Half Year Result to 31 December 2023

Half Year Report
31 December 2023

Half Year Report
For the Six Months Ended 31 December 2023
Dear Shareholder
Trading Profit after tax at $9.1m, down 35.9% on the same prior year period
Interim Dividend unchanged at 15cps
Trading Results
Trading profit after tax of $9.1m for the first half of the 2024 financial year was below the comparative period’s very strong
result.
Dividend
The Board has declared a fully imputed interim dividend of 15 cents per share. The dividend will be paid on 25 March, with
a Record Date of 15 March.
Trading Conditions
As we reported to Shareholders and the market in the most recent guidance issued on 18 January 2024, the prior
Government’s clean car legislation had significant distorting impacts on the new vehicle market. The current Government’s
telegraphed and welcome decision to cease the Clean Car Discount program led to inevitable negative market impacts in
November and December 2023. It logically suppressed immediate term demand for non-EV vehicles, pushing registration
and sales into January 2024. This suppressed demand, a high interest rate environment and associated inventory holding
costs also influenced the half year results.
The new light vehicle industry totalled 140,850 registrations for the 2023 calendar year, down over 15% on 2022. The later
months of the year were clearly heavily impacted by the issues already mentioned. Conversely, the heavy truck market
was up 7% on the prior year.
Added to the trading conditions were the known start-up costs incurred to launch the new venture into JAC light trucks.
Diversification into the light truck market and the establishment of a new brand in New Zealand will take time to mature and
we do not expect this investment to make a positive contribution in 2024.
Property Developments
The rebuild of Agricentre’s tractor dealership in Gore has been completed. Post the end of the half year, we also acquired
a very desirable property in Nelson which provides a ‘foothold’ and opens options for the future in that key market. In
this somewhat volatile property market environment, we have adopted a more conservative program for dealership
development and refurbishment for the remainder of 2024.
Outlook
Although our trading conditions stabilised in January we remain cautious for the remainder of the financial year.
The same fundamental issues of economic uncertainty, a relatively low New Zealand dollar, cost-of-living factors and
stubbornly high interest rates, along with concerning geo-political tensions, will continue to influence consumer confidence.
These will impact to an unknown degree on new and used vehicle enquiry in the second half of the financial year. As
inventory levels ease from their current peak, but remain elevated in the short term, high interest costs will continue to
impact earnings.
South Auckland Dealership Tour
Shareholders are invited to a tour of the South Auckland Motors, Southern Autos and Southpac Trucks dealerships in
Manukau on Friday the 5th of July 2024. Please RSVP to cmc@colmotor.co.nz by the 7th of June if you would like to
attend.
Annual Meeting
The 2024 Annual Meeting is scheduled to be held in Wellington at the Harbourside Function Venue at midday on the 8th
of November.
For and on behalf of the Board
A J (Ash) Waugh
Chair 21 February 2024
and Subsidiary Companies

and Subsidiary Companies
Consolidated Statement of Financial Performance
For the six months ended 31 December 2023
6 Months to
31 December 2023
$’000
Unaudited
6 Months to
31 December 2022
$’000
Unaudited
12 Months to
30 June 2023
$’000
Audited
Revenue
Products449,707459,468914,319
Services44,32540,44080,984
Other income8411,0141,922
Total revenue494,873500,922997,225
Trading expenses
Cost of products and services sold400,250405,026801,918
Remuneration of staff47,94547,07393,831
Depreciation and amortisation4,8803,9468,171
Interest7,0653,6359,253
Other operating costs20,78820,33938,954
Total trading expenses480,928480,019952,127
Trading profit before tax13,94520,90345,098
Taxation3,9515,88012,642
Non-controlling interest8858022,117
Trading profit after tax9,10914,22130,339
Non-trading items Fair value adjustments after tax15770(2,491)
Profit attributable to shareholders9,26614,29127,848
Profit for the period
Profit attributable to:Shareholders9,26614,29127,848
Non-controlling interest8858022,117
Profit for the period10,15115,09329,965
Statistics per share
Basic and diluted earnings per share
Profit attributable to shareholders (cents)28.343.785.2
Trading profit after tax (cents)27.943.592.8
Dividends
Dividends (cents per share)15.015.057.0
Total dividends ($’000)4,9044,90418,636
Net tangible assets per share9.249.109.47
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2023
6 Months to
31 December 2023
$’000
Unaudited
6 Months to
31 December 2022
$’000
Unaudited
12 Months to
30 June 2023
$’000
Audited
Profit for the period10,15115,09329,965
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Property revaluation reserve- Fair value movement after tax--527
Items that will be reclassified subsequently to profit or loss if conditions are met
Cash flow hedge reserve- Movement in fair value of hedge
derivatives after tax
(3,734)(4,455)(789)
Total other comprehensive income for the period(3,734)(4,455)(262)
Total comprehensive income for the period6,41710,63829,703
Total comprehensive income for the period attributable to:
Shareholders6,09210,50527,704
Non-controlling interest3251331,999
Total comprehensive income for the period6,41710,63829,703
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2023
6 Months to
31 December 2023
$’000
Unaudited
6 Months to
31 December 2022
$’000
Unaudited
12 Months to
30 June 2023
$’000
Audited
Total equity at beginning of the period315,922307,840307,840
Total comprehensive income6,41710,63829,703
Dividends paid to shareholders(13,732)(15,366)(20,271)
Dividends paid to non-controlling interest-(450)(1,350)
Total equity at end of period
308,607302,662315,922

and Subsidiary Companies
Consolidated Statement of Financial Position
As at 31 December 2023
31 December 2023
$’000
Unaudited
31 December 2022
$’000
Unaudited
30 June 2023
$’000
Audited
Shareholders’ equity
Share capital15,96815,96815,968
Retained earnings174,993170,808179,460
Property revaluation reserve113,831113,304113,831
Foreign exchange cash flow hedge reserve(1,659)(1,602)1,514
Total shareholders’ equity303,133298,478310,773
Non-controlling interest5,4744,1845,149
Total equity308,607302,662315,922
Current liabilities
Borrowings34,12332,34321,511
At-call deposits29,44432,70031,327
Trade & other payables85,63747,56074,368
Vehicle floorplan finance81,13673,49651,994
Lease liabilities2,0821,9572,038
Other3,4825,4535,168
Total current liabilities235,904193,509186,406
Non-current liabilities
Lease liabilities20,74518,27819,103
Other60,20312,62226,987
Total non-current liabilities80,94830,90046,090
Total equity and liabilities625,459527,071548,418
Current assets
Cash & bank accounts12,77916,1289,854
Trade & other receivables55,99843,80147,460
Inventory269,880197,278205,977
Other4307082,918
Total current assets339,087257,915266,209
Non-current assets
Property, plant & equipment253,472241,465251,959
Right of use asset20,77818,35319,199
Other12,1229,33811,051
Total non-current assets286,372269,156282,209
Total assets625,459527,071548,418
Consolidated Statement of Cash Flows
For the six months ended 31 December 2023
6 Months to
31 December 2023
$’000
Unaudited
6 Months to
31 December 2022
$’000
Unaudited
12 Months to
30 June 2023
$’000
Audited
Operating cash flows
Inflows486,335495,942988,826
Outflows(534,729)(546,614)(999,051)
Net operating cash flows (48,394)(50,672)(10,225)
Investing cash flows
Inflows8381,568823
Outflows(8,227)(6,594)(25,750)
Net investing cash flows (7,389)(5,026)(24,927)
Financing cash flows
Inflows74,32475,79856,913
Outflows(15,616)(15,816)(23,751)
Net financing cash flows58,70859,98233,162
Net change in cash held2,9254,284(1,990)
Cash at beginning of period9,85411,84411,844
Cash at end of period12,77916,1289,854
Segment Information
For the six months ended 31 December 2023
2023
Unaudited
2022
Unaudited
Operating
Segment
$’000
Corporate
$’000
Total
Group
$’000
Operating
Segment
$’000
Corporate
$’000
Total
Group
$’000
Revenue from customers494,484389494,873500,365557500,922
Trading profit before tax13,34260313,94519,7711,13220,903
Total assets382,275243,184625,459286,968240,103527,071
These summary consolidated financial statements have not been audited. They have been prepared using accounting
policies that are consistent with the most recent annual financial statements and comply with NZ IAS 34, Interim
Financial Reporting.
The financial statements were authorised for issue by the Directors on 21 February 2024.

and Subsidiary Companies
After an extensive
refurbishment programme
Avon City Ford in Christchurch
has re-opened with the latest
Ford branding and design.
Avon City Ford
With the sale of the motorcycle
business and subsequent
name change, the Avon City
Motorcycle facility has been
re-purposed. The showroom
now represents JAC Motors
and Mahindra alongside the
Bridgestone tyres outlet.
Timaru Motors has also
received the latest Ford and
Mazda branding and design.
Left is the new Ford Ranger
Wildtrak and below in white is
the new Mazda CX60.
Timaru Motors
At the same time the attached truck workshop has been upgraded and leased to Southpac Trucks and HDPS,
Southpac’s service agent.

and Subsidiary Companies
Ford Electrified Vehicles
Demand for electric passenger vehicles is being met by Ford with the
Mach E, a fully electric SUV available in 2 or 4 wheel drive. Pictured
above is the high performance model (Mach E GT).
Electrification has also been extended to the
commercial range with the E-Transit van now
available with a pure electric power train.
BYD - Build Your Dreams
Energy Motors in New Plymouth signed a
dealer agreement with BYD, the world’s
largest electric vehicle manufacturer.
JAC Trucks
The first delivery of
JAC electric trucks has
arrived in New Zealand
and are now making
their way to showrooms,
including the rebranded
Southern Autos site in
South Auckland. The
JAC Cummins diesel
range will follow close
behind.
Previously Hyundai and Isuzu, the dealership has been rebranded and is in
a great position to meet the demand for electric vehicles across the
Taranaki region.

and Subsidiary Companies
Agricentre South
Agricentre South has been appointed the New Holland dealer for the Otago region and the existing facility in Cromwell
will be rebranded to include both the Case IH and New Holland brands.
The Agricentre New Holland facility in Gore has been extended to include Case IH. Agricentre has a second facility in
Gore that represents Kubota and Yamaha.
Seen here operated by Waipounamu & Waimea
Contracting of Riversdale, Southland, is the latest
New Holland FR780 Forage Cruiser. The Forager is
usually set up to cut grass but can be reconfigured
to harvest maize.
A separate new facility has been leased in Cromwell to accommodate the full range of Kubota, Yamaha and Husqvarna
equipment. Opened in December 2023 the dealership provides a single destination for lifestyle property owners in
Central Otago.

and Subsidiary Companies
Southpac Trucks
Pictured above is a Southpac customer tour of the DAF Truck manufacturing
factory in the Netherlands. This gives customers insight into the engineering and
production process. The trips also include visits to European transport operators
to gain first hand knowledge of new technologies and trends in the industry.
The owners of Uhlenberg Haulage celebrate delivery
of the latest T909 Kenworth. The company has been
trading in Taranaki since 1966 and is a loyal customer of
Southpac Trucks.
Southpac customers with Richard
Smart and Steve Herring - third
and fourth from the right.
100 Years of
Kenworth
Southpac Trucks
recently organised a
celebration for 100
Years of Kenworth,
60 years in New
Zealand and 30 years
of Southpac Trucks.
The Mystery Creek
event was the largest
single-brand truck
show in the southern
hemisphere with 756
customer trucks on
display.

and Subsidiary Companies
Aaron Perry (R) – South Auckland Motors
– completes his Level 4 apprenticeship
in Light Automotive Engineering and
is congratulated by Andy Kimber (L),
Manager at the Pukekohe branch. Aaron
started in sales support and is now a
valuable member of the service team.
Braeden McIntyre (R) – Dunedin City
Motors - receives his qualification as an
Auto Electrician from Gary Dench (L) of
MITO (Motor Industry Trade Organisation).
This adds to Braeden’s qualification as an
Auto Technician.
Congratulations to Leon Ridd –
Agricentre South - who has just
graduated from the Southern
Institute of Technology top of
his class in Heavy Automotive
Engineering.
(Left to Right) Jordan
Erskine, Jordan
Menlove and McKenzie
Crosswell – Agricentre
South – were recognised
for their achievements
in obtaining certificates
in Heavy Automotive
Engineering awarded by
TradeQual Southland.
(L-R) Maarten Durent, Aaron
Headington, Thomas Wilcox,
Martin Croft, Daryl Fegen of
Southpac Trucks with the
2023 DAF Global Best Service
Performance Award. This
prestigious award recognises
Southpac’s continued
commitment to truck uptime,
technical support, technician
training and the quality of the
work done by the new truck
preparation team.
Qualifications and Congratulations

and Subsidiary Companies
John Hutchinson – Team Hutchinson Ford – accepts the Ford
President’s Award on behalf of the dealership.
The Ford President’s Award is one of Ford Motor Company’s
most prestigious awards and recognises Dealers achieving
the highest levels of customer satisfaction in their respective
Customer Viewpoint Group.
Pictured above are attendees from the two-day
Introduction to Automotive Management Programme.
People are CMCs greatest asset. Investing in our people supports them in achieving their goals and helps equip our next
generation of leaders to tackle the challenges of tomorrow. The company runs a broad range of training programmes
across the Group, targeted at different vocations and experience levels.
Pictured above are attendees from the three-day CMC
Leadership and Management Programme.

and Subsidiary Companies
Dale Johnston (R) Parts Manager – Team Hutchinson Ford –
receives his gold watch from John Hutchinson.
Darrell Bower (Centre) - South Auckland Motors - receives his
award from Jason Robb (L) and Michael Tappenden (R).
The Company is able to send shareholders e-mail notifications of the announcement and release of its half year (in February) and full
year results (in August) and of the Annual Report (in September). If you are not already receiving these e-mail notifications then to
register for this service you can send an e-mail to our Share Registry at ecomms@computershare.co.nz from the e-mail account you
wish to receive the notifications to, with “Email Notifications” in the subject line. You will need to record the full name your shares are held
in and the relevant CSN/shareholder number. You can find that number on your dividend statement or Securities Transaction Statement.
Celebrating 25 Years of Excellence:
The Gold Watch Award
Alan Kirby (R) CEO/DP – MS Motors – is recognised at the
CMC Annual Awards Dinner for his contribution to the company
and to mark his retirement after 16 years of service with MS
Motors. Pictured here with Alex Gibbons.

PO Box 6159
Marion Square
Wellington 6141
Level 6
57 Courtenay Place
Wellington 6011
Telephone 04 384-9734
Email cmc@colmotor.co.nz
Website www.colmotor.co.nz
Printed on Recycled Paper
PO Box 6159
Marion Square
Wellington 6141
Level 6
57 Courtenay Place
Wellington 6011
Telephone 04 384-9734
Email cmc@colmotor.co.nz
Website www.colmotor.co.nz
This report is printed on paper that can be recycled

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Results announcement


CMO

Results for announcement to the market
Name of Issuer The Colonial Motor Company Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZ dollars
Amount (000s) Percentage change
Revenue from continuing operations 494,873 (1.2)%
Total Revenue 494,873 (1.2)%
Net trading profit from continuing operations 9,109 (35.9)%
Net profit from continuing operations
attributable to security holders
9,266 (35.2)%
Total net profit attributable to security
holders
9,266 (35.2)%
Interim Dividend
Amount per Quoted Equity Security NZD $0.15000000
Imputed amount per Quoted Equity Security NZD $0.05833333
Record Date 15 March 2024
Dividend Payment Date 25 March 2024

Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$9.24 $9.10

Commentary
A commentary to assist in the interpretation of the
figures in this announcement is provided in the
attached unaudited Half Year Report.

Authority for this announcement
Name of person

authorised to make this
announcement
Jack Tuohy, Company Secretary
Contact person for this announcement Ash Waugh, Chairman
Contact phone number 04 384 9734
Contact email address cmc@colmotor.co.nz
Date of release through MAP

21 February 2024

Unaudited financial statements accompany this announcement.

---

Distribution Notice


CMO
Page 1 of 1


Section 1: issuer information
Name of issuer The Colonial Motor Company Limited
Financial product name/description Ordinary shares
NZX ticker code CMO
ISIN (If unknown, check on NZX website) NZ CMOE0001S7
Type of distribution
(Please mark with an X in the relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on: 15 March 2024
Ex-Date 14 March 2024
Payment date 25 March 2024
Total monies associated with the distribution $4,904,194.80
Source of distribution Retained earnings
Currency NZ dollars
Section 2: distribution amounts
Gross distribution $0.20833333
Gross taxable amount $0.20833333
Total cash distribution $0.15000000
Excluded amount (applicable to listed PIEs) $0.00000000
Supplementary distribution amount $0.02647059
Section 3:
Is the distribution imputed Fully imputed
Imputation rate applied 28.0%
Imputation tax credits per financial product $0.05833333
Resident withhold tax amount per financial product $0.01041667
Section 4: distribution re-investment plan – not applicable
Section 5: authority for this announcement
Name of person authorised to make this
announcement Jack Tuohy, Company Secretary
Contact person for this announcement Ash Waugh, Chairman
Contact phone number 04 384 9734
Contact email address cmc@colmotor.co.nz
Date of release via MAP 21 February 2024