (27,736) 10,101 27,607
Net change in cash held (1,401) 196 2,191
Cash at beginning of year 10,251 8,060 8,060
Cash at end of year 8,850 8,256 10,251


Revised listing rules
On 1 January 2019 NZX introduced revised listing rules that listed companies to release only preliminary information and no longer issue
full half year reports. The revised rules become compulsory on 1 July 2019. The Colonial Motor Company Limited (CMC) exercised the
option to adopt the revised rules on 1 February 2019. The financial statements in this report are therefore more summarised than in
previous years and should be read in conjunction with the 2018 annual report.

These summary consolidated financial statements have not been audited.

The financial statements were authorised for issue by the Directors on 20 February 2019.


THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies



Consolidated statement of FINANCIAL POSITION
As at 31 December 2018
31 Dec 2018
$’000
Unaudited
31 Dec 2017
$’000
Unaudited
30 Jun 2018
$’000
Audited
Shareholders’ equity
Share capital 15,968 15,968 15,968
Retained earnings 130,139 122,619 130,698
Property revaluation reserve 49,795 44,281 49,995
Foreign exchange cashflow hedge reserve (657) 651 214
Total shareholders’ equity 195,245 183,519 196,875

Non-controlling interest 2,544 2,637 2,871
Total equity 197,789 186,156 199,746

Current liabilities
Bank borrowings 38,560 26,700 41,550
At-call deposits 23,364 21,370 21,588
Trade & other payables 47,226 30,418 50,449
Vehicle floorplan finance 47,208 53,142 61,386
Other 5,703 5,432 7,780
Total current liabilities 162,061 137,062 182,753
Non-current liabilities 6,321 8,123 6,869
Total equity and liabilities 366,171 331,341 389,368

Current assets
Cash & bank accounts 8,850 8,256 10,251
Trade & other receivables 52,750 47,377 57,991
Inventory 157,544 146,206 181,022
Other 2,095 3,925 3,083
Total current assets 221,239 205,764 252,347

Non-current assets
Property, plant & equipment 138,926 118,950 130,470
Other 6,006 6,627 6,551
Total non-current assets 144,932 125,577 137,021

Total assets 366,171 331,341 389,368




Consolidated statement of CASH FLOWS
For the six months ended 31 December 2018

6 Months to
31 Dec 2018
$’000
Unaudited
6 Months to
31 Dec 2017
$’000
Unaudited
12 Months to
30 Jun 2018
$’000
Audited
Operating cash flows
Inflows 477,695 449,099 880,790
Outflows (440,918) (453,458) (892,144)
Net operating cash flows 36,777 (4,359) (11,354)
Investing cash flows
Inflows 174 613 833
Outflows (10,616) (6,159) (14,895)
Net investing cash flows (10,442) (5,546) (14,062)
Financing cash flows
Inflows 1,776 20,686 43,997
Outflows (29,512) (10,585) (16,390)
Net financing cash flows (27,736) 10,101 27,607
Net change in cash held (1,401) 196 2,191
Cash at beginning of year 10,251 8,060 8,060
Cash at end of year 8,850 8,256 10,251


Revised listing rules
On 1 January 2019 NZX introduced revised listing rules that listed companies to release only preliminary information and no longer issue
full half year reports. The revised rules become compulsory on 1 July 2019. The Colonial Motor Company Limited (CMC) exercised the
option to adopt the revised rules on 1 February 2019. The financial statements in this report are therefore more summarised than in
previous years and should be read in conjunction with the 2018 annual report.

These summary consolidated financial statements have not been audited.

The financial statements were authorised for issue by the Directors on 20 February 2019.

and Subsidiary Companies
Agricentre South are focused on training their young employees.
Pictured receiving scholarship awards at a Motor Industry Training (MITO)
meeting in Dunedin beside Mayor David Cull are – Thomas MacDonald,
Jack Pedler, Mitchell Durry. Also Donald Fleck, Agricentre Service Manager
(and champion of training) and David O’Kane, MITO Chair.
Pictured L to R - Ann Gibbons, Peter Gibbons and Florence Gibbons –
all significant shareholders.
CMC 100TH ANNUAL MEETING
119 shareholders attended the Company’s 100th Annual Meeting.
There was a video presentation—a “road trip” visiting all the Group’s car, truck and tractor
dealerships around NZ. There was also a display of vehicles, half representing the past 100
years (or more) including our 1903 Model A and 1919 Model T and the other half featuring cars
of today and the future, including Mazda MX5 RF, Ford Ranger Raptor and a Ford Focus BEV.
The 119 shareholders attending in person represented over 55% of the Company’s shares.
Gold Watch presentations for 25 years service - L-R: Davie Timothy, Macaulay Motors (with Tim Rabbitte); Craig Meuli, Energy City Motors
(with Russell Dempster); Russell Dempster, Energy City Motors and John Hutchinson, Hutchinson Motors (with Graeme Gibbons);
Teena Brass, Southpac Trucks (with Maarten Durent) and Wayne Hitchcock (right), Timaru Motors, (with Wayne Pateman).
Tim Rabbitte (R), Dealer Principal of Macaulay Motors,
graduated from the Ford NZ Departmental Leadership
programme, presented by Simon Rutherford,
Managing Director of Ford New Zealand.

Pictured L to R - Mazda MX5 RF; Mark III Zephyr
105E Prefect; 1936 V8 Sedan.
THE COLONIAL MOTOR COMPANY LIMITED
and subsidiary companies








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


Consolidated Statement of PROFIT OR LOSS
For the six months ended 31 December 2016
Notes 6 Months to
31 Dec 2016
$’000
Unaudited
6 Months to
31 Dec 2015
$’000
Unaudited
12 Months to
30 Jun 2016
$’000
Audited
Revenue

Sale of - products
403,912 406,089 801,081
- services
33,549 32,695 64,449
Other income - interest
150 141 180
- other
582 64 1,527
Total revenue
438,193 438,989 867,237
Less expenses


Cost of products sold
368,442 370,063 727,605
Remuneration of staff
36,054 34,433 70,082
Depreciation & amortisation
1,915 2,091 4,182
Property occupation costs
3,407 3,499 7,074
Marketing, promotion & training costs
3,361 3,646 6,292
Other operating costs
8,017 9,096 19,003
Interest cost
1,753 2,317 4,260
Total expenses
422,949 425,145 838,498
Trading profit before tax
15,244 13,844 28,739
Less income tax expense:

Current
4,624 3,849 8,358
Deferred
(162) 16 68
Total tax
10 4,462 3,865 8,426
Less: non-controlling interest
512 550 1,106
Trading profit after tax

10,270 9,429 19,207
Fair value revaluation of property
- - 662
Deferred tax on property depreciation
68 71 141
Realised gain on sale of property
9 1,072 1,072
Fair value revaluation of investments
- - 397
Impairment of intangible assets
(315) - -
Profit after tax
10,032 10,572 21,479
Profit for the period attributable to:

Shareholders
10,032 10,572 21,479
Non-controlling interest
512 550 1,106
PROFIT FOR THE PERIOD
10,544 11,122 22,585




STATISTICS PER SHARE

Basic & diluted earnings per share

- Profit attributable to Shareholders
30.7 cents 32.3 cents 65.7 cents
- Trading profit after tax
31.4 cents 28.8 cents 58.7 cents


Dividend per share
13.0 cents 13.0 cents 40.0 cents
Dividends for the period ($’000)
4,250 4,250 13,078
Net tangible assets per share (pre dividend)
$5.03 $4.61 $4.96

Pictured at the new service reception are:
David White, Technician; Simon Jones, Service Manager;
David Kendall, Parts Assistant; Louise Wakelin, Service
Receptionist.
January 2019 Macaulay Motors moved into their
new dealership premises in Grant Road, Queenstown
Ford Transit Custom
Macaulay Motors, Invercargill has just completed the new
Ford “brand @retail” exterior signage.
The new facility has nine workshop bays together with two
inside wash bays and a vehicle grooming bay.
Quinn Smith, a second year
apprentice inspecting a Mazda
CX5 on one of the new hoists.
and Subsidiary Companies

January 2019 Macaulay Motors moved into their
new dealership premises in Grant Road, Queenstown
Kenworth T659 8x4—a unique model developed specifically for the NZ market has become the “go to” truck for off highway logging operators.
Southpac Trucks receives over 150 containers of parts
each year from Australia, USA and Europe.
Together with an
extension to their
parts warehouse
at Wiri Station
Road, Southpac
has invested in new
technology and
equipment.
Pictured receipting
parts is William
Buchannan, new
scanning technology
has improved
productivity and
accuracy.
Pictured manoeuvring a new electric
high lift forklift is Lynda Waters. The new
forklifts have improved working conditions
for staff with reduced noise and dust and
the elimination of exhaust fumes.
Southpac Trucks recently won the
Kenworth Australia Dealer Of The Year
Award for 2018, after also winning the
same award in 2017.
A back to back win has only been achieved
once before, 37 years ago.
The prestigious award was won on the
back of record 2018 Kenworth sales,
market share growth, outstanding
customer service results, coupled
to ongoing expansion of Southpac’s
dealership facilities in Auckland, Hamilton
and Palmerston North.

Pictured L to R: Andrew Hadjikakou,
Managing Director PACCAR Australia;
Maarten Durent, CEO Southpac Trucks;
Graeme Gibbons and Brad May, Director
of Sales & Marketing, PACCAR Australia.
and Subsidiary Companies

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

---

Results announcement




Results for announcement to the market Amounts are stated in NZD
Name of issuer The Colonial Motor Company Limited
Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017

Amount ($000s) Percentage change
Revenue from ordinary activities $468,858 +4.3%
Profit (loss) from ordinary activities after tax
attributable to security holder
$10,883 -9.3%
Net profit (loss) attributable to security holders $10,883 -9.3%
Interim Dividend
Amount per Quoted Equity Security $0.150000
Imputed amount per sec Quoted Equity Security $0.208333
Record Date Close of trading on: 5 April 2019
Dividend Payment Date 15 April 2019

This reporting period Previous reporting period
Net tangible assets per Quoted Equity Security
at end of reporting period
$5.94 $5.58
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
The trading profit after tax at $10.8m was down
9% on the six months to December 2017 result
of $11.9m, but ahead of the trading profit of
$10.3 achieved in 2016.
Revenue was up 4% on the comparable prior
period to $467.7m while the new light vehicle
industry in New Zealand grew by a modest 1%,
compared to growth of 4% and 13.5% in the
prior years. Coming off a growth curve with its
unfulfilled expectations is always challenging.
Higher costs and lower margins resulted in lower
trading profitability compared to the more
favourable circumstances experienced in the
comparable period a year ago.
Authority for this announcement
Name of person

authorised to make this
announcement
Nicholas Bartle,
Company Secretary
Contact phone number +64 4 384 9734
Contact email address cmc@colmotor.dco.nz
Date of release through MAP

20 February 2019

Unaudited financial statements accompany this announcement.

---

Corporate Action Notice
(for a Distribution)
Page 1 of 1


Section 1: issuer information Amounts are stated in NZD
Name of issuer The Colonial Motor Company Limited
Financial product name/description Ordinary shares
NZX ticker code CMO
ISIN NZ CMDE 000157
Type of distribution
(Relevant box/es marked with X)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on: 5 April 2019
Ex-Date 4 April 2019
Payment date 15 April 2019
Total monies associated with the distribution $4,904,195
Source of distribution Retained earnings
Section 2: distribution amounts per financial product
Total amount $0.208333
Cash $0.150000
Supplementary distribution $0.026471
Section 3: imputation and withholding tax
Is the distribution imputed? Fully imputed
Imputation rate applied 28%
Imputation tax credits per financial product $0.058333
Resident withhold tax amount per financial product $0.010417
Section 4: distribution re-investment plan - not applicable
Section 5: authority for this announcement
Name of person authorised to make this
announcement
Nicholas Bartle
Company Secretary
Contact phone number +64 4 384 9734
Contact email address cmc@colmotor.co.nz
Date of release via MAP 20 February 2019