Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. McMillan Shakespeare Limited
  6. News
  7. Summary
    MMS   AU000000MMS5

MCMILLAN SHAKESPEARE LIMITED

(MMS)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

McMillan Shakespeare : Preliminary-Final-Results

08/25/2017 | 10:58am EDT

23 August 2017

Manager Company Announcements ASX Limited

Level 4

20 Bridge Street

SYDNEY NSW 2000

By E-lodgement McMillan Shakespeare Limited 2017 Appendix 4E

This release contains an announcement to the Australian Stock Exchange Limited (ASX) regarding the following Appendix 4E in accordance with listing rule 4.3A of the ASX Listing Rules.

Yours faithfully

McMillan Shakespeare Limited

Mark Blackburn

Chief Financial Officer and Company Secretary

McMillan Shakespeare Limited

Appendix 4E

Preliminary Final Report Provided Under Listing Rule 4.3A

Year Ended 30 June 2017

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

    Current period: 1 July 2016 to 30 June 2017

    Previous corresponding period: 1 July 2015 to 30 June 2016

  2. Results for announcement to the market

Percentage

Key information change

Year ended 30 June 2017

$'000

Revenue from continuing operations

1.7%

513,032

Profit from ordinary activities after income tax attributable to members

(17.7%)

67,902

Net profit from ordinary activities after income tax attributable to members

(17.7%)

67,902

2.1

2.2

2.3

2.4

Dividends

Amount

per security

Franked amount

per security

Final dividend

$0.35

$0.35

Interim dividend

$0.31

$0.31

Total dividend (interim plus final)

$0.66

$0.66

There is no dividend reinvestment plan in operation.

2.5

Dividend record date

Ex-dividend date

28 September 2017

Record date for determining entitlements to the dividend

29 September 2017

Dividend payment date

13 October 2017

  1. Results for announcement to the market (continued)

    2.6 Commentary on results for the financial year

    Underlying Net Profit after Income Tax and Amortisation (UNPATA), being net profit after tax but before the after-tax impact of acquisition related items (including impairment charge for intangible assets, acquisition expenses, amortisation of acquired intangible assets and deferred consideration

    items) has been used to measure financial performance of the Group. The Group believes this measure of performance best represents the underlying operating results of the Group. For the year ended 30 June 2017, Group UNPATA of $87.2 million was in line with the previous year.

    FY17

    $'000

    FY16

    $'000

    NPAT (item 2.2)

    67,902

    82,469

    Impairment of intangible assets after-tax 1

    15,345

    -

    Acquisition transactions costs after-tax

    991

    1,937

    Amortisation of intangibles from acquisitions after-tax

    3,019

    2,767

    Deferred consideration fair valuation

    (90)

    -

    Consolidated UNPATA

    87,167

    87,173

    1 Non-cash impairment for the carrying value of intangible assets in the warranty and insurance business which forms part of the Group's Retail Financial Services (RFS) segment. This business represents approximately 5% of the Group's FY17 UNPATA.

    UNPATA for the Group matched last year's record result.

    FY17

    $'000

    FY16

    $'000

    FY17

    $'000

    FY16

    $'000

    Revenue

    UNPATA 3

    Group Remuneration Services

    189,709

    188,310

    58,341

    58,662

    Asset Management 1

    215,748

    204,812

    17,506

    15,262

    Retail Financial Services 2

    106,023

    110,037

    12,379

    13,966

    Segment operations

    511,480

    503,159

    88,226

    87,890

  2. Asset Management includes the acquisition in the UK of EVC on 1 December 2016, CAPEX on 3 January 2017 and Anglo Scottish Finance Limited plc on 4 November 2015.

  3. Retail Financial Services includes the United Financial Services entities from 31 July 2015.

  4. Segment UNPATA does not include unallocated public company costs and interest from Group treasury funds.

  5. Basic earnings per share as shown in the financial statements was 81.6 cents per share (2016: 99.4 cents per share) and on a diluted basis was 81.5 cents per share (2016: 99.0 cents per share). Basic UNPATA per share is 104.8 cents per share (2016: 105.1 cents).

    Refer to the FY17 Results Presentation announced to the ASX on 23 August 2017.

  6. Statement of Comprehensive Income

    Refer attached Consolidated Income Statement

  7. Statement of Financial Position

    Refer attached.

  8. Statement of Cash Flows

    Refer attached.

  9. Statement of Changes in Equity

    Refer attached.

  10. Details of Dividend Payments

    Refer attached.

  11. Dividend reinvestment plan

    None.

  12. Net tangible assets per security

    Year ended 30 June 2017

    $

    Year ended 30 June 2016

    $

    Per ordinary share

    1.45

    1.39

  13. Control gained over entities during the financial year

    Details of the control gained over entities during the financial year as follows:

    • European Vehicle Contracts Limited (100%)

    • Capex Asset Finance Limited (100%)

      These entities are incorporated in the UK and provide brokerage and finance procurement services to complement Asset Management's business in the UK.

      MMS

      Appendix 4E 4

  14. Investment in associates and joint ventures

    The Group's 50% joint venture interest in Maxxia Limited, a company operating in the UK that was acquired on 1 February 2013, was a loss of $1,260,000 (2016: $1,495,000 loss).

  15. Other significant information

    Refer financial statements and notes thereto and the accompanying investor presentation.

  16. Foreign entities reporting in Australia

    Not applicable.

  17. Commentary on results for the period

    Refer Review of Operations attached.

  18. Audit

  19. This report is based on accounts which are currently in the process of being audited.

    Consolidated Income Statement

    For the year ended 30 June 2017 5

    Note

    2017

    $'000

    2016

    $'000

    Revenue and other income

    3

    513,032

    504,666

    Employee benefits expense

    (121,421)

    (120,206)

    Depreciation and amortisation expenses

    (89,046)

    (91,380)

    Leasing and vehicle management expenses

    (72,082)

    (60,063)

    Brokerage commissions and incentives

    (45,746)

    (46,960)

    Net claims incurred

    (9,392)

    (7,823)

    Consulting expenses

    (3,265)

    (3,003)

    Marketing expenses

    (4,102)

    (3,380)

    Property and corporate expenses

    (11,371)

    (11,230)

    Technology and communication expenses

    (10,560)

    (11,206)

    Other expenses

    (11,011)

    (13,327)

    Finance costs

    (11,353)

    (12,841)

    Share of equity accounted joint venture loss

    (1,260)

    (1,495)

    Impairment charge

    4

    (20,000)

    -

    Acquisition expenses

    (1,076)

    (2,289)

    Profit before income tax

    101,347

    119,463

    Income tax expense

    (33,445)

    (36,994)

    Profit attributable to members of the parent entity

    67,902

    82,469

    Other comprehensive income

    685

    (73)

    Items that may be re-classified subsequently to profit or loss:

    Changes in fair value of cash flow hedges

    Exchange differences on translating foreign operations

    (3,662)

    (8,145)

    Income tax on other comprehensive income

    (165)

    (16)

    Total other comprehensive income for the year

    (3,142)

    (8,234)

    Total comprehensive income for the year

    64,760

    74,235

    Basic earnings per share (cents) 2

    Diluted earnings per share (cents) 2

    81.6

    81.5

    99.4

    99.0

    Consolidated Statement

    of Financial Position 6

    As at 30 June 2017

    Note

    2017

    $'000

    2016

    $'000

    Current assets

    59,416

    95,583

    Cash and cash equivalents

    6

    Trade and other receivables

    45,922

    37,396

    Finance lease receivables

    60,920

    46,280

    Inventory

    6,047

    7,282

    Prepayments

    6,564

    7,827

    Deferred acquisition costs

    2,246

    2,084

    Total current assets

    181,115

    196,452

    Non current assets

    306,731

    302,132

    Property, plant and equipment

    14

    Finance lease receivables

    107,255

    89,279

    Intangible assets

    5

    250,746

    261,365

    Other financial assets

    1,583

    1,732

    Deferred tax assets

    175

    194

    Deferred acquisition costs

    1,375

    964

    Total non current assets

    667,865

    655,666

    TOTAL ASSETS

    848,980

    852,118

    Consolidated Statement

    of Financial Position 7

    As at 30 June 2017

    Note

    2017

    $'000

    2016

    $'000

    Current liabilities

    73,301

    70,561

    Trade and other payables

    Unearned premium liability

    6,949

    5,966

    Other liabilities

    7

    14,007

    16,384

    Provisions

    8

    12,997

    13,023

    Current tax liability

    7,833

    10,116

    Borrowings

    9

    88,727

    12,944

    Derivative financial instruments

    134

    819

    Total current liabilities

    203,948

    129,813

    Non-current liabilities

    250,877

    332,626

    Borrowings

    9

    Unearned premium liability

    3,926

    2,755

    Other financial liabilities

    10,815

    6,740

    Provisions

    8

    2,900

    1,705

    Deferred tax liabilities

    5,519

    7,984

    Total non-current liabilities

    274,037

    351,810

    TOTAL LIABILITIES

    477,985

    481,623

    NET ASSETS

    370,995

    370,495

    Equity

    141,088

    144,380

    Issued capital

    10

    Reserves

    (5,948)

    4,086

    Retained earnings

    235,855

    222,029

    TOTAL EQUITY

    370,995

    370,495

    Consolidated Cash Flow Statement

    For the year ended 30 June 2017 8

    Note

    2017

    $'000

    2016

    $'000

    Cash flows from operating activities

    570,101

    516,531

    Receipts from customers

    Payments to suppliers and employees

    (254,380)

    (226,279)

    Proceeds from sale of assets under lease

    63,587

    52,188

    Proceeds from sale of lease portfolio

    -

    32,805

    Payments for assets under lease

    (281,412)

    (234,601)

    Interest received

    1,410

    1,855

    Interest paid

    (10,531)

    (11,329)

    Income taxes paid

    (40,635)

    (33,586)

    Subsidiaries' acquisition expense

    (1,076)

    (2,612)

    Net cash from operating activities

    47,064

    94,972

    Cash flows from investing activities

    (6,888)

    (3,396)

    Payments for capitalised software

    Payments for plant and equipment

    (1,353)

    (4,468)

    Payments for subsidiary investments (net of cash acquired)

    13

    (8,919)

    (39,000)

    Payments for joint venture subordinated loans

    (1,220)

    (1,356)

    Net cash used in investing activities

    (18,380)

    (48,220)

    Cash flows from financing activities

    58,032

    116,360

    Proceeds from borrowings

    Repayment of borrowings

    (58,042)

    (111,343)

    Payment for treasury shares

    (10,184)

    -

    Proceeds from share issues

    -

    5,358

    Payment of borrowing costs

    -

    (184)

    Dividends paid by parent entity

    15

    (54,076)

    (46,589)

    Net cash used in financing activities

    (64,270)

    (36,398)

    Effect of exchange changes on cash and cash equivalents

    (581)

    (500)

    Net (decrease) / increase in cash and cash equivalents

    (36,167)

    9,854

    Cash and cash equivalents at beginning of year

    95,583

    85,729

    Cash and cash equivalents at end of year

    6

    59,416

    95,583

    Consolidated Statement

    of Changes in Equity 9

    For the year ended 30 June 2017

    2017

    Note

    Issued capital

    $'000

    Retained Earnings

    $'000

    Option Reserve

    $'000

    Cash flow

    Hedge Reserve

    $'000

    Foreign Currency Translation Reserve

    $'000

    Treasury Reserve

    $'000

    Total

    $'000

    Equity as at beginning of year

    144,380

    222,029

    10,092

    (615)

    (5,391)

    -

    370,495

    Profit attributable to members of the parent entity

    -

    67,902

    -

    -

    -

    -

    67,902

    Other comprehensive income after tax

    -

    -

    -

    520

    (3,662)

    -

    (3,142)

    Total comprehensive income for the period

    -

    67,902

    -

    520

    (3,662)

    -

    64,760

    Transactions with owners in their capacity as owners:

    Treasury shares

    10

    (3,292)

    -

    -

    -

    -

    (6,892)

    (10,184)

    Dividends paid

    15

    -

    (54,076)

    -

    -

    -

    -

    (54,076)

    Equity as at 30 June 2017

    141,088

    235,855

    10,092

    (95)

    (9,053)

    (6,892)

    370,995

    2016

    Note

    Issued capital

    $'000

    Retained Earnings

    $'000

    Option Reserve

    $'000

    Cash flow

    Hedge Reserve

    $'000

    Foreign Currency Translation Reserve

    $'000

    Treasury Reserve

    $'000

    Total

    $'000

    Equity as at beginning of year

    121,617

    186,149

    8,449

    (526)

    2,754

    -

    318,443

    Profit attributable to members of the parent entity

    -

    82,469

    -

    -

    -

    -

    82,469

    Other comprehensive income after tax

    -

    -

    -

    (89)

    (8,145)

    -

    (8,234)

    Total comprehensive income for the period

    -

    82,469

    -

    (89)

    (8,145)

    -

    74,235

    Transactions with owners in their capacity as owners:

    22,763

    Contributions of equity, net of transaction costs

    -

    -

    -

    -

    -

    22,763

    Employee share schemes - value of employee services

    -

    -

    1,643

    -

    -

    -

    1,643

    Dividends paid

    15

    -

    (46,589)

    -

    -

    -

    -

    (46,589)

    Equity as at 30 June 2016

    144,380

    222,029

    10,092

    (615)

    (5,391)

    -

    370,495

    Notes to the

    Financial Statements 10

    1. Basis of preparation

    This preliminary final report has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E.

    The preliminary final report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

    The preliminary final report covers the consolidated group of McMillan Shakespeare Limited and its controlled entities (Consolidated Group). McMillan Shakespeare Limited is a listed public company, incorporated and domiciled in Australia.

    The preliminary final report of McMillan Shakespeare Limited and its controlled entities complies with all International Financial Reporting Standards (IFRS) in their entirety.

    Reporting Basis and Conventions

    The preliminary final report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied.

McMillan Shakespeare Limited published this content on 23 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 August 2017 14:57:08 UTC.


ę Publicnow 2017
All news about MCMILLAN SHAKESPEARE LIMITED
06/10McMillan Shakespeare Limited Announces Executive Changes
CI
04/13Mcmillan Shakespeare Limited Announces the Appointment of Bruce Akhurst as Di..
CI
03/30Mcmillan Shakespeare Limited Announces Board Changes with Effect from 1 April..
CI
03/11MCMILLAN SHAKESPEARE LIMITED : Ex-dividend day for interim dividend
FA
02/24McMillan Shakespeare Limited acquired remaining 50% stake in Maxxia Limited f..
CI
02/23McMillan Shakespeare Limited Announces Distribution for the Six Months Ended ..
CI
02/23Mcmillan Shakespeare Limited Reports Earnings Results for the Half Year Ended..
CI
01/28McMillan Shakespeare Limited Provides Earnings Guidance for the First Half of..
CI
2020McMillan Shakespeare Limited Announces Board Changes
CI
2020MCMILLAN SHAKESPEARE LIMITED(ASX : MMS) dropped from S&P/ASX 200 Index
CI
More news
Financials
Sales 2021 495 M 365 M 365 M
Net income 2021 61,6 M 45,4 M 45,4 M
Net Debt 2021 133 M 97,6 M 97,6 M
P/E ratio 2021 15,9x
Yield 2021 4,81%
Capitalization 963 M 709 M 709 M
EV / Sales 2021 2,21x
EV / Sales 2022 2,01x
Nbr of Employees -
Free-Float 82,3%
Chart MCMILLAN SHAKESPEARE LIMITED
Duration : Period :
McMillan Shakespeare Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MCMILLAN SHAKESPEARE LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 12,44 AUD
Average target price 13,66 AUD
Spread / Average Target 9,77%
EPS Revisions
Managers and Directors
Michael Neil Salisbury Chief Executive Officer, MD & Executive Director
Ashley Conn Chief Financial Officer & Secretary
Helen Kurincic Chairman
Geoffrey Robert Kruyt Chief Operating Officer
Kathy Parsons Independent Non-Executive Director