McMillan Shakespeare : Half Year Accounts

Microsoft Word - 2016 02 23 MMS 4D 1HFY16 FINAL

23 February 2016

Manager, Company Announcements ASX Limited

Via E-lodgement

Dear Sir/Madam

McMillan Shakespeare Limited Interim Results

Please find attached the Appendix 4D Half Year Report, Directors' Report, the Financial Report and Auditor's Independent Review Report for the half-year ended 31 December 2015.

This information should be read in conjunction with McMillan Shakespeare Limited's 2015 Annual Report.

This announcement comprises the information required by ASX Listing Rule 4.2A and the statement required by Rule 4.2C.2.

Yours faithfully

McMillan Shakespeare Limited

Mark Blackburn

Chief Financial Officer and Company Secretary

Interim Financial Statements

Half-year ended 31 December 2015

Previous corresponding period: Half-Year ended 31 December 2014

McMillan Shakespeare Group of Companies

ABN 74 107 233 983

ABN 74 107 233 983

Results for announcement to the market

Half-year 31 Dec 2015		Half-year 31 Dec 2014
$000		$000
38,935	31,127
1,159	152
1,699	-
41,793		31,279

APPENDIX 4D - Half-year Report McMillan Shakespeare Limited ABN 74 107 233 983

1. Details of the reporting period and the previous corresponding period

Current period: 1 July 2015 to 31 December 2015 Previous corresponding period: 1 July 2014 to 31 December 2014

2. Results for announcement to the market
Key information	Percentage change	Half-Year ended 31 December 2015 $000
2.1	Revenues from ordinary activities	Up 34% to	244,261
2.2	Profit after income tax	Up 25% to	38,935
2.3	Net profit after income tax attributable to members of the parent entity	Up 25% to	38,935
Dividends	Amount per share	Franked amount per share
2.4	Interim dividend	$0.29	$0.29
2.5	Ex-dividend date	30 March 2016
	Record date for determining entitlements to	1 April 2016
	the dividend
	Dividend payment date	15 April 2016
2.6	Commentary on results for the period
Underlying Net Profit After Tax and Acquisition Amortisation (UNPATA), being net profit after tax but before the after-tax impact of acquisition-related transaction expenses and the amortisation of acquired intangible assets, has been used to measure the financial performance of the Group. The Company believes this measure of performance best represents the core financial results of the Group's operations. For the half year ended 31 December 2015. UNPATA has been calculated from NPAT as reported in item 2.2 above, as follows. Profit after income tax (item 2.2) Amortisation of acquired intangible assets after tax Acquisition transaction costs after tax UNPATA UNPATA for the half year ended 31 December 2015 of $41.8m represents a 33.6% increase on the previous corresponding period of $31.3m. This increase was driven by strong performances from Group Remuneration Services (15% increase) and Asset Management (9% increase), combined with the new segment in Retail Financial Services which delivered an UNPATA result of $7.1m.

ABN 74 107 233 983

The financial operating performance of the segments is summarised below.

Half-year 31 Dec 2015	Half-year 31 Dec 2014	Half-year 31 Dec 2015	Half-year 31 Dec 2014
Revenue	Revenue	UNPATA	UNPATA
$000	$000	$000	$000
Group Remuneration Services	91,416	82,801	28,319	24,579
Asset Management	97,428	98,374	6,919	6,362
Retail Financial Services	54,642	-	7,117	-
Total segment operations	243,486	181,175	42,355	30,941
Unallocated public company costs and net interest	(562)	338
UNPATA	41,793	31,279

Basic earnings per share as shown in the financial statements was 47.10 cents per share (1H15: 41.17 cents per share) and on a diluted basis was 47.00 cents per share (1H15: 40.97 cents per share).

Refer to the accompanying December 2015 Half-Year Results Announcement for more details on the financial results.

3. Net tangible assets per share
31 Dec 2015	30 Jun 2015
Ordinary shares	$1.17	$1.53

4. Control gained or lost over entities during the period
Name of entities where control was gained during the period United Financial Services Pty Ltd, United Financial Services (Queensland) Pty Ltd and United Financial Service Network Pty Ltd (collectively known as UFS) Anglo Scottish Asset Finance Limited (UK) (Anglo Scottish)	Date control acquired 31 July 2015 4 November 2015
Name of entities where control was lost during the period	Date control lost
None	N/A

5. Dividend
Dividends	Amount per	Franked
	share	amount
	per share
	Cents	Cents
Final dividend in respect of the financial year ended 30 June 2015 per share	27.0	27.0
Interim dividend	29.0	29.0
The record date for determining entitlement to the interim dividend is 1 April 2016. The interim dividend is payable on 15 April 2016.