Preliminary result and dividend
Results announcement
CMO
Results for announcement to the market
Name of issuer The Colonial Motor Company Limited
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Amount (000s) Percentage change
Revenue from ordinary
activities
$ 1,012,920 1.6%
Profit from ordinary activities
after tax attributable to
security holder
$ 17,884 (41.0)%
Net profit attributable to
security holders
$ 4,535 (83.7)%
Final Dividend
Amount per Quoted Equity
Security
NZD $0.200000
Imputed amount per Quoted
Equity Security
NZD $0.077778
Record Date 27 September 2024
Dividend Payment Date 07 October 2024
Net tangible assets per
Quoted Equity Security
2024 2023
$ 9.04 $ 9.47
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
A commentary to assist in the interpretation of the figures in this
announcement is provided in the attached unaudited Preliminary
Result report.
Authority for this announcement
Name of person
authorised
to make this announcement
Jack Tuohy, Company Secretary
Contact phone number 04 384 9734 / 027 4450 972
Contact email address jack.tuohy@colmotor.co.nz
Date of release through MAP
20 August 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 X Quarterly
Half Year Special
DRP applies
Record date Close of trading on: 27 September 2024
Ex-Date 26 September 2024
Payment date 07 October 2024
Total monies associated with the distribution $6,538,926.40
Source of distribution Retained earnings
Currency NZ dollars
Section 2: distribution amounts
Gross distribution $0.27777778
Gross taxable amount $0.27777778
Total cash distribution $0.20000000
Excluded amount (applicable to listed PIEs) $0.00000000
Supplementary distribution amount $0.03529412
Section 3:
Is the distribution imputed Fully imputed
Imputation rate applied 28.0%
Imputation tax credits per financial product $0.07777778
Resident withhold tax amount per financial product $0.01388889
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 Ashley Waugh, Chair
Contact phone number 04 384 9734 / 027 610 7977
Contact email address cmc@colmotor.co.nz
Date of release via MAP 20 August 2024
---
23 August 2018
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities (2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held (5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
For the year ended
30 June 2024
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the downturn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
extension to Dunedin City’s parts warehouse and refreshed
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
As reported in a recent release to the Stock Exchange, a one off
non-cash deferred tax adjustment of $12.7million was made at 30
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
The 2024 Annual Report will be published in late September including
the notice for the 10
6
Friday, November 8 at The Harbourside Function Venue, 4 Taranaki
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the down turn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
Deferred tax movement
As reported in a recent release to the Stock Exchange, a one off
non-
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
Annual Report
The 2024 Annual Report will be published in late September and will
include notice of the 106th Annual General Meeting to be held at
midday on Friday, November 8 at The Harbourside Function Venue,
4
T
a
r
a
n
a
k
i
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Deferred tax adjustment
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2024
2024 2023
$’000 $’000
Revenue
Products 923,111 914,319
Services 87,800 80,984
Other Income 2,009 1,922
Total Revenue 1,012,920 997,225
Less Expenses
Cost of Products Sold 821,895 801,918
Remuneration of Staff 95,054 93,831
Depreciation & Amortisation 10,021 8,171
Interest 15,492 9,253
Other 42,784 38,954
Trading Profit before Tax 27,674 45,098
Less Taxation
Current 7,952 12,732
Deferred 18 (90)
19,704 32,456
Less Non Controlling Interest 1,820 2,117
Trading Profit after Tax 17,884 30,339
Property – Fair Value Movement
(735) (2,626)
Deferred Tax Movement (12,731) 141
Investment – Fair Value Movement 117 (6)
Profit after Tax 4,535 27,848
Profit for the year attributable to:
Shareholders 4,535 27,848
Non Controlling Interest 1,820 2,117
PROFIT FOR THE YEAR 6,355 29,965
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
2024 2023
$’000 $’000
Profit for the year 6.355 29,965
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Property revaluation reserve
Change in fair value 2.390 (2,584)
Deferred tax movement (634) 3,111
Items that may be classified subsequently
to profit or loss:
Foreign exchange hedging reserve
Change in fair value (3,243) (1,096)
Deferred tax movement 908 307
Total comprehensive income 5,776 29,703
Attributable to:
Shareholders 4,307 27,704
Non Controlling Interest 1,469 1,999
5,776 29,703
2024 2023
Basic & Diluted Earnings per Share on
- Profit attributable to shareholders 13.9c 85.2c
- Trading Profit after Tax 54.7c 92.8c
Dividend per Share 35.0c 57.0c
Net Tangible Assets per Share $9.04 $9.47
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
2024 2023
$’000 $’000
Equity at beginning of year 315,922 307,840
Total comprehensive income 5,776 29,703
Dividends paid to Shareholders (18,637) (20,271)
Dividend paid to Non Controlling Interest (1,500) (1,350)
Equity at end of year 301,561 315,922
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
2024 2023
$’000 $’000
Current Liabilities
Borrowings 62,665 21,511
At Call Deposits 29,325 31,327
Vehicle Floorplan Finance 100,032 51,994
Credit Contracts 438 452
Other Current Liabilities 59,719 81,122
Total Current Liabilities 252,179 186,406
Non Current Liabilities
Lease Liabilities
19,777 19,103
Bank Borrowings 20,000 26,230
Other Non Current Liabilities 5,022 757
Total Non Current Liabilities 44,799 46,090
Shareholders’ Equity 296,443 310,773
Non Controlling Interest 5,118 5,149
Total Equity 301,561 315,922
Total Equity and Liabilities 598,539 548,418
Assets
Inventory 250,129 205,977
Cash & Bank 11,473 9,854
Credit Contracts 431 443
Other Current Assets 57,031 49,935
Total Current Assets 319,064 266,209
Non Current Assets
Property, Plant & Equipment 277,492 271,158
Credit Contracts 463 757
Other Non Current Assets 1,520 10,294
Total Non Current Assets 279,475 282,209
Total Assets 598,539 548,418
These summary consolidated Financial Statements have
not been audited.
23 August 2018
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities (2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held (5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
For the year ended
30 June 2024
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the downturn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
extension to Dunedin City’s parts warehouse and refreshed
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
As reported in a recent release to the Stock Exchange, a one off
non-cash deferred tax adjustment of $12.7million was made at 30
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
The 2024 Annual Report will be published in late September including
the notice for the 10
6
Friday, November 8 at The Harbourside Function Venue, 4 Taranaki
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the down turn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
Deferred tax movement
As reported in a recent release to the Stock Exchange, a one off
non-
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
Annual Report
The 2024 Annual Report will be published in late September and will
include notice of the 106th Annual General Meeting to be held at
midday on Friday, November 8 at The Harbourside Function Venue,
4
T
a
r
a
n
a
k
i
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Deferred tax adjustment
23 August 2018
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities (2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held (5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
For the year ended
30 June 2024
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
20 August 2013
Dear Shareholder
• Trading Profit after tax $13.867m, up 17% on last year
• Final Dividend 21 cents compared to 16 cents last year
Your Directors are pleased to advise the unaudited preliminary
result for the year ended 30 June 2013.
Trading profit after tax at $13.867m is 17% up on the previous
year and a record result. Profit for the period is $14.800m
compared to $15.595m last year, which included $4.489m of
insurance recovery proceeds.
The trading result was driven by a strong growing market. The
total market for new heavy trucks, light commercials and
passenger SUVs grew, while the market for new passenger cars
was neutral. With products such as the DAF heavy trucks, Ford
Ranger light commercial, and Mazda CX5 passenger SUV, the
Company had desirable products, in growing segments, on top
of the growing market. It is in this context that the recent
announcement that Ford Australia will cease production of the
Falcon in 2016 is not expected to have a material effect.
Strong sales of both DAF and Kenworth have quickly filled the
new workshop at Hobill Ave. Having all of its operation on one
site while at the same time expanding its sales has driven an
exceptional result from Southpac Trucks. Forward orders
remain strong.
The overall value of the property portfolio has increased.
During the period the contract for sale of our Porirua property
was settled, resulting in a profit on disposal of $0.457m.
Dividend. The Directors have resolved that a fully imputed final
dividend of 21 cents per share will be paid on 21 October. This
takes the full dividend for the financial year to 30 cents per
share compared to 25 cents per share in 2012. This is a total
payout of $9.808m in dividends compared to $8.174m last
year.
The Annual Report will be mailed by the end of September and
the 95
th
Annual Meeting will be held at 11 am on Friday 1
November 2013 at the Company’s offices.
For and on behalf of the Board
J P (Jim) Gibbons
CHAIRMAN
STATEMENT OF CASH FLOWS
For the year ended 30 June 2013
2013 2012
$’000 $’000
Net Cash Flows from:
Operating Activities
(2,326) 15,900
Investing Activities 401 (4,552)
Financing Activities (3,594) (7,911)
Net Increase / (Decrease)
in Cash Held
(5,519) 3,437
Opening Cash Balance 9,460 6,023
Closing Cash Balance
3,941 9,460
Cashflow Reconciliation
Profit for the Period attributable
to Shareholders
14,125 15,123
Adjustment for Non Cash
Items
4,114 5,032
Movement in Working Capital
(16,485) (2,153)
Items classified as Investing
Activities
(4,000) (947)
Items classified as Financing
Activities
(80) (1,155)
Net Cashflow from Operating
Activities
(2,326) 15,900
Unaudited
PRELIMINARY
RESULT
For the year to
30 June 2013
Level 6,5 7 Co urtenay Pla ce,
PO Box 6159, Marion Square,
Wellington 6141
New Zealand
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the downturn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
extension to Dunedin City’s parts warehouse and refreshed
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
As reported in a recent release to the Stock Exchange, a one off
non-cash deferred tax adjustment of $12.7million was made at 30
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
The 2024 Annual Report will be published in late September including
the notice for the 10
6
Friday, November 8 at The Harbourside Function Venue, 4 Taranaki
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Dear Shareholder
• Trading Profit after Tax at $17.9m reflects a deteriorating
market
• Total Dividends for the year 35 cps, 64% of the after-tax
Trading Profit
• Deferred tax adjustment of $12.7m does not affect Trading
Profit or final dividend
Trading conditions
Over the past two years we have reported a deteriorating market
resulting in an increasingly challenging trading environment. That
deterioration is evident in this year’s result. It was still a year of
two halves. The first half produced a respectable result in a
weakening market, albeit with high inventory carrying costs. The
second half bore the full brunt of recession with softer light vehicle
demand, continuing high interest rates and an oversupplied market
across the industry. New and used vehicle margins have been
squeezed, reducing dealer profitability. The dealer response has
been to review cost structures while remaining focused on
delivering positive bottom-line results. For context, the June
calendar year-to-date new vehicle market was 26.2% down on the
prior year.
Our heavy truck business has continued to perform well as
customers replaced their existing vehicles with long awaited new
units. Meeting that demand came with adverse imposts on
efficiency, productivity and inventory carrying costs. We have seen
no such replacement policy in our tractor operations which are
heavily impacted by the negative sentiment in the agricultural
sector.
We remain confident that the ongoing investment in the JAC
Motors brand will bear fruit in future years. The team continues to
work through vehicle compliance, on-road testing and the set up
of a sales and service network, all of which incur the normal
challenges associated with establishing a new brand.
Property developments
The Company has trimmed facility investments in response to
rising building costs and the down turn in the vehicle market. We
have progressed the Fagan Motors dealership rebuild, an
facilities in South Auckland and Christchurch to represent the JAC
brand. In addition, the consenting process is well underway for a
new Southpac truck facility on the land purchased in Palmerston
North.
Deferred tax movement
As reported in a recent release to the Stock Exchange, a one off
non-
June 2024. This was in response to the Government’s decision to
remove the depreciation allowance on commercial buildings with
an estimated life of 50 years or more. The impact will see a minor
increase in the tax payable over a period of decades. While the
adjustment reduced the Profit for the Year, it had no effect on the
determination of the final dividend. It also did not affect the 2024
financial year’s cash flows, income tax liability, operating activities
or value of the Company’s property portfolio.
Dividend
Despite challenging trading conditions, the Company remains in a
profitable position and the Directors have declared a fully imputed
dividend of 20 cps. The dividend will be paid on Monday, 7 October
2024, with a record date of Friday, 27 September. This will take the
total dividend for the year to 35 cps, 64% of the Trading Profit after Tax.
Annual Report
The 2024 Annual Report will be published in late September and will
include notice of the 106th Annual General Meeting to be held at
midday on Friday, November 8 at The Harbourside Function Venue,
4
T
a
r
a
n
a
k
i
Street, Wellington.
Outlook
During this new financial year, the state of the New Zealand economy
will dominate the direction of retail markets. Demand for light vehicles
is likely to remain subdued for as long as interest rates remain relatively
high. Oversupply will continue to be a challenge the industry has to
manage, hand in hand with a growing number of new brand entrants
competing for a declining market. These market forces will impact
margins across our businesses, particularly in the new light vehicle
fleet. Despite this, Ranger and Everest are expected to maintain their
momentum, providing a degree of support to our Ford dealerships,
although they too are not immune to market conditions.
One positive development has been the Government’s decision to align
New Zealand and Australian emissions standards. This will unify New
Zealand’s pattern of vehicle supply and demand across the Trans-
Tasman region; so a rational change that has been welcomed by the
industry.
A J Waugh
CHAIR 20 August 2024
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
2024 2023
$’000 $’000
Net Cash Flows from:
Operating Activities (40,981) (10,225)
Investing Activities (16,118) (24,927)
Financing Activities 58,718 33,162
Net movement in Cash Held 1,619 (1,990)
Opening Cash Balance 9,854 11,844
Closing Cash Balance 11,473 9,854
Cash Flow Reconciliation
Profit for the Year 6,355 29,965
Adjustment for Non Cash Items 23,266 10,563
Movement in Working Capital (70,602) (50,753)
Net Cash Flow from Operating
Activities
(40,981) (10,225)
Level 6, 57 Courtenay Place,
Wellington 6141
Telephone (04) 384 9734
E-mail address cmc@colmotor.co.nz
www.colmotor.co.nz
Unaudited
PRELIMINARY
RESULT
For the year ended
30 June 2024
Deferred tax adjustment
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- CEN — Contact Energy Limited: Contact Energy performance supports renewable investment2024-08-18
“Results announcement Results for announcement to the market Name of issuer Contact Energy Limited Reporting Period 12 months to 30 June 2024 Previous Reporting Period 12 months to 30 June 2023 Currency NZD Amount (000s) Percentage change Revenue from continuing…”
- MEE — Me Today Limited: Me Today announces result for the Year Ended 30 June 20242024-08-28
“Audited results announcement for the 12 months ended 30 June 2024 Results for announcement to the market Name of issuer Me Today Limited Reporting Period 12 months to 30 June 2024 Previous Reporting Period 12 months to 30 June 2023 Currency NZD Amount (000s) Percentage c…”
- MFB — My Food Bag Group Limited: MFB resumes paying dividends; H2 earnings up year on year2024-05-22
“Distribution Notice Section 1: Issuer information Name of issuer My Food Bag Group Limited Financial product name/description Ordinary shares NZX ticker code MFB ISIN (If unknown, check on NZX website) NZMFBE0004S1 Type of distribution (Please mark with an X in the relevant…”